Category Archives: Business News

LG V35 ThinQ: A Faster, Smarter V Series Phone

Karachi, June 14, 2018 (PPI-OT): LG Electronics (LG) announces the LG V35 ThinQ, the latest iteration of its highly acclaimed V series of premium multimedia smartphones. The LG V35 ThinQ continues to inject new energy into the V series platform with even faster performance, and enhanced photography, audio and AI functionalities. The newest V series device will be rolling out in the Americas starting in June followed by limited markets in Asia, Middle East and Africa.

Catering to the most demanding of users, the device features the latest Qualcomm Snapdragon 845 mobile platform paired with 6GB of RAM and 64GB/128GB of internal storage. The LG V35 ThinQ retains the stunning 6-inch 18:9 OLED FullVision display with QHD+ (2880 x 1440) resolution in a compact form factor that weighs only 157g and measures a thin 7.3mm.

The display is further accentuated with the scratch-resistant Corning® Gorilla® Glass 5 that is curved around the edge for a sleek and premium feel. The LG V35 ThinQ is built to withstand the rigors of daily use with its IP68 rating for dust and water resistance and a passing grade in 14 of the US military’s MIL-STD 810G tests for reliability of equipment performance in harsh environments.

A Better, Smarter Camera

The LG V35 ThinQ sports a new rear dual camera module featuring two 16MP lenses in standard and Super Wide Angle configurations that was first introduced in the new LG G7 ThinQ. The Super Wide Angle camera now features less edge distortion with sharper and more natural photos from previously. The front camera gets a huge bump in resolution from 5MP to 8MP.

The LG V35 ThinQ features the improved AI CAM with 19 shooting modes to help users take better photos every time. Users will also find Portrait Mode to create bokeh shots with both the front and rear cameras, Live Photo to record a scene immediately before and after the shutter is pressed as well as Stickers for fun 2D or 3D overlay effects using face recognition.

Improving on the low light photography capability in the V30S ThinQ, the V35 ThinQ features the new Super Bright Camera to capture low light images that are approximately four times brighter. With the help of pixel binning and advanced software processing techniques, the AI algorithm determines the best settings when shooting in dim environments.

AI Features to Make Life Convenient

Following the LG G7 ThinQ, the newest V series smartphone will also feature Google Lens in the camera app as well as from within Google Assistant and Google Photos. With Google Lens, users can get more information on objects such as landmarks, plants, animals and books by just pointing with the camera. Users can also visit websites, add a business card to contacts and add events to the calendar directly with the camera.

With Super Far Field Voice Recognition (SFFVR) technology, Google Assistant can be accessed by voice up to five meters away. SSFVR is capable of accurately understanding voice commands even over background noises such as a TV and traffic.

Immersive High Definition Audio

The Hi-Fi Quad DAC featured in the V35 ThinQ delivers richer sound when paired with a pair of high-end headphones. And with DTS:X, listeners can enjoy virtual 3D surround sound up to 7.1 channel audio with any content while on the move.

“The LG V35 ThinQ is part of our strategy that we announced early this year to introduce new iterations of existing products that improve on a proven and successful idea,” said Hwang Jeong-hwan, president of LG Electronics Mobile Communications Company. “With carefully considered updates that increases performance and convenience, the LG V35 ThinQ is a great option for anyone looking for a complete and powerful multimedia smartphone.”

Additional details including price and purchase locations will be announced locally at the time of availability.

Key Specifications:*

Chipset: Qualcomm® Snapdragon™ 845 Mobile Platform

Display: 6.0-inch 18:9 QuadHD+ OLED FullVision Display (2880 x 1440 / 538ppi)

Memory:

V35+ ThinQ: 6GB RAM / 128GB ROM / microSD (up to 2TB)

V35 ThinQ: 6GB RAM / 64GB ROM / microSD (up to 2TB)

Camera:

Rear Dual: 16MP Super Wide Angle (F1.9 / 107°)

16MP Standard Angle (F1.6 / 71°)

Front: 8MP Wide Angle (F1.9 / 80°)

Battery: 3,300mAh

Operating System: Android 8.0 Oreo

Size: 151.7 x 75.4 x 7.3mm

Weight: 157g

Network: LTE-A 4 Band CA

Connectivity: Wi-Fi 802.11 a, b, g, n, ac / Bluetooth 5.0 BLE / NFC / USB Type-C 2.0 (3.1 compatible)

Colours: New Aurora Black, New Platinum Gray

Other: AI CAM / AI Haptic / Super Bright Camera / Super Far Field Voice Recognition / Googles Lens / IP68 Water and Dust Resistant / MIL-STD 810G Compliant / 32-bit Hi-Fi Quad DAC / DTS: X 3D Surround Sound / HDR10 / Crystal Clear Lens / Google Daydream / Voice Recognition / Face Recognition / Fingerprint Sensor / Qualcomm® Quick Charge™ 3.0 Technology / Wireless Charging / FM Radio

* Product name, specifications and features may vary depending on the particular market.

For more information, contact:
LG Electronics Pakistan
Corporate Office
ST-8, 4th Floor, Tower-A, Technology Park,
Main Shahrah-e-Faisal,
Karachi
Representative Phone Number: +92 (0) 21 32787452
FAX: +92 (0) 21 3278 7463
Web: http://www.lg.com/pk

Securities and Exchange Commission of Pakistan approves Employee’s Contributory Funds (Investment in Listed Securities) Regulations, 2018

Islamabad, June 14, 2018 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP) has introduced Employee’s Contributory Funds (Investment in Listed Securities) Regulations, 2018. The new regulations are aimed at improving safety regime for the employees contributing to various contributory funds while keeping in view the growth perspective of the return on such funds.

Previously, the employees’ contributions were regulated under the Employee’s Provident Fund (Investment in Listed Securities) Rules, 2016. The Companies Act, 2017, enhanced the scope of investment out of various contributory funds, instead of just provident fund. This necessitated the notification of the Employee’s Contributory Funds (Investment in Listed Securities) Regulations, 2018. The new regulations were prepared after extensive consultations.

With continuous innovation in equity and debt markets and development of new products by non-banking finance companies for better returns, contributory funds now have better choices available in the market. As risk and return go hand in hand, the SECP with a view to protecting the hard-earned money of the employees’ has notified these regulations. The new regulations prescribe requirements regarding investment out of contributory funds maintained by the companies. They have also addressed major issues of the market participants comprehensively.

With respect to risk coverage and enhancement of employees’ wealth, the average total return formula has been replaced with dividend payment of 15% in 2 out of 3 preceding consecutive years. Moreover, three separate asset classes have been introduced, i.e. money, debt and equity market.

In the new regulations, the sector-wise investment limits have been introduced along with security-wise limits on investments other than investment through collective investment schemes. The assigned minimum rating of AA on bonds, redeemable capital, debt securities or instruments issued by a statutory body or listed debt securities has also been reduced/revised to A instead of AA.

A sub-regulation regarding appointment of investor advisor for direct equity investment of Rs50 million and above has been introduced. In addition, the trust or funds are advised to amend the trust deed and include a clause providing one time option to the new employees for either allowing or not allowing the fund or the trust to make any investment out of their contributory fund or trust under these regulations.

The duly approved regulations has also been placed on the SECP’s website, which can be downloaded from the following link www.secp.gov.pk/document/sro-731-i-2018-notification-to-employees-contributory-fund-investment-in-listed-securities-regulations-2018

For more information, contact:
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254
E-mail: shakil.chaudhary@secp.gov.pk
Website: www.secp.gov.pk

State Bank of Pakistan designates Domestic Systemically Important Banks

Karachi, June 14, 2018 (PPI-OT): State Bank of Pakistan has announced the designation of D-SIBs under the Domestic Systemically Important Banks (D-SIBs) framework that was introduced in April 2018. The D-SIBs framework as introduced by State Bank is consistent with the international standards and practices and takes into account the local dynamics. It specifies the methodology for identification and designation of D-SIBs, enhanced regulatory and supervisory requirements, and implementation guidelines. These enhanced requirements aim to further strengthen the resilience of big banks towards shocks and augment their risk management capacities.

The identification of D-SIBs involves two-step process.In the first step, sample banks are identified each year based on the quantitative and qualitative criteria.In the second step, on the basis of institutions’ systemic importance score as determined by their size, interconnectedness, substitutability, and complexity; D-SIBs are designated from among the sample banks.

On the basis of the designation criteria, State Bank has designated Habib Bank Ltd (HBL), National Bank of Pakistan (NBP), and United Bank Ltd (UBL) as D-SIBs. These banks will be required to follow enhanced supervisory and regulatory requirements, including the Higher Loss Absorbency Capital surcharge in the form of additional core equity tier-1 capital (CET1). The HBL will maintain CET1 of 2% while NBP and UBL will maintain additional CET1 of 1.5 %.

Besides these local banks, the branches of Global-Systemically Important Banks (G-SIBs) operating in Pakistan will hold additional CET1 capital against their risk-weighted assets in Pakistan at the rate as applicable on the respective G-SIB. The bank designated as D-SIB will be required to meet enhanced supervisory and regulatory requirements by end of March 2019.

For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: chief.spokesperson@sbp.org.pk
Website: www.sbp.org.pk

Pakistan’s Liquid Foreign Reserves Position

Karachi, June 14, 2018 (PPI-OT): The total liquid foreign reserves held by the country stood at US$16,457.1 million on 08 June 2018. The break-up of the foreign reserves position is as under:-

i) Foreign reserves held by the State Bank of Pakistan: US$ 10,065.6 million

ii) Net foreign reserves held by commercial banks: US$ 6,391.5 million

iii) Total liquid foreign reserves: US$ 16,457.1 million

During the week ending 08 June 2018, SBP’s reserves increased by US$24 million to US$10,066 million.

For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: chief.spokesperson@sbp.org.pk
Website: www.sbp.org.pk

Delivering Happiness, One Meal at a Time

Lahore, June 14, 2018 (PPI-OT): Cheetay.pk, one of Pakistan’s leading e-commerce platforms providing the best food delivery service, is proud to announce ‘Cheetay Dastarkhwan’, a CSR campaign launched in collaboration with Rizq at Firdous Market Chowk and Khokhar Chowk, Johar Town, Lahore.

Ramzan is a special month for Muslims all over the world; it is even more special for Cheetay, as it has committed to feed as many rozaydaars as possible during Iftar time. The purpose of the ‘Cheetay Dastarkhwan’ campaign is to distribute meals at convenient locations in Lahore, so that a vast majority of people returning from work can conveniently break their fast. The Dastarkhwan is open for anyone who is in need of breaking their fast while on the road.

The main aim of this campaign is to provide dastarkhwan meals to people irrespective of caste, social class or creed. Cheetay.pk encourages such activities throughout the year, as it believes in giving back to the society. However, Ramzan is an especially prominent time of the year for giving. Team Cheetay along with its partner Rizq, successfully distributed 450 Iftari boxes at different locations in Lahore.

Commenting on the campaign, Mr Ahmed Khan, founder and CEO of Cheetay, said, “We’ve built the company on the premise to serve people and since we’re all always preoccupied with tremendous work, we hardly get the time to think, introspect and do something for the greater good. I am an ardent believer in helping out and being there for the people who rely on us. In a culture of cutthroat corporate knavery and expansion, the race to earn a buck and incessant focus on work, we are neglecting the spirit of altruism.”

He further added, “I know it’s just the tip of the iceberg but we wanted to capture the spirit of Ramzan by helping everyone i.e. a bystander, anyone commuting home from work and anybody in need to break their fast while on the road. We make it a point to be cognizant of our social responsibility as our brand stands for what it represents, spreading happiness!”

Cheetay’s initiative to deliver food at customers’ doorsteps has not stopped during this holy month. Volunteering to keep the spirit of Ramzan alive, Cheetay has upped its game by not only continuing with regular deliveries, but by going the extra mile by distributing free food through this giveaway campaign. This not only fulfills their business motto, but also contributes to spreading the message of this month.

For more information, contact:
Cheetay.pk
Tel: +92-42-111-119-666, +92-340-3332830
E-mail: info@cheetay.pk
Website: www.cheetay.pk

JCR-VIS assigns AA+ rating to Basel 3 compliant additional Tier 1 instrument by United Bank Limited

Karachi, June 12, 2018 (PPI-OT): JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned preliminary rating of ‘AA+’ (Double A Plus) to United Bank Limited’s (UBL’s) proposed Basel 3 compliant additional Tier-1 (ADT-1) TFC. Outlook on the assigned rating is ‘Stable’. Rating will be finalized upon review of signed legal documents. The assigned rating to ADT-1 instrument incorporates JCR-VIS standard notching criteria for Basel 3 compliant ADT-1 instruments issued by AAA rated Banks.

UBL is in the process of issuing a listed, perpetual, unsecured, subordinated, non-cumulative and contingent convertible debt instruments amounting up to Rs. 10.0b (inclusive of Green Shoe Option of Rs. 3.0b). The issue proceeds will contribute towards the bank’s ADT-1 capital and will be utilized towards enhancement of the bank’s business operations. UBL’s ADT-1 instrument will rank ahead of claims of ordinary shareholders but below the bank’s senior creditors, including depositors.

JCR-VIS has assigned entity ratings of AAA/A-1+ (Triple A/A-One Plus) to UBL indicating highest credit quality. The assigned ratings reflect the Bank’s strong domestic franchise, existing market share and diversified operations. Moreover, financial profile is strong as evident from robust liquidity profile and healthy existing and projected capitalization buffers. UBL has exhibited sustained improvement across key performance areas including asset quality, liquidity and capitalization. Tier-1 and overall CAR stood at 11.7% and 16% at end-1Q18, respectively; significantly above regulatory requirements.

The assigned rating portrays the relative risk of the Tier-1 instrument wherein issuer has full discretion on coupon payments, interest servicing from only profits for the year and conversion feature in the event of pre-specified trigger events, lock-in clause and point of non-viability in terms of regulatory requirements. While the regulatory framework may not consider a missed coupon payment as a default; the credit rating methodology employed by JCR-VIS would treat such missed payments as an event of default. In normal course of business, JCR-VIS believes that chances of non-performance risk are considered remote.

For more information, contact:
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk