Jan 03 - 09, 2005

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HUBCO ANNOUNCES NEW CEO

The Board of Directors of the Hub Power Company are pleased to announce at their meeting held in Dubai, that they have appointed a Director of the Company Mr. Mohammad Ashraf Tumbi as the Chief Executive of the Company with effect from January 1, 2005 in place of Mr. Vince R. Harris.

NATIONAL FOODS ACHIEVES 18PC GROWTH IN EXPORTS

The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) awarded National Foods Limited with a Merit Trophy at the 28th Export Award 2003-2004 in the spices/curry preparation mix category for the outstanding performance in exports.

 

 

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 Allah!"

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.

CORRECTION

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 ELECTRONICS

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 FARMING

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 AMC

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 Majeed.

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 elite.

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."