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FPCCI Elections 2018

Giving voting rights to members of banned association is illegal: Mian Anjum Nisar

Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Anjum Nisar while talking to the business community said that in FPCCI elections 2018, FPCCI had accepted nomination of UBG candidate for SVP Mazhar Ali Nasir from an association with no legal existence and was against merit and a proved rigging and shows the dishonesty of secretary general and election commission of the Federation of Pakistan Chamber of Commerce and Industry. According to the High Court, FPCCI has given contesting right to a candidate from a void association which was against law.

Mian Anjum Nisar said that Election Commission and Secretary General of the FPCCI had illegally and immorally accepted candidature documents of Mazhar Ali Nasir who was not legally authorized to contest in election and willingly did the same in opposing the BMP-PBG joint candidate Nasser Hyat Maggo. FPCCI has violated the terms and deceit the trust of business community from across Pakistan by defeating a genuine candidate of SVP seat in FPCCI election.

The BMP leader said that Halal products association was invalid to be the part of FPCCI elections as per the order of DGTO but secretary of commerce division has condoned its one time delay without solid grounds which was against merit and fair election practices. Delayed tactics have been observed from the fake SVP in the case which delayed the decision of the High court however, business community welcomes the High Court fair and just judgement in the matter. UBG has always get its favourite candidates succeed in FPCCI elections through illegal and immoral tactics and defeated BMP candidates through unfair means.

He said that since FPCCI is the apex trade body of the Country, therefore, it’s mandatory for it to make the electoral process clean and transparent. FPCCI must ensure that the contestants are from legally authorized trade bodies and should stop selecting of fake candidates through different unfair means. FPCCI has given voting rights to Khalid Tawab and Salman Zubair Tufail from the void and illegal Halal products association in elections for the term 2019 which is against law. The immoral tactics of opponent group can never succeed further. The occupant leadership of FPCCI has lost the moral right of leading the business community after the order of the honourable High Court.

JS Bank Hosts Session With Prof. Vali Nasr, Dean Johns Hopkins University

Building Pakistan’s international relations and presence, JS Bank hosted Prof. Vali Nasr, Dean School of Advanced International Studies (SAIS) Johns Hopkins University at an interactive corporate networking session at the JS Private Banking office in Karachi.

Dean Vali Nasr was accompanied by his advisor Ms. Shamaila Chaudry, Senior South Asia Fellow at New America and Jonathon Henry, Director of Advancement, Asia and the Middle East at Johns Hopkins University. The event was attended by a cross section of Pakistan’s corporate, diplomatic and civil service leaders including Jahangir Siddiqui – Founder, JS Group; Ali R. Siddiqui – Vice Chairperson, JS Group; Basir Shamsie – President and CEO, JS Bank and others.

The Dean shared his insights into the complex dynamics of the relationship between Pakistan and the United States and how the two nations could foreseeably engage in a deeper and more meaningful dialogue through cross-border cultural and social exchanges.

Speaking at the occasion, Ali Raza Siddiqui stated that Pakistan needs to explore conversations and opportunities which break from traditional channels to build profound engagement between the two states. He thanked Dean Nasr for gracing the event and expressed hope that such interactions will bring about greater understanding and thought synergy on both sides.

The guests appreciated the initiative undertaken by JS Bank and expressed interest for further such interactions in the future.

National Highway Authority Public Relations Directorate

In Connection with afforestation campaign, a memorandum of understanding will be signed at National Highway Authority (NHA) headoffice between Ministry of Communications and Ministry of Climate Change. Minister for Communications Mr. Murad Saeed and State Minister for Climate Change Ms. Zartaj Gul will be chief guests.

Policy rate hike may harm investment and industry

Govt needs long-term measures to control rising inflation: 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 Monday said that State Bank has increased policy rate by 25 base points to 10.25 percent effective from February 2019 which will draw psychologically negative impacts on investment and industry while inflation and cost of doing business will further increased. Inflation attained the highest level of 7.2 in the last four years, despite initial estimation of 5.2 percent. Given to expected price rise in basic commodities inflation can further rise by 3-4 percent.

The veteran business leader while talking to the business community said that with constant increase in policy rate, economic activities in the country are getting contracted. Increasing inflation due to several financial measures is directly affecting purchasing power of general public. SBP estimation for GDP growth of the current year is 4 percent which is far below the targeted growth rate of 6.2 percent. GDP growth rate can be declined to 3 percent given to the current economic indicators.

The former minister said that effect of marginal increase in exports has levelled by increase in imports of production sector including metals, machinery, transport and petroleum and rise in the international price of petroleum products. Trade deficit cannot be sustained in the short run therefore, instant policies and measures are vital to increase exports in order to counter the increasing trade deficit.

Mian Zahid Hussain said that government needs to form both short and long term policies to control the increasing inflation, reduce the cost of doing business and counter trade deficit. Policy rate is increased with the aim to control inflation but other factors are being ignored. Foreign investment will be discouraged due to increased policy rate, which is vital to ease pressure on foreign reserves. However, remittances have been increased by 10 percent in the first half of FY 2019 while exports have only increased by 2 percent but due to increase in energy sector imports current account deficit is accounted for $8 billion, declined by 4 percent as compared to previous year.

Mian Zahid Hussain said that a current economic crisis is adversely affecting industrial production and performance of large scale manufacturing while industrial exports are decreasing. Encouraging foreign investment is need of time; to get Pakistan out of current crisis it is important to take right measures for growth of agriculture, trade and industry.

About Pakistan Banao Certificates

Pakistan Banao Certificates (PBC) is a sovereign US Dollar denominated retail level instrument, for Pakistanis having bank accounts overseas. The PBC is the first sovereign retail instrument being offered by Government of Pakistan (GOP) that allows overseas Pakistanis to contribute in their country’s development and earn handsome returns. The PBCs are available for 3 years and 5 years maturity with profit rates of 6.25% and 6.75% per annum respectively payable semi-annually. The salient features of these certificates are as under:

According to sources, on the directive of the Federal Government, President National Bank of Pakistan Mr Tariq Jamali and Executive Director of the State Bank of Pakistan Mr. Saleem Ullah have finalized the PBC Portal with the support of Group Executives of NBP Mr. Nasir Hussain, EVP/GC, IBG, Mr. Shahid Saeed, SEVP/CIO, Mr. Tariq Zafar Iqbal, EVP/GH-OPG, and Mahmood Akhtar Nadeem, EVP/DH-T&CT, OPG.

The Pakistan Banao Certificates is the first initiative of its kind for Overseas Pakistanis who will have a unique opportunity to safely invest their savings with higher profits rates than United States, Europe, Gulf countries while helping the PTI government to make stronger their motherland. Pakistan Banao Certificates is a sovereign US Dollar denominated retail level instrument, for Pakistanis having bank accounts overseas. The subscription process is easy and completely automated.

PBC is being offered for subscription through a specially designed web portal. The investors first register themselves on the portal and give their investment and bank account details on successful registration. The certificates are issued to the investors electronically on receipt of funds in State Bank of Pakistan Account given on the portal. The investor receives confirmation of the issuance of the certificates both through email and updation of their account on the portal. The investors can view the status of their application by accessing the web-portal through their respective User ID and Password.

The holders of any one or more of following documents and having own bank account abroad, are eligible to subscribe the PBCs. Pakistani individual having Computerized National Identity Card (CNIC). Pakistani individual having National Identity Card for Overseas Pakistanis (NICOP).

Holders of Pakistan Origin Card (POC). Minimum investment amount is USD 5,000 or higher in the integral multiple of US$1,000 with no maximum limit. While the Profit rate on three years plan will be 6.25 percent payable bi-annually and profit rate on five years plan will be 6.75 percent payable bi-annually

The investor will remit the intended investment amount from his/her own account outside Pakistan to the SBP Account with National Bank of Pakistan (NBP) New York which will required to mentioned in the investment details on PBC portal.

PBC is a scripless instrument registered in the Securities General Ledgers Account (SGLA) maintained at State Bank of Pakistan (SBP). PBCs so issued will be residing in an Investor Portfolio Security Account (IPS) of the investor, so as to keep track of investment of each individual investor.

According to projections, Pakistan Banao Certificates may attract over $1 billion in 2019. Government of Pakistan has also issued Gazette of Pakistan on 25-01-2019 for PBC and SROs containing salient features of PBC. The investor can visit the website www.pakistanbanaocertificates.govt.pk for investment and information. For convenience of the investors, NBP has also established a Help Desk / Chat Room for resolution of the queries of the investors. Moreover, face book page of PBC has also been developed for immediate response to the investors on social media.

Nestlé Pakistan to safe 54 million liters of water annually

Nestlé Waters Senior Vice President and Head of Technical, Peter Hagmann, inaugurated a site near Sheikhupura under Nestlé Pakistan’s Agricultural Efficiency Project. The project has the potential to help save 54 million liters of water annually.

It is part of the company’s ’Caring for Water’ initiative which undertakes collective approach to help address the water issue.

The water saving will be made possible by the installation of drip irrigation as opposed to flood irrigation which is the traditional way of irrigating fields in Pakistan. All over the world, around 70% of water is used in agriculture sector. In Pakistan, that percentage stands at 90%, with 50% wastage due to poor irrigation methods. In order to save water in agriculture and improve productivity, Nestlé Pakistan has fostered partnerships with the government and farmers to promote drip irrigation.

The installation has been carried out by Nestlé Pakistan in collaboration with the Government of Punjab, covering 40% and 60% of the farmer’s cost respectively. The Agricultural Efficiency Project was initiated in the year 2017 and has so far covered 109 acres of land in 2018 with an estimated 280 million litres of water saved.

At the inauguration ceremony, Peter Hagmann said, “Businesses in Pakistan need to realize the essence of being water conscious not only because of their survival but for the overall wellbeing of global ecosystems and economies. Nestlé Pakistan realizes the significance of taking a collective approach and working beyond the factory gates. With partners such as farmers, government, communities, academia and civil society, Nestlé Pakistan is taking collective actions to promote responsible use of water.”

Khurram Zia, Country Business Manager, Nestlé Waters, while sharing his views said, “The Agricultural Efficiency Project has massive potential of saving water by taking a step out of conventional farming. Water is a shared resource requiring every stakeholder’s ownership and participation to help tackle the issue. Nestlé’s vision towards water efficiency is aligned with Sustainable Development Goals (SDGs) 6 and 12: clean water and sanitation, responsible consumption and production. Therefore, the company is devoted towards helping address the issue by encouraging all the stakeholders to be mindful of the utilization of water resources.”

Sania Maskatiya all set to showcase at New York Fashion Week F/W 2019

The brand also introduces its new studio space in Karachi

Among Pakistan’s leading fashion design house Sania Maskatiya is all set to return to the prestigious New York Fashion Week platform with its F/W 2019 collection as part of The Council of Aspiring American Fashion Designers’ (CAAFD) long running tradition of introducing emerging designer showcases. Sania Maskatiya has been hand-picked by CAAFD, in collaboration with iFashion Network and in partnership with IMG and Pier 59 studios, to present their designs at NYFW F/W 2019.

Indeed, Sania Maskatiya is the first Pakistani Designer and Design House to showcase officially at the NYFW platform, having debuted last year at NYFW S/S19 with its dedicated westernwear line, Sania Studio. This February 2019, Sania Maskatiya will be showcasing its F/W 2019 luxe evening wear collection. The collection shimmers into the spotlight with iridescence. The energy and elegance of this landmark collection is encompassed through luxe fabrics in metallic shades. Embodying elements both heritage and nouveau, this collection evokes a sublime subtlety featuring the signature Sania Maskatiya intricate embellishments and fusion silhouettes.

ì2019 is turning out to be a milestone year for the Sania Maskatiya brand. We moved our Karachi Flagship store to a brand new location in Clifton in January 2019 and now, in February 2019, being the first Pakistani Fashion Design House to showcase at the prestigious NYFW, we are humbled and grateful to be a part of the CAAFD NYFW sponsored program. It was a wonderful experience showcasing at CAAFD NYFW 2018 and we are excited to be representing our country again at NYFW F/W 2019.î said Sania Maskatiya on being part of the NYFW F/W 2019 platform.

CAAFD is known for its rigorous review process in choosing designers to showcase their work at NYFW and this is indeed big breakthrough for Pakistan’s Fashion Industry.

Earlier this January 2019, Sania Maskatiya moved its Karachi Flagship Store to a brand new location at AC-5, Block 4, Clifton. The new space has been conceptualized and curated by Strata Spaces.

The Sania Maskatiya brand is best known for its specialised, versatile prints, textile design based on pure textures, exceptional hues, and fine craftsmanship. The design house engages in some of the best craftsmanship in Pakistan, coming from generations of artisans who have specialized and perfected their craft. The brand is known for including rich textiles, fabric design and embroidery within their pieces. Sania Maskatiya has quickly become Pakistan’s most lauded designer and most prized fashion export.

KSBL Wins CFA Research Challenge 2019, Consecutively Thrice

The joy and pride of winning the prestigious CFA Research challenge 2019 by KSBL Students Team is inexplicable!

We are thankful to Almighty for bestowing us with this honour. It is due to relentless support and mentoring of our faculty, dedication and hard work of students that we have won the CFA Research Challenge, consecutively thrice, out of winning for the fourth time.

Heartiest congratulations to Ovais Shah, Ahmed Asif, Shan Ali, Ramis Khan & Arfa Khan, the winners, for adhering to the legacy and living up to true essence of the KSBL’s vision.

 

Over70pc of informal economy a high concern: Mian Zahid

Govt must ensure that business community and investors are not harmed with implementation of Benami Act

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 as per International Labour Organization, the informal economy is accounted for more than 70 percent of the employment in main jobs outside agriculture sector. The informal economy has observed speedy growth in the last three decades as compared to the formal economy and the informal economy has 35 percent share in the country’s GDP, which is highest in the developing countries.

The veteran business leader while talking to the business community said that according to a survey, 62 percent of trade is associated with the informal sector in which trade, manufacturing, service industry, transport and construction are included. The several reasons behind increasing informal economy include lack of employment opportunities in formal sector, increased cash transactions, widening tax gap and poor performance of the public sector institution. Afghan trade transit has also a major portion in informal economy. According to reports, 83 percent containers of ATT do not reach its destination, which is indeed a major loss to the national exchequer. Corruption, smuggling and complex tax system is also appreciating the informal economy.

The former minister said that according to World Bank, Pakistan ranked 136 out of 190 countries in the EoDB index while it ranked 173 regarding ease of taxpaying. In 2006 Pakistan ranked 60 in the global index of ease of doing business, however, doing business became more difficult in the last decade. Prime Minister Imran Khan while taking the notice of difficulties in business instructed the relevant departments to bring Pakistan on 100th rank in global index of doing business.

Mian Zahid Hussain said that there is mistrust between public and government in Pakistan, the transparency international says. Pakistan spends 2.5 percent of its GDP in charity as compared to US 2.2 percent, UK 1.3 percent and India 0.2 percent. But due to complex tax system taxpayers are less than 1.5 million in the country of 210 million people. The Benami act is expected to improve the formal economy. Business community appreciates government measures to improve formal economy however; it must ensure that the implementation of this act does not harm the investment climate and business community in the country.

Mian Zahid Hussain said that government should also take measures to eliminate child labour in the country in accordance to the conventions of the UNO, which is a major portion of informal economy. According to ILO 5 million child labour is part of informal economy in Pakistan who can be part of formal economy if government make proper mechanism for their education and training. Public sector organization associated with traders, industrialists, investors and public should be make more transparent in order to curb corruption and people may conveniently get their rights.

NBP making Gwadar greener

National Bank of Pakistan (NBP) as the Nation’s Bank is playing its role by advocating, promoting and enhancing environmental conservation. NBP’s Green Plantation Campaign, ’Green Initiative’ is part of Bank’s CSR program through which thousands of plants are being planted throughout Pakistan. To take this initiative further and to combat and improve the situation, Mr. Jamal Baquar, SEVP/Group Chief, Corporate Banking Group, and Mr. Shaukat Mahmood, EVP/Group Head, Service Quality Group, initiated the plantation drive at Gwader by planting saplings at the Gwadar Development Authority Hospital.

The hospital is counted as one of the best hospitals of Pakistan and it is the first hospital to initiate surgeries in Gwadar. Keeping in mind the significance of this hospital, NBP has donated 300 saplings to beautify the hospital and improve the environment. Jamal Baquar on the occasion said ’tree plantation on a large scale is essential to avert pollution and counter the negative impact of climate change.’

NBP has 1500 branches across the country including in the remotest and far flung areas. All the managers of NBP branches have been instructed to encourage their employees to plant trees around their surroundings. Also to participate and sponsor any institution willing to take the drive further.

Also present at the occasion were Col. Habib ur Rehman, Director, GDA Hospital, Dr. Azhar Shah, Group Head, HRMG, Tariq Zafar Iqbal, Group Head, Operation , Mr. Muhammad Farooq, Group Head, NBP Digital Banking, and Abdul Nasir Hasani, NBP Regional Head, Gwadar.

SDPI and IBA meet think tanks to discuss economic growth in Sindh

A meeting was organized by Sustainable Development Policy Institute (SDPI) and Institute of Business Administration (IBA), Karachi to discuss Drivers of Future Economic Growth and Job Creation in Sindh at the IBA, main campus.

“Government is willing to work with the business community and other stakeholders for solution of economic issues being faced by businesspersons in Sindh,” said Parliamentary Secretary, National History and Literary Heritage and the former vice president of Women Chamber of Commerce and Industry, Karachi-South, Ms. Ghazala Saifi in the meeting. She said that Pakistan needs to focus on providing high quality skills to its labour so that the high demand for labour services coming from the Middle East countries can be met.

The meeting was also attended by MNA Ms. Shahida Rehmani who said that the PPP government in Sindh was focusing on agriculture and livestock to provide jobs. She emphasized on the need to improve federal-provincial coordination to implement reforms that bring down the cost of doing business.

In his welcome remarks, Executive Director IBA, Dr. Farrukh Iqbal highlighted the role of entrepreneurship in economic growth and job creation. He emphasized that the role of the government should be to set fair policies and regulation, leaving the production activities in agriculture, manufacturing and services to the private sector; as this would boost competition and help in bringing diversification in economic base and exports. He mentioned the supply and demand gaps in the labour market which can be addressed if private sector is responsible for training manpower as per the industry needs. He stressed upon the relevant authorities to see why potential Chinese investors are still not coming to Pakistan in large numbers.

Joint Executive Director, SDPI, Dr. Vaqar Ahmed while moderating the meeting said that the National Network of Economic Think Tanks aims to help the federal government in collecting evidence that can be a part of the forthcoming annual budget of the PTI government, 12th Five Year Plan of Planning Commission and still under formulation Strategic Trade Policy Framework of the Ministry of Commerce. He said it was important for the business community in Sindh to brainstorm and submit their pre-budget proposals by February 21 – deadline set by Federal Board of Revenue (FBR). The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) needs to engage with the government well in time before the budget so that measures which lead to a reduction in cost of doing business can be made part of the next Finance Act. He added that the business associations in Sindh need to engage more closely with authorities responsible for implementing decisions of 8th Joint Coordination Committee of China Pakistan Economic Corridor (CPEC) programme. It is important for the business persons to foresee what will be the future demand patterns in China and which goods can be exported from Pakistan to China in the coming days. He further discussed the difficulties Chinese businessmen are facing in Pakistan, which primarily lie with taxation authorities and government offices responsible for the provision of utilities such as water, electricity and gas.

The meeting was attended by President Employers’ Federation of Pakistan, Mr. Majyd Aziz, President Korangi Association of Trade and Industry (KATI), Mr. Danish Khan, representatives of Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), Mr. Faraz Khan of SEED Ventures, some local start-ups, government departments and senior journalists. The participants suggested that it is important to discuss about the sectors and products which can bring about economic growth in the future. There is a large growth in ICT-based services and more start-ups need to be encouraged in this area through appropriate policy facilitation. It will be important to study the impact of artificial intelligence and how this can help the traditional and non-traditional production activities in Pakistan.

The private sector associations were of the view that institutions for investment and trade promotion including Trade Development Authority of Pakistan (TDAP) and Small and Medium Enterprise Development Authority (SMEDA) should be headed by the private sector. This will not only bring greater ownership of these institutions but also help in providing these organizations a corporate culture which is essential for promoting brand Pakistan. The participants of the meeting were concerned at the lack of interest and debate in the parliament after announcing/declaring the mini budget in January. According to data by Free and Fair Election Network (FAFEN), 60 per cent parliamentarians did not participate in the budget debates in the National Assembly.

In terms of export promotion, there was a consensus that there is large untapped potential in agriculture, fisheries and mining. However cold storage, warehousing facilities and trade-related border infrastructure needs improvement. The inland freight transportation costs are higher in comparison to peer economies. Furthermore, there is a need to complete land reforms in Sindh so that agriculture land can be given to genuine farmers. Also, to release idle savings from the real estate it is important the property valuations should be notified as per the market rates.

The participants lamented the fact that up-to-date information on business enterprises in Sindh by sector, activities and location was difficult to access. For this purpose, it is important to build capacities at the Sindh Bureau of Statistics. There was also a concern that the anti-encroachment drive in several cities is leading to problems for the informal sector leading to loss of jobs for the poorest of the poor. There should be some alternative arrangement whereby the businesses already present in encroached areas should be relocated. The representatives from start-ups explained that the current laws were not encouraging impact investment and crowdfunding. The foreign exchange regulations of the central bank are also a constraint in scaling up trade-in-services.

Mr. Mukesh Kumar representing SMEDA stated that a National Business Development Programme is being initiated where helplines and mentoring will be available for struggling small- and -medium enterprises. He stated that this is a good time in Pakistan’s history for start-ups and several incubator and accelerator programmes are now in place to support new enterprises.

GSP export authority should be formed for eu selling boost, says Mian Zahid

Govt must take more measures for growth of Pak-Germany bilateral trade

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 Friday said that despite availability of GSP+ status in European Union, Pakistan’s bilateral trade is far below the potential level. In 2016, Pakistan’s share in EU agriculture imports of around $70 billion was mere $20 million while in Pakistan could export only $420 million plastic and rubber products out of $110 billion EU imports of this sector. Pakistan’s exports to EU has been increased by 5 percent over the last 5 years, despite decline of overall country’s exports, however, new policies and patterns should be formed to boost exports further to the European Union.

While talking to the business community he said that Pakistan-Germany bilateral trade need to be enhanced to a next level given to the strong trade and economic relations between the countries. The bilateral trade stood around $2.5 billion in 2017 in which Pakistan’s exports were $1.3 billion while imports were $1.1 billion. Export products included pharmaceutical, plastic, textile, footwear, aircraft, iron, steel and minerals while import goods included silicon, machinery, vehicles, chemicals and other industrial raw materials.

The former minister said that in the backdrop of investment friendly policies in Pakistan, German investors can get benefit of investment in several growing and profitable sectors of the country including renewable energy, tourism, hotel industry and many more. The Greenfield investment in the country is exempted from taxes and duties for five years, which is an additional benefit to new investors. The entire world focuses Pakistan natural, mineral and human resources and opportunities in tourism, agriculture and human development. The human and mineral reserves of the country are sufficient enough to make it an emerging economic hub.

Mian Zahid Hussain said that Pakistan is unable to get requisite benefit of GSP+ status especially in the highly demanded export oriented goods like textile, leather and agriculture. Government needs to implement the recommendations of trade bodies working for the promotion and export growth of specifically these products to boost country’s exports and curb trade deficit.

Mian Zahid Hussain said that the GSP+ status is valid till 2023, meanwhile government should form GSP export authority with collaboration of experienced and leading manufacturers and traders of export oriented products / services. The authority should be held responsible for providing all requisite facilities to the export oriented sectors like branding, value addition, research, certification, financing and quality control in order to get maximum of GSP+ status and boost Country’s exports to a next level.

Shell and Visa present Honda Civic to the first prize winner

Shell Pakistan and Visa, the world’s leader in digital payments are running a collaborative lucky draw promotion at Shell stations. Muhammad Ramish, the first lucky winner was awarded a Honda Civic sedan car, at a ceremony held at Shell House in Karachi.

As part of the promotion, which runs until 15th February 2019, all Visa cardholders have a fabulous opportunity to win when they spend Rs.2500 or more using their Visa card at selected Shell stations on fuels, lubricants or any purchase. The next lucky draw for the Grand Prize – a Toyota Fortuner SUV will be held at the end of the campaign.

Muhammad Ramish expressed his emotions saying “It took me awhile to believe that I had won a Honda Civic, I am overjoyed, thank you very much.”

The Managing Director and CEO of Shell Pakistan Limited, Haroon Rashid, commented: “We are excited with our partnership with Visa that has enabled Shell in promoting new payment solutions for our customers and innovatively rewarding their experience at our fuel stations. We are very happy for Muhammad Ramish; and extend our wishes to all other customers for the next draw.’

Visa’s Country Manager for Pakistan, Kamil Khan, commented: “We are delighted to bring this promotion exclusively for our cardholders in Pakistan. We extend our congratulations to Muhammad Ramish, the winner of our first lucky draw, and look forward to having more of our cardholders win big on their fuel spends at Shell. Initiatives like these are in line with Visa’s efforts to encourage more and more consumers to adopt cashless payments on their frequent spend. By integrating this promotion as part of a necessity spend such as fuel consumption – we are allowing our cardholders to avail a host of tangible and intangible benefits that comes with digital payments including earning rewards, convenience, safety and seamless experience.”

NBP Fund Management opens Plan-I

NBP Fund Management Limited (NBP Funds) announced the launch of NBP Government Securities Plan-I with the objective of providing attractive returns to investors along with capital preservation at the maturity of the plan.

On this occasion, Dr. Amjad Waheed, CEO NBP Funds stated that the plan offers an opportunity to investors to earn a higher expected profit relative to other saving options, along with six monthly profit distribution. As investment will be made in government securities hence no credit risk is involved, and investors can avail Life insurance coverage of up to Rs. 50 lacs on their investment amount.

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