Bushra Rasheed, owner of Qiynat Beauty Salon and a client of FINCA was selected for the ‘Bano-Qudsia Award for Creativity’ at the ‘Chiraghan-E-Nissa’ – Women Expo 2017. The Women Expo 2017 was organized to encourage female entrepreneurs in every walk of life. The event was organized by the Investment Climate Reform Unit (ICRU) in collaboration with the Punjab Board of Investment & Trade (PBIT). FINCA, one of the fastest growing microfinance banks in Pakistan is a supporter of women empowerment and has granted loans to numerous women who aim to establish their own businesses. FINCA Microfinance Bank Limited is part of the FINCA Impact Finance Network, a group of 21 microfinance and financial institutions that provides socially responsible financial services, and enables low-income entrepreneurs and small business owners to invest in the future. FINCA is one of the fastest growing microfinance networks in Pakistan, with 120 branches in more than 100 cities across Pakistan. It is the pioneer microfinance bank in Pakistan, and recently introduced the first complete digital mobile wallet – SimSim that can be opened and operated from one’s smartphone; anyone can open an account, sitting at home, in just one minute. SimSim empowers users by providing a payment solution which not only allows zero cost transactions, but also enables one to create one’s own payment ecosystem.
ACCA and PBC MoU Signing Ceremony
ACCA (the Association of Chartered Certified Accountants) signed a Memorandum of Understanding (MoU) with the management of Pakistan Business Council (PBC). The MoU revolves around ACCA and PBC’s mutual agenda of supporting the development of businesses that emphasises on financial disclosures and reporting that is the key to attract and excite local and foreign direct investment in the economy. ACCA and PBC share a common vision of advancing public interest, advocatingcorporatisation and business formalisation as the driver of economic growth. Speaking at the signing ceremony, Helen Brand OBE, ACCA’s chief executive highlighted, ‘By cementing the links we enjoy with Pakistan Business Council (PBC), we’re showing ACCA’s firm commitment to the further development of the country’s business and economy, as Pakistan grows in strength and influence on the world stage.’ Sajjeed Aslam, Head of ACCA Pakistan, said, ‘ACCA and Pakistan Business Council’s recent collaboration on the UN Sustainable Development Goals was an excellent example of what this MoU can bring to members of both PBC and ACCA in terms of capacity building, sharing of thought leadership material and addressing current business challenges and proposing solutions.’ Ehsan A. Malik, CEO of PBC added that ‘PBC is excited about entering into an MOU with the ACCA. PBC will work with the ACCA to promote high standards of corporate behavior, inculcate critical thinking for managing ethics, leverage private sector growth for inclusive development and encourage sustainability, amongst others, through integrated reporting. Its main agenda is to strengthen domestic industry to generate jobs, value-added exports, promote import substitution and the equitable broadening of the tax base. Working with the ACCA and its members, PBC hopes to make its advocacy even more effective.’ FuadHashimi, Executive Director CERB shared that ‘CERB’s vision is to assist Pakistani businesses to pursue long-term value creation, and its mission is to contribute towards ethical and responsible business practices that lead to inclusive and sustainable development. In doing so, private sector would also be fulfilling its role in motivating Pakistan towards achievement of the UN Sustainable Development Goals. CERB will endeavor over time to change the mind-sets of businesses towards “Integrated Thinking” when deciding on their business models and this is a necessary prequel to “Integrated Reporting”. Arif Masud Mirza, Head of Policy MENASA, commented, “In order to be sustainable, the social agenda of the companies with a Triple Bottom Line (TBL) approach is to look beyond the profits and this is only possible through the change in mindsets first. The nucleus of the MoU is that we will endeavor our time to change the mindsets of businessess and will make it into a speaking MoU. We are looking forward to work with an energetic team of the PBC to take this agenda forward.” ACCA and PBC are to jointly work with regulators and stakeholders to contribute towards policy making, advocacy and educating businesses to create (i) awareness around agendas like SDGs, corporate governance, integrated reporting, gender diversity as well as (ii) excitement around global best practices. Link
Breakout joins hands with Pink Ribbon
Breakout, Pakistan’s fastest growing high street clothing brand has collaborated with Pink Ribbon the leading charity organization for the support of breast cancer patients in observance and support of breast cancer issue. October has been proclaimed as Breast Cancer Awareness month and Breakout is playing its role in helping the affected patients in this regard. The Pink Ribbon donation boxes have been placed at all Breakout stores nationwide throughout October in support of National Breast Cancer Awareness. These boxes helps in providing medical services for breast cancer and contribute to Pakistan’s first dedicated breast cancer hospital built by Pink Ribbon so that few people will suffer the horror of losing a mother, a sister, a wife or a daughter. Mr. Imran Ghani, CEO of Breakout shared his thoughts on the occasion. He stated that “this is our social responsibility to pay back to the people. We always try to participate in such activities so we can play our role in society. Joining hands with Pink Ribbon is also one of our humble efforts.” Breast cancer is by far the most common cancer in females in Pakistan, and this is one step closer to technological and medical advancements in the early detection and treatment of this nerve-racking disease.
Bank Alfalah and British Council Pakistan Operational Alliance Signing Ceremony
A signing ceremony led by Nauman Ansari (CEO Bank Alfalah) and Dr. Jo Beall (Director Education and Society, British Council Executive Board) was held on 5th October 2017 at British Council Library, Karachi. This ceremony marked the formal initiation of an Operational Alliance for CSR Digital Social Spaces and other activities between the British Council Pakistan and Bank Alfalah Ltdincluding the establishment of Digital Social Spaces at selected Bank Alfalahbranches countrywide and the inclusion of British Council-curated libraries at Bank Alfalah Airport Premier Lounges. This partnership reflects both organisations’ commitment to social responsibility, innovative thinking and the use of cutting edge technology to deliver value. Also present at the ceremony were: Rosemary Hilhorst (Country Director, British Council Pakistan), Maarya Rehman (Director Libraries, British Council Pakistan), Khurram Hussain (Group Head,Retail Central and Northand Consumer Banking, Bank Alfalah), Mehreen Ahmed (Group Head, Retail South & New Initiatives, Bank Alfalah) and Faaria Salahuddin (Head Transactional Banking, Bank Alfalah). The British Council is the UK’s international organisation for cultural relations and educational opportunities. They create friendly knowledge and understanding between the people of the UK and other countries. They do this by making a positive contribution to the UK and the countries they work with – changing lives by creating opportunities, building connections and engendering trust. They have been working in Pakistan since 1947 in the fields of arts and culture, English language, education and civil society. This year marks 70 years of the British Council working in Pakistan, which it is celebrating through diverse activities and programming, ranging from cultural festivals and alumni events to forming new partnership and increasing our digital footprint.
IBA-Karachi signs up as Knowledge Partner for 17th ITCN Asia Exhibition
From its inception in 2001, ITCN Asia has evolved as the biggest IT & Telecom exhibition and conference in Pakistan and it is now being organized for the 16th consecutive year on 19th to 21st September 2017, at the Expo Centre in Karachi. Most powerful brands of the world will showcase their state-of-the-art products and services, which will allow the user-community to get exposure to a wide range of technologies and solutions under one roof. The Institute of Business Administration – IBA has signed a Memorandum of Understanding to become the “Knowledge Partner” for the 17th ITCN Asia 2017. This year’s event is expected to host more than 300 International and/ National Exhibitors, representing more than 350 Companies, that shall showcase 600+ Brands. This series of International Conferences comprises of a 3-day annual event. This year, it will feature insightful sessions like: China Pakistan Economic Corridor-CPEC opportunities for the ICT sector of Pakistan. It will cover important topics like: Challenges of Digital Security for Media. It will feature discussions during; A Telecom Summit, a CEO’s forum for Pakistan Software Export Board – PSEB, a conference on Information Security, and a Summit on Start-up Asia. More than 3,000 CXO’s from different verticals of the ICT industry are expected to witness this event, while a grand exhibition also enriches this annual event, organized by the E-commerce Gateway Pakistan (Pvt.) Ltd. Thus, ITCN Asia has catapulted the local IT and Telecom Industry, by attracting major enterprises from all over the world. It is designed to create major opportunities for business-to-business alliances, leveraging their mutual strengths. It plays a pivotal role in strengthening the image of Pakistan on the IT Map of the world, to bring in huge foreign and local investments in the Country. Today, Pakistan’s IT sector has over 100 ISO certified companies, due to a continued focus on quality. The industry also requires more competent Human Resources, with access to more Space and Bandwidth. There is a need for more Public Sector Development projects under which training programs, tailored to the specific needs of the Industry, can be implemented by the Pakistan Software Export Board (PSEB). The Higher Education Commission has also created stronger Industry-Academia linkages, to improve the quality and knowledge of fresh IT graduates. Software Technology Parks (STPs) are also being set up on a large scale, all over Pakistan. On the bandwidth front, Today, Pakistan has 3 separate submarine cables for International connectivity that provide much needed resilience to the data networks.
Pakistan Council on China hosted annual forum to discuss prospects of CPEC
Pakistan Council on China (PCC) hosted its annual forum on the prospects and challenges of China-Pakistan Economic Corridor (CPEC) today in Islamabad. The aim of the conference was to help promote better understanding for the future opportunities and challenges in the implementation of China-Pakistan Economic Corridor (CPEC). As key note speakers, Chargé d’affaires Chinese Embassy Islamabad Mr. Lijian Zhao and Pakistan’s Foreign Secretary Ms Tehmina Janjua shed light on this important project for the region. While discussing the opportunities of this strategically very significant initiative, Pakistan’s foreign secretary Ms Tehmina Janjua said that ” Pakistan believes its long-term prosperity is inextricably linked to peace and development and we need comprehensive approaches to regional peace, stability and prosperity. She further said that our long term vision of economic development is reflected in vision 2025 which emphasizes regional connectivity and economic cooperation. CPEC is a natural choice for Pakistan and china. Pakistan’s Eastern neighbor has publicly announced opposition to CPEC and we are well aware of the challenges. She said that as the flagship project of OBOR, CPEC is destined to serve as a game changer for the whole region. Chargé d’affaires Chinese Embassy Islamabad Mr. Lijian Zhao highlighted the role of Pakistan and china for regional connectivity and trade saying that ” BRI carries the virtue of peaceful cooperation, openness and inclusiveness, mutual learning and win-win spirit. He further said that CPEC is an unprecedented undertaking in the history of China-Pakistan relations”. Forum also discussed cultural, educational and economic dimensions of CPEC. President of Pakistan Council on China Amb (r) Inam-ul-Haq said that Pakistan and China enjoy a unique history of mutual respect, trust and friendship. He said that PCC created in an effort to improve the level and content of communications between the two countries. He further stated that CPEC is the foundation for regional cooperation, improving economic growth and offering trade diversifications. Director of Pakistan Council on China, Hamayoun Khan said that PCC is without doubt a strong contributor to the concept of BRI and CPEC with our intellectual advantage. He further said that every Pakistani and Chinese are looking forward to great success of CPEC which will ensure the brighter future of the whole region. Pakistan Council on China (PCC), a think-tank that was established in 2012, a year before initiation of China Pakistan Economic Corridor (CPEC) in view of the significance of expanding Sino-Pak bilateral relation. PCC is an independent, non-political, non-partisan body constituted to promote Pak-China relations.
COMPANIES MUST BE AWARE OF THE FINANCIAL IMPACT OF CLIMATE-RELATED RISK, SAYS ACCA
ACCA (the Association of Chartered Certified Accountants) has welcomed the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) as an important step towards the better allocation of capital, by incorporating the effect of climate change in investment decisions and companies must be aware. Yen-pei Chen, subject manager – corporate reporting at ACCA said: ‘The four thematic areas of the TCFD’s recommendations – governance, strategy, risk management and metrics and targets – provide a useful framework for disclosure. ‘The detailed implementation guidance in the annex will be particularly helpful for companies preparing to report under the EU’s Directive on the disclosure of non-financial and diversity information. ‘Climate-related disclosures, in our view, will be best integrated into the reporting of the impact of other material factors within the four thematic areas.’ ACCA also welcomed the inclusion of references to the financial impact of climate-related risk, and the ensuing recommendation that this be reflected in companies’ financial statements. ‘In particular, climate-related risks could affect the carrying value of assets and goodwill, and in some cases the going concern status of the business,’ added Ms Chen. ‘Accounting standard setters such as the IASB should be giving greater priority to closing the long-standing gap that exists in reporting the effect of pollutant pricing or emissions trading systems.’ ‘Pakistan has always faced extreme climate conditions, but now more than ever before climate or rather managing climate and its connected maladies is posing a threat that’s greater than global terrorism. Water scarcity for example threatens not only human lives but increasingly is being ignored by business processes. A lot of the environmental, social and governance costs needed for managing climate change are “off balance sheet”. This cannot remain the status quo. With game changing strategic investments like CPEC around the corner the cost to Pakistan of not investing in ESG in the short medium and long term may be a price too great.’ said Arif Masud Mirza, ACCA’s Regional Head of Policy – MENASA. Professional accountants play an important role in helping companies to manage and report climate-related risks more effectively. This is particularly clear in light of this week’s EU adoption of non-binding guidelines for non-financial information reporting, which is another example of the global momentum towards better-informed capital markets and companies fit for the challenges of today’s world. ACCA is committed to educating the professional accountants of the future, giving them the skills they need to respond to this wider set of challenges, and contribute to a more sustainable future for businesses and our planet.
ACCA’s integrated master’s programme with the University of London changing lives across the globe
The first group of graduates to complete the University of London master’s route to ACCA (the Association of Chartered Certified Accountants) membership are looking forward to future opportunities afforded through having two world-renowned qualifications. Made possible through an innovative partnership between ACCA and the University of London, the MSc in Professional Accountancy is the only integrated master’s programme with an accountancy body at a professional level in the world. Jane Towers-Clark, head of university education at ACCA, says: ‘The first group of graduates through our integrated masters with the University of London have provided very positive feedback about the self-study programme. Online learning has allowed us to give access to individuals globally the opportunity to gain the skills necessary to have successful careers in finance and accountancy. We are proud to have created this unique programme which allows learners to gain the ACCA Qualification and an MSc in Professional Accountancy at the same time at a fraction of the cost of traditional masters.’ Speaking about his experience of being the first to be awarded the integrated masters and ACCA Qualification, Muhammad Abrar Siddiqui, Faysal Bank Limited, Pakistan says: ‘Being able to complete a masters in a short period of time and the opportunity to study a range of thought provoking subjects is what attracted me to the MSc in Professional Accountancy. Completing the award has allowed me to broaden my knowledge of emerging and developing markets at the same time as giving me insight and direction on how to develop research skills. One of the key strengths of the programme is how greatly informative it is. It offers a great understanding of current accountancy issues. I have been able to improve my career prospects through learning how to become a better problem-solver and decision maker. I found the tutorials for the modules to be well planned and would recommend the courses to fellow students of accountancy.’
Canadian auto company Magna to create new BMW 5-series plug-in hybrid
Canadian auto provider Magna International Inc will produce BMW’s new 5-series plug-in cross at its Austrian stock, the business said on 19 June, 2017, within a strategy to create electric cars over a agreement basis for global automakers. The BMW 530 plug-in cross will be made beginning come early july at Magna’s seed in Graz, Austria, where it already projects to create Jaguar’s I-PACE SUV from early 2018. Global automakers and their suppliers are spending intensely in fully-electric and gasoline-electric cross vehicles. Consumer demand continues to be low versus that for gas engine unit vehicles, but companies are starting to offer more selections to react to administration mandates for better sales of vehicles that emit little if any skin tightening and, and plan another experts believe that will be dominated by electric vehicles. Rival tier-one vehicle provider Continental AG, for example, said in Apr it was increasing spending by 300 million euros ($334.68 million) on services such as charging systems and power management components related to electric vehicles. Magna, North America’s major automotive dealer and the 3rd globally, is only among the most notable auto suppliers to execute contract developing for carmakers. Its Austrian seed can produce about 200,000 automobiles per yr. Magna happens to be creating a new car paint shop in Slovenia credited to increased demand. A Magna spokeswoman wouldn’t normally touch upon a assertion by the Slovenian federal in March that the vehicle supplier would probably invest up to at least one 1.24 billion euros in the united states, including an automobile place with capacity of 100,000 to 200,000 vehicles per time. Having contract developing in its stock portfolio creates a distinct segment for the business as automakers slowly and gradually bring more electrified vehicles to advertise over another ten years. For automakers, outsourcing the assemblage is definitely an edge on low-volume models to reduce capital expenditures and prevent tying up their own creation lines. Swamy Kotagiri, Magna’s key technology official, said he recognizes contract making of electric vehicles as a “near-term opportunity” for the business, considering that by 2025, 40 to 50 percent of most vehicles produced includes some electrification elements. “We are establishing knowing the penetration will be higher.” Magna in addition has produced non-electric vehicles at its Austrian service, including BMW’s Little Countryman and Mercedes-Benz’ luxury G-Wagen SUV. Reuters
ETIHAD AIRWAYS OFFERS FREE STOPOVERS TO ALL ECONOMY CLASS GUESTS FROM PAKISTAN, THE MIDDLE EAST & AFRICA
Etihad Airways, the national airline of the United Arab Emirates, will offer one night’s free accommodation at the Radisson Blu hotel on Abu Dhabi’s Yas Island, to all guests travelling in Economy Class from Pakistan, the Middle East, and Africa. The offer is valid till 15 September 2017. In Pakistan, Etihad airways flights are taken off from Karachi, Islamabad, Lahore and Peshawar. So all customers travelling Economy Class can now avail this revolutionary offer and win a night’s free accommodation and experience ‘high life Dubai’. Mohammad Al Bulooki, Executive Vice President Commercial – Etihad Airways, said: “Etihad Airways is delighted to invite guests to experience Abu Dhabi for themselves. The capital of the United Arab Emirates has so much to offer all types of travelers, whether they look forward to experiencing culture, a beach break or sports and adventure. “As the national airline, Etihad Airways is an integral part of this incredible city and those who transit through Abu Dhabi should be encouraged by us to experience it. This offer is for guests to make time to explore the many attractions Abu Dhabi has to offer during their stopover. The beautiful desert; a visit to the spectacular Sheikh Zayed Grand Mosque – among the world’s biggest; a tour of the many attractions on Yas Island, or sampling the emirate’s world class hotels and restaurants are all part of the Abu Dhabi experience.” More than 4.4 million guest arrivals were recorded in Abu Dhabi in 2016, proving that the emirate is becoming a favourite hub for stopovers. Guests can take advantage of world-famous leisure and business attractions, include miles of beautiful white sand beaches, theme parks such as Yas Waterworld and Ferrari World, unforgettable desert safari expeditions, arts and cultural institutions such as Manarat Al Saadiyat and the soon-to-be-opened Louvre Museum, exquisite local and international dining, world-class golf, and the Formula 1 Etihad Airways Abu Dhabi Grand Prix and its race track, Yas Marina Circuit. Abu Dhabi also offers a wide range of shopping opportunities to suit all tastes with a large choice of popular outlets and brands. The city boasts a selection of spacious high-end shopping malls such as Yas Mall, Abu Dhabi Mall, Marina Mall, and The Galleria – one of the world’s most luxurious shopping centres. Etihad Airways has been running stopover programmes since 2011, and offering guests a variety of services including airport meet & assist, transportation, accommodation, tours, and visa processing services.
Kickstarter Support Soars for Game-Changing VR Technology
After launching a Kickstarter campaign, VRgluv (www.vrgluv.com) soared past their $100k crowdfunding goal in just 56 hours. Their gloves give users the ability to see, use, and even feel their hands in VR using force-feedback technology, and players from the gaming, medical, military, and educational industries have participated in supporting the campaign so they can use VRgluv in their respective sectors. Virtual reality is one of the hottest trending industries right now, and it is easy to see why. While entertainment and gaming is often the first thing that comes to mind, the VR applications in other fields have the potential to make worldwide impacts. There are hundreds of innovative VR uses in medicine, including hands-on training, rehabilitation (psychological and physiological), and remote-controlled robotics, many of which could be greatly enhanced with a VRgluv interface. Education and enterprise is also proving to be a hot VR topic, and companies are using VR to change the way they do business and train their employees. VRgluv CEO Chris Taylor says: “We are very pleased with the response we have gotten on Kickstarter both from our individual backers as well as the support we have received around the world from some of the biggest companies in electronics, medical, industrial, and even automotive. While all of the opportunity is very encouraging, we are focused on our mission at hand to deliver the best new VR experience to all of our Kickstarter backers by the end of the year. At this point, our backers are everything to our company, and we can’t wait to reward those who got in early on VRgluv. We still have 2 weeks left in our campaign, and we hope to get VRgluv in the hands of as many early adopters as possible.” Reuters
Nissan low-tech solution for sidetracked travelling is 180-years old, but effective
Nissan has design and developed a prototype device which should effectively eliminate problems and reduce incidents related to cell phone utilization and sidetracked driving. These devices is only a smartly designed armrest that matches in to the automaker’s Juke crossover. But also for now it continues to be a concept. Answering calls is definitely an evergrowing problem as it pertains to distraction-free travelling. With smartphones getting smarter, and with an elevated feature set, occurrences related to distracted traveling are anticipated to get a whole lot worse as the year’s pass. Nissan using research by Nottingham Pattern University, said an average smartphone customer examined their smartphones 85 times per day with quick assessments of significantly less than 30 seconds. Nissan message or calls it the Sign Shield theory and it fundamentally offers the exact carbon copy of a Faraday cage directly into the arm remaining device. After the smartphone is place within, all communications impulses are blocked and therefore drivers will be out of touch while he’s generating. A Faraday cage or shield is actually an enclosure used to prevent electromagnetic signals. Indeed Nissan’s smart little package, completely depends on the driver. And can only work effectively provided the drivers places his/her smartphone in to the container in the arm slumber. Still then, once within, you can find some degree of assurance that motorists will never be examining their smartphones until they stop travelling and draw it from the box. Reuters
ProCheck Raises $250,000 in Seed Funding from Sarmayacar
Sarmayacar, a syndicate of foreign investors to promote Pakistani startups has announced $250,000 Seed funding for ProCheck, a leading serialization and patient engagement services provider, also joined by Pakathon/Elastica. ProCheck’s round of funding will be used to expand its sales and engineering team to capitalize on the surge of interest from the pharmaceutical industry in particular, and will enable it to establish a sales and service presence in manufacturing hubs outside Karachi, where it is headquartered. As part of the financing, Rabeel Warraich from Sarmayacar has joined ProCheck’s Board of Directors. “By offering the full stack of track and trace capabilities, SMS and app based verification services, coupled with a strong focus on analytics and patient engagement, ProCheck has established itself as the provider of choice for the pharmaceutical industry,” said Rabeel Warraich, Founder, Sarmayacar. “ProCheck’s product partnerships mean they can provide a highly scalable, proven, suite of services to help manufacturers comply with government mandates for Punjab tenders and DRAP. “he added. “We are thrilled to partner with the ProCheck team to help accelerate their growth and help them make counterfeiting unprofitable by protecting the supply chain.” “We’re focused on our mission of enabling patient access to authentic and affordable drugs, by protecting the supply chain and empowering the purchaser,” said Saim Siddiqui, Founder and CEO of ProCheck. “With this round and involvement from a syndicate with deep expertise in healthcare, we’re well positioned to cement our substantial lead in the pharma verticaland solidify our reputation as the trusted provider of serialization and brand protection services. There has been a push in the last few years to protect patients from the scourge of counterfeit medicines, with regulatory bodies across the globe mandating manufacturers to adopt systems using serialization. This involves printing unique codes on each pack, which can be used by patients and regulators alike to confirm that the drug purchased is genuine. By 2019, it is expected that 75% of the world’s pharmaceutical supply chain will be covered under various regulatory mandates. The United States, EU, China, India, Saudi Arabia, South Korea and Turkey have introduced serialization/track and trace mandates. In Pakistan, both the Punjab Government and DRAP have finalized drafts to make serialization mandatory for pharmaceutical products over the coming years. Manufacturers are gearing up for a July 1 deadline by the Punjab government to serialize all products procured via tender.