Mr. Abdul Majeed, Chairman, National Foods
Limited, while expressing his gratitude on the occasion commented,
"In the past five years, we have achieved an eighteen percent
growth in exports contributing to the overall ten percent growth
achieved by Pakistan in this particular category. We certainly
intend to outperform ourselves in the coming years, Insha
The Prime Minister Mr. Shaukat Aziz, who was the
chief guest at the ceremony in Islamabad, while presenting the
awards lauded the efforts of the recipients who have made
significant progress in exporting Pakistan goods, and creating a
niche market for them. He also appreciated the quality of the 'Made
in Pakistan' merchandize.
In the profile of Mr. Faisal Iftikhar published
in our print issue of 27.12.2004, the number of branches in Central
Circle was mistakenly printed as '18' instead of 6 (Six) Mr. Faisal
is presently in-charge of '6' branches of the Central Region under
the Central Circle. The error is regretted.
NETWORKED HOMES BECOME A REALITY WITH LG
Global and regional digital leader LG Electronics
is teaming up with apartment developers to offer residents
sophisticated home networking systems.
The home networking and residential gateway
equipment market is estimated to reach around US $5.9 billion by the
end of this year. Home networking services that deliver extra value
based on new forms of connectivity is estimated to reach over US $3
billion this year. LG foresees demand for networked homes, which
allow homeowners access to their appliances from anywhere at the
touch of a button to increase providing a convenient, pleasant,
safer and richer lifestyle.
"By 2005, over 100 million homes are
expected to be using networked digital appliances," said K. H.
Kim, President, LG Electronics Middle East and Africa Operations.
"Two to three years ago, when home networking products were
unveiled commercially, people doubted their technological viability
and marketability. Technology has evolved since then and LG has
invested considerably in R & D to develop home networking
enabled products such as the Internet refrigerator, washing machine,
air-conditioner and microwave that are wired into the Internet and
operate independent of each other."
HABIB BANK LAUNCHES AGRI FINANCE SCHEME FOR FISH
In order to promote fish farming for which huge
potential exists in different parts of the country, Habib Bank has
launched the product to facilitate farmers for the purpose under its
Haryali agricultural finance scheme.
This product offers demand finance facility for
establishing fish farms, repayable in a period of 3-5 years in easy
installments, whereas for working capital requirements, products
provides running finance facility under three years revolving
finance scheme of the bank.
Habib Bank is playing a critical role in
promotion of agricultural sector by introducing a number of
farmer-friendly products for promotion of livestock, dairy, poultry
implements, tractors, tube wells, turbines, drip/sprinkler
irrigation system, godowns, cold storage and revolving credit to
meet input requirement of all types of crops, the spokesman said.
United Asset Management Company Limited (United
AMC), a member of the United Bank Group, provides asset management
services to both corporate and retail clients. United AMC has put
together a team of professionals with both international and
domestic experience in equity and fixed income markets. To date,
UAMCL has an impressive portfolio with numerous corporations and
individuals as investors. The management is rated by JCR-VIS as A.
United Money Market Fund (an open-ended mutual
fund), which is managed by United AMC team of fund managers, the
team strives to provide comparatively attractive yields while trying
to minimize risk thus ensuring relative safety of capital. The
United AMC's money market fund has been rated by JCR-VIS as A+.
United AMC conducted press conference on 29th
December 2004 to mark the upcoming launch of its product URIF and
its fresh corporate image. United Regular Income Fund (URIF) will be
offering structured financial returns, which are customized to meet
the financial ends of both corporate and retail investors as it
provides a stream of monthly income payments to the investor.
MOTOROLA LTD MENA ANNOUNCES ITS BUSINESS PARTNERS
Motorola Ltd MENA announced the names of its
business partners and distributors United Mobiles and Advance
Telecom, the two companies that will be marketing and distributing
their phones in Pakistan. Speaking at a press briefing at a local
hotel, the panel consisted of Mr. Bahjat J. Mirza, Area Business
Development Manager, Middle East, Mr. Mounire Trifess, Regional
Marketing Manager, Middle East Pakistan region. Representing United
Mobiles was Mr. Ejaz Hassan and from Advance Telecom was Mr. Rizwan
Motorola, Inc. is a global leader in wireless,
broadband and automotive communications technologies that help make
life safer, smarter, simpler, synchronized and fun. Sales in 2003
were $27.1 billion. Motorola creates innovative technological
solutions that benefit people at home, at work and on the move. The
company is a progressive corporate citizen dedicated to operating
ethically, protecting the environment and supporting the communities
in which it does business.
At the press conference Motorola also unveiled
their new-age V3 Razr GSM handset. This is Motorola's New Year gift
to its consumers. The slimmest ever GSM handset, uncompromising on
feature deliverables (2.2" 262k TFT screen, VGA camera with 4
zoom, Quad band operation, blue tooth class 1-100 meters, Kjava,
mini USB connectivity, 1000 contacts phonebook and much more). The
V3 looks just as beautiful as it performs a winning product for the
ICI INVESTS US$16M IN UPGRADING ITS POLYESTER
PLANT IN PAKISTAN
ICI Pakistan Limited announced recently plans for
an Asset Modernization & Improvement Project at its Polyester
Fibre Plant at Sheikhupura. The project agreement was signed on
December 21, 2004 in UK with technology suppliers Chemtex Overseas
Inc. utilizing Invista (formerly DuPont) know-how. The project scope
encompasses modernization, upgrading and de-bottlenecking of the
current capacity to achieve an additional 10,000 tonnes per annum
production. Mr. David J. Gee — Executive Vice President for
Regional & Industrial Business, ICI UK, Mr. John R. Stoney —
Chief Executive ICI Pakistan Limited, and Mr. Asif Jooma — Vice
President Polyester Fibres Business were present at the signing
ceremony, as was Thomas H. McGannon — President and CEO of Chemtex.
"The decision to make this investment is evidence of ICI's
ongoing commitment to business growth in the region," said Mr.
Gee while highlighting the significance of this investment.
ICI will invest US$16m on de-bottlenecking the
existing Continuous Polymerization Plant and replacement of two of
its small scale Batch Polymerization spinning and draw lines with a
single state-of-the-art line, retaining one Batch Polymerization
line for manufacturing specialty products for which ICI Pakistan is
currently the market leader in the domestic market. Work on this
project will commence in January 2005 with commercial production
targeted for Q2 2006. "This investment will enhance capacity
and improve the cost effectiveness of the business through improved
efficiencies and lower energy consumption," stated Mr. Stoney.
The technology suppliers, Chemtex Overseas Inc., were also
responsible for the successful 44,000 ton per annum expansion at
Sheikhupura in 2002. Mr. Jooma added: "This investment by ICI
in its fibres business reinforces our commitment to our customers
and our confidence in the continued growth of the Pakistan textile
industry." Mr. McGannon indicated this was the third contract
between ICI Pakistan and Chemtex, and that "we have found ICI
Pakistan to be an outstanding organization, a demanding customer,
and fully committed to the polyester business."