Category: Business

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UBL and Teradata collaborate on Customer Profitability Analytics and Data Warehouse

Karachi, March 07, 2018 (PPI-OT): UBL and its technology partner Teradata recently celebrated the successful rollout of customer profitability analytics through the implementation of the Enterprise Data Warehouse. Through this project, UBL will be able to gauge performance of individual customers for provision of loans and trade facilities and to reprice and enhance limits where required. The Bank has plans to expand the existing analytic platform to incorporate new avenues and further empower its business users.

The event was attended by Sima Kamil, President and CEO, UBL and Qazafi Qayyum, Managing Director Teradata Pakistan along with senior executives of both organizations. Key contributions from both teams were appreciated and recognized at the occasion. Speaking at the occasion, Qazafi Qayyum, Managing Director Teradata Pakistan said, “We are excited to be a trusted partner for UBL in their analytics journey.

With the successful rollout of the Profitability Analytics project, UBL not only gains the strategic advantage within the banking industry by understanding ‘true’ profitability at a granular level across various business segments, but also has the right architecture in place to cater for all future data needs for the organization.” Sima Kamil, President and CEO UBL at the occasion, said, “We believe that robust customer analytics will give UBL a competitive edge by driving pricing decisions and by identifying areas of growth and savings within our businesses. We would like to acknowledge the efforts of Teradata for making this possible and look forward to our continued partnership.”
For more information, contact:
United Bank Limited (UBL)
State Life Building No. 1,
I. I. Chundrigar Road,
Karachi – 74000, Pakistan
Tel: +92-21-111-825-888, +92-21-111-825-111
Fax: +92-21-99217448
Email: customer.services@ubl.com.pk
Website: www.ubldirect.com

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Pakistan Industrial and Traders Associations Front urges government to ensure payment of exporters’ Rs. 250b refunds

Lahore, March 06, 2018 (PPI-OT): The Pakistan Industrial and Traders Associations Front (PIAF) chairman Irfan Iqbal Sheikh has urged the government to ensure early and timely payment of stuck-up refund claims of the export-oriented sectors worth Rs 250 billion which had already promised many times by the concerned government officials He further contended that customs rebate claims of approximately Rs50 billion are also pending with FBR, whereas sales tax refund claims including deferred claims total approximately Rs200 billion.

The PIAF chairman Irfan Iqbal Sheikh in a statement along with senior vice chairman Tanveer Ahmed Sufi and vice chairman Shahzeb Akram said that the businessmen were bearing huge financial costs on their own hard earned stuck-up money; therefore, the FBR chairman should look into the matter and ensure early release of sales tax and income tax refunds.

The PIAF appreciates for paying sales tax refunds of Rs26 billion of ROPs up to April 2017 through the electronic system; and clearing sales tax refunds of over Rs15 billion of ROPs issued up to August 2017. He revealed that after the payment of limited amount in 2017 now pending amount includes Rs 40 billion sales tax refund claims, Rs 10 billion customs duty rebate and Rs 5 billion Duty Drawback of Local Taxes (DLTL) and Rs 20 billion is yet to be paid to the exporters under the Prime Minister’s incentive package for exporters.

These are verified refund claims, but if the deferred claims are included in the pending amount, total figure of pending refund claims would be around Rs150 billion. He further said that the government has so far released Rs 16.5 billion out of the Rs46 billion PM export incentive package announced in October. The association’s members have now started feeling the pinch as they were already facing troubles and experiencing toughest times because of multiple internal and external challenges, he said.

He urged the Minister of State for Finance Rana Muhammad Afzal Khan to take notice of the situation and issue directions to the FBR authorities to expedite stuck-up sales tax and income tax refund claims as promised. He said the authorities concerned should take realistic view of the matter and allow the refunds of sales tax and Income Tax to exporters and manufacturers at the earliest, who were facing severe hardships.

For more information, contact:
Pakistan Industrial and Traders Associations Front (PIAF)
110/s Kot Lakhpat Industrial Estate, Lahore, Pakistan
Tel: +92-42-5123522
Fax: +92-42-5123522
Email: Info@piaf.pk

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Consumers express grave concern over artificial price hike and shortage of hydrogen peroxide

Karachi, March 06, 2018 (PPI-OT): Textile Processors the backbone of Value Added Textiles Exports which are one of the major consumers of Hydrogen Peroxide have expressed grave concern over its artificial price hike and shortage of hydrogen Peroxide in local market. All Pakistan Textile Processing Mills Association (APTPMA) expresses with utter surprise and consternation that the local manufacturers of Hydrogen Peroxide (HP) has abruptly reduced the supply of Hydrogen Peroxide in the country which has created panic amongst our member units who are the one the major consumers of HP.

This hasty step, which appears to have been taken at the behest of local manufacturers of this essential item of basic raw-material in the country, in gross contravention of the universally acclaimed norms of monopoly and cartels, is likely to cast devastating repercussions upon the overall national economy. Mr. Saleem Parekh, Central Chairman APTPMA elaborating said that Hydrogen Peroxide is used as a basic raw-material by the Textile Processing Units.

This hasty step, on part of local manufacturers is bound to create further artificial shortage, and escalate the prices of Hydrogen Peroxide. Shortage of Hydrogen Peroxide would adversely affect the export of Textile Fabrics/ Garments and deprive the country of valuable foreign exchange to the tune of billions of rupees, besides closure of hundreds of textile industrial units, and would throw thousands upon thousands of wage-earners out of jobs.

Due to shortage of Hydrogen Peroxide in the country APTPMA Chief, Mr. Saleem Parekh has sought permission from Ministry of Commerce to import of Hydrogen Peroxide for textile industrial use on zero rated duty basis till time local supply is back to normal in terms of price and delivery e.o.m.

For more information, contact:
All Pakistan Textiles Processing Mills Association
H-16, Textile Avenue, SITE,
Karachi, Pakistan
Tel.: 92-21-32572884/32560705
Fax: 92-21-32566618,
E-mail: aptpmak@cyber.net.pk/aptpmak@gmail.com
Website: www.aptpma.com.pk

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FPCCI delegation visits Iran

Karachi, March 06, 2018 (PPI-OT): A delegation from FPCCI under the leadership of Mr. Ghazanfar Bilour (President FPCCI and ECO-CCI) is currently in Tehran, Iran to attend the 16th General Assembly Meeting, 24th Executive Committee Meeting, and Specialized Committee Meetings from 3-5 March 2018 organized by Economic Cooperation Organization Chamber of Commerce and Industry (ECO-CCI).

Members of FPCCI actively participated in the Specialized Committee Meetings on various sectors including Transportation, Tourism, Arbitration, Trade Facilitation, Industry and Investment and Women Entrepreneur Council. The event will conclude with the 24th Executive Committee Meeting. Agenda includes the activity report of ECO-CCI during the last year as well as handing over of ECO-CCI Presidency to Afghanistan from Pakistan along with the decision of establishment of permanent secretariat of ECO-CCI.

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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Following Companies Act 2017 – CDC launches eDividend Repository

Karachi, March 06, 2018 (PPI-OT): Central Depository Company of Pakistan (CDC) has launched an eDividend Repository services to facilitate the process of eDividend. After the promulgation of the Companies Act 2017, it has become mandatory for all listed companies to process their dividends electronically.

SECP recently introduced “The Companies (Distribution of Dividends) Regulations 2017” which spell out the method and requirements for making dividend pay-outs electronically. The Regulations also require all listed companies to provide details related to cash dividends to Central Depository Company of Pakistan Limited (CDC), so that the record of all cash dividends can be accumulated at one place.

CDC’s eDividend service is an internet based web portal and can be accessed by all investors from anywhere in the world and this is a free of cost service. It will provide investors consolidated data of all their cash benefits due and credited by issuers, and in case their dividends have not been credited, the reason for non-disbursement of dividend will also be available.

CDC will also issue an electronic certificate to the shareholders which will contain all the details related to the cash disbursement such as dividend rates, net dividend paid, tax and zakat deductions etc. The certificate will also facilitate investors in filing their tax returns.

With all details available through a single source, this newly developed facility will enable shareholders to keep track of returns on their investment and unclaimed dividends if any, and maintain history of all cash benefits availed besides many other features.

For more than two decades, Central Depository Company of Pakistan Limited (CDC) has been spearheading technological initiatives to facilitate investors of Capital Market. As part of this digitization drive, CDC has brought reforms in Capital Market by introducing services such as eIPO, e-voting etc. These reforms not only provide efficiency and transparency to the processes but also offer greater convenience and protection of assets to the investors. One of the recent efforts of CDC in this direction is the launch of an eDividend Repository.

Investors can access CDC’s eDividend Repository via https://eservices.cdcaccess.com.pk or call at 0800-23275 for further assistance.

For more information, contact:
Head Office,
Central Depository Company of Pakistan Limited (CDC)
CDC House, 99-B, Block B, S.M.C.H.S.,
Main Shahra-e-Faisal, Karachi – 74400, Pakistan
Tel: +92-21-111-111-500
Fax: +92-21-34326031
Email: info@cdcpak.com
Website: http://cdcpakistan.com/

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Chairperson Sindh Board of Investment addresses Pak-Kuwait Investment Conference

Karachi, March 06, 2018 (PPI-OT): Chairperson Sindh Board of Investment (SBI), Ms. Naheed Memon in her address to the Pak-Kuwait Investment Conference being held at Kuwait by the Kuwait Chamber of Commerce and Industry said that excellent long term investment opportunities are available in Pakistan. She said that rapidly expanding market which has great demand of consumers’ goods got potential for the investors to earn benefit.

Speaking about her visit to Kuwait, she said that one of the objectives of the visit to her delegation to Kuwait is to create awareness among the investors of Kuwait about the investment opportunities in the rapidly expanding markets of Pakistan. Ms. Naheed said that good investment opportunities are available between Pakistan and Kuwait in energy, infrastructure, health, tourism, hospitality, agriculture, transportation, food and other sectors.

She also informed the participants of the conference about the special economic zones in Khairpur, Bin Qasim and Korangi as well as regarding importance of Dhabeji Special Economic Zone which has been introduced under the Pakistan China Economic Corridor (CPEC), project. Pakistan’s Ambassador in Kuwait Ghulam Dastagir and Chairman Board of Investment (BOI) Pakistan, Naeem Zamindar also addressed to the conference.

Meanwhile, the Chairperson SBI along with others met with Managing Director Kuwait Investment Authority (KIA) Farouk Bastaki. The KIA official briefed about the possibilities of investments in oil, housing, infrastructure, hospitality, transport and other sectors. He said that the government of Kuwait has been investing in Pakistan for years in banking, hospitality, power and other sectors. Meezan Bank, Movenpick and K-Electric are some example of the fact, he added.

During her visit, Ms. Naheed Memon also met with Director General Kuwait Fund for Arab Economic Development, Abdul Wahab Al Bader. She also held meetings with investors of Kuwait and Pakistani Businessmen. The investors also shown their interests in investment in the Nooriabad Industrial Park and agreed to hold further meetings in this regard.

For more information, contact:
Information and Archives Department
Directorate of Press Information
Government of Sindh
95-Sindh Secretariat 4-B, Karachi, Pakistan
Tel: +92-21-99204423, +92-21-99204401
Email: pressinformationzubair@gmail.com
Website: http://sindhinformation.gos.pk

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Matco Foods Limited signs agreement for expansion of Rice Glucose and Rice Protein Plant

Karachi, March 06, 2018 (PPI-OT): Matco Foods Limited signed an agreement for the supply of a 20,000 Tons per year Rice Glucose manufacturing plant with Beijing Meckey Engineering Co. This new expansion will increase the total production capacity of the company to 30,000 Tons of Rice Glucose and 3,000 Tons of Rice Protein respectively per year.

Khalid Ghori, CEO of Matco Foods spoke at the signing ceremony that “The new plant will include 2,000 tons of rice protein section also and also a spray dryer plant to manufacture 2,000 tons of maltodextrin per year, which will contribute towards import substitution”. The signing ceremony was witnessed by Jawed Ali Ghori, Chairman Matco Foods and Dr. Tariq Ghori, Director Sales and Marketing.

Matco Foods Limited is committed to ensuring the best quality food products for its customers around the world. The company’s steep ascent as the customers’ preferred brand in the local and international markets reflects its remarkable success in keeping its long-term pledge to its customers. In a historic milestone, Matco Foods Limited was formally listed on the Pakistan Stock Exchange (PSX) in the first IPO for the year 2018 adding another company in the Food Sector on the PSX board.

For more information, contact:
Matco Foods Limited
L-24/1, Block-21, Federal “B” Industrial Area, Karachi-75950, Pakistan
Tel: +92-21-36315099
UAN: +92-21-111-253545
Fax: +92-21-36320509
Email: Junaid.alam@matcofoods.com
Website: www.matcofoods.com