Category: Business

By failing to urgently address the existing gas pricing discrimination in the fertilizer sector, the Government is missing out on an opportunity to earn billions in revenue. 

On April 4, 2024, Fauji Fertilizer (FFC) increased its urea prices by Rs 633/bag (17%) to Rs 4,400/bag. This price increase was made even though there had been no change in its gas input cost. It is still receiving Mari network gas on the subsidized price of PKR 580/mmbtu compared to other manufacturers on SSGC and SNGPL networks that faced a tariff hike to PKR 1,597/mmbtu in February 2024.  The Government has taken notice of this sudden urea price hike by FFC as there has been no increase in the manufacturers’ gas input costs. For the fertilizer industry, gas prices are key and account for around 70 percent of the input costs. In case FFC is unable to provide a convincing justification for the price increase, the Ministry of Industries & Production may take administrative measures against it under Section 5 of the Price Control and Prevention of Profiteering and Hoarding Order, 2021.

The missed opportunity to earn billions in revenue becomes difficult to justify, especially in view of the ongoing economic crisis and IMF loan discussions. This revenue could be used for investment in the agricultural sector through targeted projects and initiatives that generate economic activity and growth in the country. 

According to industry analysts, if the Government had removed the current price discrimination among fertilizer manufacturers earlier this year, it would have been able to collect between PKR 80 – 100 billion in revenues. This is a missed opportunity for the Government and detracts from its objectives of reducing the national debt and achieving long-term urea price stability for the farmers.

It has been suggested that the only way to bring stability to the urea market is to immediately remove the current price discrimination among fertilizer manufacturers for the same homogenous product (gas). Through uniform gas pricing, 40% of the fertilizer manufacturing capacity on the Mari network should be charged the same rate as the existing 60% on SSGC and SNGPL network. 

Government sources reveal that the IMF has already asked the authorities to end subsidies for all fertilizer manufacturers and develop a direct subsidy mechanism for the farmers. By continuing with the much-needed fertilizer reforms to completely remove all subsidies and any price discrimination, the Government will be able to reduce its debt burden, promote efficiency and attract new investments in the fertilizer sector.

Meanwhile, at the Spring Meetings 2024, the IMF has once again stressed on the need to “accelerate the reforms, double down on the structure of reforms in order to provide Pakistan with its full potential of growth.” Prime Minister Shehbaz Sharif has announced a committee on the implementation of Weighted Average Cost of Gas (WACOG) and tasked it present recommendations next week. As WACOG impacts several industries, the committee will be assessing the impact of system-wide WACOG on domestic power, industrial (including fertilizers), commercial, and captive power sectors. It will also propose a technology-based foolproof and efficient system for the disbursement of direct subsidy to farmers by provinces once the subsidies for fertilizer manufacturers are completely removed.

Karachi (Muhammad Yasir)

Khushhali Microfinance Bank Limited conducted a plantation drive in various sectors of Sindh. KMBL branches in Larkana, Mehar, Mehrabpur, Ratodero, Shahdad, and Wagankambar participated in the event.

The participants planted numerous trees across different locations to contribute towards a greener and healthier environment and combat climate change that is on the rise.

The plantation drive saw indigenous plants including Neem, Conocarpus Eugenia, and Eucalyptus being planted at various locations. These plant species inherit characteristics that enable them to survive longer than other species and are also highly compatible with the native areas. Improving air quality, soil concentration, and carbon capture; they act as life savors in tough weather conditions, provide shade, and help to tackle rising temperatures.

On this occasion, Muhammad Aftab Alam/Chief Business Officer of Khushhali Microfinance Bank, added “ I commend my team for their active involvement and enthusiasm during the tree plantation drive. We must all realize that environmental degradation is a great cause of concern and it is imperative for us, as a society, to pay off this debt for the sake of not just us but our future generations as well.”

Khushhali Microfinance Bank Limited believes in giving back to the community and the environment. Through this plantation campaign, they have demonstrated their commitment to creating a greener and cleaner environment.

Pakistan has experienced massively at the hands of climate change and projections suggest a potential increase in temperatures between 1.3°C to 4.9°C by the 2090s. Various diseases born due to floods, droughts, and rising temperatures are also projected and the situation might deteriorate if suitable steps are not taken.

By planting these indigenous species, KMBL’s eye is to nurture the local habitat, fight against climate change, and create a sustainable future for all.

Pakistan (Muhammad Yasir)

In a bid to bolster educational resources and foster a culture of learning, MOL Pakistan Oil and Gas Company B.V. donated academic books to the School of Politics and International Relations at Quaid-e-Azam University (QAU). The formal handover ceremony, held at QAU, was attended by Mr. Zsolt Adam Laszlo, CEO of MOL Pakistan, and Prof. Dr. Niaz Ahmad Akhtar, Vice Chancellor of QAU, along with senior officials from both organizations. With a firm commitment to advancing education in Pakistan and nurturing young talents, MOL Pakistan underscores its Corporate Giving Initiatives by donating a substantial number of academic books to enrich the educational experience at QAU. This initiative seeks to elevate educational standards within communities by enhancing access to a diverse range of academic literature across various subjects, empowering students with knowledge and insights vital for their academic journey. Addressing the gathering, Mr. Zsolt Adam Laszlo, CEO of MOL Pakistan, remarked, “Today, we reaffirm our commitment to fostering educational growth and empowering the leaders of tomorrow. I am proud to announce our continued support to Quaid-e-Azam University through the donation of books. Education is the cornerstone of progress, and by providing these resources, we aim to cultivate a culture of learning and innovation. Our longstanding partnership with Quaid-e-Azam University reflects our dedication to nurturing talent and driving positive change in the communities we serve. Together, we can build a brighter future fueled by knowledge and opportunity.” Expressing his gratitude for the generous donation, Vice Chancellor Prof. Dr. Niaz Ahmad Akhtar stated, “We extend our heartfelt appreciation to MOL Pakistan for their steadfast support towards education. This contribution, along with their continuous support in the past, will undoubtedly enrich the learning environment at our institution and enable our students to broaden their horizons.”

Pakistan (Muhammad Yasir)

10Pearls, a leading end-to-end digital services company, hosted the
4th edition of AI Summit, Pakistan’s foremost conference and expo on
Artificial Intelligence, on April 18 and 19, 2024 at the Lahore Expo
Centre. Making its inaugural appearance in Lahore after successful
episodes in Karachi and Islamabad, the summit proved to be a
resounding success, drawing over 2000 registrations from
professionals, students, enthusiasts, and entrepreneurs.

Since its inception in 2019, the AI Summit has been a pivotal event
dedicated to fostering innovation and knowledge-sharing within the
local tech community. It offers a platform for industry leaders and
innovators to delve into the latest advancements and applications of
AI.

The 2024 AI Summit, held at ITCN Asia, Lahore Expo Centre, was a 2-day
event consisting of a conference track and workshop track, along with
an AI startup expo. With over 30 distinguished speakers and trainers,
participants engaged in insightful tech talks, thought-provoking panel
discussions, and hands-on workshops. Additionally, the Summit
showcased innovative product demos by emerging AI startups, offering
attendees first-hand exposure to the latest groundbreaking solutions
and disruptive technologies shaping the future.

“We’re thrilled to once again bring together the brightest minds in AI
for an enriching and collaborative experience,” shared Syeda Sana
Hussain, Senior Director, People & Programs, 10Pearls. “The AI Summit
serves as a catalyst for driving progress and innovation in the
ever-evolving landscape of artificial intelligence. After successful
editions in Karachi and Islamabad, we were delighted to bring this
event to Lahore and witness the amazing turnout across both our
conference and workshop tracks. The AI Startups showcase received
great recognition, enabling companies to highlight their achievements
and attract investments. As leaders in the field, 10Pearls is proud to
drive forward this wave of innovation and progress.”

The event featured a variety of Tech Talks conducted by eminent AI
experts. These included a session on “Demystifying GenAI” by Asim
Ghaffar, (VP Engineering, 10Pearls); “Generative AI for Corporate
Leaders” by Monis Rahman, (Co-Founder and CEO, Dukan); and
“Accelerating Digital Transformation Through AI Innovations” by
Muhammad Aamir Yaqub, (Senior Director Engineering, 10Pearls).

Two engaging Panel Discussions were also conducted. The first panel,
“Leveraging AI for Strategic Business Advancement”, brought together
esteemed panelists Adnan Yousuf Kazi, from TenX; Ahsan Jamil, from sAi
Venture Capital; and Awais Naseem Vohra, from Telenor. The session was
moderated by Maheen Sumera Alavi, from 10Pearls.

The second Panel, “Deciphering AI’s Innovative Role in HealthTech”,
was moderated by Namra Nasyr. It featured top AI professionals
including Muhammad Irfan, from Xeven Solutions; Jareer Hushaam, from
Arbisoft; Osama Janjua, from MedIQ Solutions; and Adnan Zaidi, from
PROXIMA.PK.

Along with the Conference track, the AI Summit 2024 also hosted four
comprehensive workshops for participants to actively develop and
refine their skills in utilizing the latest AI tools and techniques.
The workshops received an overwhelming response, drawing the
participation of over 350 professionals and students.

Pakistan (Muhammad Yasir)

realme has recently adjusted the price of its highly acclaimed C53 model to PKR 32,999 for the 6GB RAM and 128GB storage variant, making it an even more enticing option for smartphone users in Pakistan.

The realme C53 is known for its dynamic performance and high-end features, including a 6.74-inch 90Hz Ultra Smooth Display that provides a seamless visual experience. Powered by the efficient Unisoc T612 Processor, the realme C53 ensures smooth multitasking. While with the 6GB RAM built in, and an additional 6GB of dynamic memory available through DRE technology, one gets plenty of power for a smooth gaming experience.

Additionally, the device is equipped with a robust 5000mAh battery supported by 33W SUPERVOOC charging, allowing for rapid recharging that minimizes downtime. The C53 also features a versatile camera setup with a 50MP AI primary camera that captures stunning photographs even in low-light conditions.

Its sleek design and Light Particle Design add a stylish touch that appeals to a young audience looking for both aesthetics and functionality in a smartphone. When launched this year, it was realme’s thinnest phone, even with a massive battery. The 7.49mm thin body combines with a C-angle side design for a phone that sits perfectly in the hand.

Last, but not least, realme introduced the UltraBoom Speaker technology in the C53, ensuring that when 100% volume isn’t enough, the device can increase the volume to 150%, making it the perfect companion for parties and outdoors.

This price reduction is part of realme’s strategy to remain competitive and accessible in the bustling tech market of Pakistan, promising great value without compromising on quality.

 

Karachi (Muhammad Yasir)

foodpanda, Pakistan’s leading delivery platform, is excited to announce its strategic partnership with CIRCLE, a tech organisation dedicated to promoting women’s economic empowerment through digital literacy, technology, and entrepreneurship.

As part of this collaboration, CIRCLE will be providing training to female chefs on using social media, leveraging smartphone capabilities, understanding payment gateways, and utilising tech-based solutions for financial inclusion.

Raafay Munir, Head of Strategic Verticals at foodpanda, expressed his enthusiasm about the partnership, stating, ” This collaboration has been achieved with the goal of advancing our commitment to supporting diversity, inclusion, and innovation in the food industry. We believe that by providing training, resources, and strategic support, we can unlock the potential of talented female chefs and create new opportunities for growth and success.”

Sadaffe Abid, CEO of CIRCLE, shared her thoughts on the partnership, saying, “By combining foodpanda’s platform with CIRCLE’s expertise in digital literacy and entrepreneurship, we aim to create a positive impact and open doors for women to thrive and succeed in the culinary industry. This partnership highlights our shared commitment to advance economic empowerment and create a more inclusive and equitable society.

In line with its commitment to supporting women entrepreneurs, foodpanda will be offering relief on commissions and special concessions to new HomeChefs onboarded through CIRCLE’s training programs. The telesales teams at foodpanda will work closely with each newly onboarded HomeChef, providing them with 30 days of incubation support. This support will include strategic assistance with menu mapping, deals and combos, pricing strategies, regional cuisine popularity, and working hours, acting as trusted business advisors throughout the initial stages of their venture as HomeChefs.

Additionally, foodpanda will conduct dedicated speaking sessions for each specialised batch of trained HomeChefs graduating from CIRCLE’s training programs. These sessions will highlight the value proposition of joining foodpanda’s platform, emphasising the benefits for HomeChefs, ease of business, one-stop solution offerings, and the 30-day incubation support.

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Pakistan (Muhammad Yasir) Mashreq Pakistan, a part of Mashreq which is the leading financial institution in the MENA region, has further solidified its commitment to Pakistan by announcing three key leadership appointments. Shamsulhaq Niaz has been appointed the Chief Digital Officer and Head of Payments, Khurram Mumtaz has been appointed as Head of NEO, and Rabia Atlas will serve as the Head of NEOPAY for the market.

These strategic appointments reflect Mashreq’s dedication to strengthening its presence in the Pakistani market and its focus on delivering innovative digital banking solutions to its customers.

Commenting on these strategic appointments, Muhammad Hamayun Sajjad, CEO, Mashreq Pakistan, said: “As a trusted international digital leader, Mashreq brings with it a rich legacy of innovation and a profound commitment to catalyse Pakistan’s future growth. We are here to empower Pakistan’s people through banking innovation, superior customer experience and financial accessibility for all. Shamsulhaq, Khurram, and Rabia bring a deep understanding of the national market and a wealth of experience that are well-aligned to contribute to this strategic vision. Their leadership will provide us with a clear roadmap for the continued evolution of digital banking in the country and help us consolidate our position as a leading international digital innovator bank.”

Shamsulhaq Niaz, Chief Digital Officer and Head of Payments

In this pivotal role, Shamsulhaq will be responsible for establishing the Digital Payments and Channel verticals for the Bank, in addition to driving product development across all business streams. 

Shamsulhaq has over 16 years of experience in the Pakistan and UAE financial services landscape, focusing primarily on digital payments and product development. He rejoins Mashreq after having previously managed the Bank’s acceptance portfolio and having served in a range of roles covering online payment gateways, card acceptance, loyalty programs, dynamic currency conversion, DLL/E-socket integration, and hospitality solutions. He holds an MBA from INSEAD in France and a BSc in Computer Sciences from Lahore University of Management Sciences.

Khurram Mumtaz, Head of NEO

Khurram has taken charge of driving the expansion of Mashreq NEO’s offerings into the market, a critical component in the strategic development of the brand and implementation of Mashreq’s digital agenda in the country.

Khurram is a seasoned consumer banking and digital transformation practitioner with 23 years of experience in financial services. He has held various national roles, spanning distribution, operational risk, products, asset lending, employee banking, strategy and transformation, data analytics, and digital banking. Khurram’s senior financial leadership experience includes 11 years at Standard Chartered in Pakistan, where he served in a range of strategic and digital transformation positions, and nine years at Citibank. He holds an MBA in Finance from Washington International University.

Rabia Atlas, Head, NEOPAY

Rabia, in this strategic role, will be responsible for developing the framework for acquiring business in Pakistan and identifying areas of business profitability and growth. She will also work to redesign the Bank’s merchant ecosystem by building value-added partnerships that enhance financial inclusion.

Rabia has worked in the banking and telecommunication sectors for 16 years. During this time, she has been responsible for developing and leading multiple digital payment products and applications. Prior to joining Mashreq, Rabia headed Digital Proximity and E-commerce Payments at Bank Alfalah. Previously, she has also worked as the Assistant Director for the Retail Payments vertical at easypaisa. Rabia has an MBA from the Institute of Business Management in Pakistan and has completed the INSEAD Telenor Strategy Execution Online Programme.

Pakistan (Muhammad Yasir)

Dawlance is the leading manufacturer of high-quality refrigerators, Air-Conditioners and other Home-appliances in Pakistan. Recently, a professional training program on “Safe Handling Practices of HFC R- 32 Refrigerant and Equipment” was organized by the ‘National Ozone Unit’ with the ‘Ministry of Climate Change & Environmental Coordination’ (MoCC&EC), Government of Pakistan. The ‘United Nations Industrial Development Organization’ (UNIDO) and its RRR (Recover, Recycle & Reclaim) project (for proper end-of-life disposal of refrigerants) also contributed to make this program successful, in collaboration with Dawlance.

This training program is developed under HCFC’s (Hydrochlorofluorocarbons) Phase-out Management Plan (HPMP), Stage-II in Pakistan. These sessions were conducted at Karachi, Lahore, Multan and Islamabad. It engaged more than 850 participants (dealer installers, authorized workshops, service branches network) all over Pakistan.

It comprised various training activities including: compressor-changing procedures, application of flammable- refrigerants, system design-differences, best-practices on tube-work & leak-detection, R32 RAC installation demonstrations, Best-practices on R32 air-conditioners services & recovery from RAC.

As a socially responsible enterprise, Dawlance has changed its Refrigerant gas usage from R-410-A to R-32 in its appliances, which is a much safer gas, and it is also recycled for environmental sustainability. Being a wholly-owned subsidiary of Arcelik, the 2nd largest manufacturer in Europe, Dawlance is implementing global best-practices with continuous investments in innovative technologies and professional training for the workforce. It offers unmatched value and benefits for the consumers and the public at large.

The Chief Executive Officer of Dawlance – Umar Ahsan Khan stated: “We are committed to the safety and wellbeing of the community and our consumers. Modern R-32 Service equipment has also been installed at the Dawlance Service Centers for recovery, because releasing it in the air causes pollution & depletion of the Ozone layer – a fragile shield of gas, protecting the Earth from the harmful ultraviolet rays of the sun.

The 7-hour practical training taught safety measures for: Switching to R-32 from R-410A anticipates R-410A’s phase- out, involving design adaptations for electrical/mechanical components and differing gas weights. The R-32 refrigerant offers improved cooling efficiency, energy-conservation and lower flammability. Skilled personnel using appropriate tools, with pre-site preparation can ensure safety of customer premises.

Technical personnel were taught to ensure safety and performance by adhering to: maximum piping and gas-charge limits, considering height differences between indoor & outdoor units, AC room standards and correct flaring practices. Importance of post-installation checks, diagnosing leaks, addressing blockages, evacuating gas, brazing, and utilizing vacuum pumps, is critical for system integrity.

The participants learned cautious maintenance of pressure, functional testing besides storage of cylinders in temperature-controlled environments above 50 degrees. The experts also informed the audience about safety- standards for transportation of cylinders in vehicles.

Pakistan (Muhammad Yasir)

Dubai Islamic Bank, ARY Services & MAK Global have collaborated and signed a tri-partite MOU to launch RAAST P2M (Payment to Merchants) services in Pakistan. Signing Ceremony was held at Dubai Islamic Bank Head Office in Karachi. The MOU was signed by Wamiq Rizvi Chief Operating Officer, Dubai Islamic Bank, Haji Muhammad Iqbal, Chairman ARY Group and Haider Rizvi CEO, MAK Global in the presence of Senior Executives from the respective organizations.

This collaboration will revolutionize Digital Payment acceptance for all type of merchants and businesses in Pakistan. The game changing initiative is part of State Bank of Pakistan (SBP) working to boost Financial Inclusion in the country while giving merchants an offering of instant payment system at a very nominal cost.