Day: January 22, 2022

Lahore Qalandars skipper, Shaheen Afridi expressed his views about Babar Azam in a recent interview. Appreciating Babar’s leadership skills, the pace bowler declared Pakistan captain as ‘Ertugrul’.

Shaheen’s bowling is used by Babar Azam as the primary weapon to down the opposition and the two cricketers play vital roles for Pakistan. While speaking of playing under Babar’s captaincy, Shaheen was all praise for the skipper. He compared Babar Azam to the lead character of the famous Turkish series ‘Ertugrul’ while calling the rest of the team his ‘soldiers’. For context, the impactful character is known for his bravery and exemplary leadership in battles.

Shaheen also shared that all players look up to the skipper for guidance regarding the game plan and execute their skills while following Babar Azam’s instructions.

With the seventh edition of PSL only days away, cricket fans are eagerly waiting for the face-off between Lahore Qalandars and Karachi Kings, as Babar Azam and Shaheen Afridi come eye-to-eye.

In this season of the league, both Babar Azam and Shaheen Afridi will be leading their sides for the first time in PSL history. The highly anticipated contest between Lahore Qalandars and Karachi Kings is scheduled for 30 January at National Stadium, Karachi.

 

 

Source: Pro Pakistani

Pakistan U19 has played all the group stage matches of the U19 World Cup 2022 being staged in the West Indies. The Boys in Green have ended up on top of the points table after winning all three of their encounters.

Being the toppers of Group C, Pakistan is set to face Group D runners-up Australia in the quarter-finals.

Pakistan defeated Papua New Guinea in the last match by a huge margin of nine wickets. Papua New Guinea won the toss and decided to bat first. The decision did not work to their benefit as they were bundled out for 50 runs only. Pakistan’s Muhammad Shahzad was phenomenal with the ball, picking up 5 wickets for just 7 runs. Shahzad also opened the innings, however, he walked back without opening his account. Pakistani batters comfortably chased the total in 12 overs with 9 wickets in hand.

Pakistan had previously defeated Afghanistan and Zimbabwe, becoming the first team to qualify for the quarter-finals from the respective group. On the other hand, Australia has lost one group stage match out of three, against the table-toppers Sri Lanka, qualifying as the Group D runners-up. Pakistan will now lock horns with Australia in the quarter-final on 28 January at Sir Vivian Richards Cricket Ground.

 

 

Source: Pro Pakistani

The Federal Board of Revenue (FBR) has extended the last date of payment and filing of Sales Tax and Federal Excise Return for the tax period of December 2021.

The FBR issued instructions to the field formations in this regard on Friday.

According to the FBR’s instructions, in the exercise of the powers conferred under section 74 of the Sales Tax Act, 1990 and section 43 of the Federal Excise Act, 2005, the Board has extended the date of payment and filing of Sales Tax and Federal Excise Return for the tax period of December 2021.

The date of payment of Sales Tax & FED for all taxpayers has been further extended up to January 25, 2022. While the date of submission of Sales Tax & Federal Excise Return for all taxpayers has been further extended up to January 28, 2022, FBR added.

 

 

Source: Pro Pakistani

The Sui Southern Gas Company (SSGC) Limited has stated that clearance from the National Accountability Bureau (NAB) is required for entering into any new arrangements with Jamshoro Joint Venture Limited(JJVL) for the resumption of gas supply.

The SSGCL, in a letter, told the Energy Wing of the Planning Commission that SAPM on Institutional Reforms and Austerity pointed out that the amount due from JJVL should be fully recovered (PDL & SSGC outstanding dues) before there is consideration of a new arrangement with JJVL.

The copy of the letter available with ProPakistani stated, “Despite all the implications, limitations and sensitivities, taking cognizance of the concerns of Ministry of Energy (MoE) regarding the shortage of local LPG and the burden on the foreign bill of Pakistan, SSGC reiterates that the following conditions need to be addressed by the Federal Government before the resumption of gas supplies to JJVL Plant.

“Clear opinion from the Law Division/Attorney General of Pakistan that resumption of supplies to JJVL have no adverse legal implications ~ reference may please be made to the legal reference on the illegal award of contract to JJVL. This matter is pending adjudication at the Accountability Courts where SSGC’’s four Ex-MDs and few senior SSGC officials have been implicated under NAB Reference,” it read.

“The JJVL matter is sub-judice with the Accountability court and hence clearance from NAB would be required for entering into any arrangement with JJVL. Exemption from PPRA would be required,” said the letter. “JJVL to clear all outstanding payments from all previous arrangements. The JJVL is required to immediately pay Rs. 3 billion dues,” SSGC demanded.

However, alternatively, SSGC may takeover LPG/NGL extraction operations under the following terms. Since the ownership of gas lies with SSGC, being the designated buyer of GoP, therefore, outcome (inter-alia LPG and NGL) of the extraction process would be the property of SSGC. JJVL will be compensated under the Cost plus Return arrangement. Where, Cost equals Monthly Operations & Maintenance Cost (O&M), based on the current agreement between JJVL and Exterren, Houston, USA. In this case, Return is to be determined by any competent authority such as ECC, OGRA, SCP, etc.

The JJVL plant was shut down for the last 20 months, which has resulted in the reduction of 15 percent indigenous LPG in the system. The closure of the JJVL plant has led to increasing import of LPG as during FY 2020-21, local production catered only for approximately 41pc of demand, while the rest was imported.

Owing to the severe shortage, Prime Minister had directed Petroleum Division to finalize a plan to resume the JJVL plant to mitigate the gas crisis. A committee under Deputy Chairman Planning Commission was constituted for the resolution of the dispute between SSGC and JJVL. After consultation with both the parties, the committee had presented its recommendations to Cabinet Committee on Energy last month.

The Cabinet Committee on Energy had directed the Petroleum Division to send a summary to the Economic Coordination Committee (ECC) of the cabinet regarding the resolution of the SSGC and JJVL dispute.

 

 

Source: Pro Pakistani

The growth in Large Scale Manufacturing Industries (LSMI) was recorded at 3.26 percent in the first five months (July-November) of the current fiscal year.

The overall output of the LSMI increased by 3.26 percent for July-November 2021-22 compared to July-November 2020-21, says the Pakistan Bureau of Statistics (PBS) data released on Friday.

In the first two months of the current fiscal year, the Large Scale Manufacturing (LSM) sector had registered a growth of 7.3 percent.

According to the provisional Quantum Index numbers of the Large Scale Manufacturing Industries, the LSMI output increased by 0.30 percent for November 2021 compared to November 2020 and increased by 1.91 percent, if compared to October 2021.

The LSM data released by the PBS, after collecting it from the Provincial Bureau of Statistics (BOS), the Oil Companies Advisory Council (OCAC), and the Ministry of Industries, showed that the OCAC recorded month-on-month negative growth of 18.62 percent in November 2021 against the previous month and 5.5 percent negative growth was recorded year-on-year in November 2021 against November 2020.

The data showed that the Ministry of Industries-related sectors witnessed a growth of 5.98 percent in November 2021 against October 2021 on an MoM basis, while year-on-year basis, it registered a 3.51 percent growth in November 2021 as compared with the same month of 2020.

The PBS data said that the LSM-related data to the BOS month-on-month witnessed a decline of 3.18 percent in November 2021 against the previous month and on a YoY basis, the BOS witnessed a negative growth of 6.35 percent in November 2021 against November 2020.

The production in July-November 2021-22 as compared to July-November 2020-21 has increased in textile, food, beverages and tobacco, pharmaceuticals, cook and petroleum products, chemicals, automobiles, iron and steel products, paper and board, leather products, engineering products, and wood products, while it decreased in non-metallic mineral products, fertilizers, electronics, and rubber products.

Textile, the top contributing sector to the overall big industry output, increased by 0.92 percent, food, beverages, and tobacco 1.46 percent, cook and petroleum products 4.72 percent, pharmaceuticals 1.46 percent, chemicals 7.44 percent, automobiles 34.49 percent, iron and steel products 25.27 percent, leather products 8.23 percent, engineering products 1.52 percent, paper, and board 8.45 percent, and wood products 200 percent, during July-November 2021-22 compared to the same period of 2020-21.

The sectors showing decline during July-November 2021-22 compared to July-November 2020-21 included non-metallic mineral products 0.66 percent, fertilizers 6.55 percent, electronics 10.63 percent, and rubber products 31.26 percent.

The petroleum products on year-on-year witnessed growth of 4.72 percent as its output increased from 5.828 billion liters in July-November 2020-21 to 6.103 billion liters in July-November 2021-22.

Sugar production witnessed a 27.55 percent decline during July-November 2021-22 and remained 332,128 tonnes when compared to 458,435 tonnes during the same period of last year.

 

 

Source: Pro Pakistani

The Sensitive Price Indicator (SPI) for the week ended January 20, 2022, recorded a decrease of 0.06 percent due to a decrease in prices of food items, says the Pakistan Bureau of Statistics (PBS).

The year-on-year trend depicts an increase of 19.36 percent mainly due to an increase in electricity for Q1 (81.39 percent), LPG (52.39 percent). Other commodities that contributed to the increase were gents sponge chappal, which increased by 50.25 percent, cooking oil 5 liters which increased by 49.83 percent, mustard oil, which increased by 46.28 percent, vegetable ghee 1 kg, which increased by 45.88 percent, vegetable ghee 2.5 kg which increased by 45.40 percent, washing soap, which increased by 44.79 percent, gents sandal which increased by 44.49 percent, pulse masoor which increased by 38.55 percent, petrol which increased by 34.87 percent and diesel 27.35 percent.

However, during this time period, a major decrease was also observed in the prices of pulse moong which decreased by 27.20 percent, powdered chilies which decreased by 6.71 percent, tomatoes which decreased by 6.04 percent, and onions which decreased by 1.47 percent.

According to the latest data, the SPI went down from 167.39 percent during the week ended 13 January 2022, to 167.29 percent during the week under review.

The SPI for the consumption groups increased by 0.02 percent for Rs. 17,732, while for Rs. 17,733 to Rs. 22,888, Rs. 22,889 to Rs. 29,517, Rs. 29,518 to Rs. 44,175 and for above Rs. 44,175 decreased by 0.13 percent, 0.05 percent, 0.01 percent and 0.01 percent respectively. During the week, out of 51 items, prices of 24 items increased, seven items decreased and 20 items remained stable, said the PBS in weekly SPI data.

The commodities, which recorded an increase in their average prices include tomatoes with an increase of 35.27 percent, garlic with an increase of 3.79 percent, matchbox each with an increase of 3.10 percent, hi-speed diesel (HSD) per liter with an increase of 2.09 percent, petrol super per liter with an increase of 2.07 percent, firewood whole 40 kg with an increase of 2.01 percent, beef with bone with an increase of 1.60 percent, pulse gram with an increase of 1.52 percent, mutton with an increase of 1.45 percent, bananas with an increase of 1.03 percent, and mustard oil with an increase of 0.98 percent.

In addition, powdered milk Nido 390 gm polybag each with an increase of 0.97 percent, energy saver with an increase of 0.75 percent, pulse mash with an increase of 0.47 percent, shirting with an increase of 0.43 percent, wheat flour bag 20 kg with an increase of 0.27 percent, rice basmati broken with an increase of 0.19 percent, cooked beef with an increase of 0.14 percent, cooking oil Dalda or other similar brands (sn), 5-liter tin each with an increase of 0.14 percent, cooked daal with an increase of 0.11 percent, milk fresh with an increase of 0.11 percent, LPG with an increase of 0.10 percent, curd with an increase of 0.05 percent and rice irri-6/9 with an increase of 0.04 percent, all reported an increase.

The commodities which recorded a decrease in their prices during the period under review include chicken with a decrease of 7.74 percent, onions with a decrease of 4.47 percent, potatoes with a decrease of 1.89 percent, electricity charges for Q1 per unit with a decrease of 1.88 percent, eggs with a decrease of 1.67 percent, pulse moong with a decrease of 0.89 percent and sugar with a decrease of 0.39 percent.

 

 

Source: Pro Pakistani

Askari Bank Limited has announced a Voluntary Separation Scheme (VSS) for its regular employees aimed at bringing consolidation and efficiency in the operations and services of the organization.

VSS is being introduced for all regular employees from junior to senior level with generous financial compensation on top of end-of-service benefits to retiring staffers.

There are around 8,000 employees working at Askari Bank Limited on a contract or regular basis. The bank is operating with a network of 536 branches across the country and a wholesale bank branch in Bahrain.

Who Will Avail VSS?

According to the official notification, employees with a minimum of 4 years of service as regular staffers can opt for VSS and will get a minimum compensation of Rs. 0.5 million.

The criterion is the same for employees working in a subsidiary such as Askari Leasing Company. The maximum age limit for VSS is 57 years till January 21, 2022.

Senior Vice President and higher-ranked employees can not avail this scheme whereas employees working in a foreign branch are also ineligible for the VSS.

However, applying to the scheme is no guarantee that the separation from the organization will be approved as the management will decide VSS for employees after reviewing their application.

Compensation Under VSS

The VSS application is open for a period of 8 days starting January 21 to 28, 2022.

The following financial payout will be offered to staff opting for VSS:

Payout= Adjusted Payout Multiple * Basic Salary (As of Jan 21, 2022)

Adjusted Payout Multiple = Lesser of Payout Multiple OR Grade Payout Cap

Payout Multiple= (Number of years of completed service) * (Grade Multiple)

The minimum payout is set at Rs. 500,000 for employees of all grades. In addition to the compensation, employees will also be provided compensation on the account of provident fund, gratuity, leave encashment, executive car maintenance, and tax refund (for AVP/ VP only), the official notification said.

The VSS allowance and other compensation will be liable to deduction of income tax at source. The final settlement of the payment will be done within the next two weeks after all formal clearances of the employee.

The management has clarified that the VSS is being launched as a very special case under exceptional circumstances but it will not create a future precedent for the bank in any way.

HR Transition at Askari Bank

The bank witnessed a transition of leadership from the top office as the renowned banker Atif A Bokhari took over as the CEO and President of the bank last year replacing Abid Sattar as the top banker in the mid of 2021.

The decision of rightsizing or downsizing of human resources has been taken place under the new president, however, the consultations were made before him as a part of the 3-year strategic plan of the bank towards the improvement of the bank’s operations and standards of services, which also included the improvement of human resource efficiency at the bank.

Earlier this year, we (the management) outlined a vision to make Askari Bank a responsible, customer-focused bank that provides inclusive and progressive financial services. The bank’s vision is to build a long-term customer relationship by delivering a transformative, innovation-driven customer experience, and by shaping opportunities that grow shareholder’s value. Today, however, we find ourselves at an inflection point. Fast-changing consumer behaviors and technological changes have prompted us to rethink our operating model, the official notification said.

Askari Bank remained a high-performing bank in the banking industry which reported the highest-ever profit of Rs. 10.8 billion in 2020 and became a part of the country’s top ten profitable banks.

In the subsequent year, the bank did not continue its profitability but witnessed a negative growth of 16% in the three quarters of 2021.

 

 

Source: Pro Pakistani