The General Secretary of the union, Mr Naeem Siddqui,
while expressing confidence in the PSO leadership, said that with the
signing of the accord, a new era had begun. He said that more than 1,200
workers of PSOWU would now start working with new fervour.
The Managing Director of PSO, Mr Tariq Kirmani, said
that the negotiations were held in a cordial atmosphere and were
concluded quickly. He said transparency had been introduced to the
company and the present team was a good mixture of new and old
Expressing hope that the financial results of the
company this year would be better than ever, Mr Kirmani said that his
team was working with the challenges of the next 10 years in mind.
The managing director urged the employees to set up
new standards of service and said that no discrimination exists between
management and non-management employees.
General Manager Human Resources, PSO, Mr Jalees
Siddiqi, said that the signing of the accord in a record time showed the
management and the union had confidence in each other.
He said all PSO employees were working for the same
cause and the union would be involved in all business development and
challenges faced by the company. This is important so that we can
achieve the targets and face competition in the fast-changing business
environment, he added.
ARL, PSO LAUNCH MAJOR PIPELINE PROJECT
The Managing Director of Pakistan State Oil (PSO),
Mr. Tariq Kirmani, and the Chief Executive Officer of Attock Refinery
Limited (ARL), Mr. Raziuddin, on Monday July 15th signed a Memorandum of
Understanding (MoU) on the Machike Taru Jabba Pipeline Project.
A simple and impressive signing ceremony was held at
PSO House, Karachi. The project concerns the construction, ownership and
operation of a 470-kilometer-long petroleum supply pipeline from Machike,
Sheikhupura, Lahore, to Taru Jabba (near Peshawar) at an estimated cost
of Rs. 10 billion. The pipeline will complete the missing section of the
cross-country pipeline network and create a strategic backbone extending
from Karachi to Peshawar, with feeder offshoots to all of the country's
main supply areas for petroleum products.
The project will further augment the safe and
environment-friendly means of petroleum product transportation in the
north of the country and, at the same time, reduce road congestion and
product losses through substantial reduction of inter-city movement of
petroleum products through road.
This collaboration between ARL, the first ISO
9001:2000 accredited refining organization of the country, and PSO, the
biggest petroleum marketing organization of Pakistan, is seen by the
industry circles as another major step towards the infrastructure
development of the country.
From PSO, Mr Javed Alam, GM Supplies, Mr Jalil Tarin,
GM Finance, and Mr Abrar Bukhari, Senior Manager Legal Affairs, also
attended the ceremony while Mr. Adil Khattak of ARL helped his CEO
CONSULATE GENERAL OF FRANCE IN KARACHI
Contrary to the impression created by certain news
items appearing in a section of the local press, the Consulate General
of France in Karachi has not been closed. For security reasons, it has
been temporarily shifted from its current premises, A-12 Mohd Ali Bogra
Road, Bath Island, Karachi to the precinct of the British Deputy High
Commission, Shahrah-e-Iran Clifton.
The temporary dislocation has entailed the suspension
of visa facilities for the time being in Karachi. Till further notice,
visas (business only) will be issued by the French embassy in Islamabad
Due to the excellent security arrangements available
at the British Deputy High Commission some French nationals incharge of
security affairs have been recalled to France. No Pakistani personnel
has been laid off, all members of the local staff will continue to
discharge their respective duties.
The old telephone and fax numbers 587 37 97 — 587
37 98 (Tel), 587 30 73 (Fax) will remain functional.
NIT ANNOUNCES FINAL DIVIDEND
National Investment Trust has announced dividend of
Rs1.20 per unit, which will equate to a total payout of Rs1,919 million.
The decision was announced after the Board of Directors reviewed the
financial results for last fiscal year 2001-2002, said a press release
issued on Thursday from NIT head office. Consequently, the total yield
on the NIT unit for the year 2001-2002 would come to 37.9% including a
dividend yield of 13.6%, from the date of last book closure.
NIT began a portfolio restructuring exercise last
year, which saw the fund increase its market participation quite
substantially during the previous three quarters. The fund maintained an
active buying presence in the market during dips in order to pick up
good values, which provided a boost to the portfolio when the market
rallied from January 2002. This enhanced activity also gave a much
needed support to the Stock Market.
This portfolio restructuring was carried on to the
next level with the introduction of International Accounting Standard (IAS)
39, which has segregated the portfolio into a tradable component, and a
component, which would be available for sale, both reduced in the books
at current market prices. Under IAS 39, the impact of market price
movements on the tradable portfolio will be routed through the income
statement. This has absolutely no effect on NIT's Net Asset Value (NAV),
as the fund's NAV was already being calculated and quoted at market
value. This change would, however, result in proper reflection of market
price movements in the Fund.
The adjustments emanating out of the above change, as
a consequence of change in regulatory framework, would in no way hamper
the profitability or the Unit Holders value. This change would, however,
give more flexibility for the market operations, which would be
beneficial for the profitable operations of the Fund.
This change would also increase the flexibility of
the management to manage market fluctuations by enabling proactive
decision making as the tradable portfolio will now be listed in the
accounting books at market value as opposed to holding cost, which
remained historically very high, due to a host of reasons, as compared
to market prices.
Maintaining this philosophy of matching current year
return to current year performance, the Rs1.20 dividend for the year
FY2002 is being paid entirely from the profits earned during FY2002,
without recourse to reserves.
SHINING PERFORMANCE OF NIT RENEWS INVESTORS' CONFIDENCE
A 26% increase in profit for the year, appreciation
of Net Asset Value, rise in profitability and tight control over
expenditure by NIT has visibly improved the confidence of the investors.
Different heads of income particularly dividends,
capital gains and others amounted to Rs 2.31 billion in fiscal 2001-2002
against Rs 1.83 billion in last fiscal year, evincing an improvement.
The modified strategy, devised by the present
Management not only improved the efficiency and operational performance
of NIT but also renewed the focus of the organization towards customer
satisfaction, the report added.
Salient components of the new policy comprise
portfolio restructuring, improvement in liquid resources of NIT, roll
over and settlement of long-term borrowing, marketing for enhanced sale
of units and revamping of the Trust which would help realize the medium
and long term objectives.
The level of market activity was substantially
increased in the previous year, with NIT being amongst the largest
investors in the market from October onwards. The enhanced market
activity was designed to capitalize on attractive values available in
the market in the post September 11 market slump, with the focus also
being to increase the composition of high yield stocks in the portfolio.
The resultant broad based buying not only provided
excellent capital gains during the following market rally, but also
increased the number of actively traded scrips in the market from a
narrow band of 50 scrips to around 150 scrips.
Better results were achieved by NIT on all fronts,
with income from dividends rising to Rs1.89 billion from Rs 1.684
billion in last fiscal, an increase of over 12%. Capital Gains income
showed a massive improvement during the year, climbing to Rs540 million
from Rs99 million in the previous year, an increase of 445%.
Expenditure continued to remain under strict check,
resulting in decrease to Rs. 198 million in fiscal 2001-2002 against Rs
211 million in last fiscal year, down by 7%. The distributable profit
increased to Rs1.92 billion from Rs1.43 billion in the previous year
showing an increase of 34%.
Another aspect of the improved operational
performance was the reduction in total borrowing by the fund, which
declined to Rs970 million during the year, down 18% from the previous
year's level of Rs1,189 million.
The Net Assets of the Fund (ex-dividend) increased by
over 8.4% during the year to Rs17,413 million, despite heavy redemptions
witnessed during the year which saw a net outflow of Rs1,594 million on
account of Units redeemed during the year. However, the trend was
reversed during the last two months of the year when sales of units
increased substantially, and outstripped redemptions.
The NAV showed an appreciation of 37.9% during the
year from the date of last book closure, with a dividend yield of 13.6%
built into the NAV appreciation.
ANOTHER INITIATIVE BY DADABHOY UNIVERSITY
The dawn of 2001 saw the emergence of Dadabhoy
University, on the map of the private sector as a bright star
educational project of Dadabhoy Foundation. Although the University is a
non-profit organization, yet it started its operation from a centrally
located & fully equipped four-storied building in Defence Housing
Authority. This University is committed to provide the best in higher
education. The mission is to provide quality education at affordable
cost to all within the country and abroad. The University aims at
creating an educational system that will equip students with the
knowledge, intellect and essential skills required for success in
professional endeavours. Thus it will provide the much needed
professionalism for current job markets in our Country. It will help in
reducing the current large-scale urtemployment of the educated youths
and promote development of qualified professionals in the areas of
Computer Science, Business Administration, Law, Health Sciences,
Engineering & Technology, Arts & Architecture, Islamic Learning,
Economics and Commerce.
Dadabhoy University is one of the few private
universities which not only caters to the needs of the students but also
those of working professionals. Dadabhoy University is the first private
university in Karachi to launch a 4 years BS degree program in Computer
Science with 13 areas of specialization. At bachelor level, four-degree
programs have been offered with emphasis on Computer Science and
Information Technology. These programs are BS, BCS, BBIT (Hons), and BBA
(Hons). At the postgraduate level, programs such as MCS, MBIT and MBA
are being offered. These programs are offered both in the morning and in
the evening. The evening programs meet the continuing educational
requirements of working professionals.
Dadabhoy University for the first time in the Country
is offering specialized MBA programs in the fields of Transportation
& Logistics, Insurance, and Advertising. These programs are being
launched from fall of 2002. All of these programs would be completed in
four semesters i.e. two years.
MBA (LOGISTICS & TRANSPORTATION)
Dadabhoy University has taken upon itself the task of
catering to the needs of the business world of the twenty first century
by designing the MBA Logistics & Transportation Degree Program. The
program focuses on the needs of managers desirous of acquiring high
professional standards so as to be able to place their claim to
higher-level careers in constantly changing transport business
environment. This program is being launched in association with
Chartered Institute of Logistics & Transport Pakistan.
Dadabhoy University has also designed MBA Insurance
Degree Program. This program focuses on the needs of managers who are
aspiring for higher-level careers in the growing Insurance business.
This program ensures employability of fresh graduates as well as those
who are contemplating Insurance sector as their future career path. With
growing globalization of trade and services, the share of insurance
industry would increase at an annual rate of at least 15%.
Dadabhoy University is also offering MBA
(Advertising), as a specialized degree program. Advertising is one of
the largest industries in the world and its scope would literally
multiply in the foreseeable future with continuing information
revolution. MBA (Advertising) degree program would ensure complete
understanding of the theory and practices of management,
state-of-the-art knowledge and skills essential for facing the
challenges in the Advertising industry. This program will cater to the
need of professionals as well as fresh graduates desirous of a
prosperous career in Advertising.
Adequate emphasis is laid on the placement and
internship of graduates of Dadabhoy University. The Dadabhoy Job
Placement Bureau, in liaison with various multinationals and large
public corporations, arranges internships and jobs for the students. To
facilitate the placement process, various activities are undertaken.
Student profile books are developed and mailed to corporate HRD
BIZTEK HOLDS A SEMINAR ON 'BRAND MANAGEMENT"
Pakistan to get handsome financial assistance for
software development and export. This was stated by Syed Hamza Matin,
President, Pakistan Software Houses Association-P@SHA. He was
addressing the seminar on the subject "Brand Management" which
was organized by BlZTEK-Institute of BUSINESS & TECHNOLOGY. The
seminar was also addressed by Noman Abid, President & CEO, BIZTEK,
Tahir Hussain, General Manager-Marketing, EBM (Pvt) Ltd. and Dr S.M.
Makhdumi, Director Academics, BIZTEK.
Syed Hamza Matin further said that the private sector
of Pakistan was rendering excellent services towards build,ng a sound
economy of the country on firm footings. Therefore, .keeping in view the
ever growing challenges on the I.T horizon of the world, Pakistan and
Pakistani institutions must respond to the global calls.
Earlier, Noman Abid, President & CEO, BIZTEK-Institute
of Business & Technology, highlighted the importance of quality
education and the subject of the Seminar. He opined that it was only due
to forceful brand management which results into brand loyalty.
Tahir Hussain, G.M Marketing, EBM, created a stir in
the audience by making a well prepared presentation on Brand Management.
Mr. Hussain was able to prove that brand loyalty comes through strong
brand image and consistent Brand Management.
SERVICE ADVISOR SKILL CONTEST
Service Advisor Skill Contest Award Ceremony was held
at a local hotel. Mazhar Valjee, CEO and Shah M Saad Hussain, Director
Sales & Marketing, Indus Motor Company Limited (IMC), awarded the
trophy and plaque to the champion service advisor, Rehan Pasha of Toyota
Central Motors Karachi. He was adjudged as 'best service advisor'
following a skill contest. Salim Godil, CEO Toyota Central Motors
received the award. Also present on the occasion were, General Manager
Service, IMC and Service Manager, Toyota Central Motors.
Access to additional textile quota worth $ 11
million, granted by Turkey will serve as catalyst toward bolstering
Pakistan textile exports.
Briefing the media persons, the Denim Manufacturers
of Pakistan; Mr. Yaqoob Ahmed of Artistic Denim Mills, Mr. Tariq Shafi
of Crescent Group, Mr. Ibrahim Weldon of X-Pertex Denim Mills, Mr. Amin
Bandukda of Al-Amin Denim, Mr. Hanif Machera of Kassim Textile Mills
Ltd, Mr. Khalid Majid of Meco Textile and Mr. Zain Dilawar of Abbas
Dyeing, termed the grant of extra 3000 metric tonnes of textile related
exports quota as major achievement of Commerce Minister of the
government. Congratulating the Minister and Secretary on this
achievement, they said greater market access to Pak exporters in Turkish
market with additional quota of $ 11 million per annum will unleash
another boost to the economy in general and exports regime in
particular, they added.
Aggressive policy pumped by the government towards
roping new market access, they viewed would jack up exports to new
heights, adding the government deserved all credit and praise for this
success. This approach, they expressed the confidence would harness
untapped potential in the promotion of textile exports, improving
overall exports earning. Turkey was asked for greater market access for
which the brotherly country agreed and allowed extra 3000 metric exports
in any category, but not more than 2000 metric tonnes in one category.
Pakistan having the capacity of enhanced production
in denim material will exploit the opportunity in an effective manner to
export up to 2000 metric tonnes of extra denim to Turkey.
The escalating business activities in Karachi have
attracted foreign officials, delegates and visitors to come to Karachi
and the Karachi Sheraton Hotel & Towers over the years has proven
itself as THE business-meeting place in this metropolitan city. ITCN
Asia 2002 Exhibition and Conference, starting on August 10th 2002, is
the business forum that gathers the industry's leading vendors,
implementers, and users and has selected the Karachi Sheraton Hotel
& Towers as its "Official Hotel".