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
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
INTEL TAKES GAMING TO THE EXTREME
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
P&G BEATS FIRST QUARTER EARNINGS EXPECTATIONS
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 & SSGC
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
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.
PRESIDENT MUSHARRAF VISITS SAMSUNG'S DIGITAL-E-VALLEY IN S KOREA
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.
SAMSUNG FUN CLUB
Want to have Your own special set of features? Want to download new
games on your mobile?
Want to add new ring tones? Don't worry! The
Samsung Fun Club will get you there!Samsung's digital leadership has
taken communication, entertainment and information to new heights and
digitAll brought them all together in revolutionary, simple devices.
This digitALL experience is free from complexity, user friendly and
fun to use. People everywhere are discovering the vision of the fully
enhanced DigitAll experience. Another feather in this cap is Samsung
Fun club, where everyone's invited.
Samsung Fun club is no ordinary website, it's an
experience for all generations. Whether you are a Samsung user or
non-user, an exciting journey is guaranteed on this website. You would
want to stay longer and longer.
Samsung Fun club is all about excitement and fun.
The time spent on it is "time well spent", and you will
agree once you log on to it. It is very user friendly and offers a
great deal of entertaining options.
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.
SAMSUNG FUN CLUB IS DIVIDED INTO 5 CATEGORIES NAMELY:
ME: This is
an extended version of your phone. It consists of the member's
profile, also keeps a track of your downloads, points accumulated on
the site and details about the member's phone.
This option suggests you to
take some time out for your friends and family. It consists of amazing
animated e-cards for all occasions and e-messages. The most
distinctive feature of this category is Address book, which helps you
to maintain an online database of your relatives and friends.
This category is the
most favorite of every user. It offers downloadable ring tones,
images, quiz, lottery and 4 animated Java enabled games, such as fly
ribbon, push push, puzzle world and speed fighter. The lottery option
helps you to win points that entitle you to make use of various
services available on the website. The quiz section brushes up your
memory about various features of Samsung mobile phones.
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.
This is the last option and surely not the least one. It enables you
to remain updated on various news items. It contains information of
award wining members. You can also post messages for all Fun Club
members as well as participate in interactive sessions. It also offers
a gallery of animated screen savers for your desktops as well as
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 www.samsungmobile.com. 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
SECRETARY PETROLEUM COMPLIMENTS PPL, VISITS HEAD OFFICE
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
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
PPL POSTS RECORD PROFIT OF RS 4.2 BILLION AND DECLARES DIVIDEND OF
30%: 52ND AGM HELD
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
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
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.