Day: April 25, 2023

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WHR Global Releases “Ask the Expert” 2023 Destination Services Benchmark Report

MILWAUKEE, April 25, 2023 (GLOBE NEWSWIRE) — WHR Global (WHR), a leader in the global employee relocation industry, announced the release of its international 2023 Destination Services Benchmark Report called “Ask the Expert.” WHR surveyed 32 companies from its trusted destination services provider network, covering 56 countries worldwide. WHR believes its Benchmark report will help current and future clients compare their global mobility programs to other companies’ destination service offerings for relocating employees and assignees. As companies continue to compete for talent, relocation benefits must be competitive.

Destination services help relocating employees get settled in their new location and can include the following: Area Orientation; Local Registration; Tenancy Management, Lease Check Out and Property Management; Home Search; Mortgage Counseling; Temporary Housing; Spousal and Partner Career Assistance; Help with Immigration (Visa and Immigration Regulations); School Search for Children; Moving Pets; Language and Cultural Training; and Other Settling-In Services.

WHR’s Benchmark data includes the following for 56 countries:

  • The average number of days companies offer destination services and days recommended, by country (by entry-level, mid-level and executive-level employees; and by varying family sizes).
  • The most common leasing arrangement for expats, by country.
  • Destination services presenting the most difficulty, by country.
  • Departure services offered for employees leaving a location, by country.
  • Ease or difficulty getting security deposits back and timeline, by country.
  • Additional recommended destination services, by country.

According to WHR Strategic Initiatives Manager, Sean Thrun, “Benchmarking destination services helps answer key questions that are critical to employee engagement and retention: Am I offering my employees enough support? Should we provide departure services, or are employees capable of handling on their own? What should my employees be aware of when they move to this country? If your employees are highly specialized and difficult to replace, this Benchmark will guide the service level you provide, and help your employees relocate eyes wide open.”

Findings from the comprehensive Benchmark include:

  • In Germany, a security deposit can take up to 11 months to be returned because the tenant must wait until the end of the year for utility company calculations.
  • In the Philippines, a destination service provider recommended at least two days support for entry-level employees (with family sizes of one) and five days of support for executive-level employees (with family sizes of three).

See more data and download the complete 2023 Destination Services Benchmark Report “Ask the Expert” here.

About WHR Global
WHR Global (WHR) is a private, client-driven global relocation management company distinguished by its best-in-class service delivery and cutting-edge, proprietary technology. WHR has offices in Milwaukee, Wis., Basel, Switzerland, and Singapore. With its 100% client retention rate for the past decade, WHR continues to position itself as the trusted leader in global employee relocation. WHR lives by its vision and passion for Advancing Lives Forward® and Making the Complex Simple. To learn more about WHR, visit http://www.whrg.com, or follow on LinkedIn or Twitter.

Media Contact: Mindy Stroiman, Corporate Writer
Mindy.Stroiman@whrg.com
262.523.7510

GlobeNewswire Distribution ID 8812389

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پانچ ہزار سال قبل مشترکہ آباؤ اجداد کی پوجا کے لیے عظیم الشان تقریب کا انعقاد کیا گیا

زینگژو، چین، 25 اپریل 2023/  ژنہوا-ایشیانیٹ/–تیسرے قمری مہینے کے تیسرے دن 22 اپریل کو وسطی چین کے صوبے ہینان کے دارالحکومت ژینگژو شہر میں آباؤاجداد کی پوجا کی ایک عظیم الشان تقریب کا انعقاد کیا گیا۔ دنیا بھر میں بہت سے چینی اپنے مشترکہ آباؤ اجداد پیلے شہنشاہ کی پوجا کرنے آئے، چین کی خوشحالی کے لئے دعا کی اور عالمی امن اور ہم آہنگی کی خواہش کی۔

مشترکہ آباؤ اجداد کے آبائی شہر میں 2023 پیلے شہنشاہ کی پوجا کی تقریب

چینی لیجنڈ کے مطابق پیلے شہنشاہ 5000 سال قبل پیدا ہوئے تھے، انہوں نے ایک ملک قائم کیا تھا اور ژینگژو کے علاقے میں اپنی دارالحکومت قائم کی تھی۔انہوں نے چینی قوم کی تشکیل کے لئے بہت سے قبائل کو متحد کیا اور انہیں چینی تہذیب کے آباؤ اجداد کے طور پر جانا جاتا تھا۔

حالیہ برسوں میں ژینگژو میں آثار قدیمہ کی دریافتوں نے اس بات کی تصدیق کی ہے کہ اس سرزمین پر ایک ریاست کے ظہور کا وقت لیجنڈری پیلے شہنشاہ کے دور سے مطابقت رکھتا ہے۔ لہذا ، ژینگژو کو پیلے شہنشاہ کا آبائی شہر سمجھا جاتا ہے۔

تیسرے قمری مہینے کا تیسرا دن مشہور پیلے شہنشاہ کا یوم پیدائش ہے۔ 770 قبل مسیح سے 221 قبل مسیح کے عرصے سے، اس دن پیلے شہنشاہ کی پوجا کرنے کی ایک فولک روایت رہی ہے۔

21 ویں صدی کے آغاز سے اب تک ژینگژو نے لگاتار 18 تقریبات منعقد کی ہیں۔ نو طے شدہ رسومات جن میں سلام کرنا، پھولوں کی ٹوکریاں پیش کرنا، بخور پیش کرنا، عبادت کرنا، قدریں پڑھنا، تعریف گانا، رقص کرنا، چین اور عالمی امن اور ہم آہنگی کے لیے دعا کرنا، قومی غیر محسوس ثقافتی ورثے کے طور پر درج کیا گیا ہے۔ پیلے شہنشاہ آبائی شہر اینسسٹ کی آرگنائزنگ کمیٹی کے مطابق اس سال کی تقریب خاص طور پر عظیم الشان ہے کیونکہ یہ کوویڈ 19 وبائی مرض کے بعد آف لائن آباؤ اجداد کی پوجا کا پہلا سال ہے۔

پیلے شہنشاہ کے آبائی شہر میں پوجا کی تقریب کی گونج طویل عرصے سے بیرون ملک سنائی دے رہی ہے۔اس سال سان فرانسسکو، لندن، سڈنی، بنکاک اور دیگر مقامات پر عبادت کی سرگرمیوں کے انعقاد کے لیے ژینگ ژو کی پیروی کی۔

آباؤ اجداد کی پوجا چینی عقیدے کی بنیاد ہے۔ مشہور چینی ثقافتی اسکالر وانگ لیکون نے کہا کہ عبادت کی ثقافت چینی قوم کی منفرد ثقافتی یاد کو برقرار رکھتی ہے، اور زرد شہنشاہ کی اولاد کے درمیان جذباتی شناخت اور رابطے کا مرکز ہے، جو خاندانوں، قبیلوں اور یہاں تک کہ پوری قوم کو برقرار رکھنے کے لیے ایک مضبوط روحانی ہم آہنگی پیدا کرتی ہے۔

چین کے آٹھ قدیم دارالحکومتوں میں سے ایک ہونے کے ناطے، آج کا زینگژو قدیم اور جدید عناصر کو ضم کرتا ہے، اور آسان نقل و حمل اور پھلتی پھولتی تجارت سے لطف اندوز ہوتا ہے۔

ایک ترقی پذیر قومی مرکزی شہر اور چین کی تاریخی تہذیب وراثت اور جدت طرازی میں ایک کلیدی کھلاڑی کی حیثیت سے، ژینگژو 10 ملین سے زیادہ لوگوں کی زندگیوں اور خوابوں کو پناہ دیتا ہے۔ امیر قدیم تہذیب اور متحرک جدیدیت کے ساتھ، زینگژو کھلے ہاتھوں سے دنیا کو گلے لگا رہا ہے۔

ماخذ: پیلے شہنشاہ آبائی شہر آباؤ اجداد کی پوجا کی تقریب کی آرگنائزنگ کمیٹی

تصویر منسلک کرنے کے لنکس:

لنک:https://iop.asianetnews.net/view-attachment?attach-id=440237

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Insilico Medicine Successfully Discovered Potent, Selective, and Orally Bioavailable Small Molecule Inhibitor of CDK8 Using Generative AI

Abu Dhabi, April 24, 2023 (GLOBE NEWSWIRE) — Insilico Medicine (“Insilico”), a clinical-stage generative artificial intelligence (AI)-driven drug discovery company which operates the largest AI-powered biotech R&D center in the Middle East, announced that it has successfully discovered a potent, selective, and orally bioavailable small molecule inhibitor of CDK8 for the treatment of cancer using a structure-based generative chemistry approach enabled by the Chemistry42 generative reinforcement learning platform. The research was published in the American Chemical Society’s Journal of Medicinal Chemistry, a leading journal in medicinal chemistry.

As members of the CDK family, CDK8 and its paralog protein CDK19 play critical roles in regulating transcription of many different signaling pathways involved in oncogenic control. Deregulation of CDK8/19 has been implicated as a driving force in many human cancers, particularly in acute myeloid leukemia (AML) and advanced solid tumors. Moreover, CDK8/19 is also involved in immune modulation. Targeting CDK8/19 could enhance NK cell cytotoxicity and stimulate NK cell-mediated tumor surveillance. Therefore, targeting CDK8/19 is regarded as a promising strategy with a two-in-one mechanism of action that not only inhibits tumor cell growth, but also increases immune cell activity.

The research published by Insilico was supported by its generative chemistry engine, Chemistry42, which is built on years of modeling and pre-training of large biological, chemical and textual datasets. Chemistry42 includes 42 generative engines and more than 500 predictive engines for scoring which allows researchers to generate molecules with desired properties from scratch using deep learning technologies through structure-based drug design (SBDD) and ligand-based drug design (LBDD).

In this study, scientists described the process of using the SBDD module of Chemistry42 to generate a key anchor linker and identify the hit compound targeting CDK8. Over several optimization cycles, R&D scientists further improved in vitro metabolic stability, kinase selectivity, and in vivo pharmacokinetic profile cross-species, leading to the discovery of one potent, selective, and orally bioavailable inhibitor of CDK8, which was evaluated in in vivo efficacy studies and demonstrated robust tumor growth inhibition in multiple in vivo efficacy models.

In addition to the published molecule, Insilico scientists are progressing with another AI-generated CDK8 inhibitor with a novel structure. Insilico is open to potential partnerships with pharmaceutical companies to co-develop the drug candidate.

“At Insilico, we encourage scientists to share their innovative insights in AI-driven drug discovery with the industry by publishing peer-reviewed papers,” said Feng Ren, PhD, Co-CEO and Chief Scientific Officer of Insilico Medicine. “In this case, we have not only discovered a novel compound for a promising target, but also provided innovative practices in early drug discovery supported by generative AI.”

Insilico has pioneered applying multiple generative approaches for drug design in both generative chemistry and generative biology and published the first paper in generative chemistry. The company then submitted the relevant patents on applying these generative approaches for chemistry and biology, and integrated these approaches into the commercially available Pharma.AI platform, which includes PandaOmics™ a system utilizing multiple predictive and generative biology models; a generative chemistry engine, Chemistry42™; and a clinical trial outcomes prediction engine InClinico™, which utilizes a combination of omics-based predictors and text-based transformers. Powered by generative AI, Insilico is delivering breakthroughs for healthcare in multiple disease areas. The lead program targeting fibrosis-driven diseases has completed  Phase 0 and Phase I clinical trials and received positive Phase I topline data and Orphan Drug Designation.

“We described the concept of using generative AI for the design of novel molecules in a peer-reviewed journal in 2016 for the first time. Later, we developed multiple approaches and new features for our GAN-based AI platform for drug design. We also started patenting our findings so that ,in some areas, patents preceded publications. Some of my favorite patents combine generative chemistry and generative biology,” said Alex Zhavoronkov, PhD, Founder and CEO of Insilico Medicine. “I am excited to see  that with the support of generative AI, we have achieved several industry milestones and advanced the drug candidates discovered by generative AI to the clinical stage. In 2022 alone, we nominated 9 preclinical candidates utilizing generative AI. We are committed to refining our approach and tools to reshape the future of healthcare by generative innovation.”

About Insilico Medicine

Insilico Medicine, a clinical-stage generative artificial intelligence (AI)-driven drug discovery company, is connecting biology, chemistry, and clinical trials analysis using next-generation AI systems. The company has developed AI platforms that utilize deep generative models, reinforcement learning, transformers, and other modern machine learning techniques for novel target discovery and the generation of novel molecular structures with desired properties. Insilico Medicine is developing breakthrough solutions to discover and develop innovative drugs for cancer, fibrosis, immunity, central nervous system diseases, infectious diseases, autoimmune diseases, and aging-related diseases. In early 2023, the Company opened the Insilico Medicine Generative Artificial Intelligence and Quantum Computing Research and Development Centre in Abu Dhabi, the region’s largest AI-powered biotechnology research center. The R&D hub brings together global talent in artificial intelligence and software development to expand the capabilities of Insilico’s end-to-end AI-driven drug discovery platform, Pharma.AI, explore aging research and sustainable chemistry, and support the digital transformation of healthcare in the region. www.insilico.com

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Jamila Alhammadi
Insilico Medicine
475-225-0843
j.alhammadi@insilicomedicine.com

GlobeNewswire Distribution ID 8824301

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Emaan Islamic Banking and TPL Insurance (WTO) join hands to launch Emaan All-in-One Account

Karachi, April 25, 2023 (PPI-OT):Emaan Islamic Banking, a division of Silk Bank Limited, and TPL Insurance Limited – Window Takaful Operation, have announced the launch of their latest offering, the Emaan All-in-One Account. The account is tailored to cater to the needs of new-to-bank customers and existing Emaan account holders.

The Emaan All-in-One Account is the ultimate power bundle for clients because of its abundance of features, advantages, and free safeguards. Due to the numerous value-added services it provides to its customers, this account distinguishes apart from most retail-based banks. Customers of Emaan Islamic Banking who maintain an average balance of at least Rs. 100,000 can benefit from complimentary value-added services from TPL Insurance – WTO, including health, life, and travel takaful.

TPL Insurance – Window Takaful Operation is pleased to be collaborating with Emaan Islamic Banking, as a Takaful solution provider for their All-in-One Account. Through this partnership, TPL Insurance – WTO aims to provide Emaan Islamic Banking customers with the experience of real-time and hassle-free coverages and claim-to-service.

Speaking on the occasion, Mr Aurangzeb J. Siddiqui – Head of FIG, TPL Insurance said, “Through our collaboration with Emaan Islamic Banking – (A division of Silk Bank Limited), our focus is to reach large audiences to build awareness and usage of our innovative takaful solutions. Moreover, through its Insurtech platforms, TPL Insurance – Window Takaful Operation intends to provide Emaan Islamic Banking customers with the experience of real-time and hassle-free coverages and claim servicing.’’

This collaboration between Emaan Islamic Banking and TPL Insurance – WTO will enable customers to opt for complimentary takaful coverages while enjoying several free-of-charge transactional benefits. The account is digitized, making it the first of its kind in Pakistan to offer the fastest claim processing.

“We are excited to start this new journey with TPL Insurance – WTO by adding innovative and rewarding solutions for our customers. This collaboration will enable our customers to opt for complimentary takaful coverage while enjoying several free-of-charge transactional benefits. Silkbank Limited is committed to continuously strengthening its retail product suit with a laser-sharp focus on service delivery and innovative products,” said Mr Naveed Mushtaq, Head of Consumer Banking, Marketing and Phone Banking at Emaan Islamic Banking.

Adding to the conversation, Mr Syed Fahim Hassan, Head of Emaan Islamic Banking said, “Emaan All-in-One Account is tailored to be an ultimate power-packed account that provides various complimentary protections and transactional benefits for their customers. Unlike most retail-based banks which are not offering many value-added features to their customers, this alliance will allow individuals to maintain an average balance of Rs. 100,000 and above with Emaan Islamic Banking (A division of Silk Bank Limited) to avail FOC value-added features such as health, life, and travel takaful via TPL Insurance – WTO. Being digitized, it would be the first of its kind on accounts with the fastest claim processing.”

For more information, contact:

Head Office,

TPL Insurance Limited

11th and 12th Floor, Centrepoint, Off Shaheed-e-Millat Expressway,

Adjacent K.P.T. Interchange, Karachi – 74900, Pakistan

UAN: +92-21-111-000-301

Tel: +92-21-37130223

Fax: +92-21-35316031, +92-21-35316032

Email: kazim.hasan@tplinsurance.com

Website: https://tplinsurance.com/

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Taliban kill IS leader behind Kabul airport bombing

The Islamic State group mastermind thought to have planned the devastating 2021 bombing at Kabul airport has been killed by Afghanistan’s ruling Taliban, US officials say.

The bombing that August killed 170 civilians and 13 US soldiers as people were trying to flee the country as the Taliban took control.

The IS figure was killed weeks ago but it took time to confirm his death, US officials told BBC news partner CBS.

His name has not been released.

US officials said they had determined through intelligence gathering and monitoring of the region that the leader had died, though they did not provide further details on how they had learned that he was responsible for the bombing.

“Experts in the government are at high confidence that this individual… was indeed the key individual responsible,” a senior US official told CBS.

According to a report in the New York Times, the US learned of the leader’s death in early April. It is unclear whether he was targeted by the Taliban or if he was killed during ongoing fighting between IS and the Taliban, the newspaper reported.

On Monday, the US began notifying families of the soldiers killed about the death of the IS leader.

Darin Hoover, father of Marine Staff Sergeant Taylor Hoover who died in the blast, confirmed to CBS that he had been notified of the news by the Marine Corps. “They could not tell me any details of the operation, but they did state that their sources are highly trusted, and they’ve got it from several different sources that this individual was indeed killed,” Mr Hoover said in an interview on Tuesday.

White House blames chaotic Afghan pull-out on Trump

Weeping US Marine describes Afghan ‘catastrophe’ before Congress

The blast came hours after Western governments warned their citizens to stay away from Kabul International Airport, because of an imminent threat of an attack by IS-K, the Afghanistan branch of the Islamic State group.

It happened around 18:00 local time on 26 August 2021 at the Abbey Gate to the airport, when a suicide bomber walked into the middle of families waiting outside the gate.

Huge crowds had been gathering in the area, hoping to be accepted on to an evacuation flight as US troops pulled out of Afghanistan.

Among the casualties were two British nationals and the child of a British national, the UK government said at the time.

The US carried out a drone strike in Kabul days later, saying it had targeted a suicide bomber, only to admit that the missile had killed 10 civilians, including seven children.

They later offered a $10m (£8m) reward to anyone with information leading to the arrest or conviction in any country of those responsible for the attack, or for the capture of ISIS-K leader Sanaullah Ghafari.

The August 2021 pull-out of US troops from Afghanistan marked the end of America’s longest war.

It led to the collapse of the Afghan government and military, which the US government had supported for two decades. It also led to the return of power to the Taliban.

The Biden administration was criticised both at home and abroad in the aftermath of the pull-out.

Many had expressed anger over the abandonment of Afghans and of US weaponry, and one US Marine injured in the blast described the pull-out as a “catastrophe” during Republican-led hearings examining the withdrawal.

Michael McCaul, a Republican House representative, said the IS leader’s death was welcome news but did not deliver full justice for the families of the US soldiers who died.

“If these reports are true, any time a terrorist is taken off the board is a good day,” Mr McCaul said. “But this doesn’t diminish the Biden administration’s culpability for the failures that led to the attack at Abbey Gate.”

President Joe Biden had directed a broad review examining the pull-out, which was released earlier this month. The review laid the blame on President Donald Trump for the deadly withdrawal, saying the Biden administration had been “severely constrained” by Mr Trump’s decisions, including a 2020 deal with the Taliban to end the war.

Source: BBC

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PBS extends census field work for five days

The Pakistan Bureau of Statistics has extended the census field work for another five days till Sunday.

According to PBS, this decision was taken to ensure complete coverage and assurance of no leftover structure and houses in the selected districts and big cities where negative growth rate or very slow growth rate has been observed.

The respective provincial governments may also continue physical verification process in 11 districts till Sunday for ensuring complete coverage.

Big cities where Census timeline has been extended because of the negative growth include Quetta, Lahore, Rawalpindi, Karachi, Hyderabad and Islamabad.

However, districts, where Census timeline has been extended include Gujranwala, Sialkot, Jhelum, Gujrat, Sheikhupura, Attock, Chakwal, Peshawar, Dera Ismail Khan, Abbottabad, and Tank.

Source: Radio Pakistan

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WFI: India sports ministry admits to lapses as wrestlers continue protest

India’s sports ministry has admitted to structural lapses in the federation governing Indian wrestling after top athletes resumed their protests on Sunday.

They have been demanding the arrest of Wrestling Federation of India (WFI) chief Brij Bhushan Singh for alleged sexual abuse.

Mr Singh has denied the allegations.

The ministry has not commented on the sexual misconduct charges in its letter to the Indian Olympic Association.

The protesting wrestlers have also petitioned the Supreme Court seeking to register a case against Mr Singh.

They allege that the police have not registered a case against the WFI chief despite several female wrestlers lodging police complaints against him, accusing him of sexual harassment and criminal intimidation.

On Tuesday, the top court said the allegations in the petition were “serious” and asked the Delhi police to explain why they hadn’t registered a case.

In January, several top athletes, including wrestlers Vinesh Phogat, Sakshi Malik and Bajrang Punia, had held protests accusing Mr Singh and other officials of sexually harassing female wrestlers for years.

At the time, the WFI had denied all the allegations made by the wrestlers, including that of sexual misconduct.

As the protests continued, the government asked Mr Singh to step aside for a few weeks and formed a panel to oversee the federation’s activities.

The Indian Olympic Association (IOA) also set up a committee to investigate the allegations against Mr Singh, who is a lawmaker and politician from the governing Bharatiya Janata Party (BJP).

The committee submitted its report in April but its findings haven’t been made public yet.

On Monday, India’s sports ministry said the IOA’s report was “under examination” but flagged some “major findings” after a preliminary scrutiny of it.

It admitted that the WFI had no Internal Complaints Committee – as mandated by law – to deal with allegations of sexual harassment within the organisation and added that there was a “need for more transparency” and “effective communication” between the WFI and sportspersons.

President of the IOA PT Usha said that the association would discuss the issue on 27 April and provide “actionable solutions to the current impasse in WFI”.

India’s top athletes have been protesting at Jantar Mantar, a heritage site in the capital, Delhi, since Sunday.

On Sunday night, Vinesh Phogat, a two-time World Championship medallist, tweeted a photo of the protesters sleeping in the open.

“From podium to footpath! Under the open sky at night in the hope of justice,” she tweeted.

Source: BBC

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Govt Identifies 24 Loss-Making State-Owned Enterprises for Privatization

The federal government has identified 24 loss-making SOEs including 8 DISCOs, 1 GENCO (Jamshoro Power Company) along with Pakistan Textile City Ltd, State Engineering Corporation and Telephone Industries of Pakistan for privatization.

According to ‘State-Owned Enterprises Triage: Reforms and Way Forward’, the government after the consultation with development partners such as IMF, WB and ADB, selected 84 State Owned Enterprises (SOEs) for Triage.

The report states that 24 SOEs are identified for the next batch of privatization, 12 of which were loss making in FY 2018-19 with a combined loss of Rs. 156 billion.

Among the loss making SOEs proposed for privatization, the major loss-making entities are 8 DISCOs (HESCO, IESCO, PESCO, SEPCO, MEPCO, LESCO, FESCO and QESCO), 1 GENCO (Jamshoro Power Company) along with Pakistan Textile City Ltd., State Engineering Corporation and Telephone Industries of Pakistan.

In addition, 10 SOEs have been identified as potential privatization candidates and due consultations with line ministries have already been initiated. In FY 2018-19, six entities were loss making with a combined loss of Rs. 38.5 billion mainly emanating from ZTBL (Rs. 18 billion), SSGC (Rs. 14.8 billion) and USC (Rs. 5 billion).

The SOEs Triage refers to a comprehensive review of existing SOEs portfolio for the purpose of their categorization for retention, privatization and liquidation was initiated in November 2019 as a part of IMF EFF 2019-22 structural benchmark.

According to report, more than 98% of the government’s assets and almost 100% of the losses in the SOEs portfolio are related to commercial SOEs and the operational performance of commercial SOEs has a direct bearing on fiscal risks and fiscal deficit of the federal government.

Although National Highway Authority (NHA) has been the major loss-making entity for several years, it has been excluded from the triage examination due to its unique nature of operations as NHA is simultaneously a regulatory body and is also the main implementing agency for highways projects generally financed from Public Sector Development Program (PSDP).

Similarly, all regulatory bodies have been excluded from the triage examination like Pakistan Telecommunication Authority, Pakistan Electronic Media Regulatory Authority etc. mainly because the regulatory functions are different from commercial operations and are primarily meant for efficient functioning of imperfect markets.

Currently, there are around 212 SOEs operating in various sectors of Pakistan with 85 commercial SOEs, 44 Non-commercial SOEs (Section 42, not-for-profit entities as well as trusts, universities, training institutions and welfare funds), and 83 subsidiaries of the commercial SOEs.

SOEs in Pakistan have significant market presence particularly in key service sectors like power generation and distribution, energy, aviation, and railways sectors. The overall revenues of all the SOEs in 2018-19 was Rs. 4 trillion (approx.) while the book value of their assets was Rs. 19 trillion.

As per the report, the SOEs recorded an overall net profit of Rs. 204 billion which fell to Rs. 61 Billion in the following year and declined further to record an aggregate loss. Since FY 2015-16 SOEs have consistently incurred significant losses creating a heavy burden on the GOP’s fiscal position.

Further breaking down the performance of SOEs reveals that over past six years, one-third of the commercial SOEs have experienced losses intermittently. Moreover, the sum of the losses of top-10 loss-making SOEs contributes around 90% to the total losses of SOEs portfolio each year. NHA, Pakistan Railways, PIA and power sector DISCOs have been among the major, top 10 loss-makings SOEs.

Among the SOEs performing core functions, 25 SOEs were profitable in FY 2018-19. Using a more stringent criteria to evaluate their financial viability as explained in the last section, four SOEs are categorised as financially viable, namely GHPL, Pak-Arab Refinery Company, Pak-Kuwait Investment

Company and Pakistan Revenue Automation Ltd. Another 19 entities have been consistently profitmaking during the last three years – FY 2017, FY 2018 and FY2019 – however, their ROAs have been lower than the threshold required. Another two SOEs – CPPA and Pak-Iran Investment Company – have positive equity and were profitable in FY 2017 and FY2019.

Although these SOEs are financially self-sustaining their financial performance needs improvement which shall be addressed through institutional reforms to be undertaken including governance improvement through an Ownership and Management Policy for SOEs, operationalization of the Central Monitoring Unit in Finance Division and the introduction of an SOE Bill in the Parliament.

There are 14 entities which are planned to be retained under government ownership but require immediate reforms and possible restructuring. Among them Pakistan Railways and Pakistan International Airlines which were collectively making a loss of Rs. 88 billion in FY 19, are already under active restructuring and reform process.

During FY 19, collective losses of rest of the SOEs in this subcategory were around Rs. 17 billion out of which Pakistan Post Office had the largest losses of over Rs. 9 billion. A major source of losses of this entity generates due to the annual pension liability.

There are 10 SOEs which are on an active privatization list and are at various stages of the privatization process. Pakistan Steel Mills is an important entity on the active list and is at an advanced stage of the privatization process. SME bank is another loss making SOE which is on active privatization list. In addition to these, partial divestment of OGDCL and PPL is also underway.

Source: Pro Pakistani