Category: Business

Lahore (Nut Desk)

Pakistani telecom company, Ufone 4G has taken on board premier South Korean technology conglomerate, Samsung to offer the full range of Samsung handsets for sale at Ufone Service centres nationwide. Mobile users can now purchase brand new Samsung phones from their nearest service centres; however, Ufone 4G users will get an exclusive proposition far more exciting. Ufone 4G offers 15GB free Internet for 3 months to its customers on purchase of each handset from its service centres.

It merits a mention that the arrangement is an extension of Ufone 4G’s long-term commitment to provide users with a top-notch internet experience at all times. Samsung’s innovative and reliable handsets, coupled with Ufone 4G’s lightning-fast internet will enhance customers’ user experience manyfold. The company is further sweetening the pie for its customers by providing free 15 GB Internet for 3 months on the purchase of any Samsung handsets. Ufone 4G customers can now enjoy seamless internet connectivity along with various interesting features offered by Samsung Handsets.

The handsets are initially being offered only at Ufone Service Center Jinnah Super, Islamabad, however, they will soon be available at Ufone Service Centres across the country.

Pakistani telecom company, Ufone 4G is always on the lookout for opportunities to fulfil the evolving digital needs of its customers. From high-end initiatives like the transformation of its network onto 4G to individual based facilitation such as the provision of the latest and most innovative handsets, Ufone 4G is ceaselessly striving to usher in a wholesome telecom experience for its users, which it promises to continue steadily into the future.

foodpanda publishes inaugural Social Impact Report; dedicated over US$35 million to grow communities, digitalise MSMEs and support riders in Asia

Lahore (Muhammad Yasir) foodpanda released its first Social Impact Report, titled pandapurpose, highlighting initiatives the company has taken to contribute to socio-economic and environmental sustainability challenges in Asia. As the largest food and grocery platform in Pakistan and in Asia (outside China), foodpanda dedicated over US$35 million to support communities, help Micro, Small and Medium-sized Enterprises (MSMEs) digitalise, train and upskill delivery riders across the region during the continued pandemic in 2021.

The pandapurpose 2021 report showcases how foodpanda uplifted riders, merchants and customers thrive through technology across its 12 operating markets – Pakistan, Bangladesh, Cambodia, Hong Kong, Japan, Laos, Malaysia, Myanmar, Singapore, Taiwan, Thailand and the Philippines. One key highlight in the report was the introduction of new digital tools that helped MSMEs expand revenue streams, while training and upskilling for riders, and programmes.

Several local programs in Pakistan successfully increased the percentage of economic participation from women entrepreneurs through the HomeChef program, while overall women ridership also increased compared to previous years. A new area of social impact focus in 2021 was the introduction of more sustainability initiatives.

“At foodpanda, we have been driven by our values to keep improving our processes as we are aware that it leads to making millions of lives better. We will keep working hard to sustain the standards that we have set and build an inclusive platform for our community of merchants, riders, customers, and other stakeholders,” said Muntaqa Peracha, Chief Executive Officer, foodpanda Pakistan.

foodpanda is a strong advocate of building an inclusive platform. In 2021, foodpanda raised the level of economic participation from women across Asia, tripling the number of female riders in its fleet and financially empowering women MSME entrepreneurs on the platform through its HomeChef programme. In Pakistan, female riders also joined its fleet while foodpanda created new opportunities for home-based small businesses — run mostly by women — to be financially empowered. Around 1,500 women have already registered as HomeChefs so far.

Marking its tenth anniversary, this Social Impact Report reiterates foodpanda’s commitment to growing alongside its ecosystem of riders, merchants and customers across 12 markets in Asia. foodpanda will look to expand its social impact initiatives in 2022 and the years to come by, positively empowering local communities to live better lives, powered by technology.

BANK ALFALAH PARTNERS WITH PAYMOB – MENA’S MARKET-LEADING DIGITAL PAYMENTS PROVIDER – TO DRIVE DIGITAL PAYMENT ACCEPTANCE IN PAKISTAN

One of Pakistan’s largest Fintech partnerships to date to empower over 100,000 merchants across the country

Karachi (Muhammad Yasir) Bank Alfalah, one of the largest private banks in Pakistan has partnered with Paymob, MENA’s market-leading digital payments provider. The two organizations have collaborated to activate and support merchant acquisition and integration services across Pakistan. The partnership will empower over 100,000 merchants across Pakistan and launch new innovative services in e-commerce acceptance for online merchants.

This partnership records Paymob’s first collaboration outside its Egyptian home market and comes as part of its expansion strategy in the MENAP region.

Bank Alfalah’s partnership with Paymob will drive financial inclusion and lead the way for swift payment acceptance, and will follow Bank Alfalah’s objective to support merchant acquisition and integration services across the country. This collaboration will enable an instant onboarding feature for the first time in Pakistan using Paymob’s advanced solutions such as payment gateway integration, POS terminals and Soft POS.  The instant onboarding feature is empowered by the digital onboarding regulations recently published by the State Bank of Pakistan and comes as one of many positive steps the State Bank has led to enable MSME Merchants in order to further digitize the ecosystem.

The market opportunity in Pakistan is significant given the range of retail outlets and SME businesses across the country’s cities. With over four million SMEs using just over 80,000 POS terminals and less than 3000 e-commerce payment gateways, the market is perfectly suited to meet Paymob’s criteria and strategy to expand globally – and bridge the digital financial gap.

Speaking at the signing ceremony in Karachi, Atif Bajwa, President and CEO of Bank Alfalah said:

“Bank Alfalah is proud to partner with Paymob in one of Pakistan’s largest Fintech partnerships. Our collaboration will aim to serve thousands of merchants across Pakistan and the industry first “Tap-on-Phone” service will allow us to reach even the most remotely located merchants in Pakistan.”

Alain El-Hajj COO of Paymob, said:

“This is a remarkable moment for Paymob. We are honored to partner with Bank AlFalah under its progressive leadership to provide reliable and seamless digital payment services for SMEs across Pakistan. With this partnership we aim to contribute the shared vision of economic growth and digitization of SMEs”.

Pakistan’s market has several positive drivers. GDP growth is forecast at 5-6% per annum, with the total value of e-commerce consumer goods having grown by 83% in 2021 to reach US$3.9 billion. The Pakistan Telecommunication Authority reports that 101 million people use the internet in Pakistan, with 46% having access to broadband services and 85% (183 million) to mobile connections.

According to the PIDE, Pakistan has the potential for significant Fintech growth, due to its increasing youth population, disruptive internet and smartphone penetration, consumer preferences for mobile phones and social media, a booming e-commerce market facilitating digital payments, and the financial system’s overall capacity for innovation.

Islamabad (Muhammad Yasir)  METRO, the leading international wholesale company, has partnered with the Federal Board of Revenue (FBR), to reward its customers as part of FBR POS Prize Scheme by announcing 10 cash prizes of Rs. 100,000 each for their valued customers participating in the prize scheme. A simple yet impressive ceremony in this regard was held at the METRO Capital Outlet in Islamabad, graced by Mr. Qaiser Iqbal, Member FBR, Inland Revenue – Operations, along with the senior management of METRO Pakistan, and the winning customers.

Speaking at the occasion, Mr. Marek Minkiewicz, Managing Director, METRO Pakistan, said “METRO was the first one to integrate with FBR as a Tier-1 retailer across Pakistan, and took the lead in documentation of economy. We have further taken a step ahead and sponsored 10 cash prizes of Rs. 100,000 each for our valued customers, in addition to FBR’s anounced prizes”.Sharing his thoughts, the Chief Guest, Mr. Mr. Qaiser Iqbal, Member FBR, Inland Revenue – Operations, thanked the management of METRO Pakistan, and said, “The event like this is a sign of business transparency from our partners METRO, and a welcome step to encourage its customers towards the documentation of economy”

In his address, Mr. Pervaiz Akhtar, Director Corporate Affairs, briefed about the reward,  “Today we are gathered to honor our valued customers from the twin cities, Rawalpindi and Islamabad, who won cash prizes in the POS Prize Scheme. I would like to encourage all our customers to continue shopping from METRO, enter the receipt in FBR’s Tax Asaan App and give yourself a chance to win cash prizes. In the month of March, we had 10 lucky METRO’s customers winning one lac rupees each”. 

At the end of the ceremony, Mr. Marek, MD METRO Pakistan presented the cheques and gift hampers to lucky winners.

(NUT DESK)

WASHINGTON: Twitter moved Friday to defend itself against Elon Musk’s $43 billion hostile takeover bid, announcing a plan that would allow shareholders to purchase additional stock.

Musk’s proposal faces uncertainty on multiple fronts, including possible rejection and the challenge of assembling the cash, but could have wide-reaching impacts on the social media service if consummated.

Twitter’s board has unanimously adopted a so-called shareholder rights plan, also known as a “poison pill,” as the struggle for control of the social media platform intensified.

“The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium,” Twitter said in a statement.

Musk sent shockwaves through the tech world on Thursday with an unsolicited bid to buy the company, stating the promotion of freedom of speech on Twitter as a key reason for what he called his “best and final offer.”

The world’s richest person offered $54.20 a share, which values the social media firm at some $43 billion, in a filing with the Securities and Exchange Commission made public on Thursday.

Musk told a conference in Canada that he was “not sure” he would succeed and acknowledged a “plan B” but refused to elaborate, though in the filing he noted a rejection would make him consider selling his shares.

Musk last week disclosed purchase of 73.5 million shares — or 9.2% — of Twitter’s common stock, an announcement that sent its shares soaring more than 25%.

The board’s “rights plan” kicks in if a buyer takes 15% or more of Twitter’s outstanding common stock in a transaction not approved by the board.

Musk said he “could technically afford” the buyout while offering no information on financing, though he would likely need to borrow money or part with some of his mountain of Tesla or SpaceX shares.

Despite saying he wanted to take the company private, he said the firm would keep up to 2,000 investors — the maximum allowed.

Some investors have already spoken against the proposal, including businessman and Saudi Prince Alwaleed bin Talal.

Morningstar Research analysts echoed that perspective, saying, “While the board will take the Tesla CEO’s offer into consideration, we believe the probability of Twitter accepting it is likely below 50%.”

Twitter stock closed down nearly two percent Thursday.

Musk’s move throws another curve into the roller-coaster ride of his volatile relationship with the global social media service, and raises many questions about what comes next.

He was offered a seat on the board but turned it down over the weekend.

Musk breaks the mold as a business figure, even in the Silicon Valley world known for disrupting markets and changing lifestyles. The serial entrepreneur’s endeavors include driving a shift to electric vehicles with Tesla, private space exploration and linking computers with brains.

(NUT DESK)

BEIJING: Chinese telecoms giant Huawei on Monday reported record profit for 2021, defying the US sanctions aimed at it as executive Meng Wanzhou made her first public appearance since returning to China from Canadian custody.

The company has been caught in the crosshairs of a US-China trade and technology rivalry, with the administration of former President Donald Trump moving to cripple it over cybersecurity and espionage concerns.

The results, announced in Chinese tech hub Shenzhen, also marked the first return to the limelight of Meng since her high-profile return to China after nearly three years under house arrest in Canada.

Meng, daughter of CEO and founder Ren Zhengfei, spent the years in Canada fighting extradition to the US, as Washington accused her of defrauding HSBC bank by trying to hide alleged violations of US sanctions on Iran.

She returned home shortly after two Canadians were released from prison in China, ending a diplomatic row that poisoned ties between Beijing and Ottawa for years.

Huawei’s revenue fell by around 29 percent last year to 636.8 billion yuan ($100 billion), as it grappled with US sanctions aimed at blocking access to key technology and supplies.

But the slump under US sanctions appears to be slowing, and the company said its net profits hit a new record — surging 75.9 percent on-year to 113.7 billion yuan.

“Despite a revenue decline in 2021, our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty,” Meng said in Monday’s statement.

The company attributes its profitability to “improved product portfolios and more efficient internal operations”, with a rise in net profit margin even with gains from the sale of its budget phone brand Honor excluded.

The company is not publicly listed and its accounts are not subject to the same audits as companies traded on the stock market.

Huawei, a supplier of telecom networking gear and smartphone brand, has been struggling since Trump launched a campaign to contain the company in 2018.

Smartphone sales stalled after the US cut Huawei off from key parts and barred it from using Google’s Android services.

Last year Huawei logged 243 billion yuan in consumer business sales — almost 50 percent down from 2020.

Huawei has instead tried to shore up other parts of its business, refocusing on the Chinese market and diversifying to encompass enterprise and cloud computing, along with other business segments related to 5G networks.

Rotating chairman Guo Ping said in a speech at the event that Huawei’s ability to “survive and thrive” depends on ongoing investment in development.

“Our fight to survive is not over yet,” Guo said.

“No matter what comes our way, we will keep investing. That is the only way forward.”

The company’s research and development investment amounted to 142.7 billion yuan last year, around 22 percent of its total revenue.

Lahore (Nut Desk)

Shan Foods, a leading name in the food industry, under its CSR identity, Shan Shares, is back with another thought-provoking and innovative message for the month of Ramadan that creatively channels the spirit of sharing and giving back to the society.

The newly-released DVC shows a chef cooking up a special dish for Ramadan but presents an empty plate of food in the end. The chef’s actions are clarified through the end note which encourages people to reduce food waste and share their meals with others.

Muslims all over the world donate generously during the month of Ramadan, be it monetary or any other type of donation. Food is one of the major things that is highly focused upon during Ramadan and consequently a lot of it also goes to waste. Through their latest communication campaign, Shan Shares rightly reminds us that we should avoid wasting food and share it with our fellow human beings.

Sharing her thoughts on the digital campaign, Maria Rashdi, Head of Corporate Communications and PR Shan Foods, said, “Food wastage and hunger are global problems. As the world is battling to end hunger, we also want to play our part in the process by creating awareness regarding the problem and taking necessary steps to overcome it. This creative communication is part of Shan Shares’ initiatives towards renewing our commitment to eradicate hunger and food wastage from the society.”

In its commitment to sustainability, Shan Shares’ efforts are majorly guided by the UN Sustainable Developmental Goals, particularly the goals of ‘Zero Hunger’ and ‘Responsible Consumption and Production’. The company has been very active about implementing and promoting best food practices which includes sustainable agricultural practices, responsible processing, manufacturing and distribution, while also working to create awareness among public regarding the same.

Lahore (Nut Desk)

Zong 4G, Pakistan’s leading cellular and digital services provider, has brought an unmatched call and data deal for Gujrat, as part of its aim to digitally empower Pakistanis across the country.

This new bundle, dubbed the ‘Apna Shehr Gujrat’ offer, will enable Gujrat, Jalal Pur Jattan, and Lala Musa users the freedom to fulfil all of their communications needs for the entire week in a completely hassle-free way.

For only Rs 90, the subscribers will receive 40 off-net minutes, 1,000 on-net minutes, 1,000 SMSs, and 5GB of data with a week’s validity. Zong’s prepaid customers can subscribe to the Apna Shehr Gujrat offer by dialling *4466#.  The promotion can also be availed through the My Zong App.

Subscribers of other networks can change their numbers to Zong by calling the helpline at 0314-3334455 or visiting the online store or Zong franchise near them.

“The new Apna Shehr offer for Gujrat, Jalal Pur Jattan, and Lala Musa is part of our special ‘Apna Shehr’ packages meant to help Zong subscribers in various cities across Pakistan effectively meet their connectivity needs,” stated a Zong official spokesperson.

“We’re making our best-in-class connectivity services available across Pakistan to bring the benefits of digitization to the public while also accelerating Pakistan’s transition to the 5G era,” the spokesperson continued.

Zong has continued to introduce personalised deals for clients across the country, based on their usage and requirements, as a customer-centric corporation. To connect every Pakistani, Zong is offering its most advanced digital solutions services, and bundles to its customers

Lahore (Nut Desk)

TPL Insurance Limited, a subsidiary of TPL Corp Limited, is pleased to announce that the Company has entered into a Share Subscription Agreement and a Shareholders Agreement with Finnfund, a major development financier and impact investor, investing in responsible and profitable businesses in the developing countries.

The acquisition follows TPL Insurance’s earlier disclosure, dated October 26, 2021 to the Pakistan Stock Exchange on Finnfund’s interest in acquiring an equity stake in the company subject to approval from the Board of Directors, Shareholders, Securities and Exchange Commission of Pakistan and other regulatory bodies. Pursuant to the agreement, Finnfund will hold 14.97% of the then total issued share capital, on a fully diluted basis, subject to obtaining all regulatory approvals.

This foreign collaboration will enable TPL Insurance to introduce innovative and tech driven products, such as yield based crop and livestock insurance, as well as women specific insurance programs, thereby increasing penetration of insurance in Pakistan in diverse segments. TPL Insurance intends to further develop its digital assets and bring efficiencies through digitization of business processes. The equity injection will also improve the financial strength and underwriting capability of TPL Insurance.

Commenting on the occasion, Muhammad Aminuddin, CEO, TPL Insurance, said, “I take deep pride in welcoming Finnfund on board at a time when the global economy is facing extremely challenging times. Working with the experience and expertise of Finnfund will help us accelerate our growth and make a larger impact in developing the insurance sector in Pakistan. I am confident that Finnfund’s entry to the Pakistani market will provide impetus to more foreign investments in the country and boost the economic growth of Pakistan.”

Ulla-Maija Rantapuska, Investment Manager at Finnfund, said, “This investment strengthens our role and expertise as an impact investor in the insurance sector. We are happy to partner with TPL Insurance, a pioneer in Pakistan in developing online insurance services, and see a possibility to deliver significant development impacts by expanding the insurance industry in Pakistan. TPL’s ambitious development of new service channels and products will allow access to insurance for those previously underserved.” 

Lahore (Nut Desk)

In spirit of the auspicious month of Ramzan, Careem, the Super App for the greater Middle East and Pakistan, has partnered with Network Of Organizations Working For People With Disabilities, Pakistan (NOWPDP) to launch a new car type called ‘GO Donation’. This car type will enable customers to donate PKR 25 to a noble cause with every ride they take.

Customers can donate to the cause by selecting GO Donation in their car type when booking a ride where PKR 25 will automatically be added to the total fare. The initiative offers Careem customers the opportunity to participate in acts of kindness in the holy month of Ramzan by making donations to the persons with disabilities. Customers can also donate their REWARD points on the Careem app towards a full day of vocational training of a person with disability at NOWPDP.

NOWPDP is a non-profit organization that undertakes extensive initiatives to facilitate equal opportunities and rights for people with various disabilities. Through this campaign, Careem is making a joint effort towards simplifying and improving  the lives of these individuals.

Commenting on the partnership, Feroz Jaleel, Country Head, Careem Pakistan stated; “Ramzan is a month where Customers gravitate towards charitable causes. At Careem, we believe in integrating technology for the greater good of society.  This partnership with NOWPDP is an embodiment of Careem’s name which means generous and will undoubtedly aid in simplifying and improving the lives of the specially-abled members of our society. We have also taken numerous initiatives to support our Captains as well during the holy month.”

Omair Ahmad, Executive Director NOWPDP, stated: “It’s the right of all to be able to begin a journey with hope. That this hope is denied to many due to disability is a societal failure, and one that must be addressed. Careem prides itself on its motto of “Moving People” and NOWPDP is endeavoring to ensure that this means “all people”, inclusive of disability, by bringing about change in attitudes. To this end, and in partnership with Careem, we hope to not only move people, but also change minds with our collaboration”

To recognize the work of Captains during the holy month of Ramadan, Careem also announced that it will be matching all tips made on the app across Pakistan throughout this holy month, allowing Captains to receive double the tips. Customers can tip Captains on the app after the completion of a ride and for food deliveries at order checkout.

Careem has always been at the forefront of coming up with initiatives designed at improving the quality of lives for Captains. Careem, which recently became a Super App, has more than 800,000 Captains registered on its platform so far. Transforming into a Super App; Careem offers multiple opportunities as it expands its services from mobility of people to adding mobility of things as well as mobility of money including food, daily essential deliveries, peer to peer credit transfer and mobile top-ups.