Ufone 4G announces first-in-industry health insurance programme for franchise owners, families
Chief Retail Sales Officer, Ufone 4G, Nauman Fakhar, and Deputy Executive Director, Adamjee Insurance, Ahmer Shoaib exchange agreement papers at the signing of the first-in-industry health insurance program for Ufone 4G franchise owners and their families, aiming to foster their wellbeing and financial security as part of the company larger mission to reinforce its customer facilitation system and business resiliency.
Pakistani telecom company, Ufone 4G has announced the launch of an industry-first Franchise Health Insurance Programme in partnership with Adamjee Insurance to provide top-performing franchise owners and their families with comprehensive health insurance coverage for enhancing their well-being and financial security. The initiative exemplifies Ufone 4G’s steadfast commitment to the well-being of the hardworking individuals who drive its nationwide franchise network.
Chief Retail Sales Officer, Ufone 4G, Nauman Fakhar, and Ahmer Shoaib Deputy Executive Director, Adamjee Insurance signed the agreement in Islamabad in the presence of senior officials on both sides.
Ufone 4G’s “Franchise Health Insurance Program” is designed to support the company’s franchisees through health and financial care during turbulent times. By offering this extensive health coverage, Ufone 4G ensures continuous engagement and loyalty from its franchise network, thereby enhancing business stability, resiliency, and growth. The program covers both Outpatient Department (OPD) and Inpatient Department (IPD) services for registered family members, with no need for claim reimbursement except in the event of death.
Speaking at the signing ceremony, Chief Retail Sales Officer, Ufone 4G, Nauman Fakhar said, “Ufone 4G is a people-centric brand, and we are wholly committed to the wellbeing of our extended family – our franchisees, who are at the forefront of customer facilitation. This program is an industry-first initiative that offers comprehensive health insurance coverage to the families of our top-performing franchise owners. It not only underscores our commitment to their health and financial security but also strengthens our organizational culture and fosters growth. Our franchises are the cornerstone of our customer-facing operations, and our growth is mutually dependent. The company will continue to explore opportunities to further strengthen its franchise network.”
Ahmer Shoaib Deputy Executive Director, Adamjee Insurance said, “We are thrilled to partner with Ufone 4G on this pioneering initiative that sets the right precedent for the business sector. We are grateful to Ufone 4G for trusting our brand for this crucial program, which signifies to our shared vision of providing holistic support to the stakeholders who drive our businesses forward.”
The “Franchise Health Insurance Program” exemplifies Ufone 4G’s dedication to its stakeholders, and showcases its commitment to enabling franchisees that deliver exceptional service to customers. The initiative sets a new industry standard for franchise support and loyalty programs in line with Ufone 4G’s mission to uplift its customer facilitation system.
DTI stands as top technical training institute in Pakistan
- Bridging gap between education and employment and focuses on skills for livelihood with over 35,000+ trained students
The primary goal for DTI (Descon Technical Institute) is to provide top-quality technical skills’ training free of cost to underprivileged youth seeking employment in technical trades. DTI offers a variety of scholarships and a promise of facilitating employment. Leveraging donor support, DTI is committed to providing equitable access to training and employment opportunities for students of all backgrounds and is a strong supporter of inclusivity.
A project of Bilquis Abdul Razak Dawood (BARD) Foundation), DTI is the leading non-profit technical training institute in Pakistan. Operating since 1998, DTI has distinguished itself by training over 35,000+ youth in diverse professional trades, with many graduates having gotten the opportunity to work overseas.
DTI is currently offering 60+ technical courses. The institute’s mission to help underprivileged youth earn a respectful income for themselves and their families is executed through a strategic, multifaceted approach designed to provide practical skills, support, and opportunities. DTI also prioritizes women empowerment by developing and implementing specialized programs that cater specifically to women, including training in traditionally male-dominated trades like welding and electrical work.
Highlighting DTI’s vision, the General Manager Murtaza Ali stated, ‘Our vision is to enable our youth to become competent to come at par with international standards. Our focus has been to facilitate our alumni in local and international job market placements. These empowered individuals play a pivotal role in the uplifting of their families, while also contributing in national exchequer through foreign remittance.’
DTI’s slogan “Skills for Livelihood” embodies a commitment to empowering underprivileged youth by equipping them with practical and marketable skills. In addition to technical skills, the institute emphasizes the importance of soft skills and life skills including Health, Safety & Environment, Communication Skills, Problem-solving etc. Furthermore, DTI also offers technical training programs to the corporate sector for their organizational employees, focusing on health and safety while enhancing their technical skills. Several major corporations, including Coca-Cola Pakistan, OGDCL, and Engro, have entrusted DTI with the technical training of their employees over the years.
With campuses located in Lahore and Sadiqabad, DTI provides state-of-the-art infrastructure and equipment, and seasoned instructors, many of whom possess decades of experience in their respective fields, ensuring that students receive international standard trainings to build respectful careers. DTI also takes pride in being certified trainer for some international certification bodies like IOSH and NEBOSH. DTI is the only institute in Pakistan to hold Gold Status by NEBOSH.
With a capacity to cater to over 1000 students at any given time, DTI has technically trained more than 35,000 individuals, including both men and women and facilitated about 1000 graduates find job opportunities overseas.
Meezan Bank first bank in Pakistan to host Mastercard-led cyber security workshop
The drill marked the launch of Mastercard’s new cybersecurity service in the country
Meezan Bank, Pakistan’s Premier Islamic bank, has become the first bank in Pakistan to host a Mastercard-led cyber security workshop, representing a significant advancement in cybersecurity preparedness for the country’s banking sector. The workshop marked the launch of Mastercard’s new cybersecurity service in Pakistan, which enables banks and other financial institutions to strengthen their resilience to cyber-attacks through real-world-scenario cyber simulations.
Run by Mastercard Advisors, the experience enables customers to practice and rehearse responses to complex cyberattack scenarios, developed by Mastercard’s cybersecurity experts based on the local and global cyberthreat landscape and security case studies.
Mastercard’s custom-built cybersecurity exercise for Meezan bank drew participation of Mr. Irfan Siddiqui – Founding President & CEO of Meezan Bank, senior members of the Bank’s management and its technical leaders. Mr. Irfan expressed his appreciation for the workshop, providing positive feedback on its impact and value.
“As the digital economy grows, it is important to enhance and optimize measures on cyber-security. In this complex digital landscape, Mastercard proactively works to build resilience and trust in the digital ecosystem. We are delighted to bring our global expertise to the Pakistani market with this groundbreaking initiative in partnership with Meezan Bank. Our joint exercise underscores the importance of preparedness and collaboration in mitigating cyber risks,” said Arslan Khan, Country Manager, Pakistan, Mastercard. Â
“At Meezan Bank, we are committed to safeguarding our customers’ financial assets and data from cyberthreats. The crisis simulation exercise conducted by Mastercard – the first-of-its-kind in the country, has been invaluable in enhancing our crisis response capabilities, and will help strengthen our reputation as a secure banking partner to Pakistan’s consumers and businesses,” said Syed Fahd Azam – Chief Information Security Officer, Meezan Bank.
According to Cybersecurity Ventures, cybercrime is predicted to cost the world $9.5 trillion this year, making it the equivalent of the third-largest economy globally. The Middle East and Africa is a highly targeted region, with Pakistan one of the most frequently targeted countries. Cybercriminals are homing in on organizations in the public, technology, and financial services sectors, using malicious techniques such as malware, ransomware and phishing.
PNSC celebrates 77th Independence Day of Pakistan
The 77th Independence Day of Pakistan was celebrated in the institution organized by Pakistan National Shipping Corporation. The ceremony started with recitation of Holy Quran. The executive directors of the institution hoisted the national flag, read the national anthem and sang national songs along with the officers, officials and students of Government Boys/Girls Secondary School Orangi Town and also distributed gifts among these students. On this occasion, a tree planting campaign was started in the premises of PNSC building in collaboration with Murad Sahib’s organization Community Policing Karachi. At the end of the event, sweets were distributed among the participants.
PTCL Group to provide Managed WAN and All-In-One Desktop Project for ZTBL sites nationwide
Pakistan’s largest telecommunications and integrated ICT services provider, PTCL Group (PTCL & Ufone 4G), and the largest agriculture bank of Pakistan, Zarai Taraqiati Bank Limited (ZTBL) have signed an agreement for Managed WAN and All-In-One Desktop project for ZTBL sites nationwide.
Group Chief Financial Officer, PTCL & Ufone 4G, Nadeem Khan, and President & CEO ZTBL, Tahir Yaqoob Bhatti signed the agreement at PTCL office in Islamabad, in the presence of senior officials from both organizations.
Under this agreement, PTCL Group will provide a Managed WAN solution for 500+ ZTBL Nationwide sites along with All-In-One desktop computers.
Speaking at the signing ceremony, Nadeem Khan, Group Chief Financial Officer, PTCL & Ufone 4G, said “PTCL Group is proud to be a major proponent of technological enablement and transformation in Pakistan. Our connectivity and ICT services provide a great deal of ease, robust security and enablement to our individual as well as enterprise customers, like ZTBL, serving more than 7.20 million consumers in Pakistan. We are steadfast in our commitment to further enhancing conduciveness for tech-based innovation and transformation in Pakistan.”
President & CEO ZTBL, Tahir Yaqoob Bhatti said, “We are pleased to join hands with PTCL Group to provide greater connectivity to our clients, including farmers. ZTBL is on a path of transformation, and we are near to equipping our farmers with the latest scientific agriculture technology. PTCL Group and ZTBL will excel in leveraging technology to enable and empower their respective customers, besides contributing immensely to the growth and development in Pakistan. The mutual collaboration enhances the impact on a larger scale to help enrich and strengthen Pakistan’s economic landscape.
PTCL Group’s B2B portfolio has exponentially grown over the years, which is a testament to the growing trust in the company’s innovative and reliable services. These services have not only fostered unparalleled efficiency and agility across various sectors but led a broad-based digitalization in the country, creating shared value in equal parts for the industry and national economy.
The Aga Khan University Hospital Awarded Platinum Performance Achievement Award for Treatment of Heart Attack Patients
The Aga Khan University Hospital (AKUH) has received the Chest Pain – MI Registry Platinum Performance Achievement Award for 2024. This is an award by the American College of Cardiology’s (ACC) National Cardiovascular Data Registry (NCDR). It places the Aga Khan University Hospital, Karachi among the world’s top hospitals for offering high-quality cardiac care to heart attack patients.
The Chest Pain – MI Registry empowers healthcare providers to consistently treat cardiac patients using the latest science-based guidelines. It establishes a national standard for better understanding and improving the quality, safety, and outcomes of care for patients with coronary artery disease, particularly those at high risk of heart attack.
This award recognises AKUH’s success in bringing a higher standard of care to heart attack patients. To receive the Chest Pain – MI Registry Platinum Performance Achievement Award, the AKUH has demonstrated sustained achievement in the Chest Pain – MI Registry and performed at the highest level on specific performance measures.
“This award reflects our dedication to delivering top-tier cardiac care to our patients. It reinforces our commitment to the health and well-being of our patients and the community. Our doctors, nurses and staff continue to strive for excellence to ensure our patients receive the highest standard of cardiovascular care,” said Dr Farhat Abbas, CEO, AKU Health Services, Pakistan.
Full participation in the registry engages hospitals in a robust quality improvement process that uses data to drive improvements in adherence to guideline recommendations and overall quality of care provided to heart attack patients. AKUH has met ACC’s rigorous standards for treating heart attack patients, demonstrating AKUH’s commitment and dedication to continuous improvement in the quality of care and patient outcomes.
“This award is not only a recognition of our achievements but also a motivator for our future endeavours,” said Dr Javed Majid Tai, Director Cathlab and site Director for NCDR. “We remain committed to advancing our cardiac care services to provide top-quality, guideline-driven care for heart attack patients.”
This award serves as a catalyst for AKUH’s ongoing efforts to innovate and improve, ensuring that patients receive the best possible cardiovascular care. At AKUH, this recognition is a milestone in the journey towards excellence and, most importantly, as a motivator to further its mission of providing top-tier healthcare to the community.
Jubilee Life Insurance hosts university challenge, empowering future leaders in insurance industry
Jubilee Life Insurance, Pakistan’s largest private sector insurance company, hosted the Jubilee Life Insurance University Challenge (JLIUC) at the British Deputy High Commission in Karachi.
This transformative initiative, established in collaboration with SEED Ventures, aims to empower students from Karachi’s top universities by providing them with a platform to present their innovative research and products designs focused at transforming Pakistan’s insurance segment.
The competition, which offered students the opportunity to be mentored by industry professionals in various domains to craft innovative insurance products, culminated in this grand event where finalists competed for a cash prize of PKR 150,000 and an internship opportunity at Jubilee Life Insurance.
Founded in January 2024, the JLIUC is a pilot programme that is a pioneering effort by Jubilee Life Insurance and SEED Ventures. This initiative serves as a catalyst for unlocking the insurance industry’s untapped potential by recognizing talent, providing them access to an effective mix of resources that can ultimately encourage developments to increase insurance penetration rates in Pakistan. By engaging the brightest minds from universities, the initiative aims to drive sustainable growth and positive transformation within the local insurance landscape.
The objectives of the JLIUC is to identify future leaders in the insurance industry and giving them access to mentorship opportunities, encourage creative and forward-thinking solutions to industry challenges, increase awareness about the importance and benefits of insurance, strengthen ties between academia and the insurance industry, and contribute to the overall growth and competitiveness of Pakistan’s insurance sector.
Mr. Farhan Faridi Group Head – Retail Operations, Marketing and Administration Jubilee Life Insurance, expressed his appreciation for the participating students and their mentors: “We are incredibly proud of the dedication and creativity shown by the students in the Jubilee Life Insurance University Challenge. Their innovative approaches and commitment to excellence are truly inspiring. Jubilee Life Insurance is dedicated to empowering the leaders of the future, and through this initiative, we aim to drive transformative and sustainable change in the insurance sector. By mentoring young talent and fueling a culture of innovation, we are confident in our ability to contribute positively to the industry’s growth and evolution.”
Highlighting the significance of such initiatives the British Deputy High Commissioner, Ms. Sarah Mooney stated: “The Jubilee Life Insurance University Challenge is a commendable effort to bridge the gap between academia and industry. By allowing local talent to innovate, this program not only empowers students but also contributes to the broader economic development of Pakistan.”
CEO Seed Ventures Ms.Shaista Ayesha, also shared her thoughts: “Our partnership with Jubilee Life Insurance has been a journey of mutual growth and shared vision. The University Challenge is an extension of our commitment to developing entrepreneurial skills and allowing fresh ideas to emerge from the young minds in the country. We believe this initiative will set a benchmark for industry-academia collaboration and drive meaningful change in the insurance sector.”
Beneficiaries of the program include 36 students selected from 180 applicants across IBA and SZABIST, two of Karachi’s top schools. Fourteen professionals from Jubilee Life Insurance offered guidance and expertise as mentors to the students in finalizing their pitches for the jury.
Chief Minister commends Indus Motor’s industrial innovations in visit to Karachi facility
The Chief Minister of Sindh, Syed Murad Ali Shah, visited Indus Motor Company’s (IMC) manufacturing facility at Port Qasim Authority, Karachi on 12th August 2024, underscoring Sindh government’s commitment to continue fostering large-scale industrial growth in the province.
During his visit, Chief Minister Shah toured IMC’s state-of-the-art manufacturing facility and was briefed on the latest production processes utilized, including their globally renowned Toyota Production System.
The Chief Minister was briefed on IMC’s recent export initiatives. Last year, the company has successfully begun exporting raw materials to Egypt, marking a significant milestone in becoming a part of Toyota’s Global Supply Chain. Additionally, IMC has recently commenced the export of Toyota vehicles to Oceanian countries; the export line-up includes the Toyota Fortuner, Hilux and Corolla Cross model.
The Chief Minister expressed his admiration for IMC’s efforts in spearheading the production of HEVs in Pakistan. “Indus Motor has set a benchmark in the automotive industry with its dedication to innovation and sustainability. The heavy financial investment in the impressive, state of-the-art plant and human capital speaks volumes of the company’s focus on the quality and safety of its products. The provincial government is keen to continue supporting such initiatives that not only drive economic growth but also promote environmental responsibility not only in Sindh, but across the country. We will continue to work closely with stakeholders from the local auto industry to ensure a conducive environment”, said Chief Minister Murad Ali Shah.
Ali Asghar Jamali, CEO, Indus Motor Company, welcomed the Chief Minister and emphasized the need for stable policies to sustain growth in the automotive sector. “It’s an honor to have the Chief Minister Syed Murad Ali Shah visit us at the plant. His presence reaffirms the government’s support for industrial growth. This exchange of knowledge and expertise not only benefits the individuals but also positions Pakistan as a hub of skilled labor in the global automotive industry.”
He further shared, “For continued success, we request the government’s support in maintaining consistent long-term policies that promote investment and development in the automotive industry, along with curbing the illegally imported used cars, which have been brought heavily into the country in FY23-24.”
The visit concluded with the Chief Minister pledging to promote small and medium vendor industries, which could provide raw materials for auto parts not currently being produced in the country, allowing further increase in parts localisation for the local auto industry which would reduce dependence on imports.
IPPs are death warrant for industry and poor, says Mian Zahid Hussain
The Chairman of the FPCCI Advisory Board and National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, as well as former provincial minister Mian Zahid Hussain, said on August 9 that IPPs have proved to be a death warrant for industry, trade, and poor people.
IPPs have been involved in plunder and other crimes in the name of business for decades, which should not be allowed, he said.
Mian Zahid Hussain said fuel theft and invoicing are common among favorite IPPs. Still, it has never been investigated for obvious reasons.
Talking to the business community, the veteran business leader said there is an unbelievable difference between prices of imported coal purchased by various IPPs, which has been deliberately ignored for years.
He observed that this price variation is the biggest evidence of corruption. Still, no action is being taken in this regard.
Mian Zahid Hussain informed that some IPPs are getting cheap fuel. Still, instead of generating electricity, they have been selling it at high prices in the market without any fear of law.
The business leader said that some IPPs consider forensic audits a deathblow to their
businesses and would do everything to avoid audits by pleasing officials concerned.
That’s why there has never been a heat audit. Despite massive over-invoicing, no government has ever needed to examine it.
Mian Zahid Hussain said that many IPPs have shown their cost to be 20 to 25 percent higher than the original, accepted without hesitation, equal to bargaining with the country and the nation.
He said that the slabs in the electricity bills are anti-people because a unit increase in the bills doubles the bill. If a customer who uses 200 units per month uses a few more units, he has to pay more bills for six months, which is the worst exploitation of poor people.
He said that if a consumer consumes one unit more than a slab, he has to bear up to six months, which is a deliberate conspiracy against the public to hide the losses of Discos.
Mian Zahid Hussain said that the people who make the policies of IPPs benefit from them. Important policies in Pakistan are not made by experts but by politicians not remotely related to the relevant field. For this reason, the loot in the electricity sector has also increased compared to that committed by the East India Company.
Due to the inflated power plants, hundreds of factories and thousands of businesses have been closed, and hundreds of thousands of people have become unemployed. At the same time, the economy is rapidly being destroyed.
Mian Zahid Hussain added that the highest capacity payment is currently going to the Atomic Energy Commission, which is surprising because it is a government-owned institution.
Innoxera Pakistan 2024: pioneering the future of education through technology
The 6th InnoXera Summit took place at the Serena Hotel in Islamabad, marking its second consecutive year in Pakistan. The summit, one of the biggest in the education and technology sectors, began with a keynote address by the Ministry of Federal Education and Professional Training, underscoring the government’s dedication to advancing these critical fields.
Speaking on the occasion, chief guest of the event, Mohyuddin Ahmad Wani, Federal Secretary, Ministry of Federal Education & Professional Training Pakistan stated, “As Secretary Federal Education, I am thrilled to witness the collaborative efforts of government and private institutions in revolutionizing education in Pakistan through technology.
Together, we are harnessing the power of innovation to create a future-ready generation, bridging the digital divide, and unlocking endless possibilities for our youth. This synergy marks a significant milestone in our journey towards a knowledge-based economy, and I am confident that it will have a transformative impact on the educational landscape of Pakistan.”
This year’s theme, “Beyond the Screen: Expanding the Boundaries of Learning,” set the stage for an event designed to push the limits of traditional education through innovative technological applications. With more than 26 speakers, the summit featured various panels and keynotes addressing crucial topics such as digital transformation in education, the future of e-learning, and the integration of AI in classrooms.
InnoXera Pakistan 2024 received significant support from prominent sponsors. Classera led as the main sponsor, with Ufone, PTCL, and Business Solutions as platinum sponsors. Intel and Microsoft also joined as strategic partners, bringing their technological expertise to the forefront.
Eng. Mohammad Almadani, Founder and CEO of Classera, the main sponsor of the summit, stated that:”InnoXera is more than just a summit; it is a catalyst for educational transformation. Our commitment at Classera is to pioneer the future of smart learning. By bringing together thought leaders and innovators in Pakistan and around the globe, we are pushing the boundaries of what is possible in education, aligning with Pakistan’s vision for eLearning and setting new standards for educational excellence.”
Similarly, Zarrar Hasham Khan, Group Chief Business Solutions Officer, PTCL and Ufone 4G said, “PTCL Group is committed to modernizing education and learning to expand growth opportunities for every child in Pakistan. Our partnership with InnoXera Pakistan exemplifies our dedication to advancing educational technology to ensure equitable access to education, which is guaranteed as a fundamental right by the Constitution of Pakistan. We strongly believe in the transformative power of technology to revolutionize learning, which is why we will continue to invest and innovate in this field to enhance its impact.”
Microsoft representative, Jibran Jamshad, Country Principal Officer & Regional Education Lead added “Microsoft emphasized its commitment to empower learners as Microsoft is dedicated to providing tools and resources to elevate educational experiences. Collaborating with InnoXera allows us to support Pakistan’s eLearning vision.
JS Bank celebrates 14th August by donating electronic wheelchairs to the differently-abled
JS Bank, one of the fastest-growing banks in Pakistan, marked the nation’s 77th Independence Day with a heartwarming initiative by partnering with the Association of Physically Disabled Adults (APHA) to donate electronic wheelchairs to differently-abled individuals, empowering them to lead more independent lives. An event was organized by APHA to commemorate this special occasion, attended by Kazim Raza, Head of Distribution and Branch Banking, and Jamil Memon, Head of CSR and Administration at JS Bank, along with Sohail Jawad, Executive Director of the State Bank of Pakistan.
APHA, established 50 years ago, is one of the largest organizations in Pakistan dedicated to the welfare and rehabilitation of persons with disabilities (PWDs), particularly those who are physically handicapped. The organization serves the community through various initiatives, including a rehabilitation and physiotherapy center that provides artificial limbs, vocational training centers for PWDs, customized vehicles to support the livelihoods of PWDs, and a school for special children.
Speaking on the occasion, Jamil Memon reiterated that JS Bank continues to actively support various social causes across Pakistan through meaningful contributions and initiatives, embodying its mission to make a lasting impact on society.
JS Bank has consistently been at the forefront of reaching out to underserved communities in Pakistan, including the differently-abled. As part of its corporate social responsibility (CSR), the bank is committed to strengthening communities by providing employment opportunities that reflect its core values.
Pak-Qatar Family Takaful Wins “Leading Takaful Company” Award at Elevate 2024, organized by CxO Global Forum
Pak-Qatar Family Takaful Limited (PQFTL), a leading provider of Family Takaful solutions (Investment and Protections) and part of Pak-Qatar Group, Pakistan’s premier and pioneer Islamic financial services group, was declared as the “Leading Takaful Company” at the Elevate 2024 Award ceremony organized by the CxO global forum.
This prestigious award acknowledges PQFTL’s dedication to delivering an exceptional customer and product experience through its digitally enabled and technology-driven solutions. The award reflects the company’s continuous efforts to enhance customer experience and streamline service delivery.
Speaking on the occasion, Mr. Waqas Ahmad, Chief Executive Officer of PQFTL said. “We are honored to receive this prestigious award. It reflects our commitment to the financial and personal wellbeing of our clients, with a focus on creating value by providing shahriah compliant innovative Takfaul solutions and services to cater to their evolving needs. We remain steadfast in our promise to provide Takfaul to every household in Pakistan”.
PQFTL has consistently led the industry with its wide range of Takfaul products, pioneering digital initiatives, and exceptional customer service. The Company’s strategic focus on leveraging technology to enhance customer experience and streamline operations has set new benchmarks in the industry.
PSO, the nation’s leading energy company celebrated 77th Independence Day of Pakistan
As Pakistan celebrated its 77th Independence Day, PSO, the nation’s leading energy company, ignited the spirit of freedom with a heartfelt ceremony at its Karachi head office.
Managing Director and CEO, Syed Taha, proudly hoisted the national flag, as the national anthem echoed through the air, filling the hearts of all present with pride and patriotism.
With sincere prayers for the nation’s prosperity and progress, tree saplings were planted.
The event was a powerful reminder of PSO’s mission to fuel the nation’s growth, and the company’s dedication to empowering generations to come.
BYD enters Pakistan: game-changing nevs set to redefine automotive market
BYD, the world’s leading New Energy Vehicle (NEV) manufacturer, will join forces with Mega Motor Company (Private) Limited, a subsidiary of Hub Power Company Limited (HUBCO), hosted a grand brand launch on  August 17 in Pakistan, officially showcasing BYD passenger cars to the Pakistani market.
Billboards hinting at the formal launch of BYD have been sighted across major metropolitan cities in the country. Since the strategic partnership was announced in March, this collaboration aims to introduce fully electric and plug-in hybrid electric vehicles, marking the entry of the world’s New Energy Vehicle sales champion in 2022 and 2023 into the Pakistani market.
This milestone venture is expected to redefine Pakistan’s automotive landscape, providing cutting-edge NEV solutions to a market eager for sustainable and energy-efficient transportation options.
BYD is renowned for its pioneering work in new energy electric vehicle production, having surpassed global competitors in 2022 and 2023 to become the leading seller of new energy vehicles. Since achieving the roll-off of its 1 millionth new energy vehicle in May 2021, BYD has reached the impressive milestone of 8 millionth vehicles in just over three years, becoming the world’s first automobile brand to hit this milestone. The upcoming brand launch in Pakistan on 17th August will showcase a range of BYD’s latest models.
Aly Khan, Chief Executive Officer of Mega Motor Co., commented, “The partnership with BYD reflects Mega Motor Co.’s vision to support the national economy and contribute to reversing the impacts of climate change that affect Pakistan every year. We are also delighted to play our part in fulfilling the government’s vision of increasing the number of new energy vehicles on the roads and reducing the use of fossil fuels. This collaboration represents a significant milestone for Pakistan’s automotive industry and our collective efforts towards a sustainable future.”
This partnership not only brings BYD’s innovative new energy vehicles to Pakistan but also includes plans to establish a comprehensive charging infrastructure, which is a critical component for the widespread adoption of NEVs. This initiative aligns with Pakistan’s goals to reduce its carbon footprint and enhance energy efficiency in its transportation sector. BYD will continue to commit to offering advanced technology and high-quality services, helping Pakistan achieve its sustainable development goals.
AKU-EB’s Role in Developing Global Standards in Educational Assessment Recognised
The Aga Khan University Examination Board (AKU-EB) proudly announces its significant contribution to the development of the International Standards for Educational Assessment, recently launched by the International Association for Education Assessment (IAEA) in May 2024. These globally accepted standards set benchmarks for best practices in examinations and assessments worldwide.
Aligned with IAEA’s vision, these standards ensure valid, reliable, and fair assessment decisions across various contexts. They not only empower organisations by providing operational and technical guidance, but also encourage self-reflection and critical review of current practices.
The creation of these standards was a seven-year journey led by the IAEA Recognition Committee, comprising members from various countries. Pakistan was represented by Dr Naveed Yousuf, CEO of the Aga Khan University Examination Board, who played a pivotal role in this esteemed committee. The committee’s diligent efforts in drafting and refining these standards have resulted in a robust framework reflecting global best practices in educational assessment.
In its International Standards for Educational Assessment Organisations report 2024, the IAEA expressed gratitude to all organisations involved in the pre-pilot and pilot evaluation of these standards, including the Aga Khan University Examination Board. AKU-EB, along with other assessment organisations from Azerbaijan, Singapore, Hong Kong, Zambia, Zimbabwe, UK, Netherlands, Bahrain, and others, played a crucial role in this development process.
AKU-EB’s involvement in the IAEA’s initiative underscores its commitment to advancing educational assessment practices. By contributing to the development of these international standards, AKU-EB reaffirms its commitment to providing high-quality, fair, reliable and valid educational assessments.
About Aga Khan University Examination Board:
AKU Examination Board is the first private university led national board (awarding body) in Pakistan. The Board offers high stake examinations for secondary School (grades 9th and 10th – SSC) and Higher Secondary School (grades 11th and 12th – HSSC/FSC) qualifications for public and private schools across Pakistan. Visit AKU-EB website to learn more.
About the International Association for Education Assessment:
The International Association for Educational Assessment offers a global forum for all those involved in all forms of educational assessment – in primary or secondary schools, colleges or the workplace. Its members include examination bodies, university departments, research organisations and government agencies from more than 50 countries on all continents. For more information on the International Standards for Educational Assessment Organisations, visit the IAEA’s website: IAEA – International Association for Educational Assessment
KMBL’s digital healthcare services: a new milestone
Khushhali Microfinance Bank Limited (KMBL), Pakistan’s first specialided microfinance bank, has recently partnered with oladoc to promote healthcare services for their customers. oladoc, a leading digital healthcare platform in Pakistan, is dedicated to making healthcare accessible, convenient, and affordable for everyone.
Through its user-friendly app and website, oladoc offers patients a wide range of healthcare services. This partnership will enable KMBL customers to access a vast network of over 25,000 doctors via the oladoc app, website, and tele-helpline.
The collaboration will facilitate KMBL customers to book appointments, video OPD consultations with specialist doctors, and avail discounts on medical services such as lab tests, medicine delivery, and surgeries. The agreement was signed by Mr Aameer Karachiwalla, President & CEO KMBL, and Co-Founder & CEO of oladoc, Mr. Abid Zuberi. The signing ceremony was also attended by senior leadership from KMBL & oladoc – Mr. Saleem Akhtar Bhatti, Group Head Finance & Chief Financial Officer, Mr Muhammad Aftab Alam, Chief Business Officer, Ms. Saira Gabol, Chief Human Resource Officer, Mr Kashif Ahmed Khan, Head Liability and ADC Sales and Mr Syed Ali Sherazi, Head of Commercial at oladoc.
Commenting on the occasion, the President and CEO of KMBL said, “This is truly a very good value added service for KMBL customers. We believe that every citizen has the right to quality healthcare, and through this agreement, KMBL is committed to simplifying access to medical services, making healthcare more convenient and affordable for our customers.”
Co-Founder & CEO oladoc, Mr. Abid Zuberi, added, “Our partnership with KMBL is a strategic step forward to make healthcare accessible and affordable for all individuals. This partnership will not only help us reach the underprivileged communities across Pakistan, but will also empower individuals to make informed decisions about their health and well-being.”
This is a significant stride forward for KMBL’s mission to provide access to quality healthcare for its customers and reaffirms its commitment to Sustainable Development Goal (SDG) 3, which promotes healthy lives and well-being for individuals of all ages. The collaboration between KMBL and oladoc is expected to yield mutual benefits, enhance customer satisfaction, and increase general well-being of the community by leveraging KMBL’s extensive customer base.
Pak-Qatar General Takaful Limited and Yousuf Dewan Group offers motor takaful for Shehzore and new EV Honri
Pak-Qatar General Takaful Limited (PQGTL), a leading provider of Shariah-compliant General Takaful solutions in Pakistan and Yousuf Dewan Group have entered into a strategic Memorandum of Understanding to introduce a groundbreaking auto Takaful product tailored specifically for the newly launched electric vehicle Honri – both variants 2.0 and 3.0 – and Shehzore by the Auto Division of Yousuf Dewan Group.
This partnership marks a significant milestone as an auto assembler in Pakistan partners with a dedicated General Takaful operator, offering comprehensive Takaful coverage for electric and commercial vehicles.
The MoU, signed by the Chairman of Yousuf Dewan Group Mr. Dewan Muhammad Yousuf and CEO of Pak-Qatar General Takaful, Mr. Saqib Zeeshan, underscores their commitment to innovation and customer-centric solutions in the automotive sector. The signing ceremony was also attended by Mr. Kamran Saleem, Director, Pak-Qatar Group, Dr. Usman Hayat, Group CEO Yousuf Dewan Group, Mr. Mehmood Arshad, Executive Director Pak-Qatar Takaful, Ms. Saleha Hasan, Head of Marketing, Yousuf Dewan and other senior officials from both organisations.
Mr. Saqib Zeeshan, CEO of PQGTL, expressed enthusiasm about the partnership, “We anticipate forming a lasting partnership with Yousuf Dewan Companies to expand our Takaful coverage to include electric vehicles, alongside private and commercial vehicles. This collaboration will ensure a significant milestone in elevating motor Takaful coverage, offering comprehensive coverage for a wider audience of vehicle owners nationwide.”
Mr. Dewan Muhammad Yousuf, Chairman of Yousuf Dewan Group, emphasized the strategic benefits of this partnership, “We are pleased to join hands with Pak-Qatar General Takaful to enhance customer satisfaction through motor Takaful coverage for our electric and commercial vehicles. This partnership is a testament to our commitment towards delivering exceptional Takaful protection and service excellence to our valued customers.”
The newly launched Honri EV by Eco Green Motors Limited represents a pioneering leap forward in the local automotive industry, combining advanced technology with environmental sustainability. The exclusive auto Takaful product offered through this collaboration aims to provide peace of mind to customers, covering various aspects including theft, damage, and third-party liability.
Driven by solid growth in current deposits, MCB Bank posts highest ever 1st half profit before tax of Rs62.7bn (+16%)
The Board of Directors of MCB Bank Limited (MCB) in its meeting under the Chairmanship of Mian Mohammad Mansha, on August 07, 2024, reviewed performance of the Bank and approved the condensed interim financial statements for the half year ended June 30, 2024.
The Board of Directors has declared 2nd interim cash dividend of Rs. 9.0 per share i.e. 90%, in addition to 90% already paid, bringing the total cash dividend for the half year ended June 30, 2024 to 180%.
Through focused efforts of the Bank’s management in building no-cost deposits base and optimizing its earning assets mix, MCB’s Profit Before Tax (PBT) for the 1st half of 2024 increased to Rs 62.7 billion with a growth of 16%. Profit After Tax (PAT) posted a growth of 20% to reach Rs. 31.9 billion; translating into Earning Per Share (EPS) of Rs. 26.95 compared to an EPS of Rs. 22.52 reported in the corresponding period last year.
On the back of strong volumetric growth in average current deposits and timely repositioning within the asset book, net interest income for 1H’24 increased by 12% over corresponding period last year.
Non-markup income increased to Rs. 18.3 billion (+30%) against Rs. 14.1 billion in the corresponding period last year with major contributions coming in from fee commission income of Rs. 11.3 billion (+29%), foreign exchange income of Rs. 4.9 billion (+38%) and dividend income of Rs. 1.7 billion (+13%).
Improving customer and interbank flows, diversification of revenue streams through continuous enrichment of service suite, investments towards digital transformation and an unrelenting focus on upholding high standards of service delivery supplemented a broad-based growth in income from fee commission; with trade and guarantee related business income growing by 50%, cards related income by 43%, credit related fee by 41% and branch banking customer fees by 20%.
The Bank continues to manage an efficient operating expense base and monitor costs prudently. Amidst a persistently high inflationary environment and continued investments in human resources and technological upgradation, the operating expenses of the Bank were reported at Rs. 28.4 billion (+18%). Increase was primarily on account of staff cost (+15%), utility cost (+28%) and IT related expenses (22%). The cost to income ratio of the Bank stands at 30.50% as compared to 29.58% reported in the corresponding period last year.
Navigating a challenging operating and macroeconomic environment, the Bank has been addressing asset quality issues by maintaining discipline in management of its risk return decisions. Diversification of the loan book across customer segments and a robust credit underwriting framework that encompasses structured assessment models, effective pre-disbursement evaluation tools and an array of post disbursement monitoring systems has enabled MCB to effectively manage its credit risk; the Non-performing loan (NPLs) base of the Bank was reported at Rs. 57.0 billion as at June 30, 2024. The coverage and infection ratios of the Bank were reported at 89.07% and 8.64% respectively.
On the financial position side, the total asset base of the Bank was reported at Rs. 2.67 trillion with increase of 10.1% over Dec 2023. Increase was contributed by 19% increase in investment base i.e. Rs. 232 billion over Dec 2023 and 6% increase in advances(gross) i.e. Rs. 37 billion over Dec 2023.
The Bank continued its focus on building no cost deposits, leading to a growth of Rs. 110 billion (+13%) in absolute current deposits during first half of 2024. The Bank’s total deposit base stands at Rs. 1.99 trillion. The domestic cost of deposits was contained at 10.76% as compared to 7.93% in the corresponding period of last year despite the significant increase in average policy rate during the period.
Return on Assets and Return on Equity maintained at 2.50% and 30.08% respectively, whereas the book value per share was reported at Rs. 184.04.
During the period under review, MCB attracted home remittance inflows of USD 1,973 million (+23%) to consolidate its position as an active participant in SBP’s cause for improving flow of remittances into the country through banking channels.
While complying with the regulatory capital requirements, the Bank’s total Capital Adequacy Ratio (CAR) is improved to 20.68% against the requirement of 11.5% (including capital conservation buffer of 1.50% as reduced under the BPRD Circular Letter No. 12 of 2020). Quality of the capital is evident from Bank’s Common Equity Tier-1 (CET1) to total risk weighted assets ratio which comes to 17.09% against the requirement of 6.23%. Bank’s capitalization also resulted in a Leverage Ratio of 6.2% which is well above the regulatory limit of 3.0%. The Bank reported Liquidity Coverage Ratio (LCR) of 261.91% and Net Stable Funding Ratio (NSFR) of 164.85% against requirement of 100%.
Pakistan Credit Rating Agency re-affirmed credit ratings of MCB at “AAA / A1+” for long term and short term respectively, through its notification dated June 22, 2024.
The Bank on consolidated basis is operating the 2nd largest network of more than 1,650 branches in Pakistan. The Bank remains one of the prime stocks traded in the Pakistani equity market and ranks amongst the highest capitalized banks in the industry.
The Founder Space (Startup Community) Partners with Exitbase to Boost Pakistan’s Startup Ecosystem
The Founder Space, a vibrant community for startup founders co-founded by Kapeel Kumar, Javeria Faraz, Angel Imdad, Mahnoor Rizwan, and Laraib Fatima, is happy to announce a strategic partnership with Exitbase, Pakistan’s leading marketplace for buying and selling businesses. This collaboration aims to create a robust ecosystem that empowers entrepreneurs and accelerates business growth.
The partnership between The Founder Space and Exitbase will provide exclusive benefits to members of The Founder Space community, including expanded networking opportunities, expert insights from Exitbase, invitations to the Exitbase Podcast, and access to growth opportunities through Exitbase’s platform.
“We are excited to join forces with Exitbase to create a powerful synergy that will benefit the entire startup ecosystem,” said Kapeel Kumar, Co-Founder of The Founder Space. “By combining our resources and expertise, we can provide unparalleled support to entrepreneurs and help them achieve their goals.”
Muhammad Nabeel, Founder of Exitbase, added, “We believe that this partnership will create a positive impact on the startup landscape in Pakistan. By working together, we can help more businesses succeed and contribute to the country’s economic growth.”
Chief Minister’s Children’s Emergency Care Programme launched
Under the Chief Minister’s Children’s Emergency Care Programme, the government of Punjab has established telemedicine satellite centres in all public secondary care hospitals (DHQ, THQ) across Punjab, in partnership with ChildLife Foundation.
The announcement was made at the Primary and Secondary Health Conference held in Lahore on July 26, 2024.
Improving Emergency Care reduces child mortality by 50%. ChildLife is operating children emergency rooms at Mayo Hospital Lahore and Children’s Hospital Multan.
Officials from the Government of Punjab including Mr. Khawaja Imran Nazeer, Minister Primary & Secondary Healthcare, Mr. Khawaja Salman Rafiq, Minister Specialised Healthcare & Medical Education, Mr. Ali Jan Khan, Secretary Primary & Secondary Healthcare Department, and CEO’s and Medical Superintendents of all districts and tehsils were present at the event.
ChildLife Foundation provides life-saving treatment to more than 2 million children annually – 24/7 and free of cost. It manages Children’s Emergency Rooms (ERs) & Telemedicine Satellite Centers (TSCs) across Pakistan, in partnership with the governments. The organization is working to make free quality emergency care accessible to children across the country.
“We are immensely grateful for the collaboration with the Health Department of the Government of Punjab. With ChildLife’s shared vision through partnerships, we are saving the future of Pakistan. Through our joint efforts, we can provide free-of-charge, round-the-clock treatment to children in need, regardless of their socio-economic status”, said Dr. Ahson Rabbani, CEO of ChildLife Foundation.
Cement despatches declined by 6.81% during July 2024
Cement despatches declined by 6.81% in July 2024. Total Cement despatches during July 2024 were 3.010 million tons against 3.230 Million Tons despatched during the same month of last fiscal year.
According to the data released by All Pakistan Cement Manufacturers Association, local cement despatches by the industry during the month of July 2024 were 2.463 million tons compared to 2.780 million tons in July 2023, showing a decline of 11.41%. On the exports side, despatches increased by 21.65% as the volumes jumped from 449,792 tons in July 2023 to 547,162 tons in July 2024.
In July 2024, North based cement mills despatched 2.192 million tons cement showing a decline of 11.40% against 2.474 million tons despatches in July 2023. On the contrary, south based mills despatched 817,799 tons cement during July 2024 that was 8.20% more compared to the despatches of 755,824 tons during July 2023.
North based cement mills despatched 2.093 million tons cement in domestic markets in July 2024 showing a decline of 11.01% against 2.352 million tons despatches in July 2023. South based mills despatched 369,557 tons cement in local markets during July 2024 that was also 13.62% less compared to the despatches of 427,847 during July 2023.
Exports from North based mills declined by 18.79% as the quantities reduced from 121,814 tons in July 2023 to 98,920 tons in July 2024. Exports from South however increased by 36.67% to 448,242 tons in July 2024 from 327,977 tons during the same month last year.
A spokesman of All Pakistan Cement Manufacturers Association emphasized that higher taxes and increasing input costs are seriously affecting cement sector of the country. He added that this is the 11th straight month during which domestic despatches are showing declining trend due to sluggish economic activity in the country. Cement industry urges the government to review its taxation policies in order to reduce the burden of heavy taxes on this important sector of the economy.
We support documentation drive of the Government but forcing very small retailers to register in a complicated sales tax system and installing PoS is not likely to yield any additional sales tax revenue as cement being a 3rd Schedule item, whole amount of sales tax on consumer price is already being paid by the manufacturer, he added.
Dubai Islamic Bank Pakistan Limited and Zlk Islamic Financial Services partner to enhance Shariah-Compliant financial access
Dubai Islamic Bank Pakistan Limited (DIBPL), a subsidiary of Dubai Islamic Bank, has partnered with ZLK Islamic Financial Services, Pakistan’s first Shariah-compliant brokerage firm.
The MoU signing ceremony was held at DIBPL Head Office in Karachi. The MOU was signed by Junaid Ahmed, CEO of DIBPL, and Zahid Latif Khan, Chairman of ZLK Islamic Financial Services, in the presence of Ashfaq Ahmad Khan, COO of ZLK Financial Services, and Naveed Malik, Head of Consumer Banking at DIBPL.
This strategic collaboration is aimed at enhancing access to Shariah-compliant financial products for DIBPL’s wide customer base, including Roshan Digital Account holders and local clients. Customers are set to gain access to brokerage services by investing in a variety of Riba-free financial products such as shares, GoP Ijaras Sukuk, ETFs, and Murabaha Share Financing (MSF). This initiative is a testament to DIBPL and ZLK Islamic Financial Services’ commitment to promoting and expanding ethical and Shariah-compliant financial solutions in Pakistan.
Mr. Junaid Ahmed, CEO, DIBPL, commented: “DIBPL remains committed towards initiating and promoting innovative Islamic banking solutions. This collaboration with ZLK Islamic Financial Services highlights our dedication to expanding access to creative financial products, promoting financial inclusion and prosperity.”
Mr. Naveed Malik, Head of Consumer Banking, DIBPL, added: “Our partnership with ZLK is designed to help customers achieve Halal Munafa (returns) on their investments. At DIBPL, we provide Shariah-compliant investment opportunities, enabling our customers to engage in financial activities that promote both financial inclusion and Shariah-compliant banking services.”
Mr. Zahid Latif Khan, Chairman, ZLK Islamic Financial Services, emphasized the strategic importance of the partnership, stating: “We are excited to partner with DIBPL to enhance our brokerage services and provide clients with seamless access to Shariah-compliant investment opportunities. Together, we will deliver value-added solutions that meet the globally accepted standards of Islamic finance.”
Through this partnership, DIBPL and ZLK Islamic Financial Services aspire to foster a conducive ecosystem for Shariah-compliant finance, contributing to the sustainable growth and development of Pakistan’s Islamic financing sector.
Mobilink Bank introduces affordable e-bike loans for a greener future
Dedicated to promoting positive environmental change, Mobilink Bank has recently announced the launch of E-Bike loans. This initiative, aimed at empowering individuals with accessible and eco-friendly transportation options, was formalized through a Memorandum of Understanding (MoU) with PakZon Electric Motors (Pvt) Limited, Pakistan’s leading electric bike manufacturer.
Through this offer, the Bank is extending exclusive benefits to all its customers, including a 6% discount on E-bikes purchased through PakZon dealerships, three complimentary checkups at PakZon 3S dealerships, and a one-year battery warranty for two, three and four-wheelers. These benefits are designed to make E-bike ownership more affordable and convenient.
Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and digital services to nearly 160 million customers in six dynamic markets that are home to 7% of the world’s population.
Mobilink Bank’s E-Bike Loan is a strategic expansion of its retail lending portfolio, marking a foray into the growing green financing sector. By offering hassle-free financing solutions, the Bank drives sustainable transportation adoption and enables individuals, particularly women, to make informed choices about their mobility needs.
“As part of our ‘Change to Sustain’ programme, we are committed to reducing our carbon footprint and enabling our customers to do the same,” shared Atta-ur-Rehman, Chief Business Officer Mobilink Bank. “Our latest endeavour, the E-Bike loan, offers a practical solution for individuals and the environment. By providing easy financing for electric bikes, we strive to cultivate a culture of empowerment and self-reliance, particularly among women. This initiative helps us break down gender barriers, promotes equitable access to resources and paves the way for a greener, more sustainable future for all,” he added.
Through this initiative, the Bank is dedicated to expanding E-bike adoption, reducing carbon emissions and enhancing urban mobility. By increasing E-bike penetration, particularly in urban areas, the initiative is committed to achieving a 100-metric-ton reduction in CO2 emissions within the next two years.
“This partnership signifies a shared vision for innovation and excellence in the electric vehicle sector,” said Shahzaib Amjad, Managing Director at PakZon Electric Motors (Pvt.) Ltd. “We are confident that this collaboration will pave the way for groundbreaking advancements and mutual growth. Here is to a prosperous and transformative journey together. May our collective efforts drive success and set new benchmarks in the industry,” he further added.
The Bank’s steadfast commitment to environmental stewardship is further solidified by allocating PKR 2.5 billion to renewable energy financing and solarization of fifteen branches in 2024.
Webinar on ‘approach to congenital heart diseases in children’ organised by childlife foundation
In Pakistan, 1 in every 100 children born are diagnosed with congenital heart disease and 70% need medication or surgery within the first year of life.
This was revealed at the webinar on “Approach to Congenital Heart Diseases in Children” organised by the ChildLife Foundation on August 1.
The session’s guest speaker was Dr. Abdul Sattar, Head of Pediatric Cardiology at NICVD, while Dr. Irfan Habib, Medical Director at the ChildLife Foundation was the moderator.
A broad spectrum of topics was covered during the webinar including an overview of congenital heart diseases in children, how to identify key symptoms and early signs, diagnostic approaches and techniques, case studies, and real-life examples.
The session’s aim was to equip pediatricians with an in-depth understanding of congenital heart diseases in children, their early recognition, and timely intervention.
The 40-minute session was attended by doctors, residents, and physicians working in the public sector, particularly those working at the secondary care hospitals at district and tehsil level across the country.
By addressing these critical areas, the session aimed to enhance the capacity of on-ground government doctors, equipping them with essential knowledge and skills to meet the challenges encountered in the children’s emergency rooms of public sector hospitals where ChildLife operates its telemedicine network.
ChildLife Foundation, a non-profit organisation working towards reducing child mortality across Pakistan, this webinar was on Pediatric Emergencies for pediatricians, especially for those working in the public sector across Pakistan.
Improving emergency care reduces child mortality by 50%. ChildLife aims to foster collaboration with the public sector through this webinar by contributing towards the capacity building of government doctors and ensuring that they are well-versed with the latest practices and evolving needs of pediatric emergency care.
It is pertinent to mention here that ChildLife Foundation provides life-saving treatment to more than 2 million children annually – 24/7 and free of cost. It manages Children’s Emergency Rooms and Telemedicine Satellite Centers in more than 300 public sector hospitals across Pakistan.
Unity Foods’ “Ba Ikhtiyar Kissan” Program: Empowering Pakistani Farmers for a Brighter Future
Unity Foods, a frontrunner in Pakistan’s agro-based commodities sector, proudly launched the “Ba Ikhtiyar Kissan” Program through its subsidiary Unity Plantations. This groundbreaking initiative is dedicated to empowering farmers nationwide by providing them with advanced technical skills in modern agriculture, high-quality seeds, and fertilizers. By doing so, Unity Plantations aims to boost crop yields, enhance financial independence, and promote sustainable livelihoods.
To date, nearly 500 farmers around the Unity Plantations corporate farming initiative have benefited from the program. The “Ba Ikhtiyar Kissan” Program reflects unwavering commitment to revolutionizing agricultural practices and fostering sustainable development. Farmers receive continuous technical training, learning about cutting-edge farming techniques and technologies. This includes comprehensive education on crop management, weather patterns, and disease prevention, ensuring they achieve maximum yields and profits from their harvests.
Unity Foods has also streamlined the procurement process by eliminating traditional middlemen, and Unity Plantations purchasing the produce directly from farmers, and providing immediate cash payments at fair market rates. This direct approach has significantly boosted farmers’ profit margins, enabling them to reinvest in their lands, educate their children, and improve their overall quality of life.
Farrukh Amin, CEO of Unity Foods, shared his thoughts on the initiative: “The Ba Ikhtiyar Kissan Program is a testament to our dedication to Pakistan’s agricultural sector. By equipping farmers with the necessary tools and knowledge, we are not only enhancing food security but also creating a sustainable and prosperous future for our communities and future generations.”
As Unity Foods continues to expand its efforts, the company remains steadfast in its mission to advance food security in Pakistan. The “Ba Ikhtiyar Kissan” Program is more than just an initiative; it is a movement towards building a community founded on trust, cooperation, and shared growth. It aligns with Unity Foods mission to see enhanced food security in Pakistan by developing a sustainable and efficient farm to fork food supply chain system.
Nation’s Bank celebrated the 77th Independence Day with great patriotism
National Bank of Pakistan (NBP) celebrated the 77th Independence Day of Pakistan with great enthusiasm and patriotism, with the day’s festivities along with the bank’s executives, employees, and their families, which included the hoisting of the national flag at NBP’s headquarters and a cake-cutting ceremony.
As the nation celebrates the 77th Independence Day of our beloved Pakistan, NBP takes immense pride in our country’s progress and is honored to contribute to its growth and development.
The celebrations at NBP were marked by a renewed commitment to serve the nation and drive Pakistan’s economic and social progress, as the bank remains steadfast in its mission to be a catalyst for the country’s prosperity.
NBP joins the nation in celebrating the historic achievement of Arshad Nadeem, who clinched the gold medal at the Paris 2024 Olympics with a record-breaking javelin throw.
On the occasion, Mr. Rehmat Ali Hasnie, President NBP, said, “Today, as we commemorate Pakistan’s 77th Independence Day, we celebrate the resilience and spirit of our nation. The sacrifices made by our forefathers have laid the foundation for a prosperous Pakistan.”
He added, “NBP is privileged to be a part of this journey. We remain committed to serving the nation by fostering economic growth, creating opportunities, and supporting our communities.”
NBP is a leading financial institution in the country, with a rich history of serving the nation since its inception. Committed to the growth and prosperity of Pakistan, NBP has consistently sought to uplift communities, empower businesses, and contribute to the overall development of the country.
Maersk reports Q2 with increased earnings momentum
A.P. Moller – Maersk continued to build momentum in the second quarter reporting volume growth across all segments and improved financial performance with EBIT margin reaching 7.5% compared to 1.4% in the first quarter. Results were driven by increased profitability in Ocean, solid growth in Logistics & Services and excellent performance in Terminals. Based on the prolonging of the crisis in the Red Sea and a continued robust market demand, Maersk upgraded its guidance for 2024 on August 1st.
“Our results this quarter confirm that performance in all our businesses is trending in the right direction. Market demand has been strong, and as we have all seen, the situation in the Red Sea remains entrenched, which leads to continued pressure on global supply chains. These conditions are now expected to continue for the remainder of the year. We have invested in additional equipment in all our businesses to adapt to the situation and continue supporting our customers through the disruptions. As we look ahead, our focus remains on leveraging organic growth while exploring opportunities for value-accretive acquisitions, particularly in Logistics. We will maintain tight cost control and high asset utilisation and further execute on our fleet renewal program,” says Vincent Clerc, CEO at Maersk.
Ocean saw strong volume growth and higher freight rates, primarily in Asia exports, reflecting the increased supply chain pressure, while the situation in the Red Sea and rerouting south of Cape of Good Hope continued to lead to higher operating costs. Profitability returned to positive territory, and while below the same quarter last year, performance was significantly better compared to Q1 2024 and Q4 2023.
Logistics & Services grew by 7% compared to the year prior and increased volumes across all product families more than offset low rates. Profitability improved both sequentially and year on year, positively impacted by increased asset utilization, good cost control, and progress on initiatives to address customer implementation challenges in the ground freight business in North America.
Terminals continued to deliver volume growth, particularly in North America. Revenue per move increased significantly due to higher tariffs and higher storage, while cost per move increased slightly. Effective cost management and robust revenue growth supported profitability, leading to one of the highest EBITDA levels ever.
Financial guidance for 2024Â As announced on August 1st, due to continued supply chain disruptions caused by the ongoing situation in the Red Sea/Gulf of Aden and robust container market demand, Maersk raises its financial guidance as seen in the table below. Maersk now expects global container market growth to be between 4-6% and to grow in line with the market compared to the previous expectations of towards the upper end of 2.5-4.5%.
In addition, Maersk now expects CAPEX to be between USD 10.0-11.0bn for 2024-2025 (previously USD 9.0-10.0bn) due to continuous fleet renewal.