Nov 17 - 23, 2003



The 83rd Meeting of the Board of Directors of Pakistan Kuwait Investment Company Limited (Pak Kuwait) was held recently in Karachi.Pak-Kuwait is a 50:50 joint venture between the Governments of Pakistan and Kuwait, with the Board of Directors consisting of three members representing each Government.The members of the Board of Directors representing the Kuwait Investment Authority are Mr. Naser A. Al-Marri, (Chairman), Mr. Abdullah Abdulwahab Al-Ramadhan, Mr. Mohammad Saud Al-Abhoul while the Government of Pakistan is represented by Mr. Nawid Ahsan, Mr. Javed Sadiq Malik and Mr. Zaigham Mahmood Rizvi (Managing Director).



Pak-Kuwait is the highest capitalized Development Financial Institution operating in the country with a net worth of around Rs. 8.111 billion as on September 30, 2003. It is a progressive and proactive organization that provides attractive return on investment to its shareholders. This is also evident by its impressive history of dividend payouts since the time of its inception with an initial seed capital of Rs.250.0 million. The company's strength lies in its strong business relationships within Pakistan and Gulf region, promoting bilateral business and trade relations, and playing a proactive role. It became the first "AAA" Rated financial institution of Pakistan in 1999 and maintains that honour since then.

The Directors meeting reviewed the performance of the Company. The Managing Director, Mr. Zaigham Mahmood Rizvi appraised the Board of Directors regarding measures and initiatives being adopted by the management of Pak-Kuwait to maintain its strategic market position. The Board appreciated the initiatives and measures adopted by the company that has resulted highly impressive profitability for the period ended on September 30, 2003.


Cathay Pacific Airways and the Hong Kong Trade Development Council jointly announced the renewal of an agreement for Cathay Pacific to be the "Official Air Partner" of the Hong Kong Trade Development Council (HKTDC) and assist in its work to promote Hong Kong overseas. Under the arrangement, the airline will be the chosen carrier and provide reduced-cost travel for HKTDC staff travel as well as support Hong Kong trade promotions worldwide.

The arrangement will run for three years through 30 September 2006, extending a previous three-year Official Air Partner agreement between Cathay Pacific and the HKTDC. All of the airline's overseas offices will actively support HKTDC events in their region, and a logo to indicate that Cathay Pacific is the Official Air Partner will feature on the HKTDC's trade promotion communications.

The success of this partnership is illustrated by the fact that Cathay Pacific and the HKTDC have over the past three years worked together on more than 47 overseas trade promotion events. Cathay Pacific has also been the official carrier about 33 HKTDC promotion events in Hong Kong, which have drawn more than 100,000 visitors.

Cathay Pacific Director and Chief Operating Officer Philip Chen said: "Cathay Pacific, as the airline of Hong Kong, is proud to once again be the Official Air Partner of the Hong Kong Trade Development Council. Trade and tourism are the lifeblood of the local economy. Cathay Pacific teams across our entire network will work in partnership with the HKTDC and its overseas offices to further promote Hong Kong's development as a global trade and logistics centre and gateway to Chinese Mainland."

Hong Kong Trade Development Council Executive Director Michael C.C. Sze said: "We are very pleased to renew our relationship with Cathay Pacific as Official Air Partner. We look forward to stepping up our joint efforts to promote Hong Kong as a truly world-class city in which to trade and invest by leveraging our home carrier's international air network to reach out to global business partners."


Intel Corporation recently introduced the Intel® Pentium® 4 processor Extreme Edition supporting Hyper-Threading (HT) Technology** at 3.20 GHz. High-performance computers based on this new processor are designed for high-end gamers and computing enthusiasts and are now available from system manufacturers worldwide.



First discussed at the Fall 2003 Intel Developer Forum, the Intel Pentium 4 processor Extreme Edition supporting HT Technology provides gamers and power users with a premium computing experience. In addition, the processor helps deliver enhanced graphics — a key factor for more realistic game play — through faster frame rates and higher-level detail rendering.

"Designed with the gaming and enthusiast communities in mind, the new Intel Pentium 4 processor Extreme Edition supporting HT Technology unleashes the performance needed to conquer the most demanding games and applications," said Bill Siu, vice president and general manager of Intel's Desktop Platforms Group. "We have added an on-die two-megabyte Level 3 cache, which delivers a more realistic gaming experience when combined with Intel HT Technology."


The Procter & Gamble Company (NYSE:PG) announced excellent top line results and double-digit earnings growth for the July-September quarter, beating analysts' consensus earnings expectations. Volume and sales results were a new record.For the quarter ended Sept. 30, 2003, the company achieved double-digit volume, sales and earnings growth against strong base period comparisons. Unit volume increased 12 percent, including the impact of the recently completed acquisition of Wella AG. Organic volume, which excludes the impact of acquisitions and divestitures from year-over-year comparisons, increased nine percent. Health care led the business segments with unit volume growth of 23 percent; developing markets posted double-digit volume growth.

Net sales increased 13 percent to $12.20 billion. Foreign exchange had a positive impact of three percent, which was partially offset by pricing investments and mix effects, primarily from higher than expected growth in developing markets and continued portfolio expansion into mid-tier brands. Organic sales — excluding acquisitions and divestitures and the impact of foreign exchange from year-over-year comparisons — increased seven percent. This solid growth reflects the combination of base business growth, strong innovation and the expansion of developing market businesses.

For the quarter, net earnings grew 20 percent to $1.76 billion. Earnings growth was primarily driven by volume, the absence of restructuring program charges due to its completion last year — $113 million in July-September 2002 — and lower manufacturing costs. This was partially offset by marketing investments to support base business growth and new initiatives. Net earnings increased 12 percent when compared to core net earnings in the base period, which excludes restructuring program charges.

Net earnings per share increased 21 percent to $1.26. When compared to core results for the base period, net earnings per share grew 13 percent. The Wella acquisition did not have a significant impact on net earnings, consistent with earlier guidance.


Standard Chartered Bank (SCB) has been awarded the Stub Collection and Data Processing mandate by Sui Southern Gas Company (SSGC) covering Sindh and Balochistan. An agreement was signed at SSGC's head office on November 07, 2003 to award this contract. Munawar Baseer Ahmad, Managing Director, SSGC and Badar Kazmi, Chief Executive Officer of Standard Chartered Bank inked the agreement.

SSGC raised a tender for this mandate which SCB won through a competitive bidding process. SCB will be working closely with its project partner NIFT to execute this stub collection mandate. NIFT is a bulk processing company and is the sole company authorized by the SBP to conduct cheque processing in Karachi, Lahore and Islamabad.

Under the stub collection mandate, SCB will collect SSGC's gas bill stubs from all collecting banks in Karachi, Hyderabad, interior Sindh, Quetta and Balochistan (except Habib Bank Limited) for a period of 2 years. SCB will then process stubs, perform account reconciliation, and provide MIS in pre-agreed formats through soft files. The implementation is being done in phases to ensure a smooth rollout starting with Karachi on November 15, 2003.



Additionally, SCB and SSGC will be jointly working on promoting the drop box mechanism for payment of gas bills via cheque; approximately 50 drop boxes will be placed in Karachi at prominent locations to extend convenience to customers. An incentive scheme is also being launched jointly to promote this campaign with the slogan "Na Qatar, Na Intizaar".

This mandate will help SSGC in outsourcing the administration of stubs to a reliable third party; improve the reconciliation process and turnaround times for credits provided to SSGC's account with SCB & other banks.


The President of Pakistan General Pervez Musharraf, accompanied by senior dignitaries including the Minister for Finance, Minister for Privatization, Ambassador of Pakistan and others recently visited South Korea from 5th November till 7th November 2003. During his trip, President Musharraf met President of South Korea Mr. Roh Moo-Hyun and visited Samsung 's Digital e-Valley, the state of the art digital complex and center of R&D, located in Suwon City, S. Korea. Samsung Electronics is S. Korea's largest electronic company and world's largest manufacturer of semiconductors, TFT-LCD's, CDMA mobile phones, monitors and other hi-tech products.

The President of Telecommunication Network, Mr. Lee Ki Tae, along with top management of Samsung Electronics extended a warm welcome to the delegation and briefed them on Samsung's management, cutting edge products, financial status, and revealed future strategy regarding manufacturing plans in local bases including Pakistan. Mr. Lee also promised continued efforts to help develop Pakistan's electronics' industry. President Musharraf in his return speech thanked Mr. Lee for his warm welcome and invited Samsung to further expand the business in Pakistan.

The President personally tested a variety of Samsung's products including camera phone, home theater Systems, Portable DVD player, duo cam and showed keen interest in digital electronics and IT products emphasizing on Pakistan's potential for industrial development and offering full support to Samsung on their future local production and investment plan.

Samsung Electronics Co. Ltd. is the leader in telecommunications, semiconductor, flat panel display and digital convergence technology, and is committed to being the world's top consumer brand in 2010. Employing over 75,000 people across 47 countries, Samsung Electronics sales reached 49.6 billion USD in 2002 compared to 35 billion USD in 2001 and it's brand value increased from 8.3 billion USD in 2002 to 10.8 billion USD in 2003, making it the fastest growing brand in the world for the second year in a row.


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Samsung Fun Club is a Web/WAP site dedicated to providing a fantastic new wireless entertainment experience, utilizing the latest generation of Samsung mobile handsets. The Samsung Fun Club offers a wide variety of extras for your cell phone that you can download right into the palm of your hand. Samsung Fun club offers variety of features and sub-features. The following are key services offered at this site: downloading of ring tones, images, screensavers, wallpaper, (multimedia) SMS sending, community, personal, groups, online games, simulated mobile games, information on and images of Samsung mobile phones and the list goes on.


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PHONE: If you are a Samsung mobile fan then this is where you will get all the updated phone related information. It offers various phone views. You can also compare two or more phones with respect to key features they offer, find the one that's best for you. It also contains manuals of all; mobile sets as well as phone reviews.

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This was just a quick tour of what Samsung fun club has to offer. To experience it yourself all you have to do is simply log onto The registration is absolutely free. Anyone can be a member, no matter what your phone is. A fun and exciting world awaits your fingertips. So go on, express yourself!! Explore your world. In simplest terms, Samsung Fun Club is an organizer, five minutes of enjoyment, even a fashion statement that will surely make others jealous, as you have what they don't.Witness the difference from your own eyes, as you have to see it to believe it.


Mr Abdullah Yousuf, Secretary, Ministry of Petroleum & Natural Resources, visited Pakistan Petroleum Limited (PPL), Head Office on 10 November, 2003 to review the annual performance/activities of the Company during the year ended 30 June, 2003. Mr Munsif Raza, MD PPL gave a detailed presentation on the major operational activities of the Company during 2002-03 including the financial results for the above period. The presentation was also attended by the Company's senior management.

Mr Yousuf complimented the Management for achieving a record profit after tax of Rs 4.2 billion during 2002-03. He also appreciated the Company's exploration and development efforts, which resulted in two new gas discoveries in Joint Venture blocks, Tal (N.W.F.P) and Block-22 (Sindh), furthermore two of its Joint Venture gas fields were brought on production during the year, namely Sawan and Mazarani Gas fields. Mr Munsif Raza highlighted the major investment programs of the Company, which resulted in increase in the level of capital expenditure from Rs 1.391 billion in 2001-02 to Rs 4.422 billion in 2002-03. Main projects included the acquisition of Sui Gas Purification Plant in July, 2002 and development of Sawan and Mazarani Gas fields.

The Secretary Petroleum noted with satisfaction that the Company has embarked on an extensive exploration and development program by acquiring working interest in various onshore and offshore exploration blocks. The Company's exploration portfolio now consists of 14 areas, out of which 8 blocks are PPL operated. The Secretary believed that this intense focus on exploration will not only give a major boost to the Company's hydrocarbon reserve profile but will also cater for the growing energy demands of the country. He observed that the Company has the professional depth and experience to pioneer exploration in the frontier areas and it should play its due role.


Pakistan Petroleum Limited (PPL) has earned a record profit after tax of Rs 4.190 billion for the year ended 30 June, 2003. This was revealed by Mr M. A. K. Alizai, Chairman PPL, at the 52nd Annual General Meeting (AGM) of the Company held on 29 October, 2003.

He stated that this was an all time record and was made possible due to multitude of factors including high international oil prices, new Sui and Kandhkot Gas Price Agreement, operational efficiencies and production from new reservoirs/discoveries.

While presenting the annual operational review of the Company, Mr. S. Munsif Raza, Chief Executive & Managing Director PPL highlighted the following significant events during the year 2002-03, (i) Discovery of pipeline quality gas in Tal block (NWFP), (ii) Commencement of gas sales from Sawan Field and (iii) Mazarani Gas Field. These developments will not only enhance the Company's profitability, but are crucial for the country as a whole in view of its favourable impact on national economy in the form of oil substitution.



The gross sales revenues rose by 40% from Rs 14.460 billion in 2001-02 to Rs 20.239 billion in 2002-03. There was a steep rise in the level of capital expenditure from Rs 1.391 billion in 2001-02 to Rs 4.422 billion in 2002-03, mainly due to acquisition of Sui Gas Purification Plant in July, 2002 and development of Sawan and Mazarani Gas fields. The shareholders approved a final dividend of 20% in addition to an interim dividend of 10% paid in March, 2003 resulting in a total dividend payout of Rs 2.058 billion.

PPL has been the largest producer of natural gas in Pakistan since 1952, with present contribution hovering around 35% of the country's total natural gas production. The Company has always played a pivotal role in the country's oil and gas sector and has been actively involved in augmentation of indigenous hydrocarbon resources resulting in substantial savings of foreign exchange for the country. The Company's share of production of natural gas from its operated and non-operated fields, and production of LPG and NGL for the financial year 2002-03 in terms of energy was equivalent to 162,000 barrels of crude oil per day.

PPL presently holds working interest in six operated and five partner-operated exploration blocks. The Company has devised an extensive exploration program aimed at enhancing its reserve portfolio. In this connection, several new blocks have been acquired by PPL in various prospectivity zones of the country including Nauroz, Nushki, Khuzdar, Latif and has recently applied in the Hala block.

In addition to reviewing the exploration opportunities within the country, PPL's exploration strategy is taking a new dimension with the prospects of international exploration also being evaluated. This step is expected to bring tangible benefits to the country in case of success in Company's international ventures.