Category: Business

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MoU Signing Ceremony held between PARC and M/s Fazal Sons, Gujranwala for Commercialization ofIspaghol Processing Machinery at PARC HQs, Islamabad

Islamabad, March 16, 2018 (PPI-OT): A signing Ceremony of Memorandum of Understanding held at PARC HQs, Islamabad on 16-03-2018 between Pakistan Agricultural Research Council (PARC), Islamabad and M/s Fazal Sons, Gujranwala for Commercialization of Ispaghol Processing Machinery. A delegation from M/s Fazal Sons, Gujranwala headed by Mr. Muhammad Imtiaz, Miller visited PARC HQs, Islamabad on 16th March, 2018 for the purpose.

Ispaghol Processing Machinery designed and developed by Agricultural Engineering Institute (AEI), NARC/ PARC includes seed cleaner, de-bearder, de-husker, winnower and air classifier. All machines are mounted in a line and the whole process of Ispaghol de-husking is completed step by step. Thetraditional Ispaghol de-husking process is very dusty and low capacity. This is an improved technology for Ispaghol processing first ever available in the Country.

The Indigenous Ispaghol Machinery can process 2-3 tones Ispaghol seed per day (single shift of 10 hours) and the recovery of Ispaghol husk is about 20%. Earlier, PARC also organized a national seminar in the mid of January, 2018 on indigenous Ispaghol processing machinery at Hasilpure, Bahawalpur.

Demonstration of Ispaghol machinery also conducted at the occasion. Farmers, Processors,Multinational Companies, Chamber of Commerce, Line Departments and Parliamentarians attended theseminar and machinery demonstration. Mr. Sikandar Hayat Khan Bosan, Honourable Federal Minister forMinistry of National Food Security and Research, Islamabad and Mr. Riaz Hussain Pirzada, FederalMinister for Inter-Provincial Coordination also participated as Chief Guest on the occasion of IspagholMachinery demonstration seminar which was organized at Bahawalpur in January, 2018.

As per terms and conditions of the MoU, PARC and M/s Fazal Sons, Gujranwala having a commonobjective of promoting Ispaghol (psyllium) processing machinery in Hasilpure and Ispaghol growing areas of Southern Punjab and Sindh Provinces for indigenous production of Ispaghol husk. In order to manufacture and commercialize this technology in Ispaghol growing areas of the country, both parties are joining hands for this common national objective through this MoU.

According to the MoU, PARC will provide the production drawing of Ispaghol Processing Machinery as well as the prototype units of different machines to M/s Fazal Sons, Gujranwala for local manufacturing.PARC will provide technical assistance to M/s Fazal Sons in manufacturing of this Ispaghol ProcessingMachinery.Mr. Muhammad Imtiaz, Miller, M/s Fazal Sons, Gujranwala appreciated PARC efforts inagriculture sector and also thanked Dr. Yusuf Zafar, T.I, Chairman PARC who has kindly consented to get an MoU signed between M/s Fazal Sons, Gujranwala and Pakistan Agricultural Research Council (PARC).

For more information, contact:
Pakistan Agricultural Research Council (PARC)
G-5, Islamabad – Pakistan
Phone: +92-51-90733053, 90733058, 9255033
Fax: +92-51-9202968
Website: http://www.parc.gov.pk

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African Takaful Forum supported by NAICOM held successfully in Abuja Nigeria

Dubai, March 15, 2018 (PPI-OT): AlHuda Centre of Islamic Banking and Economics successfully organized African Takaful Forum at NIRSAL Abuja – Nigeria on 06 – 07 March, 2018.This mega forum was supported by National Insurance Commission (NAICOM) Nigeria. Delegates from 17 countries took part in the forum in order to gain the knowledge and operational processes linked with Takaful. The three core objectives of this forum, which are knowledge for manpower, analysis of problems faced by Takaful operators in order to deepen financial inclusion and the provision of opportunities to collaborate with captains of the industry to build a solid platform for sharing experiences is apt and adequate to midwife our efforts as regulators of the insurance sector.

The development and growth of Takaful is without doubt hinged on the above key issues. Takaful Awards were also given to the competent takaful and insurance companies at the end of the event. Mohammed Kari, Nigeria’s Commissioner for Insurance and Chief Executive Officer of the national insurance commission (NAICOM) appreciated the efforts of AlHuda CIBE and commended the CEO Muhammad Zubair Mughal and his team for achieving the feat within a very short and trying period. He congratulated the entire team of AlHuda CIBE for the drive and the commitment to promote Takaful around the globe.

In his inaugural speech, he said that a cursory overview on the access to financial services in Nigeria indicates that there is a huge deficit in terms of financial inclusion. Statistical analysis indicates that Nigeria requires aggressive and strategic developmental efforts towards reaping the benefits of her abundant potentials. He added that NAICOM incepted a process for the establishment of a framework for the smooth development and take off of Takaful operations.

Thus, to achieve the objectives of the conceptualization of Takaful as a viable financial inclusion platform the Commission as part of its Regulatory initiatives developed Operational Guidelines for the regulation of Takaful businesses in 2013. He further said that he is optimistic that Takaful will in no distant time aid the penetration of insurance in Nigeria and subsequently lead to a substantial leap in the contribution of insurance to the nation’s Gross Domestic Product (GDP).

Mr. Muhammad Zubair Mughal, CEO, AlHuda CIBE thanked the chief guest, guests of honour, delegates and speakers for their time to attend this important event. He said that Nigeria being the largest economy, Takaful is emerging as an important tool for financial inclusion. It is the need of the hour to spread the knowledge of Takaful and its operations within the country and across the African region and beyond so that the people would learn it so well in order to adopt it instantly for the betterment of the community.

The prospects and sustainability of the industry heavily depends on the ability of operators to develop the right products that suit the needs of the identified market, create adequate awareness to realize delivery of services and meeting expectations of the target customers. Takaful as an emerging industry is spreading across western, central Africa and all the countries are replicating the experience of Nigeria. Around 400 Takaful companies are operating across the globe and they are having 2% share in the global Islamic financial industry.

Around 500 insurance companies are actively working in African region and takaful market is an emerging market all over the African region. We thank all the delegates who come from 17 countries and speakers line coming all the way from 10 different countries to share their knowledge and experience of Takaful industry. We hope that the forum helped spreading the voice that was much importantly need of the hour.

For more information, contact:
Manager Communication
AlHuda Centre of Islamic Banking and Economics
1st Floor, 160-B, Ahmed Block, New Garden Town,
Lahore – Pakistan
Tel: +92-42-35913096-8, +92-42-38407850
Fax: +92-42-5913056
Cell: +92-332-4546946
Email: shaguftta.perveen@alhudacibe.com
Website: www.alhudacibe.com

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Fauji Fertilizer Company Limited and Hub Power Company Limited sign agreement to set up 330 MW coal power plant in Thar

Islamabad, March 15, 2018 (PPI-OT): Pakistan’s largest fertilizer producer, Fauji Fertilizer Company Limited (FFC) and Pakistan’s largest IPP the Hub Power Company Limited (HUBCO) have entered into a strategic alliance to set up a 330 MW Coal based Power Plant in Thar. The Shareholders Agreement (SHA) was signed amongst HUBCO, FFC and China Machinery Engineering Corporation (CMEC), a state owned enterprise from China in an event held in Islamabad.

The power plant, being a CPEC Project, will be built under a special purpose company, Thar Energy Limited (TEL), and will be based on indigenous coal to be mined from the coal fields of Thar Block-II in which HUBCO has an 8% equity stake.

Commenting on the Shareholding pattern of Thar Energy Limited, Lt Gen Shafqaat Ahmed, HI (M) (Retd), CE and MD FFC informed that FFC will hold 30% shareholding whereas China Machinery Engineering Corporation will hold 10% and remaining 60% will be held by HUBCO. He assured that this project will help address the power shortfall in the country utilizing local coal, which is also a major goal of the current Government besides adding value to the Company’s long term investments in the best interest of its shareholders.

Mr. Khalid Mansoor, CEO HUBCO said Thar Mine would be a game changer for Pakistan as it would indigenize the energy source for the Country. The Project being setup by TEL would be amongst the first of the series of Power Plants based on Thar Coal and would bring about substantial savings in foreign exchange of the Country.

CE and MD FFC and CEO HUBCO added they believe that this strategic partnership will open up new avenues of business growth, whereas the excellent financial position, credibility and best business practices of the two corporates will provide synergy and confidence for all the stakeholders. Mr. Saleemullah Memon, CEO Thar Energy Limited on the occasion said that with strong and professional sponsors backing the Project would be completed within the allocated cost and time.

FFC and HUBCO both are well reputed and internationally recognized corporate entities with extremely high business and financial credibility. Financial close of the Project is expected in June 2018, whereas the ground work on the site has already commenced and the project is expected to begin commercial production by Dec 2020.

For more information, contact:
Fauji Fertilizer Company Limited
Marketing Group
Lahore Trade Centre
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore, Pakistan
PABX: (+92-42) 36369137-40, 36308429-30, 36315021, 36369278-79, 36313994
Fax: (+92-42) 36366324

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President International Cotton Association advise Pakistani Cotton Importers to trade cotton under ICA Bylaws and Rules

Karachi, March 15, 2018 (PPI-OT): Mirza Salman Ispahani, President – International Cotton Association (ICA) and Mr. Bill Kingdon, Managing Director recently visited the Principal Office Karachi of APTMA. Mr. Salman Ispahani is also a textile mills owner from Bangladesh. It is the first time that any spinner or buyer has been elected as the President of ICA from the Indian sub-continent, especially from Bangladesh.

Mr. Zahid Mazhar, Sr. Vice Chairman APTMA welcomed the dignitaries of at APTMA Office, Karachi. He said that the personal visit of high profile dignitaries of ICA is a good opportunity for the members to understand rules and regulations of ICA as well as a forum to raise issue with regards to impediments being faced in the import of cotton and take measures towards improving the Rules and relationships between APTMA and the ICA.

Mirza Salman Ispahani, President – International Cotton Association (ICA) said that today the majority of the world’s cotton is traded under ICA Bylaws and Rules to create a safe trading environment and protect the legitimate interests of all those who trade cotton, whether buyer or seller. Mr. Salman Ispahani advised the Pakistani Cotton Importers to trade cotton under ICA Bylaws and Rules, as 90% of the world’s cotton is traded under these rules.

He said that the ICA rules protects both buyers and sellers interests, ICA has an internationally recognised arbitration system which has developed over 100 years and ICA awards can be enforced through courts in a majority of the countries. The service is impartial and internationally recognized. He further said that the ICA has two primary functions (the ICA Bylaws and Rules and an arbitration service) and it provides support facilities that include training, trade events, networking forums and cotton testing and research.

Mr. Zahid Mazhar said that Pakistan is a single crop economy. Exports of cotton and cotton made products earn about 62 percent of total annual export earnings. As such, promotion of cotton means promotion of exports while failure of cotton crop results in heavy losses to the Pakistan economy.

He further said that though cotton crop of Pakistan has failed for the third consecutive year, but if the Government adopts serious measures, in next couple of years Pakistan can cross the level of 15 million bales which was earlier achieved in 2014-15. Pakistan has the potential to produce 20 Million Bales of Cotton within the next four to five years.

The meeting was also attended by Mr. Yahya Saleem, Associate Director – ICA, Mr. Iqbal Khurram, Member Arbitration Committee ICA, Mr. Nadeem Maqbool, Mr. Asif Inam, Mr. Naveed Ahmed, Mr. Imran Maqbool, Mr. Tariq Saud, Mr. Jameel Qasim, Mr. Junaid Latif, Mr. Khurram Inam and Mr. Ahmad Ebrahim.

For more information, contact:
All Pakistan Textile Mills Association (APTMA)
APTMA House, 44-A, Lalazar,
Molvi Tamizuddin Khan Road,
Karachi -74000, Pakistan.
Tel: +92-21-111-700-000
Fax: +92-21-35611305
Email: info.po@aptma.org.pk
Website: www.aptma.org.pk

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Siemens secures major service contract for Pakistan power plant

Karachi, March 15, 2018 (PPI-OT): Highlighting its commitment to supporting Pakistan in meeting its growing power needs, Siemens has announced the signing of a long-term service agreement with Punjab Thermal Power (Private) Limited to provide comprehensive maintenance, parts and repair services for Punjab Power Plant Jhang for the next 12 years. The agreement includes Siemens’ Power Diagnostics, part of the company’s “Digital Services for Energy” portfolio of data-driven solutions.

With the fifth-largest population in the world, Pakistan is working to spur socio-economic development by delivering reliable and efficient power supply to industries and homes. Located in Haveli Bahadur Shah, Punjab Power Plant Jhang, is expected to add 1.3 gigawatts (GW) to Pakistan’s grid, making it one of the largest gas-fired, combined cycle power plants in the country.

It will also see the first deployment of Siemens’ SGT5-8000H gas turbines in the country, selected for their high power output and record-breaking efficiency. Anticipated benefits of the agreement include increasing the availability of the power plant and reducing the maintenance costs. The agreement covers all the scheduled and un-scheduled outage services for two, SGT5-8000H, gas turbines, generators, and related auxiliaries as well as the supply of spare parts and field services.

“With Pakistan’s increasing energy demand, the country is looking at innovative technologies to strengthen the electricity infrastructure,” said Helmut von Struve, CEO of Siemens in Pakistan. “Together with our partners and customers, we are working to address the country’s needs, with projects that set new standards in efficiency, reliability and innovation. Today, are proud to contribute to this important power plant, which will provide a much-needed boost to the national grid to meet the evolving energy needs of the Pakistani people and industrial sectors.”

Siemens’ Power Diagnostics use advanced data analytics to help predict and eliminate unplanned downtime, and improve power plant productivity by identifying operational challenges in advance. It will also allow the power plant’s team to manage outages more efficiently. The current agreement builds on Siemens’ contributions towards strengthening Pakistan’s power sector. It comes three months after the company signed the largest ever power generation contract in the country to provide a complete power island solution for Punjab Power Plant Jhang.

For more information, contact:
Communications
Siemens Pakistan Engineering Company Limited
B-72 Estate Avenue, S.I.T.E,
Karachi 75700
Tel: +92 (0) 21 32574910-19, 3259 2000
UAN: 021 111-077-088
Cell 03332272135
Fax: +92 (0) 21 32563563, 32566218

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High Sales Tax rates and it procedure is mother of all ills: FPCCI

Karachi, March 15, 2018 (PPI-OT): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in its proposals for the ensuing Federal Budget has urged the Government to effectively use Sales Tax Scheme to broaden the tax base provided the standard sales tax rate is brought down to 7% non-adjustable and non-refundable to be collected at single stage at import and / or at manufacturing, except high tax earning sectors for the government viz POL, Energy, Telecom, Tobacco and Liquor.

The Proposal added, “In value added chain industry it may be collected at 0.5% at each stage of value addition. However, since a Single Digit Sales Tax rate would require a lot of time for massive amendments in the Sales Tax Act, 1990 therefore, in the meantime the standard Sales Tax rate may be reduced to 15% in V.A.T. mode at first stage and thereafter reduce it gradually @ 1% annually”.

The proposal is a part of the FPCCI presentation being prepared under the Chairmanship of Syed Mazhar Ali Nasir, Senior Vice President, FPCCI and would be presented by the FPCCI to the high-ups of Ministries of Finance and Commerce and FBR for incorporation in the Federal Budget 2018-19 and to the concerned Standing Committees of National Assembly and Senate for seeking their support and recommendations.

The proposal argued that prevailing rate of Sales Tax @ 17% in Pakistan is too high out of which its major part is refunded or adjusted and net tax in the kitty of government comes to around 5% to 6%. In Los Angeles, one of the richest state in USA, the sales tax rate is 9.25%; India, 13.68%; Indonesia 10% and in most of the Far Eastern Countries, it is between 6% to 8%.

The FPCCI proposal lamented that 17% sales tax rate and its procedure is mother of several ills and stands in the way of its full collection. Being a consumption tax, its high rate directly impacts inflation, promotes smuggling, encourages massive tax evasion and corruption.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi,
Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

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Vivo takes Photography to a new level with AI-Powered Super HDR

Karachi, March 14, 2018 (PPI-OT): Vivo announced its cutting-edge, AI-powered Super HDR at a media event in China. Following the previous breakthrough success in backlit photography, Vivo is taking mobile photography to new heights with Super HDR’s auto scene detection to produce clearer photos, better colours, more details and better tones.

Super HDR follows the same principles as regular HDR but merges more frames to resolve the problems presented by contrasting strong dark and light tones in a photo. Super HDR captures more frames and intelligently merges them to cater to more extreme lighting scenarios.

Great Frames Great Flexibility

Super HDR’s dynamic range can reach up to 14 EV (Exposure Value). With just a single press of the shutter, Super HDR will capture up to 12 frames, significantly more frames than previously possible with existing HDR technology. This provides more image options for merging to perfectly light all the parts of the eventual photo.

Optimized Details Under Extreme Light

To reduce the unnaturally processed look of regular HDR, Super HDR adapts to different scenes and their dynamic range characteristics, selecting and merging frames to best render the image’s highlights and shadow details. Super HDR then optimizes shadows to ensure the complex photo’s highlights and shadows are balanced and natural.

Get Easy Yet Perfect People Shots

Regular HDR might sacrifice lighting for the person in focus for a better lit photo, but Super HDR ensures the person is clear and well-lit. Super HDR employs smart scene detection to balance the lighting of the person and the background to create a natural feel.

Advanced AI Improves Photos at All Stages

The Super HDR leverages complex AI algorithms to adapt to different scenarios. The moment the shutter is pressed, the AI will detect the scene to determine the ideal exposure strategy and accordingly select the frames for merging. This process ultimately delivers a natural looking shot which looks like it was captured by the human eye.

Advantages of Super HDR

Highly adaptable: With a wider dynamic range of 14EV, Super HDR can ensure perfect shots in a broader range of lighting scenarios, even in adverse ones. This results in image that shows the details of the rock, grass, mountains and clouds despite the back lit, high contrast scenario.

Accurate and smart exposure selection: At up to 12 frames, Super HDR has more lighting options for its smart frame selecting strategies to correctly expose all parts of the photo. This retains the natural contrast that is key to accent the features of this photo.

Intelligent identification: AI-powered scene detection means that each part of the photo can be identified and isolated for processing to insure even complex photos are perfected. The AI can perfectly identify and expose the unique shapes of these rocks, moss, waves and clouds in this shot.

Natural looking results: Super HDR produces more natural tones by reorganizing and optimizing the highlights and shadow portions of the scene when merging the frames and ensures the photo naturally matches the original scene as seen by human eye. This shows the couple clearly and naturally despite sun and umbrella creating such complex lighting.

Perfectly lit portraits: Super HDR prioritizes the best lighting for the person in the photo and adjusts the background exposure to produce an optimal and natural portrait. Optimizing the lighting for the girl and creating complimentary lighting of the sky and flowers help accentuate her in the photo for a perfectly lit portrait.

Alex Feng, Senior Vice President at Vivo added that, “Vivo continues to push the boundaries and provide the ultimate camera experience for consumers. This goes beyond just adding powerful functions, but to developing innovations that our users can immediately enjoy. Today’s showcase of Super HDR is an example of our continued commitment to mobile photography, to enable our consumers to shoot professional quality photos at the touch of a button. Using intelligent AI, Super HDR can capture more detail under any conditions, without additional demands on the user.”

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