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Lahore (Muhammad Yasir) Almas Hyder, Chairman Engineering Development Board along with FPPCI President Anjum Nisar and Irfan Iqbal President LCCI inaugurated the Pakistan Auto Show 2020 at the Expo Centre in Lahore. The event has been organized by the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) and will run from February 21-23 2020.

This event features more than 100 exhibitors comprising of local and international auto-manufacturers and related enterprises. PAAPAM represents over 3000 large, medium and small industries all over Pakistan. This year’s show is themed “MAKE IN PAKISTAN”.

This ground-breaking exhibition highlights the tremendous growth and enormous potential of Pakistan’s automobile industry. Along with being the cheapest source of tractors in the world, Pakistan is on target to becoming the future hub for auto manufacturing. This grand exhibition, spread over 38,666 square feet is supported by the Engineering Development Board and PakWheels.com, while the sponsors include: Honda, Suzuki, Hyundai & Millat Tractors.

While addressing the media at the inaugural ceremony, the chief guest Mr. Almas Hyder Chairman Engineering Board and FPCCI President Mian Anjum Nisar stated “The automobile industry of Pakistan is a cornerstone of the national economy. It not only vitalizes the economy but plays an essential role in elevating Pakistan’s image as a progressive country with a thriving industrial base. The government’s strong commitment to this industry helps to encourage large-scale investments and creates a business-friendly environment for the automotive and engineering sectors as well. I offer my heartiest congratulations to our local industrialists and engineers who have achieved remarkable success in establishing a robust engineering sector, which is generating remarkable new opportunities for value-added exports.”

Pakistan Auto Show 2020 Chief Organizer and PAAPAM former chairman Syed Nabeel Hashmi said “Pakistan Auto Show 2020 is setting new benchmarks and trends for the automotive industry. Today, this mega event attracts more than 100,000 visitors from all over Pakistan and internationally. Over 200 international buyers and well over 100 international visitors will be attending the largest auto show in Pakistan.” The government needs to prepare long-term plans and support industries accordingly.

The Chairman of Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) – Capt. (R) Muhammad Akram stated that: People are passionate about seeing the latest revolutionary technologies being deployed in Pakistan. Some of the participants this year include global automobile brands, along with spare-parts manufacturers, component suppliers, Original Equipment Manufacturers (OEM vendors), automobile traders, investors, buyers and enthusiasts, who want to expand their business networks and gain more information about the innovations and products in this sector.”

 President Lahore Chamber & Commerce Industry Irfan Iqbal said, we offer engineering, mechanical and technical training and development courses including diplomas to students. About the recent boom in the auto industry, he said “We have definitely seen a rise in the number of people interested in pursuing a career in the auto industry. In order to cater to the increased demand, we have laid out a precise plan to produce quality labor force.” He added that Pakistan Auto Show is crucial for raising awareness and providing opportunities for the upcoming generation.

The inaugural day at the show, saw an overwhelming response from industry stakeholders, international large-scale buyers and diverse consumer segments, as the Pakistan Auto Show features; cars, tractors, trucks, buses, 4X4, motorcycles, three wheelers and exotic cars, while promoting a wide array of advanced technologies and solutions, including; engines, casting, forging, sheet metals, jigs and fixtures, along with electronics, car-paints, tools, tires, batteries, plastic parts, rubber parts and accessories.

Companies from around the world participated in the show including leading auto manufacturers from Japan Germany France Turkey Thailand Taiwan USA and UAE.

Pak-Qatar Takaful increases its footprint;

expands its network to 100+ branches across Pakistan

Karachi (Muhammad Yasir)  Pak-Qatar Takaful, Pakistan’s Pioneer and the Largest Takaful Group announced the completion of over 100 branches across more than 90 cities of the country today. PQTG is committed towards providing financial protection to everyone and serving its customers with the best services 24/7.

Speaking on the achievement, Mr. Nasir Ali Syed, CEO Pak-Qatar Family Takaful stated, “With over 100 branches, PQTG is a key player in Pakistan’s Takaful Industry and offers its customers with a wide range of Takaful products. In the year 2020, we are determined to continue providing better access and convenience to our diverse range of customers with their continuous support and trust”.

The Group is currently providing need-based, practical and profitable financial services to more than 700,000 members and over 1100 corporate clients. This includes Family (Life & Health) financial protection for over 500,000 individual Pakistani citizens that are Takaful participant policy-holders across the country. Moreover, PQGT has an aggregate turnover of PKR 9 billion for 2019 whereas, PQFTL has declared surplus of approximately PKR 447 million since inception.

Over a decade of history with a customer-centric approach, PQTG is determined to ensure that their valuable customers get facilities exceeding their expectations, and to further expand its network in fulfilling customers’ needs by the end of 2020.

Karachi (Muhammad Yasir) Pakistan’s premier conglomerate, Engro Corporation (PSX: ENGRO) announced its financial results for the financial year ended December 31st, 2019. Consolidated revenue grew by 32% in comparison to the year ended December 31st, 2018, mainly driven by energy projects in Thar coming online during July 2019 and augmented by higher turnover of Fertilizers and Petrochemicals businesses. The Company posted a consolidated profit after tax (PAT) of PKR 30,288 million compared to PKR 23,632 million for last year. Profit attributable to the owners was recorded at PKR 16,533 million compared to PKR 12,708 million for last year. This growth in profitability is after accounting for a provision of PKR 1,224 million relating to impairment of the Company’s investment in FrieslandCampina Engro Pakistan Limited, under the requirements of International Accounting Standard 36 (Impairment of Assets). On a standalone basis, the Company posted a PAT of PKR 14,303 million against PKR 12,720 million for the comparative year, translating into an EPS of PKR 24.83 per share. This increase is primarily attributed to higher dividends from subsidiaries as well as higher interest income on investable reserves. The Company announced a final cash dividend of PKR 1.00 per share for the fourth quarter, bringing the cumulative payout for the year to PKR 24.00 per share. Fertilizer business achieved a historic milestone of highest ever Urea production of 2 million tons due to better plant efficiency and higher gas availability. This, coupled with higher fertilizer prices, has resulted in an increase of 11% in sales revenue over the prior year. The business recorded a PAT of PKR 16,871 million – down by 3% from last year – decrease mainly attributed to a one-off deferred tax impact of higher future corporate tax rates introduced through Finance Act, 2019. Urea prices are expected to remain under pressure following a prospective reduction in GIDC. In response to this reduction, the business passed on the benefit to the end consumer through a price reduction of PKR 160/bag. Furthermore, the fertilizer industry continues to face challenges in the recovery of long outstanding subsidy and retrospective settlement of GIDC. Polymer business recorded a revenue growth of 7%, while PAT was PKR 3,661 million compared to PKR 4,930 million for last year. This fall in profits is attributable to inflationary impacts in the form of higher energy prices and interest rates coupled with one-off gains recorded in 2018.

In line with its long-term strategy, the business successfully initiated commercial production and commenced exports from its Caustic Flake plant. Development of the 3.8 Mt per annum mine at Thar concluded with the successful ‘Test on Completion’ on June 3rd, 2019. Thereafter, Commercial Operations Date (COD) was declared on July 10th, 2019 for both mining and power projects and the Thar power plant has been running smoothly ever since. Further, the project commenced construction of Phase II of the mine expansion and achieved Financial Close on December 31st, 2019, which will enhance production of coal from the mine to 7.6 Mt per annum. The Qadirpur Power Plant continued to demonstrate excellence with a Net Electrical Output of 1,097 GwH to the National Grid. Receivables from power purchaser remained high and are becoming a continuous challenge for the business and the power sector in general and need urgent attention from the relevant authorities. Elengy Terminal handled 74 cargoes in line with last year. The LNG terminal currently fulfills more than 12% of the country’s gas requirements. The Engro Vopak Terminal witnessed a volumetric increase of 6% for chemicals and LPG handled over last year, which is mainly attributable to higher chemical imports. During the year, Engro expanded its focus on investing in human capital and people development, paving way for evolution of future leaders. The Company also renewed its emphasis on brand building by capitalizing on the commissioning of the historic Thar Project. With this accomplishment, Engro is using indigenous resources to help alleviate the energy crisis and has, once again, proven its ability to deliver on mega projects that enable development for the people of Pakistan. Engro also accomplished the most complex digital business transformation ever witnessed in Pakistan through the One-SAP initiative. This transformation journey made news on all international forums of SAP, leading the Company to win SAP Quality Awards for MENA region. With this initiative, Engro becomes Pakistan’s first ever SAP Customer to be a permanent member of SAP Executive Advisory Council. One-SAP aims to bring synergies, group wide visibility, increased efficiencies and improved governance for the Company. Engro made its mark on various forums during the year and was recognized as Pakistan’s most Outstanding Company in the industrial sector at Asiamoney, Asia Outstanding  Companies Poll in 2019.

Engro is well Placed to make a major contribution in helping solve some of the country `s pressing issues and improve the lives of the people of Pakistan.The Company continues to concentrate on creating long term sustainable shareholder value by optimizing capital allocation to desired  sectors in line with its capital allocation strategy. 

Islamabad (Muhammad Yasir) Telenor Pakistan is revolutionizing the TV viewership experience for its audience with Goonj; a mobile app that provides live and video-on-demand (VoD) streaming services featuring some of the most prominent channels. Most important of all, Goonj will be live streaming all HBL PSL-V matches. 

Pakistan Super League is one of the most anticipated cricket series in the country with thousands flocking the stadiums to witness their favorite team set the stage alight with their performances. Millions of other viewers enjoy the matches at home or with group of friends at various locations. This year, the tournament is being held in Pakistan and Telenor Pakistan is offering cricket enthusiasts the opportunity to stream each match while ensuring a quality experience through Goonj. Besides an Android application, people can watch the matches live on the Goonj TV website at Rs. 5.99/day.

Sardar Mohammad Abubakr, Chief Digital & Strategy Officer Telenor Pakistan, shed light on how the focus is shifting from TV to streaming services. “Customers today demand convenience and their wish is our command. We recognize cricket as our national passion and we are hence live streaming HBL PSL–V on Goonj TV app and Goonj tv webpage. We are committed to providing even better live TV and content experiences to our customers!”

Goonj TV is a premium television and VoD app offering users HD quality viewing experience. The platform has more than 25 top channels catering to news, drama, kids, sports, music and movies. Leading broadcasts like Geo, Dunya, Express, Samaa, Dawn, Aap, CNN and KTN News are all available on the application. Goonj also offers a host of other features like breaking news notifications, search feature to find what you’re looking for, ability to follow your favorite anchors, programs, and topics, customized video feed based on your interests and specially curated top news stories. It costs just PKR 8/day for live channels, while VoD is free of cost.

Karachi (Muhammad Yasir) Faysal Bank is one of the fastest growing banks in Pakistan and is on its journey to convert from a conventional bank to a full fledged Islamic Bank, which is regarded as the largest conversion in the financial sector. 

The Bank has already successfully converted a large portion of its conventional banking network and portfolio into Islamic. At the end of 2019, Faysal Bank has a total of 555 branches, out of which 414 are dedicated Islamic branches. 

The Bank, in the last two years, has grown significantly in terms of its footprint, Islamic products and its customer base both through its expanding network and digital banking.

On this occasion, the CEO reiterated the vision of the Bank to be the leading Islamic Bank in Pakistan with customer centricity and technology as the pillars of growth.

Photo Caption : Faysal Bank has been awarded “Best Emerging Islamic Bank – 2019”. Mr. Yousaf Hussain, CEO of Faysal Bank received this award from the Governor SBP, Mr. Raza Baqir at the CEO Summit Asia, held at Karachi. 

Karachi (Muhammad Yasir) Global demand for liquefied natural gas (LNG) grew by 12.5% to 359 million tonnes in 2019, according to Shell’s latest annual LNG Outlook published today – a significant increase that bolsters LNG’s growing role in the transition to a lower-carbon energy system.

2019 saw key developments that are helping to reshape the industry, namely; 

• an industry record of 40 million tonnes of additional supply becoming available and being consumed by the market.
• the belief in long-term demand growth triggering record investment decisions in liquefaction capacity of 71 million tonnes.
• an increase in diversity of contractual structures, providing a wider range of options to LNG buyers.
• the growing role of gas in improving air quality through coal-to-gas switching in the power and industrial sectors, with coal generation phase-out announcements more than trebling.

Natural gas emits between 45 and 55% fewer greenhouse gas emissions and less than one-tenth of the air pollutants than coal when used to generate electricity.

“The global LNG market continued to evolve in 2019 with demand increasing for LNG and natural gas in power and non-power sectors,” said Maarten Wetselaar, Integrated Gas and New Energies Director at Shell. “Record supply investments will meet people’s growing need for the most flexible and cleanest-burning fossil fuel.”

“While we see weak market conditions today due to record new supply coming in, two successive mild winters and the Coronavirus situation, we expect equilibrium to return, driven by a combination of continued demand growth and reduction in new supply coming on-stream until the mid-2020s.”

Europe absorbed the majority of 2019 supply growth as competitively-priced LNG furthered coal-to-gas switching in the power sector and replaced declining domestic gas production and pipeline gas imports.  

New spot-trading mechanisms and a wider variety of indices used for long-term contracts point towards LNG becoming an increasingly flexible commodity.

There was a modest rise in imports to Asia in 2019, compared to the previous two years, a result of mild weather and rising electricity generation from nuclear power in Japan and South Korea, two of the three largest global importers. In China, LNG imports increased by 14% in 2019 as efforts continued to improve urban air quality.

Also notable was LNG demand growth in South Asia. In total, Bangladesh, India and Pakistan imported 36 million tonnes, an increase of 19% over last year, pointing to emerging growth countries in Asia.

Over the longer-term, global LNG demand is expected to double to 700 million tonnes by 2040, according to forecasts*, as gas plays a significant role in shaping a lower-carbon energy system.  

Asia is expected to remain the dominant region in the decades to come, with South and South-east Asia generating more than half of the increased demand.

View Shell’s LNG Outlook 2020 at www.shell.com/lngoutlook

Karachi (Muhammad Yasir) In its recently concluded 46^th Shariah Supervisory Board meeting, Meezan Bank’s Shariah Supervisory Board approved guidelines for digital Mudarabah-based mobile account to support financial inclusion in Pakistan.

The meeting was chaired by Dr. Muhammad Imran Ashraf Usmani and attended by Sheikh Esam Mohamed Ishaq, Mufti Muhammad Naveed Alam, Mr. Ahmed Ali Siddiqui and other key officials. Mr. Irfan Siddiqui – President & CEO, Meezan Bank and Mr. Ariful Islam – Deputy CEO, Meezan Bank were also present in the meeting which was held at Movenpick Hotel, Karachi.

The Shariah Supervisory Board showed its overall satisfaction on the Shariah-compliance environment and operations of the Bank.

Several key issues were discussed in the meeting related to modern trends in Islamic banking. Guidelines for a digital mobile account – Meezan Asaan Mobile Account based on Mudarabah was approved under which a customer can open his digital mobile account at Meezan Bank without the hassle of visiting any physical branch. On maintaining balance in this account, the customer would be entitled to receive halal profit based on actual returns of Shariah-compliant financings on monthly basis. Furthermore, the customer can use this account to deposit and withdraw funds digitally or from any Meezan Bank branch all over Pakistan.

The Shariah Supervisory Board also gave important guidelines related to housing finance facility to be offered by the Bank in collaboration with Pakistan Mortgage Refinance Company which is low cost housing finance solution for the lower and middle income families.

Relevant guidelines related to Islamic Fintech solution for supply chain financing were also issued by the Shariah Supervisory Board to make Shariah-compliant financing solutions accessible to Small and Medium Enterprises in Pakistan.

Earlier on the same day, a meeting between Shariah Supervisory Board and Board of Directors (BoDs) of Meezan Bank was also held as part of the annual meeting plan of the Shariah Supervisory Board and BoD. In this meeting Dr. Muhammad Imran Ashraf Usmani conducted a learning session for the Board and also apprised them regarding the key decisions taken by the Shariah Supervisory Board during the year 2019.

Lahore (Muhammad Yasir)  The High Commissioner for the Islamic Republic of Pakistan, Mr. Imran Ahmed Siddiqui presented his credentials to Honourable Md. Abdul Hamid, President of the People’s Republic of Bangladesh in an elegant ceremony held at the Presidential Palace (Banga Bhaban) this afternoon. 

While presenting his credentials, High Commissioner Imran Ahmed Siddiqui, conveyed to the President the greetings and good wishes of the President and the Prime Minister of Pakistan and expressed the desire of the Government of Pakistan to further strengthen the cordial ties between Pakistan and Bangladesh. 

The President warmly welcomed the High Commissioner, felicitated him on his appointment and assured him his full cooperation and support in the discharge of his diplomatic responsibilities. The President fondly recalled his visit to Pakistan in 2011 as Speaker of the Bangladesh Parliament and hoped that bilateral relations between Pakistan and Bangladesh will further grow in the years ahead. 

Also present at the ceremony were Mr. Masood Bin Momen, Foreign Secretary of the People’s Republic of Bangladesh, Mrs. Imrana Siddiqui and Mr. Kashif Jameel, Counsellor, High Commission for Pakistan, Dhaka.