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

Dec 12 - 18, 2005

PROF KHAWAJA SAEED BESTOWED DISTINGUISHED PROFESSOR TITLE

Prof. Dr. Khawaja Amjad Saeed has been bestowed the lifetime tile of "Distinguished National Professor - Finance" by the Higher Education Commission, Ministry of Education, Government of Pakistan, Islamabad.

Prof. Saeed is a renowned scholar having five decades experience of corporate world, teaching, administration, research, consulting and service to Pakistan and abroad. He also has the honor of being associated with University of Hawaii - USA, UNESCAP, ILO, UNITC, TWARO - Japan, APO, The World Bank, Asian Development Bank, Durham University, Colombo Plan, etc. He is the first Chartered Accountant who branched into fulltime teaching in Pakistan. He optimally combines academic and professional qualification which is a rare blend in Pakistan.

He has authored over 30 books in the areas of Management, Accounting, Auditing, Mercantile Law, Industrial & Corporate Laws, Corporate Financial Reporting, Marketing, Production Operations Management, Income Tax, Economy of Pakistan, Financial Institutions in Pakistan, Pakistan - Economic & Social Statistics, Information Technology for Business Executives and related fields. More than 500 articles of Dr. Saeed have been got published in journals of international repute at home and abroad.

He has also served as President of the Institute of Cost and Management Accountants of Pakistan (ICMAP), South Asian Federation of Accountants (SAFA) and Association of Management Development Institutes of South Asia (AMDISA). Keeping in view his excellent contribution to Accounting on world-wide basis, the International Federation of Accountants (USA) has also honored him twice with appreciation scroll - a rare event of the world. His Adjunct / Emeritus Professor Association include Swinburne University of Technology, Australia, Indian Institute of Management, New Delhi and Birla Institute of Management & Technology, Noida - India.

He also has the honor of working in over 100 countries covering all the five continents of the world. Currently he is developing his autobiography entitled "Joy of Work". This will be shortly available in the market and certainly inspire the younger generation.

DHL REAFFIRMS COMMITMENT TO PAKISTAN

DHL, the world's leading express and logistics company, has reaffirmed its commitment to Pakistan with plans to upgrade its business activity and investments.

The company has already announced it will invest up to US $8 million in Pakistan in the next three years, including the construction of a new state-of-the-art airport Airside Facility in Karachi, and upgrading its service centers.

Speaking to a group of business journalists, Scott Price, Chief Executive Officer of DHL Express - Asia Pacific, said, "DHL sees bright prospects in the region and particularly in Pakistan becoming a major hub for industrial growth. There has been significant business growth in the region and Pakistan's investment-friendly policies have started to attract international attention."

"Pakistan is a key market for DHL and a significant contributor in the growth of the company's business in Asia Pacific. Our business in Pakistan has consistently performed well for the past several years and it is our intention to continue building on this growth well into the future," he noted.

"In recent months, there have been clear indications of strong macro-economic fundamentals in Pakistan. At the same time, the region is seeing very buoyant levels of intra-Asian and international trade. All of these factors, combined with political certainty, provide very favorable conditions in which we can maintain the double-digit growth of our Pakistan operations," said Mr. Price.

Also speaking at the press conference, Mr. Salim Awan, Managing Director of DHL Pakistan, stated, "DHL's inbound and outbound shipment volumes for Pakistan have increased markedly and this has made it necessary for us to increase the frequency of our dedicated flights into and out of Karachi and Lahore, DHL's Gateways in Pakistan, and to the rest of the world."

He added: "We are an integral part of the supply chain process and this is demonstrated by the strong headway we have made in the area of logistics in Pakistan as well as throughout the region. We have secured significant logistics contracts in Pakistan from leading multinational and local companies."

Mr. Price also expressed deep sorrow at the considerable loss of lives and infrastructural damage left by the massive earthquake that struck Pakistan in October this year. He stated that in response to the earthquake, DHL, along with its employees in Pakistan, immediately participated in relief efforts. DHL employees in Pakistan and around the world leveraged their expertise in the management of complex logistics and transportation processes to help deliver aid and relief supplies to the earthquake survivors.

"Consistent with our sense of responsibility to the communities in which we operate, DHL lost no time in offering its expertise to the Pakistan government, Pakistan Air Force, and the Pakistan Army through the Airport Emergency Team (AET) deployed at the Chaklala Air Base in Islamabad, of which we are an active member," said Mr. Price. "The team handled aid supplies from over 230 international relief flights, managing over 9,000 tonnes of relief aid in the process," he added.

SCOTT PRICE, CEO DHL EXPRESS ASIA PACIFIC

SCOTT PRICE IS THE CHIEF EXECUTIVE OFFICER FOR DHL EXPRESS ASIA PACIFIC AND CHAIRS THE DHL ASIA PACIFIC MANAGEMENT BOARD.

Prior to his appointment in December 2004, Mr Price was President of DHL Express Japan and a member of the DHL Asia Pacific Management Board. At DHL Express Japan, he managed the full enterprise and infrastructure incorporating more than 50 facilities across Japan, 1,200 employees and 44, 000 customers. Since joining the company in 2002, Mr Price steered the business in a highly competitive environment and within two short years, substantially increased DHL's market share from No.3 to the current No. 1 position.

Mr Price joined DHL from The Coca-Cola Company where he had worked for more than a decade, and where he had amassed a wealth of knowledge on the Asian business environment and culture, working in countries such as Japan, Malaysia, Hong Kong and Macau. During his tenure with Coca Cola, Mr Price moved up the ranks in various senior management positions and demonstrated strong leadership qualities and expertise in consumer and trade marketing, quality assurance, finance and human resource. In his last position with Coca Cola, he took on the role of Director and Country Manager for Hong Kong.

An American national, Mr Price is married with two children. He obtained a Bachelor of Arts in Business Administration from the University of North Carolina. He has since completed his MBA and also has a Master of Arts in Asian studies, both from the University of Virginia. Mr Price is proficient in Japanese.

MS. ZARINE AZIZ LAUDS GOVT'S ROLE

Ms. Zarine Aziz, President, First Women Bank Ltd, representing Pakistan as keynote speaker at the international conference organised by International Finance Corp. and South Asia Enterprise Development Facility (SEDF), titled "Bridging the Gap between Micro-Finance and SME Finance, in Dhaka, Bangladesh", said: "Strategic Planning is vitally important to any company, no matter the size, the industry or the gender", however, making the leap from theory, to the operational reality of implementing, and managing it in real time, is a challenge many fail to implement, fewer still realise the benefits.

The importance of holistic policy formation and an enabling environment cannot be emphasised enough because their lack is the single biggest challenge confronting women entrepreneurs, microbusinesses as well SMEs, she highlighted.

She lauded the role of Pakistan government in creating enabling environment for women entrepreneurs at micro and SME levels; and exempting SMEs from following six international accounting and seven financial standards. She said, FWBL's intervention succeeded because the government recognised the role of micro businesses, SMEs and specifically women in the economic growth.

Highlighting the model of First Women Bank Ltd, she said the issue of women entrepreneurship is such that it subsumes the distinctions between microfinance and SME lending. "We have always looked on microfnance borrowers as potential SME and corporate clients. Women need finance to translate ambitions into reality. And by supporting them, we enable them to transcend their status as passive beneficiaries to dynamic agents of change".

She reiterated FWBL is the world's only bank for women, which is a commercial bank and a DFI that ventured into support services required to navigate the obstacles in the development of women owned businesses.

The Conference was attended by renowned international experts, bankers and speakers including Laurence Carter, Director, IFC Washington, Small and Medium Enterprise, Jacques Attali, President PlaNet Finance, President of Supervisory Board MicroCred, Founder and First President of European Bank for Reconstruction and Development (EBRD), Prof. M. Yunus, Founder and Managing Director, Grameen Bank Bangladesh, Robert A. Annibale, Global Director, Citigroup Microfinance Group, Citigroup, London, Ary Naim, CGFIB Global Financial Markets, IFC Washington, Dr. Salehuddin Ahmed, Governor Bangladesh Bank, Gilles Galludec, Programme Manager, Financial Markets, SEDF.

Other participants that shared their views on this occasion included Ehsanul Haque, Managing Director, BRAC Bank, Maria Flordelis F. Aguenza, President and COO Planters Development Bank, The Philippines, Stephen F. Rasmussen, Lead Specialist, World Bank Pakistan.

RASHEED JUNG NEW MD PARCO

Mr. Mohammad Rasheed Jung, presently PARCO's Deputy Managing Director (Operations), has taken over as Managing Director, PARCO. He has succeeded Dr. Shahid K Hak, who remained MD / CEO of Pak-Arab Refinery Limited (PARCO) for 18 years. Dr. Hak retired on December 7, 2005 upon attaining superannuation age. Mr. Jung has over 30 years experience of oil industry in Pakistan and abroad.

Over the recent years PARCO has made gigantic strides. Having completed projects worth US$ 1.5 billion, PARCO has emerged as the most successful joint venture between two brotherly countries of Pakistan and Abu Dhabi. Its operating base which in 1987, was 864-km Karachi-Mahmood Kot (KMK) pipeline only has now been expanded to over 2000 kms with the addition of 360-km Mahmood Kot-Faisalabad-Machhike (MFM) pipeline and 817-km Port Qasim-Mahmood Kot White Oil Pipeline (WOP).

PARCO established the country's largest 100,000 BPD state-of-the-art Mid-Country Refinery at Mahmood Kot near Multan. MCR represents more than 40% of the country's refining capacity and substitutes imports to the tune of US$100 million per year. PARCO also entered into joint ventures and technical alliances with several multinationals including Total of France, OMV of Austria and SHV of Holland to market petroleum products, lubricants and LPG, respectively. TOTAL-PARCO has already established more than 100 retail outlets throughout the country and has taken over 7% of the market in the initial three years. The OMV lubricants and LPG are marketed under the brand name of "Pearl" which is by SHV rapidly gaining its market share which happens to be around 15% earnestly. PARCO also pioneered the introduction of Unleaded 90 Octane Motor Gasoline to contribute towards a healthier environment.

PARCO's achievements in financial terms can be judged by the fact that its asset base increased from Rs.2 billion to Rs.100 billion. The company recorded highest ever profit of Rs.13 billion and declared highest ever dividend of Rs.6 billion in the year 2004-05, besides maintaining its AAA rating for the eighth consecutive year.

With its vision of "Energy through Synergy" and its experience of completing mega projects on time and within budget, PARCO augurs more for attracting further investments in the refining, transportation, storage infrastructure and production of value-added environment friendly fuels by continuing to involve itself in mega-investment projects to the tune of US$ 2.0 billion.

PARCO, over the years, has not only created job opportunities but has evolved a dynamic and supportive environment that enables professional excellence. Its management team is committed to tread on the path of progress and prosperity. The change at the top will not detour the company from its pre-defined mission.

PSHRM HOLDS MOOT ON DEVELOPING HUMAN RESOURCES

Pakistan Society for Human Resource Management (PSHRM) oranised a two-day conference highlighting the significance of introducing a professional approach towards developing Human Resources for maintaining economic targets and assuring sustainability.

Some 350 delegates, including CEO's, seasoned full-time HR professionals and executive directors attended the conference at Karachi Sheraton. The participants from across Pakistan as well as from India, Kenya, Bangladesh and UAE shared their experiences, knowledge and ideas through workshops and panel discussions.

The opening session began with a lively and highly skilled presentation by Human Resource specialist, Dr Wayne Brockbank, Professor of Business, Stephen M. Ross, School of Business, University of Michigan, USA.

The main sponsors of the conference were Mobilink, supported by PBA. The co-sponsors were Habib Bank, Dubai Islamic Bank, Standard Chartered Bank and PSO.

ICMAP'S PROFESSIONAL CONTRIBUTION

It has been the Institute of Cost and Management Accountants of Pakistan's (ICMAP's) constant effort to strengthen professional education and continuous training to ICMAP students. While restructuring the syllabus-2005, the National Council has laid emphasis on the requirements of all Management Accountancy profession's stakeholders. Syllabus-2005 understandably will ensure wider international recognition, acceptance and application of ICMAP's professional education and specialized training process. ICMAP syllabus-2005 will equip the students with upgraded skills and competencies demanded by users of their services. The syllabus-2005 specifically takes care of benchmarks and prescriptions embodied in the International Federation of Accountant's (IFAC's) International Education Standards and International Financial Reporting Standards (IRFS), this was highlighted by the President of the Institute of Cost and Management Accountants of Pakistan (ICMAP), Muhammad Rafi, at a press briefing.

Work experience has being made an integral part of the professional education process. A computer based distant learning programme has received assent of the council.

Muhammad Rafi further believed that there was a need to establish a platform for a formal and close interaction of the Institute (ICMAP) with the Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP). "Accordingly, we have approached SECP & SBP to form a Co-ordination Committee of SECP & SBP with ICMAP to review the issues relating to the accounting profession, especially with reference to the Companies Ordinance, Financial Reporting System, Code of Corporate Governance and other relevant issues." The Coordination Committee is expected to meet on quarterly basis with the SBP to decide relevant professional issues relating to the financial sector. The Institute is in the process of preparing agenda for holding the meeting with SBP. The coordination meeting with SECP is also expected to take place in December 2005.

Muhammad Rafi, in his concluding remarks, anticipated that Continuing Professional Development (CPD) is a program of lifelong learning and continuing development of professional competence. ICMAP Council emphasizes the profession's commitment to serving the nationwide public interest and presents CPD as a key means of meeting this commitment.

The standard prescribes mandatory CPD for all members of the Management Accountancy profession, including those working in public practice, in commercial, governmental, academic and not-for-profit entities as well as those who may no longer work in traditional accounting roles. It also calls on ICMAP centers/ branches to facilitate access to CPD opportunities to members and resources to assist professional accountants in meeting their responsibility for lifelong learning.

EBM HONOURED AT S. ASIAN MANAGEMENT FORUM

Pakistan's leading biscuits maker, English Biscuit Manufacturers (Pvt.) Ltd, has been awarded the Exemplary Contribution Awards in the field of Corporate Social Responsibility at the South Asian Management Forum held at a leading hotel in Karachi. Ms. Sadhana Shrestha, Country Head, ASHOKA, from Nepal presented the award to the Managing Director of English Biscuits Manufacturers (Pvt) Ltd, Mr. Khawar M. Butt.

Prominent speakers who presented their papers at the forum were Senator Nisar A. Memon, Mr. Andrew Steele, British Council, Nepal, Ms. Sadhana Shrestha, Country Head, ASHOKA, Nepal, Dr. Anjum Siddiqui, Faculty of Business & IT, University of Ontario, Canada and other well-known speakers from Pakistan and South Asia.

Speaking on the occasion, Mr. Khawar M. Butt, Managing Director English Biscuits Manufacturers (Pvt.) Ltd said that EBM is one of those corporate organizations in Pakistan which are very reasonably contributing their share of social responsibility by participating in almost all the activities making image of a better Pakistan. "EBM is fully conscious of their role regarding environmental treatments which our corporate sector must play to make our country not only economically viable but also environmentally a healthy nation," he added.

The forum was organized by Nutshell Forum and was attended by Chief Executive Officers, Senior Managers, Business Strategists, Human Resource Professionals, Financial Analysts, Investors, Bankers, IT Professionals and Chartered Accountants from various national and multinational companies operating in Pakistan.

English Biscuit Manufacturers (Pvt.) Ltd., or EBM, is the country's leading manufacturers of biscuits and cookies, with an annual production of around 26,000 metric tons. The Company is the only one in the industry to have both the ISO 9001 and HACCP certifications. It contributes over Rs 450 million annually to the national exchequer in taxes and duties and provides direct employment to over 1300 people at its production facilities in Karachi and Hattar. A solid company with quality products, EBM is well known for its Peak Freans master brand and its Pied Piper - the legend logo. A socially conscious company, EBM consistently supports various humanitarian causes in the areas of education and healthcare, besides helping the less privileged.

DRESSER PIGNONE ARRIVES IN PAKISTAN

Dresser, Inc. has announced that it completed the purchase of the Distribution Business of Nuovo Pignone, S.P.A., a subsidiary of General Electric Company. The business purchased consists of retail fuelling systems including manufacturing and service of retail and commercial dispenser systems, fuel metering systems, reciprocating compressor for CNG applications and relevant equipment.

The business purchased will become part of Dresser Wayne, a business unit of Dresser Inc., that is a technology leader in the manufacturing, supply and service of retail fuel dispensers, dispenser control systems, credit/debit card processing terminals, and point-of -sale systems. Wayne's innovative products are used in over 75 countries.

Headquartered in Dallas, Texas, Dresser, Inc. is a worldwide leader in the design, manufacture and marketing of highly engineered equipment and services sold primarily to customers in the flow control, measurement systems, and compression and power system segments of the energy industry. Dresser has a widely distributed global presence, with over 8,700 employees and a sales presence in over 100 countries worldwide.

Following the purchase of Nuovo Pignone by Dresser, Inc. from General Electric, it is represented in Pakistan by Marketing International Services Limited (MISL), Dresser's sole agent in the country for over 45 years. A subsidiary of the reputed industrial concern Mohammed Ebrahim & Company (MECO) of Pie radio and MECO- Sharp television fame, MISL has been at the forefront of supplying equipment and solutions to Pakistan's oil and gas sector.

MISL was initially established as the tender department of MECO in 1946. In 1954, when gas was discovered in Pakistan, the Sui Gas Company came into being and in the late fifties, MISL signed and agreement with Dresser to represent it in Pakistan which it continues to do till this day. In 1982, MISL expanded to assume an independent identity of its own and was incorporated as a private limited company. In June this year, Wayne Pignone was added to the list of Dresser brands that MISL was already representing other than its CRANE and Ebara divisions.

 
 

Pakistan & Gulf Economist 2005    Privacy Policy   |   Terms of Uses