April 2023 – Page 3 – MediaLine Pakistan

April 30, 2023

Short-term Economic Scenario remains volatile

Karachi, April 29, 2023 (PPI-OT):Mr. Irfan Iqbal Sheikh, President FPCCI, has apprised that despite the unfounded claims of the government painting attainment of economic stabilization and possible economic recovery, short-term economic scenario for the country remains extremely volatile, rickety and uncertain on the back of rudderless and consultation-less economic policymaking of the economic and finance team of the federal government.

Mr. Irfan Iqbal Sheikh outlined three top macroeconomic issues of the country in the short-term that need immediate and rigorous policy interventions: (i) dwindling exports; which have witnessed an incremental downturn in Q3 of FY23 and Q4 looks even dodgier(ii) decline in worker’s remittances in the first 9 months of the current fiscal year after posting substantive growth in 3 – 4 years prior to FY23 (iii) expected negative economic growth in the range of – 1.0 percent to – 2.5 percent; categorically pointing towards the potential double whammy of decline in exports and domestic consumption simultaneously; setting the industry up for a major disaster.

FPCCI Chief has demanded that the government should utilize a number of policy tools at its disposal to forestall the unbearable social, economic and political costs of a recessionary cycle in consultation with the business, trade and industry stakeholders; support of friendly countries and bipartisan economic policymaking. We need a 360-degree rethink of industrial, trade, taxation, monetary and fiscal policies, he added.

Mr. Irfan Iqbal Sheikh has unequivocally and vociferously explained that no amount of internal or external; bilateral, multilateral or IFIs-financing would be able to prevent Pakistan from a full-blown and default-like balance of payments crisis, if exports and remittances are not protected and incentivized to repeat last year’s levels – as growth in both of the above is already off the table for the remainder of FY23.

As far as exports are concerned, the government needs to devise a protective mechanism that ensures access to finance and completion of export orders in hand through effective export financing scheme (EFS), temporary economic refinance facility (TERF) and long-term financing facility (LTFF).

Vis-a-vis remittances, Mr. Irfan Iqbal Sheikh, has proposed that difference between banking and informal channels should be minimized and investments of the overseas Pakistanis should be protected at all costs; as a substantial part of remittances are meant for investments into real estate.

We need to understand that the countries which have successfully sustained spikes in their worker’s remittances, have strengthened their banking and legal systems in favour of their non-resident citizens; and, there are countries in the world where banks offer better rates on foreign exchange than that of their informal channels, he added.

For more information, contact:

Head Office,

Federation of Pakistan Chambers of Commerce and Industry (FPCCI)

Federation House, Main Clifton, Karachi, Pakistan

Tel: +92-21-35873691-94

Fax: +92-21-35874332

Email: info@fpcci.org.pk

Website: http://fpcci.org.pk/

April 30, 2023

Duration of heat waves in India has increased over last 30 years, set to rise further: IMD

New Delhi, April 29, 2023 (PPI-OT):The duration of heat waves in India increased by about 2.5 days between 1961 and 2021 due to global warming, as per a report released by the India Meteorological Department (IMD).

The IMD report said, the heat waves during is only likely to increase further. By 2060, there will be an increase of about two heat waves per season; the duration of heat waves too will rise by 12-18 days by this year. Currently, on average, the maximum duration of a heat wave is two to four days.

The report said, a heat wave is said to occur when the average maximum temperature is 4.5-6.4º C above the long-term average (or above 40º C in the plains, 30º C in hilly areas, or 37º C in coastal areas).

A monograph titled “Heat and Cold Waves in India: Processes and Predictability” was released on April 26 by M. Ravichandran, Secretary, Ministry of Earth Sciences (MoES). As per the report, published by the MoES, IMD and Indian Institute of Tropical Meteorology, heat waves occur in primarily two regions in India, central and north-western India as well as coastal Andhra Pradesh.

On average, the maximum duration of a heat wave is two to four days. In some areas in central and north-western India, it is more than six days, and in coastal Andhra Pradesh, more than eight. The longest heat wave exceeded a duration of 10 days at many stations in central and north-western India, and coastal Andhra Pradesh, the report noted.

As per the report, both the frequency and duration of heat waves are increasing over central and north-western India as well as coastal Andhra Pradesh and Odisha. Between 1961 and 2021, the duration of heat waves in India increased by about 2.5 days due to global warming.

Model estimates also suggested that by 2060, there will be an increase of about two heat waves and an increase in the duration of heat waves by 12-18 days. Northwest India could experience about four heat waves per season, of a total duration of 30 days. The report also warned that heat waves could spread to southern India.

It is to mention here that at least 11 people died and more than 600 others suffered from heat-related health issues after they stood out in an open ground during the government-sponsored Maharashtra Bhushan award ceremony in Navi Mumbai on April 16.

For more information, contact:

Kashmir Media Service

Phone: +92-51-4435548, +92-51-4435549

Fax: +92-51-4861736

Email: info@kmsnews.org

Website: www.kmsnews.org

April 29, 2023

ROSEN, NATIONAL TRIAL LAWYERS, Encourages YS Biopharma Co., Ltd. f/k/a Summit Healthcare Acquisition Corp. Investors to Inquire About Securities Class Action Investigation – YS, SMIH

NEW YORK, April 29, 2023 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of YS Biopharma Co., Ltd. f/k/a Summit Healthcare Acquisition Corp. (NASDAQ: YS, SMIH).

SO WHAT: If you purchased YS Biopharma’s securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=15291 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————–

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8828148

April 29, 2023

HBNC INVESTOR NEWS: ROSEN, TOP RANKED GLOBAL COUNSEL, Encourages Horizon Bancorp, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action – HBNC

NEW YORK, April 28, 2023 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of securities of Horizon Bancorp, Inc. (NASDAQ: HBNC) between March 9, 2022 and March 10, 2023, both dates inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 20, 2023.

SO WHAT: If you purchased Horizon securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Horizon class action, go to https://rosenlegal.com/submit-form/?case_id=12953 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 20, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company maintained deficient internal accounting controls relating to its classification of certain loan balances and securities; (2) as a result of the foregoing deficiencies, throughout 2022 the Company issued quarterly financial statements containing errors that would require subsequent revision; (3) restatement of the foregoing financial statements would hinder the Company’s ability to timely file its annual report for 2022; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Horizon class action, go to https://rosenlegal.com/submit-form/?case_id=12953 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

GlobeNewswire Distribution ID 8828211

April 29, 2023

National Energy Policy Aims to Save $6.4 Billion Per Year

The Ministry of Science and Technology has sought Cabinet Committee on Energy’s (CCOE) approval for the National Energy Efficiency and Conservation (NEEC) policy which is estimated to result in monetary benefits of $6.4 billion per annum.

The Ministry has moved a summary to the CCOE, a copy of which is available with ProPakistani. It notes that the provision of reliable, affordable, efficient, secure, and clean energy has become the primary driver for the sustainable economic growth of the country.

Like most developing countries, Pakistan’s economy is also suffering due to a surge in energy prices, exchange rate volatility, increasing demand for energy, and depleting domestic energy resources. Pakistan is the net importer of energy resources and it has not been able to define efficiency as a key pillar of its energy sector sustainability.

Energy consumption in Pakistan has increased by 15.4% in FY 2021. This increasing energy consumption pattern is marred by irresponsible energy use, high energy wastage, and reliance on less efficient technologies. Lack of integration of energy efficiency and conservation measures can also be witnessed in the energy planning of the country where demand-side energy management has not been able to get the required attention it deserves.

High energy prices, peak demand, and circular debt are major challenges that demand integration of EEandC measures across the entire energy value chain of the economy.

Energy Efficiency and Conservation (EEandC) is one of the key components of the Sustainable Development Goal (SDG) where the target for 2030 is set at doubling the rate of improvement in energy efficiency. Though multiple policy measures have been put in place to achieve this target. EEandC’s measures have not been able to gain momentum in Pakistan.

It is a well-established fact that saving energy is always cheaper than producing the same amount of energy. As per the estimates, Pakistan has the potential to save up to 10-15% of its primary energy supply through EEandC measures. During the backdrop of the recent economic and energy crisis, a Ministerial Committee on Energy, Water, and Food recommended the implementation of short-term EEandC measures to save a dollar outflow of $1.15 billion.

With the promulgation of the National Energy Efficiency and Conservation (NEEC) Act 2016 (Annex-I), a renewed focus on EEandC was witnessed in the national energy sector landscape. It provides a comprehensive governance framework for the institutionalization and implementation of EEandC measures in the country.

National Energy Efficiency and Conservation Authority (NEECA) in light of Section (7) subclause (c) of the NEEC Act 2016 formulated the NEEC Policy to activate the EEandC regime in Pakistan.

It is submitted that NEEC Policy 2022 has been promulgated with a vision to create a culture of conservation and efficient use of energy resources. It aims to double the rate of energy efficiency by improving energy intensity, ensuring cost-effective measures, and developing market-based mechanisms to achieve the country’s energy efficiency targets of 9 MTOE by 2030.

The said policy will also offer associated Green House Gases (GHG) emission reductions of approximately 35 MTCO2 per annum. The policy has prioritized five strategic sectors of the economy i.e. Industry, Transport, Building, Power and Petroleum, and Agriculture where the proposed EEandC measures will result in average monetary benefits of $6.4 billion per year while the total implementation cost of this policy is 8 billion USD.

Further, an EEandC Action Plan 2023-2030 will be developed, in close consultation with all the public and private stakeholders, both at federal and provincial levels, to ensure systematic implementation of policy measures.

Source: Pro Pakistani

April 29, 2023

Google Launches App Growth Lab in Pakistan for Local Developers

After introducing the Gaming Growth Lab in Pakistan last year, Google has inaugurated the first-ever App Growth Lab in the country.

This four-month program is specifically designed to recognize promising app developers, studios, and companies that aim to expedite and expand their businesses. The launch demonstrates Google’s dedication to fostering the growth of Pakistan’s app industry.

The program is divided into comprehensive education and support phases, enabling app developers to receive guidance from Google professionals in various fields, including Ads, AdMob, Firebase, gTech, and Play, as well as industry leaders.

Google’s Regional Director for Pakistan, Bangladesh, and Sri Lanka, Farhan S. Qureshi said that he is proud to launch App Growth Lab in Pakistan. He stated that the initiative aims to assist emerging local developers in broadening their offerings to a global audience.

The App Growth Lab is centered around a few fundamental principles: exploring the global app and gaming prospects to establish a well-rounded company strategy, and incorporating a user-centered approach to app and game product development by utilizing cutting-edge technology to ensure long-term success.

It also focuses on discovering methods to launch an app successfully, establishing monetization models, maximizing Google’s data tools for measurable expansion, and gaining knowledge of expanding an app’s reach through market and platform diversification tactics.

The program will begin in June and continue for four months. Interested companies, app developers, and studios can submit applications until May 22, 2023, via this page.

Source: Pro Pakistani

April 29, 2023

Funeral prayers of martyred soldiers offered

Funeral prayers of Naib Subedar Taj Mir, Havaldar Zakir Ahmed and Sepoy Abid Hussain of District D.I Khan who embraced martyrdom while fighting gallantly with terrorists in district Lakki Marwat were offered at their respective home towns.

The martyrs were laid to rest with full military honours.

A large number of serving, retired military and civil officials, relatives and people from all walks of life attended the funeral prayers.

Naib Subedar Taj Mir aged 40 was resident of District Nowshera, Havaldar Zakir Ahmed 38, was from district Abbottabad and Sepoy Abid Hussain, 29, was resident of district D.I Khan.

Source: Radio Pakistan

April 29, 2023

Pakistan, EU resolve to combat terrorism jointly

Pakistan and the European Union have strongly condemned terrorism in all its forms and manifestations and vowed to jointly combat this menace through increased cooperation.

The understanding was reached during the EU-Pakistan Counter Terrorism Dialogue in Brussels, which discussed counter-terrorism cooperation under the framework of 2019 Strategic Engagement Plan.

The two side agreed to increase cooperation on prevention and countering of violent extremism, offline and online radicalization, and combating terrorism financing.

They also discussed counter-terrorism cooperation in multilateral fora such as the United Nations and the Global Counter-Terrorism Forum.

Views were also exchanged on regional and global challenges, including the wider security implications of the situation in Afghanistan.

The meeting offered opportunity to explore concrete ways of assisting Pakistan’s efforts in addressing the growing challenges posed by the evolving threats of terrorism.

Source: Radio Pakistan