PAGE PREVIOUS ISSUE

 

   

 
 
 
 
 
 
CURRENCY BUYING

SELLING

US Dollar 59.9 60
Bahrain Dinar 158 158.1
Canadian $ 50.85 50.95
Euro 70.75 70.85
Hong Kong $ 7.65 7.7
Japanese Yen 0.508 0.51
Kuwaiti Dinar 204 204.1
UK Pound 103.7 103.8
Last updated: Friday 23 Dec, 2005-12.30 P.M (PST)

MORE

 

3 DAYS FORECAST
In oC

CITIES MIN MAX

HUM%

FOR.

KARACHI
Today 12 26 38 Sunny
Tomorrow 11 27 38 Sunny
Day after 11 28 38 Sunny
LAHORE
Today 1 20 87 Sunny
Tomorrow 2 20 87 Sunny
Day after 2 21 87 Sunny
ISLAMABAD
Today 0 18 59 Sunny
Tomorrow 0 18 59 Sunny
Day after 0 21 59 Sunny
HUM%: Humidity In %
FOR.: Weather Forecast
updated: Fri - Sun 23-25 Dec, 2005

MORE

 
.

 

KARACHI         - 021 LAHORE          - 042 ISLAMABAD    - 051 FAISALABAD   - 041 MULTAN          - 061 PESHAWAR    - 0521 CANADA          - 1 KUWAIT           - 965 INDIA               - 91 IRAN                - 98 U.K                   - 44 U.A.E                - 971 U.S.A                - 1

MORE

 
  DEPARTMENTS
 

IN THE NEWS
. INTERNATIONAL
. PAKISTAN
 

 

 

 

 
  ANNOUNCEMENT

Oct 24 - 30, 2005

MCB, ABAMCO TO LAUNCHWHITE LABEL FUND

MCB Bank Limited (MCB), one of Pakistan's most progressive and dynamic financial institutions, signed a Memorandum of Understanding with ABAMCO Limited, Pakistan's premier asset management company. Mr. Aamer Zaidi, SEVP at MCB and Mr. Najam Ali, ABAMCO's CEO, signed the agreement on behalf of their respective institutions.

The signing of this MOU will lead to MCB and ABAMCO pioneering the concept of White Label funds in Pakistan. MCB will use its extensive distribution expertise to market and develop funds for its unique customer needs while the fund would be managed by ABAMCO Limited.

MCB has a rich history that spans over 50 years. With a network of over 900 branches in 40 cities across Pakistan and over 225 ATMs, MCB is one of the largest banks in Pakistan. With 85 percent of its branches automated MCB is also the front runner in technology and innovation.

MCB has received the Euromoney award four times in the last five years and is the only bank to earn such successive distinction. MCB won the "Best Bank in Pakistan" in 2005, 2004, 2003, 2001, and in 2000 the "Best Domestic Bank in Pakistan" awards. In addition, MCB also has the distinction of winning the Asia Money 2005 & 2004 awards for being "The Best Domestic Commercial Bank in Pakistan".

ABAMCO, part of the Jahangir Siddiqui Group, was the first private sector asset management company in Pakistan. Incorporated in 1995, the company manages 9 mutual funds with a total asset base of approximately Rs. 17 billion.

ABAMCO launched the Unit Trust of Pakistan, the country's first open end fund in the private sector in 1997. UTP Islamic Fund was the first Shariah compliant mutual fund in Pakistan and was launched by ABAMCO in 2002. ABAMCO also launched UTP-Income Fund and acquired 12 ICP funds in 2002. After restructuring the ICP funds in 2004, ABAMCO launched ABMACO Composite Fund, which was the largest closed end fund ever to be launched in Pakistan, with a paid up capital of Rs. 3.3 billion.

In June 2005, ABAMCO launched the UTP-Aggressive Asset Allocation Fund, Pakistan's first asset allocation fund, which has shown an NAV appreciation of over 35% over the quarter ended September 30, 2005, whereas the KSE-100 index increased by 10.41% during the same period. Also in June 2005 the company launched Pakistan's first free float adjusted market capitalization Index.

EARTHQUAKE: INTEL DONATES $1MILLION

Intel Corporation's philanthropic arm, the Intel Foundation, will donate $1 million for disaster and humanitarian relief efforts related to the South Asia earthquake. The Foundation will also match dollar-for-dollar employee contributions in support of the relief effort through November. The donation will be provided through the International Red Cross/Red Crescent Societies and Mercy Corps International.

"Support for our work in the early days of a crisis helps us reach the neediest victims of a disaster," said Mercy Corps CEO Neal Keny-Guyer. "As with the Indian Ocean tsunami, we are truly grateful for Intel's timely contribution to our Pakistan earthquake relief efforts."

Intel President and CEO Paul Otellini said, "I know many of our employees have families and friends in the earthquake impacted areas, and our hearts and thoughts go out to them and everyone affected by this tragedy."

FAYSAL BANK - MANAGEMENT CHANGES

Faysal bank has shown significant growth in the last 5 years. Branch network has expanded as has business and profitability. Many new initiatives have been taken that have made Faysal Bank a significant player amongst the commercial banks within Pakistan.

As a mark of continued confidence in the management of Faysal Bank, the DMI Group has earlier extended the service contract of Mr. Farook Bengali, as President & CEO upto December 2008.

In addition, the enhanced standing of the bank and its phenomenal growth has necessitated the reorganization of the top management tier of the bank.

1. Effective October 1, 2005, Mr. Khalid Tirmizey, Country general Manager, Commercial banking is appointed as Deputy Chief Executive Officer.

2. Mr. Ajaz Rahim is promoted as General Manager Investment Banking effective October 1, 2005 (and effective January 1, 2006, he will be designated Head of Investment Banking).

3. Mr. Mohammad Khan Hoti shall continue as Country Head of Investment Banking upto December, 31, 2005 and effective January 1, 2006 will assume the position of Special Advisor to P & CEO Faysal Bank.

OMCS, REFINERIES CONTRIBUTE OVER RS 175M IN RELIEF EFFORTS

Oil marketing Companies (OMC) and refineries in Pakistan have expressed their grief for the thousands of lives lost in the recent earthquake- the worst natural disaster ever to hit the country and have expressed their sympathies and support to the families of the earthquake victims.

OMCs and refineries have made a contribution worth over Rs. 175 million to the president's Relief Fund, various NGOs, International Relief Organizations to name a few. OMCs are also providing assistance in the form of free jet fuel for air ambulances for mercy flights, food, clothing, tents, white cloth supplies and other forms of shelter.

ORACLE OPENS COMPETENCY CENTRE

Oracle announced the opening of the Oracle Carrier Grade Framework (CGF) Competency Center at the Oracle China Development Center (CDC) in Shenzhen, China. The CGF Competency Center, featuring a development team from Oracle and Intel, will drive the adoption of standards-based technology in communications networks worldwide, enabling communications service providers (CSPs) and network equipment manufactures (NEMs) to more effectively meet customer demands and speed time to market for innovative services.

Oracle's CGF initiative aims to replace proprietary siloed communications technology with a modular, standards-based data management offering that combines Oracle® Database 10g, Oracle Fusion Middleware and Oracle TimesTen In-Memory Database, and leverages AdvancedTCA (ATCA)-compliant Intel® servers. ATCA is an industry standard that provides a salable, reliable platform architecture for carrier-grade (99.999% availability) communications applications.

COTTON SALE: APTMA SLATES TCP'S TENDER

APTMA members are disturbed by the TCP's latest tender for the sale of 50,000 bales to foreign buyers only. The free trade policy of free import and export is not being questioned. It is present need of hour which requires re-consideration for disposal of cotton stocks as the current cotton crop is not only late but will be less than last year crop of 14 million against mills' demand of more than 18 million bales. Present cotton prices are ranging between Rs. 2,400 - Rs.2,500 due to short supply of cotton. International prices are ranging between US$: 0.54-55 per LB. Imported cotton will cost more than Rs. 2,600 against export of local cotton at US$ 0.44 cents, which will fetch TCP about Rs. 2,220, the APTMA said in a statement.

TCP is a government owned trading corporation and it is entitled to take its own financial decisions but, there is no justification for exporting country's silver fibre to Pakistani competitors at a gross loss to TCP and depriving the local textile mills from quality cotton and facilitating them to lift cotton within two months against locals to lift within one month or pay carrying charges. The local mills have to buy cotton at higher rates than export parity rates being received by T.C.P. Due to short supply of cotton some weaker mills have either to partially close their mills thus creating unemployment and loss of production or have to suffer loss incidentally as presently the yarn prices are depressed due to lack of demand.

The TCP's offering of raw material for export and depriving the local mills from very much needed cotton for manufacture of tents, clothes and other essential items for the earthquake victims is against President Musharraf's policy of Pakistan first, the statement added.

UNION BANK DONATES RS. 15 MILLION TO QUAKE VICTIMS

Union Bank Limited has donated Rs. 15 million to the President's Relief Fund for the victims of the quake-hit areas of the country. President and Group CEO, Union Bank, Mr. Shaukat Tarin called on Prime Minister Shaukat Aziz and handed him over the cheque.

Speaking on the occasion, Mr. Tarin said that Union Bank shared the grief and sorrow of the nation in the aftermath of the worst ever natural calamity that hit the northern parts of the country, mainly Azad Kashmir and NWFP, resulting in thousands of deaths while displacing an even greater number of people. He expressed hope that this modest contribution would add some value to the on-going relief efforts.

In the mean time, all Union Bank employees have also responded to the call by contributing their one day salary to the quake relief efforts.

UNION LEASING EMPLOYEES' DONATION

The employees of Union Leasing Limited, a Union Bank Group company, have announced to donate their one day salary to the "President's Relief Fund" for the victims of the quake hit areas of the country. This was announced by Mr. Shahzad Enver Murad, Chief Executive of the company, here today.

Mr. Murad said that this little contribution on part of the employees is a token of their solidarity with the fellow countrymen in distress and expressed hope that together, they would ride the wave of this difficult time with resolve and determination.

Union Bank, which is the parent company of Union Leasing Limited, has already donated Rs. 15 million for the quake ravaged parts of the country, while its employees contributed their one day's salary.

 
 

Pakistan & Gulf Economist © 2005    Privacy Policy   |   Terms of Uses