News Update Times

All Three Companies will Continue to Benefit from GE Heritage

• Healthcare business to be named GE HealthCare.
• GE’s portfolio of energy businesses, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services, to come together as GE Vernova.
• Aviation business to be named GE Aerospace.

Lahore (Muhammad Yasir) GE (NYSE:GE) today announced the brand names of the future companies it will create through its planned separation into three industry-leading, global, investment-grade public companies focused on the growth sectors of healthcare, energy, and aviation. 

GE HealthCare will be the name of GE’s healthcare business. GE’s existing energy portfolio of businesses, including Renewable Energy, Power, Digital, and Energy Financial Services, will sit together under the brand name GE Vernova. GE Aerospace will be the name of GE’s aviation business. All three planned companies will continue to benefit from GE’s heritage and global brand valued at nearly $20 billion*.

Additionally, GE announced today that following the completion of the planned spin-off, shares of GE HealthCare will be listed on The Nasdaq Global Select Market under the ticker symbol “GEHC.” By listing on Nasdaq, GE HealthCare will benefit from the exchange’s profile and track record as a market for innovative, technology-led public companies, particularly in the healthcare sector.

1. Lawrence Culp, Jr., Chairman and CEO, GE, and CEO, GE Aerospace said, “Today marks a key milestone in GE’s plan to become three independent, laser-focused companies. Leveraging GE’s multi-billion-dollar global brand gives us a competitive advantage in our end markets, allowing these businesses to win in the future. Built on a foundation of lean and innovation, these brands will continue our mission of building a world that works and provide our customers with an important reminder of the strengths they value in GE.”

GE intends to execute the tax-free spin-off of GE HealthCare in early 2023, creating an independent company driving innovation in precision health to improve patient outcomes and address critical patient and clinical challenges. Building on a more than 100-year history, the GE HealthCare name and Monogram will serve as an enduring badge of safety, quality, trust, and innovation. The new brand color for GE HealthCare is called  “compassion purple” to reflect more humanity and warmth and achieve greater distinction. The company will continue to be at the forefront of provider and patient care with more than four million product installations and over two billion patient exams a year.

In early 2024, GE plans to execute the tax-free spin-off of GE Vernova, GE’s portfolio of energy businesses, which together with its customers provides one-third of the world’s electricity and is focused on accelerating the path to reliable, affordable, and sustainable energy. The new name is a combination of “ver,” derived from “verde” and “verdant” to signal the greens and blues of the Earth, and “nova,” from the Latin “novus,” or “new,” reflecting a new and innovative era of lower carbon energy that GE Vernova will help deliver. These attributes also are reflected in GE Vernova’s new “evergreen” brand color.

With an installed base of more than 7,000 gas turbines and 400 GW of renewable energy equipment, GE Vernova’s Monogram will serve as a reminder of the company’s lasting commitments to deliver quality, partnership, and ingenuity to its customers. 

Following these planned spin-offs, GE will be an aviation-focused company called GE Aerospace. With an installed base of 39,400 commercial and 26,200 military aircraft engines, the company will continue to play a vital role in supporting the industry through a historic recovery while shaping the future of flight. The GE Monogram, new name, and new “atmosphere blue” brand color—representing the upper limits of the atmosphere—maintain the brand’s strong standing in the aviation sector, while setting forth a confident vision to compete and advance in the field of aerospace and defense for future generations. Following the planned separations, GE Aerospace would own the GE trademark and would provide long-term licenses to the other companies.

GE Chief Marketing Officer Linda Boff said, “Over the course of the last six months, we engaged in a thorough, customer-led process to understand the intrinsic value of the GE brand for our planned future companies. Based on data and analysis drawn from thousands of conversations, it became clear that the GE name and our century-plus old Monogram represent a legacy of innovation, symbol of trust by global customers, pride for our team, and a talent magnet for future leaders. We’re proud these future businesses will be able to build on GE’s DNA of innovation.”

By creating three separate companies, each will benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value.**

*According to Interbrand Best Global Brands 2021.

**These plans may be subject to the outcome of legally mandated consultation in some parts of the world.

Caution Concerning Forward-Looking Statements

This document contains forward-looking statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see https://www.ge.com/investor-relations/important-forward-looking-statement-information, as well as our SEC filings. We do not undertake to update our forward-looking statements. 

Karachi (Muhammad Yasir) In line with the governing laws, rules, and regulations of the Government of Pakistan and NEPRA, various changes have been made to the rates of electricity and tariff structure that will be effective from July and applicable nationwide including on consumers in KE’s service territory. The determination of costs of electricity to be recovered from consumers across Pakistan in their bills comes under jurisdiction of NEPRA and the Government of Pakistan.

These changes include the non-extension of relief for zero-rated industries as well as the relief on peak-hour electricity consumption for industrial consumers. The retailer tax with revised slabs has been introduced for commercial consumers. Non-Time of Use residential consumers will also see a revision in their applicable tariff along with a change in the methodology for their calculation.

Protected and Unprotected Consumers

As per SRO 1004 dated 7th July 2022, the tariff rates and slab structure for tariff of unprotected non-ToU residential consumers (i.e. consumers with sanctioned load below 5kW) has changed.

“Protected” consumers, as per tariff terms proposed by GoP under its Power Subsidy Rationalization Plan and by NEPRA as those non-ToU residential consumers with monthly electricity usage of 200 units or less, consistently for the past 6 months. All other non-ToU residential consumers fall in Unprotected category.

Previously, category of unprotected consumers were provided the benefit of one previous slab in their billing (i.e. their billing was done in two slabs), which has now been removed. Consumers in the unprotected category will now only be charged on one slab in which their units fall. Accordingly, tariff rates have also been adjusted downwards to minimise impact on consumers.

Industrial Customers Bills

Industrial consumers were previously being provided a relaxation by Government of Pakistan, allowing them to utilize electricity during peak hours at the same rates as off-peak hours. That relief was allowed until June 2022 and accordingly with no further extension. Peak rates would now be applicable on industrial consumers as well.

Similarly, zero-rated (or export-oriented) industries were being provided electricity at a fixed rate of USD 9 cents/unit, which was applicable till June 2022, has now been removed. Now, these industries will be charged as per applicable tariff rates to normal industrial consumers.

In addition to the above charges, it must also be noted that routine charges under FCA will be applicable in July bills within KE’s service territory.

Retailer Tax for Commercial Consumers

Per the Government of Pakistan Finance Act 2022 applicable across the country, retailer tax on unregistered retailers have been revised and effective from 1st July 2022. For consumers on commercial tariff, a minimum fixed tax of PKR 3,000 will be charged for bills between PKR 0 and PKR 30,000. Monthly bills between PKR 30,001 and PKR 50,000 will be taxed PKR 5,000, while those with monthly bills above PKR 50,0001 will be taxed PKR 10,000.

Important to note that inactive income taxpayers will be charged twice the taxable amounts.

Further, these taxes will apply even if the consumer’s premises are not in use.

Fuel Charges Adjustments (FCA):

Unprecedented hikes in the price of furnace oil and RLNG were translating into higher costs of electricity production for utilities, and higher costs of electricity for consumers as well. Under the tariff mechanism determined by NEPRA, incremental costs of fuel are recovered from consumers in their bills via Fuel Charges Adjustments (FCA) after the regulator’s scrutiny and approval. Within the decision for FCA, regulator also states that in which month FCA is to be charged. For example, FCA of March 2022 was charged in the month of June 2022.

Accordingly, in its determination for the month of April 2022, NEPRA has allowed KE to charge PKR 5.2718 per unit for units consumed in April ’22 to be billed in the month of July 2022. Further, NEPRA has allowed the FCA for May ’22 be recovered in two parts with PKR 2.6322 per unit charged in July and the remaining PKR 6.8860 per unit in the bills of August ’22. This means customers will see two entries for FCA in their July bills i.e., FCAs for April and May, respectively.

Speaking about the changes, Spokesperson KE stated “We understand that our consumers may have a number of questions about these revisions. To assist them during this time, we have updated our website with frequently asked questions. To reiterate, these changes are introduced under the governing laws of the Government of Pakistan and the rules of the regulatory authority NEPRA and are applicable across the country.

Pakistan (Nut Desk) All the main global indicators fell in the Q2 Global Economic Conditions Survey (GECS), pointing to a decisive deterioration in the global economic outlook. Weak growth looks the most likely outcome for the rest of 2022, according to the latest edition of the Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants). The Q2 Global Economic Conditions Survey (GECS) – conducted in mid-June – pointed to a decisive deterioration in the global economic outlook due to the effects of war in Ukraine and the surge in inflation across much of the world. But while risks have risen, indications are that a global recession will be avoided. However, while confidence among financial professionals has dropped sharply, the level remains above the low-point reached at the height of the COVID-19 pandemic. The two “fear” indices – reflecting level of concern that customers and suppliers may go out of business – were little changed in the Q2 survey, both edging slightly higher. Both indices have fallen back from the extreme levels seen in 2020 but are still above pre-pandemic levels. The largest fall in confidence occurred in the Middle East, a region more exposed to trade with Russia/Ukraine while North America and Western Europe recorded especially large falls due to big jumps in inflation in recent months. Elsewhere the falls in confidence were still significant, but more modest (see Chart 1). Only in North America has confidence fallen back to levels seen during the COVID-19 pandemic in 2020. Chart 1 Confidence plunges in all regions IMA While the outlook has darkened, the drop-in confidence is much greater than in orders. Indeed orders – a lead indicator of economic activity – are above their long-run average. The employment index is also well above its long-run average, despite dropping in Q2. Jobs markets are tight, and employment is rising in many economies, providing some offset to the effects of high inflation on real incomes. In a list of top concerns since the Q1 survey, financial professionals have swapped concerns over COVID for worries about inflation and rising interest rates. But for the third GECS in a row, supply shortages and supply chain issues have remained the highest ranked risk. Hopes are that this issue would fade in importance as this year progressed are fading. Jamie Lyon, head of skills, sectors and technology at ACCA, said: ‘Post-pandemic recovery has now given way to negligible economic growth, elevated inflation, and extreme uncertainty. The war in Ukraine has given inflation a further boost by pushing commodity prices higher. But inflation was already high and rising before the war started in February: a strong rebound in demand fuelled by a massive monetary and fiscal response to the COVID pandemic had run up against supply shortages, resulting in a surge in price pressures.’ Loreal Jiles, vice president of research and thought leadership at IMA added: ‘High inflation is resulting in falls in real disposable incomes putting downward pressure on private demand, especially household consumption. Prices of both food and energy are rising rapidly. The result is a cost-of-living crunch on low-income households in advanced economies and across virtually all low and middle-income countries, where these two categories account for a high share of spending.’ Jamie Lyon concluded: ‘Risks of a global recession have increased but our central case is that growth will be positive if rather weak. Employment growth may support total consumption. Nonetheless, with the exception of the COVID recession of 2020, we expect global GDP growth this year and next will be the weakest since the Global Financial Crisis of 2007-09.’

Alibaba.com to Organize Lahore Seller Summit on 20 July Event to explore the new era of B2B e-Commerce with local exporters.

Lahore (Nut Desk)  Alibaba.com, a global leading B2B e-commerce marketplace, is hosting an event in Lahore to discuss the new era of B2B e-commerce with existing and potential exporters in the region. The attendees will get to know the significance of digitisation as it proved to be the backbone of many businesses during the COVID-19 pandemic. According to Salesforce, the global e-commerce market grew by 11% in the third quarter of 2021 alone. The seller event, which is scheduled to take place offline at Lahore and will be livestreamed concurrently on 20 July 2022, is organized in collaboration with the Lahore Chamber of Commerce & Industries (LCCI) and the Small and Medium Enterprise Development Association (SMEDA). It will cover topics including the potential of e-commerce, how to start exporting using Alibaba.com, what to expect from B2B e-commerce, and tips and advice on achieving sustainable growth. The event will feature a line-up of experts in the export and e-commerce fields, including are Mr Song Song, Head of Alibaba.com Pakistan; Mr Ethan Wang, Product Operation of Alibaba.com Pakistan; Mr Sheharyar Tahir, Head of External Relations of SMEDA; Mr Mian Rehman Aziz, Senior Vice President of Lahore Chamber of Commerce, Mr Md Ammar Khan, CEO of Raaziq Intl. Logistics; Mr Barrister Ahmed Uzair, an Export Law specialist of AUC| Law and Muhammad Sajid Minhas, an exporter who has Ali Gold Supplier member for more than 15 years. According to ProPakistani, With the economy and export of Pakistan booming, the national export, the trading amount is now reaching the peak value in the past 10 years. Businesses that are equipped to navigate the e-commerce market will be better positioned to benefit from the favorable trading environment. The Alibaba.com event is now open for registration. Interested parties please sign up here.

Lahore (Muhammad Yasir) TECNO’s most anticipated 32MP Softlight Selfie Camera – Camon 19 Neo is all set to be launched in Pakistan.

TECNO Camon 19 series was launched globally last month, leaving the local fans in anticipation. Keeping in check the increasing demand of the consumers, TECNO is launching the Neo version of the series in Pakistan. Other variants will be coming soon as well.

Camon 19 Neo is projected to bring Ultra Shine to your photography with the 32MP Softlight Selfie Camera and 48MP Bright Night Portrait. Moreover, with an FHD+ display, powerful battery, processor, and storage, the phone is all set to take the competitors by a storm.

Kelvin Zeng, CEO of TECNO Mobile Pakistan, shared his views on this occasion,

“We are really excited to bring this new device to our Pakistani consumers. The series is yet to be brought to the country but the Neo version will prove itself to be a value-for-money device with its advanced camera technology and stylish design.”

Camon 19 series has also received the iF Design Award for the amazingly stylish smartphones with classy yet modern aesthetics. The series is expected to come to Pakistan very soon. So stay tuned and follow TECNO Mobile on official social media platforms.