Day: January 10, 2023

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After employment, flour snatched from masses

Islamabad, January 10, 2023 (PPI-OT):The Pakistan Economy Watch (PEW) on Tuesday said those who claimed to serve masses have taken away the flour and jobs from the people. Those who say that the treasury is empty are wasting resources on foreign trips and luxury vehicles, it said. Instead of giving a subsidy of seventeen billion on electric motorcycles, the poor should be given a subsidy on flour, said Dr. Murtaza Mughal, President of PEW.

He said that the removal of former finance minister Miftah Ismail from office was a wrong decision and giving Ishaq Dollar the portfolio of the finance ministry turned out to be an even bigger blunder. Had Miftah Ismail was not removed, the IMF program would have been on track and the tranche would have been received in September last year.

Miftah took tough decisions to save the country and the economy would not have nosedived nor inflation would have broken all records if he was not removed, he added. He said that the policies of the former finance minister would have strengthened the rupee, reduced inflation, and millions of workers would not have been unemployed due to the closure of industries.

Dr. Murtaza Mughal said that the majority of the local business community, foreign investors and international organizations were happy with Miftah Ismail’s policies. Still, a campaign was launched against him for six months which ended in his removal. People were told that after the removal of Miftah, the dollar would drop to one hundred and sixty rupees, which is now available at almost Rs160, wreaking havoc with the masses and economy.

He said that the masses were also assured that the new finance minister will make fuel cheaper, there would be little inflation, and everything would be fine which turned out to be a deception. Presently, the current Finance Minister seems to be in the background and the Prime Minister himself has to give assurances to the IMF regarding the acceptance of all conditions.

The move of the PM shows that there are divisions in the government over important issues and that he has realized the gravity of the situation to some extent. Satisfying the IMF will be difficult as this important institution has repeatedly reneged on in the past twelve months, he observed. Dr. Mughal said that it is impossible to run the country without the IMF’s loans, but the top government officials continue to make statements against the lender, which is amazing.

For more information, contact:
President,
Pakistan Economy Watch (PEW)
402, 4th Floor, Gulistan Khan House, Fazal-e-Haq Road,
82-East, Blue Area, Islamabad
Tel: +92-51-2510375
Fax: +92-51-2802449
Cell: +92-321-5157671
Email: president@pakistaneconomywatch.com
Web: www.pakistaneconomywatch.com

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ICCI calls for strong measures to address massive hike in inflation

Islamabad, January 10, 2023 (PPI-OT):Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry has expressed great concerns over the massive hike in inflation in Pakistan that has made life miserable for the common man besides affecting the business activities. He called upon the government to take strong measures on an urgent basis to address the rising inflation in order to save the general public from further troubles and businesses from more losses. He said that the average rate of inflation in January 2022 was around 13 percent, which has crossed 30 percent in January 2023, which is a historic increase in inflation in one year.

Ahsan Bakhtawari said that as per data of Pakistan Bureau of Statistics, the price of onion has increased by over 500% in one year, chicken by over 82%, eggs by over 50%, salt powder by over 49%, dal moong by over 47%, broken rice by over 46%, flour by over 45% and rice Irri by over 43%, which showed that the common man has almost been crushed by the inflation. He said that in one year, the price of diesel has also surged by over 60% and petrol by over 48%, which contributed to inflation.

He said that the diesel is used in the agriculture and transport sector and any increase in its price leads to more inflation. He said that due rising inflation, the purchasing power of the people has shrunk significantly, due to which business activities are slowing down and the economy is getting weak. He said that the great devaluation of the rupee, hike in the prices of electricity, gas and petroleum products has pushed up the inflation while the people are now facing a flour crisis. He stressed that the government should conduct a detailed analysis of the causes of inflation and take urgent measures to address them.

Faad Waheed, Senior Vice President ICCI, said that due to climate change and last year’s floods, the risks of food security for Pakistan have increased due to which the country may face shortage of many food items in future. He said that despite being an agricultural country, Pakistan’s food import bill in 2022 reached US$ 9 billion, while the State Bank of Pakistan has also warned that food security risks are increasing for Pakistan due to the growing population and global warming. Therefore, he demanded that the government should formulate a comprehensive strategy in consultation with the stakeholders to ensure food security of the country.

Engineer Muhammad Azharul Islam Zafar, Vice President ICCI said that due to last year’s floods, Pakistan has suffered an estimated loss of over US$ 30 billion, while the donors’ conference in Geneva has pledged over US$ 10 billion for Pakistan. He emphasized that the donors aid should be used to rehabilitate the flood affected people besides reviving the agriculture and infrastructure in flood hit areas that would reduce food security risks by improving agricultural production and save the people from more inflation.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk

The post ICCI calls for strong measures to address massive hike in inflation appeared first on Business News Pakistan.

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Vivo V25 5G with Color Changing Glass Design Now Available for Sale in Pakistan

Lahore, January 10, 2023 (PPI-OT):Vivo, a leader in the global smartphone industry, has recently launched its latest V25 5G smartphone in Pakistan which is now available for sale – starting January 10, 2023. vivo V25 5G, built upon the success of its predecessor, offers its users the highly innovative Color Changing Fluorite AG Glass for a glamourous and spell-bounding design. Moreover, the smartphone offers superior camera capabilities with its 64MP OIS Bokeh Flare Portrait Camera and a 50MP AF HD Portrait Front Camera.

The Color Changing Glass technology enables V25 5G to change its colour when exposed to direct sunlight and return to its original form post removing it from the sunlight. This innovative design technology offers the ability to don a myriad of looks that are deemed to capture the attention of the crowd. However, Fluorite AG Glass is an advanced technology that enhances the overall look and aesthetics of the device by making use of molecular technology to create numerous evenly distributed micro-crystals on the surface that glitter like stars.

This lightweight yet stylish smartphone is the result of the two-step design in combination with a flat frame. Moreover, vivo V25 5G comes with a 64MP OIS Bokeh Flare Portrait camera that allows users to click crystal clear photographs. The rear camera also offers Hybrid Image Stabilization that through its OIS module offsets shaking by adjusting the location of the camera in real-time while also enabling a slower shutter speed.

The Bokeh Flare Portrait feature in the smartphone makes use of the dual camera system to process flare bokeh in the images – creating a sharp contrast and making the night look more enchanting. In addition to that, 50MP AF HD Portrait Front Camera makes the smartphone a portrait master due to its AI HD Portrait feature that enhances key details of the face. The front camera also offers Multi Style Portrait Video that supports a variety of filters when making videos.

The extremely lightweight V25 5G smartphone not only offers fantastic camera technology but also features the highly advanced 44W FlashCharge in addition to its 4500mAh battery. This substantial combination makes sure that the smartphone can function through daily usage without any problem.

Price and Availability

Available in two colour variants of Aquamarine Blue and Diamond Black, the all-new vivo V25 5G can now be purchased across Pakistan at the price of Rs. 109,999 only.

vivo offers a one-year warranty for V25 5G along with 15 days free replacement and 6 months warranty for accessories. vivo V25 5G is duly approved by Pakistan Telecommunications Authority and supports all mobile networks in Pakistan. Zong customers can also get 12GB Free Mobile Internet by using their 4G SIM card in Slot 1 (2GB Internet / month for 6 months).

For more details, visit the official product page: https://www.vivo.com/pk/products/v25-5g

For more information, contact:
Manager Digital Marketing and PR,
Vivo Mobile Pakistan
Tel: +92-321-4045601
Email: zohair@vivo.pk
Website: https://www.vivo.com/pk/

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PIA and Sabre Ink Renewal Agreements

Karachi, January 10, 2023 (PPI-OT):Sabre Corporation (NASDAQ: SABR), a leading software and technology provider that powers the global travel industry, recently announced the extension of two agreements with Pakistan International Airlines (PIA).

The national carrier of Pakistan has renewed its multi-year content distribution agreement with Sabre and the two companies have also agreed to continue their strategic joint venture partnership in the Pakistani market. The carrier and Sabre have had a successful GDS joint venture in Pakistan since 2004.

The extension of the content distribution agreement means that PIA will continue to have full access to Sabre’s extensive global seller network. PIA will also continue to work with Sabre in a joint venture which allows the airline to better market and sell its content using Sabre’s advanced technological solutions, including the intuitive ‘Sabre Red 360’ point of sale, to Travel Agents across Pakistan.

“We are delighted to have reaffirmed and strengthened our relationship with Sabre with these two renewals so that, together, we can move forward with our plans to not only grow PIA’s footprint and revenue, but also to facilitate growth in the wider Pakistan travel ecosystem,” said Air Vice Marshal Muhammad Amir Hayat, Chief Executive Officer, Pakistan International Airlines.

PIA services a vast network of locations across Pakistan and throughout Asia, Europe, and the Middle East, and has ambitious plans to expand its network further.

“We greatly value our partnership with PIA, and we’re pleased and proud to have cemented this important relationship with these multi-year renewals. As the travel industry recovery continues apace, it’s vital that the travel agency community in Pakistan can access Sabre’s advanced global suite of solutions and services,” said Brett Thorstad, Vice President, Sabre Travel Solutions, Agency Sales, and Asia Pacific. “We are excited about the growth trajectory of the Pakistan market and the future prospects for Sabre, PIA and this joint venture.

“Airlines are placing more emphasis than ever on how they create the right fares and offers,” said Rakesh Narayanan, Vice President, Regional General Manager, Asia Pacific, Travel Solutions, and Airline Sales. “But what is also essential is that airlines have the ability to get those offers in front of the right travel sellers and passengers at the right time.

The extension of our Global Distribution System (GDS) agreement with PIA means the airline will benefit from Sabre’s extensive and effective global distribution network, while Sabre’s network of travel sellers will continue to have access to a full range of PIA’s domestic and international content.”

For more information, contact:
General Manager
Public Affairs
Pakistan International Airlines (PIA)
PIA Head Office Airport
Karachi, Pakistan
Tel: +92-21-99043823
Fax: +92-21-34572225, +92-21-34570419
Cell: +92-322-7420707
Website: www.piac.com.pk

The post PIA and Sabre Ink Renewal Agreements appeared first on Business News Pakistan.

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4th Financial Crime Summit to be Held this Week

Karachi, January 10, 2023 (PPI-OT):The 4th Financial Crime Summit will be held this week on January 14, 2023 in Karachi, with the theme ‘Post-FATF Financial Crime Action Plan – Continuing the National Anti-Financial Crime Agenda’.

The Summit is being organized by Dellsons Conferences under the banner of Dellsons Associates, together with its Knowledge Partner, A. F. Ferguson and Co., a member firm of the PwC network.

The two organizations have been collaborating regularly to put together knowledge-sharing and capacity-building events for the banking and financial services community, pertaining to a wide range of key topical matters.

President Arif Alvi is expected to grace the event as the Chief Guest. Speakers and panelists at this high-profile summit include Presidents and CEOs and compliance chiefs of commercial banks and other entities, and senior representatives of regulatory bodies and law enforcement agencies, including SBP, SECP, FMU, FBR, FIA, NACTA, and PSX among others.

There will also be participation of some foreign financial crime experts from across consulting, fintech, and academic backgrounds.

Speaking on the relevance of the Summit, Ibrahim Amin, Chairman Dell sons, stated, “Pakistan has taken great strides in addressing the FATF action plan and coming out of the grey list, with the State Bank of Pakistan and numerous other government bodies playing a key role to achieve the target.”

“Real challenge now is to continue with the momentum, particularly in these times of economic and political vulnerabilities, and ensure Pakistan does not become a target of FATF increased monitoring list in the coming years.”

“Thus the 4th Financial Crime Summit will make a vital contribution in this regard by bringing together national and international stakeholders and experts, to share their insights, knowledge, and expertise.”

Some of the key topics that will be covered in the Summit include insights from relevant regulators and LEAs in Pakistan on the latest financial crime trends, FATF compliance journey, and post-FATF action plan.

Also included are the impacts of financial crime strategies on business models, results of the 2nd Financial Crime Survey conducted by A. F. Ferguson and Co., a member firm of PwC network, financial crime considerations for fintechs, understanding the dark web, and related financial crime implications?

For more information, contact:
Summit Bank
Summit Bank Plaza
Mumtaz Hasan Road,
Off I.I. Chundrigar road
Karachi-74000,
PABX: +9221 32468400-10
Contact: 0800-24365
Fax: (021) 32468494,
Email: info@summitbank.com.pk

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Minister for Communications announces to start housing project for NHA employees

Islamabad: Minister for Communications Maulana Asad Mahmood has announced to start a housing project for the employees of the National Highway Authority (NHA). Talking to media here in Islamabad on Tuesday, he said houses will be provided to employees, working in NHA headquarters, Islamabad.

He explained that ownership of these houses will remain with the NHA and the authority will be able to save a hefty amount being spent on provision of hiring facilities to its employees. The Minister said such initiatives will be replicated at provincial headquarters as well.

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PHC takes suo moto against hike in flour prices

Peshawar: Peshawar High Court on Tuesday summoned the federal and provincial food authorities to appear before the court on Jan 11 after it took suo motu notice over the increase in flour prices.

The Chief Justice of Peshawar High Court Qaiser Rashid Khan observed that the people are finding it hard to get the flour. “On the other hand, the government has failed completely to provide any relief to people.”

The court said the government is running after dollars but not giving anything to the people. The Chief Justice Peshawar High Court directed the federal and Khyber Pakhtunkhwa (KP) food secretaries, provincial director for food, and Peshawar Deputy Commissioner to appear before the court personally and apprised the court shortage and hike in flour prices in KP.