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Month: September 2020

EFP, PRGMEA forms GSP Plus Committee

Business
Karachi, September 30, 2020 (PPI-OT): Employer’s Federation of Pakistan and Pakistan Readymade Garments Manufacturers and Exporters Association have formed the EFP-PRGMEA GSP Plus Committee to sensitize the government and others to wake up and immediately start the campaign to ensure that European Union continues to grant GSP Plus status to Pakistan for another ten years from 01 January 2024. This was unanimously agreed at a high level meeting held at EFP. In a press statement released by the EFP Media Cell, it was decided that the following would initially be members of the Committee and gradually others would be invited to make it strong, effective and forceful. The Convener would be Ijaz Khokhar, Chief Coordinator PRGMEA, while Co-Convener would be Masood Naqi Director EFP Economic Coun...

PFMA with Collaboration of Italian Government inaugurated the Italy-Pakistan Footwear Technological Centre

Business
Lahore, September 30, 2020 (PPI-OT): Pakistan Government and Italian Government through Pakistan Footwear Manufacturers Association have inaugurated the historic project IPFTC (Italy-Pakistan Footwear Technological Centre) at Lahore with the cooperation and support of Italian Ministry of Foreign Affairs, The Italian Ministry of Economic Development, The Italian Embassy in Islamabad, Italian Trade Commission, Assomac and PISIE. IPFTC is equipped with a CAD-CAM Pattern Grading / Cutting and a Mechanical Physical Tests Laboratory for footwear. All the machinery and technical assistance for this project has been provided by the Italian Government and from Pakistan side we have provided premises, paid costs of transportation and customs duty. The inaugural ceremony is graced by Honourable Chief...

Value King Realme C12 with massive 6000 mAh battery is now available at Rs 19,999 only

Business
Lahore, September 30, 2020 (PPI-OT): Realme has crawled up the ladder in the smartphone race within a short span. Since it arrived in the smartphone space back in 2018, the company has been turning heads with its budget smartphones. Realme C12 launched last month with a massive 6,000mAh battery and a big 6.5-inch display, the Realme C12 is among the most feature-rich smartphones in budget segment with 3GB RAM and 32GB internal storage is now being offered at reduced price of Rs 19,999. The Realme C12 is a budget Android smartphone for under 20K segment. Based on the Realme C11, it offers upgrades in key areas such as a massive battery, large display, and a triple camera system. Realme offers a 6.5-inch HD+ IPS LCD display with an aspect ratio of 20:9. The display has thin bezels and a wate...

Mr. S.M Naveed has been elected as President of Pakistan China Joint Chamber of Commerce and Industry

Business
Lahore, September 30, 2020 (PPI-OT): The renowned business leader Mr. S.M Naveed, Director DIN Textile Mills Ltd has been elected unopposed as President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI). Whereas Mr. Daud Ahmed and Mr. Khalid Raffique have been elected Senior Vice President and Vice President respectively. It was announced by the Election Commissioner at 6th Annual General Meeting of the PCJCCI held with the Outgoing President Mr. Zarak Khan and Senior Vice President Mr. Moazzam Ghurki in chair. According to the election results for the year 2020-2021, the Executive Committee Members include Mr. Wang Zihai of Wow Solutions (Pvt.) Ltd and Mr. Zaki Aijaz of Roshan Packages Ltd. Mr. S.M Naveed, in his address, acknowledged the massive positive developments undergo...

PACRA Maintains Entity Ratings of Thardeep Microfinance Foundation

Business
Lahore, September 30, 2020 (PPI-OT): Thardeep Microfinance Foundation (‘Thardeep’ or the ‘Foundation’) is a Microfinance Institution (MFI) governed by the Securities and Exchange Commission of Pakistan under Section 42 of the Companies Ordinance, 1984 (now Companies Act, 2017). The Foundation is licensed to operate under NBFC (Establishment and Regulations) Rules, 2003, Non-Banking Finance Companies and Notified Entities Regulations 2008. It has been in operations since 2016, with early footprints as Thardeep Rural Development Programme (TRDP). The key element is that MFIs are not permitted to mobilize deposits, while they are also not backed by any stakeholder equity due to their status of “Companies Limited by Guarantee”. These two elements, in combina...

PACRA Maintains Entity Ratings of Mehran Sugar Mills Limited

Business
Lahore, September 30, 2020 (PPI-OT): Pakistan’s sugar industry is the 2nd largest agro based industry after textile, comprising ~ 90 mills with annual crushing capacity estimated around 65 – 75 mln MT. It contributes about 0.6% to GDP and 2.9% of total value addition in agriculture. In previous years, the industry was under pressure owing to over supply combined with challenges in the support price mechanism. Additionally, a slowdown in international sugar prices made exports viable only through subsidy support. Government approved an export quota upto 1 MMT, however, no subsidy was announced. Consequently, zero exports were reported in August 2020 (August 2019: ~USD 5mln). During MY20, sugar production declined by ~9% YoY and clocked in at ~4.8MT (MY19: ~5.27MT), owing to reduction ...