Day: May 30, 2023

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Chris McCloskey Joins Duck Creek as Chief Operating Officer

Boston, May 30, 2023 (GLOBE NEWSWIRE) — Duck Creek Technologies, the intelligent solutions provider defining the future of Property and Casualty (P&C) and general insurance, today announces the addition of Chris McCloskey to its leadership team as Chief Operating Officer. McCloskey will be instrumental in driving key strategy, operational and transformation initiatives across the entire business, particularly within our customer and professional services organizations.

McCloskey joins Duck Creek from Datto, where he was most recently Chief Customer Officer for the cybersecurity and business continuity company. At Datto, McCloskey was responsible for building a new customer success organization that significantly improved technical implementation, customer satisfaction and retention, and partner health. Before joining Datto, McCloskey grew through sales and customer-facing leadership roles to become COO, Americas at London-based Finastra, a multi-billion-dollar financial services software company.

“We are delighted to welcome Chris to Duck Creek’s leadership team; he will help us continue to better focus on increasing lifetime value and enable our customers to be more successful,” said Mike Jackowski, CEO of Duck Creek. “Chris is incredibly accomplished in growing and leading large teams through transformation, and having him as a strategic customer-facing leader is the perfect match to advance our vision.”

McCloskey Chris earned his MBA from the Stern School of Business at New York University and his bachelor’s degree in mathematics from Gettysburg College.

About Duck Creek Technologies

Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

Carley Bunch
Duck Creek Technologies
2019626091
carley.bunch@duckcreek.com

GlobeNewswire Distribution ID 8847565

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Hitachi Energy signs agreements with ENOWA and Saudi Electricity Company to design and develop the first phase of visionary NEOM region transmission system

Collaboration to accelerate the development of NEOM in Saudi Arabia with up to 9 gigawatts of power transmission capacity

Zurich, Switzerland, May 30, 2023 (GLOBE NEWSWIRE) — Hitachi Energy, a global technology leader advancing a sustainable energy future for all, has signed agreements under the supervision and management of the Ministry of Energy with the Saudi Electricity Company (SEC) and with ENOWA. The agreements include the supply of three high-voltage direct current (HVDC) transmission systems to end customer ENOWA, the utility company for NEOM in Northwest Saudi Arabia. Built with sustainability in mind, NEOM is among Saudi Arabia’s Giga-Projects1 reshaping the future of development. The three HVDC links will have a total power capacity of up to 9 gigawatts (GW).

The agreements include an order from ENOWA’s engineering, procurement and construction management (EPCM) partner, the Saudi Electricity Company (SEC) awarded to Hitachi Energy and its consortium partner, Saudi Services for Electro Mechanical Works (SSEM), to provide one of the world’s first 3 GW, 525 kilovolt (kV) HVDC Light® transmission system connecting Oxagon, NEOM’s regional development, with the larger Yanbu area more than 650 kilometers away in Western Saudi Arabia.

Hitachi Energy’s scope of supply includes design, engineering, procurement of HVDC technology and commissioning of the HVDC Light converter stations. Whilst SSEM – a leading Saudi EPC specialized in power, water and industrial projects – will design and supply the AC equipment portion and perform the construction and the installation. The converter stations convert the power from AC to DC then back to AC for integration into the receiving grid. The converters will be sourced by and supplied to Saudi Electricity Company, who were contracted in 2022 by ENOWA to act as their EPCM to build this first HVDC system for NEOM.

Further to this, Hitachi Energy and ENOWA have signed an early works and capacity reservation agreement for two additional HVDC projects, each rated up to 3 GW. Under this agreement, both companies commit to having the resources and capacity necessary to implement these two HVDC systems. As part of a new scalable and modular regional network design that is targeted to seamlessly integrate future renewables and energy storage technologies in the NEOM Energy System, making it unique in terms of size and complexity. The co-operation will also explore opportunities to develop local competencies in the Kingdom, including ways to sustainably assemble the necessary HVDC Light components locally.

“We are delighted to strengthen our collaboration with ENOWA and Saudi Electricity Company in order to power one of the most visionary development projects of all time,” said Niklas Persson, Managing Director of Hitachi Energy’s Grid Integration business. “As the world progresses towards a more sustainable future, our expertise and HVDC technologies are true enablers of the electrification of the global energy system and the transition to renewables.”

“By securing the first capacities for such an important part of our future grid in only one year since the decision to use this technology, we show ENOWA’s commitment to supporting Saudi Vision 2030 in collaboration with Saudi Electricity Company and Hitachi Energy,” said Thorsten Schwarz, Executive Director of Grid Technology & Projects, Energy of ENOWA.

ENOWA, NEOM’s energy and water company, produces and delivers clean and sustainable energy for industrial and commercial applications. The company benefits from NEOM’s greenfield site and strategic location in the northwestern part of Saudi Arabia, with abundant solar and wind resources. ENOWA will act as a catalyst and incubator for developing new, sustainable energy and water businesses while creating a robust economic sector regionally.

ENOWA seeks by its commitment to renewable energy and efficient water management, to become a global reference for industry leaders and setting a benchmark for sustainable economic circular systems around the world. Formed in 2022, ENOWA is the principal shareholder in the world’s largest green hydrogen production plant set to be commissioned in 2026 and will enable NEOM to be a global green hydrogen hub.

NEOM will be powered by 100 percent clean energy, through renewable solar, wind and green hydrogen-based energy. The region is designed to be a blueprint for sustainable urban living with minimal impact on the environment and enhanced livability.

Note to editors:
Hitachi Energy’s HVDC solution combines world-leading expertise in HVDC converter valves; the MACH™ digital control platform2, converter power transformers and high-voltage switchgear; as well as system studies, design and engineering, supply, installation supervision and commissioning.

HVDC Light is a voltage source converter technology developed by Hitachi Energy, which was launched over 25 years ago. It is the preferred technology for many grid applications, including interconnecting countries, integrating renewables and “power-from-shore” connections to offshore production facilities. HVDC Light’s defining features include uniquely compact converter stations and exceptionally low electrical losses.

Hitachi Energy pioneered commercial HVDC technology almost 70 years ago and has delivered more than half of the world’s HVDC projects.

Hitachi Energy’s consulting services assist energy customers in pinpointing their challenges and suggesting customized solutions tailored to their unique requirements. Our consultants operate independently, with a product and system-agnostic approach, possessing in-depth knowledge of global technologies, standards, and local grid codes.

1 Saudi’s Giga-Projects
2 Modular Advanced Control for HVDC (MACH™)

See also:
Hitachi Energy to supply the first ever large-scale HVDC interconnection in the Middle East and North Africa (2022)
Hitachi Energy and Gulf Cooperation Council Interconnection Authority sign contract to upgrade high-voltage direct current transmission system (2023)

ENOWA website

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About Hitachi Energy
Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world’s energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 40,000 people in 90 countries and generate business volumes of over $10 billion USD.
https://www.hitachienergy.com
https://www.linkedin.com/company/hitachienergy
https://twitter.com/HitachiEnergy

About Hitachi, Ltd.

Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the business structure of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s consolidated revenues for fiscal year 2022 (ended March 31, 2023) totaled 10,881.1 billion yen, with 696 consolidated subsidiaries and approximately 320,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.

Attachment

Jocelyn Chang
Hitachi Energy
jocelyn.chang@hitachienergy.com

GlobeNewswire Distribution ID 8848737

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Provision to relief to masses in coming budget will be top priority: PM

Prime Minister Muhammad Shehbaz Sharif says priority will be given to provide more relief to the people and development of the economy in the next budget.

He stated this while chairing a meeting on budget proposals in Lahore on Tuesday.

The Prime Minister said the measures to increase the production and exports of the industrial sector will be part of the budget.

Shehbaz Sharif said he will personally ensure that proposals from the industrial sector are made part of the budget.

He instructed the authorities to remove all unnecessary barriers among small, large and export industries.

The Prime Minister said the previous government deliberately stopped investment and industrial development in the country and broke the IMF agreement.

He said the government, the entire nation, industrialists and businessmen are working together for a better Pakistan.

Shehbaz Sharif said the events of May 9 not only spread chaos but also caused serious economic damage to Pakistan.

The Prime Minister vowed to cut the cost of production by providing cheap energy to the industry.

He said the government will also ensure that banks provide loans to small industries on easy terms.

Source: Radio Pakistan

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Pakistan’s contribution in UN peacekeeping reflective of peace commitment: Hina

Minister of State for Foreign Affairs Hina Rabbani Khar says Pakistan’s contribution in UN peacekeeping missions across the world is reflective of its commitment to international efforts for peace.

She was addressing an event titled ’75 years of UN peacekeeping and Pakistan’s contribution’ held at Ministry of Foreign Affairs in Islamabad on Tuesday, in connection with UN Peacekeepers Day.

The Minister of State said role played by Pakistani peacekeepers in UN missions demonstrate our core values of multilateralaism, peace, development and respect for human rights.

She said Pakistan has a long standing commitment to UN missions and currently over 4300 men and women are serving in UN peacekeeping missions across the world.

Hina Rabbani Khar said we salute those who laid down their lives while serving during these missions.

On the occasion, one minute silence was observed for these 117 Pakistanis who died in the line of their duties.

Earlier, Pakistani peacekeepers who had served in different peacekeeping missions shared their experiences and insights.

Source: Radio Pakistan

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Dr. Ishrat appreciates the pioneering work by FPCCI’s Policy Research Unit

Karachi, May 30, 2023 (PPI-OT): The Policy Advisory Board (PAB) of the Federation of Pakistan Chambers of Commerce (FPCCI) held a consultative meeting with Dr. Ishrat Hussain (Former Advisor to the Prime Minister and Ex-Governor of the State Bank of Pakistan) at the FPCCI head office, Karachi. The session was co-hosted by Chairman PAB and former Federal Secretary Mohammad Younus Dagha and Sr. Vice President Muhammad Suleman Chawla. The research team of the Policy Advisory Board, along with Dr. Usama E. Khan, Head of Policy Research Unit, presented various research papers on Macroeconomic Framework, Fiscal and Monetary Policies, International Trade, Investments, and Industries, Taxation Reforms, the Agriculture Sector, and the Energy Sector.

Dr. Ishrat Hussain endorsed and appreciated the FPCCI’s initiative in setting up a Policy Advisory Board that provides research-based solutions to economic issues through a team of qualified policy enthusiasts. He further reiterated the importance of the FPCCI in areas of research and development owing to its access to a vast database of industry-specific statistics that can present accurate and reliable economic analysis, particularly in the context of the trade .and industry.

During the highly engaging discourse, Dr. Ishrat Husain offered valuable suggestions to further explore important areas of policy advisory to the benefit of the economy and the business community Dr. Ishrat was particularly appreciative of the pioneering work being carried out by the Policy Research Unit in the areas of bilateral negotiations in the trade of services with the country’s trading partners and attracting FDI in real sectors.

Dr. Ishrat Hussain strongly advised the Policy Advisory Board (PAB) to adopt a bottom-up approach in data gathering and research to leverage its unique advantage of being the apex representative body of trade and industry. Wrapping up the session, Chairman Policy Advisory Board Mr. Mohammad Younus Dagha acknowledged the valuable recommendations and observations made by Dr. Ishrat Hussain, with the hope for his continued support and guidance in the future.

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/

The post Dr. Ishrat appreciates the pioneering work by FPCCI’s Policy Research Unit appeared first on Pakistan Business News.

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VIS Reaffirms Entity Ratings of Rizwan Enterprises

Karachi, May 30, 2023 (PPI-OT): VIS Credit Rating Company Limited (VIS) has reaffirmed entity ratings of Rizwan Enterprises (RE) at ‘A-/A-1’ (Single A Minus/A-One). Medium to long-term rating of ‘A-’ reflects good credit quality, with adequate protection factors. Risk factors may vary with possible changes in the economy. Short-term rating of ‘A-1’ indicates high certainty of timely payment, liquidity factors are excellent and supported by good fundamental factors. Risk factors are minor. Outlook on the assigned ratings remains ‘Stable’. Previous rating action was announced on May 17, 2022.

Ratings factor in the company’s four-decade history of fabric and made-ups production, focus on capacity enhancement, strong export orientation, and recent shift in yarn purchases from international to domestic sources in view of import crisis in the country. Ratings reaffirmation reflect strong revenue growth, consistent upward trend in capitalization driven by healthy profit retention, favourable leverage metrics compared to peers, and satisfactory cash conversion cycle and liquidity profile.

However, profit margins noted a contraction in the current fiscal year due to a global demand slowdown impacting sales volume and higher expenses for raw materials, salaries, and power. Business risk profile takes into account industry wide growth in exports over the last year; however, recent floods across the country, high interest rate situation, inflationary pressures, higher electricity costs and demand slow down pose risks on the sector over the medium term. Ratings are constrained by current weak macroeconomic environment globally and locally.

Over 90% of revenue comes from exports of greige fabric, hospitality and home use fabric and made-ups, with only greige fabric being sold locally. Product-wise, griege fabric constitutes over three-fourth of the total sales, with finished fabric and made-ups making up the rest. Europe remains the primary export market, with Germany, Portugal, and Italy being the major destinations while client concentration is on the higher side.

Since last review, the company added 34 new looms and replaced 40 shuttle-less looms with modern air-jet picanol ones. Project cost stood at Rs. 420m and was financed through a mix of an LTFF facility and internal cash flows. Management has expressed interest in setting up a spinning facility in the future for vertical integration, and has already acquired a 10-acre land in Nooriabad for this purpose. Going forward, improvement in financial performance metrics specifically margins is important for sustenance of ratings.

For more information, contact:

Director Compliance and Rating Analytics,

VIS Credit Rating Company Limited

VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,

Phase VII, DHA, Karachi, Pakistan

Tel: +92-21-35311861-72

Fax: +92-21-35311873

Email: bilal@jcrvis.com.pk

Website: https://www.vis.com.pk/

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Anarchists, arsonists do not qualify for dialogue: PM

Prime Minister Muhammad Shehbaz Sharif says dialogue is deeply embedded in the political process, which helps democracy mature and evolve.

In a tweet today, he said many political and constitutional breakthroughs occurred when political leaders sat across the table to craft a consensus.

The Prime Minister, however, said there is a difference that the anarchists and arsonists, who wear the garb of politicians and attack the symbols of the State do not qualify for a dialogue.

He said they should rather be held to account for their militant actions and this is the prevalent practice even in developed democracies.

Source: Radio Pakistan

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UNISAME calls for innovative measures to bring in Dollars

Karachi, May 30, 2023 (PPI-OT): UNISAME expresses concern over soaring dollar rates, calls for innovative measures Pkrevenue.com

May 29, 2023. The Union of Small and Medium Enterprises (UNISAME) has raised alarm over the escalating issue of the exchange rate, urging the Ministry of Finance to take immediate action.

Zulfikar Thaver, President of UNISAME, highlighted the detrimental impact of the surging dollar value on the SME sector, making it unaffordable for businesses. This has led to significant challenges for small and medium enterprises, including the high costs associated with importing essential materials. Additionally, commercial banks have displayed reluctance in opening letters of credit, adding to the sector’s struggles.

While acknowledging the detailed explanation provided by Senator Ishaq Dar, the Federal Finance Minister, Thaver emphasized the need for innovative strategies. One proposed solution involves tapping into the foreign currency reserves of overseas Pakistanis and unlocking the funds hidden within the country’s lockers. This approach, if implemented, could result in a noteworthy achievement in resolving the issue.

UNISAME members have engaged in discussions with prominent businessmen who possess substantial dollar reserves. These individuals have expressed the importance of government assurance through a special amnesty program and a disciplined fiscal policy. Despite efforts by the International Monetary Fund (IMF) to promote financial discipline, the government has been hesitant to reduce expenses and maintain a lavish lifestyle. Recent signs of curbing and tailoring expenditures, however, have proven effective.

Thaver emphasizes that businessmen, like other citizens, have a deep love and concern for Pakistan. To facilitate positive outcomes, he suggests that the Ministry of Finance and the State Bank of Pakistan (SBP) establish a committee for constructive dialogue with these individuals. A friendly policy that recognizes them as well-wishing supporters rather than wrongdoers can help foster cooperation and collaboration.

Notably, Malik Bostan, President of the Forex Exchange Association, has made a generous offer. UNISAME proposes acting as an intermediary, facilitating a meeting between the SBP, Ministry of Finance, and concerned businessmen. This gathering aims to establish a mutually agreeable framework that addresses the concerns and interests of all parties involved.

UNISAME assures policymakers that industrialists are enthusiastic about contributing to the growth of the economy. However, they have concerns about potential misconceptions regarding their intentions, which may result in authorities scrutinizing their undisclosed dollar holdings. Furthermore, they seek the return of their dollars after a specified period, with or without any profit, and without any attached conditions.

Experts need to convene and address the prevailing uncertainty surrounding the IMF, despite the Finance Minister’s assertion that all conditions have been satisfactorily met. By bringing together key stakeholders and leveraging their collective expertise, a resolution can be devised to mitigate the challenges posed by the soaring dollar rates.

UNISAME’s expression of concern highlights the urgent need for the Ministry of Finance to tackle the escalating issue of the exchange rate. By exploring innovative measures, fostering constructive dialogue, and assuring industrialists, a path towards a sustainable solution can be charted. It is crucial for all stakeholders to work together in resolving this issue and mitigating the impact on the SME sector and the overall economy.

For more information, contact:

Union of Small and Medium Enterprises (UNISAME)

75/1 3rd Commercial Street, Phase IV, D.H.A.,

Karachi, Pakistan

Tel: +92-21-35884225-6

Fax: +92-21-35380642

Cell: +92-300-8245307, +92-321-8245307

Email: unisame@gmail.com

Website: http://www.unisame.org/

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