Category: Business

HBL Microfinance Bank partners with SCO to establish first-ever Software Technology Park in Skardu.

Pakistan (Muhammad Yasir) HBL Microfinance Bank (HBL MfB) has announced its partnership with Special Communications Organisation (SCO) to establish and operate the first-ever Software Technology Park (STP) in Skardu, Gilgit-Baltistan. HBL Microfinance Bank has extended its support of Rs. 15 million to this cause.

The STP Skardu has shown promising results in its pilot launch phase, generating revenue of Rs. 2 million from IT companies operating from the STP and providing employment to 60 individuals. Both organisations are excited for the next phase to tap into its maximum potential.

This partnership is not the first stint between the two organizations as they continue to work together on other fronts as well. By extending this support, HBL MfB would like to usher in a new era of working with SCO for the betterment of the Gilgit Baltistan region.

As the Bank with the most active presence in the Gilgit Baltistan region, HBL MfB actively seeks out opportunities to support local communities and play a role in improving their livelihoods.

“We are delighted to partner with SCO in establishing the first-ever Software Technology Park in Skardu. We believe this initiative will not only boost the IT industry in the region but also create job opportunities for the local population, and we look forward to playing a role in this regard,” said Muhammad Amir Khan, CEO & President, HBL Microfinance Bank.

SCO has played a significant role in connecting the country’s northern region and supporting the local population.

“We are delighted to partner with HBL Microfinance Bank to establish and operate the first-ever Software Technology Park of Skardu. This partnership represents a significant step towards promoting the technology sector in Pakistan’s northern region and supporting local communities through increased employment opportunities. The success of the pilot launch phase of STP Skardu has been encouraging, and we are confident that with HBL MfB’s support, we can unlock its maximum potential,” said Major General Muhammad Shahid Siddeeq, Director General, SCO.

This partnership is a significant milestone for both HBL Microfinance Bank and SCO, and it highlights their shared commitment to the development of the region.

Pakistan (Muhammad Yasir)  TECNO Mobile, a leading mobile phone brand in Pakistan, has taken a step to show its strong commitment to its loyal customers by reducing the prices of some of its popular models includes Camon 19 Neo, Spark 8c, Pova Neo, Pop 5 LTE in the market.

The Camon 19 Neo, previously offered at rupees 57,999, is now available for only 44,999. Similarly, the Spark 8C has now been reduced to rupees 36,999 from its previous price of 43,999. The Pova Neo phone is now offered at a price of 34,999 instead of the previous price of 43,999. Lastly, the POP 5 LTE, previously priced at rupees 32,999, is now available for only 24,999.

TECNO has always been dedicated to offering its users the best possible mobile phone experience at an affordable price. By lowering its mobile phone prices, TECNO Mobile ensures that its customers can continue to use their favourite brand’s devices without worrying about economic hardships.

Kelvin Zeng, CEO of TECNO Pakistan, stated: “At TECNO, we understand the challenges that our customers are facing in these uncertain times, and we are committed to providing them with affordable, high-quality products. Our decision to reduce the prices of our popular models reflects our commitment to our customers and our willingness to go the extra mile to make them happy.”

TECNO’s commitment to its customers is evident in its decision to reduce prices despite the rising inflation and the decreasing buying power of the people. With this move, TECNO Mobile has once again proven that it is a brand that cares about its customers and is willing to go the extra mile to make them happy. TECNO customers can now enjoy their favourite brand’s devices without worrying about economic hardships.

Sukuk demand from investors at twice anticipated levels, due to ABHI’s profitability and strong credit rating.

Pakistan (Muhammad Yasir)  ABHI, a growing embedded finance platform in the MENAP region, announces it has made history by issuing Islamic bonds worth PKR 2 billion (US$7.1million).

The bond issue is a significant milestone for both ABHI, and the region, as no other Fintech in the region has successfully achieved this before.

In 2022, ABHI was assigned a long-term instrument rating of ‘AA’ and a short-term rating of ‘A1+’ by PACRA – a first for a Non-Banking Financial Company (NBFC) in Pakistan. These ratings enabled ABHI to issue the Islamic bonds.

Demand for the Sukuk exceeded expectations, with subscriptions reaching twice the anticipated amount due to ABHI’s strong credit ratings, creditworthiness and profitability.

Sukuk, or Islamic bond, is a financial instrument complying with Islamic law. They are structured in a way ensuring Shariah compliance – meaning they are based on Islamic principles. This makes them attractive to investors who want to support businesses align with their Islamic values.

ABHI’s successful issuance of Sukuk is a significant achievement for the company, and the broader financial industry in Pakistan. It represents a new era of financial innovation in the country and is expected to have a positive impact on the economy.
The bond issuance immediately follows ABHI’s qualification for the international selection panel (ISP) by Endeavor, and its selection by Hub71 to boost expansion into the Middle East, where it is partnering with companies to financially empower them and their employees.

Omair Ansari, CEO and co-founder of ABHI, said:
“We are honored to have the support of PACRA and all the investors to launch this first-of-a-kind Sukuk. This is a testament to our team’s hard work and dedication, and our commitment to supporting businesses and their employees in Pakistan. With this new funding, we can help ease the financial burden on struggling companies and provide much-needed relief through working capital financing during these challenging times.”

Revolutionizing Lahore’s Infrastructure Kalma Chowk Underpass Remodeling Project Completed & Fully Functional For Traffic Commissioner Lahore & CEO CBD Punjab made project functional for traffic after final inspection.

Lahore (Muhammad Yasir) Punjab Central Business District Development Authority (PCBDDA) also known as Central Business District Punjab (CBD Punjab), is proud to announce the completion and opening of the Kalma Chowk Underpass remodeling CBD Punjab Boulevard project. This project has been completed as per the directive of the Caretaker Chief Minister Punjab, Syed Mohsin Raza Naqvi, within the given timeline. Commissioner Lahore Muhammad Ali Randhawa and CEO CBD Punjab Imran Amin visited the site for final inspection and make it functional for traffic. This project is a gift for the residents of Lahore, who can now enjoy a smoother and more efficient traffic flow. The main underpass from Barkat Market to Liberty and Liberty to Barkat Market was already functional, and now the Ali Zaib Road is also fully operational for traffic. Commissioner Lahore and CEO CBD Punjab personally drove into the underpass and officially made it functional for traffic. Commissioner Lahore, Muhammad Ali Randhawa, expressed his satisfaction with the completed project, saying, “The completion of the Kalma Chowk remodeling project is a significant achievement for CBD Punjab, and it is an essential step towards enhancing the infrastructure of the city. This project will greatly benefit the people of Lahore and will provide them with better connectivity and mobility.” CEO CBD Punjab, Imran Amin, also expressed his gratitude towards the Caretaker Chief Minister Punjab for his unwavering support and guidance. He stated, “The completion of the Kalma Chowk remodeling project is a testament to the hard work and dedication of our team at CBD Punjab. We are committed to creating infrastructure that is not only functional but also aesthetically pleasing. We hope that this project will help to make Lahore a better place to live, work, and visit.” Executive Director Technical CBD Punjab, Riaz Hussain, Director Construction CBD Punjab, Asif Babar, Director Project Management CBD Punjab, Asif Iqbal, Director Marketing CBD Punjab, Waseem Siddiq and other officials of CBD Punjab were also present on the occasion. CBD Punjab remains committed to enhancing the infrastructure of the city and providing the people of Lahore with better connectivity and mobility. The completion of the Kalma Chowk remodeling project is just the beginning, and we look forward to undertaking more such projects in the future.

Pakistan (Muhammad Yasir)

D&B Pakistan, a leading provider of commercial data and analytics, is pleased to announce its partnership with ABHI (Pvt) Ltd., a fast-growing fintech company that offers innovative financial solutions to businesses and their employees in Pakistan.

ABHI offers a range of services such as Earned Wage Access, Invoice Factoring and Payroll Solutions to empower businesses and employees, enabling them to take control of their finances. D&B Pakistan will be assisting ABHI in a 3rd Party business assessment exercise of their customers.

“We are delighted to collaborate with ABHI and be a part of their mission to financially empower businesses and individuals in Pakistan,” said Niran Rehman, Chief Business Officer, [D&B Pakistan]. “We believe that our partnership will bring a strong value proposition to Abhi Finance, by providing them with business intelligence in the shape of our 3rd Party Risk Mitigation Services”.

The signing ceremony for the partnership between D&B Pakistan and ABHI took place at D&B Pakistan’s office. “We are excited about this partnership with D&B Pakistan, as it will enable us to provide more comprehensive and reliable services to our customers,” said Ali Ladhubhai, Chief Operating Officer, ABHI (Pvt) Ltd. “We look forward to working closely with D&B Pakistan in bringing greater financial inclusion to businesses and employees across Pakistan.”

Zonergy Corporation unveiled its smart household energy Products in Smart Energy Exhibition held in Sydney, Australia.

Pakistan (Muhammad Yasir) Australia’s premier Smart Energy Exhibition and Forum was held at the International Convention Center in Sydney, Australia. Zonergy Corporation core energy storage series products were all unveiled at the exhibition site, and brought leading solar storage solutions to Australian customers and partners. Guo Jun, executive director and president of ZONERGY, personally led a team to participate in the exhibition.

At this exhibition, Zonergy exhibited the core household storage product Panda series. The product adopts a 5kWh modular design and can be flexibly expanded from 5-30kWh. At the same time, it has stronger stability, and the faulty battery module is automatically isolated to ensure the system’s stable operation; the built-in smart grid management system meets the grid dispatching function and is suitable for local households.

In addition, in response to the needs of local residents for outdoor use, the company exhibited a variety of portable power products, including large, medium and small models, with multiple functions, complete certification, and standard lithium iron phosphate batteries, which are safe and reliable.

The scale of the Australian photovoltaic market has continued to grow strongly in recent years, and the newly installed photovoltaic capacity in 2021 will be about 5.2GW. Household photovoltaic power generation systems with an average installed capacity of more than 10kW accounted for a major share of the total installed capacity last year. The Australian energy storage system market is expected to grow at a CAGR of over 7% during the forecast period 2022 to 2027, and against this backdrop, companies will aggressively expand into the local market.

Sydney Smart Energy Exhibition is Australia’s premier solar energy exhibition, which is highly concerned by industry professionals and decision-makers. On the first day of the exhibition, the company’s “end-to-end” products and solutions attracted the attention of a large number of visitors. Unlike other industry manufacturers, ZONERGY can provide a full range of products covering household, industrial, and commercial energy storage and large power stations. Energy solutions, among which Scopio series products and solutions for outdoor industrial and commercial energy storage and containerized solar storage solutions have particularly attracted the attention of customers. The Scopio series covers battery capacities ranging from 100kwh to 900kwh and is flexibly adaptable to distributed energy projects in multiple scenarios. At the same time, it has intelligent operation and maintenance and remote operation and maintenance mode, which is highly recognized.

Zonergy will take this exhibition as an opportunity to enter the Australian market with industrial and commercial energy storage and off-grid household energy storage products as the core, continue to promote the development of the local new energy industry, and actively contribute to the development of the global low-carbon economy and the construction of a green ecological civilization.

L’Oréal Pakistan Celebrates 14 Year Anniversary with a Focus on Community and Car.

Pakistan (Muhammad Yasir) L’Oréal Pakistan marked its 14^th Year Anniversary with commemorative events in Karachi at Darul Sukun; a charitable organization that provides care, rehabilitation and protection to children with disabilities, in Islamabad at Fareeda Bashir Gharana – Trust; a charitable organization that is dedicated to providing a brighter future to orphans and underprivileged children, and in Lahore at SOS Children’s Village; a charitable organisation which provides care, shelter and support for orphan and underprivileged children.

The anniversary commemoration was based in the spirit of community, kindness and giving back, in line with L’Oréal’s unwavering commitment to making a positive impact on society and instilling the importance of social responsibility within the communities in which they operate. 

The anniversary event focused on community-centric activities where L’Oréal Pakistan employees across the leadership, management and team levels volunteered their time and resources in interactive activities with the residents of Darul Sukun, Fareeda Bashir Gharana – Trust and SOS Children’s Village.

“We are honored to celebrate our 14^th year anniversary in Pakistan with a focus on the spirit giving back to the community,” said Qawi Naseer, Managing Director of L’Oréal Pakistan. “At L’Oréal Pakistan, we are deeply committed to creating a positive impact in society through our diverse sustainability initiatives. The projects that we have embarked on since inception are a testament to our dedication to empowering individuals and making a difference in the community.”

Indeed, L’Oréal Pakistan has a long-standing history of social responsibility and community engagement. Over the past 14 years, the brand has been dedicated to making a positive impact on society through various initiatives, and empowered individuals with skills and opportunities.

Some of the notable initiatives that L’Oréal Pakistan has undertaken or supported recently include.

• The L’Oréal Fund for Women x CIRCLE Digital Literacy Program: Launched in 2022 in collaboration with CIRCLE, a women-led not-for-profit tech startup, this program trained over 5000 women across Pakistan with digital skills that can help them become financially independent and active citizens.
• The L’Oréal Professionnel Institute of Pakistan [LPIP]:Launched earlier this year, this institute aims to unlock the potential of aspiring hair-stylists in Pakistan and provide them with affordable, certified training opportunities that can help them achieve their dreams.
• Support for Flood Affected Communities: The L’Oréal Group donated €1,000,000 [One Million Euro] to UNHCR, the UN Refugee Agency, to provide emergency support for flood affected communities in Pakistan as well as help rebuild community infrastructure such as schools, hospitals and shelters.
• Stand Up Against Street Harassment: The ambitious program trained 1 million people by 2021 with Hollaback’s 5D’s methodology, focusing on self-defense techniques and other important tactics to deal with street harassment. The program was launched in 2022 in Pakistan in collaboration with Bedari.
• Solidarity Plan:L’Oréal Pakistan distributed thousands of hand sanitizing gels and hand-washes to fight the spread of COVID-19, to healthcare professionals and essential retail partners working on the front line, along with its salon partners.
• The L’Oréal Employee Volunteering Program: This program encourages and enables L’Oréal Pakistan employees to volunteer their time and skills for various social causes that they are passionate about. Some of the activities that employees have participated in include charitable dinners, cleanup drives, and mentoring sessions.

Karachi (Muhammad Yasir)

Shan Shares, the corporate entity of Shan Foods, extending its partnership with Saylani Welfare International Trust in a bid to combat world hunger, has launched a Snapchat filter that lets users help feed less privileged individuals. Shan Shares is the CSR identity of Shan Foods that personifies the brand’s corporate citizenship and is rooted in the United Nations Sustainable Development Goals (SDGs). Zero hunger, SDG # 2, is one of the main pillars of its objectives. Through this latest initiative, Shan Shares and Saylani Welfare International Trust have made it simple for people to support one another and contribute to ending world hunger using the Snapchat filter. Users can open Snapchat, take a photo with the Shan Shares filter, and share it. For each snap of a meal taken using the Shan Shares lens, Shan Shares will share food with one person through Saylani Welfare Trust. The partnership between Shan Shares and Saylani Welfare Trust was forged earlier last year, under which, thousands of people have been provided with meals through food trucks and free meal setups, to date. Taking it a step further with the release of the innovative Snapchat filter, Shan Shares aims to give back to the society and support fellow citizens of the country during the ongoing difficult economic situation while also fostering the sentiment of sharing among people. This is in line with the mutual mission of Shan Shares and Saylani Welfare International Trust which is committed to making life better for individuals in Pakistan and creating a better, more nourished planet.

Pakistan (Muhammad Yasir)

Unilever Pakistan hosted an interactive dialogue to discuss the importance of living wages in Pakistan. The session focused on the benefits of fair pay and living wages to businesses, communities, and the country. A living wage accounts for the diverse lifestyle needs of a person in line with their present economic realities so they can afford a decent standard of living for the worker and her or his family. Living wages consider needs around healthcare, shelter, nutrition, educational expenses, utilities, emergency funds for an average household. The round table brought together industry leaders and organisations that have taken up the mission of providing better livelihoods to their workers in Pakistan. Leaders from Jazz, Bank Alfalah, Careem, and foodpanda, along with senior officials from Overseas Investors Chamber of Commerce & Industry (OICCI), Rozee.pk, Naya Jeevan and ABHI, participated in the strategic alliance as active enablers for the living wage mission. Each organization brought their own unique perspective and experiences around their efforts to ensure the socioeconomic uplift and financial wellbeing of their own and associated workforce. The discussion also included celebrity and social activist Shahzad Roy, and renowned economist Habib Paracha on the table. The dialogue session provided a platform for participants to share their experiences and challenges as well as explore opportunities for collective action. Unilever Pakistan, the enabler for this strategic alliance, has already made significant progress towards this goal; while the company’s directly employed employees are already well above the living wage, the organisation has further shifted 60% of its outer core, which includes an indirect workforce of over 12,000 people in their business value chain, to an average living wage of PKR 52,000 with the goal to transition the remaining by 2025. Sharing his remarks, Amir Paracha, CEO of Unilever Pakistan stated, “At Unilever, we firmly believe that living wages are crucial for people and businesses, and our vision under ‘Unilever for Pakistan’ is to make living wages a national benchmark. We are proud to bring together organizations that share the similar values and are committed to improving the lives and livelihoods of workers across Pakistan through fair wages.” Aamir Ibrahim, CEO Jazz, said that the organization believes in fairness and equity in the workplace, and has taken various measures to prioritize employee well-being despite challenging times for the company. He further said that Jazz recently provided a one-time inflation adjustment payout of up to PKR 50,000 for our frontline and contractual employees falling within a certain salary bracket. “Additionally, we set the minimum wage for our permanent employees to PKR 62,000, and our support and technical staff received a double-digit salary increment,” he informed. Faisal Khan, Group Head HR & Learning Bank Alfalah, said that “At Bank Alfalah, we are making groundbreaking efforts to streamline and enhance the working environment while empowering employees by promoting comprehensive Employee Benefit Policies such as benchmarking living wage and increasing retirement age to 65.” Appreciating the efforts, Imran Saleem, General Manager Ride Hailing at Careem Pakistan stated, “Careem’s purpose is simplifying and improving the lives of people in the region. This purpose comes hand-in-hand with creating income generating opportunities for the masses. In addition to maintaining fair living wages for our colleagues, we have been blessed with the opportunity to provide 820,000+ Captains a means to earn a decent livelihood. I am delighted to see like-minded organisations share a similar mission to provide fair living wages within their ecosystem, and their efforts on implementation.” CEO foodpanda, Muntaqa Peracha commented, “At foodpanda, we are proud of the initiatives we have taken to support our riders and ensure they earn above the minimum wage. We provide a transparent payment system, necessary equipment, rewards and incentives programs to recognize their hard work. We remain committed to supporting our riders and creating a positive impact on their lives, enabling us to deliver exceptional service to our customers and remain a leading food delivery platform.” The dialogue session came at a crucial time, following Labour Day and in the context of a challenging socio-economic environment. It came as an opportunity for industry leaders to come together, learn from one another, and work towards a common goal of building a more prosperous, sustainable, and inclusive society. With its global goal of ‘Fairer pay for a fairer world’, Unilever Pakistan understands that the economic growth is only inclusive and sustainable when workers receive fair wages. 

• Collaboration with Dell Technologies will give Cloud RAN customers wider choice of infrastructure while ensuring telco-grade performance at the far edge.
• Ericsson and Dell will work together to deliver added resilience and interconnectivity to aid communications service providers in their Cloud RAN journey.

Ericsson (NASDAQ: ERIC) continues to drive the Open RAN and Cloud RAN ecosystem forward, adding Dell Technologies as a Cloud RAN infrastructure collaborator.

Expanding the ecosystem with new collaborators and technologies is one of the key drivers in Open RAN and Cloud RAN architectures. Ericsson is partnering with Dell as a supplier of Dell PowerEdge servers for its Cloud RAN offering.

The Ericsson and Dell collaboration will further enable open cloud networks that allow customers to choose their own infrastructure while ensuring telco-grade performance at the far edge. Adding Dell PowerEdge servers to Ericsson’s Cloud RAN solution, including the PowerEdge XR8000 and XR5610, which are specifically designed for telecom, Open RAN and mobile edge-computing workloads, brings even more choice and flexibility for Cloud RAN customers. Dell PowerEdge servers help facilitate the Cloud RAN journey due to their high performance, small form factors, resilience and interconnectivity with the larger network.

Freddie Södergren, Head of Technology and Strategy for Networks, Ericsson, says: “Collaborating with Dell exemplifies our commitment to deliver added flexibility for our Cloud RAN customers, allowing them to choose their own infrastructure while ensuring telco-grade performance at the far edge. This collaboration will further enable open cloud infrastructures while supporting Dell’s high-performing server offerings.”

“To accelerate the adoption of open and cloud RAN network architectures, it’s important to collaborate with partners such as Ericsson,” says Kyle Dufresne, Global SVP and GM, OEM Solutions, Dell Technologies. “With Dell PowerEdge servers supporting Ericsson’s Cloud RAN solution, network operators have the option of using the world’s leading server platform to realize the value of open technologies, and quickly bring innovative and revenue generating solutions to market.”

Ericsson’s highly portable Cloud RAN application is truly independent of the underlying processing technologies and server, bringing added flexibility and lowering the barriers to entry. This ensures that Cloud RAN is available to any provider that wishes to deploy it. This collaboration lays the foundations for communications service providers (CSPs) to have the broadest possible choice of infrastructure, while offering a high level of performance and resilience.