Category: Business

Pakistan (Muhammad Yasir) With the entire country standing in unison to aid rehabilitation efforts in flood-affected regions of Pakistan, Mondelez Pakistan Limited, being one of the country’s leading socially responsible corporate entities has played its part by contributing over 100,000/- USD in cash along with in-kind donations to support families in building their homes and livelihoods once again. To ensure that our contribution have been given to the right impacted people, Mondelez Pakistan Limited has partnered with Akhuwat and Pakistan Red Crescent Society (PRCS), both leading institutions in the country working round the clock to facilitate affected people in Pakistan.

Recent flooding across Pakistan affected more than 33 million families and there is a lot more that still needs to be done to return these people to their normal lives. In playing its part, Mondelez Pakistan Limited has disbursed cash donations as well as supplies including clothes, medical supplies, food and a variety of other necessary items to continue facilitating people and their journey towards rehabilitation. The donations will be channeled to assist not just in reconstruction of homes but also to provide sustainable avenues for families to rebuild what they’ve lost and to provide for their loved ones.  

Commenting at the occasion, Mr. Sami A. Wahid – Managing Director, Mondelēz Pakistan Limited has stated; Mondelez Changemakers is our global community involvement program that closely ties to Snacking Made Right and allows us to make an impact by giving back to community. These are trying times for a significant chunk of the population of Pakistan and People have lost their homes, livelihood and loved ones. Although flood waters are receding across the country, there is a lot that still needs to be done. As a nation and more importantly as an empathetic social entity, we at Mondelez Pakistan Limited are pleased to play a role with our partners doing the same for rehabilitation initiatives being carried out across the country.”

While expressing his gratitude, Mr. Kanwar Waseem, PRCS Provincial Secretary thanked Mondelez Pakistan for standing with the people of Pakistan in these testing times. He also added, “The unprecedented floods have played havoc across the country. We need joint efforts for alleviating the sufferings of the flood victims and need speedy compensation for those families who had lost their loved ones and whose property had been damaged during the floods.”

Dr. Amjad Saqib, Founder of Akhuwat also appreciated the contributions of Mondelez International and said “I offer my heartfelt gratitude towards Mondelez Pakistan for their cash and in-kind donation. In this hour of difficulty, the responsibility falls on everyone to share the pain and suffering of the flood victims while also helping them with their difficulties. As a nation, we must work together to rebuild and rehabilitate families from flood affected areas across the country.”

Mondelez Pakistan Limited is organizing extensive efforts to support all flood affected families, including its own employees, who have suffered on account of these unprecedented floods.

foodpanda organizes Road Safety Awareness session with Islamabad Capital Territory (ICT) Traffic Police for delivery riders

PAKISTAN (MUHAMMAD YASIR)  Keeping up with its commitment of prioritizing the safety and well-being of its fleet, foodpanda recently organized a road safety awareness session for its riders, which was conducted by the Islamabad Capital Territory (ICT) Traffic Police.

The session was followed by a talk from the SSP ICT Traffic Police Dr Mustafa Tanveer. The training aimed at ensuring that all riders strictly follow the traffic rules and drive with more responsibility and care, not only for their own safety but also for the safety of all drivers and pedestrians on the roads.

Speaking on the occasion, Hassan Arshad, Director Policy & Communications at foodpanda Pakistan, stated that delivery riders spend a lot of time on roads and at all hours, making it essential that they are adequately coached on safe driving practices. “We believe that road accidents are entirely preventable and more sessions like these to be organized to train the riders all over the country as the company is cognizant of its responsibility in mentoring its delivery riders.” He further added.

 

Karachi (Muhammad Yasir)  Standard Chartered Bank Pakistan Limited (SCBPL) delivers record profit before tax of PKR 36.4 billion, registering an increase of 98 per cent year on year. Performance was driven by strong income growth, as well as continued cost and risk discipline.

Overall revenue grew by 70 per cent to deliver a top-line of PKR 45.1 billion, with positive contributions from all segments. Despite a high inflationary environment and continuous investments in our infrastructure, operating expenses continue to be well managed through efficiencies and disciplined spending with an increase of 12 per cent from the same period last year. Moreover, reversal of Covid-19 general provision, coupled with lower impairments and strong recoveries led to a net release of PKR 1.5 billion during the period against a net release of PKR 0.8 billion in loan impairments in the comparative period.

With a diversified product base, the Bank stands well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by PKR 108.0 billion (up 17%), whereas current and saving accounts increased by PKR 119.0 billion (up 21%) since the start of this year and comprise 95% of the deposit base. Advances declined marginally since the start of this year and the Bank continues to monitor the portfolio in the prevailing economic environment as part of its strategy to build a profitable, efficient, and sustainable business.

The external environment remains challenging; however, we remain fully committed to delivering a sustainable growth for our shareholders, bringing the best-in-class services and solutions for our clients and playing our part in the growth story of Pakistan. Standard Chartered continues to make good progress against its strategic priorities. The global network differentiates the Bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings. At all times the Bank strives to maximise the contribution to State Bank’s initiatives. In line with the State Bank’s efforts on financial inclusion, with enhanced digital offering, Standard Chartered is now able to reach more clients across the country and provide them with convenience of opening accounts as well as subscribing to products and banking services online. Overall, the Bank’s transformation journey stands well-curated, closely aligned with the Pakistan’s landscape and helping lift participation through digitization.

Sustainable finance along with digital solutions for clients and their ecosystem stay as areas of keen focus for the Bank. The Bank continues efforts under its initiative ‘Futuremakers by Standard Chartered’ initiative to tackle inequality and promote greater economic inclusion for young people in the community. Standard Chartered has also contributed towards emergency relief and rehabilitation of communities impacted by the recent floods that have caused devastation in Pakistan.

Commenting on the results, Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “I am pleased to share our results for the first three quarters of 2022 which clearly reflect strong foundations, enhanced productivity and good headway towards achieving our strategic priorities. The results give me the confidence that we have the right strategy to deliver real value to our clients, our investors and the communities where we operate. I am thankful to our clients and business partners for their ongoing trust in our capabilities and to our associates and colleagues for their commitment, passion and hard work in supporting the Bank in its journey.

We are investing heavily in our people, giving colleagues the skills they need to succeed, bringing in expertise in critical areas and evolving to a more innovative and agile operating model, as we strive to drive innovation and increase our operational efficiency further. This operational leverage allows us to create capacity to invest in the many exciting and potentially transformational initiatives as the Bank’s pivot to digital continues.

The external environment remains challenging; however we remain fully committed to delivering a sustainable growth for our shareholders, bringing the best in class services and solutions for our clients and playing our part in the growth story of Pakistan.”

With a strong Return on Equity (ROE) of 23.5% for the period and a Capital Adequacy Ratio (CAR) of 17.7%, the Bank remains well positioned for future growth.

 

Pakistan (Muhammad Yasir) The Board of Directors of Soneri Bank Limited, in their 194th meeting held in Karachi on 27th October 2022, approved the Bank’s condensed interim financial statements for the nine months ended 30 September 2022.

UBL partners with Habib University for Pakistan’s first Design & Digital Training Program

Paksitan (Muhammad Yasir) UBL and Habib University have entered into an agreement for Level Up, Pakistan’s first design and digital training program. An MoU ceremony to mark the occasion was recently held at UBL’s Head Office, in Karachi. Mr. Shazad G. Dada, President & CEO, UBL and Mr. Wasif Rizvi, President Habib University alongside other senior members from both organizations attended the event.

 “As Pakistan’s most innovative and progressive Bank, this program personifies the essence of UBL’s vision, combining the use of cutting-edge technology to provide digital financial services, with investment in young tech-talent of Pakistan. Successful candidates will work at UBL’s state of the art Digital Lab, providing them a taste of real industry problems and putting theoretical solutions into practice. We are very excited about this program and look forward to providing the youth of Pakistan a rich diversity of career opportunities at UBL.” said UBL President Mr. Shazad G. Dada.

 “Habib University prides itself on providing a contextually grounded education through our industry linkages. This partnership with UBL helps us deepen our engagement with industry, and provide practical learning opportunities to fresh graduates,” added President Habib University, Mr. Wasif Rizvi.

 Level Up is an experiential, nine-month training program designed to introduce the youth to digital financial services and train them to design and take the lead in providing digital solutions to market. The program is open to recent graduates from all universities across Pakistan.

 During the program, Level Up associates will be introduced to design thinking, product engineering and management. They will be working on real projects right from ideas to implementation. Upon successful completion, successful associates will be offered permanent placement within UBL Digital.

“As a key enabler of digital transformation, 5G Leads the Stride and opens up a world of new opportunities”.

Pakistan (Muhammad Yasir) The Global Mobile Broadband Forum 2022 hosted by Huawei and organized together with its industry partners GSMA and GTI kicked off yesterday. The annual event gathers mobile network carriers, vertical industry leaders, and ecosystem partners from around the world to discuss how to make 5G a commercial success, as well as other high-priority industry topics like green development, intelligence, and 5G evolution. At the event opening keynote, Huawei Rotating Chairman, Ken Hu said: “5G has grown faster than any previous generation of mobile technology. In just three years, we’ve seen solid progress in network deployment, consumer services, and industry applications. “5G is in the fast lane,” he continued, “and we should all be proud of the progress we’ve made. But there’s more we can do to maximize its value. We need to work together to fully unleash the power of 5G networks and expand into services like cloud and system integration. Together, we can drive leapfrog development in 5G networks, applications, and the industry as a whole.” As of October 2022, more than 230 carriers around the world have launched commercial 5G services. In total, the industry has set up over three million 5G base stations, serving more than 700 million subscribers. In telecoms, consumer services still account for the bulk of carrier revenue. As 5G becomes more prevalent, its vastly superior experience is driving new shifts in consumer behavior, including a sharp rise in high-definition video traffic. New mobile applications that take advantage of 5G’s greater speeds and lower latency have doubled average user data consumption (DOU) and are increasing average revenue per user (ARPU) by 20%–40%, contributing to steady growth in carrier revenue from connectivity. At the same time, B2B 5G applications are also becoming a new engine for carrier revenue growth, producing considerable value in industries like oil and gas, manufacturing, and transportation. These applications are not only innovative – they’re generating real commercial value for carriers. In 2021, for example, Chinese carriers brought in over USD500 million in new revenue from more than 3,000 industrial 5G projects. What’s more, these projects also generated 10 times that amount from related data and integrated ICT services. B2B 5G applications are poised to become the fastest growing revenue stream for carriers. 5G is enabling new service scenarios, applications, and business models, paving the way for unprecedented growth opportunities in the industry. “To seize these opportunities,” said Hu, “there are a few things we need to do; building out networks for better user experience, driving the development of 5.5G and service innovation to maximize the value of 5G. To push 5G to the next level, Huawei worked with carriers and industry partners to propose four features for 5.5G, the next evolution of 5G technology: 10 Gbps downlink, 1 Gbps uplink, support for 100 billion connections, and native intelligence. Industry digitalization is the next wave of global economic development. As a key enabler of digital transformation, 5G opens up a world of new opportunities. But the ICT ecosystem needs to work together to make the most of them. “If we work together, we can drive leapfrog development in 5G networks, applications, and the industry as a whole,” Hu concluded. James Chen, President of the Global Sales Dept of Huawei Carrier BG, delivered a keynote entitled “Making Strides Towards 5G Success”. In his speech, Chen described how 5G is driving industry development in many aspects. Compared with 4G, 5G networks are 10-times faster, delivering speeds greater than 1 Gbps. 5G users also consume two times more data than 4G users – more than 20 GB per month – and that amount is expected to keep growing. This creates huge opportunities for carriers in three areas: user experience, IoT, and industrial digitalization. Despite these opportunities, 5G rollout is still inconsistent across different countries. Right now, 5G coverage is only available for 29% of the global population – much lower than 4G, which covers 92%. According to Chen, to fully unlock the value of 5G and make it a commercial success, it is necessary to accelerate 5G network deployment, and make the most of “every band, every hertz, and every watt. At the end of his speech, Chen said, “5G is changing the mobile landscape, but this is just the beginning. Huawei will continue to innovate in technologies to maximize the value of each band, hertz, and watt, help global customers build 5G networks with the best experience, optimal energy efficiency, and highest efficiency, and continuously create value for customers.

Lahore (Nut Desk) The Orange Line Metro Train Lahore celebrated its second anniversary during a special ceremony held at the main depot of Orange Line Metro Train project at Dera Gujran in Lahore. The ceremony was graced by the presence of the Chinese Consul General to Pakistan in addition to officials from the Chinese consulate, as well as, Government functionaries and other notable guests. Orange Line employees also joined the celebrations, who were also given special awards based on their outstanding performance during the year. A special cake cutting ceremony was also arranged at the end of the event to make it more special for everyone.

foodpanda, Wasl Investment Finance Ltd to offer delivery riders affordable motorcycle financing.

Pakistan (Muhammad Yasir) To help address the needs of its delivery riders, country’s leading online delivery service foodpanda has teamed up with Wasl Investment Finance Ltd, a non-bank finance company (NBFC), to provide accessible and flexible motorcycle loan options for its rider fleet.

A signing ceremony was held in this regard recently which was attended by senior officials from both organizations.

As per the arrangement, foodpanda riders can now get motorcycles on installments as low as Rs. 999/- per week. For riders’ convenience, the process to acquire the new motorcycle is also kept very simple. Any eligible rider can visit a nearby foodpanda pit stop with his valid CNIC and driving license for registration and a new motorcycle is handed over in the next few days.

The new bikes, in comparison to what the riders are mostly driving, offer significant fuel efficiencies which improve the economics of working as delivery riders. Furthermore, with affordable installment payments, the riders are able to own the asset within 18 months or less.

Speaking about the partnership, Muntaqa Peracha Managing Director & CEO foodpanda Pakistan said, “Safety and welfare of our delivery heroes is our top priority and partnerships like this will spell convenience and benefits for one of the company’s important stakeholders–the riders.”

“We are glad to be working with foodpanda in this project that will benefit and create an impact both financially from the new bike efficiencies as well as improve overall experience for the riders. With this partnership, riders will no longer need to go through a stringent process, which is often the case when applying for a motorcycle loan.” said Faraz Zaidi, CEO Wasl Investment Finance Ltd.

Karachi (Muhammad Yasir) Based on KE’s petition for Quarterly Adjustments for April to June 2022, NEPRA has determined Quarterly Tariff variation for the period applicable on the July 2022 to September 2022. NEPRA has announced PKR 12.6818 /kWh for the quarter. The determinations are in accordance with the mechanism given in KE’s Multi Year Tariff whereby changes in Fuel prices, generation and power purchase mix are passed through along with certain annual adjustments.

Per Government of Pakistan’s Uniform Tariff policy applicable across the country, these variations are not likely to impact consumers. However, the final decision will be based upon Government’s notification.