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CORPORATE CORNER CPEC SET TO EMBRACE A BRIGHTER, MORE SPLENDID NEXT DECADE, SAYS CHINESE ENVOY
TCL, D araz unveil grand azadi sale: up to 21% off, free shipping, and more delights await!
LAHORE: Mark your calendars for an extraordinary shopping extravaganza as TCL, the unrivaled leader in LED TVs in Pakistan, joins forces with Daraz, the foremost online retail giant, to unveil the muchanticipated Azadi Sale running from August 14th to 23rd Embark on the Sale Now: https://shorturl at/bCPZ5Prepare to be swept off your feet by the unparalleled offerings as TCL and Daraz present a remarkable collaboration gracing the period of August 14th to 23rd with remarkable deals Delight in savings of up to 21% on an extensive spectrum of iFFALCON and TCL products, encompassing an enticing array including Mini LEDs QLEDs 4K
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UHD LEDs Smart Android LEDs the ingenious Smart Air Purifier Breeva A2 the ever-helpful Robot Vacuum Cleaner Sweeva immersive Soundbars and cutting-edge Air Conditioners The festivities don t stop there; revel in the luxury of complimentary shipping, the convenience of monthly installments, the assurance of brand warranty collectible vouchers and exclusive discounts with partnering banks This unparalleled opportunity is exclusively available at the prestigious TCL flagship store within the Daraz platform PR
Jazz, UNDP extend collaboration to promote women-led social innovation
ISLAMABAD: Jazz, Pakistan’s largest digital operator and the United Nations Development Programme (UNDP) have launched the Women Initiative in Social Entrepreneurship (WISE) to promote women-led social innovation in Pakistan
The WISE Bootcamps, registrations for which are open now, aim to empower 400 women social entrepreneurs across 12 cities of Pakistan with essential business knowledge and skills to manage sustainable social enterprises
To strengthen the start-up ecosystem in Pakistan in 2020 Jazz and UNDP partnered to launch SDG Bootcamps to promote social innovation and entrepreneurship by youth in Pakistan The SDG Bootcamps engaged 401 participants, 40% of them being women entrepreneurs The solutions addressed by these enterprises included climate action health and digital transformation
Continuing the partnership – and with implementation through the School of Leadership Foundation (SoLF) – the WISE Bootcamps will focus on strengthening Pakistan's women social entrepreneurs PR
Bank Alfalah continues growth momentum
KARACHI: The Board of Directors of Bank
Alfalah Limited (BAFL), in its meeting held on August 10, 2023, approved the Bank’s financial results for the half year ended June 30, 2023 Pakistan weathered economic stress during the first half of 2023 However the Bank has delivered sound financial results posting profit before tax of Rs 35 865 billion The profit after tax stands at Rs 18 620 billion, representing a growth of 113 9% over last year, even after absorbing super tax imposed by the Federal Government The Earning Per Share (EPS) for the half year stands at Rs 11 81 (Jun ’22: Rs 4 90) The Board has declared an interim cash dividend of Rs 3 00 (Jun 22: Rs 2 50) per share Bank Alfalah s deposit base increased by 34 6% year-on-year (YoY), closing at Rs 1 776 trillion as at June 30, 2023 The Bank also improved its market share in deposits CA and CASA ratios stood at 42 8% and 71 3% respectively PR
Kuwaiti-based ener tech holding explores collaboration with K-Elec tric
K A R A C H I : “Pakistan’s energy landscape is rapidly changing, and clean energy is increasingly taking center stage At EnerTech Holding we have been exploring various markets and identifying partners in leading utilities with whom we can collaborate and catalyze the transformation We re very pleased to see K-Electric s ambitions for Karachi and its alignment with the country s renewable energy vision We believe that a collaboration which combines EnerTech’s expertise and K-Electric s legacy can have tremendous implications to accelerate these efforts These comments were made by His Excellence Abdallah Al-Mutairi, CEO of EnerTech Holding during a meeting with CEO K-Electric, Moonis Alvi The meeting between EnerTech and KE management marks a significant step towards furthering clean technology initiatives in the region which form an integral part of KE s forward-looking vision In addition to a PKR
TH E Chinese Consul General in Karachi Yang Yundong has said that China Pakistan Economic Corridor (CPEC) will embrace a brighter and more splendid next decade, propelling the China-Pakistan allweather strategic cooperative partnership to new heights and making greater contributions to the peace and prosperity of both countries and the region
Currently the CPEC has entered its second phase, which marks a crucial stage of high-quality development, the Chinese Consul General said while speaking at a press conference at a local hotel
The 10th anniversary of CEPC was celebrated in Islamabad last week and the Chinese President Xi Jinping sent a congratulatory message, which pointed out that since its launch in 2013, China and Pakistan have been advancing CEPC under the principle of extensive consultation joint contribution and shared benefits and have achieved several early harvests
This has added new impetus to the economic and social development of Pakistan and laid a good foundation for regional connectivity and integration
It is a vivid testament to the all-weather friendship between China and Pakistan and provides an important underpinning for building an even closer China-Pakistan community with a shared future in the new era
Since CEPC started ten years ago, altogether 36 projects have been completed or under construction which has brought $25 4 billion of direct investment to Pakistan achieving cumulative revenue of $17 55 billion cumulative tax payments of $2 12 billion, creating 236,000 job opportunities and helping to add 8,000 megawatts of electricity, 510 kilometers of highways, and 886 kilometers of national core transmission lines ” the Consul General said
He said significant progress has been achieved in the construction of Gwadar Port The port now has 3 multi-purpose berths capable of handling 50 000-ton vessels fully operational Projects like the East Bay Expressway, Vocational, and Technical Training Institutions are already in operation
He said Gwadar New International Airport the desalination plant and China-Pakistan Friendship Hospital all aided by China are scheduled for completion in succession The first phase of the Gwadar Free Zone has been completed, and several livelihood and agriculture technology companies have started operations This shining “pearl” of the CPEC which used to be a small fishing village is accelerating its momentum towards becoming a strategic hub for logistics and industrial bases Yang said energy is one of the most heavily invested and productive cooperation areas under the framework of CEPC
“As many as 14 energy projects have already started commercial operation with the total installed capacity accounting for one-fifth of Pakistan s total capacity, and generating one-third of the electricity of the whole country at peak hours Sahiwal, Port Qasim, and Hub coal-fired power plants were swiftly built and put into commercial operation at China s speed he added Various clean energy projects such as Karot Hydropower Project Dawood Wind Power Project, Sachal Wind Farm, and the Quaid-e-Azam Solar PV Power Plant, and K2, K3 nuclear power units have enriched Pakistan’s energy structure The Thar Block I and Block II coalfired power integration project has contributed to Pakistan s energy self-sufficiency, he added Yang Yundong said the Matiari to Lahore HVDC transmission line is the first high voltage direct current transmission project in Pakistan which transmits over 30 billion KW/hour of power every year with little power loss The implementation of various energy projects along the CPEC has illuminated millions of Pakistani households and provided reliable power support for Pakistan’s economic development People in Pakistan no longer have to worry about frequent power shortages or power cuts he added Yang Yundong said there has been tremendous progress in infrastructure development The Sukkur-Multan motorway, with a total length of 392 KM, is the largest transport infrastructure project under CEPC, which cuts the travel time between the two cities from 11 hours to less than 4 hours
The Lahore Orange Line Metro is Pakistan s first Metro line and the only one so far and has taken Pakistan to the Metro era It significantly reduces the commuting time between the two ends of the line from 2 5 hours to 45 minutes
The Karakoram Highway Phase II project is connected to the China-Pakistan Friendship Road enabling cargo buses to directly reach the Khunjerab Pass
Many other examples exist The infrastructure construction along the CPEC has unlocked the potential of the regions, paving the way for development and prosperity ” he added
He informed that a remarkable achievement has been made in industrial cooperation CPEC has encouraged an increasing number of Chinese enterprises to come to Pakistan and engage in multifield industrial cooperation, including agriculture manufacturing and textiles
In the M3 Industrial City in Faisalabad ceramic products produced with Chinese investment and technology have reached thousands of Pakistani households, greatly enhancing Pakistan s independent capabilities in the sector of the building material industry In many places in Punjab and Sindh provinces Chinese hybrid rice has become a popular planting variety significantly increasing rice yield
He said at the same time, cooperation in chilli and canola planting is progressing steadily The Rashakai Special Economic Zone Phase I built by Chinese companies has been completed and begun attracting investment while the Dhabeji Special Economic Zone broke ground in July this year
With the development of special economic zones, bilateral industrial cooperation is expected to grow even closer laying a solid foundation for Pakistan’s industrialization process he concluded
British discount retailer Wilko said it has fallen into administration on Thursday, a form of creditor protection that puts its 12,000 jobs in danger
The family-owned retailer, facing a cash squeeze after a downturn in trading had failed to secure emergency investment
We left no stone unturned when it came to preserving this incredible business but must concede that with regret, we’ve no choice but to take the difficult decision to enter into administration Wilko Chief Executive Mark Jackson said
Administrator PwC did not have an immediate comment Wilko which sells everything from hardware goods to cleaning products, toys and gardening equipment, trades from about 400 stores across the UK and has an annual turnover of 1 2 billion pounds ($1 53 billion)
It is Britain s biggest retail casualty since convenience store chain McColl s collapsed in May last year McColl s was subsequently bought by supermarket group Morrisons Jackson said Wilko’s had “a significant level of interest” including indicative offers that could recapitalise the business However, without the surety of being able to complete the deal within the necessary time frame and given the cash position we ve been left with no choice but to take this unfortunate action, he said Wilko started as a single hardware store in Leicester, central England in 1930 but has become the first major retail victim of Britain s tougher economy grappling with high inflation and 14 consecutive interest rate rises since December 2021
Despite the squeeze on household incomes from the jump in interest rates and high levels of inflation most UK high street chains have traded resiliently so far this year
