News Update Times

Lahore (Muhammad Yasir) Pakistan’s cellular and digital services front runner, Zong 4G collaborated with HANDS to launch a tree plantation drive in the megacity of Karachi. The move is part of the company’s environmental sustainability efforts to combat air pollution in the country. HANDS is one of the leading non-profit organizations in Pakistan working towards improving health, promoting education, alleviating poverty, building infrastructure, and developing social institutions for community empowerment. HANDS’ strength is 13 volunteer board members, 10,000 workforce and thousands of community-based volunteers of more than 6,300 partner organizations. In a bid to fight the lack of trees in the city, Zong’s volunteers from the Karachi region participated alongside the children of HANDS School, Karachi to plant trees across different areas of the city.

“We realize that the city of Karachi has an unfortunate dearth of trees, a serious problem that needs urgent addressing. This collaboration with HANDS is a testament of Zong’s passionate commitment to environmental sustainability and creating a positive impact on the city’s environment.” shared Zong’s official spokesperson.

Also sharing his thoughts, Shaikh Maaz Tanveer, Head of Communication and Natural Resource Management Department, HANDS Pakistan, said, “We’re happy and excited to have collaborated with Pakistan’s telecom leader for the tree plantation drive in Karachi. We share the goal of fighting the adverse effects of climate change in Pakistan with Zong, and are confident that our volunteers will put in the best of their efforts to make this drive a success.” Besides leading the digital transformation in the country, Zong is also leading the CSR front in the ICT industry.

The brand stays committed to social empowerment and preservation of the environment, creating a better tomorrow for the younger generations.

Lahore (Muhammad Yasir) Pakistan Cricket Board hosted the bid for 7th and 8th season of HBL PSL’s digital streaming rights in Lahore on 24th December with participation from extremely competitive contenders including Daraz, ASports, Geo TV, Trans Group and Tapmad. The winner of the bid, Daraz, leading e-commerce platform of Pakistan, had previously also proven to be a game changer with over 300 million views during the streaming of ICC T20 World Cup. The platform’s mission has been digitalization and it has been actively working towards building infrastructure to improve the growth of the country’s e-commerce industry.

Daraz also believes in making sports and specifically cricket as a force that brings users from every corner of the country together with free-of-cost streaming that no other platform offers. According to Pakistan Cricket Board, Daraz submitted the highest bid in accordance to the public tender process which was 175% higher than the previous years pertaining to the increase in digital players in the market.

Ammar Hassan, Chief Marketing Officer at Daraz, shared his excitement on winning the cut-throat competition, “we are proud to once again unite Pakistanis on our platform to watch their most loved national cricket tournament. With the support of our high technology and back-end support we are confident to provide access to every individual in the country. Our goal through sports partnerships is to provide shoppertainment to our users and make entertainment accessible through digitization to all.”

Daraz won hearts of the nation previously as well and is set to do so by winning digital streaming rights for the next two seasons of HBL PSL 2022-2023 as cricket lovers anxiously anticipate how this year’s tournament will pan out to be.

Mastercard Economics Institute: 2022 Economic Outlook Defined by Digital Resilience and a Return to the ‘Experience Economy’

 

• Shifts in household savings, economic growth and consumer spending on “stuff” vs. “experiences” are in focus as businesses continue to move digital
• Global economic outlook report was launched at Expo 2020 Dubai, where 192 countries are currently participating in the world expo

Lahore (Muhammad Yasir) Ahead of the pandemic’s second year milestone, the Mastercard Economics Institute released today Economy 2022, a global outlook for the coming year based on critical trends as seen through the lens of the consumer.

The report reveals how five fundamental factors — savings and spending, supply chains, digital acceleration, global travel, and a growing list of economic risks — will continue to shape the global economy.

Our key findings include: 

• Savings & Spending*: Consumer spending of built-up savings could contribute an additional three percentage points to global GDP growth in 2022. Household saving rates nearly doubled in 2021. How quickly or slowly consumers spend from their savings will have a ripple effect on the global economy.

 

• Supply Chains: A record-breaking 27-year rewind in the household spending shift from goods to services rotates back – already six percentage points below the peak. The pandemic sparked spending growth on goods from 39% to around 47% at its peak, roiling the services economy while burdening supply chains. With cupboards bursting, we expect the balance to normalize in 2022 as borders open and services become more accessible and desirable again.

 

•  Digital: 20% of the digital shift in retail stays put – reshaping how and what consumers buy. E-commerce subscriptions gained traction in 2021 as nearly 88% of countries across 32 markets saw a surge in subscription services compared to the previous year. Notably, car companies, virtual workout partners, bike rentals and pet services are among a slew of businesses benefitting from this model.
• Travel: Leisure travel recovery continues as international travel opens up, with medium- and long-haul flights to gain ground in 2022. The return to travel in 2021 was on full display on our roadways and in airports, but continued growth hinges on containing virus variants that drive travel bans. We saw a swift rebound in domestic and short-haul international travel (under 1,000 km), medium-haul travel (under 2,900 km) lifted by fewer restrictions, while long-haul travel trails behind.
• Risks: Risks remain with the potential to disrupt the global economy. New COVID variants like Omicron pose the biggest immediate risk, but we’re keeping an eye on nearly a dozen additional risks that have the potential to derail recovery, including a sharp recalibration of housing prices that have appreciated 66% over the past two years, a surge in oil prices, fiscal cliffs in advanced economies, and international tariff wars.

“The past year was not the return to normal that many yearned for, but collectively, we have made tremendous progress,” said Bricklin Dwyer, Mastercard chief economist and head of the Mastercard Economics Institute. “Globally, economic growth, vaccine advances, and digital transformations that have made businesses large and small more resilient, continue to shape the future. It is against this backdrop that we anticipate consumer demand — and spending power — to grow and the experience economy to reemerge next year.”

*Methodology

The Mastercard Economics Institute draws on aggregated and anonymized sales activity in the Mastercard network among other sources to develop a measure of the quantity and prices of goods vs services consumed for economies throughout the world.

You can view the full Economy 2022 outlook here. This is the third outlook report from the Economics Institute; other reports can be found here.  

Lahore (Muhammad Yasir) Mobilink Microfinance Bank Limited (MMBL) – the largest digital bank in Pakistan recently inked an MoU with the Pakistan Poverty Alleviation Fund (PPAF) for capacity building and financing of micro, small and medium enterprises engaged in livestock and horticulture sectors across the underprivileged districts of rural Sindh and Balochistan. 

The agreement was signed by Chief Finance and Digital Officer, MMBL, Sardar Mohammad Abubakr and Chief Operating Officer, PPAF, Mr. Nadir Gul Barech, under PPAF’s Growth for Rural Advancement and Sustainable Progress (GRASP) project, working to accelerate sustainable development in the region. Senior executives from both organizations were also present on the occasion.

Myriad enterprises are working at micro, small and medium levels in the country that have the potential to catalyze sustainable economic development at the grassroots level but they fall short of their goals due to lack of access to financial services. MSMEs based in rural areas are particularly unfortunate in this regard. 

Courtesy, MMBL’s expansive digital financial ecosystem, these MSMEs are now receiving timely financial backing to plan and execute their business decisions to attain their full potential for growth and sustainability. The bank’s digital financial ecosystem offers customized financial products well suited for each customer and business far across the country and is particularly supportive of the rural businesses and those owned and led by women. 

MMBL has financed thousands of micro, small and medium businesses across all provinces. The recent agreement with PPAF is also an extension of the bank’s long-term commitment to promote financial inclusion and equitable economic growth in the country.

Islamabad (Muhammad Yasir) Nova One Lahore launching ceremony, held at Islamabad Club on 22 December 2021 by Nova Developers & Management. 

Nova Group is bringing a high-end residential and commercial hub called Nova One. The project is a real estate marvel and the tallest building in Lahore. Many realtors, investors, and real estate representatives from all over Pakistan attended the inauguration ceremony. Also, the whole senior management of Nova developers was present at the event accompanied by Italian Architect Prof. Dr. Marco Casa Monti who has created Nova One architectural design. Wall Real Estate management and team attended the ceremony and congratulate Nova group on initiating a new landmark in Lahore.

After completion, Nova One will be the tallest development in Lahore, comprising 40 to 60 floors, with dedicated parking floors, luxury apartments, corporate offices, retail shops, basements, and more. Additionally, the project will host an abundance of luxury, recreational and dining facilities along with lavish hotels and gourmet destinations. Combined with the prime location of Kalma Chowk Lahore with a flexible payment plan, Nova One is a worthy investment place for potential buyers. 

While addressing the attendees of the event, Nova developers and management stated that how they are pleased to launch a modern and luxurious real estate development in Lahore with a focus on providing high investment benefits and ideal living to its residents. Through this project, the developers aim to bring incredible living and investment opportunities. However, Nova developers aim to build a remarkable living and business community never seen before in the history of Pakistan. 

LAHORE (NUT DESK) ACCA and The Institute of Internal Auditors renew MOU A memorandum of understanding (MOU) renewal has been signed between ACCA (the Association of Chartered Certified Accountants) and The IIA (the Institute of Internal Auditors). The three-year agreement will further strengthen and extend the current cooperation agreement and allows both bodies to continue to work closely together to advance their respective professions.

The MOU was signed by ACCA’s chief executive Helen Brand OBE and IIA president and chief executive Anthony Pugliese, CIA, CPA, CGMA, CITP. Under the terms of the agreement, ACCA and The IIA will focus on advancing the careers of members, enhancing governance practices and serving the public interest.

Helen Brand, chief executive of ACCA, said: ‘We’re delighted to be signing this new MOU with The IIA. We believe that we can develop research together that resonates with a global audience of finance professionals across different disciplines.

We already have strong links with The IIA and we look forward strengthening those in a range of areas for the benefit of our memberships.’ Anthony Pugliese, president and chief executive officer of The IIA, said: ‘This MOU builds on an already strong working relationship with ACCA. We look forward to our ongoing collaboration together. Internal audit plays a vital role in providing the independent, internal assurance that supports all types of external disclosures, so our global organisations represent complementary functions in many areas.’ The organisations will cooperate on research and thought leadership on topics such as diversity, governance, cybersecurity and ESG (environmental, social and governance).

Both organizations are collaborating on a Professional Insights report to be released next year. They will also evaluate opportunities to work together on the United Nations Sustainable Development Goals. Both parties are also going to continue to collaborate on a range of activity to benefit their memberships in markets where they already work together, as well as other markets. ACCA and The IIA have been collaborating for a number of years in offering a challenge exam to ACCA members so they can receive The IIA’s prestigious Certified Internal Auditor (CIA) designation.

The CIA is the only globally recognised certification for internal audit practitioners. Since 2015, more than 5,000 ACCA members sat for the CIA challenge exam. The IIA is willing to make this opportunity available to qualified ACCA members because earning the CIA represents an important level of achievement for individuals practicing internal auditing. The parties will advocate for each other’s qualifications and use their own channels to promote their partnership, such as member magazines and social media posts.