POSCO, TSML teams appreciate NBP efforts

KARACHI (PR): “At one stage the future of TSML was in doldrums but project was completed in time and commenced operation in January this year. This would have not been possible without the active support of National Bank of Pakistan. Now we are in the process of expanding our operations and one such project is use of local iron ore, for which testing has started today”, these were the opening remarks of Zaigham Adil Rizvi, Country Head and Director projects Tuwairqi Steel Mills Limited (TSML) when has visited NBP Head Office along with his Korean joint venture partners, POSCO.

Thanking NBP for the most efficient support Nam Sik, Senior Vice President of POSCO said, though, this is my first ever visit to Pakistan I am impressed by the extra care taken by our financial partners. This gives us the support that in all our future ventures NBP will not only extend its fullest support but also go an extra mile. With the success of TSML we, wish to go for backward integration, mining of iron ore which will make us competitive in the global markets.

Rizvi said that due to the support extended NBP Al-Tuwarqi Saudi Arabia and POSCO Steel of Korea are encouraged to bring more FDI. Tuwairiqi Steel Mills Limited (TSML), which was inaugurated in January 2013 has an installed capacity to produce 1.28 million tons steel annually but has been working above its name plate capacity, or 106pc capacity utilization.

Jubilee Life Ins declares 25pc interim cash dividend

KARACHI (PR): Jubilee Life Insurance Company Limited announced impressive financial results for the first half of 2013, declaring an interim cash dividend of 25pc (Rs 2.50 per share).

Company reported a pre-tax profit of Rs 587 million, up 67pc from Rs 351 million for the corresponding half of last year. With after-tax profit of Rs 397 million, the Earnings PerShare (EPS) increased to Rs 6.33 per share.

By registering 42pc increase in premium income over the same period of last year, Jubilee Life has further strengthened its position as the private sector market leader in terms of gross written premium.

 Javed Ahmed, MD & CEO Jubilee Life said that life insurance penetration continues to be very low in Pakistan.

, which presents a huge opportunity for Jubilee Life and other players. By aggressively growing our business we are also playing an important part in inculcating a savings culture within the country. He appreciated the role of the insurance regulator SECP for providing an enabling environment which remains conducive to business growth.

LCWU celebrates Int’l Literacy Day

LAHORE (PR): Vice Chancellor Lahore College for Women University (LCWU), Dr. Sabiha Mansoor has said that Literacy is ‘a bridge from misery to hope’. It is the ultimate key to open the door to progress, self learning which enhance human competencies and also help to achieve many other rights. In her message, on International Literacy Day, she termed the project of Primary Model School (PMS) by LCWU:  a gift for the nation. Dr. Mansoor said that this year’s International Literacy Day is dedicated to ‘literacies for the 21st century’ to highlight the need to realize ‘basic literacy skills for all’ as well as equip everyone with more advanced literacy skills as part of lifelong learning. It is the need of the hour to educate people awareness of literacy problems within their own communities. “LCWU offering a traditional blend of Arts and Sciences and addresses the needs and challenges of today’s world. To meet these novel challenges, new departments offering new programs have been established, thus widening the range of disciplines for young generation to choose from.” She added.

 VC further stated that Economic Survey of Pakistan describes overall literacy rate (age 10 years and above) is 57.7pc (69.5pc for male and 45.2pc for female) and we feel that it is not satisfactory. She quoted another report by UNESCO that in the world about 774 million adults lack the minimum literacy skills. One in five adults is still not literate and two-thirds of them are women