The main objective of this work display was to
bring the potential of students/young designers in front of the world
and provide them a chance to gain appreciation and recognition for
extra ordinary efforts along with healthy criticism.
The inauguration of the exhibition took place by
Mr. Arshad Khalil, Master Franchisee, Arena Multimedia Pakistan
Operations. The subject expert jury included Mr. Amjad Subhani,
Creative Director Synergy Advertising, Mr. Mohd. Ahmed, Associate
Creative Director Synergy Advertising, Mr. Furqan Kidwai, Incharge
Animations ARY Digital, Mr. Aqeel Agha, Manager Animations ARY, Dr.
Ahsen, Senior Director The Musik ARY Digital. The awards were
distributed by Chief Guest, Mr. Gulab Chandio. Mr. Faisal Khwaja CEO
Micro Vision, Mr. Sajid Hasan, famous TV Artist, Deepak Perwani well
known Fashion Designer, Arshad Tareen, Fashion Photographer, Guests
from the corporate, Press and Arena management along with the students
visited the exhibitions.
KODAK, SAMSUNG IN JOINT VENTURE
Pakistan's leading photographic company, Kodak
Limited. (Pakistan Branch) signed an MoU with the distributors of
Samsung TV, Digital World Pakistan Pvt. Ltd (DWP) for initiation of a
joint venture by the two leading brands.
The partnership is aimed at penetrating cameras
into maximum households and promoting photography as a fun-filled
everyday activity as watching television with family. Customers across
the country can avail the offer of getting a Free Kodak KB-10 Camera
on purchase of a Samsung TV set at any of the 500 electronic shops
across Pakistan till September 30, 2003.
Speaking at the signing, Syed Awais Ahmed Country
General Manager Kodak Ltd. Pakistan said, "Kodak is the only
photographic marketing company in Pakistan with a representative
office here. It started operation in Pakistan in 1929. Today we stand
proudly as one of the most successful companies in the country,
setting a good example for other foreign investors".
EARLY CHILDHOOD DEVELOPMENT CONFERENCE
The Aga Khan Education Service, Pakistan recently
organized a conference on Early Childhood Development (ECD) at the Aga
Khan University Auditorium in Karachi. Inaugurating the conference,
Habib Peermohamed Chairman AKES, P highlighted the importance of early
childhood development especially for educators working with young
learners and emphasized the commitment of the entire Aga Khan
Development Network and especially AKES, P to develop children as
world thinkers. During the conference, the essentiality to bring about
a change in the approach to early childhood development at all levels
including policy making, investment and education was brought to
It was clearly stated that ECD should be the entry
point for poverty alleviation in the country and regarded as a
critical national investment area. In order to nurture the crucial
early years of a child with care and proper acknowledgment of his
innate potentials, there was also a need for schools and other
educational institutions to work collaboratively to transform the
existing scenario of early education. This conference was a step
forward in promoting ECD by strengthening linkages with other schools,
institutions and NGOs. Recently AKES, P has also launched a four-year
early childhood development programme in its Karachi schools. It is
working as a partner with the Government to implement a one-year ECD
programme called Releasing Confidence & Creativity (RCC) in 28
schools of rural Sindh.
The Hub Power Company Limited is pleased to
announce that the Company's shareholders have expressed their complete
confidence in the existing Board of Directors by re-electing the
twelve Directors at the Extraordinary General Meeting held on
September 12, 2003 in Islamabad. The full Board comprises sixteen
Directors of which twelve are elected, in addition we have three
nominee Directors and the Chief Executive who is also a Director.
We give below the name of the twelve Directors that
have been elected for a further term of three years commencing
September 12, 2003.
Mohamed A. Alireza, HI
Mr. Philip Atkinson
Mr. Robin A. Bramley
Mr. Philip G. Cox
Mr. Najam Farooqi
Mr. Peter Giller
Mr. Taufique Habib
Mr. S. Khalid Masood
Mr. Seiki Ogura
Mr. Simon Pinnel
Mr. S. Nizam A. Shah
Mr. M. Ashraf Tumbi
HUBCO TO DONATE 2 AMBULANCES TO EDHI TRUST
The Hub Power Company Ltd recently announced that
it will donate two fully equipped ambulances to the Abdul Sattar Edhi
Trust. The ambulances will be deployed in the areas surrounding the
Hub Power Plant.
The donation was announced by Vince Harris, Chief
Executive of Hubco, in a meeting held at the Company's offices with
Faisal Edhi, the son of Maulana Abdul Sattar Edhi.
"Our decision to donate 2 ambulances to the
Edhi Trust is an unequivocal verification of Hubco's commitment to
community welfare," declared Vince Harris. "We earnestly
hope that the people of the areas surrounding our plant will benefit
greatly from this facility and we are confident that the Edhi Trust is
the right partner for us to operate the ambulances," he added.
CONTINENTAL AIRLINES AND EMIRATES TO BEGIN
Air travelers between Dubai and North America will
benefit from swift and simple new connecting services offered by a
pair of leading airlines beginning next month.
Continental is one of the world's largest airline
with more than 2,200 departures a day. With 130 domestic and 95
international destinations, Continental has the broadest global route
network of any U.S. airline, including extensive services throughout
the Americas, Europe and Asia. With 48,000 employees, Continental is
one of the 100 Best Companies to Work For in America. In 2003, Fortune
ranked Continental No. 2 on its list of Most Admired Global Airlines.
Emirates, the Dubai-based international carrier,
and Continental Airlines (NYSE: CAL) will start codesharing on flights
between Dubai and the U.S. via London/Gatwick airport. A new marketing
link will also allow travelers on both carriers to enjoy access to one
another's airport lounges, as well as enhanced frequent flyer
Ghaith Al Ghaith, Emirates' Executive
Vice-President Commercial Operations Worldwide, said: "This link
will offer customers of both airlines seamless connections between our
two countries, helping to boost trade and tourism. "They will
also pave the way for the launch of our own U.S. services from next
year, when we begin non-stop flights between Dubai and New York, our
first destination in North America," Mr. Al Ghaith said.
David Grizzle, Continental's Senior Vice President
of Corporate Development, said: "We're proud to be associated
with an internationally acclaimed carrier that is as committed to
excellence in customer service and product delivery as we are. Our
long-standing relationship with Emirates has proven particularly
beneficial to Continental's customers who have energy-related travel
to the Middle East and Indian sub-continent, and the start of
codesharing creates additional benefits and opportunities for
customers of both airlines."
QUALITY WORKSHOP FOR PVC PIPE MANUFACTURERS
A day-long workshop under the caption of
"Quality Workshop for PVC Pipe Manufacturers" was organized
by Engro Asahi Polymer & Chemicals Limited on August 29, 2003 at
PVC Pipe is one of the most extensively used
materials in water supply throughout the world and is fast becoming
the first choice of consumers for water supply and drainage in
Pakistan. The pipe quality plays a very critical role in sustainable
supply and conservation of water to areas of which some are totally
dependent on one source.
This first of its kind quality awareness program
was attended by around forty top executives from leading PVC Pipe
manufacturing companies of Pakistan. Topics discussed during the
seminar included PVC Pipe Market and Potential, Management Control
System, and Testing of PVC Pipe. Apart from Engro Asahi presentations
on quality control were given by PVC Pipe manufacturers.
This was an interactive workshop with some good
suggestions from the manufacturers on how to work closely and how to
use the pipe manufacturers forum to curb substandard pipes from the
The participants appreciated the efforts put in by
Engro Asahi Polymer & Chemicals Limited to arrange the seminar and
stressed that these workshops should be a regular feature.
Mr. Asif Qadir, President of Engro Asahi Polymer
& Chemicals Limited concluded the workshop and reinforced the need
of implementing quality controls by pipe manufacturers in order to
realize the fullest potential of PVC Pipe in Pakistan.
Such type of seminars will help the industry to
supply a quality product which satisfies the end user. Pakistani PVC
pipe industry has tremendous growth potential both domestically as
well as internationally and product quality will play a major role in
achievement of this potential. The growth of industry will have a
positive impact on the national economy in terms of creation of jobs,
GDP growth and increase of exports.
We as a nation need to realize that product quality
will play a critical role for developing countries like Pakistan in
the WTO environment.
HIGH UTILITY RATES CRITICIZED BY INDUSTRIALISTS
While welcoming to Islamabad Chamber of Commerce
& Industry (ICCI) the WAPDA delegation consisting of Lt. General
(R) Zulfiqar Ali Khan, Chairman of WAPDA, Brigadier (R) Waseem Zafar
Iqbal, Chief Executive of Islamabad Electric Supply Company (IESCO)
and their senior staff members, Mian Akram Farid, President of ICCI
and a large gathering of businessmen expressed their concern that the
high cost of utilities was grossly hurting the industrial units
production and causing closure of several units. The industrial units
which were involved in export-led production were particularly hard
hit and were loosing their competitiveness in the international
ICCI laid out a comprehensive agenda for discussion
with the WAPDA delegation. The agenda emphasized that WAPDA's line
losses of over 25 percent and KESCO's line losses of over 42 percent
were unjustified and had invited severe criticism from IMF and the
Asian Development Bank. The Government levied heavy charges on the
consumers such as Petroleum Development levy, gas development
surcharge, GST, excise and customs duty. These charges contribute
heavily to the cost of utilities and should be brought down to provide
necessary relief to the consumers.
SHAHEEN INSURANCE COMPANY LIMITED
Shaheen Insurance in one of the main upcoming
companies in the market which is making its presence felt with each
passing year. Ever since the change in the top management in the year
1998, the Company has been showing a fairly satisfactory growth in
premium volume and profitability year on year. The growth thus
reflected is the result of a well thought out operational strategy
focused on serving in the due measure the interests of all the
stakeholders in the Company viz. the policy holders, the reinsurers
and the shareholders etc.
The gross underwritten premium of the Company grew
from Rs.117 million in 2001 to Rs.231 million 2002. The Company has
underwritten Rs.210 in the first seven months of 2003.
Shaheen's underwriting profitability is one of the
highest in the insurance industry, which is a remarkable achievement
for a new insurance Company. It is pertinent to note that majority of
their more established and much older companies are making money only
from the investment income.
ARIF HABIB INVESTMENTS DECLARE DIVIDEND/BONUS FOR
PAKISTAN PREMIER FUND LTD
The Board of Directors of Pakistan Premier Fund
Ltd. have recommended a bonus issue for the year ended to 30th June
2003 and simultaneously declared an interim cash dividend for the
current financial year, the first announcement since management of the
Fund was taken over by Arif Habib Investments.
Pakistan Premier Fund Ltd. declared a bonus of
12.5% (one share for every eight shares held) and an interim cash
dividend of 12.5 % (Rs.1.25 per share) out of current year's profit.
Earlier the company had issued 50% rights shares which were subscribed
on 30th July 2003. Both the cash dividend and the bonus are applicable
on all shares held as on 17th October 2003. The book closure shall be
for the period 18th October 2003 to 25th October 2003 (both days
inclusive). The interim cash dividend shall be payable on shares held
prior to the bonus issue.
The net income before distribution for the
financial year 2002-3 was Rs.336.61 million, as against Rs. 20.41
million for the previous year. Major constituents of the income are
realized capital gain of Rs. 174.98 million, appreciation in the value
of portfolio of Rs. 132.4 million and dividend income of Rs.30.8
million. Arif Habib Investments took over the management of Pakistan
Premier Fund Ltd. from KASB towards the end of December 2002.
Arif Habib Investments also manages three open-end
mutual funds, the Pakistan Stock Market Fund (PSM), Pakistan Income
Fund (PIF) and MetroBank-Pakistan Sovereign Fund (MSF).
All the three open-end funds have already announced
their income distribution earlier this year. While MFS had been
operational for less than one year, both PSM and PIF closed their
first full year operations on 30th June 2003 and announced the highest
payouts in the equity and fixed income categories respectively. Arif
Habib Investments currently manages over five billion rupees of
institutional and retail investor funds. The growth in size of funds
is remarkable in terms of a short period of one and a half year of