TPL Insurance & Yayvo Bring to their Customers a Secure Shopping Experience
To supplement and enhance the digital buying experience of customers, TPL Insurance, Pakistan’s first direct insurance company, has entered into a strategic alliance with Yayvo.com, Pakistan’s fastest growing ecommerce store, to celebrate White Friday. From November 2018, TPL Insurance will provide all consumers of Yayvo.com, an exclusive purchase protection plan on products sold via the Yayvo.com platform.
A signing ceremony, attended by Mr. Muhammad Aminuddin, CEO, TPL Insurance, Mr. Syed Kazim Hassan– COO & CFO, TPL Insurance, Mr. Ali Zaidi– Head of Operations, TPL Insurance and Mr. Adam Dawood– Head of Yayvo, was held at the TPL Insurance head office earlier this month. TPL Insurance, along with Yayvo.com agreed to provide purchase protection to shoppers for all items in the following categories: Mobile, Appliances, Computing and Entertainment. The insurance policy is aimed to provide financial risk protection for purchase of expensive and valuable products which can be damaged.
Speaking on the occasion of the partnership, Mr. Muhammad Aminuddin– CEO, TPL Insurance, said “We are looking forward to the strategic partnership as it allows the consumers to make online purchases with ease by utilizing a trusted e-commerce platform. The Pakistani market has large potential for insurance products and through digital collaborations of similar nature; we can see insurance serving specialized needs of the customers through the digital medium.”
On this occasion, Mr. Adam Dawood– Head of Yayvo.com commented, “By partnering with TPL Insurance, we are looking to provide our customers greater convenience and security in purchasing products from our website, while playing our part in digitizing Pakistan’s economy.”
Shaheen Air Finalizes Acquisition deal with Saudi Arabia
Shaheen Air International (SAI) finalized its acquisition deal with a Saudi Prince. The takeover is likely to happen over the course of next 2 months.
Javed Sehbai, Acting CEO, SAI said “We have finalized the deal with a Saudi Prince. We will be conducting a press conference very soon to announce about our Investor and share the details of the acquisition. This deal will be a breakthrough for the airline as well as for Pakistani aviation industry itself.
He further added “It’s a matter of few weeks that Shaheen Air will be in the skies again and shine brighter than before. We are very thankful to our regulator CAA and FBR. Due payments of government regulatory bodies and our employees’ salaries are our first priority and will be cleared during the first stage of our investment plans”.
Shaheen Air International Limited (SAI) is established as a public limited company under the Companies Ordinance, 1984. It is mandated to perform the business of air transportation of passengers and cargo. Shaheen Air commenced its operations as the first private airline in Pakistan in December, 1993. It operates on various domestic and international routes and in 2015, it became the only private airline from Pakistan to fly east with non-stop flights from Lahore to Guangzhou, China.
PNDS elected as Council member of AFDA
Pakistan once again elected as Council Member of AFDA for the next 4 years. This year, Pakistan Nutrition and Dietetic Society (PNDS), being a national representative Society of Pakistan, was elected for a second time as the Council Member of Asian Federation of Dietetic Association (AFDA) for the next four years. Elections were held at the AFDA General Assembly Meeting on the occasion of the 7th Asian Congress of Dietetics, Held in Hong Kong in July 2018.
PNDS is a National Professional Society that aims to develop and strengthen the profession of nutrition and Dietetics, and targets to achieve this through education, training and research in order to promote nutritional well-being of the Pakistani population. PNDS was registered in 2003, is based in Karachi, with three functional chapters in Lahore, Islamabad and Faisalabad, currently having more than 1000 members across the country working in various private and government institutions and hospitals. PNDS is a member of AFDA since 2005. AFDA is a professional coalition of Nutrition and Dietetic Professional Practitioners in the Asia pacific Region. AFDA was formed in 1990 as a means to support and acvance the profession of Dietetics in Asia. PNDS is also a member of the International Confederation of Dietetic Associations (ICDA) and a collaborator of the UK nutrition Society and American Society of Nutrition.
Prof. Salma Halai Badruddin (Honorary Life President, PNDS) from Pakistan has received the DR. LEH-CHII CHWANG ASIAN DIETETICS AWARD 2018. This Award is conferred every 4 years since 1998 to a prominent Dietetic professional, preferably a practitioner who has made significant contributions locally as well as internationally, towards enhancing the Dietetic profession and has demonstrated outstanding leadership in the Dietetic field.
DR. CHING-HWA CHIU ASIAN OUTSTANDING YOUNG DIETITIAN AWARD 2018 is conferred for the first time by AFDA to Ms. Fayza Khan (Past President of PNDS 2013-2017) in recognition of her devotion, dedication, active participation and extensive service for advancing the profession of Dietetics and for her outstanding achievements domestically and internationally.
PMEX Records Highest Ever Monthly Trading Volume in October 2018
Pakistan Mercantile Exchange Limited (PMEX), the country’s only multi-commodity futures exchange, recorded the highest trading volume in the month of October 2018, since commencement of operations in 2007.
The Exchange registered trading volume of PKR 306 billion for the month of October 2018 as compared to PKR 115 billion for the same period last year, posting an increase of 166 percent. The average daily trading volume grew to PKR 13.307 billion in October 2018 as compared to average daily trading volume of PKR 6.651 billion over the last 12 months.
Commenting on the growth in trading volume, Ejaz Ali Shah, Managing Director, PMEX, said, “We are delighted to witness a significant surge in the trading volume. This increase signifies the growing interest of market participants in using our diversified product suite to invest, trade and hedge at a regulated platform”.
Notification to all MCB bank customers
Addressing recent media reports regarding the security of Pakistani Bank’s customer data, MCB Bank has issued the following statement:
“In wake of a recent incident of cybercrime related to fraudulent bank transactions due to data breach, MCB Bank would like to assure its valued customers that the customers’ data is completely safe. Not a single customer has been affected in the incident/ report publicized in media. Furthermore, the Bank reaffirms to remain vigilant and assure the integrity of its systems. In case of any concern please call MCB Call Centre on 111-000-622.”
NBP and its account holders have emerged UNAFFECTED from the recent Cyber Attacks
NBP customers are safe from any vulnerability of cyber attacks and our customers are protected from all potential loss. NBP’s customer data is fully secured as per local and international standards. We are working in close coordination with the State Bank of Pakistan.
Protect your future “Bank with NBP.”
NBP and its account holders have emerged UNAFFECTED from the recent cyber attacks.
BMP nominating strong presidential candidate from Balochistan in FPCCI Elections 2019
Chairman of the Businessmen Panel of FPCCI and Former Provincial Minister, Mian Anjum Nisar, Senior Vice Chairman of the Businessmen Panel of FPCCI and Former Provincial Minister, Mian Zahid Hussain, Secretary General Senator Haji Ghulam Ali, Chairman Sindh Zakaria Usman, Chairman Punjab Khawaja Shahzeb Akram, Chairman Balochistan Naveed Jan Baloch, Chairman KPK Adnan Jaleel, Shoukat Ahmed and Saquib Fayyaz Magoon while talking to the business community on Friday said that Balochistan is of utmost importance and country’s growth is strongly associated with its growth. But in the past year the ruling party of FPCCI could not play any role in the development of trade and industry in the province. The Businessmen Panel is aimed to plant strong presidential candidate in the forthcoming FPCCI elections for term 2019, so that Balochistan can be brought to the mainstream. The ruling party of the Federation has badly ignored the province in the last four years thus, the mineral rich province is lacking in industrial growth. BMP believes in equal progress across country and prepared to take serious measures for the prosperity of the countrywide business community after winning the FPCCI elections 2019.
Mian Anjum Nisar said that the business community has serious reservations over the election commission of the FPCCI and consider it guilty for the partiality in the electoral process. Despite complaint of an illegal candidate of the ruling party of the Federation, the designation of female vice president has given to the ineligible candidate which is exploitation of the women entrepreneurs and traders across the country. Businessmen Panel is focused to work for development of human resource in addition to the development of provincial share in country’s trade and economy. BMP is ready to defeat the ruling party of the Federation in the forthcoming election.
Mian Zahid Hussain said that in the backdrop of CPEC Balochistan is of the vital importance and the success of the project is purely dependant on Balochistan. BMP aimed to take concrete and immediate measures for the ignored and delayed projects with respect to the province and development of the traders and industrialists of the region through nomination of eligible, capable and confident candidate who can take active measures for the province’ growth. The ruling party of the Federation did nothing for the long pending tax refunds of exporters amounting Rs. 300 billion and act as B team of the Government. No positive role of Federation has been observed in exports growth. The ruling party of FPCCI did not take any progress against increasing gas, electricity, petroleum products’ prices and USD appreciation, neither played any role for reimbursement of traders’ losses in the recent shutdown calls and sit-ins.
Safe travelling on roads will be ensured through Mutual Consultation – Murad Saeed
State Minister for Communications Mr. Murad Saeed has said, all possible measures will be undertaken to ensure uninterrupted flow of traffic and controlling accidents on National Highways and Motorways network. A comprehensive course of action will be adopted with cooperation and consultation of representatives of Goods Transport Agencies and Stakeholders.
He was presiding over a high level meeting with representatives of Goods Transport Association regarding Axle Load Management at Ministry of Communications today also participated by Federal Secretary Communications Mr. Shoaib Ahmad Siddiqui, Chairman NHA Mr. Jawwad Rafique Malik, Senior officials of Ministry of Communications & National Highway Authority.
Expressing his views Mr. Murad Saeed termed transporters and drivers an important part of our transport system and that their problems during travelling on national highways and motorways network will be addressed through mutual cooperation and consultation. He said particular attention be paid during planning and designing of road projects so that chances of accidents could be minimized and loss of lives and vehicles could be avoided. Overloading not only leads to accidents but it also badly affects the riding quality of the roads, he added.
Later, a delegation of MNAs from FATA met with State Minister for Communications Mr. Murad Saeed. Matters relating to maintenance and improvement of roads in FATA like main Bajaur Road, Manda-Muhammad Garh, Dargai-Kot Road etc were discussed in the meeting. State Minister for Communications Mr. Murad Saeed assured the delegation that every possible cooperation including coordination with FATA secretariat for improvement of roads conditions in FATA will be extended for ease of the people.
JS Bank rejects reports of customer data breach
JS Bank reiterates its commitment to the highest levels of security in terms of customer information and deposit protection.
Our risk management controls and multi layers of protection have ensured that the banks data and systems remain secure against any untoward fraudulent activity. Our 24/7 monitoring and forensic evaluation has also confirmed that no data of JS Bank customers has been exposed to any external party.
We would once again take this opportunity to assure our customers and the general public that JS Bank customer data and deposits remain completely secured.
We thank our customers for their continued trust and confidence in us, as we continue to deliver unparalleled services.
Automobile Sector has huge growth potential in Pakistan, says Mian Zahid Hussain
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said that Pakistan is 6th most populated country after China, India, US, Indonesia and Brazil with population of 197 million. 54 percent of our population is aged below 30 years shows 100 million young potential consumers of the auto industry. In this decade, the annual motorcycle production has increased to 2 million from 50 thousand just because of the growing young population. In Brazil, 260 people own vehicle out of 1000, the count is 80 in Indonesia while it’s just 15 in Pakistan, which shows the huge potential market for auto sector. Given to urbanization and improved living standard, increasing vehicle’s sale is expected in coming days.
The Veteran Business Leader while talking to the business community said that investment in automobile sector is not only profitable but also easy which can benefit the local and foreign investors equally. There is no barrier to enter the business and comparatively a safes sector for investment. New investors will have the edge of filling the huge demand supply gap. There is demand of 1 million vehicles per annum while local companies produce only 2.5 lacs vehicles while 70 thousand vehicles are being imported annually. Approximately 7 lacs used cars are being traded annually which indeed is a rich opportunity to be grabbed by the new investors.
The Former Minister said that the auto sector has shown high growth during the decade 2008 – 2018 where 97 percent growth has been observed in the production of motorcars and pickups, 92 percent growth in production of buses, 99 percent growth in Jeep’s production and tractors’ production have been increased by 92 percent. The Japanese investors can fill the 50 percent gap in manufacturing of auto-spare parts. In the backdrop of expected growth in the auto sector new companies including French Renault in collaboration of Alfutaim, etc are planning to start assembling in Pakistan in addition to the existing auto manufacturers which are expanding their product range. Agriculture reforms in the Country suggests increasing demand for tractors while demand for Trucks, Buses, Motorcars and Motorcycles is also increasing due to ongoing CPEC projects.
Mian Zahid Hussain said that with implementation of Automotive Development Policy in its true spirit, the auto sector contribution to GDP will be increased from 2.3 percent to 3.8 percent; share of auto sector in industrial production will rise from 22 to on 30 percent while this sector will employ 4 million masses in the Country. The existing potential in this sector may be opportunity for the small medium enterprises and local as well as foreign investors.
Mian Zahid Hussain said that to improve automobile sector, the astonishing regulatory duties on import of raw material and auto parts may be rationalised and the recommendations of registered trade associations including PASPIDA, PAAPAM and PAMA may be given due consideration.
IBA Karachi conducts Second Family Business Conference 2018
The Second Family Business Conference 2018 (FBC’18) was organized by BBCL-BDD in collaboration with the IBA, Karachi as Lead Knowledge Partner. The conference aimed at providing the family business participants with the required skill set to attain global success by connecting them with family business specialists.
The IBA representatives included, Associate Dean Dr. Huma Baqai, Director Center for Executive Education (CEE) Dr. Izhar Hussain, and Academic Director Family Business Program Ms. Aysha Anas Iftikhar.
Commencing the conference, CEO and Managing Director BBCL-BDD Mr. Pervez Iqbal welcomed the participants and highlighted the purpose of this conference in promoting interaction amongst participants and professional advisors in a conducive environment. He said the conference brings together family businesses at a platform that inspires and enlightens business members.
Ms. Iftikhar followed and shed light on the importance of family businesses in Pakistan. She said, “Family businesses are the drivers of the economy. Pakistan depends on family businesses to go global and improve country-of-origin branding, fund start-ups and increase the size of the economy”. She further added that 1/3rd of the Fortune Global 500 are linked to family managed businesses and these businesses create 50 to 80 per cent jobs worldwide.
Taking the discussion further, the headline speaker Chairman Pakistan Centre for Philanthropy Mr. Zaffar A. Khan congratulated the participants on successfully starting their enterprises from scratch and for enduring and succeeding the hardships and triumphs that came with it. He addressed the need to convert national organizations in Pakistan into global organizations by urging family businesses in Pakistan to function outside of their comfort zone.
The first session of the conference began with a panel discussion chaired by Mr. Saad Amanullah from the Pakistan Stock Exchange. Followed by sessions on ’Making Higher Education Affordable through Philanthropy’ and ’Family Business, Disruptive Innovations and New Opportunities’. The discussion emphasized that family businesses have always been a key player in driving local economy because they tend to use commercial, economic and financial models which are socially acceptable and compliant with Islamic principles. These companies create a value-driven environment which is instrumental in the alleviation of poverty as well.
The second session comprised of two panel discussions related to ’Community of Entrepreneurs’ and ’Role and Responsibilities of Young Generation’. The main theme of the session also revolved around the idea that family-driven businesses are more socially responsible and accountable as their commitment to the community drives many generations in the coming future.
Towards the end of the conference, Dr. Baqai remarked on the importance of communication between three main systems namely, family, management, and ownership. She said that there is a need to streamline the three because overlaps in the family businesses create a communication chaos.
The FBC’18 organizers would like to profusely thank their sponsors, namely lead sponsor Al Baraka Bank Ltd, platinum sponsor Hamdard, EFU Life and knowledge partner KPMG.
Concluding the ceremony with a vote of thanks, Dr. Hussain said that most of the businesses in Pakistan are family businesses. These businesses are formidable pillars of the national economy and major employment providers. There is a strong need of investment in family business governance mechanisms to ensure sustainability and to tackle HR challenges and the need of having an outward focus. Dr. Hussain also advised family businesses to capitalize on the benefits of globalization and innovation.
ACCA and British High Commission hold event on ‘Ease of Doing Business in Pakistan’
ACCA Pakistan and British Deputy High Commission held a conversation in Karachi on the ’Ease of doing business in Pakistan’ and ’Global Competitiveness Index’.
These indices rank countries against each other based on how the regulatory environment is conducive to business operations.
ACCA hosted this discussion in line with its commitment to deliver value for the economies where it operates and the pledge of ACCA members in Pakistan to drive GDP growth by 7% as well as improving the ranking of Pakistan to top 50 for ’ease of doing business’ and ’global competitiveness index’ for the next 5 years; ACCA and ACCA members continue to contribute and collaborate with thought leaders to focus on high impact actions as a key priority.
Elin Burns – British Deputy High Commissioner and Director for Trade for Pakistan, in her address said, “It is great to see the government on a federal and provincial level making progress on creating ease of doing business and mobilising domestic and foreign investment. These reforms, bringing Pakistan 11 places up in the World Bank’s latest report are important for Pakistan’s economic prosperity and improving the overall business climate. ACCA’s commitment to this agenda is commendable and we hope to see more organisations taking a lead role on this front.”
The event was marked by a high-octane panel discussion which was moderated by Faisal Qamar, Managing Partner, HRSG BPO. The conversation leaders included Naeem Zamindar, former Minister of State and former Chair of Pakistan Board of Investment, Syed Muhammad Shabbar Zaidi, Territory Senior Partner & Chairman, A.F. Ferguson & Co. Chartered Accountants, Ehsan Malik, Chief Executive Officer, Pakistan Business Council, Richard Morin, Managing Director, Pakistan Stock Exchange, Syed Irfan Farooq Memon, Group Head – Internal Audit, United Bank Limited, Naz Khan, Managing Director, X-Petroleum Limited and Umer Jalil Anwer, Chief Financial Officer, Siemens (Pakistan) Engineering Company Limited. The panellists concluded that the implementation of tangible and critical changes in legislation and professional capability set were essential to improve Pakistan’s ranking. They also emphasised on the importance of enabling the right talent and highlighted the key drivers for improving business function was social and financial inclusion of women and attracting local and foreign investments.
“Pakistan has improved its ranking by 11 spots in the World Bank’s latest Ease of Doing Business rankings, climbing to 136th from 147th last year. It is remarkable but not sufficient, we need to improve and work diligently on the reform agenda. At ACCA we strongly believe that mountains do move and the strategic business leader across Pakistan has to demonstrate persistence and character, “said Sajjeed Aslam, Head of ACCA Pakistan.