Category Archives: Business News

Power supply suspended to large parts of Karachi

Power supply was suspended to large parts of Karachi city on Sunday morning, due to a major breakdown caused by tripping in high tension line.

According to K-Electric sources, work is underway on emergency basis and electricity has been restored in a number of areas while the issue will soon be resolved in the rest of areas as well.

Source: Radio Pakistan

Trump, Macron discuss Iran, Middle East

This was stated by a White House spokesperson in a statement in Washington on Saturday.

Trump and Macron last met at a NATO summit in Brussels in July, where the U.S. president chastised members of the alliance that have not met its defense spending targets.

At the summit, Macron said France would meet the NATO goal of spending 2.0 percent of GDP on defense by 2024. Trump caused an uproar when he pressed alliance members to reach the target by January.

Source: Radio Pakistan

OIC chief offers condolences to Indonesia on earthquake victims

Secretary General of the Organization of Islamic Cooperation (OIC) Dr. Yousef bin Ahmed Al-Othaimeen conveyed his heartfelt condolences on the loss of lives and devastation caused by the earthquake that struck Nusa Tenggara Barat province of Indonesia.

Al-Othaimeen expressed hope that the brave and resilient people of Indonesia would be able to come out of the situation quickly. He extended his deepest sympathies to the government and people of Indonesia and wished a speedy recovery to the injured. He also appealed to all OIC member states to provide all possible help to the Indonesian government during this difficult time.

According to the Indonesian National Disaster Agency (BNPB), hundreds of people lost their lives and thousands of houses damaged due to the earthquake measuring 7.0 magnitude on the Richter Scale that hit Nusa Tenggara Barat on Sunday. The numbers of victims and damages are expected to rise as government officials continue to collect data.

Source: International Islamic News Agency

United Business Group announces to support BMG in KCCI’s Annual Election

Karachi, August 09, 2018 (PPI-OT): SM Muneer, Patron-in-Chief of United Business Group (UBG), which governs the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) and Zubair Tufail, Secretary General UBG have announced to fully support Businessmen Group (BMG) in the forthcoming Annual Election of Karachi Chamber of Commerce and Industry (KCCI) scheduled to be staged on September 15, 2018.

In this regard, SM Muneer said, “We will be extending full support to Siraj Kassam Teli in KCCI’s Annual Election because he along with his team have carried out splendid work from Karachi Chamber’s platform and have strived really hard in the larger interest of the Business and Industrial Community.”

SM Muneer said that Siraj Teli, who is like a younger brother to him, has been vigorously serving the entire business and industrial community without any discrimination which is the basic reason why our group has extended full support to Siraj Teli in KCCI’s Election.

Meanwhile, Zubair Tufail, Secretary General UBG and Former President FPCCI, while referring to the announcement made by SM Muneer to fully support Siraj Teli’s Businessmen Group, said, “We are with the Patron-in-Chief of our Group who announced to support BMG.”

While categorically renouncing the unpopular Patriot Business Group’s claims of having UBG’s support in KCCI’s election which are widely circulating in social media nowadays, Zubair Tufail completely disowned all such false announcements circulating in the social media which have been attributed to him and said that these statements are a ‘sheer conspiracy’ to mislead the business community.

Patron-in-Chief UBG SM Muneer, Chairman UBG Iftikhar Ali Malik and Secretary General UBG Zubair Malik have requested all members and supporters of UBG to fully support Siraj Kassam Teli’s Group so that Businessmen Group thrashes the opponent Patriot Business Group in KCCI’s forthcoming Election.

For more information, contact:
United Business Group (UBG)
Room No: 203, Second Floor,
Aiwan-e-Sanat Plot No.ST-4/2, Sector 23,
Korangi Industrial Area, Karachi, Pakistan
Tel: +92-21 35062200
Cell: +92-321-8261426

OLX and CarFirst Launch Pakistan’s First Live Auction Platform for Used Cars

Lahore, August 09, 2018 (PPI-OT): OLX, the No. 1 app in auto classifieds and CarFirst, a leading used-car trading platform, are set to launch Pakistan’s first ever ‘Used Car Live Auction Platform’. The first used car live auction will take place at the ‘OLX CarFirst Car Bazaar’ happening at the Expo Center Karachi on the 12th of August 2018.

Attendees will be able to trade their used cars in the most secure, convenient, and transparent manner. Car owners will be able to sell their used cars hassle-free, while car buyers will get access to CarFirst Partner Dealer inventory and drive home a Certified Used Car. Car owners can also pre-book free inspections and appointments to sell their car at www.carfirst.com.

PSO has joined CarFirst as its title sponsor. Other partners include UBL Insurers Limited, Adamjee Insurance, and Suzuki Margalla Motors. The OLX CarFirst Car Bazaar will have good financing and insurance deals, fun outdoor activities, food stalls, and special giveaways for families, while car sellers will also get a chance to win a CarFirst-certified Daihatsu Mira.

Raja Murad Khan, CEO, and Co-Founder of CarFirst said,

“We are pleased to announce a first of its kind event for used cars in Pakistan, in response to our customers and partner dealer’s popular demand. As a part of OLX and CarFirst’s commitment to revolutionize car trading, we are proud to share our latest innovation, ‘Used Cars Live Auction’, and are confident that it will add immense value and excitement to the car trading process.”

Bilal Bajwa, CEO of OLX Pakistan said,

“OLX and CarFirst are revolutionizing the way people buy and sell cars in Pakistan whether it is online or offline. A few months ago OLX announced a major investment in CarFirst and now we are proud to bring you Car Bazaar! Car Bazaar is a fantastic fun-filled event for anyone interested in buying/selling cars. There will be a live auction for sellers interested in getting the best price for their car – this will be the first time such a live auction has ever taken place in Pakistan. For those looking to buy, there will be many certified cars on display for purchase. In addition, people can avail amazing financing and insurance deals during the event. Hope to see you at Car Bazaar and stay tuned for more exciting stuff in the Auto space”.

CarFirst is a first of its kind used-car online auction and trading platform, with a nationwide network of purchase centers and warehouses. CarFirst was founded in 2016 and has been the recipient of the largest Series ‘A’ investment in Pakistan from FCG, and the largest Series ‘B’ investment from OLX Group. CarFirst aims to revolutionize the way cars are traded in Pakistan by offering comprehensive solutions for all things related to cars, such as evaluation, certification, financing, insurance, live auctions, and many more.

OLX is the world’s largest online buying and selling platform powered by a team of 5,000 people, working on 17 brands, from 35 offices across five continents and 40 countries. In Pakistan, OLX is the No.1 Marketplace across 14 different categories. OLX gets more than 150,000 car listings every month/5000 in a day; which is 10 times bigger than any other player operating in Pakistan. OLX generates more than 20 Million page views in a day having 5 million App downloads.

For more information, contact:
CarFirst
1st Floor, MM Tower, 28 A/K Gulberg II, Lahore, Pakistan
Tel: +92-42-35817671
Tel: +92-304-1111-CAR (227)
Website: www.carfirst.com

SMEDA and NBP to facilitate SMEs in Access to Finance

Karachi, August 07, 2018 (PPI-OT): Mukesh Kumar – Provincial Chief Small and Medium Enterprises development Authority (SMEDA) welcomed UNISAME President – Zulfikar Thaver, MD Sindh Enterprises Development Fund – Mehboob ul Haq, Dr. Shehzad Amin, Mr. Mubashir- National Bank and SME representatives to discuss the issues of SMEs and new entrepreneurs in Pakistan in a meeting held at SMEDA Karachi office on August 07.

The meeting highlighted the issues of access to finance, unemployment, support service for SMEs available at different forums, policies for energy, raw material availability, filling of technological gap, marketing support, innovative and value addition guidelines to entrepreneurs, encouragement and motivation to students and capacity building of SMEs.

Mr. Mukesh Kumar appreciated the participants for taking out time to discuss the highlighted issues of SMEs. He briefed about SMEDA, its role to facilitate SMEs through various interventions on macro and micro level as well as the mandate of SMEDA from the government. Zulfikar Thaver informed that UNISAME created awareness, identified the impediments and suggested remedies. It is now deeply concerned about the increasing unemployment in the country and the difficulties faced by SMEs in access to finance. He also stressed the need for insurance at low cost premium.

Mr. Mehboob ul Haq said there is no doubt that various opportunities exist in agriculture in the primary sector as agriculture is the backbone of the economy. Besides he said the agro based industries could carry out value addition. The issues of farming technology and modernization of farms was also discussed. Besides other major crops he stressed on promotion of vegetable cultivation as fruitful for SME farmers.

All the participants were of the view that dissemination of financing schemes by banks should be shared with all stakeholders including, Chamber of Commerce, market associations and with academia, they requested access to finance under affordable rates, franchise finance facilities, pay as you earn schemes, New startups need support and guidance for entering into the retail, food, clothing, shelter and light engineering businesses. Upgradation of existing SME units, installation of alternate energy devices, efficiency in agro processing business, dairy and livestock are the requirements of the sector and NBP must come forward in proactive manner to facilitate the SMEs. It was decided that NBP, SMEDA and SEDF would conduct awareness programs for SME financing products available for various sectors of SMEs.

For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Tel: +92-21-35884225-6
Fax: +92-21-35380642
Cell: +92-300-8245307, +92-321-8245307
Email: unisame@gmail.com