Sep 16 - 22, 2002



LG Electronics has announced a quantum business shift in its Middle East and Africa operations as the global and regional digital leader posts record first-half regional sales.
LG has revealed a 19% increase in its first-half MEA sales for this year, compared with the same period in 2001. Regional sales turnover for the first six months of this year amounted to US $581.67 million, putting LG well on course to break the sales target of US $1.13 billion by the end of this year.

"Growth is coming from the digital products sector," said Mr M. B. Shin, President, LG Electronics' Middle East & Africa Operations.

"Only Turkey, Pakistan and Egypt failed to reach their sales targets. However both Pakistan and Egypt have made gains on the same period last year. In the case of Pakistan, we view the minimal 2% increase in sales for the first half as a positive sign that the country is re-stabilizing after the impact of September 11.


A 3-day computer extravaganza - Technovent was launched by Inbox Business Technologies recently. Technovent, is a unique effort of highlighting cutting edge computing technology along with convenient financing products for consumers in Pakistan.

Inbox and ABN AMRO BANK - two leading brands in the computing and banking industry respectively, jointly organized this event from 6th- 8th September 2002 at Park Towers Clifton Karachi.

Technovent showcases contemporary technology in shape of Desktop and Laptop Computers assembled in Pakistan and at par with any multinational brand. The event will also bring to fore the homegrown expertise and excellence in computer integration.

ABN-AMRO Bank is offering various financing options that enable consumers to purchase computers at 0% down payment and affordable monthly installments. This collaboration between Inbox and ABN- AMRO bank is a step towards making technology more accessible and affordable for the general public.

Inbox Business Technologies designs, develops, manufactures and markets computer hardware and software solutions and services. The first company to achieve Intel® Premier Provider (IPP) status in Pakistan, Inbox is certified, trained and tested on 'end-to-end' technological solutions and has the advantage of early access to latest technology and information.


In line with the Bank's strategy to enhance its products / services and infrastructure, MCB West Wharf Road Branch, has been re-located into new premises for a better customer service & access. The branch has been built on modern concept which was inaugurated jointly by Mr. Mohammed Aftab Manzoor, President, Muslim Commercial Bank Ltd., & Mr. Hideki Yamazaki, Director Finance, Pak Suzuki Motors Co., Ltd., in an impressive ceremony, held at the branch premises.


Kalsoft (Pvt) Ltd, one of the largest information technology companies in Pakistan, signed five MOUs with five IT companies in Colombo, Sri Lanka, that target bilateral and mutually-beneficial revenues of US$ 90-100 million in three years. The MOUs were signed by Khurram H. Kalia on behalf of Kalsoft and by the representatives of the five Sri Lankan companies. Majyd Aziz, leader of the Pakistani delegation, and Ms Manel De Silva, Director General, Department of Commerce, also signed as witnesses. The ceremony was presided over by Sri Lankan Minister of Commerce and Consumer Affairs, Mr. Ravi Karunanayake, who has played a prominent role in increasing Pak-Sri Lankan economic relations.

Mr. Ravi Karunanayake speaking at the occasion hailed it a monumental step towards more bilateral trade between the two countries and called it a good augury just before the historic signing of the Free Trade Agreement later this month when Mr. Abdul Razak Dawood visits Colombo. He said that Sri Lankan IT professionals are very skilled and produce excellent products. He was sanguine that these linkages between IT firms of both companies would also enhance the trade figures of both SAARC countries. Majyd Aziz thanked the Minister for taking keen interest in the FTA process and stated that Pakistani businessmen and investors are definitely looking for, and are very enthusiastic about, improving trade relations with their counterparts. He praised Khurram Kalia for his efforts and initiatives, and informed the gathering that this young man is a Pakistani asset and is acclaimed as an IT genius. He was hopeful that the five Sri Lankan firms would immensely benefit from his expertise and IT acumen.


Pakistan State Oil (PSO), the largest oil-marketing firm in the country, has launched Retail Safety Booklet as part of its efforts to promote safety at its retail outlets, depots and installations.

The booklet, the first of its kind to be issued by an OMC, deals with various procedures that make day-to-day operations safe and hazard-free at its outlets.

Divided into two sections, the first part deals with procedures to be adopted while designing a retail outlet. It highlights proper location of site, layout, forecourt, product storage tanks, product tank vent-pipes, earthing at retail outlets, electrical installations, electrical switch rooms, lighting, service and lubrication room among other factors.

The second section is about operating safety. The section deals with decanting of product from a tank truck, refueling of vehicles, safe movement of traffic, fire and firefighting, fuel spills, safety training, etc.

The booklet has been produced by the Health, Safety and Environment (HSE) Department of PSO, which plans to produce a series of booklets on the subject.

The HSE Department recently conducted an evacuation drill at PSO House. The drill was carefully planned and executed. More than 700 personnel were safely evacuated from more than nine floors in a short period of four minutes and 30 seconds.


In order to upgrade accounting education the Confederation of Asian and Pacific Accountants (CAPA) and the Asian Development Bank undertook the joint project of "Train the Trainers Workshop" at Dhaka from 4 to 7 September, 2002.

There were seven participants from Pakistan, besides the participants from Bangladesh and Nepal.

The Pakistani participants included nominees from various educational institutions, namely (i) Mr. Abdul Rahim, and Mr. Ahmad Saeed - ICAP (ii) Mr. Yousof Abid - ICSP (iii) Mr. Raheel Asghar Ginai - Punjab University (iv) Ms. Jaweria Ather - SECP (v) Mr. Nisar Ahmed Khan - IBA, Karachi (vi) Mr. Naseer Ajmal Ahmed - IBA, Lahore.

It is expected that those who attended the workshop would in turn train other accounting teachers, and thereby improve the accounting education standards.