Category: Business

United States, In September, consumer spending in the United States increased by 0.7%, outstripping inflation by 0.3%. This rise indicates continued consumer resilience in the face of economic challenges, suggesting that robust spending could sustain economic growth.

According to U.S. Pakistan Business Council, the increase in consumer spending is significant in the current economic context. The data reveals that inflation-adjusted spending on goods rose by 0.3%, with durable goods seeing a 0.6% increase and nondurables a 0.1% rise. Spending on services also went up by 0.4%.

However, several factors need consideration in assessing whether this spending trend will persist. Notably, inflation-adjusted income in September grew by 0.3%, a rate slower than inflation itself. Additionally, savings have significantly decreased in September, continuing a nearly two-year trend of sharp declines. This decrease in savings leaves credit cards as one of the few options for consumers to maintain spending above inflation levels. Interestingly, there has been a marked increase in credit card balances in recent months, indicating heightened reliance on credit for consumer spending.

This spending pattern, if sustained, can have critical implications for the economy, potentially balancing the slowdown in other economic areas.

The post U.S. Consumer Spending Outpaces Inflation in September appeared first on Pakistan Business News.

Islamabad, Bank AL Habib is offering its Visa Debit Card holders an exclusive opportunity to avail an additional 20% discount during the Daraz 11.11 sale, from 11th November to 21st November. This special offer is part of the bank’s initiative to provide added value to its customers during one of the biggest online shopping festivals.

According to Bank AL Habib Limited, customers can easily access this discount by following a few simple steps. They need to sign up or log into the Daraz App or website, collect the Bank AL Habib voucher, select their desired products, and proceed to payment. Upon entering their BAHL Visa Debit card number at checkout, the discount will be automatically applied.

The offer includes a maximum discount cap of PKR 1000 and allows for one transaction per card per day during the sale period. To benefit from this offer, customers must ensure that their online transactions are activated through Bank AL Habib’s 24/7 call center.

This initiative by Bank AL Habib demonstrates its commitment to providing enhanced shopping experiences and rewards to its customers, aligning with the growing trend of digital commerce and online sales events.

The post Bank AL Habib Offers Exclusive 20% Discount for Visa Debit Card Holders on Daraz 11.11 Sale appeared first on Pakistan Business News.

ISLAMABAD, At the 'Spotlight Pakistan Day' webinar, Aamir Ibrahim, CEO of Jazz and Chairman of Mobilink Microfinance Bank (MMBL), called for a more inclusive financial system in Pakistan. The event, hosted by the World Economic Forum (WEF) and the Virtual Remittance Gateway (VRG), featured discussions on financial inclusion and the success of VRG's Asaan Mobile Account (AMA) scheme.

According to Jazz, the webinar included notable participants such as Caretaker Prime Minister Anwaar-ul-Haq Kakar, Caretaker Federal Minister for Finance, Revenue, and Economic Affairs Dr. Shamshad Akhtar, and VRG CEO Muhammad Salman Ali. They shared insights on Pakistan's financial inclusion progress, particularly highlighting the AMA scheme's success.

Ibrahim emphasized JazzCash's commitment to leveraging technology to improve lives, especially for women and underserved communities. He pointed out that JazzCash, with its 43 million mobile money customers, is significantly reducing financial exclusion among women by offering tailored financial solutions. He also noted the growing trend of digital financial inclusion in Pakistan, with mobile wallets overtaking traditional bank accounts.

In his policy recommendations, Ibrahim focused on strategies to promote financial inclusion. He advocated for leveraging real-time data for policy-making, expanding SME credit access through digital platforms, enhancing mobile handset affordability, and ensuring accessible banking services. These measures, he argued, are key to achieving sustainable financial inclusion.

Acknowledging the roles of the State Bank of Pakistan (SBP) and the Pakistan Telecommunication Authority (PTA) in fostering fintech growth, Ibrahim underscored the importance of collaboration between the government and industry players. He stressed the necessity of joint efforts to tackle issues like the cash economy, empowering the unbanked, and facilitating small business credit access.

Furthermore, Ibrahim highlighted financial literacy as crucial, particularly in upskilling women to increase their access to financial services. He called for public-private collaborations to develop women-focused financial solutions that also support women's entrepreneurship.

Emphasizing the significant role of Asaan Mobile Accounts and Raast in Pakistan's financial inclusion efforts, Ibrahim urged domestic and international stakeholders to explore new opportunities in the country's evolving fintech ecosystem. He also detailed JazzCash's focus on assisting SMEs, positioning the app as a comprehensive financial platform for these businesses. JazzCash's gender-intentional approach, he mentioned, has successfully accelerated women's financial inclusion, with over 13 million women users benefiting from its services. Additionally, JazzCash has disbursed PKR 6.5 million in loans, empowering women entrepreneurs and contributing to their economic independence.

The post Jazz CEO Advocates for Inclusive Financial System at WEF’s Spotlight Pakistan Day appeared first on Pakistan Business News.

Budapest, At the 5G Smart Factory Forum hosted in the Huawei European Supply Center (HESC) in Budapest, Huawei unveiled its commitment to advance Industry 4.0 by integrating 5G technologies into smart factories. The company highlighted that future smart factories will benefit from 5G applications such as autonomous vehicles, AI quality control, and AR for maintenance.

According to Huawei Technologies Co.Ltd, the forum emphasized the critical role of 5G and AI in modernizing industrial manufacturing. Huawei's engagement at the forum aligns with its ongoing efforts to propel the adoption of these technologies within industrial settings. Vicky Zhang, Vice Director of Huawei's Global Corporate Communications Department, detailed how in the fourth year of commercial 5G usage, convergence of 5G, AI, and cloud technologies has become a mainstay in sectors like manufacturing.

Huawei is set to further this agenda in collaboration with international entities such as the United Nations Industrial Development Organization (UNIDO). In July, alongside UNIDO, Huawei initiated the Global Alliance on AI for Industry and Manufacturing (AIM Global), a collective aimed at fostering innovation and the practical application of AI technologies in industry.

At the Budapest forum, Dr. Ulrike Fasbender from the University of Hohenheim underscored the rapid innovation and development catalyzed by digitalization, particularly through 5G connectivity in improving workplace efficiency and health.

Sandor Papp, Deputy Director of HESC, provided concrete outcomes from Huawei's integration of 5G solutions, citing a 20% boost in logistics efficiency and enhanced capabilities to serve European markets. Huawei's Hungarian supply center is a pivotal distribution hub, managing a substantial volume of items and outbound cargo servicing numerous countries across Europe, Central Asia, and Northern Africa.

Huawei remains steadfast in its pursuit of industry collaboration and knowledge-sharing to bolster local companies with digital and intelligent technology adoption, aiming for a collective stride towards high-quality development.

The post Huawei Targets Industry 4.0 with 5G Solutions at Budapest Smart Factory Forum appeared first on Pakistan Business News.

Karachi, Chenab Limited, once a leading exporter of home textile products in Pakistan, has begun its ascent from a period of industrial turmoil experienced between 2008-2010. With the aid of Habib Bank Limited (HBL) and other lenders, a comprehensive rehabilitation plan has been set in motion, aligning with the State Bank of Pakistan's initiative to rejuvenate dormant industrial units for economic contribution.

According to Habib Bank Limited, the event "Chenab Rising" was organized by Chenab Limited to display its comeback. The Deputy Governor of the State Bank of Pakistan, Mr. Saleem Ullah, and representatives from over twenty banks were present at the occasion. The gathering recognized the regulatory body's strategic vision and HBL's pivotal role in manifesting this recovery. This turnaround has led Chenab Limited to generate Rs 2.5 billion in revenue over 18 months and provide employment to 3,000 individuals, signifying a significant potential for further advancement.

Mian Muhammad Latif, the Chairman of Chenab Limited, remarked on the company's resurgence, citing a relentless spirit and the critical support of banking partners, notably HBL. He emphasized the importance of perseverance for entrepreneurs during challenging times.

Muhammad Aurangzeb, President & CEO of HBL, commented on this achievement, linking the revival to the bank's commitment to Pakistan’s economic growth and sustainable banking practices, aspiring to transcend its traditional role in the banking sector.

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