Business - 29

The Vancouver-based junior oil and gas explorer said Wednesday it had signed a memorandum of agreement with Pakistan’s national oil company to develop the Toot field in Punjab Province, near the capital city of Islamabad. The Toot area is one of the oldest oil producing regions in Pakistan with the first well drilled in 1964.

The number of cellular phone subscribers has reached 7.9 million by December 2004 with 5.14 per cent teledensity, surpassing current fixed line teledensity which is 3.13 per cent. They said there were only 0.2 million mobile phone subscribers across the country in 1999, but with the introduction of various measures in cellular sector by PTA, [...]

For Zen Allah Khan from Pakistan, winning two Lexus vehicles still remains a shock, despite his participation six to seven times a year. ‘I have participated in the DSF raffles since its inception in 1996, but somehow never really expected to win. It was quite a wonderful experience, and one of the best things that [...]

Diversified KUB Malaysia Bhd, through its joint venture company, Progas Pakistan Limited, Monday announced the inauguration of the first phase of its US$40 million Liquefied Petroleum Gas (LPG) project and the commencement of the construction of Progas’ fully integrated LPG Terminal in Port Qasim, Karachi. Progas is a fully integrated LPG company in Pakistan and [...]

Procter & Gamble Co. said Thursday that total shipments of its Karachi water-purification product to survivors of the Indian Ocean tsunami would eclipse the combined total provided in half a dozen worldwide disasters in the past 12 months. A packet, which contains iron sulfate and chlorine as its active ingredients, is dumped into 10 liters [...]

Rahman, 28, along with Alexander Asseily, 29, set out to take advantage of that fact by improving upon a vital cellphone accessory that doesn’t get much attention: the headset. The pair founded Aliph, a Brisbane, California-based audio and speech technology company, which just released its first product. Called Jawbone, the product is a high-tech headset [...]

A cabinet committee on Friday approved the designs of Rs20 and Rs5,000 denomination currency notes. The cabinet committee on design of currency notes met here with Prime Minister Shaukat Aziz in the chair. According to an official handout, the designs were presented to the committee by the chairman of the Printing Corporation of Pakistan. The [...]

The federal government has formally contacted the Balochistan government for acquiring 10,000 acres of land to set up a tax-free industrial zone in the port city of Gwadar. The transfer of land was likely in the next few weeks, said sources. Sources said the federal government had decided to set up a tax-free industrial zone [...]

The Network Microfinance Bank (NMB) was launched at a simple ceremony on Tuesday. The NMB is sponsored by the Network Leasing Corporation and Jahangir Siddiqui & Co and would be the first Microfinance institution to be listed at a stock exchange (the Karachi Stock Exchange). The bank would provide a full range of banking services [...]

TeleSpectrum Worldwide, once a top U.S. teleservices provider, has become the subsidiary of a Pakistani firm in a case of an offshore company buying a domestic call center outsourcer. The Resource Group, a teleservices conglomerate based in Lahore and Karachi, Pakistan, bought TeleSpectrum in October. Financial details were not disclosed. However, The Resource Group said [...]