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Last updated: Friday 23 Dec, 2005-12.30 P.M (PST)



In oC




Today 12 26 38 Sunny
Tomorrow 11 27 38 Sunny
Day after 11 28 38 Sunny
Today 1 20 87 Sunny
Tomorrow 2 20 87 Sunny
Day after 2 21 87 Sunny
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




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








Dec 05 - 11, 2005


Dr. Ishrat Hussain, Governor State Bank of Pakistan (SBP), has awarded licence to Dubai Islamic Bank (DIB) for the establishment of its operations in Pakistan.

Speaking on the occasion Dr. Ishrat Hussain, Governor SBP, said that the State Bank is encouraging the participation of reputable local and foreign investors in the field of Islamic Banking with a view to develop a competitive and viable Sharia'ah-compliant financial system in the country. He said that Islamic Banking is growing at a fast pace in the country; with present assets of Islamic Banks standing at around Rs. 60 billion which is 1.6% of the total banking industry assets. He further added that SBP is working on the formulation of a number of rules and regulations to provide a level playing field to Islamic Banking institutions in the country and is offering human resource training. He further expressed the hope the DIB Pakistan will also address the issue of shortage of trained human resource in this field.

Pervez Saeed, Advisor to SBP Governor on Islamic Banking, said that the progress of Islamic Banking in Pakistan has been commendable during the last two years.


MCB Bank Ltd. signed a contract with NCR to buy 40 ATMs to further strengthen its ATM network across the country.

Mohammad Aftab Manzoor, President and CEO of MCB and Syed Bader-ul-Islam, Managing Director, NCR Pakistan, signed a contract in a ceremony held at MCB Tower, Karachi. While addressing the meeting, Mohammad Aftab Manzoor, said: "With increasing customer demands, rapid technological changes and competition, we need to keep abreast of the latest trends impacting the banking industry."

The Bank has the largest network of ATMs all over Pakistan and also owns and runs the MINET SWITCH which is connected to 13 local and foreign banks and transacts for ATM and POS Services. The Bank has established online connectivity at more than 500 branches, enabling customers to transact freely.

The Bank is in full swing with its automation drive. With 15 branches converted into the new symbols core banking platform, plans are well underway to automate the remaining branches by the end of 2006.

The Bank launched internet banking as a new product under the title 'MCB Virtual Banking' as another value added service for its customers to enhance the banking experience of 24 x 7 x 365 from any corner of the globe by just logging onto the bank's website

The contract signing ceremony was attended by Stelion Fragkos, (Area Vice President NCR, East Mediterranean, Middle East and Africa), Haider Wahab (Head financial solutions Division-NCR, Pakistan), Rukhsana Hasan, (Accounts Manager-NCR, Pakistan), Saleem Rafik, (Chief Information Officer - MCB Bank Limited), Saulat Mujtaba, (CEO-MNET Services PVT Limited), Kafeel Burney, (Head of Public Affairs, MCB Bank Limited), etc.


Each year as the wedding season approaches fashion addicts across the Sub-continent have one question in mind: What will be the colors, cuts and styles of the season. Bridal Asia, the biggest fashion event of the region, may have the answer. This year TV One flew down their team to India, New Delhi, to cover this exclusive high fashion event that mixes haute couture fashion with vibrant traditions.

Not just for fashionists alone, the show promises something for everybody with a stunning eclectic collection of bridal wear, footwear, accessories, and jewelry all at one time. By bringing this show on satellite this year, TV One has taken the initiative to showcase bridal fashion and styling, giving all viewers a front row seat. A dizzying array of designs comprise the dazzling collections being shown by the designers at Bridal Asia, ranging from ultra chic simplicity to beautiful traditionalism. Mixing the sensuality of the East with the high class glamour of the West, this four-day fashion extravaganza features the top names of the fashion industry from India, Pakistan and Bangladesh such as Nilofer Shahid, Rockey S, Aneela Haque, Shantanu Goenka, Sonya Battla, Honey Waqar, Surily Goyal, Rina Dhaka, Hemant Trevedi for Sheetal, Bhairavi Jaikishan, Prriya Awasthy and Sabyasachi Mukherjee.

A combination of modernity and class, Bridal Asia is part high wedding fashion, part a lifestyle exhibition. This event is also highly notable for its initiative to bring together top designers from the three countries of the subcontinent. Bridal Asia gives these designers a rare and much needed opportunity to present their take on fashion form a unified and cultural view point to the world and to foster cross cultural pride and recognition.

With diversity fast diminishing among private TV channels, it is appreciated that TV One is jazzing up its programming with a significant and meaningful event instead of taking the usual route. We look forward to more such celebrations of cultural heritage and cross cultural exchange in the fashion and media world by TV One.


DHL, the world's leading express and logistics company, and the Italian Consulate-General in Karachi have signed an agreement to facilitate business and leisure travellers seeking Shengen visas. Shengen visas cover 15 countries of the European Union. These are: Austria, Belgium, Denmark, Finland, France, Germany, Iceland, Italy, Greece, Luxembourg, Netherlands, Norway, Portugal, Spain and Sweden.

DHL Pakistan's new service Passport Express provides comprehensive information on visa requirements required by Shengen countries, as provided by the Italian Consulate-General in Karachi. Shengen visa applicants can drop off their visa applications and passports at designated DHL Pakistan offices for express check, forward and return pick up. DHL's personalized customer service and tracking system can also provide updated information to all visa applicants.


Keeping in line with the demands of the modern fast paced business, Trakker launched its Fleet Management Services (FMS) at an informative seminar arranged at a local hotel. The seminar was attended by leading organizations from distribution, transportation and freight management, and oil marketing sector.

Speaking at the occasion Mr. Omar Hatmi, Chief Operating Officer Trakker, informed the audience the need for detailed reports and analysis to effectively and efficiently manage transportation fleets. Every organization wants to operate at optimum levels, with cost controls and effective utilization of the available resource. He said that by efficient use of different C-track products, coupled with Trakker Bureau Services, the organization not only benefits by keeping a complete check on their fleet movement, but can also reduce cost with the help of comprehensive and customized reports. The services are available to any organization having a fleet of at least five cars.

At the end Mr. Ali Jameel, CEO Trakker (Pvt) Ltd, distributed shields for Best Practices Awards to different organizations. The award is a gesture of goodwill to appreciate the best practices followed in the logistics and fleet management areas. Mr Jameel, speaking on the occasion, lauded the work of the winning companies and shared his hope that other companies from the industry will also soon join the professional fleet management to further enhance their operations.


Teradata, a division of NCR Corporation (NYSE: NCR), announced the acquisition of DecisionPoint Software (DPS), a global software company focused on providing an integrated data foundation for financial and performance management.

"Market need is driving this acquisition," said Bob Fair, chief marketing officer for Teradata. "Finance organizations are facing mounting pressure to provide faster, more flexible financial reporting, to actively manage performance and to meet compliance requirements. Our customers look to us to help them build an accurate, integrated data environment to meet their business performance needs - and to do so in a timely and cost effective manner. The DPS acquisition helps us do this."

Over the past two years, Teradata and DPS have partnered to optimize the sourcing process primarily from Oracle Financials. DPS tools capture and move continuously changing data from the financial source systems into a data warehouse, automatically reconfiguring the analytic environment as needed. "This acquisition extends our existing financial management solution by enhancing our ability to speed the implementation of financial warehouses, resulting in improved data quality and greater visibility into financial results at reduced cost," said Fair.

"The Teradata-DecisionPoint solution is enabling us to shave months off of the sourcing and integration of our financial and nonfinancial data in the Teradata warehouse," said

Jeremy Koslow, enterprise data warehouse program manager, Harvard Pilgrim Health Care, an award-winning health plan. "Understanding our cost drivers by different dimensions such as physicians, procedures, geographies, members and provider networks allows us to hone in on ways to more effectively provide differentiated services to our customers at a lower cost."

The combined Teradata-DPS solution integrates data from financial and nonfinancial sources in near real-time and gives users faster access to detailed information for more actionable analysis.

"Today's finance executive needs deeper insight into growth drivers and greater transparency to assure compliance. Key to success in these endeavors is better data governance," said John Van Decker, senior vice president and principal research analyst for the Robert Frances Group, business advisors to technology executives in Global 2000 enterprises. "Teradata and DecisionPoint Software's highly complementary capabilities in sourcing and managing data should give the CFO community improvements when integrating and consolidating results from ERP sources as well as promote the integrity of critical financial information."

Financial terms of the acquisition were not disclosed.


Government of Pakistan has nominated Mr. Sher Afgan Malik as member Board of Directors of The Karachi Stock Exchange (Guarantee) Limited. Mr. Malik is a Fellow member of The Institute of Cost & Management Accountants of Pakistan. He has worked as President of The Institute of Cost & Management Accountants of Pakistan and Managing Director, Pakistan International Airlines Corporation. Prior to that he worked at several senior positions in Saudi Arabia and United States. He was Chief Executive of Al-Tuwairqi Group Dammam, Saudi Arabia, Chief Executive of Rashed Abdulrahman Al-Rashed Group of Companies, Alkhobar, Saudi Arabia and Vice President of The Tumpane Company Inc. Vancouver, Washington, U.S.A. Presently he is working as Managing Director of International Spectrum Development Inc. and also serving The Institute of Cost & Management Accountants of Pakistan as member of The National Council several important Committees.


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