Pakistan Cables wins the Gold Award for the Women Empowerment & Gender Equality
Pakistan Cables won the Gold Award at the Women Empowerment & Gender Equality recognition Awards 2024 ceremony organized by the Employers’ Federation of Pakistan. The award was presented by the Federal Secretary of Ministry of Overseas Pakistanis and Human Resource Department, Dr. Arshad Mahmood to Mr. Aadil Riaz, Director Human Resources, Pakistan Cables Ltd.
Pakistan Cables is committed to champion gender equality and female empowerment in the industry. . As part of a focus DEI strategy, the Company actively fosters a diverse organizational culture through various internal and external initiatives. “Pakistan Cables is playing a pioneering role to promote female empowerment in the engineering sector. We are an equal opportunity employer that challenges stereotypes in the industry and we continually invest in a diverse workforce. Our internal policies and practices are aligned to promote inclusion in all aspects of business. We have also made social investments through external partnerships to promote women in STEM based subjects and aim to inspire others to follow in Pakistan.”, said Fahd K. Chinoy, CEO Pakistan Cables Ltd.The award is an acknowledgment which underscores the Company’s unwavering dedication to diversity, equity, and inclusion internally and also pioneering best business practices in the industry.
Indus Motor CSR Initiatives Lauded by NFEH
Indus Motor Company (IMC) is honored to have received the esteemed Corporate Social Responsibility (CSR) Award from The National Forum for Health and Environment (NFEH). The recognition was bestowed upon IMC in the category of “CSR Initiatives”, acknowledging its unwavering commitment and outstanding contributions to the United Nations’ Global Goals.
A competitive field of 86 companies vied for excellence across 36 award categories, resulting in 123 accolades collectively awarded to 74 deserving recipients. The accolade was presented at the 16th Annual Summit and Awards ceremony to IMC’s Head Corporate Communications and CSR, Mr Asad Abdullah, by the distinguished High Commissioner of Sri Lanka to Pakistan, H.E. Admiral Ravindra C Wijegunaratne and Speaker Azad Jammu & Kashmir Legislative Assembly, Chaudhry Latif Akbar.
NFEH, in affiliation with the United Nations Environment Program (UNEP), endeavors to promote environmental, healthcare, and educational awareness among diverse stakeholders, including industries, corporate entities, and the youth. IMC’s Chief Executive, Mr. Ali Asghar Jamali, expressed pride in the company’s recognition for its CSR endeavors, underscoring the significance of being an integral partner in the communities where IMC operates.
“An accolade is the icing on the cake for all our efforts and receiving one from the NFEH is an honour. Through Toyota’s CSR philosophy, IMC is committed to create lasting positive changes within communities. Our flagship Toyota Goth Education Program, in partnership with TCF, symbolizes our deep commitment to uplifting the underprivileged and combating poverty. This resolute dedication guides our allocation of resources towards not just educational progress but also environmental preservation, disaster risk reduction, and the promotion of community health.”
IMC’s multifaceted approach extends beyond its core business, encompassing a range of CSR initiatives in collaboration with partners such as Deaf Reach, HASWA, HANDS Pakistan, Karwan e Hayat, United Nations Association of Pakistan, Saylani Welfare Trust, to name a few. This broad spectrum of engagement highlights IMC’s holistic commitment to creating a sustainable and inclusive society.
IMC’s proactive involvement in societal welfare initiatives reflects a deep-rooted belief in social responsibility and community empowerment. Their dedication to making a meaningful difference in society aligns with Toyota’s ethos of enriching lives and contributing to a brighter, more sustainable future.
UBL Introduces SoftPOS Solution with TapSys
United Bank Limited (UBL), in collaboration with technology innovator TapSys, proudly announce the launch of SoftPOS, a groundbreaking advancement in mobile payments in Pakistan. SoftPOS by UBL transforms smartphones and tablets into efficient payment terminals, offering businesses versatility, convenience and security.
As the first Pakistani bank to introduce this revolutionary technology, SoftPOS by UBL is a comprehensive solution with an intuitive interface and robust functionality. Compatible with a wide range of Android devices, SoftPOS eliminates the need for additional hardware investments, making payment processing accessible to all businesses.
Tughral A. T. Ali, Head Digital Money & Financial Inclusion, UBL, remarked, “This initiative marks a significant milestone in our mission to drive digital payment adoption and empower local enterprises.”
Karim Jindani, CEO of TapSys, expresses excitement about expanding digital acceptance in Pakistan, stating, “SoftPOS will enable merchants in Tier 2 and Tier 3 cities to onboard and accept card transactions digitally.”
SoftPOS by UBL underscores UBL’s commitment to innovation and customer-centricity, enhancing operational efficiency and customer experience in banking and financial services.
Join us in embracing the future of payment processing with SoftPOS by UBL, where innovation meets convenience
Need of balancing act in IMF loan, economic reforms: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on recently that taking a new long-term loan from the IMF is very important for the country’s survival.
At the same time, economic reforms are significant so that the country can become self-reliant, and he said there is no need for further borrowing.
Mian Zahid Hussain said that borrowing should be stopped as soon as possible; otherwise, the entire debt servicing burden will continue to be shifted to industry and the public.
Talking to the business community, the veteran business leader said that the IMF is the only option to save the country from default. He added that due to our continuous breach of promises, the attitude of the IMF has become inflexible, while the attitude of the friendly countries has also become cold. The IMF not only wants the continuation of strict policies but also wants to see further increases in electricity and gas prices and prolong interest rates in double digits, he said.
The IMF wants to increase the tax base, sell failed enterprises, and bring non-tax-paying sectors into the tax net. However, in Pakistan, governments generally cannot do anything other than increase taxes on certain items, resulting in inflation.
Increasing the burden on the powerful and influential classes has always been avoided, he said, adding that at present, the IMF is somewhat satisfied, due to which other creditors are also ready to trust Pakistan, but getting billions of dollars every year to repay old debts and interest is not sustainable.
At the moment, both the government and the IMF are giving the good news of a slight reduction in inflation. Still, when electricity and gas become more expensive, the cost of production will also increase, which will not reduce inflation.
There is a clear possibility of a decrease in Pakistan’s exports, and the rich will be hardly affected by the austerity policy of the international organisation.
Prime Minister Shahbaz Sharif has indicated that the burden of reforms will now be shifted to the elite instead of people with low incomes, which is welcome. IMF and the people’s misery are linked because the economy does not flourish under its conditions; it shrinks.
Therefore, we need to stand on our feet through structural reforms as soon as possible so that we do not need loans and some relief can be given to the people.
He said that an increase in exports and import substitution is needed, and concrete steps should be taken instead of relying on statements.
Leadership transitions in Pakistan Banks Association
Zafar Masood, President of the Bank of Punjab has assumed the role of Chairman of the Pakistan Banks Association (PBA) following the vacancy left by Muhammad Aurangzeb who recently appointed as Federal Minister for Finance and Revenue for Pakistan. This transition was confirmed by a statement released by the Pakistan Banks Association.
According to a statement Zafar Masood was serving as Senior Vice Chairman Pakistan Banks Association until now, Faisal Bank President Yousuf Hussain Sr has been appointed as senior Vice Chairman PBA while Ahmed Khan Bozai, MD City Bank Pakistan has been appointed as Vice Chairman PBA.
The statement issued said that PBA is confident that the new leadership will continue its work effectively, PBA will continue to link banks with key stakeholders including the State Bank.
The PBA statement said that the new leadership will continue to enhance technology, compliance and financial inclusion, while the new leadership will focus on financing projects important to SMEs and Pakistan.
The statement said that the PBA acknowledges the efforts of Mohammad Aurangzeb as chairman.
Bank Alfalah offers to buy 100% stake in Samba Bank
Bank Alfalah Limited has made a Non-Binding indicative offer to Saudi National Bank (SNB), the majority shareholder of Samba Bank Limited (Samba), to acquire their 100 per cent stake in Samba.
SNB has confirmed to BAFL that they are willing to entertain its non-binding indicative offer. Alfalah will now seek approval from the State Bank of Pakistan to commence due diligence on Samba.
The potential acquisition constitutes approximately 84.51 per cent shares in Samba, subject to satisfactory due diligence, execution of definitive agreements, internal corporate approvals, obtaining all necessary regulatory approvals, and compliance with all applicable legal and regulatory procedures including compliance with the Securities Act, 2015 and associated regulations.
At the time of filing this report, BAFL’s scrip at the bourse was trading at Rs52.35, down by Rs1.56 or 2.89 per cent and SBL’s scrip was trading at Rs11, up by Rs1 or 10 per cent.
Losses of Rs1 trillion can be controlled by effective enforcement policies
The government could enhance the tax-to-GDP ratio, increase tax collection, and reduce the budget deficit by curtailing tax evasion and illicit trade in major sectors, said Fawad Khan, spokesperson for Mustehkam Pakistan, an advocacy firm for curbing illicit trade and tax evasion in the country to safeguard interests of marginalised and low income communities.
He said that the nation incurs substantial losses, exceeding Rs1 trillion, due to tax evasion and illicit trade in five key sectors: real estate, tobacco, pharmaceuticals, tires and lubricants, and tea.
According to an international research report, the real estate sector alone contributes to an annual tax evasion of Rs500 billion, with the tobacco sector adding Rs 240 billion in tax losses. The tyres and lubricants sector records Rs106 billion in tax evasion, while the pharmaceutical industry experiences annual losses of Rs65 billion. The tea sector also suffers an annual tax loss of Rs45 billion.
He urged that this significant amount must be collected without fail. These tax leaks, combined with illicit trade and flawed policies, along with inadequate enforcement, have plunged Pakistan into a dire economic situation.
Moreover, he said that the World Bank (WB) was also deemed Pakistan’s tax collection insufficient to meet its financial necessities. The WB report states that progressive countries should maintain a tax-to-GDP ratio of at least 15%, whereas Pakistan currently stands at only 11.6%.
The spokesperson stressed that increasing the tax-to-GDP ratio, fiscal tax collection, and curbing illicit trade in major sectors are the need of the hour. This not only helps meet tax targets aligned with the International Monetary Fund (IMF) but also facilitates the allocation of funds to human development projects. Pakistan’s Human Development Index (HDI) ranking has significantly declined in recent years, dropping to the 161st position from 154th in 2020.
The government needs to take decisive action in curbing illicit trade and tax evasion for the betterment of the country. It is imperative for sustaining economic stability, meeting international standards, and channeling resources towards crucial human development initiatives, he concluded.
Curbing illicit tobacco trade: key to meeting IMF conditions and boosting tax revenue
Experts suggest that Pakistan has a strategic opportunity to meet IMF conditions, enhance tax collection, and significantly increase the tax-to-GDP ratio by curbing the illicit trade in the tobacco sector.
Recently, the IMF recommended that the Federal Board of Revenue (FBR) apply a uniform excise rate on all locally manufactured cigarettes, regardless of the manufacturer’s origin, to generate additional revenue. However, the total tax collection from the tobacco sector is borne by just two legal companies, while the FBR has completely failed to bring illicit cigarette manufacturers into the tax net.
With the potential to raise annual revenue from the tobacco industry to Rs600 billion, up from the current Rs250 billion, cracking down on the illicit tobacco trade is seen as a crucial step. This move aligns with the government’s ambition to elevate the tax-to-GDP ratio to 20% and address Pakistan’s economic challenges more effectively.
“Curbing the illicit tobacco trade is not just about revenue; it’s about meeting IMF conditions and strengthening Pakistan’s economic resilience. This initiative can significantly contribute to enhancing tax collection and improving the tax-to-GDP ratio,” said Osama Siddiqui, a microeconomic analyst.
It is pertinent to mention that recent industry data highlight the rise of illicit cigarettes to a 63% market share, underscoring the urgency of action. The disparity caused by the higher prices of legal cigarettes has driven consumers toward cheaper, untaxed alternatives, resulting in a loss of Rs 310 billion in tax revenue.
Osama added that addressing the illicit tobacco trade isn’t just a fiscal necessity but also a strategic move to fund infrastructure development, healthcare, and education.
“By taking decisive steps to combat this issue, Pakistan can pave the way for economic growth, meet international obligations, and secure vital resources for national development,” he reasoned.
Indigenous resources crucial for the energy security of Pakistan
NEPRA has stated that minimizing reliance on imported fuel and augmenting the power generation portfolio with indigenous resources is crucial for the energy security of Pakistan.
“NEPRA has rightly pointed out that this situation calls for increasing dependency and exploiting local coal resources. Currently, we are producing only 2600 MW power from Thar coal,” said Osama Siddiqui, a macroeconomic analyst.
He said that the government can also convert plants to run on Thar coal instead of costlier imported coal, adding that even in the case of 100% conversion, the return on investment is quick.
“The government can mine approximately 30 million tonnes of coal annually from Thar Block-II only, which is the need of the time,” said Osama.
He added that Thar at peak load is contributing to approximately 10% of the energy sector, and it has a very positive effect on cost so if this share is further increased to 15-20 percent, electricity prices will decrease significantly, providing relief to businesses and the masses,” he added.
According to the latest State of the Industry Report by NEPRA, energy security has emerged as a pressing concern, even for developed countries.
“Addressing this issue requires meticulous planning, a shift towards market-based procurement, resilient Fuel Supply Agreements (FSA), and effective Demand Side Management (DSM).
“A comprehensive, integrated, and harmonized approach is essential, focusing on enhancing efficiencies across all aspects of electric power services,” stated the report.
The report mentioned that the power sector in the country exhibits a diversified generation mix, with a notable reliance on imported fuels such as Coal, Re-gasified Liquefied Natural Gas (RLNG), Residual Furnace Oil (RFO), Nuclear, and Cross-Border Electricity, pegged against the US dollar.
However, the availability of indigenous resources, including Natural Gas, Hydro, Local Coal, Wind, and Solar face challenges due to either declining production or slower development.
During the FY2022-23, the thermal generation, including imported fuels (Coal, RLNG, RFO), accounted for around 62% of the total generation capacity.
NEPRA recommended that there is a need to implement measures to optimize the utilization of Thar Coal, including transitioning from imported coal to locally sourced coal, reducing costs and enhancing energy security.
IT exports likely to be three and a half billion dollars” Mian Zahid Hussain
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and former provincial minister Mian Zahid Hussain said on Friday that IT exports can increase by one billion dollars as compared to the last fiscal.
He said that the volume of IT exports last year was 2.6 billion dollars, which is likely to increase by one billion dollars this year, but it is nothing compared to the neighboring country whose exports stand at 320 billion dollars.
Mian Zahid Hussain said that our annual IT exports could jump to 25 billion dollars with efforts in the right direction.
Talking to the business community, the veteran business leader said that the IT sector has a one percent share of Pakistan’s GDP and provides employment to more than three hundred thousand people.
This important sector has seen some improvement from October 2023; a fifteen percent increase has been recorded in the first eight months of this year.
The business leader said that in addition to private companies and freelancers, the stability of the rupee and facilities from the central bank has also played an important role in the development of the IT sector.
Mian Zahid Hussain said that Pakistan’s IT industry is taking off, but a comprehensive road map is needed in this regard. Pakistani companies and freelancers are facing banking problems for which the central bank has taken commendable steps but there is still a lot to be done.
He observed that it will be difficult to fully exploit this important sector’s potential without providing an enabling environment.
Mian Zahid Hussain said that Pakistan ranks second in the world in terms of the number of freelancers for whom, if proper education and training is arranged, not only can unemployment be significantly reduced, but also a revolution in the country’s economy can also be brought.