Nov 03 - 09, 2003

 

IBRAHIM FIBRES CHOOSES ORACLE E-BUSINESS SUITE

Oracle South Asia, a region of Oracle Asia Pacific Division, announced that Ibrahim Fibres Ltd., a leading polyester and textile manufacturing conglomerate in Pakistan, has chosen the Oracle E-Business Suite to completely automate its manufacturing, financial and distribution processes.
Ibrahim Fibres chose the Oracle E-Business Suite after a thorough evaluation of local and international Enterprise Resource Planning (ERP) software solutions in the market. Oracle's complete and integrated suite of applications was the preferred choice as they provided Ibrahim Fibres with a roadmap to move to an open, secure technology platform with out-of-the-box, end-to-end functionality for all its business processes.

 

 

DIMENSIONAL REFLECTION@ ARENA MULTIMEDIA CLIFTON

'To be successful and on the top we need to get inspiration from our own rich culture for creative Multimedia developments instead of getting obsessed by western culture or copying Hollywood' said by Mr. Rahat Kazmi, famous artist and educationist, on the forum of Dimensional Reflection at Arena Multimedia Clifton.

Dimensional Reflection, multimedia work display, was organized on October 03-October 04, 2003 at Arena Clifton. Through this display students were encouraged to express their creativity using the latest technology in various categories including Print Media, Web Designing, Video Editing/Video FX, 2D Animation, 3D Animation and Multimedia Authoring. Such platforms provide opportunities for upcoming multimedia experts and also contribute in developing Multimedia, a relatively new, industry in Pakistan.

STATE LIFE'S INDIVIDUAL & GROUP-LIFE NEW BUSINESS SOARS TO Rs.2.33 BILLION IN 3RD QUARTER 2003

"State Life Insurance Corporation of Pakistan has successfully secured a landmark achievement of Rs. 2.33 billion as New Business (First Year Premium), Rs. 1 billion as Individual Life and Rs. 1.33 billion as Group Life respectively, while extending financial protection to 110,846 new individual life policyholders and their families up till 3rd Quarter 2003". This was stated by Mr. Rasool Bakhsh Baloch, Chairman State Life, while talking to the senior journalists after the inaugural session of State Life's 4th Regional Chiefs and Zonal Heads Conference held at PC Bhurban. Mr. Rasool Bakhsh Baloch, expressed his satisfaction on the tremendous business performance and congratulated the officers, staff and marketing force on historic achievement. Chairman, State Life said that there is the dire need to explore 75% of the untapped life insurance market in the country. Mr. Baloch reiterated that State Life will continue to provide quality financial services to millions of its individual and group life policyholders across the country. Mr. Zafar Mehmood, Executive Director (G&P) informed that State Life has secured 67 new groups during the period Jan-Sept 2003. Mr. Aslam Sabir General Manager (Policyholders Services) informed that State Life has paid Rs. 1.08 billion as Maturity and Death Claims that financially benefited 36,255 policyholders and their families during Jan-Sept 2003 period. Earlier Mr. Muhammad Jawaid Khan, General Manager (Marketing) highlighted the business performance of Marketing Division and informed that State Life has secured Rs.2.76 billion as Renewal Premium showing an increase of 14.71% during the period Jan-Sept 2003. Mr. Jawaid added that the Second and Third Year Persistency stood at 64.98% and 95.41% in the same period. A Lucky Draw for Inaami Schemes title "Aam Kay Aam" and "Hum Khurma Wa Hum Sawab" for winning policyholders and marketing force was held on the occasion.

VIRTUAL UNIVERSITY OPENS VU-CENTER IN GHOTKI

Virtual University of Pakistan opened a VU Center in Ghotki to facilitate students pursuing a higher education through the virtual system of education.

 

 

The VU Center was officially inaugurated by Chief Minister Sindh, Sardar Ali Mohammed Khan Maher amidst a large number of students and in the presence of Dr. Naveed A. Malik, Rector of the Virtual University of Pakistan, Mr. Irfan Gul Magsi, Provincial Minister for Zakat and Usher, the Nazim, DCO and other luminaries of the city.

Inaugurating VU's center, the Chief Minister of Sindh said, "Education is vital and fundamental for the progress and development of the country. I am appreciative of VU for opening a center at Ghotki as it shows the government's commitment to provide affordable and quality education all across the country. Very soon a medical college will also be opened in the city."

Minister for Zakat and Usher, Mr. Irfan Gul Magsi, also speaking on the occasion announced a Rs. 50,000 scholarship for the disadvantaged students of the VU Ghotki campus.

GOLD RUSH MAKES A MAN MILLIONAIRE

"GOLD RUSH" a month long shopping festival organized by World Gold Council concluded on a very high note. The limelight of the festival was stolen by fortunate Mr Mahfooz-ur-Rahman, who won the bumper prize of 2.0 kilogram of gold in a draw held at a local hotel in Karachi.

The draw was held in a ceremony hosted by World Gold Council Consultant Syed Faisal Hashmi and was attended by participating jewellers, famous celebrities and elite of the press. Samina Peerzada, renowned TV and film artist pulled out the lucky coupon for the bumper prize of 2.0 kg gold. The prizes were also distributed among some of the daily lucky draw winners, who had not received their gifts.

ICCI CRITICISE PRICE RISE OF EATABLE COMMODITIES

Chaudhry Mukhtar Ahmad, Senior Vice President of Islamabad Chamber of Commerce & Industry (ICCI) has regretted that on the eve of the holy month of Ramazan, the prices of pulses, vegetables, milk, wheat flour, cooking oil, fruits etc., have shown an unprecedented increase, despite the fact that the Government of Pakistan has recently done away with GST of 15 percent on milk and several other food items.

Elaborating his comments, Chaudhry Mukhtar has stated that he alongwith a number of colleagues visited several wholesale and retail markets in Islamabad to make an on the spot study of the prices. This visit has revealed that wheat flour bag of 20 Kilos is being sold for Rs.215 which was selling for Rs.205 about two weeks ago. Cooking oil of 5 Kg is priced at Rs.290 which was selling at Rs.260 a few days back. Tomato, potato, onion, fruits and several vegetables have shown increase in prices between 50 to 100 percent now compared to the prices ten to fourteen days ago. Prices in Juma Bazaars have also shot up.

KB-MCB ENTER INTO AGREEMENT FOR CASH MANAGEMENT

In order to improve the accessibility of poor people to formal financial services, KB has entered into a cash management agreement with MCB. The arrangement will ensure speedy delivery of loan proceeds through secure financial instruments to KB's clients across Pakistan. In addition to the existing convenience of benefiting from KB's door-to-door service, its clients will now benefit from the convenience of depositing their loan payments at designated branches of MCB ensuring security and accuracy.

 

 

PSO DECLARES RECORD PROFIT BEFORE TAX OF RS 1.47 BILLION

The Board of Management, Pakistan State Oil (PSO), met at the company headquarters PSO House to review the first-quarter FY-O4 accounts of the country's largest oil marketing entity. Mr. Pervaiz Kausar, Chairman, BoM, presided over the proceedings.

Despite volumetric drop in fuel oil resulting in gross margin decline, the company recorded profit before tax of Rs 1.47 billion and profit after tax of Rs 1.0 billion, which were almost the same earnings recorded in the same period last year. The company managed to maintain its profitability due to austerity measures coupled with increased operating efficiency and further expansion of new product line and services.

During the period under review, the domestic POL industry experienced a huge slump of approximately 19% due to the massive decline of 48% in the fuel oil consumption owing to natural gas being provided to power utilities coupled with improved hydel generation. White Oil displayed a modest growth of 2% during July-September FY04, whereas the black oil dropped by 47%, mainly due to the fuel oil decline. Mogas, HSD and Jet A-1 displayed a growth of 9%, 1% and 12% respectively, which was overshadowed by the massive decline of Black Oil.

Despite the threat posed by the new entrants and the prevailing intense competition, PSO secured its market leadership during the review period. There was an impressive growth of 12% in Mogas and 10% in Jet A-1. In HSD, the company sold almost 1 million tons, which was essentially the same volume sold in the prior year period. The company, being the major supplier of fuel oil, absorbed the major impact of reduced consumption to the tune of 610,000 tons.

During the review period, the company continued to expand its New Vision network and added another 64 outlets, bringing a total to 777. CNG facility was offered at another 6 stations, thus, taking the total number of outlets with CNG facility to 79.

SSGC WITNESSES INCREASED GAS SALES

The Board of Directors of Sui Southern Gas Company Limited (SSGC) approved the un-audited accounts for the 1st Quarter ended September 30, 2003. The board meeting was held here at company's head office on October 27, 2003 under its Chairman Mr. Aitzaz Shahbaz, to review the accounts.

The Board was informed that during the period under review, the company sold 75, 242 MMCF of gas sales in the quarter as compared to 61,197 MMCF during the corresponding quarter of the previous year, representing an increase of 23 percent. In value terms, the sales revenue recorded a substantial increase of 30 percent from 9,971 million showing an increase of Rs. 3010 million.

The company's pre-tax profit however remained unchanged as of Rs. 471 million as compared to the figures of the corresponding period of the previous year. This is due to increase in the cost of gas purchase by the company. The earning per share also remained stable at Rs. 0.46 per share.

The board was informed that the company has made elaborate arrangements to maintain full pressure and un-interrupted supply of gas during the holy month of Ramazan. The company has deployed additional call service teams to ensure regular supply of gas in morning and evening peak hours.

The board was also informed that the company's on-going capital expansion plan will improved the gas supply to the power and industrial customers, which will give a boost to the industry and economy.