2017 December 14 : AsiaNet-Pakistan

Archive for December 14th, 2017

‫بحث أجرته شركة جيمالتو يكشف النقاب عن زيادة أرباح الشركات التي تعمل في مجال تكنولوجيا الأجهزة بنسبة 11% عقب التحول إلى نماذج الإيرادات القائمة على البرامج

December 14, 2017 | Urdu

استثمر 94% تقريبًا من صانعي الأجهزة في تطوير البرمجيات في السنوات الخمس الماضية تعتقد تسع شركات من بين كل عشر شركات (88%) أن إنترنت الأشياء يساعد في دفع عجلة النمو في قطاع التصنيع  قام 84٪ من الشركات بتغيير نموذج أعمالهم لوضع البرمجيات في جوهره من أجل تقديم الخدمات وتوليد الإيرادات  كان متوسط الزيادة في الإيرادات […]

Read More

Small and Medium Enterprises Development Authority identifies 45 high-potential products to explore export opportunities under China Pakistan Economic Corridor

December 14, 2017 | General Business News

Lahore, December 14, 2017 (PPI-OT):An exploratory study conducted by the Small and Medium Enterprises Development Authority (SMEDA) has identified 45 high-potential products to explore the export opportunities under China Pakistan Economic Corridor (CPEC). According to the study, 13 items, out of the 45 products, fall in the category of High Value Exports (HVE), 15 in …

Read More

ICCI and UNIDO organize Investors Connect Program to promote innovations

December 14, 2017 | General Business News

Islamabad, December 14, 2017 (PPI-OT):The Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with United Nations Industrial Development Organization (UNIDO) organized an “Investors Connect Program” (ICP) to bring together innovators and investors to promote innovations and explore mutually beneficial matchmakings. Maroof Afzal, Secretary, Ministry of Industries and Production was the Chief Guest of the …

Read More

انڈی میوزک کے لیے جاپان میں بننے والا سپورٹ پلیٹ فارم الفانوٹ بھارت میں جاری

December 14, 2017 | General, Urdu

ٹوکیو، 11 دسمبر 2017ء/کیوڈو جے بی این-ایشیانیٹ/– سینکو گروپ ہولڈنگز کمپنی لمیٹڈ کے ایک حصے الفانوٹ نے 11 دسمبر کو بھارت میں اپنے جدید مفت میوزک اسٹریمنگ پلیٹ فارم کا اجراء کردیا ہے تاکہ آزاد موسیقاروں کو سہارا دے اور خطے میں موسیقی کی بڑھتی ہوئی طلب کے لیے خدمات پیش کرے۔ سروس مستقبل قریب […]

Read More

Board of Directors meeting of Fauji Fertilizer Bin Qasim Limited

December 14, 2017 | Board Meetings

Karachi, Fauji Fertilizer Bin Qasim Limited informed Pakistan Stock Exchange that Board of Directors meeting of the Company will be held on December 22, 2017 at Islamabad. The agenda of the meeting will to consider and approve Business Plan 2018. Further, the company has declared the closed period from December 17, 2017 to December 22, 2017. Fauji Fertilizer Bin Qasim Limited is a public limited company incorporated in Pakistan. The foundation of the company is laid under the Companies Ordinance, 1984. The principal objective of the company is manufacturing, purchasing and marketing of fertilizers. The company commenced its commercial production effective January 1, 2000. The company is a subsidiary of Fauji Fertilizer Company Limited with shareholding of 50.88%. The stocks of the company are quoted on the Karachi, Lahore and Islamabad stock exchanges in Pakistan. The registered office of the company is situated at Rawalpindi. The plant is a Granular Urea and Di-Ammonium Phosphate fertilizers manufacturing complex, built at a cost of US$ 468 Million and located in Eastern Zone of Bin Qasim, Karachi, with Head Office at Rawalpindi. The plant is ISO certified with memberships of industry association and trade bodies i.e. Rawalpindi Chamber of Commerce and International Fertilizer Association. The symbol “FFBL” is being used by the stock exchanges for the shares of Fauji Fertilizer Bin Qasim Limited.

Read More

Board Meeting of Fauji Foods Limited

December 14, 2017 | Board Meetings

Karachi, Fauji Foods Limited informed Pakistan Stock Exchange that a meeting of the Board of Directors of the Company will be held on December 21, 2017 at Islamabad primarily to consider the Consolidated business Plan 2018. Fauji Foods Limited (Formerly Noon Pakistan Limited) was incorporated in Pakistan on 26 September, 1966 as a Public Limited Company and its shares are quoted on Pakistan Stock Exchange Limited. In the private sector, Fauji Foods Limited (Formerly Noon Pakistan Limited) is the first Company in Pakistan to operate a Spray Dryer for processing of milk powder. The symbol “FFL” is being used by the stock exchanges for the Fauji Foods Limited.

Read More

Gemalto research reveals hardware technology companies see 11% increase in earnings following shift to software-based revenue models

December 14, 2017 | Education

Nearly all (94%) device makers have invested in software development in the past five years Nine in 10 (88%) believe the Internet of Things (IoT) is driving growth within the manufacturing industry 84% have changed – or have already changed – their business model to put software at its core in delivering services and generating […]

Read More

Gemalto rejects unsolicited and conditional proposal by Atos

December 14, 2017 | Education

Gemalto, the world leader in digital security,   is best positioned to grow successfully on a standalone basis and create long term value for its stakeholders, including its shareholders The Atos proposal does not form the basis for constructive engagement as it: fails to provide a compelling strategy versus Gemalto’s standalone prospects; significantly undervalues the Company; […]

Read More

CAIR files human rights complaint over New Mexico store’s denial of service to Muslims

December 14, 2017 | Business, Company News

New Mexico (OIC-UNA) – The Council on American-Islamic Relations (CAIR) announced on Wednesday the filing of a human rights discrimination complaint with the State of New Mexico Department of Workforce Solutions against a New Mexico-based convenience store for its discriminatory policy that denies service to Muslims.

The civil rights movement sought to eliminate discriminatory signs denying service to members of the public based on their race, religion or national origin, said CAIR Litigation Director Lena Masri. We must ensure that we do not allow the bigotry of the past to resurface and be normalized in the form of Islamophobia.

Signs posted on the windows of Mayhill Convenience Store included one that states in bold lettering: Obama & other Muslims Not welcome here. The sign includes a depiction of a Muslim man praying and a mosque.

CAIR is America’s largest Muslim civil liberties and advocacy organization. Its mission is to enhance the understanding of Islam, encourage dialogue, protect civil liberties, empower American Muslims, and build coalitions that promote justice and mutual understanding.

Source: International Islamic News Agency

Read More

Achakzai urges educated people to play their role in coping challenges

December 14, 2017 | Legal & Politics

Governor Balochistan Muhammad Khan Achakzai has said the educated people should play their role in coping the challenges facing the country.He was addressing the 13th Convocation of Balochistan University of Information Technology, Engineering and Mana…

Read More

Some Pakistani Experts See No End to Nation’s Economic Slide

December 14, 2017 | Entertainment

Pakistan’s economy has been on a steady downward slide with no end in sight, some experts say, with the currency dropping, foreign exchange reserves dwindling, the trade deficit spiking and the benchmark stock index at an 18-month low.

The civilian government is at odds with the powerful military, creating an uncertain political landscape that keeps investors on the sidelines. The ousted prime minister, Nawaz Sharif, is on trial for corruption, and Finance Minister Ishaq Dar has fled the country after also being charged with graft, raising questions about the prospects of turning things around.

The International Monetary Fund isn’t happy about all the red ink and has questioned how Pakistan could pay back funds for a massive hydroelectric project that China has offered to build. Islamabad has pulled out of the project, at least for now.

Rupee’s value

The U.N. Economic and Social Survey for Asia and Pacific’s (UNESCAP) 2017 report warned this week that Pakistan’s intervention in the exchange market to stabilize the rupee, which plunged more than 5 percent against the U.S. dollar in three days, might become unsustainable.

Cabinet minister Ahsan Iqbal tried Wednesday to dispel the negativity as he defended Dar’s economic and financial policies.

“Pakistan is not drowning; it is heading toward stability and progress,” Iqbal said.

But the economic gurus in Pakistan don’t trust the platitudes, and neither do the markets.

“It was inevitable. It had to go like that way,” Ashfaque Hasan Khan, a former economic adviser to the Ministry of Finance, told VOA Deewa. “Finance Minister Ishaq Dar was going against the philosophy of the IMF. He tried to keep a fixed rate of rupee against dollar throughout his tenure in the last four-plus years.”

Khan said he didn’t see the rupee strengthening anytime soon because the timing is not right for improving export-producing industries.

“The damage is already done,” he said.

‘False argument’

Zafar Moti, the former chief and CEO of the Karachi stock exchange, said the government’s stance that exports would grow as a result of the devaluation was a “false argument.” Exports are “very low” to start with, inflation has grown from 4 percent to 6 percent, and with the announcement of devaluation, “the foreign debt has risen by $300 million,” he said.

Moti predicted that in the current climate of political instability, if the IMF devalued the rupee by 10 to 15 percent, “the results will be catastrophic.”

The trade deficit stands at about $15 billion as official statistics released this week showed imports at $18 billion and exports as low as $3 billion for July through November, the first five months of Pakistan’s fiscal year.

Tariq Bajwa, governor of the State Bank regulatory body, has his own argument for the fall in the rupee exchange rate.

“The current account deficit is a serious challenge, and the movement in exchange rate is in response to this challenge,” local media quoted him as saying Wednesday. The UNESCAP report put Pakistan’s widening current account deficit at $12.1 billion.

“It was long due,” said Faiq Hussain, a Pakistan-based economic expert with People Islamic Modaraba, a private company dealing in partnerships between investors and companies in commercial enterprises.

The current account deficit isn’t the only issue, Hussain said. Imports over the past three to four years of Chinese machinery under the massive China Pakistan Economic Corridor (CPEC) infrastructure program have been remarkably high, he said.

Pakistan has lately expressed reservations about the $54 billion in projects under the umbrella of CPEC. Members of the Senate have maintained that China pushed Pakistan into some deals to the benefit of Chinese investors and firms.

Unconcerned by stock prices

Hasan said he wasn’t worried about the fluctuations in the stock market, saying they don’t reflect the major economic indicators in developing countries like Pakistan.

“It’s the deficit in current account, trade and the uneconomic policy of Finance Minister Ishaq Dar and his cronies,” he said.

Hasan said the minister’s obsession with a stable rupee ran contrary to the market, raising the public debt, while imports remained cheaper for the investor and the cost of local production increased.

While relations with the U.S. have been fraying, years of American financial assistance for Pakistan’s role in the global war on terrorism � about $14 billion since 2002 � has helped Pakistan’s successive governments use dollars as a hedge against the deficits.

The latest tranche includes $700 million in conditional aid to reimburse Pakistan for supporting U.S. military operations in Afghanistan.

This is part of the U.S. defense budget signed by President Donald Trump on Wednesday. The funds are conditional; Defense Secretary Jim Mattis must certify that Pakistan has taken demonstrable action against the extremist Haqqani Network.

Two successive U.S. defense secretaries, Ash Carter and Mattis, have refused to give such a certification in the last two budgets, and there is no indication that Mattis will approve it this time.

Source: Voice of America

Read More

Pakistan Reports Rare Progress in Tense Ties With Afghanistan

December 14, 2017 | Education

ISLAMABAD Pakistan and Afghanistan have agreed for the first time to place liaison officers at each other’s military headquarters for better security coordination, and Islamabad is awaiting a formal response from Kabul to its proposal for opening a w…

Read More