June 13 - 19, 2005

 

MCB OFFERS INNOVATIVE CASH MANAGEMENT SOLUTION TO SHELL PAKISTAN

MCB and Shell Pakistan Limited inked a cash management agreement in a ceremony held at MCB Tower, Karachi on Wednesday June 08, 2005. With the signing of the agreement, MCB has become the first local bank to introduce the cash management system that interfaces directly with the regional reconciliation system of Shell.
The agreement which was signed by Farooq Rahmatullah, Chairman & Managing Director Shell Pakistan Limited and Mohammad Aftab Manzoor, President & Chief Executive, MCB will offer Shell Pakistan Ltd benefits of innovative cash management products, with integrated information delivery capabilities. The state-of-the-art system will replace the existing collection system based on demand drafts and will provide Shell Pakistan significant benefits in the shape of float savings and streamlined reconciliation.

 

 

Speaking at the occasion, Farooq Rahmatullah, Chairman & Managing Director, Shell Pakistan, observed that "Shell and MCB have a very strong footprint in Pakistan and this agreement will help Shell benefit from the innovative cash management products being offered by MCB." Mohammad Aftab Manzoor said that MCB highly values its relationship with Shell Pakistan and this agreement is yet another example of the strength and vitality of this relationship. He hoped that this new arrangement would go a long way in further strengthening and broadening the relationship between MCB and Shell Pakistan He also thanked the Chairman of Shell Pakistan and the Shell team. for their continued patronage.

GULSHAN-E-IQBAL TOWN SELECTS ALLIANZ EFU

Allianz EFU, Pakistan's specialized health insurer recently enters into an agreement to provide comprehensive health insurance benefits to more than 4,000 employees and dependents of Gulshan-e-Iqbal Town Municipal Administration, Karachi.

Speaking on the occasion, Gulshan-e-Iqbal Town Nazim, Abdul Wahab said, "the sole purpose of our Administration has been to provide employees with the best of facilities of which health facilities has always been on priority. It gives us great pleasure to be associated with a quality health insurance company, which can fulfill our requirements. Gulshan-e-Iqbal Town is the first town in Pakistan to have ventured into such an agreement for the benefits of its employees."

On this historic occasion, Allianz EFU's Head of Marketing, Kashif Usman said, "Gulshan-e-Iqbal Town is our first client from this very important sector and we are very pleased about it. This shows that Gulshan Town administration cares for its employees and their dependents."

The agreement is yet evidence to the gaining popularity of Allianz EFU amongst the prudent employers of Pakistan. Employers are now realizing that health insurance proves to be a safety net to the escalating costs faced by them in the event of sickness and ill health of their employees.

CFA INVITES SPEIDELL FROM USA ON 'BEHAVIORAL FINANCE'

The human element in investing presents a challenge to investors and investment committees, as financial markets behave in ways that are almost rational but not quite. In order to introduce the human element in the investment and financial process, the CFA Association of Pakistan has invited an authority on the subject Lawrence S. Speidell, CFA from USA. A Harvard alumnus, Speidell will present on the relatively unchartered area of "Behavioral Finance" for investment and finance professionals on the 13th of June 2005 at the Royal Rodale Club, Karachi.

The talk will focus on specific issues related to a fruitful investment process including the desire of investors to gain the highest returns at minimal risk. Speidell says that a better understanding of behavioral finance can help investors make better, more profitable investment decisions.

The talk will be preceded by the 2nd CFAAP Excellence Award ceremony where investment professionals and companies would be honored for outstanding performance during 2003-04 in brokerage and corporate finance fields. Awards will be conferred on the Best Equity Brokerage House, Best Equity Research Analyst, Largest Investment Bank and the Most Innovative Corporate Finance Transaction.

Lawrence Speidell is the Executive Vice President at Laffer Associates, USA. Prior to joining the firm in 2003, he was a Partner and Director of Global Research and Management at Nicholas Applegate where he developed and enhanced the firm's international and emerging markets products and global quantitative disciplines. Speidell has spent eleven years as a Trustee at Batterymarch Financial Management where he was a portfolio manager working on domestic and international strategies and was responsible for one of the first equity funds in China. He has held top management positions at various investment companies in USA and abroad.

 

 

The CFA Association of Pakistan is a member society of the CFA Institute, USA and is dedicated to raising the professional, educational and ethical standards of investment and research practitioners in Pakistan. Inaugurated in May 2002 by the then Finance Minister, Shaukat Aziz CFAAP regularly hosts various events for the benefit of the financial, investment and corporate community in Pakistan including the recently held international Telecommunications Investment Conference.

ANNOUNCEMENT

STANDARD CHARTERED DIRECTOR VISITS PAKISTAN

Richard Meddings, Standard Chartered Bank's Group Executive Director for Africa, the Middle East, Pakistan, UK/Europe and the Americas, was in Karachi recently to reinforce Standard Chartered's commitment to Pakistan.

"Pakistan is a very attractive market and our long experience in the region positions us well to take our business agenda forward," said Meddings.

Apart from having governance responsibility for five specialised geographic areas, Meddings is also responsible for Standard Chartered's risk, group special assets management, legal and compliance.

During his visit to Pakistan, Meddings met with industry, business, finance and regulators to explore growth strategies and the opportunities for greater regional involvement for the Bank.

"The time is right to partner with Pakistan in its development growth," said Meddings. "The huge advances made across a number of industry sectors including telecommunications, manufacturing and the service sector open up new doors for financial service providers. We intend to work closely with both the private and public sectors to confirm our commitment both to our existing customers, the region in general and the wider business sector."

"We are looking to cement our already strong relationships in order to ensure that, going forward we will be leading the way in assisting economic growth."

''Standard Chartered is the largest international bank in Pakistan and our growth in this country has been excellent. Our branch network has grown to 29 branches, with a new branch being opened in Hyderabad later this month, and we hope to further expand our network by year-end. The government and central bank of Pakistan have been very supportive of our business expansion and I would like to thank them on behalf of the Bank."

''Our commitment to Pakistan goes beyond our business. We are also getting involved in community activities and recent examples include our 'Seeing is Believing' programme for restoring eyesight, sponsorship of the Kidney Centre in Karachi and the Lahore Marathon.''

Prior to his appointment at Standard Chartered, Richard Meddings was Chief Operating Officer of Barclays Private Clients and previously Group Financial Controller at Barclays PLC. Meddings was also Group Finance Director of Woolwich PLC prior to its acquisition by Barclays PLC, when he was responsible for finance, strategy, investor relations, risk, compliance and treasury.

PAKISTAN SHOULD DERIVE OPTIMUM BENEFIT FROM WTO OPPORTUNITIES: KAMAL

Dr. A. R. Kamal, Director Pakistan Institute of Development Economics (PIDE), Islamabad has said that the World Trade Organization (WTO) has provided an opportunity to the developing and developed nations of the world to give a boost to their trade. The need of the hour is that Pakistan should derive optimum benefit from this opportunity by improving the quality of its exportable products. Dr. Kamal made these remarks while addressing a seminar as the chief guest on "WTO & the Textile Sector," organized by Preston University at its campus in Islamabad, recently.

Dr. Kamal maintained Pakistan's textile sector possessed full capability of competing in the world market as the quality of the textile yarn and textile (value-added) products produced by it was second to none in the world. In order to further strengthen this very important sector, government should develop progressive textile policies and also establish professional and state-of-the-art textile universities and training institutes to train and produce skilled manpower in textile engineering and designing, he said.

Dr. Kamal lauded the efforts of Preston University to impart quality higher education to the future managers and leaders of this country. He particularly appreciated the initiative taken by Preston University to contribute towards nation building through organizing of seminars on significant national and international issues.

Earlier, in his welcome address on the occasion, Dr. Abdul Basit, Chancellor Preston University welcomed and thanked the chief guest, Dr. A. R. Kamal, the distinguished speakers; Mr Amanullah Khan, former President of the Rawalpindi Chamber of Commerce and Industry and Ms Farzana Noshab, Sr. Research Fellow, Institute of Strategic Studies Islamabad for their participation in the seminar and making some enlightening presentations on the topic. Dilating on the topic of the seminar, he maintained primarily WTO's mandate is to organize world trade and ensure smooth flow of trade between world nations. He further said Pakistan should make all out efforts to give a boost to its textile sector, as it possessed tremendous potential to earn foreign exchange that is much needed to meet the ever-increasing import bill of the country.

In their presentations, speakers Mr Amanullah Khan and Ms Farzana Noshab gave a brief history of WTO, and highlighted the role of this world body in regulating and promoting world trade. They maintained that Pakistan will have to make special efforts to make a place for itself in the comity of successful trading nations of the world. In order to succeed in attaining this vital objective it will have to emphasize on continuous improvement in the quality of its raw and finished textile products, they maintained.

BANK OF PUNJAB, CHEVROLET MOTORS SIGN AGREEMENT

The Bank of Punjab (BoP) and Chevrolet Prestige Motors signed an agreement on lease financing automobiles. Mehmood Sadiq, General Manager, BoP and Mehmood Awais Janjua, Chief Executive, Chevrolet Prestige Motors have signed the agreement.

Haroon Aziz, General Manager; Shoaib Qureshi, General Manager; Babar Malik, Chief Manager; Muhammad Akbar, Relationship Manager of BoP were also present at the occasion along with several officials from Chevrolet Prestige Motors.

According to the agreement employees of Government, Semi-Government and Private Organizations acquiring Chevrolet cars on loan, can book them with only 25% down payment. The loans will be provided at a very low mark-up through the BoP Car Loan Scheme. The company is bound to deliver the car within 3 months of booking.

The purpose of this agreement is to provide Bank of Punjab's clients maximum facilities.