Karachi (Cliff News)Recognizing the importance of China-Pakistan Economic Corridor (CPEC) for the economic and social development of Pakistan and the region, the Consulate General of Switzerland in Karachi and the Swiss Business Council of Pakistan (SBC) organized an interactive session on 27 April 2017 to discuss “Opportunities for Foreign Investors in CPEC”.Welcoming the guests present among which were several diplomats, Chief Executive Officers of various multinationals including Swiss companies, leading Pakistani businessmen, and media representatives, the Consul General – Mr. Philippe Crevoisier mentioned that the Embassy of Switzerland arranged a similar event last month in Islamabad. Mr. Crevoisier was of the opinion that many foreign investors initially considered that CPEC is mainly a China-Pakistan venture. However as the project has advanced, many new business opportunities are coming up for other countries to be part of CPEC.In his opening presentation the President of SBC – Mr. Farhat Ali highlighted that CPEC for Pakistan is all about connectivity, thereby, opening up and aligning the whole of the country, notably, the remote areas of Pakistan into the mainstream economic growth of the country, CPEC is all about the availability of much needed energy to spur the economic growth of the country, the over 32 Special Economic Zones being established under CPEC are meant to spur industrial and commercial growth supported by the government providing incentives in favor of ease and cost of doing business. All these goods happening, on the soil of Pakistan, are the assets of the country open to be capitalized upon by the local and foreign investors from all countries. It is encouraging to note that the Swiss Companies operative in Pakistan are already availing the benefit drawn out of CPEC and others are on the way to do so. Mr. Ali also said that “Considering potential of CPEC SBC – in collaboration with Switzerland Global Enterprise (S-GE) and other Chambers of Commerce of Switzerland – is all set to hold a series of events under the title of ‘Focus Pakistan’ in Switzerland during first week of July 2017.”Chief Executive Officer of KPK Economic Zones Development & Management Company – Mr. Syed Muhammad Mohsinand Director Projects of the Sindh Board of Investment – Mr. Abdul Azeem Uqaili, who spoke at the event, emphasized that under CPEC project their provincial governments are proactively facilitating existing and new foreign investors to set themselves up in the Special Economic Zone (SEZ)s being set up all over the country along the proximity of corridor route alignment. Consul General of China – Mr. Wang Yu also spoke on the occasion.
Islamabad(Cliff News)Unido Organised workshop in islamabad with the Collaboration of KWCCI and IWCCI.Mehreen Elahi is Representing Karachi Women’s Chamber in this workshop.
Unido Working on helping expedite the formulation of renewable policy framework for industries in Pakistan.The Unido Head Thanked Karachi Women’s Chamber and appreciated women to be here to understand very technical information and now would bring it to the knowledge of their Women chamber and FPCCI.
Karachi(Cliff News)Meeting of the Board of Directors (BoD) of National Bank of Pakistan (bank) was held onApril 21, 2017 at Bank’s Head Office in Karachi in which the BoD approved the financial statements of the bank for three months period ended March 31, 2017.The bank recorded a pre-tax profit of Rs. 6.7 billion i.e. 7.8% up against Rs. 6.2 billion for the corresponding three months period of 2016. After-tax profitfor the period was Rs. 4.2 billion i.e. 4.1% higher than Rs. 4.0 billion for thecorresponding three months period of 2016. This translates into earnings per share of Rs.1.98 as against Rs.1.90 for the corresponding quarter of 2016.Bank’s net interest / mark-up income increased by 2.2% to Rs. 12.3 billionagainst Rs. 12.0 billion for Q1 of 2016.This was achieved through maintaining an efficient asset-mix of high-yield loans and investments. Similarly, growth was also achieved in non-mark-up / interest income for the period which increased by 13.1% YoY to Rs. 7.4 billion.While the balance sheet footing dropped by 2% compared to year end 2016, the bank recorded a healthy YoY growth in both deposits and advances. As of March 2017 bank’s deposits amounted to Rs. 1,588 billion being 25% up against that of March 2016; whereas the netadvances also increased to Rs. 648 billion i.e. 17% up YoY.
National Bank being the largest bank of Pakistan is operating with more than 1400 branches across Pakistan. In addition to core services being trustee of public funds, bank has diversified its business portfolio and has been competing market in the debt equity market, corporate investment banking, retail & consumer banking including agricultural and government collections & payments. NBP aims to evolve a National Payment Eco-System to facilitate entire population of country through every possible delivery channel 24/7. Under this initiative bank is already in process to enhance digital outreach through all available digital channels in the banking.
Lahore(Cliff News)The National Selection Committee headed by Inzamam ul Haq has selected 15-member squad for the ICC Champions Trophy, 2017 to be played in England and Wales from June 1, 2017 to June 18, 2017. The team has been selected keeping in mind the conditions and the recent performances of some players in domestic and international tours. Azhar Ali making his comeback in the team looking at his good track record at English conditions, whereas Umar Akmal also makes a comeback after bringing considerable improvement in his fitness, and his performance in the ongoing Pakistan Cup. Young Shadab Khan and Fahim Ashraf are retained in the side to give the team variety in the shape of spin and fast bowling all-rounders, respectively. Overall the team consists of experience and youth and the selectors believe that team will do well in the ICC event”, said chief selector Inzimam ul Haq.The Sarfraz Ahmed-led side will play warm-up matches against Bangladesh (May 27 and Australia May 29 at Edgbaston) before taking on India in its opening match of the ICC Champions Trophy at Edgbaston on June 4, 2017. The selected players are:
- Azhar Ali
- Ahmad Shahzad
- Fakhar Zaman
- Baber Azam
- Muhammad Hafeez
- Shoaib Malik
- Umar Akmal
- Sarfraz Ahmad Captain- WK
- Shadab Khan
- Immad Wasim
- Muhammad Amir
- Wahab Riaz
- Hassan Ali
- Junaid Khan
- Fahim Ashraf
Peshawar(Cliff News)Shell Pakistan Limited is pleased to announce that its premium quality fuel Shell V-Power is now available at 3 Retail stations in the province.Shell V-Power Unleaded is an innovative new premium formulation designed to protect car engines against gunk and corrosion. The fuel was officially launched in PeshawaratFC Filling Station on Sunehri Masjid Road,Peshawar.With over 100 years of experience in developing fuels, Shell has more than 100 fuel scientists and specialists working tirelessly on fuels innovation, development and product implementation across the globe. This has led to the formulation of Shell V-Power Unleaded with powerful cleaning agents to prevent and remove corrosive and gunk engine deposits thereby improving engine performance.On this occasion, Mazhar-ud-Deen, General Manager – Retail, Shell Pakistan Limited said: “Our customers are at the heart of everything that we do, and every product that we offer. It is with this notion that we are extending our network for Shell V-Power Unleaded to allow more customers across Pakistan access to our best fuel for their cars. Wehope our customers enjoy using it and feel the difference in their drive.”Shell V-Power Unleaded not only cleans older engines but also maintains new ones with equal effectiveness and Shell is poised to bring this fuel to more cities this year.
NOTES TO EDITORS
Shell Pakistan Limited
Shell Pakistan Limited is the largest international oil marketing company in Pakistan, with a network of over 780 fuel stations across the country. Shell has a 15% share in the white oils market in Pakistan, and remains at the helm of industry-wide efforts to advocate for world-class technical standards for the oil marketing sector in Pakistan and to assist the Government in deregulating the sector.
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this presentation “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this presentation refer to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. 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Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, ‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory measures as a result of climate changes; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional factors that may affect future results are contained in Royal Dutch Shell’s 20-F for the year ended 31 December, 2013 (available at http://www.shell.com/investor and http://www.sec.gov). These factors also should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release,01 December, 2016. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation. There can be no assurance that dividend payments will match or exceed those set out in this presentation in the future, or that they will be made at all.We use certain terms in this presentation, such as discovery potential, that the United States Securities and Exchange Commission (SEC) guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website http://www.sec.gov. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
Karachi(Cliff News)In a press conference held to discuss inefficiencies in the workings of Civil Aviation Authority (CAA), Shaheen Air International (SAI) stated that Pakistan’s aviation industry is experiencing a hostile environment since 2015 especially for the private sector. The harsh policies targeting local private airlines are stifling their growth, while benefits are being reaped by Foreign & National carriers.The press statement issued mentions that SAI is always made towait forlong periods regarding approvals on a host of issues. The RPT license for 4 years was put on hold, while the airline was only given interim approvals for 15-30 days. The airline was asked to fulfil documentations and procedures which were not even a part of the process, but SAI completed all requirements in due time.Furthermore, the same objections which were the primary reason of delay in SAI’s RPT license were resolved without hassle for the national carrier.Another example of delay in approvals by CAA is the SAI’s inaugural flight NL678/679 from Multan to Muscat, which was expected to depart on 23rd April, 2017, but was barred from operation due to a non-disclosed reason.Thepress statement mentions that an approval letter for this new route was sent to CAA on 5th April, 2017, however the approval was put on hold without assigning any reason on the letter.Similar hurdle was created in SAI’s routes to Manchester and Kuala Lumpur. The airline was denied to operate the inaugural flight for Manchester on the grounds for not performing the proving flight.While SAI maintains that they are the only local airline to perform a proving flight for the authorities.SAI’s aircrafts are usually put on hold for 15 – 30 days for inspections, not only hurting revenues, but creating additional expenses in the shape of parking charges and other fees. Moreover, aircrafts are denied access to air bridges, while electricity supply is suspended to check-in counters at the airport.The press statement mentions that the airline does own dues to the CAA, but it is normal aviation practice around the globe. As per CAA Payment Plan and Letter, SAI’s payments are cleared up to date, while the current relaxation in payment plan was requested due to the suspension of Manchester and Kuala Lumpur operations.It seems SAI is wrongly targeted by CAA, which has resulted in a significant dip in financial performance and has hurt the airline’s image amongst customers.
Shaheen Air International Limited (SAI) is established as a public limited company under the Companies Ordinance, 1984. It is mandated to perform the business of air transportation of passengers and cargo. Shaheen Air commenced its operations as the first private airline in Pakistan in December, 1993.It operates on various domestic and international routes and in 2015, it became the only private airline from Pakistan to fly east with non-stop flights from Lahore to Guangzhou, China. Recently, the carrier began services between Islamabad and Manchester and also plans to fly to several other international destinations in the future.
Karachi(Cliff News)Karachi Omar Associates emerged as the Southern Zone champions of the 18th PVCA National Seniors Cup Cricket Tournament 2016-17 as they outclassed Karachi Fact Date Engineering by eight wickets in the final here at the National Stadium the other day. All-rounder Imran Javed, adjudged Man of the Match, and off-spinner HarisAyaz played the pivotal role in reducing the final to a one-sided affair with Karachi Omar Associates proving too good for their opponents. They will now be taking on the Northern Zone champions in the National final later this month.A record number of 111 teams from all over the country entered the tournament, being organized by the Pakistan Veterans Cricket Association (PVCA) for the 18th year running.Electing to bat, after winning the toss, Karachi Fact Date Engineering was bowled out for 185 in 29.4 overs. Chasing a target of 186 in 30 overs, Karachi Omar Associates romped home in 24.4 overs, losing only a couple of wickets in the bargain.Mohammad Javed’s 77 off 53 balls containing two sixes and four fours provided an opportunity for Karachi Fact Date Engineering to post a mammoth total but they lost their way due to superb spell from off-spinner HarisAyaz, who claimed five wickets for 36 runs. Medium-pacer Imran Javed chipped in with three wickets for 25 runs to prevent the batting side from playing out their quota of 30 overs.Karachi Omar Associates got off to a solid start through the opening pair of Jaffer Qureshi (28 off 25 balls) and Sajid Ali (26 off 26 balls) as they added 55 for the first wicket.The 133-run unbroken third wicket stand between Imran Javed and Iqbal Shaikh, both of who cracked unbeaten half centuries, got Karachi Omar Associates over the line very comfortably in the end.Imran Javed remained undefeated with 69 off 57 balls with the help of one six and nine fours while Iqbal Shaikh smashed one six and eight fours in his unbeaten 62 off 43 balls.