ANNOUNCEMENT

 

Sep 30 - Oct 06, 2002

 

FAYSAL BANK: CORPORATE PROMOTION

Mr. Ajaz Rahim working as an integral part of the Investment Banking Team of Faysal Bank since early 2002 has lately been elevated to the position of Executive Vice President with the Bank. Mr. Ajaz Rahim holds 14 years of diversified experience in Banking and International Development Finance Institutions, his professional exposure is in organisations such as American Express Bank, USAID, Standard Chartered Bank and Faysal Bank Limited.

Mr. Rahim has a proven track record of successfully originating and concluding various investment banking deals in domestic and International markets. His international exposure includes markets in the Middle East and Bangladesh. While at American Express, he was the first Pakistani to be selected to receive the Prestigious Chairman's " Top Performance Award" in New York in March 1998.

He holds an MBA degree from University of Durham - U.K and Post Graduate Diploma in Development Economics from University of Salford - U.K with Distinction.

TCS ORGANIZES EVENT ON "MARKETING PAKISTAN'S IMAGE ABROAD"

At an event focused on Pakistan's image, organized by TCS recently, Omar S. Khan, Senior Partner, Sensei, gave a presentation on "Marketing Pakistan's Image Abroad". The event was largely attended by a select gathering of corporate leaders, marketing professionals, management experts and business executives from leading multinationals and Pakistani companies. Mr.Jamil Janjua, CEO, TCS, introduced both the topic and the Speaker, Mr. Omar Khan to the audience. Renowned advertising professional, media expert and former Minister for Information and Broadcasting, Mr. Javed Jabbar gave his concluding remarks.

LG ELECTRONICS WINS IDEA 2002 AWARD

Regional and global leader LG Electronics' recently won the IDEA (Industrial Design Excellence Award) for 2002. The ceremony took place in the United States of America. LG Electronics won this award for the design concept for the living environment of the near future, "Good Morning & Good Evening" based on the latest digital technology has been selected as the Gold Award winner. This is the second consecutive year that LGE has been chosen as one of the recipients of the award given by IDSA (Industrial Designers Society of America) and Business Week.

PSO CALLS WAPDA'S ACTION "UNFORTUNATE"

Pakistan State Oil (PSO), the largest oil-marketing firm in the country, on Thursday strongly reacted to cancellation of the Fuel Oil tender by the Water and Power Development Authority (Wapda) for October.

A PSO spokesman, while calling Wapda's actions as "unfortunate", said:
"On 3rd August, PSO had quoted a figure of US$12.95 per metric tonne while offer in the second tender on August 31, 2002, was $12.09 per metric tonne i.e. the second offer was even lesser by Rs 5.6 million as compared to the first.

"Also, both the PSOs' tenders were accepted by Wapda on merit as its rates were the lowest among the competitors, all of whom were international companies. So, the abrupt change of heart by Wapda is puzzling, to say the least.

"The impression being created by Wapda through its press statement that the OMCs have formed a cartel and they are disregarding the government policies on deregulation is also absolutely incorrect.

"It should be noted that the price charged from all customers including Wapda comprises five elements: These are Free on Board (FoB), Premium (freight, blending cost, financial charges, margin), Import Incidental (LC charges, ad valorem duty, local handling charges, insurance, wharfage), General Sales Tax and OMC Margin, which is just one small element in the whole price structure and was never exorbitant.

"The international prices since July 1, 2000 have steadily gone upward and as a result the Furnace Oil prices have accordingly risen. PSO has no control over the international prices. However, company has also several times reduced Furnace Oil price since deregulation.

"PSO or, for that matter, no OMC can be blamed for the increase in the cost of electricity. The reasons why the tariffs levied by Wapda and other power utilities in Pakistan are high are known to every consumer and citizen and do not require elaboration.

"Our sincere advice to Wapda is that they should concentrate on their core activity of generating and distributing electricity, including reduction in line losses and theft one of the main reasons for high electricity tariff which ultimately the consumer has to bear."