Category: Business

Karachi, September 27, 2023 (PPI-OT): VIS Credit Rating Company Ltd. (VIS) has upgraded the Broker Fiduciary Rating of BMA Capital Management Limited (BMA) from ‘BFR3+’ to ‘BFR3++. Outlook on the assigned rating is ‘Stable’. The assigned rating denotes good fiduciary standards. Previous rating action was announced on May 13, 2022.

The rating signifies strong management and client services, internal controls, as well as sound ownership and governance while business and financial sustainability are considered sound.

Assigned rating takes note of the Company’s strong management and client services marked by its geographical presence as well as the employment of various client facilitation tools and resources to support clients in executing transactions. Moreover, availability of research reports is also viewed positively. The Company’s internal controls and regulatory framework is also considered strong. However, enhancement in the overall scope of internal policies may be considered to further enhance the internal control framework.

At present, the Company’s board comprises of three members, increasing board size along with independent representation may enhance its governance framework. While the Company has established four board committees, repetition of members is observed across these committees. Improvement in the same may be considered. Overall, disclosure levels of the company are considered sound. Going forward, rating will be imperative on implementation of the planned initiatives undertaken by the Company.

Assessment of financial profile of the Company indicates deterioration of the Company’s operational earning profile wherein the Company’s profitability profile has taken a toll. With losses reported in FY23 primarily on the back of decline in the brokerage revenue amid contraction in trading volumes, consequently, cost-to-income ratio also came under stress. Market risk is considered moderate, moreover, liquidity profile of the Company is considered adequate. During the year, the Company’s leverage and gearing ratios have declined on a timeline basis while losses incurred by the Company have resulted in a drag on the equity base. Going forward, improvement in operational efficiency, low market exposure along with maintenance of gearing and leverage will remain important for rating.

Further, the Company holds a Trading Right Entitlement certificate (TREC) for Trading and Self Clearing Services issued by the Pakistan Stock Exchange Limited (PSX) since 1992. External auditors of the Company are RSM Avais Hyder Liaquat Nauman Chartered Accountants. Auditors are on the approved list of auditors published by the State Bank of Pakistan (SBP).

For more information, contact:

Director Compliance and Rating Analytics,

VIS Credit Rating Company Limited

VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,

Phase VII, DHA, Karachi, Pakistan

Tel: +92-21-35311861-72

Fax: +92-21-35311873

Email: bilal@jcrvis.com.pk

Website: https://www.vis.com.pk/

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Karachi, September 27, 2023 (PPI-OT): Bank Alfalah Islamic, the leading Islamic banking institution, has been reappointed as a Joint Financial Advisor (JFA) to the Ministry of Finance for 5 years, reinforcing its status as the sole Islamic Banking window among esteemed JFAs, dedicated to provide advisory services for the issuance of Government of Pakistan Ijara Sukuk, Green Sukuk and any Shariah compliant instrument.

The Ministry’s reappointment highlights the Bank’s commitment and expertise in Islamic Banking and Shariah Advisory, reaffirming its role as a trusted government financial partner.

“We are honored to be reappointed as the Joint Financial Advisor to the Ministry of Finance for Domestic Sukuk issuance. This appointment reflects our expertise and showcases the importance of Islamic banking in Pakistan’s financial landscape”, said Dr. Muhammad Imran, Head of Islamic Banking. Bank Alfalah Islamic remains resolute in its commitment to providing outstanding Islamic financial services, fostering the development and prosperity of Pakistan’s economy.

For more information, contact:

Head of Corporate Communications

Bank Alfalah Limited

2nd Floor, B.A Building, I.I Chundrigarh Road,

Karachi, Pakistan

UAN: +92-21-111-777-786 Ext 2638

Tel: +92-21-32423952

Email: salimahshiraj@yahoo.com

Website: https://www.bankalfalah.com/

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Karachi, September 27, 2023 (PPI-OT): Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Wednesday that the economy is recovering slowly as a result of the actions of the government and the army.

The prices of many things, including food items, are coming down across the country, which is appreciable as it is reducing the burden on the people, he said.

Mian Zahid Hussain said that the decision to discourage unnecessary imports through taxation is a good move, which will save a lot of foreign exchange.

Speaking to the business community, the veteran business leader said the country seems to be coming out of a quagmire of problems due to the complete focus on the economy, but it will take time for the situation to return to normal.

The caretaker Prime Minister has also mentioned the benefits of investing in Pakistan to UK-based Pakistani and British investors while expressing his commitment that the government will reduce expenditure and increase revenue so that the country's economy can grow.

The PM wants the situation to improve and the sufferings of the people to decrease, he said, adding that the economic indicators and foreign exchange reserves have started to improve, and it is hoped that there will be improvement in the industry, agriculture, trade, and services sectors.

Mian Zahid Hussain said that for continued improvement, it is necessary to put the economy before everything, including politics.

He said that it is necessary to hold the election as soon as possible for the sake of political stability. According to the Election Commission, the elections will be held in January, but no political party has started the election campaign yet, he observed.

The business leader said that the sooner the elections are held, the better, so as to end the uncertainty. He further said that it has become necessary to give relief to the public and the business community, which should be started by reducing the price of electricity, while it has also become necessary to reduce the price of gas, petrol, and diesel.

Inflation has risen sharply due to the rise in electricity, gas, and fuel prices, which is somewhat reduced by the depreciation of the dollar, but it has become necessary to reduce business costs for cheaper production and exports, without which relief cannot be given to the public.

Mian Zahid Hussain further said that the government should make a plan to give relief to the people, industrialists, and traders as soon as the crisis situation is over.

For more information, contact:

President,

Pakistan Businessmen and Intellectuals Forum (PBIF)

Tel: +92-343-2226888

Tel: +92-300-8233364

Email: ceo@kenlubes.net

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KARARCHI:President Karachi Chamber of Commerce and Industry (KCCI) Mohammed Tariq Yousuf has advised the government to put the import of recycled plastic under any description in the negative list or place complete ban on this item as massive volume of smuggled Plastics from neighboring country and misdeclaration in terms of value and quantity have caused major losses of Rs10 to 12 billion in just three months on account of Customs Duty, Sales Tax, WHT and other levies which indicates that this loss will go up to Rs40 billion per annum.

In a letter sent to Federal Minister for Commerce, Industries and Production Dr. Gohar Ejaz, President KCCI suggested to carry out Forensic Audit of all recent imports of Plastics (Polyethylene) during the last four to six months and the importers should be asked to clarify how and through what channel the payments have been made to foreign suppliers for import from neighboring country.

“This will have a very positive impact on remittances and the vast amounts diverted to grey channels to finance smuggling and misdeclaration of imports from neighboring country will be redirected to banking channels and will support the value of Pak Rupee in the interbank market.”

Tariq Yousuf opined that there was no need or logic to import recycled plastic in Pakistan because the country already generates its own massive volumes of plastic waste and scrap which is recycled by many units operating in Pakistan, hence, there was no point in buying other country’s garbage.

“All imports of polyethylene and polypropylene (H.S. 3901 and 3902) from neighboring country should be assessed on the basis of weekly reports of S and P POLYMER SCAN REPORT which is in practice by Customs stations at Karachi Port, Port Qasim and Dry Ports for many years”, he suggested and added that all such materials imported from neighboring country should be treated as prime grade materials even if declared as recycled plastics or any other description.

Referring to recent visit of Caretaker Commerce Minister to KCCI, President KCCI said that although it was assured by Dr. Gohar Ejaz that effective measures have been taken against smuggling but the ground reality present a different scenario. “Smuggling of plastic raw materials particularly the polyethylene having PCT Code 3901 continues unabated in large volumes as during the last three months over 50,000 metric tons of Polyethylene have been smuggled or imported under the garb of recycled plastic with very low value declared in the GD. The value of so-called Recycled Plastic is declared at $450 while the actual value of prime materials is between $1050 to $1100 which is imported as Recycled Plastic”, he added.

He further pointed out that quantity of plastic materials imported from neighboring country is declared below the actual quantity in container or truck load as one container load is 25 metric tons while the quantity in GD is declared as 17 metric tons, resulting in compounding the revenue loss.

Tariq Yousuf said, “In the normal circumstances the requirement and import of Polymers (Plastics) in Pakistan was 1.6 million metric tons but as per estimates, this will now decline somewhere in between 0.8 million to 1.0 million metric tons whereas the rest of Pakistan’s requirement for Plastics was being met through smuggled and mis-declared imports from neighboring country.”

“Furthermore, all the smuggling and undervalued imports are financed through Hawala/Grey Channel transfers which means that the foreign remittances which should otherwise be sent through banking channels have now diverted to Grey Channels. High demand by smugglers and illegitimate importers has created a vast difference of Rs.20 to Rs.25 per dollar between interbank and hawala rates which is proved by US$4 billion decline in home remittances.”

Islamabad, September 26, 2023 (PPI-OT): Jazz, Pakistan’s largest digital operator, is bringing Pakistan’s first 5G Innovation Hackathon in close collaboration with National University of Sciences and Technology (NUST), NITB, and Code for Pakistan (CfP). The ground-breaking initiative aims to harness the immense potential of 5G technology and other cutting-edge innovations to address critical challenges in Pakistan's key sectors, including health, education, financial services, disaster management and climate change, agri-tech, and Industry 4.0.

The 5G Innovation Hackathon underscores the critical importance of fostering innovation and talent in the realm of 5G technology. By bringing together bright minds, developers, and entrepreneurs, the hackathon serves as a breeding ground for ground-breaking ideas and solutions that will shape the future of telecommunications in Pakistan. The event not only empowers local talent but also ensures that Pakistan remains at the forefront of the digital revolution, paving the way for a more connected and innovative future.

Syed Fakhar Ahmed, Chief Regulatory Affairs Officer at Jazz, said, "Today, solutions to the longstanding challenges that face developing countries like Pakistan lie in technology. We’re proud to have developed the 5G innovation lab in collaboration with NUST, a tech hub that’s now hosting the country’s first 5G hackathon to help create viable solutions to key challenges while putting Pakistan on the global map of 5G innovation.”

Baber Majid Bhatti, CEO NITB, said, “At NITB, we see the 5G Innovation Hackathon as a catalyst for Pakistan's e-governance evolution. This event unites technology and governance, paving the way for tailored solutions that will enhance citizen services. By harnessing 5G's potential, we're nurturing a digitally connected Pakistan, building capacity, and fostering innovation. Together, we're redefining e-governance for a brighter future.”

Dr Hammad Cheema, Principal and Dean, SINES, NUST, said, “We are thrilled to host the 5G Innovation Hackathon at NUST, an event that brings together the brightest minds in innovation and technology to ignite creative sparks that will shape the future. I thank Jazz, NITB, and CfP for collaborating on this timely initiative as the country prepares to embark on breakthrough 5G-powered solutions that could reshape lives and livelihoods. Together, we can unlock new horizons of innovation and make a lasting impact on the country and the world."

Code for Pakistan's Chief Executive Officer, Shaji Ahmed, expressed excitement about the upcoming event, saying, "The 5G Innovation Hackathon represents a significant step towards harnessing technology for the betterment of society. By partnering with Jazz and NUST, we aim to create a platform where innovation can thrive and where solutions to pressing challenges in Pakistan can emerge. We believe this hackathon will serve as a catalyst for innovation, where diverse minds converge to address Pakistan's most pressing challenges."

The 5G Innovation Hackathon invites talented individuals, researchers, students, and professionals from various backgrounds to collaborate, innovate, and address critical challenges specific to Pakistan's context. Together, we can leverage the power of technology to create real impact and drive positive change.

For more information, contact:

Jazz

Tel: +92-111-300-300

Website: https://www.jazz.com.pk

The post Jazz-NUST 5G Innovation Lab Hosts Pakistan’s First 5G Hackathon in Partnership with NITB and Code for Pakistan appeared first on Pakistan Business News.

Karachi, September 26, 2023 (PPI-OT): Mr. Irfan Iqbal Sheikh, President FPCCI, has called for enhanced cooperation between Pakistan and China on the occasion of Anhui - Pakistan International Agricultural Cooperation and Development Forum in China. Agricultural development and modernization of Pakistan should take prominence in CPEC as Pakistan is facing existential threats vis-à-vis food security for its 240 million populace, he added.

Mr. Irfan Iqbal Sheikh added that creation of modern transportation and logistics infrastructure to facilitate the efficient movement of agricultural products; along with technology transfer from China can improve crop yields; modernize irrigation methods and promote sustainable agricultural practices. Additionally, an expanded access to Chinese market for agricultural products through reduced trade barriers and streamlined regulations can facilitate Pakistan’s agricultural exports.

Mr. Muhammad Suleman Chawla maintained that FPCCI wants Pakistan to fully capitalize on the potential of agricultural development in Pakistan with the help of China and a blueprint needs to chalked out: (i) friendly policies and regulations for Pakistan should be sought from China that favor agricultural development and trade between our two brotherly and friendly countries (ii) facilitating the exchange of information, research and best practices in agriculture (iii) business networking for promoting partnerships and collaborations between businesses in China and Pakistan (iv) capacity building for organizing training programs and workshops to enhance the skills of our agricultural workforce to transformed them into skilled workforce for the modern practices in agriculture.

Elaborating upon the agricultural performance of Pakistan during FY22, Mr. Muhammad Suleman Chawla said that consequent to the floods in 2022, the Rabi Season crops have shown higher yield, which compensated the crop damages of the Kharif Season - leading to an overall growth of agriculture sector to 1.55 percent in FY22.

Mr. Chawla added that, in FY22, production growth of wheat (5.4 percent); sugarcane (2.8 percent) and maize (6.9 percent) partially compensated the negative growth of cotton (41.0 percent) and rice (21.5 percent). Furthermore, the normalization of livestock activities also led to the convergence towards the stabilization path.

Mr. Suleman Chawla highlighted that overall decline of important crops during FY22 is 3.20 percent. The year witnessed an increase of 0.23 percent in other crops; contributing 3.32 percent to GDP; primarily due to increase in oil seeds production by 53.15 percent. Additionally, cotton ginning having share of 0.97 percent in agriculture and 0.22 percent in GDP has declined by 23.01 percent due to decrease in cotton production.

However, it is well compensated by the increase in production of other crops. Livestock having share of 62.68 percent in agriculture and 14.36 percent in GDP, grew at 3.78 percent in FY22 compared to 2.25 percent as compared to FY21.

The forestry sector having share of 2.23 percent in agriculture value-addition and 0.51 percent in GDP, grew at 3.93 percent against 4.07 percent last year due to increase in timber production. Whereas, fishing sector having share of 1.39 percent in agriculture value-addition and 0.32 percent in GDP, grew at 1.44 percent in FY22 compared to 0.35 percent during FY21.

For more information, contact:

Head Office,

Federation of Pakistan Chambers of Commerce and Industry (FPCCI)

Federation House, Main Clifton, Karachi, Pakistan

Tel: +92-21-35873691-94

Fax: +92-21-35874332

Email: info@fpcci.org.pk

Website: http://fpcci.org.pk/

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Lahore, September 26, 2023 (PPI-OT): Technology has seamlessly integrated into our daily lives. Whether it’s shopping online or running a business, the power of technology is now accessible through our digital screens. In 2023, a staggering 44.1% of Pakistan’s population, approximately 97.44 million people, is smartphone users, and this figure is expected to rise further in the future. To meet the growing demand for these gadgets, Technology brands must continually seek new and innovative strategies to meet the ever-evolving demands of consumers.

TECNO, the largest and most innovative technology brand with a global presence spanning over 70 countries and five continents, has consistently dedicated itself to transforming the digital experience within emerging markets worldwide. It has always worked towards improving the customer experience by creating modern and aesthetically pleasing designs with cutting-edge technologies, offering a wide range of technology products, including highly demanded mobile phones and laptops.

Their tagline, ‘Stop at nothing,’ serves as a powerful reflection of TECNO’s staunch commitment to innovation and progress. The company’s approach involves a continuous journey of creativity, where they explore new horizons and challenge the limits of what’s possible in technology. Each product they produce is meticulously crafted with a deep understanding of contemporary styles and the ever-evolving trends in technology. This dedication to remaining at the forefront of design and technology ensures that TECNO’s offerings remain consistently relevant and appealing to their customers.

With a track record of winning numerous awards since its inception, including accolades such as the Most Innovative Smartphone of 2020, Outstanding Mobile Phone Brand of the Decade in 2022, the iF Design Award in 2022, and the 2023 Muse Product Design Platinum Award, TECNO has garnered global recognition for its outstanding craftsmanship and innovation.

TECNO’s Smartphone Lineup

TECNO features four distinct smartphone product lines: PHANTOM, CAMON, SPARK, and POVA. In addition, the brand has unveiled two high-end laptop series, namely TECNO Megabook T1 and TECNO Megabook S1. With each passing year, TECNO has placed significant emphasis on camera and design leadership as pivotal components of their product development strategies. Notably, the brand has made substantial enhancements to its photography experience through the adoption of industry-leading camera technologies. The brand has also made substantial investments in technology in recent years, incorporating key camera innovations such as AI portrait algorithms, sensor-shift OiS, a multi-skin tone imaging system, RGBW sensors, and more. TECNO phones also offer several features that are designed to enhance the photography experience, such as AI Scene Detection, Ultra Night Mode, Portrait Mode, AI Beauty Mode, and HDR Mode.

The standout breakthrough of 2023 is the Eagle Eye Lens, equipped with a 4K image sensor and optical image stabilization (OIS), enhancing the production of sharp, clear images and videos. This lens is expected to feature prominently in TECNO’s upcoming flagship smartphones in 2023.

TECNO is also known for its innovative and stylish designs, which play a pivotal role in the company’s success. It remains steadfastly committed to creating products that not only exude beauty but also offer functionality and user-friendliness. The brand’s philosophy revolves around seamlessly merging cutting-edge technology with contemporary aesthetics. Continuously attuned to ongoing trends, TECNO’s design ideals are in a constant state of evolution, with the company perpetually seeking fresh ways to enhance the user experience. Some of the noteworthy design technologies recently introduced by TECNO include the CAMON Puzzle design, Magic Skin Material, and Sapphire-grade nanocrystalline ceramic. These innovations show TECNO’s design leadership, evident in all its products.

TECNO AIoT: Expanding for Seamless, Intelligent Lifestyles

The brand also incorporated AIoT business strategy in 2019 to establish a digital product ecosystem to comprehend evolving customer behaviors and preferences, thereby enabling more personalized experiences while also enhancing operational efficiency. With years of dedicated effort and a track record of achievements, TECNO AIoT remains committed to expanding its product portfolio, focusing on smartphones and laptops, and elevating cross-device connectivity to deliver a seamless digital experience to individuals, households, and organizations. This empowers them to cultivate a fully connected, intelligent lifestyle.

While TECNO has been a leading provider of cutting-edge technology products in the industry for years, it has also dedicated itself to continuously refining its after-sales service over time. This commitment includes expanding repair centers, utilizing genuine parts, striving for speedy repairs, offering diverse repair options, and great customer support, all to deliver a more convenient and reliable experience for its valued customers.

TECNO has partnered with major online e-commerce platforms to provide smooth digital shopping experience, such as Lazada, Shopee, Flipkart, and JUMIA, among others. In addition to this, TECNO’s recent retail store rebranding initiative is a key component of the company’s ongoing commitment to enhancing the customer experience. These newly revamped stores have been meticulously designed to simplify the process of discovering TECNO products and selecting the right fit for individual needs.

They offer an immersive and interactive shopping experience characterized by a modern aesthetic featuring vibrant colors and captivating graphics. Furthermore, these stores incorporate various interactive displays, empowering customers with deeper insights into TECNO’s product offerings. TECNO has also unveiled plans to extend this retail store rebranding effort to other countries, aligning with the company’s broader strategy for expanding its presence in these regions.

TECNO’s CSR Program: Global Focus on Education, Health, Environment

TECNO is not only dedicated to delivering outstanding technological innovations but also remains committed to its corporate and social responsibilities. TECNO’s CSR program, “TECNO Cityzens Giving,” globally focuses on education, health, and the environment. It supports projects such as building schools, donating medical supplies, planting trees, and fostering entrepreneurship. This program reflects TECNO’s commitment to responsible corporate citizenship and a sustainable future. The company has partnered with UNHCR to provide higher education and job opportunities to refugee scholars. Additionally, TECNO has initiated the “Take Me Home” campaign in Kenya to support local families and children. There are numerous other examples where TECNO has continuously worked towards providing a better future for youth and building a more harmonious community.

In 2023 and beyond, TECNO is dedicated to enhancing the technology experience to the fullest, committing not just to keeping up with but surpassing international standards of innovation and creativity. This entails the production of top-notch, technologically advanced, and stylishly modern devices that set new benchmarks for quality and sophistication.

For more information, contact:

TECNO Mobile Pakistan

Tel: +92-21-111-999-666

Website: https://www.tecno-mobile.com/pk/home/

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