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
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.
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
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 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
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
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
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.