News Update Times

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.