News Update Times

(NUT DESK)

WASHINGTON: Twitter moved Friday to defend itself against Elon Musk’s $43 billion hostile takeover bid, announcing a plan that would allow shareholders to purchase additional stock.

Musk’s proposal faces uncertainty on multiple fronts, including possible rejection and the challenge of assembling the cash, but could have wide-reaching impacts on the social media service if consummated.

Twitter’s board has unanimously adopted a so-called shareholder rights plan, also known as a “poison pill,” as the struggle for control of the social media platform intensified.

“The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium,” Twitter said in a statement.

Musk sent shockwaves through the tech world on Thursday with an unsolicited bid to buy the company, stating the promotion of freedom of speech on Twitter as a key reason for what he called his “best and final offer.”

The world’s richest person offered $54.20 a share, which values the social media firm at some $43 billion, in a filing with the Securities and Exchange Commission made public on Thursday.

Musk told a conference in Canada that he was “not sure” he would succeed and acknowledged a “plan B” but refused to elaborate, though in the filing he noted a rejection would make him consider selling his shares.

Musk last week disclosed purchase of 73.5 million shares — or 9.2% — of Twitter’s common stock, an announcement that sent its shares soaring more than 25%.

The board’s “rights plan” kicks in if a buyer takes 15% or more of Twitter’s outstanding common stock in a transaction not approved by the board.

Musk said he “could technically afford” the buyout while offering no information on financing, though he would likely need to borrow money or part with some of his mountain of Tesla or SpaceX shares.

Despite saying he wanted to take the company private, he said the firm would keep up to 2,000 investors — the maximum allowed.

Some investors have already spoken against the proposal, including businessman and Saudi Prince Alwaleed bin Talal.

Morningstar Research analysts echoed that perspective, saying, “While the board will take the Tesla CEO’s offer into consideration, we believe the probability of Twitter accepting it is likely below 50%.”

Twitter stock closed down nearly two percent Thursday.

Musk’s move throws another curve into the roller-coaster ride of his volatile relationship with the global social media service, and raises many questions about what comes next.

He was offered a seat on the board but turned it down over the weekend.

Musk breaks the mold as a business figure, even in the Silicon Valley world known for disrupting markets and changing lifestyles. The serial entrepreneur’s endeavors include driving a shift to electric vehicles with Tesla, private space exploration and linking computers with brains.

(NUT DESK)

BEIJING: Chinese telecoms giant Huawei on Monday reported record profit for 2021, defying the US sanctions aimed at it as executive Meng Wanzhou made her first public appearance since returning to China from Canadian custody.

The company has been caught in the crosshairs of a US-China trade and technology rivalry, with the administration of former President Donald Trump moving to cripple it over cybersecurity and espionage concerns.

The results, announced in Chinese tech hub Shenzhen, also marked the first return to the limelight of Meng since her high-profile return to China after nearly three years under house arrest in Canada.

Meng, daughter of CEO and founder Ren Zhengfei, spent the years in Canada fighting extradition to the US, as Washington accused her of defrauding HSBC bank by trying to hide alleged violations of US sanctions on Iran.

She returned home shortly after two Canadians were released from prison in China, ending a diplomatic row that poisoned ties between Beijing and Ottawa for years.

Huawei’s revenue fell by around 29 percent last year to 636.8 billion yuan ($100 billion), as it grappled with US sanctions aimed at blocking access to key technology and supplies.

But the slump under US sanctions appears to be slowing, and the company said its net profits hit a new record — surging 75.9 percent on-year to 113.7 billion yuan.

“Despite a revenue decline in 2021, our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty,” Meng said in Monday’s statement.

The company attributes its profitability to “improved product portfolios and more efficient internal operations”, with a rise in net profit margin even with gains from the sale of its budget phone brand Honor excluded.

The company is not publicly listed and its accounts are not subject to the same audits as companies traded on the stock market.

Huawei, a supplier of telecom networking gear and smartphone brand, has been struggling since Trump launched a campaign to contain the company in 2018.

Smartphone sales stalled after the US cut Huawei off from key parts and barred it from using Google’s Android services.

Last year Huawei logged 243 billion yuan in consumer business sales — almost 50 percent down from 2020.

Huawei has instead tried to shore up other parts of its business, refocusing on the Chinese market and diversifying to encompass enterprise and cloud computing, along with other business segments related to 5G networks.

Rotating chairman Guo Ping said in a speech at the event that Huawei’s ability to “survive and thrive” depends on ongoing investment in development.

“Our fight to survive is not over yet,” Guo said.

“No matter what comes our way, we will keep investing. That is the only way forward.”

The company’s research and development investment amounted to 142.7 billion yuan last year, around 22 percent of its total revenue.

Lahore (Nut Desk)

Shan Foods, a leading name in the food industry, under its CSR identity, Shan Shares, is back with another thought-provoking and innovative message for the month of Ramadan that creatively channels the spirit of sharing and giving back to the society.

The newly-released DVC shows a chef cooking up a special dish for Ramadan but presents an empty plate of food in the end. The chef’s actions are clarified through the end note which encourages people to reduce food waste and share their meals with others.

Muslims all over the world donate generously during the month of Ramadan, be it monetary or any other type of donation. Food is one of the major things that is highly focused upon during Ramadan and consequently a lot of it also goes to waste. Through their latest communication campaign, Shan Shares rightly reminds us that we should avoid wasting food and share it with our fellow human beings.

Sharing her thoughts on the digital campaign, Maria Rashdi, Head of Corporate Communications and PR Shan Foods, said, “Food wastage and hunger are global problems. As the world is battling to end hunger, we also want to play our part in the process by creating awareness regarding the problem and taking necessary steps to overcome it. This creative communication is part of Shan Shares’ initiatives towards renewing our commitment to eradicate hunger and food wastage from the society.”

In its commitment to sustainability, Shan Shares’ efforts are majorly guided by the UN Sustainable Developmental Goals, particularly the goals of ‘Zero Hunger’ and ‘Responsible Consumption and Production’. The company has been very active about implementing and promoting best food practices which includes sustainable agricultural practices, responsible processing, manufacturing and distribution, while also working to create awareness among public regarding the same.

Lahore (Nut Desk)

Zong 4G, Pakistan’s leading cellular and digital services provider, has brought an unmatched call and data deal for Gujrat, as part of its aim to digitally empower Pakistanis across the country.

This new bundle, dubbed the ‘Apna Shehr Gujrat’ offer, will enable Gujrat, Jalal Pur Jattan, and Lala Musa users the freedom to fulfil all of their communications needs for the entire week in a completely hassle-free way.

For only Rs 90, the subscribers will receive 40 off-net minutes, 1,000 on-net minutes, 1,000 SMSs, and 5GB of data with a week’s validity. Zong’s prepaid customers can subscribe to the Apna Shehr Gujrat offer by dialling *4466#.  The promotion can also be availed through the My Zong App.

Subscribers of other networks can change their numbers to Zong by calling the helpline at 0314-3334455 or visiting the online store or Zong franchise near them.

“The new Apna Shehr offer for Gujrat, Jalal Pur Jattan, and Lala Musa is part of our special ‘Apna Shehr’ packages meant to help Zong subscribers in various cities across Pakistan effectively meet their connectivity needs,” stated a Zong official spokesperson.

“We’re making our best-in-class connectivity services available across Pakistan to bring the benefits of digitization to the public while also accelerating Pakistan’s transition to the 5G era,” the spokesperson continued.

Zong has continued to introduce personalised deals for clients across the country, based on their usage and requirements, as a customer-centric corporation. To connect every Pakistani, Zong is offering its most advanced digital solutions services, and bundles to its customers

Lahore (Nut Desk)

TPL Insurance Limited, a subsidiary of TPL Corp Limited, is pleased to announce that the Company has entered into a Share Subscription Agreement and a Shareholders Agreement with Finnfund, a major development financier and impact investor, investing in responsible and profitable businesses in the developing countries.

The acquisition follows TPL Insurance’s earlier disclosure, dated October 26, 2021 to the Pakistan Stock Exchange on Finnfund’s interest in acquiring an equity stake in the company subject to approval from the Board of Directors, Shareholders, Securities and Exchange Commission of Pakistan and other regulatory bodies. Pursuant to the agreement, Finnfund will hold 14.97% of the then total issued share capital, on a fully diluted basis, subject to obtaining all regulatory approvals.

This foreign collaboration will enable TPL Insurance to introduce innovative and tech driven products, such as yield based crop and livestock insurance, as well as women specific insurance programs, thereby increasing penetration of insurance in Pakistan in diverse segments. TPL Insurance intends to further develop its digital assets and bring efficiencies through digitization of business processes. The equity injection will also improve the financial strength and underwriting capability of TPL Insurance.

Commenting on the occasion, Muhammad Aminuddin, CEO, TPL Insurance, said, “I take deep pride in welcoming Finnfund on board at a time when the global economy is facing extremely challenging times. Working with the experience and expertise of Finnfund will help us accelerate our growth and make a larger impact in developing the insurance sector in Pakistan. I am confident that Finnfund’s entry to the Pakistani market will provide impetus to more foreign investments in the country and boost the economic growth of Pakistan.”

Ulla-Maija Rantapuska, Investment Manager at Finnfund, said, “This investment strengthens our role and expertise as an impact investor in the insurance sector. We are happy to partner with TPL Insurance, a pioneer in Pakistan in developing online insurance services, and see a possibility to deliver significant development impacts by expanding the insurance industry in Pakistan. TPL’s ambitious development of new service channels and products will allow access to insurance for those previously underserved.” 

Lahore (Nut Desk)

In spirit of the auspicious month of Ramzan, Careem, the Super App for the greater Middle East and Pakistan, has partnered with Network Of Organizations Working For People With Disabilities, Pakistan (NOWPDP) to launch a new car type called ‘GO Donation’. This car type will enable customers to donate PKR 25 to a noble cause with every ride they take.

Customers can donate to the cause by selecting GO Donation in their car type when booking a ride where PKR 25 will automatically be added to the total fare. The initiative offers Careem customers the opportunity to participate in acts of kindness in the holy month of Ramzan by making donations to the persons with disabilities. Customers can also donate their REWARD points on the Careem app towards a full day of vocational training of a person with disability at NOWPDP.

NOWPDP is a non-profit organization that undertakes extensive initiatives to facilitate equal opportunities and rights for people with various disabilities. Through this campaign, Careem is making a joint effort towards simplifying and improving  the lives of these individuals.

Commenting on the partnership, Feroz Jaleel, Country Head, Careem Pakistan stated; “Ramzan is a month where Customers gravitate towards charitable causes. At Careem, we believe in integrating technology for the greater good of society.  This partnership with NOWPDP is an embodiment of Careem’s name which means generous and will undoubtedly aid in simplifying and improving the lives of the specially-abled members of our society. We have also taken numerous initiatives to support our Captains as well during the holy month.”

Omair Ahmad, Executive Director NOWPDP, stated: “It’s the right of all to be able to begin a journey with hope. That this hope is denied to many due to disability is a societal failure, and one that must be addressed. Careem prides itself on its motto of “Moving People” and NOWPDP is endeavoring to ensure that this means “all people”, inclusive of disability, by bringing about change in attitudes. To this end, and in partnership with Careem, we hope to not only move people, but also change minds with our collaboration”

To recognize the work of Captains during the holy month of Ramadan, Careem also announced that it will be matching all tips made on the app across Pakistan throughout this holy month, allowing Captains to receive double the tips. Customers can tip Captains on the app after the completion of a ride and for food deliveries at order checkout.

Careem has always been at the forefront of coming up with initiatives designed at improving the quality of lives for Captains. Careem, which recently became a Super App, has more than 800,000 Captains registered on its platform so far. Transforming into a Super App; Careem offers multiple opportunities as it expands its services from mobility of people to adding mobility of things as well as mobility of money including food, daily essential deliveries, peer to peer credit transfer and mobile top-ups.

realme’s new country director outlines the tech democratizer’s vision for the Pakistani market and teases exciting things to come.

Lahore (Nut Desk)

realme as a brand has truly been dedicated to developing the technological sphere since its inception in 2018. Its brand philosophy of Dare to Leap emphasizes the scope of realme’s ambition, daring to dream of advancements that seem impossible or of the dissemination of high-end tech into lower price brackets than it may seem practical to do. Over the years realme has pioneered many tech leaps in their price segment, especially with the number series, such as the introduction of 90Hz display in the realme 6 series and the introduction of 108MP infinity camera in the realme 8 series. realme has made waves in the Pakistani market since its arrival, establishing itself as a rising force in the telecommunications industry.

The Pakistani market has proven to be very price sensitive with customers that give great importance to getting high value for money from their smartphones. Recently, realme has appointed Syed Mashood Hassan as the brand’s new country director. Syed Mashood came to the role with a wealth of experience working in the telecommunications sector, previously having been part of the Samsung and Huawei teams in the country. We sat down with Syed Mashood recently and discussed realme’s activities over the past few months as well as the vision realme has for the Pakistani market in the coming year.

Over the past few months, realme has been on the rise. The tech democratizer’s month on month growth totals up to a staggering 45%, which shows that realme’s sustained efforts in the market over the past few months have proven to be very fruitful. The realme assembly plant inaugurated earlier this year also has a big hand in the impressive growth of realme. The benefit of starting assembly within the country rather than relying exclusively on imports is that the manufacturing related costs for realme products have gone down significantly. The benefit of this is passed down to the customers as the prices of realme products continue to get slashed. This makes them even more attractive to the value-conscious market. One of the most popular product lines released by realme in the country is the realme C series as it is a high value for money product line and accounts for a major portion of the brand’s sales. With the assistance of its three suppliers: Airlink Communications for the North region, M&P for the Central region, and United Mobile for the south, realme has increased stock coverage across the country up to an impressive 3000+ stores.

When it comes to the future, realme has massive plans. For the purpose of creating customer touch points, realme is planning to open up 40 brand stores all across the country which would provide customers assistance for realme’s more premium products such as the realme GT series or the realme 9 series. Brand stores are just the tip of the iceberg as realme also plans to 10 exclusive realme stores which will offer the complete realme experience. Customers can come to realme brand stores to purchase any of realme’s products including its AIoT line as well to get assistance regarding any previously purchased product. realme’s target for the year is to amass an overall 12% share of the total market and with the exciting support features and products coming in the pipeline it looks like they could achieve their goal.

One of the exciting new products in the pipeline which will be releasing very soon is the realme 9 Pro+. The realme 9 Pro+ is the latest in the number series of phones which means it is essential that the phone’s key features feature some kind of tech leap. The first tech leap that the realme 9 Pro+ comes with is the first-in-segment Light Shift Design which transforms the rear panel from a cool sunrise blue to a warm red when exposed to sunlight or UV rays. This aesthetic design is a reflection of the changing color of the sky during sunrise or sunset and really speaks to realme’s commitment towards experimenting with new and iconic designs. The second major tech leap that the realme 9 Pro+ has to offer is the inclusion of a 50MP Sony IMX766 OIS sensor as part of the triple rear camera setup. This cutting edge sensor is able to capture 63.8% more light than its previous generations. This vastly increases the realme 9 Pro+’s performance in low-light and nighttime settings. The large 50MP sensor is able to store more information about the scene you are trying to capture leading to a more detailed, impressive, final photo. The upcoming smartphone has a plethora of other exciting features such as 60W SuperDart charging, a 4500mAh battery, and 90Hz Super AMOLED display among others.

After looking at realme’s journey in Pakistan so far, it is clear that the smartphone brand has a lot of potential for growth in this market. With an experienced leader like Syed Mashood joining their ranks it will be exciting to see what heights realme is able to reach in the coming year. The spirit of innovation is highly important in realme’s new releases and we can expect lots of unique and exciting features to continue to pop up in their new releases. For now, you can look forward to the realme 9 Pro+ which will be available for pre-order starting Monday, April 18, 2022. You can join realme on the day for the official launch event which will be streamed live at 07:00PM PST on YouTube and the official realme Pakistan Facebook page.