Category: Information Technology

Pakistan Stock Exchange (PSX) has announced the recipients of the Top 25 Companies Awards for the year 2019.

The Top 25 Companies Award tradition at PSX goes back to 1978. The best performing listed companies in Pakistan are awarded this distinction. A general definition for ‘well-performing’ may be understood as companies that have outperformed others by the parameters of corporate governance and financial performance, and added value to shareholders based on certain specific quantitative criteria, amongst other factors, make it to the Top 25 Companies List.

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This year’s parameters were also re-defined to suit the current times. As per tradition and in line with the evolving business landscape in the country, the criteria for selecting such companies were also updated and upgraded in 2019. The prerequisites to be included in the list for this year were:

A minimum distribution of 30 percent including at least 15 percent cash dividend.
Shares being traded for at least half of the total trading days during the year.
The company not being in the Defaulters’ Segment of the Exchange (or) not having its shares trading suspended because of any violation of Listing Companies and Securities Regulations of the Exchange during 2019.

In 2019, the distribution of marks awarded to the companies was based on the criteria of Capital Efficiency (20.5 percent marks), Dividend Distribution including Bonus (20 percent marks), Growth in Operating Revenue (6 percent marks), Change in EBITDA Margin (6 percent marks), Free-float of Shares (10 percent marks), Turnover of Shares (2.5 percent marks), Corporate Governance and Investor Relation (35 percent marks). This brings the total to 100 percent marks signifying the different criteria for selecting companies for the Top 25 Companies Awards, reported Business Recorder.

The companies that made it to the Top 25 Companies Awards list in 2019, in order of their performance ranking, are:

Fauji Fertilizer Company Limited
Nestle Pakistan Limited
Lucky Cement Limited
Habib Bank Limited
Archroma Pakistan Limited
Engro Fertilizers Limited
Security Papers Limited
Bank AL Habib Limited
United Bank Limited
Colgate – Palmolive (Pakistan) Limited
Mari Petroleum Company Limited
Attock Petroleum Limited
Dawood Hercules Corporation Limited
Pakistan Oilfields Limited
Bata Pakistan Limited
International Industries Limited
MCB Bank Limited
International Steels Limited
Millat Tractors Limited
Agriautos Industries Limited
Engro Corporation Limited
EFU General Insurance Limited
ZIL Limited
AGP Limited
Gadoon Textile Mills Limited

On the announcement of the Top 25 Companies Awards recipients, the MD and CEO of Pakistan Stock Exchange, Farrukh H. Khan, said that the Top 25 Companies Award is the most prestigious recognition of overall corporate performance in Pakistan. He congratulated the winning companies and said,

They are the leaders and role models for other corporates to emulate. These companies have created tremendous shareholder value, contributed significantly to Pakistan’s economy, and have projected a positive image of Pakistan globally.”

The CEO also said, “I am also excited to share that for the year 2020, PSX has further improved the criteria for the Top 25 Companies award to take into account current trends and developments in the investment industry.” This new criterion includes a focus on total shareholder returns rather than just dividends and reporting on diversity and sustainable development goals (SDGs), amongst other changes.

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In the challenging economic environment faced by Pakistan due to the coronavirus pandemic, the recognition of these companies by the Pakistan Stock Exchange will not only bring them the attention of local and foreign investors, analysts, and portfolio managers but will also cast a positive light on Pakistan’s business, economic, and financial sectors, locally as well as globally.

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The Punjab Excise and Taxation Department is launching a state-of-the-art system to monitor the execution of applications for smart cards and computerized number plates.

The new system, which will be launched within a few days, will enable better monitoring of the applications through a dashboard, simplify the process for users, and track every step at the back end. As soon as the process is completed, the applicant will be informed about it.

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According to an insider,

From the time the application is submitted, all the details will be displayed on the dashboard. The Director-General Excise and Taxation Punjab, Saleha Saeed, is personally supervising the new system, which will reduce the duration of the process. Millions of smart registration cards will be issued on time.

The Punjab Information Technology Board (PITB) is working closely with the Excise Department to launch the new system and has been directed to forward the applications to the Excise Department.

To overcome further delays, the progress report of the system will be regularly monitored by the DG Excise and Taxation Punjab’s Office. All the applicants will receive updates via SMS once it is executed.

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DG Saeed stated, “Addressing the issue of delays and resolving the crisis of computerized number plates has been the biggest achievement for the department”.

She added that the department has tackled all the technical issues and that the process of distributing the pending 2.9 million number plates will begin by January.

Besides establishing this system, a committee has been constituted by DG Saeed to investigate by January 2021 the reasons for the previous technical and administrative delays.

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Anti-Narcotics Force (ANF) personnel raided the international containers terminal at Karachi Airport and seized 105 kg of opium worth millions of rupees concealed inside a rolling machine set for shipment to Canada.

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One suspect has been detained by the officials in connection with the smuggled opium. Meanwhile, investigations are underway.

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ANF revealed that the recovered opium is worth millions of rupees according to its market value.

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The UK-based global aviation services specialist Menzies Aviation has announced the acquisition of 51% shares in the Royal Airport Services (RAS) which is a Pakistan-based aviation services business.

RAS has been operational in Pakistan since 2007 and has a strong foothold in the local market through its provision of a range of aviation services across the country. With its revenue exceeding $20 million in 2019, RAS handles both national and international carriers across eight airports.

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The deal with the RAS has provided Menzies Aviation with both the opportunity and a strong platform to enter Pakistan’s aviation services market.

The Executive Chairman of Menzies Aviation, Philipp Joeinig, announced,

We are delighted to be partnered with Royal Airport Services. The acquisition is in line with our global strategy to offer our service portfolio to new markets and we believe that a presence in Pakistan will provide a strong platform for further regional growth opportunities. Together, as a Joint Venture, we will strive to improve aviation safety and security at the eight airports in Pakistan and foster further growth in the passenger and cargo sectors of this market, which, in turn, will further develop the Pakistani travel and tourism market. RAS has demonstrated the ability to grow successfully and with Menzies Aviation’s additional scale and global reach, there is clear potential to generate further opportunities in the region.

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The Chairman of Royal Airport Services, Shujaat Azeem, said,

We are delighted to have selected Menzies Aviation, the premium International Aviation Services provider, as our partner to further strengthen the Royal Airport Services’ business. Menzies/RAS Pakistan will provide the best in class international operating standards to the eight airports at which we operate in Pakistan. This will enhance the passenger experience, improve air cargo connectivity, and support tourism growth in the country.

Via: PKAviation

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Flights to and from the Allama Iqbal International Airport, Lahore have been disrupted due to foggy weather. Consequently, a number of domestic and international flights have been either suspended or canceled.

Pakistan International Airlines’ (PIA) flight 307 to Karachi and flights 304 and 306 from Karachi have been canceled.

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Following the cancellation of foreign airlines’ flights from Muscat and Dubai, a private airline’s flight departing from Lahore to Dubai has also been also canceled.

The canceled flights also include Oman Air’s flights 341 and 342 from Muscat, Airblue’s flights 416 and 417, and PIA’s flight 307 to Karachi.

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Flights to Istanbul, London, Kuwait, Doha, and Abu Dhabi are temporarily suspended. Turkish Airlines’ flight 715 for Istanbul and British Airways flight 258 have been delayed as well.

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Pakistan’s leading player in the textile industry, AlKaram Textile Limited, has received an order from the renowned American brand Gap Inc. for a period of six years.

According to AlKaram Textile Limited’s Managing Director, Fawad Anwar, the company has signed a license for home textiles with Gap Inc. for all of North America and Mexico for six years.

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The company will be Pakistan’s first home textile company to enter the brand licensing space in international markets. The project is likely to open doors for the same companies in the established markets as well as for the other textile producers based in Pakistan.

Although both exports and handsome income inflows will be received via these orders, the expansion of the local value chains could result from the fulfillment of such an order, including the generation of employment and local businesses.

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Located in Karachi, AlKaram Textile Mills has 10,000 employees across all of its branches and generates $337.26 million in sales annually.

Pakistan’s textile industry is undergoing a historic phase of expansion after having achieved almost 100 percent installed production level. Textile producers are receiving orders from various foreign markets and are installing new production units and offering new jobs at the local level.

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The Pakistan Army paid tribute to the late Major Muhammad Akram Shaheed, Nishan-e-Haider, on his 49th martyrdom anniversary that was observed today (5 December ).

In a statement on Friday, the chief spokesperson for the military Major General Babar Iftikhar said,

A tribute to Major Akram Shaheed, Nishan-e-Haider for his supreme sacrifice. Displaying valor against all odds, he heroically repulsed innumerable attacks by the enemy, inflicting heavy losses in the battle of Hilli. Such exemplary courage is the hallmark of defenders of motherland.

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Born on 4 April 1938 in Dingha, District Gujrat, Major Akram was commissioned in the Frontier Force Regiment on 13 October 1963. He served as a Captain in the India-Pakistan War of 1965 and led numerous successful military operations against the Indian Army.

In the War of 1971, Major Akram led a company of four Frontier Force Regiments in the forward area in Hilli district of East Pakistan where he came under unremitting air, artillery, and armor attacks. Regardless, he and his men stood their ground and inflicted heavy casualties on the adversary.

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The enemy had planned to destroy an essential rail link and deprive the Pakistani troops in the northern region of important supplies and reinforcement. Despite the superiority of the opponents in terms of numbers and firepower, the troops commanded by Major Akram countered all their attacks and inflicted heavy damage upon them.

Major Akram displayed indomitable courage in the face of the enemy. He embraced martyrdom during this epic battle and was posthumously awarded Pakistan’s highest military award – the Nishan-e-Haider – for his valor and bravery.

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Chinese social media app TikTok has been under the threat of getting banned in the US for months. Its last deadline to sell or spin-off its business was yesterday on December 4th, but a new report says that the US government will no longer enforce any deadlines on the Chinese app.

The last deadline (December 4th) was given by the Committee on Foreign Investment in the United States (CFIUS). An extension of this deadline is not expected, but it will not be enforced either as discussions between the Trump administration and TikTok continue.

This news was corroborated by CNN tech reporter Brian Fung who said that the US will not enforce its own deadline. His sources claim that the lack of a deadline is proof that the US is “highly motivated” to complete talks of a sale. He said that both parties will continue negotiating in an “open-ended manner”.

US officials are “highly motivated” to complete the talks, the person said, and added that the lack of a new, specific deadline is indicative of that.

— Brian Fung (@b_fung) December 5, 2020

The Trump administration has repeatedly argued that TikTok poses a national security risk and threatened to ban it in the region if it is not sold to an American company. It is not yet clear how that would resolve the security risks, but Trump approved of Oracle and Walmart’s bid of acquiring a share of TikTok’s business.

The acquisition is yet to receive final approval from China, which is unlikely.

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After targeting Huawei and numerous other Chinese companies, the US is now putting pressure on China’s biggest chipmaker SMIC. The US has added SMIC to a list of “Chinese military companies” that now prohibits American investors from holding or trading shares with the company.

The US Department of Defense has accused the Chinese government of using the expertise of “civilian entities” such as universities and companies like SMIC to empower its military capabilities. SMIC has denied any links with the Chinese military.

Following this move, the company falls under the new executive order signed by President Donald Trump in November that prevents the US from funding the modernization of the Chinese military. This suggests that the US Department of Commerce may add SMIC to the trade blacklist, the same entity list that Huawei is currently on.

This could significantly impact the company’s computer chip business. The company has also previously said that some of its US suppliers have been issued with letters saying that they will be subject to new trade restrictions.

Richard Windsor, founder of research firm Radio Free Mobile said:

Seeing as SMIC is dependent on sourcing from US companies in order to be able to manufacture silicon chips, this puts SMIC’s business in the hands of the Department of Commerce, which can decide whether to issue licences on a case-by-case basis.

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