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Day: October 15, 2020

LM Industries Announces $15M Funding from SPARX Group to deliver Olli to customers and consumers

Press Release
Local Motors will empower communities to create opportunities for its citizens by providing innovative and locally relevant vehicles, such as Olli, and mobility solutions SAN FRANCISCO, Oct. 15, 2020 (GLOBE NEWSWIRE) — LM Industries, the parent company of Local Motors – the world’s first and only digital vehicle manufacturer – today announced a $15 million raise from Mirai Creation Fund II (managed by SPARX Group Co., Ltd, the Japanese asset management firm). This financing will help Local Motors deliver Olli to customers and consumers who are seeking ways to redefine local mobility. “When SPARX considers partnering with new businesses, we are committed to finding great companies, like Local Motors, with intentions and abilities to make the world a better place,” said Shuhei Abe, CEO...

Government on the forefront of economic recovery effort: PBIT

Business, English
Islamabad, October 15, 2020 (PPI-OT):Chairman Punjab Board of Investment and Trade (PBIT) Sardar Tanveer Ilyas Khan has said that government is seriously persuing economic revival through enabling policies. Prime Minister Imran Khan is triggering economic activity through different long-term and near-term initiatives while he has actively engaged the private sector for improved input of their problems, he said. Chairman PBIT Sardar Tanveer Ilyas Khan said that economy has started showing signs of improvement despite challenges while the private sector is now more hopeful about an early turnaround. Talking to Convener FPCCI Central Standing Committee on Insurance said Dr. Murtaza Mughal he said that coronavirus and other issues have severely damaged the economy which will not be offset by c...

Pakistan has great potential to increase trade with Ukraine: Ambassador-designate

Business, English
Islamabad, October 15, 2020 (PPI-OT):Maj. Gen. (Retd) Dr. Noel Israel Khokhar, Ambassador-designate of Pakistan to Ukraine visited the Islamabad Chamber of Commerce and Industry and was given warm welcome by Sardar Yasir Ilyas Khan President and other Office Bearers of the Chamber. During the discussion, Maj. Gen. (Retd) Dr. Noel Israel Khokhar informed that Pakistan has great potential to increase bilateral trade with Ukraine and urged that the business community should leverage this potential to promote country’s exports. He said that by developing close cooperation with Ukraine, Pakistan could get easy access to the huge Central Asian market. He said that Pakistan has good defence cooperation and trade in defence products with Ukraine, but there was a great need to promote Pakistan’s tr...

PACRA Maintains Entity Ratings of Hassan Ali Rice Export Company

Business, English
Lahore, October 15, 2020 (PPI-OT):Rice is among the five major crops of Pakistan and is the second main staple food, after wheat. Both basmati (long, thin and aromatic rice) and non-basmati (long grain white rice – IRRI 6 and IRRI 9) rice are cultivated in Punjab and Sindh, respectively. In Pakistan, ~85% of basmati rice is consumed locally and only 15% is exported. While, ~90% of non-basmati or IRRI rice is exported and only 10% is consumed locally. During FY20, rice production grew by ~3%, standing at ~7.4MT (FY19: ~7.2MT). Out of this, ~3 to 4MT of rice is exported to generate ~PKR 300bln of export revenue. During 2MFY21, rice exports deteriorated to ~PKR 41bln (2MFY20: ~ PKR 53bln) (2MFY21: ~ USD 248mln, 2MFY20: ~ USD 333mln) owing to higher prices at the mill-gate and shortage o...

PACRA Upgrades Entity Ratings of Awami Agro Commodities

Business, English
Lahore, October 15, 2020 (PPI-OT):Rice is among the five major crops of Pakistan and is the second main staple food, after wheat. Both basmati (long, thin and aromatic rice) and non-basmati (long grain white rice – IRRI 6 and IRRI 9) rice are cultivated in Punjab and Sindh, respectively. In Pakistan, ~85% of basmati rice is consumed locally and only ~15% is exported. While, ~90% of non-basmati or IRRI rice is exported and only ~10% is consumed locally. During FY20, rice production grew by ~3%, standing at ~7.4MT (FY19: ~7.2MT). Out of this, ~3 to 4MT of rice is exported to generate ~PKR 300bln of export revenue. During 2MFY21, rice exports deteriorated to ~PKR 41bln or USD 248mln (2MFY20: ~PKR 53bln or USD 333mln) owing to higher prices at the mill-gate and shortage of exportable non...

Huawei joins hands with HEC to start roadshows for its Huawei ICT Competition Pakistan 2020

Business, English
Islamabad, October 15, 2020 (PPI-OT):With digital technologies becoming the building blocks of the Pakistan’s intelligent society and increasingly important during the COVID-19 pandemic and post-pandemic recovery – Huawei is once again touching on an important driver of the digital transformation journey; nurturing ICT talent. The company runs the 4th edition of its flagship annual Middle East ICT Competition in Pakistan to support preparing the next generation of leaders for an intelligent world. This year’s competition is being held in partnership with the Higher Education Commission in Pakistan. Due to the restrictions placed by Covid-19, what were once traditional roadshows have been substituted by virtual roadshows, as well as awareness sessions – the first of which was co...