ANNOUNCEMENT

 

Dec 28 - Jan 05, 2003

 

NEW CHAIRMAN OF ALLIANZ BOARD OF MANAGEMENT

Dr. Henning Schulte-Noelle (60) has decided to resign from his position as Chairman of the board of Management of Allianz AG at the end of the Annual General Meeting on April 29, 2003. As of the end of the Annual General Meeting of April 29, 2003 the Supervisory board has appointed Michael Diekmann (47) as new Chairman of the board of Management. Mr. Diekmann currently is member Board of Management, in charge of the insurance activities in North and South America and holds group-wide responsibility for Human Resources.

The appointment of Mr. Diekmann as Chairman of the Allianz board of Management is of particular significance to Pakistan since he was personally involved in the joint venture between Allianz AG and the EFU Group here in Pakistan in 2000. More recently Mr. Diekmann visited this country for the official launch ceremony of Allianz EFU Health Insurance Limited, which was also attended by the Governor of Sindh, Mr. Mohammadmian Soomro.

DEWAN FAROOQUE MOTORS CELEBRATES 20,000 VEHICLES SALES

Dewan Farooque Motors Limited (DFML) recently crossed an important milestone of 20,000 vehicle produced and sold in the Pakistan market since the start of its operations in late 1999.

In its relatively short yet illustrious history, DFML has become a major player in the automobile industry of Pakistan. Ever since its appearance on the automobile arena, DFML has proved to be an agent of change in the previously stagnant automobile market dominated by Japanese brands. DFML brought about a healthy competition in the market by introducing six new products in variety of market segments challenging the monopoly of its Japanese competitor's in Pakistan.

DFML is the first automobile company to introduce five types locally assembled vehicles in a short time of three years. The DFML product range includes the 2000 cc turbo diesel intercooler Grand Sportage which is the only SUV being manufactured in Pakistan, the 1500 cc DOHC Kia Spectra, 1300 cc Kia Classic, 1000 cc EFI Hyundai Santro, 1.0-Ton Hyundai Shehzore Truck and the imported 12-seater Grace diesel van.

IBA, UNIVERSITY OF SINDH

The Director, IBA, University of Sindh, Jamshoro has announced that the classes will commence from 1st January 2003 as already

MEGA MIND MELA

The Institute of Business Administration has made a regular feature to conduct the academically sound & conducive activities in every week. The credit of this academic task goes to the patronage of the dynamic educationist Prof. Dr. Anwar Ali Shah G. Syed, Director IBA, University of Sindh, Jamshoro.

The main purpose of arranging such curricular activities is to acquaint the students of 1BA with the current affairs of our national economy with a view to updating their knowledge & providing them a platform to explore their abilities, build confidence, develop communicative skills & groom personality. In this connection "Quiz competition" named as "Mega Mind Mela" was recently celebrated in the month of November at Professor Nabi Bux Daudpota Auditorium at IBA Building.

The program started with the recitation from the Holy Quran. On this auspicious occasion, Director IBA, Prof. Dr. Anwar Ali Shah G. Syed inaugurated the program & warmly welcomed the faculty members of various Institutes & departments & distinguishing guest from various walks of life. He said that he felt happy to see the enthusiastic approach of the students of Business Administration with their keen interest & active participation in curricular & co- curricular activities. He said that don't keep yourself away from learning since it increases your competence. Competence & integrity are respected everywhere because best is hired and rest is out. This world is crying for & running after people with higher competence & integrity in order to hire them, he believed that such healthy & constructive activities make students competent & ready to meet the upcoming challenges of global world.

The students of MBA final made great efforts to organize this event. There were six teams each team consisted of three members. The teams beard the name of Entrepreneurs, Managers, Organizers, Administrators & Executives. All the students of BBA (Hons) part I, II, II, MBA (previous) & MBA (Final) participated extremely well in three rounds. Round I, was about general knowledge, Round II. covered the current affairs & Round III was purely based on Business Studies that includes disciplines as Accounting, Finance, Marketing, Management, Taxation, Banking etc. The leader (students of MBA) won the battle with the highest score.

The Director IBA, Prof. Dr. Anwar Ali Shah G. Syed addressed the students & said that "Knowledge is Power". But, it should be digestible. He said where there is knowledge, people flourish, and progress; & lead the world. He provided the thought provoking ideas about seeking knowledge, he said it is accumulative & keeps on changing.

In the end he advised the students to be in touch with the books, journals & Magazines for seeking knowledge. He emphasized the importance of Internet & computer technology, which he said is the source of acquiring, managing,. retaining & applying knowledge. He said that we will continue to encourage such curricular & co-curricular activities in the future too with the objective of boosting confidence among students & to equip the graduates with latest knowledge & skills.

Sadaf Mushtaque, Saima Qureshi, Sanober Shaikh, Faculty Members, IBA

DELISTING

The Karachi Stock Exchange has accepted the request for de-listing of Chenab Fibres Limited with effect from December 30, 2002.

The company has already agreed to buy back the minority share holdings at the rate of Rs 17.75 per share. The company has submitted a bank guarantee (valid up to December 9, 2003) on behalf of the sponsors in favour of KSE, regarding buy-back of the remaining shares from the minority shareholders and undertaking to purchase the remaining shares.

PALPA EXECUTIVES MEET MANAGING DIRECTOR, PIA

A team from the Pakistan Airline Pilots' Association (PALPA), led by its President, Captain N. A Bucha recently made a presentation to the Managing Director of PIA, Ahmed Saeed.

The PALPA team apprised the MD of the problems being faced by the pilots due to long duty hours and other issues that the pilots would like to discuss with the management.

Expressing his views about the presentation, Captain Bucha said, "Though we are not overworked, we are fatigued due to the flight pattern and the way the management is utilizing us. This stress is not only affecting the pilots but is also detrimental to aviation safety in general." He went on to say, "Flight safety is a source of credibility for the airline, however the stress caused by fatigue may damage an airline's safety image."

In addition, Captain Bucha further said that he believed along with the pilots and the employees that the national airline would not sustain any industrial action, which is why there is a growing need to settle differences through dialogue.

SWISS APPOINTS WILIIAM L. MEANEY

The SWISS Board of Directors has named William L. Meaney, 42, as the company's new Chief Commercial Officer. He will hold the rank of Managing Director at the new supradivisional level recently announced for SWISS's top management corps. An experienced airline manager and pilot, Meaney is best known within the industry as the prime mover behind the turnaround achieved at South African Airways. He assumes his new duties on January 1.

ALLIANZ WINS "GLOBAL FINANCE" MAGAZINE AWARDS.

"Global Finance" magazine has recognized Allianz as one of the "World's best insurer in 2002". Based on the results of its survey to identify the world's best insurers in 2002, Global Finance magazine has honoured Allianz with several awards.

Insurers were chosen for their efforts in regional and global markets. Allianz was named "Best Liability Insurer" and the "Best Property Insurer" in Europe. Allianz was also the winner of regional category: Australia, Germany and Switzerland.

PIAC-CITIGROUP

Pakistan International Airlines Corp. ("PIAC") and Citibank Pakistan held a ceremony on Thursday, December 26, 2002 to mark the appointment of Citigroup as the Guaranteed Lender under the US Eximbank supported financing for the purchase of three new Boeing 777-200ERs by our national flag carrier.

The ceremony, held at a local hotel, was attended by Mr. Ahmed Saeed, Managing Director, PIAC, Mr. Zubyr Soomro, Chief Executive and Country Corporate Officer, Citibank Pakistan, and other distinguished guests.

The purchase of these aircraft are proposed to be financed through a long-term (12 years) foreign currency loan backed by a guarantee of the United States Export Import Bank ("Eximbank") subject to obtaining requisite approvals. Total value of the financing to be arranged under the Eximbank guarantee for the three aircraft is approximately US $340 million.

PIAC has appointed Citigroup as the Guaranteed Lender to arrange the above financing for the airline. Citigroup is one of the world's largest financial institutions with a presence in over 100 countries providing an array of financial services. Citigroup is also one of the leading arrangers of aircraft financing with strong expertise in Export Credit Agency or ECA backed financing.