Monthly Archives: May 2018

Board of directors meeting of GlaxoSmithKline Pakistan Limited

Karachi, GlaxoSmithKline Pakistan Limited informed Pakistan Stock Exchange that board of directors meeting of the company will be held on June 05, 2018 at Karachi

Further, the company has declared the closed period from May 31, 2018 to June 05, 2018.

Glaxo Smith Kline Pakistan Limited is incorporated in Pakistan as a limited liability company. The company is engaged in manufacturing and marketing of research based pharmaceutical and consumer products. The company is a subsidiary of S.R. One International B.V., Netherlands, whereas its ultimate parent company is GlaxoSmithKline Plc, UK. The stocks of the company are quoted on the Karachi and Lahore Stock Exchanges of Pakistan.

The company was created on January 1, 2001 through the merger of SmithKline and French of Pakistan Limited, Beecham Pakistan Private Limited and GlaxoWellcome Pakistan Limited. Some of the pharmaceutical brands produced by the company include Augmentin, Seretide, Amoxil, Velosef, Zantac and Calpol and renowned consumer healthcare brands, which include Panadol, Horlicks, Aquafresh, Macleans and ENO.

The symbol “GLAXO” is being used by the stock exchanges for the shares of GlaxoSmithKline Pakistan Limited.

Board Meeting of Attock Petroleum Limited

Karachi, Attock Petroleum Limitedinformed Pakistan Stock Exchange that a meeting of the Board of Directors of the Company will be held on June 07, 2018 at Rawalpindi to review and approve Revenue Forecast and Capital Budget for the year 2018-19.

Attock Petroleum Limited was incorporated in Pakistan as a public limited company on December 3, 1995. The company commenced its operations in 1998. The foundations of the company are laid under the Companies Ordinance, 1984. The principal activity of the company is procurement, storage and marketing of petroleum and related products. Pharon Investment Group Limited is the holding company and it holds 34.38% of the company. The stocks of the company are quoted on the Karachi Stock Exchange of Pakistan. The registered office of the company is located in Rawalpindi.

The symbol “APL” is being used by the stock Exchange for the shares of Attock Petroleum Limited.

Government failed to stabilise the economy in five years

Islamabad, May 31, 2018 (PPI-OT): Islamabad Chamber of Small Traders on Thursday said the incumbent government offered a mixed bag of successes and failures during the last five years. The national GDP has improved significantly backed by the unprecedented amount of local and foreign loans which increased the economic challenges.

Growth rate, loans and availability of energy has increased albeit at a price while law and order have improved for which credit goes to armed forces, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt. He said that PML-N has promised to increased exports by more than 100 percent, reduce fiscal deficit to four percent which is now at 5.5 percent.

After coming to power the government vowed to increase tax net to 15 percent which stands at 13 percent and reduces losses of state-run corporations to Rs400 billion while the losses of Steel Mills and PIA has reached to Rs900 billion. Shahid Rasheed Butt said that not a single entity could be reformed or sold and the price of electricity was jacked up from Rs9.50 per unit to almost Rs13 which took a toll on masses and the economy.

Circular debt reached an all-time high despite low oil prices and the frequent hike in power prices and the target for investment was also missed. The government also failed to divert remittances to productive sectors and remained unsuccessful to improve trade with regional countries to stabilise the economy and create jobs with an exception of China.

For more information, contact:
Islamabad Chamber of Small Traders and Small Industry (ICSTSI)
24-D, 3rd Floor, Rashid Plaza Blue Area, Jinnah Avenue, Islamabad, Pakistan
Phone: +92-51-2801045
Email: icstsiofficial@gmail.com, info@icstsi.com.pk
Website: http://icstsi.com.pk/

Huawei Publishes Global Connectivity Index 2018

Lahore, May 31, 2018 (PPI-OT): Huawei, a global leader in ICT related solutions and systems recently published the global connectivity index 2018.The Huawei Global Connectivity Index 2018 (GCI), now in its fifth year, the GCI ‘S-curve’ is a visual representation of 79 nations’ path to the digital economy and the relationship between GCI score and GDP. Huawei’s Global Connectivity Index (GCI) measures how nations are progressing with digital transformation using Information and Communications Technology (ICT). It is a quantitative assessment that comprehensively evaluates connectivity from both a national and industrial perspective.

According to the Huawei GCI index Pakistan currently ranks 77th on the GCI in 2018. Pakistan’s lower ranking is due to the fact that information technology is not streamlined and it scored a 2 for ICT investment while the average score for these 80 countries with an average of 4.4 this year. Its Internet penetration remains low, with the volume of mobile broadband services exceeding the fixed broadband sector of the market. Smartphone penetration rate continued to go upward and users experience in terms of FBB affordability, cloud migration and broadband download speed had improved for the year.

Broadband access in Pakistan in particular remains limited, but this sector of the market is finally starting to expand, having been given a massive boost with the arrival of mobile broadband. The country has been pursuing an aggressive IT policy, aimed at boosting Pakistan’s drive for economic modernization. Of special significance has been the administration’s provisioning of e-government services.

The Huawei GCI report also highlights opportunities that are available in Pakistan. The Ministry of Information Technology and Telecommunication has finalized the “Digital Pakistan Policy 2017” envisions Pakistan to become a strategic enabler for an accelerated digitization ecosystem that expands the knowledge based economy and spur socio economic growth. The key goals for the initiative will be to create a digital ecosystem supported by infrastructure and institutional frameworks for rapid delivery of innovative digital services, applications and content.

It is a shift away from the initial piece-meal approach to a more holistic technology strategy clearly focused on ICT as a broad enabler for every sector of socioeconomic development. It will also promote the use of technology in education, health, agriculture and other key socio economic sectors. Enhancing the current market size of e-commerce will also be another key focus as the market is estimated to carry an enormous growth potential due to exponential growth in broadband subscribers over the years.

The growth trends projected to persist in the future with overseas investments to continue to grow in e-commerce. One way to promote e-commerce is by providing and enabling an environment where Payment Service Providers (PSP) and Payment Service Operators (PSO) can operate and establish an effective e-commerce platform and take e-commerce activities in Pakistan to the next level.

Huawei Technologies pointed out that: “We are now witnessing a paradigm shift initiated by AI according to the GCI study, advanced economies that saw growth from ICT development plateau are using ‘Intelligent Connectivity’ to open new opportunities, while some developing economies are also finding ways to tap the new technology to speed up their own strategic growth plans.”

For more information, contact:
ME Brand Manager
Huawei
8th Floor, Saudi-Pak Tower, Blue Area,
Islamabad, Pakistan
Tel: +92-51-2800000-20
Fax: +92-51-2800008
Mobile: +92-333-5240632
E-mail: qazi@huawei.com
Website: www.huawei.com

FPCCI urges Prime Minister to include Yarn and Tanned Leather in extended export incentive package

Karachi, May 31, 2018 (PPI-OT): Syed Mazhar Ali Nasir, Senior Vice President and Chairman, Budget Advisory Council of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the incumbent government to also include cotton yarn and tanned leather in the recently announced extended export incentive package for traditional and non-traditional items for the next three years from June 2018 to June 2021.

He elaborated that although these items were included in the original exports package of Rs. 180 billion as announced in year 2017, but have been excluded in the newly announced package without any valid reason. The FPCCI recalled that after announcement of the Prime Minister’s Export Package of Rs. 180 billion for exporters of textile and non-textile sectors the exports have been increased by 13% in the first nine month of the current year 2017-18, “However removal of these textile yarn and tanned leather from the recently announced package may create hurdle in keeping the current increasing trend in exports”, he apprehended.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

Federation of Pakistan Chambers of Commerce and Industry hosts iftar dinner for diplomats, business leaders

Karachi, May 31, 2018 (PPI-OT): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) held an iftar dinner in honour of Ambassadors and High Commissioners as well as the prominent business leaders at a local hotel. The dinner was hosted by the president FPCCI Ghazanfar Bilour, SVP, VPs and Senior Vice President of SAARC Chamber of Commerce which was attended by dozens of ambassadors and high commissioners.

Federal Commerce Minister Muhammad Pervaiz Malik, top government officials, representatives of the trade associations, academia, the culture industry, the media, and the leaders of the economic world were also present at the event. Speaking at the occasion, President FPCCI Ghazanfar Bilour said that Pakistan has emerged as a great destination of the foreign investors as the country is offering great returns.

He said that law and order situation has improved to a great extent, availability of energy is bettered while the political situation is satisfactory. Foreign investors should explore the opportunities of investment and joint ventures in various sectors and try to benefit from China Pakistan Economic Corridor (CPEC), he said.

SVP SAARC CCI Iftikhar Ali Malik said that many projects have started in Pakistan in the energy, infrastructure development, communication and other sectors while Special Economic Zones are being established that would provide matchless investment opportunities to investors. The diplomats should send word to the investors of their countries about these investment opportunities in Pakistan, he said.

The diplomats representing Muslim nations shared the experiences, traditions and cultural environment of Ramazan and Eid in their countries with the business community and agreed that all the Islamic countries have similarities and this month further strengthens the bond of brotherhood among them.

They were of the view that such gatherings provide excellent opportunities. They noted that Islamic countries are rich in natural resources in comparison to the whole world but many are still facing problems such as instability. They of the view that the unity of Muslims is the solution to the problems of the Islamic world which will make them developed nations.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk