Category: Business

LAHORE (Muhammad Yasir)

ZEM Builders won the ‘Brand of the Year’ award for redefining the real estate industry of Pakistan at the 33rd RCCI International Achievement Awards held in Colombo, Sri Lanka.

The awards aim to recognize the efforts of brands and business personalities for contributing to the economy of the country and for creating business opportunities. ZEM Builders bagged the ‘Best builder Brand of the Year’ award for their exceptional approach and extraordinary endeavors in the real estate industry over the past 15 years.

Continuing its legacy since 2016, RCCI aims to recognize the work of the business community of Pakistan in combating economic crises. The event is attended by thousands of business elite including members from chambers of commerce, senior members of prestigious companies, and social personalities associations, business groups, and individuals. Besides, RCCI presented 40 other awards to different business entities. The ceremony was also clubbed with melodic performances by renowned artists and singers.

ZEM Builders, the RCCI brand of the year award winner, is a renowned real estate organization in Pakistan. Over the last 15 years, ZEM Builders has revolutionized real estate in Pakistan by introducing projects focusing on cutting-edge design and sustainable development. ZEM is determined to bring world-class living and best practices of real estate to Pakistan.

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Lahore (NUT-DESK)

60 to 70 per cent of the Pakistan State Oil (PSO) petrol pumps are operational across Pakistan, a spokesperson for the state-owned company said.

He said that there are more than 3,500 PSO petrol pumps in the country, 60 to 70% of which are operational.

The company has received purchase orders for 6,500 metric tonnes of petrol and 6,000 metric tonnes of diesel over the last five hours, meaning citizens are being provided fuel uninterrupted.

Most of the petrol pumps across the country discontinued selling fuel today as petroleum dealers went on a nationwide strike for an indefinite period in protest against low profit margin, troubling commuters and motorists.

Almost all petrol pumps were shut in Karachi, Lahore, Peshawar, Quetta and other cities of the country. Panic gripped major cities on Wednesday as citizens rushed to petrol pumps to top up tanks of their vehicles.

The petroleum dealers are demanding an increase of up to six per cent from the current three per cent in their profit margin.

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Lahore (NUT-DESK)

Prime Minister Imran Khan said on Thursday that e-commerce is vital for employment generation and economic growth.

Speaking to Bjarke Mikelsen, Group CEO of Daraz, an online e-commerce platform, who called on him at the PM House, Prime Minister Khan said Pakistan offers huge potential for e-commerce that will generate employment opportunities and help in economic growth.

He said that the government is providing full support to foreign investors under its “Ease-of-doing-Business” policy.

The CEO Daraz expressed interest in further investment and expansion of e-commerce in Pakistan.

Adviser to the PM on Finance Shaukat Tarin, Special Technology Zones Authority (STZA) Chairman Amir Hashmi, Senator Aon Abbas Bappi, and managing director of Daraz Ehsan Saya were present during the meeting.

On Wednesday, the prime minister appointed Senator Aon Abbas Bappi as his Special Assistant on e-commerce. The Cabinet Division issued notification of the appointment of Aon Abbas Buppi as SAPM. Buppi previously served as Managing Director Pakistan Bait-ul-Mal.

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Lahore (NUT-DESK)

Chinese and Pakistani companies reached intended cooperation agreements (ICA) worth US 34 million in different sectors including construction, engineering, manufacturing, technology transfer etc during recently concluded three-day Pakistan Industrial Expo 2021.

As per details, at least 9 Chinese companies are considering to have long-term development projects in Pakistani market as a result of interaction between both sides at the expo.Encouraged from the results, organizer Everest International Expo, has also setup a ‘permanent display center’ in Lahore to showcase Chinese products for physical inspection by the local industry representatives before further negotiations between both the sides.

Despite the Covid-19 situation, Pakistan and China have been able to sustain a healthy economic and investment partnership and it is now high time to join hands for a much-needed economic and investment rebound. More than 100 Chinese companies participated in the 5th Pakistan Industrial Expo 2021 through both physical and online mode of participation. This is the best possible solution to bring businesses from both countries together for rejuvenation of bilateral investment cooperation, said Chris Zhou, Deputy GM of Everest International Expo.

Numerous Pakistani associations and chambers visited the venue and signed Memorandum of Understanding (MoU) with the organizer. These include Swabi Chamber of Commerce and Industry, Sargodha Chamber of Commerce & Industry, Sahiwal Chamber of Commerce & Industry, Peshawar Chamber of Small Traders & Small Industry, Larkana Chamber of Commerce & Industry, Bahawalpur Women Chamber of Commerce & Industry, Layyah Women Chamber of Commerce & Industry.

Online B2B meetings were arranged immediately once the visitors come to booths, they “face to face” talks and sharing business ideas. In this method, organizers minimized the impact of COVID-19. And after exhibition, all sample products were shifted to a permanent display center situated in the provincial metropolis. It’s open for all businessmen, and online B2B meeting will arrange with related manufacturers upon requests.

Previous 4 editions of Pakistan Industrial Expo attracted 31 Chinese companies who are cooperating with local ones for setting up of assembling plants, technology exchange etc.

Constructors Association of Pakistan (CAP) Chairman Engr. Kamal Nasir Khan praised the organizers for arranging such an event in prevailing circumstances which would create a win-win situation both for Chinese and Pakistani businessmen. He showed keen interest in the construction machinery placed in the exhibition and said Pakistani construction and real estate industry is showing positive trend and it needs modern machinery which can help bringing down the cost as well as ensuring longer life of constructed buildings.

Hardware Merchants Association’s representatives Zeeshan Khalil and Nadeem Zafar also praised the machinery placed at the booth and said that Chinese products are no less than items manufactured by any other country. Similarly, Daroghawala Industries Owners Association President Shouban Akhtar praised the offline-online method adopted by the organizers and said that it served the purpose of physical inspection and immediate negotiation between buyers and sellers.

 

Lahore (NUT-DESK)

Procter & Gamble (P&G), one of the leading FMCG companies in the world, is celebrating 30 years of its successful business operations in Pakistan, a statement said. Adil Farhat, chief executive officer for P&G Pakistan, said the milestone is a moment of great pride for P&G.

“Our journey in Pakistan began 30 years ago and through the years, we have remained steadfast in our purpose to touch and improve the lives of Pakistani consumers,” he added. “We continue to invest in Pakistan by building local manufacturing factories and a strong supply base.”

Farhat said this has led to creation of thousands of jobs directly and indirectly. He further said that Pakistan is an important market for P&G.

Serving a country of 220 million people gives our brands the unique opportunity to delight consumers through superior product performance and to promote conversations, influence attitudes, inspire behavior change and drive positive impact on society and the environment,” he said. “We’re poised for future growth in Pakistan and look forward to celebrating many more milestones here in the years ahead.”

P&G Pakistan is also actively working on Equality and Inclusion for people with disabilities, under its platform called #Limitless. Through this program, the Company is introducing more inclusive brand propositions, workspaces, recruitment strategies and partnerships through specialized hiring agencies.

P&G recently announced a comprehensive plan to accelerate action related to climate change across its global sites including Pakistan. P&G plants in Pakistan are working extensively towards the Company’s long-term environmental sustainability vision by promoting sustainability practices amongst employees as well as with suppliers and partners. Since 2010, P&G plants in Pakistan have delivered 38%, 59% and 25% reduction in energy, water and CO2 respectively. In addition, P&G Pakistan recently made a pledge to plant 14,000 trees under the banner of ‘Ariel Forest’ in Pakistan which is part of the region’s P&G #ForestsForGood Program.

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Lahore (NUT-DESK)

Select Technologies (Pvt) Limited, a subsidiary of Air Link Communication Limited, is partnering with Chinese smartphone firm Xiaomi to manufacture handsets in Pakistan.

“Xiaomi, the global consumer electronics and smart phone giant, has joined hands with Select Technologies (Pvt) Limited, a wholly owned subsidiary of Air Link Communication Limited (AIRLINK) as its manufacturing partner for Xiaomi mobile phones in Pakistan,” the company said in a bourse filing on Monday.

The company said it was targeting a production of initially around 2.5 to 3 million handsets annually ‘subject to smooth supply chain’. The company expects this partnership to add approximately $450 million annually in top line revenue numbers. “[It] will have a material incremental impact on the EPS of the company other than the normal course of business,” the company said.

The production facility will be located adjacent to the Air Link’s existing state of the art mobile manufacturing facility at Quaid-e-Azam Industrial Estate, Kot Lakhpat Lahore. The production facility is anticipated to be operational within the month of January 2022.

The government had also introduced a mobile manufacturing policy to encourage and attract manufacturers to establish their units in Pakistan. Till now, 26 companies have been issued MDM Authorisation enabling them to manufacture mobile devices in Pakistan, said the Pakistan Telecommunication Authority. The companies include Samsung, Nokia, Oppo, TECNO, Infinix, Vgotel, Q-mobile among others.

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Lahore (NUT-Desk)

Apple Inc has cut back production of iPad tablets to allocate more components to the iPhone 13, a sign the global chip supply crunch is hitting Apple harder than previously indicated, Nikkei said on Tuesday, citing multiple sources.

Production of the iPad was down half from Apple’s original plans for the past two months, the newspaper said on its website, adding that parts intended for older iPhones were also being switched to the iPhone 13.

Even though iPhone 13 production hit a snag due to factory closures in Asia and high demand in the second half of the year, Apple has weathered the supply crunch better than many other companies due to its massive purchasing power and long-term supply agreements with chip vendors, eating into its rivals’ market share in the third quarter.

The iPhone maker is prioritising iPhone 13 output in part because it forecasts stronger demand for the smartphone than for the iPad as Western markets begin to emerge from the pandemic, Nikkei said, citing unidentified sources.

 

Lahore (NUT-DESK)

In order to facilitate the business community, the Federal Board of Revenue (FBR) has deferred its policy of switching to the digital mode of payment by November 30.

A notification was also issued in this connection.According to a notification, the tax collection body has allowed an extension in the deadline for implementation of digital mode of payment up to November 30, 2021.

“FBR has extended the deadline for digital payments by corporate sector stipulated in Section 21(la) of Income Tax Ordinance-2001 up to 30th Nov, 2021.FBR has exercised this power conferred under Section 214A of ITO-2001, after receipt of various representations filed by taxpayers,” the notification read.

The digital mode of payment had been made mandatory for the corporate sector, which was to be implemented from November 01, 2021.

Under the new procedure, the business community can repay expenses by check, pay order, bank draft or banking method.

 

Lahore (NUT-DESK)

Shell Pakistan (SPL) has appointed Waqar Siddiqui as the Chief Executive and Managing Director with effect from November 1, 2021.

Siddiqui joined SPL in 2001 and has since held several roles locally and internationally at senior leadership positions.

“In his 24 years of oil downstream experience, he has guided Shell companies through organisational change, strategy development, mergers and acquisitions,” the company said in a statement to the press.

His last role before returning to Pakistan was managing director of Shell Downstream Retail in PT Shell Indonesia. Siddiqui has been a director on the Board of SPL since 2019.

On the educational front, Siddiqui holds a BS degree in Chemical Engineering and MBA in Marketing. In addition, he holds academic and professional accreditations from Harvard Business School and University of British Columbia.

 

LAHORE (NUT-DESK)

Nutshell Group is pleased to announce that former Chief of Air Staff of Pakistan, Air Chief Marshal Sohail Aman (Rtd), has joined the Group as Chief Executive Strategic Engagements.

ACM Sohail Aman (Rtd) is a graduate of Pakistan Air Force War College and has a Masters Degree in Strategic Studies from Karachi University and another one in International Relations from Kings College, London. He is also an alumnus of Royal College of Defence Studies United Kingdom and has attended National and International Security Course at Harvard Kennedy School USA.

ACM has a grand total of over 3,000 fighter hours to his credit. He has commanded a Fighter Squadron, Combat Commanders’ School, a Fighter Base and a Regional Air Command of Pakistan Air Force.

In recognition of his meritorious services, he has been decorated with Nishan-i-Imtiaz (Military), Hilal-i-Imtiaz (Military), Sitara-i-Imtiaz (Military) and Tamgha-i-Imtiaz (Military). He is also a recipient of “The Legion of Merit” of Turkish Armed Forces, “King Abdul Aziz Medal of Excellence” by the Kingdom of Saudi Arabia and the United States “Legion of Merit” – the highest military award of US Armed forces awarded to any foreign military official.

Expressing his views on this development, Mohammad Azfar Ahsan, Founder and CEO, Nutshell Group, said, ‘’I am delighted and honored that Air Chief Marshall Sohail Aman (Rtd) is now part of Nutshell Group.’’

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