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SFA Seals a Factory in Karachi for Selling Expired Chocolate

Sindh Food Authority (SFA) on Friday raided and sealed the SITE Area Confectionery Factory in Karachi for selling expired chocolates as scrap to destitute households.

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Earlier, the authorities raided a truckload of expired chocolates on the Hub River Road. The expired confectionary was meant for the low-income localities in the Mawach Goth neighborhood. From there they were to be sold at shops and bakeries for local consumption.

According to the food authority officials, the factory owners were involved in the practice of preparing expired chocolates. Along with the poor hygienic condition of the factory, the officials also found expired raw material for chocolate preparation on the premises.

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A fine of Rs. 300,000 was imposed on the company.

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Pakistan Surpasses India With Higher Investment Commitments in H1 2020

Pakistan became one of the five countries with the most investment commitments in H1-2020. This was revealed in the latest report released by the World Bank titled Private Participation in Infrastructure (PPI) 2020 Half Year Report.

According to the report, Pakistan had the fourth-highest investment commitments—a new entrant to the top five countries this year—with $1.9 billion of investment commitments, accounting for 0.69 percent of GDP.

This can be attributed to the financial closure of the Thar Block-I Coal-Fired Power Plant, which was the only project to reach financial closure in the country during this time period, said the report.

The Thar power plant and the pipeline in Mexico were the only two megaprojects to reach financial closure in the first half-year of 2020.

South Asia was the region with the second-highest H1 2020 investment level ($4.9 billion), driven by Pakistan ($1.9 billion), India ($1.8 billion), and Bangladesh ($1.2 billion). In the past few years, China has been an active infrastructure sponsor, speeding up slow progress on major infrastructure projects in South Asia, especially in Pakistan and Bangladesh. Nevertheless, investment levels saw a 33 percent dip from the first half-year of 2019 levels.

Pakistan became one of the five countries with the most investment in the first half-year of 2020, due to a $1.9 billion mega coal power project with 1,329-megawatt (MW) capacity. The coal power project was developed under the umbrella of the China-Pakistan Economic Corridor (CPEC). It is part of an effort by the Government of Pakistan to improve energy security and reduce the average cost of power generation by transitioning from oil to coal.

China still retained its spot in the top five investment commitments but fell from first to third place, with investment commitments of $2.9 billion, accounting for 0.02 percent of gross domestic product. This is a drop from the first half-year of 2019 when PPI investment levels accounted for 0.13 percent of GDP.

The highest investment commitments were in Mexico, which was not in the top five countries in the first half-year of 2019. It accounted for $4.1 billion in investment, equivalent to 0.32 percent of its GDP.

The increased investment level can be attributed to the financial closure of the New Burgos, Cactus, and Isthmus Corridor Pipelines, worth $4 billion. Brazil followed Mexico, with investment commitments of US$3.5 billion, accounting for 0.19 percent of GDP.

Lastly, India had the fifth-highest investment commitments, at $1.1 billion, accounting for 0.06 percent of GDP. In the first half-year of 2020, these five countries together attracted US$14.1 billion, representing 64 percent of PPI investments in EMDEs.

However, the South Asian Region had the lowest amount of investment in renewables (18 percent), with only US$456 million channeled to renewable energy plants versus US$2.1 billion committed to coal power plants. The low rate in SAR was mainly due to the sizable coal project in Pakistan. This trend is expected to continue because the Government of Pakistan is trying to improve energy security and reduce the average cost of power generation by switching from oil to coal, added the report.

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Leak Reveals a Mysterious Google Pixel XE Phone

We have seen the Google Pixel, the Pixel XL, and the Pixel A phones, but now a mysterious new device called the Pixel XE has appeared in leaks. The leak comes from an unconfirmed source, but since Pixel phones often leak months before their release, it is possible that it’s a real device.

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The mysterious new phone has appeared in a set of live images from slashleaks that do not reveal much except that it has NFC and two SIM card slots. The images also reveal that the device has thick side bezels as well as a centered punch-hole cutout for the selfie camera. The rest of the details are still a mystery.

We do not expect a new Google Pixel phone to arrive anytime soon as the company has released the Pixel 5 and the Pixel 4a only recently. It is possible that it could be a new Google Pixel 5 model other than the usual XL and A phones, but we will have to wait until more information surfaces on this unknown XE device.

Stay tuned for updates.

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Sony Patents a Possible PS5 Pro With Two GPUs

A newly uncovered patent from Sony shows that the company may be working on a console with two GPUs, similar to gaming PCs with Nvidia’s SLI and AMD’s CrossFire support. Rumor has it that this could be the PlayStation 5 Pro.

According to the patent, the two GPUs in the unnamed console would work together to render a single frame simultaneously or split the frame into two and feed it to the GPUs separately. Only one of the GPUs will control the HDMI output, which would require it to read the frames from the other one.

These GPUs would also have their own memory controllers to avoid memory congestion.

The patent also mentions a high-end console with bigger and faster storage as well as two GPUs while the other variant features just one. This configuration could be similar to the PS4 and the PS4 Pro, except with dual GPUs this time around. This could mean that Sony is working on a PS5 Pro with two GPUs, which would enable 4K 120 FPS gaming and a better VR experience.

Furthermore, the patent also talks about a cloud gaming service that would require an additional device with sensors like NFC, GPS, IR blaster, biosensors, weather sensors, etc. This device will link to the console and enable cloud computing as well as cloud gaming. Though it is unclear what all the sensors are for.

However, as this is only a patent, we recommend taking this information with a grain of salt.

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Apple Launches a Free iPhone 11 Repair Program

For those who still have an iPhone 11, Apple is launching a new Replacement Program for iPhone 11 units plagued with display issues. This new program will be applicable for iPhone 11 units manufactured between September 2019 and May 2020 and will address touch screen issues on these devices.

Here is what Apple said on its support website:

Apple has determined that a small percentage of iPhone 11 displays may stop responding to touch due to an issue with the display module. Affected devices were manufactured between November 2019 and May 2020. If your iPhone 11 has been exhibiting this issue, please use the serial number checker below to see if your device is eligible for this program. If so, Apple or an Apple Authorized Service Provider will provide service, free of charge.

Customers suffering from display issues can contact an Apple Authorized Service Provider or make an appointment at an Apple Store for a free repair. Apple also gives its customers the option to mail in their devices but advises them to back up their phones beforehand. In case the iPhone’s display is cracked or broken, it should be fixed before the touchscreen can be serviced.

Keep in mind that this program does not extend the standard warranty coverage of the iPhone 11.

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FBR Successfully Holds Pre-Bidding Conference for Track and Trace System

The Federal Board of Revenue has successfully held a pre-bidding conference for the grant of a five-year license for an IT-based solution for electronic monitoring (Track and Trace System) of specified goods i.e. Tobacco, Cement, Sugar, and Fertilizer.

The pre-licensing conference was held on at FBR Headquarter which was attended by 25 participants physically and another 15 participants joined through zoom. Dr. Muhammad Ashfaq Ahmed, Member (IR-Operation) and Mr. Tariq Hussain Shaikh, Project Director, (Track & Trace System) conducted the conference and explained the functions, features and purpose of implementing the Track and Trace System in Pakistan, which includes a minimum human interface, preventing leakage of revenue, under-reporting sales of specified goods and to ensure proper payment of duty/ taxes.

The participants showed their interest in the project and asked very relevant and pertinent questions. FBR team responded to all queries in a professional manner to the satisfaction of the participants, which gave more clarity and understanding about the implementation and operationalization of the Track and Trace System.

FBR team further clarified that last date of the bids is 19th December, 2020 which cannot be extended, as the Track and Trace System has been planned to be rolled out by 30.06.2021.

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Cement Sector Posts Lowest Monthly Growth in FY21

Pakistan’s cement sector posted a growth of 4.19 percent in November 2020 as compared to last year – which is the lowest monthly growth during this fiscal year after double-digit growth in September 2020 and October 2020.

According to the data released by the All Pakistan Cement Manufacturers Association (APCMA), the total cement sales in November 2020 was increased by 4.19% to 4.508 million tons as compared with 4.327 million tons in November 2019.

However, the sales were down from 5.735 million tons recorded in October 2020 and 5.225 million tons in September 2020.

The local uptake of cement in November 2020 increased by 6.29 percent to 3.742 million tons from 3.521 million tons in November 2019 while exports registered a reduction of 4.99 percent, declining to 766,273 tons from 806,521 tons in the same month last year.

According to a statement issued by APCMA, This is the first instance of decreasing exports during this fiscal which otherwise was on the rising trend.

In the north region, domestic cement sales increased by 4.79 percent to 3.129 million tons during November 2020 from 2.986 million tons in November 2019. Exports from the north decreased by 30.81 percent to 0.182 million tons in November 2020 from 0.263 million tons in November 2019.

In the southern region, the domestic cement sales increased by 14.66 percent to 613,113 tons from 534,720 tons in November 2019. Exports from the South increased by 7.51 percent to 584,182 tons in November this year from 543,361 tons in November 2019.

Cement Sector grows by 16.61 percent in 5MFY21
Total cement sales during the first five months of the current fiscal year increased by 16.61 percent to 23.839 million tons from 20.444 million tons in July-Nov 2019. Domestic sales registered a healthy increase of 15.55 percent, increasing from 16.837 million tons to 19.456 million tons. Exports also showed encouraging growth increasing by 21.54 percent from 3.607 million tons to 4.384 million tons.

In the North (Punjab-KPK) the domestic growth increased by 16.03 percent as consumption in the first five months of the current fiscal year increased to 16.757 million tons from 14.442 million tons during the same period last year. The exports from North posted a decline of 10.34 percent in the first five months of this fiscal year which decreased to 1.087 million tons from 1.213 million tons during Jul-Nov 2019.

In the South (Sindh-Baluchistan) the domestic growth increased by 12.66 percent as consumption in the first five months of the current fiscal year increased to 2.698 million tons from 2.395 million tons last year. The exports from the South posted a growth of 37.70 percent in the first five months of this fiscal year which increased to 3.296 million tons from 2.394 million tons during Jul-Nov 2019.

The spokesman of APCMA said that “The adverse publicity the cement sector received as a result of the coercive actions by Competition Commission of Pakistan (CCP) even before completion of the investigation, is also affecting the industry”.

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Lakson VC Leads a $1,000,000 Pre-Series A Round in Roomy.pk

Islamabad based Roomy Hotels (Private) Limited (“Roomy.pk”) announced today that it has closed a $1 million Pre-Series A round led by Lakson Venture Capital (“Lakson VC”). Other investors in the round are Karavan VC and a syndicate of Angel Investors.

Roomy.pk is a business sharing the budget hotel market economy with unbranded hotel property owners making it affordable for people to obtain branded quality hotel facilities at a cheaper price by tapping the underutilized inventory of local unbranded budget hotels.

Roomy has been able to leverage technology to develop a proprietary solution that is transforming customer experience and hotel management, while enabling the company to achieve rapid, data-driven growth. Some of the features offered to travelers across properties include guaranteed online bookings, contactless check-in & check-out (no front desk queuing), standardized rooms, and branded amenities.

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The team is spearheaded by Goldman Sachs and Carnegie Mellon Alum Dr. Asad Samar who is the Founder & CEO. His Co-Founders are also industry veterans with Haasin bin Zahid from Jovago as Chief Operating Officer and Abdul Rehman from Convo & Telenor as the Chief Technology Officer.

“Roomy is a fresh take on the traditional hospitality business. Our rooms are decked out with aesthetically pleasing minimalist interiors, price points tailored for the young and growing Pakistani middle class, tech-stack developed in-house for the smart traveler, and an innovative business model designed for scale,” said Asad Samar, Founder & CEO of Roomy.pk.

Pakistan’s middle class is projected to grow to 122 million by 2025, the largest increase after China and India. 130 million Pakistanis are below the age of 30 consisting of Millennials and Gen Zers who are eager to travel. The local hospitality industry is 3% of GDP with an expected year-on-year growth of 5.4%; while tourism makes up 7% of the country’s GDP. There are more than 50 million domestic tourists each year and the number will likely increase due to global travel restrictions.

“The hospitality and travel industry in Pakistan is an underserviced market segment with a multi-billion-dollar market opportunity. Roomy is our second pick in the travel vertical as it has a scalable asset-light business model; while addressing the market gap for younger domestic leisure and corporate budget travelers, offering optimally priced standardized rooms & amenities in key locations,” said Faisal Aftab, Managing Partner of Lakson VC.

Faisal Aftab (Managing Partner of Lakson VC) has joined Roomy.pk’s Board of Directors.

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VW Group Recalls Former Porsche Engineer to Develop the Ultimate EV

The VW Group has reportedly brought its former Porsche engineer, Alexander Hitzinger, back on board to develop a Tesla-beating Electric Vehicle (EV).

In his previous stint with the VW Group, Hitzinger, had built the hybrid Porsche 919 race car that dominated the Le Mans race series for three consecutive years until 2017.

Although he later joined Apple to develop a self-driving car, the prodigal son has returned home to help the VW Group develop an EV that will top the industry, for which he has been appointed head of the group’s new project called ‘Project Artemis’.

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Hitzinger and his team have until 2024 to create the new EV for the VW Group to begin its production in the same year. The vehicle will be based on the VW Group’s Premium Platform Electric (PPE) that is shared by most of the group’s premium EVs.

The vehicle will reportedly be a premium product and will wear the badge(s) of Audi, Bentley, and/or Porsche. Audi will be in charge of the Research and Development of the project and will help to improve the PPE platform and assist in perfecting the self-driving technology for the vehicle.

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Hitzinger said that he intends to turn the group’s EV development strategy around. He remarked that Tesla’s vehicles have a very sophisticated and complex mechanical and technical structure that can be developed and fine-tuned via a single software, and added that he wishes to do the same with the new vehicles to push their range beyond the EV offerings by the conventional automakers in the market.

“At Porsche, I always thought of a vehicle as a comprehensive system. This is a very important point. It is what Tesla does well,” Hitzinger told Reuters.

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Pakistani Rupee Holds Its Ground Against the US Dollar

Pakistani Rupee slightly improved upon yesterday by gaining 3 paisas against the US Dollar today, after yesterday’s gain of 29 paisas. The beginning of the week saw PKR deteriorate against USD. However, PKR turned its tide on Thursday.

PKR closed at Rs. 160.13 on Friday as compared to Rs. 160.16 on Thursday, which was up from Rs. 160.46 on Wednesday. Before this, the Pakistani Rupee lost 64 paisas against USD on Wednesday and 39 paisas on Tuesday after posting a negligible gain of 4 paisas on the opening day of the week.

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After a Poor Week, Rupee Finally Recovers Against the US Dollar

According to the data shared by the financial analytics platform Capital Stake, PKR remained volatile for the better part of the past two weeks. From last week’s closing (Friday, November 27) loss of 12 percent, PKR maintained average improvement until 2 percent gain at this week’s closing (today).

Overall, the current week saw volatility in PKR’s exchange rate to the dollar, with Monday (November 30) seeing negligible improvement followed by notable losses on Tuesday and Wednesday, before moderate recovery again towards the end of the week.

The data by the platform also showed that PKR lost a total of 71 paisas, or 45 percent, against USD over the past four weeks, while it posted a loss of 67 paisas, or 42 percent, during the first week of December. Comparing to the beginning of the year in concern, however, PKR is 4.93 percent stronger than the USD.

This movement of PKR’s exchange rate, although fluctuating, has not come as a surprise to analysts who predicted such trends in PKR’s exchange rate to the dollar. “There were some importers buying dollars to meet their payment obligations, which puts pressure on the rupee,” a foreign exchange dealer earlier in the week stated.

Experts expect the rupee to likely stay range-bound in the coming days. “The trading range for the local currency for this month should be 159 to 161,” added a dealer.

The virus surge and its impact on exports, remittances, and demand will determine the future course of the exchange rate. The rupee may face downside pressure if the macroeconomic fundamentals deteriorate owing to the spread of the outbreak.

Other factors, such as fiscal reforms, uninterrupted flow of liquidity, may also contribute to the volatility of PKR against USD. IMF and FATF can also impact the exchange rate movement.

As for other major currencies, PKR continued its deterioration from yesterday. It fell 52 paisas against the Euro adding to a loss of 88 paisas yesterday and Rs. 1.88 the day before. Likewise, against GBP, PKR lost 29 paisas today taking up the deterioration of 0.5 paisas yesterday and 35 paisas on Wednesday.

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