Day: February 3, 2023

Islamabad, February 03, 2023 (PPI-OT):The Pakistan Economy Watch (PEW) on Friday said Pakistan to face default risk for five years as the government is not serious about reducing expenses, increasing investment, and booting exports. Even if Pakistan is saved from bankruptcy due to the IMF this year, its condition will worsen again next year, it said. To save Pakistan from bankruptcy, foreign investment of at least fifty billion dollars is needed, said, said Dr. Murtaza Mughal, President of PEW.

A reduction of ten billion dollars per year in imports or at least a fifty percent increase in exports is required which is not possible, he said. Dr. Murtaza Mughal said that the government is not serious about reducing its expenditure or increasing its income. The government does not want to close the shops in by evening, and neither it has any intention to reduce expenditure or improve the investment environment.

Presently some difficult but necessary decisions are being made as there is no other way left for the government, he observed. He noted that the success of the ninth review of the IMF will open gates for new loans, after which the money will be squandered for political interests in such a way that the tenth review of the IMF may face problems.

Dr. Mughal said that the level of financial discipline required to save the country’s economy is not even a matter of concern for the political parties. The current government ruined the economy by manipulating the exchange rate and derailing the IMF programme while the previous government wasted trillions of rupees. Several hundreds of billions of public money were used to buy political loyalties before dissolving the provincial assemblies. He noted that all the political parties of Pakistan have proven that they either do not have the capacity or will to improve the economy.

For more information, contact:
President,
Pakistan Economy Watch (PEW)
402, 4th Floor, Gulistan Khan House, Fazal-e-Haq Road,
82-East, Blue Area, Islamabad
Tel: +92-51-2510375
Fax: +92-51-2802449
Cell: +92-321-5157671
Email: president@pakistaneconomywatch.com
Web: www.pakistaneconomywatch.com

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Karachi, February 03, 2023 (PPI-OT): Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said the dysfunctional energy sector has contributed to the devastation of the country’s economy.

4000 megawatts of electricity are wasted annually in line losses and non-payment of bills therefore the circular debt is increasing day by day the IMF has asked Pakistan increased the price of electricity by Rs12 per unit, he said. Mian Zahid Hussain said that the power sector has become a major threat to the country’s economy, which no previous government has been able to solve on a sustainable basis despite tall claims.

Talking to the business community, the veteran business leader said that the power sector is harming the country’s economy by billions of dollars, while according to the World Bank, the end of load shedding can benefit the people by four and a half billion dollars and businesses by about eight and a half billion dollars annually.

The main goal of the government for economic recovery should be the acquisition of cheap, safe, and sustainable energy, for which 100% of bills should be recovered, load shedding should be eliminated and transmission and distribution losses must be brought under global standards. Mian Zahid Hussain said that dependence on imported oil and gas for power generation is a major obstacle in the development of this sector. Seventy-five percent of coal is also imported for the process of generating electricity.

Currently, 2600 megawatts of cheap electricity are being generated from Thar coal. In Pakistan, power generation through nuclear and renewable sources is dismal while production in both these sectors needs to be increased to save valuable foreign exchange and improve the balance of payments, he said.

The business leader said that the cost of installing wind and solar power plants is much lower than fuel-fired power plants, but there is less attention to this aspect, while the promotion of private solar power can completely solve transmission losses and electricity theft and save ten billion dollars in foreign exchange is also possible, but it requires determination.

The potential of wind power in Pakistan is at least 50,000 megawatts, but only 1335 megawatts of electricity are being generated from it, while only 600 megawatts of electricity are being generated through solar energy, which is only 1.4% of the potential. There is also a dire need to upgrade the power transmission and distribution system.

For more information, contact:
President,
Pakistan Businessmen and Intellectuals Forum (PBIF)
Tel: +92-343-2226888
Tel: +92-300-8233364
Email: ceo@kenlubes.net

The post Income of $13 billion possible by eliminating load shedding: Mian Zahid Hussain appeared first on Business News Pakistan.

Islamabad, February 03, 2023 (PPI-OT):Faad Waheed, Acting President, Islamabad Chamber of Commerce and Industry (ICCI) said that Pakistan and Syria are two brotherly Islamic countries and they can complement each other’s economy in many fields, therefore, they should focus on promoting trade and economic ties to achieve mutually beneficial outcomes. He said that the bilateral trade between Pakistan and Syria is quite negligible, and that it can be improved by promoting business linkages between the private sectors of both countries. He expressed these views while talking to H.E. Dr. Ramez Alraee, Ambassador of Syria during his visit to Islamabad Chamber of Commerce and Industry.

Faad Waheed briefed the Syrian Ambassador about the key industries and major exportable products of Pakistan that can be very beneficial to the Syrian consumers. He highlighted the importance of frequent exchange of trade delegations to explore untapped areas of mutual cooperation between the two countries and reiterated the commitment of ICCI to work with the Syrian Embassy to improve business and investment relations between Pakistan and Syria.

Speaking at the occasion, H.E. Dr. Ramez Alraee, Ambassador of Syria said that his country is eager to promote trade and economic cooperation with Pakistan, which is very important to reduce unemployment and improve living standards of people. He said that Syria and Pakistan enjoy good political relations that should be transformed into growing business relations to achieve mutual economic benefits. He said that Pakistan can cooperate with Syria in many sectors including energy, infrastructure development, IT and many other fields.

He stressed that a delegation of ICCI should visit Syria to see the potential for business and investment opportunities and assured that his Embassy would provide them all possible support and cooperation. He also thanked Pakistan for providing support to Syria at international forums and reaffirmed that he would work to further strengthen trade and economic bonds between the two countries.

Engr. Muhammad Azhar ul Islam Zafar, Vice President ICCI said that Pakistan considers Syria an important country for trade and said that he would lead a delegation of ICCI to Syria to explore business collaboration with Syrian counterparts. Mian Shaukat Masud, Dr. Muhammad Usman, Parveen Khan Durrani and others also spoke at the occasion and shared useful ideas to improve business relations between Pakistan and Syria.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk

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Karachi, February 03, 2023 (PPI-OT):The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on February 2, 2023, approved the Bank’s financial results for the year ended December 31, 2022. The Bank posted a profit after-tax growth of 28.1% compared to last year, standing at Rs. 18.206 billion. This translates into earnings per share (EPS) of Rs. 10.27 (2021: Rs. 8.00).

The exceptional performance of our team in executing the strategy and diversified product suite, resulted in Bank Alfalah achieving an impressive deposit growth of 30.5% in 2022 which brought the deposit base to Rs. 1.487 trillion. The Bank’s gross advances reached Rs. 765.693 billion, showing a growth of 9.5%. Despite challenging market fundamentals, the bank’s credit performance was strong across all segments and products.

BAFL’s non-performing loans ratio stood at 4.0% due to some prudent classifications whereas non-performing loans remain fully covered with coverage at 107.6%, including general provisions. Moreover, the Bank, in light of uncertain economic conditions, has taken a general provision against the high-risk and flood-impacted credit portfolio, which is economically vulnerable.

The Bank remains adequately capitalized with CAR at 13.83%, well above the regulatory requirement as of December 31, 2022. The Board of Directors has declared a final cash dividend of Rs. 2.5 per share (25%). This is in addition to an interim cash dividend of Rs. 2.5 (25%). Bank Alfalah has also been leading the way on the Corporate Social Responsibility front by embarking on a comprehensive program aimed at giving back to the community after the recent devastating floods.

In 2022, the Bank’s Chairman, His Highness Sheikh Nahayan Mabarak Al Nahyan, and the Board of Directors, graciously announced a donation of USD 10 million for flood relief, rehabilitation, and rebuilding efforts, an unprecedented action in the private sector domain to counter the biggest calamity to hit Pakistan in recent history.

Rescue and relief efforts have largely been completed, while rehabilitation work will continue in 2023. 2023 marks the 25th year of Bank Alfalah in Pakistan. During the last 25 years, the Bank has been a leading facilitator of national economic development, a trusted partner for SME lending, and a leading player in trade, cash management, home remittance, and bank-at-work.

Today, Bank Alfalah is a tech-savvy bank with a strategic focus on accessibility and digital inclusion. The Board’s commitment has made Bank Alfalah a forward-looking and resilient organization, and a reliable and dependable bank with a focus on long-term value creation.

For more information, contact:
Head of Corporate Communications
Bank Alfalah Limited
2nd Floor, B.A Building, I.I Chundrigarh Road,
Karachi, Pakistan
UAN: +92-21-111-777-786 Ext 2638
Tel: +92-21-32423952
Email: salimahshiraj@yahoo.com
Website: https://www.bankalfalah.com/

The post Bank Alfalah Kept Up Its Growth Trajectory in 2022 appeared first on Business News Pakistan.

Islamabad, February 03, 2023 (PPI-OT):OPPO leads the way for a smart future by shaping its technology for the emerging concept of digitization. To do this, OPPO showcased its ground-breaking technologies of tomorrow at the Future Fest Tech Expo in Lahore. OPPO’s booth recorded an overwhelming footfall of over 50,000 visitors who were excited for a first-hand experience of the upcoming technology trends.

With a growing demand for high efficiency charging solutions in the era of 5G intelligent connectivity, OPPO showcased its safe, low-voltage and high-power flash charge prototype of the 240W SUPERVOOC Flash Charge which can charge a smartphone in just under 10 minutes. Additionally, the 5G CPE T1 device was also showcased. It allows the user to interconnect all their devices on the Ultra-Fast 5G Network allowing them to multi-task on different devices all at once for a truly high-speed 5G experience.

The consumer centric vision of OPPO has further pushed the boundaries of the foldable smartphone experience, with a thin and light hand feel, almost invisible crease and industry-leading performance. Content creators can use the unique form factors to generate content with more convenience and less equipment. Moreover, a smooth viewing experience can be achieved without compromising on the ratio, thickness or visibility of crease. The Find N2 counters all pain points to provide users with the best foldable experience – from novelty to necessity.

The brand continues to empower content creators and users in general with industry leading imaging technology with the growing demand of technological trends by introducing tech such as its self-designed imaging NPU – the Marisilicon X. Currently available in the Flagship Series OPPO Find N2 and The Find X5 Pro, this NPU can allow game changing camera experience with features such as the 4K AI Night Video, best-in-class power efficiency, 20 bit ultra-high dynamic range, real-time RAW processing, Enhanced RGBW Pro Mode and more. This technology makes 4K Ultra Night Video with live preview possible for the first time on an Android smartphone, processing an incredible 18 trillion operations per second – you can now capture your night time memories in full clarity.

A number of content creators such as Ukhano and Khaqan Shahnawaz among other tech KOLs also visited and experienced the breakthrough innovations at the OPPO booth. The visitors appreciated this initiative as a great opportunity for youth and tech enthusiasts to witness the upcoming trends in the tech ecosystem. OPPO affirms its commitment to a smart future that previously included smart learning, smart entertainment, smart health and smart productivity.

Talking about the event, OPPO representative said, “We believe that the only way forward is to continue innovating and breaking new boundaries. Under our brand proposition of ‘Inspiration Ahead’, OPPO will continue to bring users superior products and technology that will build smarter lifestyles with tech solutions for all.”

For more information, contact:
OPPO Mobile Pakistan
Tel: +92-0800-06776
Media Queries: media@oppo.pk
Service: service@oppo.pk
Website: www.oppo.pk

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Karachi, February 03, 2023 (PPI-OT):Members of a delegation from Pakistan Automobile Spare Parts Importers and Dealers Association (PASPIDA), while expressing deep concerns over stuck up containers and non-issuance of LCs, stated that the situation has triggered severe crises for the automobile sector as it has been discouraging imports through legal channels and paved way for massive smuggling of spare parts through illegal channels including blatant misuse of the Afghan Transit Trade, causing severe losses not only to legitimate traders but also to the national exchequer.

“Although consignments remain stuck up at the ports yet the spare parts of all types of vehicles are easily available all over Pakistan as these are being smuggled into the country through illegal channels without any check”, said Sheikh Haroon Baksh, Leader of PASPIDA delegation during visit to Karachi Chamber of Commerce and Industry (KCCI). President KCCI Mohammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Former President KCCI Muhammad Idrees, Patron-in-Chief PASPIDA Arshad Islam, Former Vice President Qazi Zahid Hussain, PASPIDA delegation and KCCI Managing Committee Members attended the meeting.

Haroon Baksh, while stressing the need to bring down the exorbitant duties on imported spare parts, informed that nowadays the Custom Authorities were imposing duties as per weight of imported consignment regardless of considering the actual worth of consignment which was totally illogical as several spare parts, though heavier, were not so expensive but these go beyond the reach of buyers after imposition of exorbitant duties calculated as per weight. “In this situation, smuggling is thriving which is neither in favour of businesses nor the already ailing economy”, he added while requesting KCCI to take up these issues with relevant authorities.

Speaking on the occasion, Patron-in-Chief PASPIDA Arshad Islam appreciated the Karachi Chamber for all the efforts being made to get the LCs and stuck-up containers’ issues resolved by devotedly taking up not only with the authorities at federal level but also with all the shipping lines and terminal operators. “While anxiously waiting for relief, the traders of spare parts are fairly optimistic that this issue will soon be amicably resolved thanks to all the hard work being done by KCCI in an extremely challenging environment”, he added.

President KCCI Tariq Yousuf, in his remarks, stated that as facilitator, it was Karachi Chamber’s top most priority to get the issues promptly resolved so that businesses as well as industries stay operational. Keeping in view the overall economic crises being faced by the country, he advised PASPIDA members to look into the possibility of setting up industries in Pakistan for locally manufacturing automobile spare parts as under the prevailing circumstances, it was no more feasible to keep relying on imported spare parts.

“In order to reduce the Current Account deficit, it has become inevitable to go for import substitution. We have to realize that Pakistan’s economic prosperity depends on greater exports and lower imports which can only be attained through industrialization”, he added and urged PASPIDA members to set up spare parts manufacturing units whereas, the Karachi Chamber will always be available to assist them in case they face any problem in dealing with relevant departments.

PASPIDA delegation members, while agreeing to President KCCI’s suggestion, stated that although they wanted to set up industries for locally manufacturing spare parts but were unable to do so due to several issues including high cost of doing business, poor infrastructure, electricity, gas and water crises along with unavailability of required raw material for manufacturing several types of spare parts.

Inconsistent policies, bureaucratic hurdles and taxation issues further discourage businessmen to get into this business whereas Pakistan’s engineering sector was also not mature enough to produce several high-quality spare parts. If the government provides an enabling business environment and a level playing field by bringing down the cost of doing business through reduction in taxes and tariffs in addition to announcing some kind of special incentives for automobile sector, many PASPIDA members would certainly set up units for local production.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

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