Karachi(Cliff News)Saquib Fayyaz Magoon, Vice President, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has urged the Federal Finance Minister Senator Muhammad Ishaq Dar and Hassan Iqbal, Secretary of Ministry of Textile Industry (MOTI) to bring down the present tariff rates on gas and power in Pakistan at par with the regional competitors to make Pakistan’s export competitive in global market as at present Pakistan’s cost of production is Rs. 3/unit higher than its competitors. This was stated by Saquib Fayyaz Magoon while chairing a meeting with Hassan Iqbal, Secretary of Ministry of Textile Industry (MOTI) at FPCCI Head Office, Karachi.The FPCCI Vice President elaborated that the textile industry is burdened with Rs. 3.63 / KWH surcharge on electricity and GIDC on gas which could not be passed on to the international buyers.The Vice President of FPCCI pointed out that the Rs. 180 billion package as announced by the Prime Minister in January 2017 was a non-starter as it had restricted its fiscal / monetary incentives to only those exporters who would show a 10% increase in their export revenue w.e.f 1st July, 2017 as compared to last year. “However, under the present scenario of a long outstanding – Sales Tax-Refund culture, there is a little likelihood of a 10% increase in export as exporters are compelled to borrow to meet their liquidity requirement which in-turn adds to their input cost”, he added.Saquib Fayyaz Magoon showed concern on allowing rebate to export of yarn which is a basic raw material for weaving industry. He proposed, “Like textile machinery, its spare parts should also be allowed at zero rate as these are ultimately sold to the textile industry”.Waseem Vohra, Former Vice President of FPCCI endorsing the views as expressed by Saquib Fayyaz Magoon regarding high cost of production elaborated that gas tariff in India was US $ 4.5/unit; Vietnam US $ 4.20 / unit; Bangladesh $ 3.10/unit as against $ 7.65/unit in Pakistan. Similarly, he continued, “Taxes on exports in Bangladesh Is levied @ 0.25% whereas in Pakistan @ 1% which after including indirect taxes and other levies comes to 11% of cost of exports. He reiterated that higher cost of production in Pakistan is one of the main cause of export slide”.Hassan Iqbal, Secretary of Ministry of Textile Industry (MOTI) in response to a query replied in detail that Plastic Technology Center (PTC) Karachi as per Federal Cabinet decision would be affiliated with the National Textile University (NTU), Faisalabad and made its sub-campus under the administrative control of MOTI with the financial help of Higher Education Commission (HEC), Ministry of Finance (MOF) and Ministry of Commerce (EDF). “It will be a State-of-Art Centre which will be run under the guidance and in close coordination and cooperation of the Pakistan Plastic Manufacturers’ Association (PPMA)”, he added.The meeting, inter-alia, was also attended by Imran Ghani, Chairman, PPMA
Karachi(Cliff News)6th Essa Open National Junior and Senior Tennis Championship starts from 5 August 2017.Muhammad Khalid Rehmani gave the detail of this Prestigious Tournament which are as followed.Events. Junior 18 Singles and Doubles 16 & under Singles, 14& Under Single, 12 & Under Single, 10& under Single, Girls 18 & under Single, Seniors 35 plus Singles,, Senior 50 plus Singles, Senior 45 plus Doubles.Travelling and Dailies Allowances as per PTF Rules.Prize Money Rs. 1,00,000/- only for Junior Events (PTF Grade One Event).Last date of entry 3rd August.The Organizing Committee comprises on Khawaja Saeed Hai, President, Gulzar Firoz, Altaf Hussain, Vice President, Muhammad Khalid Rehmani, Referee & Tournament director, Sarwar Hussain Media Coordinator, Farha Riaz, Ishrat Zehra, Members.
Karach(Cliff News)The Board of Directors of Meezan Bank in its meeting, held at Karachi on July 26, 2017 approved the unconsolidated financial statements of the Bank and its consolidated financial statements for the half year ended June 30, 2017. The meeting was presided by Mr. Riyadh S.A. A. Edrees – Chairman of the Board, Mr. Faisal A. A. A. Al – Nassar – Vice Chairman of the Board also attended the meeting.The Board has decided to increase the paid up capital of the Bank by approving a 6% Rights Issue of shares at a price of Rs 50 per share inclusive of Rs 40 as premium per share. This increase will support the Bank’s growth plan and Capital Adequacy Ratio. The Right Shares offered will rank pari passu in all respect with the existing ordinary shares of the Bank.The Board of Directors has also approved an interim cash dividend of Rs 1.75 per share (i.e. 17.5%) for 2017 maintaining the Bank’s unbroken payout record since its listing on the Stock Exchange in the year 2000.Meezan Bank has continued its growth momentum and recorded good results for the half year ended June 30, 2017. Profit before tax increased to Rs 5,408 million from Rs 4,433 million in corresponding period last year reflecting a growth of 22%, while profit after tax increased by 18% in the same period due to extended applicability of Super Tax. The Earnings per Share (EPS) of the Bank stood at Rs 3.15 for the half year ended on June 30, 2017. The Bank maintained its position as the leading Islamic bank in Pakistan with a branch network of 571 branches in 146 cities.Total deposits of the Bank reached Rs 593 billion, registering a 5% growth over last year and its Advances to Deposits Ratio was 57% compared to 45% in June 2016. The trade business volume handled by the Bank grew by 36% to Rs 327 billion while Fee and Commission income grew by 63% over the corresponding period last year.The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA (Double A) and short-term rating at A1+ (A One Plus) with stable outlook. The short-term rating of A1+ is the highest standard in short-term rating. The rating indicates sound performance indicators of the Bank.
Islamabad(Cliff News)GE (NYSE: GE) and Harbin Electric International Company Limited (HEI) have set a new global record for the shortest duration from delivery on-site to first fire and synchronization of GE’s H-class gas turbine at the Balloki Power Plant in Pattoki, Punjab in Pakistan.Developed by the Government of Pakistan through the National Power Parks Management Company Limited (NPPMCL), the 1.2 gigawatt (GW) combined cycle Balloki Power Plant is a milestone project that aims to address the growing power needs of the country and will run on liquefied natural gas (LNG).GE has supplied two of its record-setting 9HA.01 gas turbines and one steam turbine with Harbin Electric as the engineering, procurement and construction (EPC) partner for the project. With the plant scheduled for commissioning later this year, GE and Harbin Electric have achieved an impressive milestone, as planned, by completing the first fire test of the 9HA gas turbine just 66 days after the unit was delivered to the project site. In addition, the synchronization of the gas turbine has been achieved in only 74 days, the shortest duration in which GE’s H-Class turbines have been test fired and simultaneously synchronized to the national grid since arrival on site, underlining the strong collaboration of NPPMCL, GE and Harbin Electric in driving the commissioning of the project. The previous record was at the Haveli Bahadur Shah Power Plant, also in Pakistan, where the duration from delivery to first fire test was eight days longer than Balloki.
First fire is a critical test which sees the gas turbine switched on and operated with fuel at the site. The following step is synchronization, in which the unit is first connected to the national grid. The first 9HA gas turbine at Balloki is now delivering up to 380 megawatts (MW) of energy.Rashid Mahmood Langrial, CEO of National Power Parks Management Company Limited (NPPMCL) said, “We are committed to delivering on the government’s vision to strengthen power generation in Pakistan and to meet the growing needs for power for residential and commercial use. With the first fire and synchronization of the first gas turbine, Balloki is on schedule to enter operation and will support the people and national economic growth of Pakistan. The record completion of first fire is a strong demonstration of the extraordinary team work that is going into the project to ensure its timely commissioning.”Mohamad Ali, President & CEO of GE’s Gas Power Systems – Projects, in the Middle East, North Africa, Pakistan and India said, “Balloki marked the 24th and 25th orders for our heavy duty 9HA gas turbine globally, and the first fire and synchronization follows our similar track-record in Bhikki and Haveli Bahadur Shah Power Plants. As the world’s largest and most efficient gas turbines, GE’s 9HAs are changing the way power is delivered in Pakistan and around the world.”The first fire and synchronization of the Balloki 9HA gas turbine follows the recent success by GE and Harbin Electric at the Bhikki Power Plant, which also runs on LNG and will generate up to 1,180 MW – the equivalent power needed to supply about 2.5 million Pakistani homes. In addition to the 9HA gas turbines, Balloki Power Plant will have a primary re-gasified LNG fuel system, a secondary diesel fuel system, water cooled condensers and a cooling tower.Sarim Sheikh, President & CEO of GE Pakistan, Iran and Afghanistan added, “As a long-term partner in supporting the power generation industry of Pakistan, we are committed to bringing the world’s leading technologies that assure the highest levels of productivity and efficiency. The first fire and synchronization at Balloki is another example of our focus on working with our partner to deliver the projects as per schedule, which is now being brought online after the synchronization of Bhikki and Haveli Bahadur Shah power plants.”
Weighing nearly 400 tons, the 9HA is the result of a US$2 billion investment by GE Power. Its record-setting efficiency is delivered with the help of GE’s Digital Power Plant capabilities, which help to unlock power that had previously been inaccessible. The turbine’s digital control system uses real-time data to deliver better plant outcomes with stable and efficient operations, while providing valuable predictive insights for higher reliability and optimization.In June 2016, GE set a world record for powering the world’s most efficient combined-cycle power plant – EDF’s Bouchain facility in France – with its HA technology. The 9HA, which offers industry-leading flexibility, allows customers to maintain stable power production and reliably accommodate grid variations through quick start up, rapid load changes and other features. Reaching full load in less than 30 minutes, the HA can deliver reliable and flexible operations not just for large power plants and utilities but also for captive power plants or smaller grids.Pakistan is the first country in the Middle East, North Africa, Turkey and South Asia region to use the 9HA gas turbines. GE has supported the development of energy, transportation and healthcare infrastructure in Pakistan for more than 50 years. Today, GE-built technologies can generate the equivalent power needed to supply up to 25 per cent of the country’s electricity.
Lahore(Cliff News)Jovago.pk, Pakistan’s first leading online hotel booking portal has collaborated with Telemart, one of the country’s fastest emerging online and retail brand. The MOU signing ceremony was held in the head office of Telemart in Karachi.With this partnership, Jovago Pakistan brings good news for Telemart’s shoppers, who can use their Telemart discount cards to avail flat 10% off on all hotel bookings across Pakistan carried out through Jovago.pk. This discount can be availed multiple times by Telemart Discount card holders to enjoy extra treat while planning domestic travel through the combined effort of Telemart & Jovago Pakistan.Given the sweltering heat, corporate visits or the holiday season, now is the most suitable time to avail this discount on hotel bookings throughout Pakistan. Through this collaborative effort, Jovago.pk aims to make traveling easier and affordable for travelers who want to explore the breathtaking sites of the country. With around 2,000 hotels onboard, Jovago in line with its commitment to facilitate travelers provides convenient hotels at an affordable rate. The recent alliance with Telemart is an extension of this promise and it will play distinctive role in strengthening the tourism industry of Pakistan.Commenting on the occasion, Nadine Malik, CEO Jovago Asia said, “We are excited to collaborate with Telemart. These two e-commerce players will contribute towards delivering convenience to our customers. As our promise, Jovago.pk is already providing travelers with an opportunity to enjoy the beauty of Pakistan. This partnership is another step to ease our customers who through this collaboration can now avail amazing discount offers.Jovago.pk intends to facilitate its customers by providing them with reasonable prices and safe accommodation options across the country to encourage local tourism.”Adding on this, Mr. Hamza Rauf Essa, Director Telemart said, “Telemart has been a firm believer in providing customers with an impeccable level of service along with quality products hence this partnership with Jovago is an extension of our customer oriented practices to promote and enhance domestic tourism while providing amazing discounts to our customers. We are hopeful to see that with this partnership, our customers can avail the best available hotel booking services by Jovago Pakistan. We in future with full support from Jovago.pk, intend to bring more exciting announcements for our customers to take forward on this innovative step that will not only benefit our customers but also boost the tourism industry of Pakistan”.
Jovago, Pakistan’s No.1 hotel booking website, allowing its customers to get the best prices for more than 2,000 hotels across Pakistan and 225,000 hotels around the world. Owned by German Group Rocket Internet, with its headquarters in Berlin. Jovago aims to bring the most convenient accommodation facilities online to create the easiest and cheapest way for its customers to book and enjoy hassle free travel. Its offices are located in Karachi, Lahore and Islamabad (Pakistan), Dhaka (Bangladesh), Yangong (Myanmar), Porto (Portugal) and Paris (France). Reach at: https://www.jovago.net/en-gb/about-us
Telemart is a brand of Tradelink enterprises, a company having more than 23 years of experience and excellence in dealing with cellular phones and consumer electronics. Telemart provides a one-stop solution for all the shopping needs of consumers across Pakistan through its diversified sales channels, branded quality products, competitive pricing and unmatchable level of service. Telemart was also recently awarded the Prestigious Emerging Brand Of the Year Award in Online Shopping and has been nominated in the World Retail Awards 2016.
Karachi(Cliff News)Institute of Business Administration with the active support of Benazir Bhutto Shaheed Youth Development Program (BBSYDP) has trained over 450 underprivileged youth in different courses like Web Designing, Web Development, Multimedia & Graphic Designing, IT Entrepreneurship, Software Development and Office Automation.In this regard IBA organized a certificates distribution ceremonyon Thursday at JS Auditorium in IBA City Campus.Provincial Minister of Education and Literacy Mr. Jam Mehtab Hussain Dahar, Special Advisor to CM on Science & Information Technology Dr. Sikandar Ali Shoro, Secretary BBSHRRDP Mr. Shariq Ahmed, Dean and Director of IBA, Dr. Farrukh Iqbal; Director of Information & Communication Technology, Mr. Imran Batada and other guests from IT sector participated in the event.This year IBA also organized a symposium for the top rated projects of the students who took different IT courses in which CIOs and CEOs of different organizations took keen interest. This helped the students to demonstrate their projects before the industry experts and professionals which can result in better job opportunities for them.IBA developed a documentary which showcased the whole training process as well as the efforts of trainers and students regarding the entire 4 months program. High achievers (top 3 students) from each class were invited on stage where the Chief Guest presented them their certificates and the highest percentage holder from each class also received an electronic tablet – which was the courtesy of the ceremony’s sponsors: Commtel, and DWP.On the occasion, Mr. Imran Batada – Director ICT & CICT congratulated all the students and also shared how they have been successful in changing the mindset of the students as few of the students came and were interested in joining IBA degree programs, a few of them got job, a few of them sold their final year projects. Recently IBA has also hired one resource from this batch.Speaking on the occasion Provincial Minister of Education and Literacy Mr. Jam Mehtab Hussain Dahar said that this is indeed a great initiative under the umbrella of Sindh Government’s Benazir Bhutto Shaheed Youth Development Program that was initiated in the year 2008 and has provided training and education to the youth of Sindh to facilitate them for employment and curtail poverty.The Program aims to provide opportunities for short-term employment and skill development to approximately 100,000 semi-literate and educated unemployed youth in Sindh for a period varying between 3 months to one year.He said that his Government’s focus is on education and we are glad that IBA Centre of Information & Communication Technology has come forward for this program and trained 450 plus students in this batch alone. He said that he was very excited to know that, not only students have learned here but they also get internship and jobs.
Karachi(Cliff News)The President and board of directors of National Bank of Pakistan (NBP) have approved an increase in the monthly pension of all NBP pensioners who retired and families of employees who deceased, on or before 2016. As per the details, a 20% increase was approved for those who retired before December 1998, while a 15% for those who retired between 1999 to 2009, and 10% increase was agreed for those who retired between 2010 to 2016.Considering that a big number of pensioners have pension amounting to below PKR 6,000 even after the latest increase as given above, it has been decided that the minimum amount in case of pensioners is fixed at PKR 6,000/- per month whereas monthly benefit amount for family for those pensioners who have passed away, has been fixed at PKR 4,500/- per month with effect from January 2017. It was also decided that the Bank will pay its arrears along with revised monthly pension on the next payment date.While making this announcement, NBP’s spokesperson said: “All bank employees are backbone of the institution. We are a family and employees have to have full commitment to the development of NBP. The relationship with all employees continues even after their retirement. We care about our NBP family as, in majority of cases, a working life time has been spent to provide services to bank’s customers. With this decision, we are promoting a favorable workplace culture to show that the bank truly values its employees and that continues even after the retirement.”On this occasion the President of NBP Mr. Saeed Ahmad stated that our pensioners who had rendered valuable service during their employment, are pride of the bank. He said that he was happy to fulfil a promise which he made with the pensioners of the bank and other stakeholders soon after his appointment as President. He also emphasized that all customers who visit NBP branches whether for the purpose of drawing pensions or salaries, paying their bills or are our depositors / borrowers must be treated with respect and branch managers must make sure to provide good services in comfortable environment.A copy of the announcement shall be dispatched to the concerned pension payee branch, pensioners, and families of deceased pensioners at their last known addresses on record with the bank. In case of any discrepancy, all those concerned are advised to approach the Employees Benefits Wing, HR Services Division, HR Management Group, NBP Head Office, Karachi for necessary corrections.
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.