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June 24 - 30, 2002


Muslim Commercial Bank shall be the first bank in Pakistan to issue the Term Finance Certificates (TFCs). The issuance of TFCs will bring positive prospects for the development of the corporate bond market in Pakistan, providing new investment opportunities and creating better avenues for the future progress of the financial sector. The TFCs will be listed on Karachi Stock Exchange.

The Pre-IPO ceremony was held on June 17, 2002 at MCB Principal Office, Karachi. Mr. Mohammad Aftab Manzoor, President and Mr. Ali Munir, Senior Executive Vice President of MCB in their speeches briefed the participants the important features of MCB TFCs. The quantum shall be of Rs. 1.6 bn out of which various institutions have committed Pre-IPO investment of Rs. 1.4 bn, the remaining Rs. 0.2 bn shall be offered to general public. Mr Naveed Khan Country Manager ABN AMRO Bank N.V. Pakistan, Munaf Ibrahim Chief Executive Jahangir Siddiqui & Co. Ltd and Mr Habib Yousuf Corporate Finance head of Global Securities Pakistan Limited, the arrangers and advisors to the TFC issue were present during the ceremony. More than forty Investors and Underwriters signed their Investor and Underwriter Agreement.


Emirates SkyCargo has published a fuel surcharge index, setting out the scale of surcharges and the conditions under which they will be imposed. The index is intended to promote consistency and transparency between the airline and its customers.

The index allows for fuel surcharges to be levied if the price of aviation fuel rises above set points. Emirates SkyCargo has published the index on its web site (www.sky-cargo.com).

The fuel index is based on the average price of aviation fuel in five key spot markets Rotterdam, Singapore, New York, US Gulf and US West Coast. These averages are monitored against a fixed base of US$0.535 per US gallon equal to index 100.

The current Fuel Index level:


Fuel price Index

01 Apr 02


05 Apr 02


12 Apr 02


19 Apr 02


26 Apr 02


03 May 02


06 May 02




Fuel Surcharge Methodology

Fuel Index Fuel

Surcharge Application

Exceeds 115 for two consecutive wks

USD 0.05/kg (EUR 0.05/kg)

Exceeds 135 for two consecutive wks

USD 0.10/kg (EUR 0.10/kg)

Exceeds 165 for two consecutive wks

USD 0.15/kg (EUR 0.15/kg)

Exceeds 190 for two consecutive wks

USD 0.20/kg (EUR 0.20/kg)




Fuel Index Fuel

Surcharge Application

Below 170 for two consecutive wks

USD 0.15/kg (EUR 0.15/kg)

Below 145 for two consecutive wks

USD 0.10/kg (EUR 0.10/kg)

Below 120 for two consecutive wks

USD 0.05/kg (EUR 0.05/kg)

Below 100 for two consecutive wks

Fuel Surcharge will be suspended

This will be reviewed continually and Emirates SkyCargo reserves the right to change this information at any time.

Preston donates 200 hundred books and offers 20 scholarships to City School Islamabad

As a gesture of goodwill Dr. Abdul Basit, President Preston University announced a donation of 200 books on behalf of Preston University, Islamabad to the library of the City School. He also announced 50% scholarship (on admission and tuition fee) to 20 students who join any of Preston's academic programs at the graduate level.

Dr. Basit said the City School Network is playing a significant role in imparting quality education in the country. He said this while addressing the students and their parents at the annual prize distribution ceremony held at the school's Islamabad campus.

Dr. Basit eulogized the sustained and dedicated endeavors of the management, faculty and staff of the School to groom its students in such a manner that they turn out to be outstanding citizens of this country, and excel in their academic as well as practical careers. Not many institutions in Pakistan toil the way City School does to strike a balance between curricular, co-curricular and extra curricular activities with the expressed intention of developing a balanced personality of its students, he said.

He congratulated the students and their parents who were awarded merit certificates and trophies for their outstanding performance in academic, co-curricular and extra curricular activities. Dr. Basit advised the students to dedicate all their energies towards their studies so that they can produce excellent results and give this nation a quality leadership it so badly needs. He thanked the management of City School for providing him the opportunity to be the guest of honor at the school's annual prize distribution ceremony and address the students and their parents.


Microsoft Pakistan and the Union Bank recently signed an Enterprise Agreement, embarking on a relationship that will help one of the leading banks in Pakistan to introduce new and innovative technology concepts and introduce effective systems in the organization.

Mr. Mohammed Kateeb, Managing Director, Microsoft Middle East and Mr. Bahauddin Khan, Group Head IT & Operations of Union Bank signed the agreement. Also present on the occasion were Mr. Abdul Hafeez, IT Manager Union Bank, Mr. Abdullatif Almulla, Regional Manager, Microsoft Middle East, Mr. Jawwad Rehman, Country Manager, Mr. Asim Haque, Enterprise Account Manager, Microsoft Pakistan, Mr Syed M. Sani, Managing Director, IOP and Mr Aziz Ahmed, General Manager, IOP.

The Enterprise Agreement will enable Microsoft to share its technologies and product roadmaps with the Union Bank in order to introduce new technology driven ideas to conduct business. Both companies agree to develop a technology vision, which will include developmental and technological expertise sharing and promotion of the bank's services in the region.


More than 80 exhibitors from 18 countries and regions will gather at IGATEX PAKISTAN 2002, a premier trade fair showcasing the latest in design and technology for the garment and textile industries in Pakistan.

To be held over 3 days from 20 to 22 June 2002 at Karachi Expo Centre, the inaugural staging of IGATEX PAKISTAN 2002 is set to attract more than 5,000 visitors.

IGATEX is an established event of its kind in Asia. IGATEX first made its debut in January 1999 in Sri Lanka. Stitched with sterling success, the exhibition was held in Bangladesh in November of the same year.

Recognising the strategic importance of Pakistan as the leading textile and garment centre in South Asia, IGATEX PAKISTAN 2002 will occupy some 3,000 square metres of gross area, serving to meet the burgeoning demands of the dynamic garment and textile industry in Pakistan.

IGATEX PAKISTAN 2002 will be playing host to an impressive number of leading garment and textile industry stalwarts including Juki, ZSK, Barudan Asia, Switchtrack Systems, SWF, China Textile Machinery Technology Import & Export Corporation, Fong's National Engineering Co. and many more. IGATEX PAKISTAN 2002 will also see a good number of local textile and garment companies in Pakistan including Al-Murtaza Machinery, Al-Ameen Trading Corp, Etronix Trading, Salam & Co., Akhtar & Sons and many others.

Expect to see a comprehensive display of the latest garment and textile machinery from fully computerised hosiery and sewing machine, automatic thread trimmers, dyeing equipment and many more. At the show, exhibitors from China will introduce their advanced and latest textile machinery such as yarn covering machine and air jet looms.