Category: Business

KARACHI:President Karachi Chamber of Commerce and Industry (KCCI) Iftikhar Ahmed Sheikh, while welcoming federal government’s willingness to provide cheaper electricity to industries on incremental consumption basis for four months under winter package, urged the government to take KCCI on board for finalizing industrial tariffs based on the cost of service to tackle the issue of cross subsidy for domestic users which is eroding competitiveness of exports.

While referring to discussions with Federal Secretary, Ministry of Energy (Power Division) Rashid Mehmood Langrial during his last visit to KCCI, President KCCI said that although KCCI insisted discounted electricity rate of Rs18/KWh during the said meeting but after a lot of brainstorming, it was principally agreed to offer discounted electricity tariff of Rs20/KWh on incremental consumption during this year’s winter season. “Federal Secretary also committed to release Rs7 billion for incremental consumption during the said meeting and it has been more than a month now but no progress has taken place as KE has not given any adjustment against the committed Rs7 billion so far which needs to be expedited”, he added.

“Hence, there is no need to reconduct the exercise for introducing industrial tariffs on incremental consumption but if it really necessary then KCCI, which has already done a lot of homework in this context, should also be made party to decide industrial tariff under winter package”, he said, adding that in 2020, a discount scheme titled “Use more Pay Less Package” was offered at the rate of Rs 11.97/KWh for incremental consumption.

While fully appreciating and endorsing the efforts being made by Special Investment Facilitation Council (SIFC), he stressed that the gas tariff should be cost-based while the cross subsidization must be discontinued immediately so that Pakistani exporters are able to compete with their regional competitors and improve their exports share in the international markets.

He was confident that discounted electricity tariff on incremental consumption along with discontinuation of cross-subsidy in industrial gas tariff would certainly put the country’s ailing economy on a path to progress and prosperity through industrialization, enhanced production activities and exports along with improved revenue for the government and abundant employment opportunities for the countrymen.

Karachi, October 09, 2023 (PPI-OT): President Karachi Chamber of Commerce and Industry (KCCI) Iftikhar Ahmed Sheikh, while welcoming federal government’s willingness to provide cheaper electricity to industries on incremental consumption basis for four months under winter package, urged the government to take KCCI on board for finalizing industrial tariffs based on the cost of service to tackle the issue of cross subsidy for domestic users which is eroding competitiveness of exports.

While referring to discussions with Federal Secretary, Ministry of Energy (Power Division) Rashid Mehmood Langrial during his last visit to KCCI, President KCCI said that although KCCI insisted discounted electricity rate of Rs18/KWh during the said meeting but after a lot of brainstorming, it was principally agreed to offer discounted electricity tariff of Rs20/KWh on incremental consumption during this year’s winter season. “Federal Secretary also committed to release Rs7 billion for incremental consumption during the said meeting and it has been more than a month now but no progress has taken place as KE has not given any adjustment against the committed Rs7 billion so far which needs to be expedited”, he added.

“Hence, there is no need to reconduct the exercise for introducing industrial tariffs on incremental consumption but if it really necessary then KCCI, which has already done a lot of homework in this context, should also be made party to decide industrial tariff under winter package”, he said, adding that in 2020, a discount scheme titled “Use more Pay Less Package” was offered at the rate of Rs 11.97/KWh for incremental consumption.

While fully appreciating and endorsing the efforts being made by Special Investment Facilitation Council (SIFC), he stressed that the gas tariff should be cost-based while the cross subsidization must be discontinued immediately so that Pakistani exporters are able to compete with their regional competitors and improve their exports share in the international markets.

He was confident that discounted electricity tariff on incremental consumption along with discontinuation of cross-subsidy in industrial gas tariff would certainly put the country’s ailing economy on a path to progress and prosperity through industrialization, enhanced production activities and exports along with improved revenue for the government and abundant employment opportunities for the countrymen.

For more information, contact:

Director Press/Electronic Media and Public Relations

Karachi Chamber of Commerce and Industry (KCCI)

Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,

Karachi-74000

Phone: +92-21-99218001-09

Fax: +92-21-99218040

Email: info@kcci.com.pk, secretary@kcci.com.pk

Website: www.kcci.com.pk

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Lahore, October 07, 2023 (PPI-OT): MCB Investment Management Limited (Formerly: MCB-Arif Habib Savings and Investments Limited) (or the 'Company') is amongst the largest leading players in the AMC industry, supported by a strong control environment, structured investment processes, good governance framework, and qualified management team. The assigned rating takes into account improvement across key performance areas including investment management, fund performance, control framework, and growth and diversity in assets under management.

The rating reflects the sizable growth in the AUMs of the Company, which have increased by ~25.4% at the end of Jun'23 on a YoY basis. The market share stood at ~9.5% at the end of Jun'23. The growth is expected to continue with management focusing on customer service enrichment. The AMC has won best digital customer service award and best CRM technology award at Pakistan Digital Awards 2023. The Company is managing one of the largest AUMs portfolios and holds a significant share of the investment advisory domain. With a portfolio of nineteen open-end mutual funds and two voluntary pension schemes, the Company offers a wide range of products for its customers.

The Company’s association with MCB Bank Limited – one of the largest commercial banks – and ensuing synergies have supplemented growth. The funds have shown consistent and good long-term performance compared to peers. The profitability of the Company has improved notably in FY23 due to improvement in overall AUM base and related fee rate from the collective investment schemes and stood at PKR ~378.2mln (FY22: PKR ~173mln). The company enjoys sound liquidity and has sufficient lines available if the need arises. The equity base of the company is well above the minimum regulatory requirement and stood at ~PKR 1.7bln as at end-Jun'23 (FY22: PKR 1.4bln).

The rating is dependent upon the Company’s ability to sustain its market share and upholding strong investment processes and control environment. Meanwhile, consistent performance of funds compared to benchmark and peers is critical. Any sustained downturn in fund performance and/or significant loss in market share will impact the rating.

For more information, contact:

Analyst,

The Pakistan Credit Rating Agency Limited (PACRA)

Awami Complex, FB1, Usman Block New Garden Town,

Lahore, Pakistan

Tel: +92-42-5869504-6

Fax: +92-42-5830425

Email: hammad.rashid@pacra.com

Website: www.pacra.com

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Islamabad, October 07, 2023 (PPI-OT):Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry (ICCI) said that Blue Area is the largest commercial centre of Islamabad, which plays an important role in the development of the economy and stressed that the CDA should focus on its better development to facilitate the growth of trade activities. He said this while talking to a delegation of Traders Welfare Association, Blue Area, Islamabad that visited ICCI led by its President Raja Hassan Akhtar and congratulated ICCI Office Bearers for one year’s extension in their tenure.

Ahsan Bakhtawari said that parking is the most serious issue of the Blue Area and CDA should allow parking of vehicles on the green area of Fazal Haq Road till the construction of a parking plaza is materialized. He said that ICCI intends to organize a mega shopping festival in the Blue Area in collaboration with TWA Blue Area to boost trade activities and enable customers to get a chance of shopping at affordable rates.

Raja Hassan Akhtar, President, Traders Welfare Association Blue Area highlighted the important issues of traders of his market. He said that the non-availability of parking, the old sewage system and non-functional street lights are the main issues of the Blue Area and stressed that the CDA should address them on an urgent basis. He stressed that CDA should set up a flower market in the Blue Area besides pruning trees. He demanded that the CDA should set up a food street in the Blue Area, which is the need of the hour for the traders and citizens. He said that Ahsan Bakhtawari is working actively to resolve the problems of traders and hoped that he would address the unresolved issues of traders in his remaining tenure.

Faad Waheed, Senior Vice President ICCI said that Blue Area is the key hub of business activities in Islamabad and stressed that the CDA should develop it on modern lines. Engr. Azhar ul Islam Zafar, Vice President ICCI said that ICCI would fully cooperate with TWA Blue Area in resolving the key issues of traders to facilitate them in business development. Yousuf Rajput Group Leader, Mian Basharat Kakakhel Secretary General Blue Area Association, Syed Amin Pirzada and others were in the delegation.

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

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Islamabad, October 06, 2023 (PPI-OT):Committed to advancing the cause of gender equality and championing workplace diversity, Mobilink Bank launched Mobilink HER, its first Women Return ship Program. This inclusive effort strives to foster Diversity and Inclusion (D and I) by enabling women who have taken a career hiatus of six months or more to re-enter the workforce seamlessly.

The initiative reaffirms the Bank’s commitment to promoting equal opportunities for all, underlining its firm belief in the transformative potential of diversity to fuel innovation and propel growth.

Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives by creating opportunities for increased digital inclusion and by driving economic growth across countries that are home to more than 8% of the world’s population.

Mobilink Bank’s Mobilink HER program is more than just a commitment; it’s a call to action. It offers support and resources to women returning to work through dedicated mentorship sessions, targeted training and a supportive network, ensuring their smooth reintegration into the professional world.

Speaking at the launch ceremony, Ghazanfar Azzam, President and CEO Mobilink Bank said: “Diversity is at the core of our business philosophy. With the launch of Mobilink HER, our first Women Return ship Program, we’re not just breaking barriers; we’re forging new pathways for women empowerment.

The Bank is committed to fostering an environment where every woman thrives through tailored mentorship, upskilling opportunities and a supportive network. At Mobilink Bank, we champion equality and drive progress, empowering women to rise, lead and shape the future.”

Also sharing his thoughts, Harris Mahmood Chaudhary, Chief Operating Officer (COO) Mobilink Bank said: “Mobilink Bank is diligently fostering an empowering ecosystem with the Mobilink HER initiative, dedicated to empowering women to resolutely reignite their careers and pursue their ambitions with unwavering confidence.

We are dedicated to forging a path toward a more inclusive future, where the corporate landscape flourishes on the robust foundation of diverse talents. For us, Mobilink HER isn’t just a return to the workforce; it’s an extraordinary launchpad for success, propelling women towards the realization of their professional dreams.”

“Our commitment to diversity, inclusivity and equal opportunities empowers women to act on their ambitions regardless of career breaks and other barriers that, traditionally, hinder growth,” shared Aleena Tanvir, Chief People Officer (CPO) Mobilink Bank.

For more information, contact:

Head Office,

Mobilink Microfinance Bank Limited (MMBL)

3-A/2 F-8 Markaz, Islamabad, Pakistan

Phone: +92-51-2817070-77

Email: info@mobilinkbank.com

Website: https://www.mobilinkbank.com/

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Islamabad, October 06, 2023 (PPI-OT):FPCCI’s presidential candidate Atif Ikram Sheikh said on Friday that Pakistan needs a charter of economy so that all political forces can focus on economic recovery. Economic matters should be in capable hands to improve the economy which will also provide relief to the masses and the business community, he said.

Atif Ikram Sheikh who has also served as VP FPCCI, Chairman PVMA and President ICCI said in a statement issued here today that continuity of policies should be ensured so that investors can breathe a sigh of relief and stop withdrawing capital from Pakistan to safe destinations.

Speaking to the business community, he said that important decisions should not be delayed; otherwise, they would severely affect the masses and the currency and lead to a sharp rise in inflation. Atif Ikram said that agreements with the IMF and other institutions should be honoured, as breaching promises will result in displeasure with international institutions, which the country cannot afford at this critical juncture.

We want economic managers with good economic understanding, experience, and foresight to resolve the country's problems. He demanded that the hike in electricity and gas tariffs be reversed and the infamous circular debt, which has become a threat to the economy, be reduced. State-run corporations should be sold, the cost of doing business for industry and trade should be reduced, and the business community should be treated well, he said.

Higher policy rates are discouraging businesses and increasing government borrowing costs, driving higher financing needs. These financing needs are met through increased borrowing, he said. The higher interest rate is a major contributor to our debt woes; a quicker growth in the debt stock is due to its failure to contain its expenditures and boost its income by broadening the tax base, he added. He noted that production, exports, and remittances are going down, necessitating a strategy to reverse the trend.

For more information, contact:

Atif Ikram Sheikh

Ex. Chairman PVMA, Former VP, FPCCI,

Former President ICCI, Former President HCCI,

Tel: +92-51-4437597, 4440772

Fax: +92-51-4440773

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