Category: Business

Lahore—The All Pakistan Business Forum (APBF) President Ibrahim Qureshi has expressed his strong belief in the vast potential of E-Commerce in Pakistan. Ibrahim stated that: The E-Commerce sector in Pakistan has shown tremendous growth in recent years. Over the last one year 2015-2016, Cyber-trading in Pakistan has shown a fabulous 50 percent growth, with its total volume rising from 100 million US Dollars in 2015 to an impressive $150 million expected by the end of 2016. Continuing with this outstanding performance, the E-Commerce sector in Pakistan can achieve a market size of 2.5 Billion Dollars, over the next 5 years. APBF is pleased to have regular opportunities to engage with major players in Pakistan’s E-Commerce market, including; Tameer Bank, Daraz.pk, YayVo, Food Panda, Lamudi, Carmudi, Kaymu and many others.

Karachi—Federal Minister for Petroleum & Natural Resources Shahid Khaqan Abbasi accompanied by Jam Kamal Khan Minister of State for Petroleum unveiled the new global fuel offering Shell V-Power here on Thursday.
Shell V-Power Unleaded is an innovative new premium formulation designed to protect against gunk and corrosion. Shell has over 100 years of experience in developing fuels with over 100 fuels scientists and specialists across the globe working on fuels innovation, development and product implementation.
Jawwad Cheema, Managing Director, Shell Pakistan Limited said: “With the de-regulation of the fuels market, this gives Shell an opportunity to serve the Pakistani customers with world class offering like Shell V-Power.
With this launch, Shell has once again revolutionized the local fuels market as it did with the first Shell new format site in 1994.
We are very excited to be able to offer the superior fuels technology innovation within our portfolio now to Pakistani customers.
In Shell, customers are at the heart of everything that we do and Shell V-Power is a premium fuel for every car as it cleans the older engines and maintains the new ones with equal effectiveness.

ISLAMABAD –  Zong has partnered with Pakistan’s largest transport company, Daewoo Pakistan Express Bus Service to provide 4G internet connectivity to Daewoo buses, cabs and corporate offices. With this partnership, passengers of Daewoo Pakistan will now be able to enjoy the fastest 4G internet speeds with Zong 4G internet on over 35 routes across Pakistan including M1, M2, M3 and M4 and all connecting roads as well. In addition, Zong has also signed a branding and promotion deal with Daewoo Pakistan Express Bus Service.
In an MoU signed at Zong HQ Islamabad, Liu Dianfeng, Chairman & CEO Zong and Faisal Ahmed Siddiqui, President Daewoo Pakistan Express Bus Service, formalized the partnership.
It is to be noted that Zong currently provides 4G coverage in over 200 cities nationwide through a network of 5,000 4G sites. By the end of this year, Zong will add an additional 1,000 4G sites to provide seamless 4G connectivity to millions of Pakistanis.
Daewoo has chosen to enter into this partnership with Zong because of the highest 4G internet speeds in the industry and the widest coverage across all Daewoo routes nationwide. This coupled with Zong’s most affordable data bundles has made Zong a preferred choice of data savvy customers in Pakistan.

ISLAMABAD –  Pakistan Telecommunication Company Limited (PTCL) on otherday announced a Voluntary Separation Scheme (VSS) for its employees, offering more attractive package than previous schemes.

PTCL Chief Human Resource Officer Syed Mazhar Hussain told media persons that the scheme has been designed based on feedback of employees and would be beneficial for those who opt for it. Effective from November 28, 2016, the scheme is expected to be availed by around 3,000 employees, he added.

He said that previous VSS was appreciated by employees as it offered a very lucrative package. In last scheme of 2014, the organisation could not relieve all employees who opted for this scheme, since business could not let go of such a sizable employee base at once, and risk stalling operations.

However, he said with successes reaped from previous schemes and improved company performance, PTCL is now in a better position to offer this scheme to around 9,000 employees and can manage to relieve around 3,000 employees.

He said that in addition to an attractive package of up to 100 basic salaries and several other financial benefits, PTCL will also arrange vocational training, recruitment support through headhunters and financial management through experts at organisation’s expense. He said, “As a company which puts its employees and customers first and foremost, PTCL has ensured this scheme incorporates maximum possible benefits that the company can reasonably provide to its employees.” In addition to the packaged benefits, the scheme has several exclusive incentives and bonuses, he added.

According to the newly announced VSS scheme, regular employees will receive transition pay with a multiplier of four (4 times years of service), whereas New Compensation Pay Group (NCPG) employees will receive it with enhanced multiplier of six times years of service. Minimum length of service for eligibility of pension has been reduced from 20 to 18 years and retiring employees will get the pensionary benefits of additional two years of service. Pensionable employees also have option to choose between a lump sum payment of enhanced commutation or continued pension, depending on their particular aspirations.

NCPG optees will be given gratuity up to four times of basic salary (gratuity will be tax exempted). All the scheme optees will be given leave encashment of 180 days irrespective of their leave balances. Allowances of six months for regular employees and 15 months for NCPG employees are also part of this lucrative package.

In case of early adopter of this scheme, an additional amount of Rs200,000 will be paid as Early Bird Bonus if the offer is accepted by employee within first 20 days of announcement date. If 30 percent or more employees of targeted population of any region will opt for the scheme, an additional amount of Rs150,000 will be paid to each optee of that region. The outstanding loan along with due markup will be written off.

The EOBI pension benefits will also be provided to all employees opting for the VSS as per EOBI Act and its rules. Moreover, to support the VSS optees in getting jobs in other companies, services of leading head hunters will be arranged at company’s expense.

PTCL liability will be restricted to headhunters’ commission in case the employee is selected for any job.

In order to help the optees in beneficial cash management of their amounts, services of financial advisers (leading cash management companies/funds) will be arranged. Employees can consult them to having various investment options for making a better decision. A comprehensive plan has been worked out to arrange vocational trainings at expense of the company, enabling the optees to get required skill set in different fields of their choice for a more affluent future.

Lahore—Nuclear Scientist Dr Abdul Qadeer Khan  said Pak handmade furniture products had potential to capture world market with excellent modern designing.
He urged the businessmen to work extensively to promote local industry in Pakistan. “Pakistan is blessed with abundant resources and our people are equipped with the best of skills that can help develop the country on modern lines,” he added.
He caled for providing incentives to the business community associated with the furniture sector.
Dr AQ Khan during his visit to a three-day the 6th Interiors Pakistan mega exhibition at Expo Centre here as a guest of honour lauded the amazing work of younger designers and architectures displaying in the exhibition along with other national and international leading furniture manufacturing companies. PFC Chief Mian Kashif Ashfaq was also present.
The Pakistan Furniture Council (PFC) organized its 6th Interiors Pakistan exhibition to create a space for furniture display and its promotion across the country.
Talking to the media, Dr Qadeer Khan said the youth should utilise their abilities to make country prosperous as the youth was a real hope.—APP

LAHORE – Federal Commerce Minister Khurram Dastgir has said that the federal government would provide every possible support to Pakistan furniture industry to exhibit its products at international level.

While talking to media after inaugurating 6th Interiors Pakistan Exhibition organised by Pakistan Furniture Council (PFC) at Expo Centre in Lahore on otherday, he said that with this exhibition, people would also come to know about quality and designs of the products manufactured by Pakistani artists. Appreciating the efforts of PFC, the minister said it was a pleasant surprise for him to see variety of classy and outclass local handmade and solid furniture under one roof which has potential to capture foreign buyers in international markets. He said that trade fairs are among the most important instruments in business-to-business communications and PFC is holding consecutively exhibitions in different cities of the country for promotion of the furniture industry. He added the government would provide all kinds of support to furniture producers and designers to conduct international exhibitions abroad.

He said Pakistan was moving forward in a better position to attract investment and it was highly appreciable that PFC was exerting full force to create opportunities for foreign investment in the country by creating business-to-business contacts with foreign furniture producers. He said that Pakistan’s investment profile has been upgraded by all leading rating agencies on account of successful economic reforms and improved security situation.

Khurram Dastgir said that workers of this industry have great skills and potential and if used properly, Pakistan could become the best exporter of furniture.

The commerce minister said that with development of furniture industry, it would be easy to meet local and international needs.

Later, the minister also visited various stalls of the exhibition.

PFC CEO Mian Kashif Ashfaq said that Pakistan furniture industry has made great strides during past recent years and growing interior industry has paved the way for skilled workers to show their abilities.

LAHORE – More than 500 corn-farmers attended the field trial and demonstration event organized by Monsanto Pakistan at their field research facility, located at Manga Mandi near Lahore. The event showcased Monsanto’s latest bio-tech corn seed technology together with high performance hybrid seed products. The event drew farmers from across Punjab, with several media outlets covering the event closely.

The major objective of the event was to educate the famer on Monsanto’s latest products and technology. The occasion also included an exhibition space for various vendors and businesses related to the agriculture sector, including agriculture implements manufacturers, on-farm solar energy solution providers, fertilizers, silage and agri finance institutions.

While briefing the visitors, Shariq Bokhari, Sales Effectiveness Lead – Asia & Africa at Monsanto Pakistan, explained that the new bio-tech seed had the potential to increase the yield of corn crop by an additional 05-10 percent through mitigation of yield losses incurred on account of weed and insect attacks. He further explained that Monsanto continuously strives to introduce the best and most suitable technologies in Pakistan and places great emphasis on rigorous testing and quality controls. He highlighted that till date Monsanto Pakistan has showcased the bio-tech technology to over 20,000 farmers, the academia, scientists, students and the media at specially developed learning centers established at the University of Agriculture, Faisalabad, National Agriculture Research Centre, Islamabad, and Monsanto R&D Stations in Manga Mandi and Depalpur.

Farmers attending the event received detailed briefings and practical demonstrations of the new seed technology. Many of the farmers showed excitement at the prospect of a new and technologically advanced seed and urged the introduction of the new bio-tech corn at the earliest.

Explaining the features of the to-be-launched bio-tech corn products, Monsanto’s Regulatory Affairs Lead Muhammad Asim said “the bio-tech seed has special features that enable better yield assurance through protection against weeds and pests, resulting in enhanced livelihood of farming communities.”

Mr. Asim confirmed that the new bio-tech corn received approval in February 2016 for commercialization from the Federal Ministry of Climate Change and currently permissions of hybrids with the modern technology is awaited for commercial import from the Ministry of National Food Security & Research. He explained that all other regulatory requirements had been fulfilled after having initiated the very first trials in 2009 and subsequent submission of commercialization application in 2011. It is expected that the new product will be commercially available soon.

Progressive Farmers from the corn area stressed upon the need to grant hybrid approvals by Ministry of National Food Security & Research immediately so that these technologies become available to farmers.

Web Desk – Pakistan and Ukraine have signed an agreement for up-gradation of Al-Khalid Tank. Ukraine will provide engine for these tanks.

As many as 13 memoranda of understanding (MoUs) were signed during the two days of 4-day International Defence Exhibition IDEAS 2016; started Tuesday, said a statement .

Federal Minister for Defence Production, Rana Tanveer Hussain and his Ukrainian counterpart signed the agreement.

Rana Tanveer Hussain was confident that the agreement would be accomplished on the schedule. He said that by purchasing any equipment Pakistan would also get its technology.

Pakistani defence industry had maintained high quality standards that has been recognized over the world.

“We are also working hard to improve our defence industry’s capabilities,” he re-affirmed adding that this was a big agreement which would further strengthen Pakistan’s defence industry. Similarly, more MoUs and agreements among foreign and local companies had also been signed.

These included MoU signed between STI Pakistan and Pakistan Aeronautical Complex (PAC) Kamra for development of simulation of “Super Mushak”, between Pakistan Ordinance Factory (POF) and M/s Czechoslovak Group, between POF and M/s Polska Grupa Zbrojeniowa S.A (PGZ) Co. of Poland ; between Aserbaijan’s Ministry of Defence Industry and POF, etc.

Dignitaries including Governor Khyber Pakhtoonkhwa, Zafar Iqbal Jhagra, high officials, delegates and other security analysts and experts took part in sideline meetings and visited different stalls.

Lahore – Soneri Bank Limited, one of Pakistan’s leading private commercial banks, and MasterCard, a leading technology company in the global payments industry, announced the launch of ‘World Debit Card and FalconPay’ services for the bank’s customers.

‘World Debit Card’ is one of the most prestigious offerings amongst the category of cards with numerous benefits. Ideal for those who travel worldwide, the card offers access to customers to VIP lounges internationally, complimentary services at world-class hotels, and accidental and health coverage, in addition to many other benefits.

FalconPay (powered by MasterCard) is a mobile financial services platform provided by Inov8. It will allow Soneri Bank to target new market segments within its mobile banking platform, while also creating accessible digital channels for the bank to leverage its conventional branch banking, by creating a distribution channel, which is more or less as effective as that of the other players of branchless banking.

The occasion was graced by Yaseen Anwar, former governor of State Bank of Pakistan, Mohammad Aftab Manzoor, President and CEO, Soneri Bank Ltd, Amin Feerasta, Chief Operating Officer, Soneri Bank Ltd, Ahmed Saqib Asad, Chief Information Officer, Soneri Bank Ltd, Khalid Elgibali, Division President, Middle East and North Africa, MasterCard, Aurangzaib Khan, Area Head Pakistan & Afghanistan, MasterCard, Hasnain Sheikh, Chairman & Co-CEO, Inov8 Ltd, and others.

Former SBP Governor Yaseen Anwar and a Inov8 official said, “Partnering with Inov8 would lead to many strategic benefits to Soneri Bank, which is one of the pioneering banks globally in QR payments.”

Soneri Bank President and CEO Mohammad Aftab Manzoor said, “World Debit Card will provide consumers with a host of features and benefits. It is also equipped with the latest technology, to ensure safe and secure transactions.” He also added that signing the MOU for QR payments on the FalconPay platform would become the future of payments.

Soneri Bank CEO Amin Feerasta said, “Soneri Bank has always been very focused on providing innovative services to its customers  and ‘World Debit Card’ would provide a number of prestigious benefits to the customers, with FalconPay adding more flexible options to the merchant retail payments via QR code, online payments and so on.”

MasterCard Area Head for Pakistan & Afghanistan Aurangzaib Khan said, “MasterCard’s solutions will make everyday transactions easier and more secure for customers of Soneri Bank. He said, ‘We are committed to leveraging the power of our industry-leading solutions to drive the use of electronic payments in Pakistan.”

LAHORE: All Pakistan Textile Mills Association (Aptma) on otherday said Regasified Liquefied Natural Gas (RLNG) being supplied to Punjab’s textile industry is 45 per cent more expensive as compared to other provinces due to hefty surcharges for lines losses and theft.

At a press conference, Aptma Central Chairman Sheikh Aamir Fayyaz pointed out that electricity generation cost for Pepco is Rs4.75/kWh for Oct 2016 while it was being provided to the industry at Rs11/kWh.

“The textile industry cannot pass on these charges to its international buyers,” Fayyaz told a press conference. He urged the federal government to restore the competitiveness of Punjab-based textile industry by making the energy costs competitive regionally. “The energy cost should specifically be made regionally competitive – electricity at Rs 7/KWh – and system gas/RLNG at Rs 600/mmBtu should also be included in the textile package,” he said.

Aptma Punjab Chairman Syed Ali Ahsan said that availability of competitive energy tariffs for electricity and RLNG is not part of the package. “The differential in ene­rgy cost is widening day by day within the country and for industry to compete internationally,” he said.

“A mill of 25,000 spindles is incurring Rs120 million per annum additional cost on account of energy vis-à-vis same size mill in other provinces,” he added. He said the import of yarns and fabrics has reached to $3.2 billion which is hurting the domestic industry.

The Aptma leadership appealed to Prime Minister Mian Nawaz Sharif to save the textile industry and exports from total collapse and announce the much-awaited textile package immediately.

To a question, Mr Fayyaz said Aptma has received reports that some industrialists in Punjab, who have not signed contracts of RLNG, are getting cheap system gas supplied at Rs600/mmBtu and those who have signed contracts are getting Rs900/mmBtu which is deplorable.

“We have conveyed our reservation to SNGPL that this dual system is not acceptable to textile industry,” he stressed.