J.P. Morgan Securities PLC: Pre-stabilisation Period Announcement

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

DAE Funding LLC

Pre-stabilisation Period Announcement

LONDON, June 15, 2021 (GLOBE NEWSWIRE) — J.P. Morgan Securities plc, (contact: Emma Lovett 0207 134 2468) hereby gives notice, as Stabilisation Coordinator, that the Stabilising Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU/xxx/2016 under the Market Abuse Regulation (EU/596/2016).

The securities:
Issuer: DAE Funding LLC
Guarantor (if any): N/A
Aggregate nominal amount: USD Benchmark
Description: USD 3yr Senior Unsecured  REG S/144A  Notes

Listing: Nasdaq Dubai

Offer price: TBC
Other offer terms: Denoms: USD 200,000 x USD 1,000
Stabilisation:
Stabilisation Manager(s): J.P. Morgan Securities plc (Stabilisation coordinator)
Credit Agricole CIB (Stabilisation Manager(s))
BNP Paribas SA (Stabilisation Manager(s))
Emirates NBD capital (Stabilisation Manager(s))
Truist Securities (Stabilisation Manager(s))
Stabilisation period expected to start on: 15 June 21
Stabilisation period expected to end no later than: 15 July 21
Existence, maximum size and conditions of use of overallotment facility: The Stabilisation Manager(s) may over-allot the securities in an amount not exceeding 5% of the aggregate nominal amount stated above.
Stabilisation trading venue: Over the counter, TBC

In connection with the offer of the above securities, the Stabilising Manager(s), or persons acting on behalf of the Stabilising Manager(s) may over-allot the securities, provided that the aggregate principal amount of the securities allotted does not exceed 105 percent of the aggregate principal amount of the securities, or effect transactions with a view to supporting the market price of the securities at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the issue date of the securities and 60 days after the date of allotment of the securities.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the “Prospectus Directive”) before the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Member State in accordance with the Prospectus Directive (or which has been approved by a competent authority in another Member State and notified to the competent authority in that Member State in accordance with the Prospectus Directive), this announcement and the offer are only addressed to and directed at persons in that Member State who are qualified investors within the meaning of the Prospectus Directive (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in that in that Member State

This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

LeddarTech Makes a Welcome Return to In-Person Events as a Lead Sponsor and Exhibitor at Tech.AD 2021 in Berlin, Germany

The Westfield AutoSweep POD

Westfield’s AutoSweep POD, the UK’s first fully autonomous pure electric road sweeper, featuring LeddarTech’s Leddar Pixell.

LeddarTech joins Tech.AD Europe as the Lead Sponsor and as both a presenter and exhibitor at this live event at the Titanic Chaussee Berlin, Germany, on July 1-2, 2021. Join LeddarTech either in person or digitally by registering today at autonomous-driving-berlin.com.

QUEBEC CITY, June 15, 2021 (GLOBE NEWSWIRE) — LeddarTech®, a global leader in Level 1-5 ADAS and AD sensing technology, is excited to be reigniting its physical event calendar as a lead sponsor and keynote speaker of Tech.AD. Tech.AD has long been recognized as one of Europe’s leading technical ADAS and AD conferences. LeddarTech’s CTO Pierre Olivier will serve on the honorary jury for the 8th Annual Tech.AD Europe Awards. These awards honor individuals and organizations who have designed exceptional solutions or products that contribute to ADAS/AD automotive development.

With a focus on environmental sensing that reimagines ADAS and AD solutions, the LeddarTech team will be participating in several capacities at this event.

Keynote presentation: July 1, 2021, 4:45 p.m. – 5:05 p.m. CET

Topic: Sensing Modalities, Sensor Fusion, and Perception for Autonomous Driving. The speaker, Pierre Olivier, Chief Technology Officer of LeddarTech, will explore the challenges and exciting opportunities facing the ADAS and AD business community.

World Café session: July 2, 2021, 1:15 p.m. – 3:35 p.m. CET

Topic: Sensor Café – Object Fusion vs. Raw Sensor Fusion – What Is the Superior Solution? Moderators: Reza Rashidi Far, PhD, and André Malz, PhD, of LeddarTech’s Strategic Product Management division.

Exhibition booth (6): July 1-2, 2021.

LeddarTech will feature solutions that solve critical sensing and perception challenges across the automotive and mobility value chain. LeddarTech will present these solutions through an innovative approach of on-site and live-streaming demonstrations of:

  • Mobility and ITS sensors, including the recently released Leddar™ Sight LiDAR and the award-winning Leddar™ Pixell;
  • LeddarVision™, a sensor-fusion and perception solution that delivers highly accurate 3D environmental models for L1-5 autonomy;
  • Special Feature: the Westfield AutoSweep, the UK’s first fully autonomous pure electric road sweeper, featuring the Leddar Pixell.
The Westfield AutoSweep POD

Westfield’s AutoSweep POD, the UK’s first fully autonomous pure electric road sweeper, featuring LeddarTech’s Leddar Pixell.

“Our technical teams from Israel, Germany, and Italy are excited to be joining our esteemed colleagues, peers, and partners at Tech.AD. Our much-anticipated return to in-person events is especially significant as we will be showcasing our customer Westfield’s autonomous AutoSweep POD, which features the Leddar Pixell,” stated Daniel Aitken, Vice-President, Global Marketing, Communications, and Product Management at LeddarTech. “Tech.AD provides an excellent opportunity to engage with many leaders in the industry both virtually and in person, and we look forward to demonstrating our latest technology, sharing our vision, and engaging with our customers,” Mr. Aitken continued. “Tech.AD is making all efforts to implement precautions to ensure a safe and fulfilling event for all delegates, and I welcome you to visit us in person or online during the event in July,” concluded Mr. Aitken.

For more information about Tech.AD, visit autonomous-driving-berlin.com.

Prior to Tech.AD register for the Automotive IQ Webinar: June 29, 2021, 11:00 a.m. – 12:00 p.m. ET

Topic: A Clean Sweep: How Adopting Autonomous Vehicle and EV Technology Is Paving the Way to Increased Road Sweeper Efficiency and Safety While Reducing Environmental Impact. Join Pierre Olivier, CTO of LeddarTech and Julian Turner, CEO of Westfield Technology Group, for this Automotive IQ hosted event.

Register here.

About LeddarTech

LeddarTech is a leader in environmental sensing platforms for autonomous vehicles and advanced driver assistance systems. Founded in 2007, LeddarTech has evolved to become a comprehensive end-to-end environmental sensing company by enabling customers to solve critical sensing and perception challenges across the entire value chain of the automotive and mobility market segments. With its LeddarVision™ sensor-fusion and perception platform and its cost-effective, scalable, and versatile LiDAR development solution for automotive-grade solid-state LiDARs based on the LeddarEngine™, LeddarTech enables Tier 1-2 automotive system integrators to develop full-stack sensing solutions for autonomy level 1 to 5. These solutions are actively deployed in autonomous shuttles, trucks, buses, delivery vehicles, smart cities/factories, and robotaxi applications. The company is responsible for several innovations in cutting-edge automotive and mobility remote-sensing applications, with over 95 patented technologies (granted or pending) enhancing ADAS and autonomous driving capabilities.

Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter, Facebook, and YouTube.

Contact:
Daniel Aitken, Vice-President, Global Marketing, Communications, and Product Management, LeddarTech Inc.
Tel.: + 1-418-653-9000 ext. 232
daniel.aitken@leddartech.com

Leddar, LeddarTech, LeddarSteer, LeddarEngine, LeddarVision, LeddarSP, LeddarCore, VAYADrive, VayaVision, and related logos are trademarks or registered trademarks of LeddarTech Inc. and its subsidiaries. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/2f336faf-ccca-4167-939e-c1dfcfc4c897

https://www.globenewswire.com/NewsRoom/AttachmentNg/84aebadf-f893-466e-8144-9b31e4d79c26

Senate Committee Rejects Govt’s Plan to Charge Sales Tax on Basis of Printed Retail Price of Sugar

The Senate Standing Committee on Finance and Revenue on Tuesday rejected the government plan to charge sales tax on the basis of the printed retail price of sugar.

The meeting of the Senate committee was held under the chair of Senator Talha Mahmood on Tuesday which thoroughly discussed the Finance bill’ Customs and Sales tax-related proposals.

Senator Saleem Mandviwala said that the proposal to charge sales tax on the basis of the printed retail price of sugar would impact consumers and would also create problems for the government.

It would increase the retail price of the commodity by Rs. 8-10 per kg and burden the masses already badly hit by the dearness, he added.

The Federal Board of Revenue (FBR) member custom policy Hamid Ali informed the committee that the FBR had facilitated the dealers through all possible incentives to bring them into the tax net.

The sugar mills are supplying the commodity to the unregistered persons and paying three percent additional sales tax However, the dealers are not ready to come into the tax net, which compelled the government to introduce such measures.

The committee did not agree to the justification provided by the FBR for placing the sugar in the Third Schedule and rejected the proposal.

The committee also rejected the government proposal pertaining to giving the arrest powers to FBR officials for failure to provide tax information.

Member of committee Senator Sherry Rehman said that the government, through section 203A, wants to give arrest powers to FBR officers. The NAB Ordinance is being brought into the FBR Act.

Chairman FBR replied that the law related to arrest was also in income tax and customs and it is also being brought in sales tax. FBR will arrest the person after the approval of the Finance Minister, he added.

On this, Senator Kamil Ali Agha said that FBR will become an institution above NAB in this way. We will not accept draconian laws, apparently, the purpose of this law is corruption.

Senator Mohsin Aziz said, on the one hand, the government wants to minimize the harassment but the proposed arrest clause is against it.

Senator Wasim Shehzad Questioned from the FBR how many people have been arrested under income tax and customs laws.

Chairman FBR said that the current finance bill has reduced the powers of FBR officers as the third party would conduct the audit now.

The Committee unanimously rejected the proposal and recommended removing the clause from the Finance bill.

The committee members also pointed out that last year not a single recommendation of the committee was incorporated in the budget for the current fiscal year.

However, the Additional Secretary (Budget) Finance Ministry said that it was not accurate that the government did not accept the recommendations of the committee last year; rather an appropriate number of changes proposed in the Public Finance Management Act was incorporated in the Finance Bill.

Later on, Mandviwala and the chairman of the committee exchanged hot words after Mandviwala started raising questions on every clause of the Finance Bill. Upon this, Senator Mahmood told Mandviwala “you are working on an agenda” and must take permission of the chair if he wanted to ask any question.

Source: Pro Pakistani

Pakistani Rupee Undergoes Massive Losses Against All Currencies

The Pakistani Rupee’s (PKR) posted notable back-to-back losses against the US Dollar (USD) this week, crossing the Rs. 156 exchange rate on Monday and deepening the losses today (Tuesday, 15 June).

The PKR closed at Rs. 156.78 against the USD at the end of the trading day today, down by almost 60 paisas as compared to Rs. 155.18 to the USD yesterday (Monday, 14 June).

Experts believe that there are payments pressures due to debt servicing and imports pickup, which, in turn, are happening due to better economic activities and international commodity prices moving upwards.

The PKR had maintained its position against the other major currencies yesterday, but posted blanket losses against all the major currencies in the interbank currency market today.

It lost notably by 84 paisas against the Euro, went down substantially by 82 paisas against the Pound Sterling (GBP), dipped by four paisas against the Canadian Dollar (CAD), and by 43 paisas against the Australian Dollar (AUD).

It also posted losses against the UAE Dirham (AED) and the Saudi Riyal (SAR), and deteriorated by 16 paisas and 15 paisas respectively against them.

Source: Pro Pakistani

Here’s How New Budget Proposals Could Kill E-Commerce Businesses In Pakistan

Opportunities have arisen in the times when the world was suffering from the COVID-19 pandemic. Many companies started downsizing by facing a severe cash flow issue. People around the world explored the options of eCommerce where online marketplaces provided a silver lining.

While the government in Pakistan become a strategic enabler for the acceleration of digitization presenting the concept of “Digital Pakistan”, the current finance bill shows otherwise.

With the introduction of the Federal Finance Bill (2021), it has been proposed to change the Sales Tax Act where e-commerce companies are now subject to collect 17% sales tax from marketplace sellers whilst changing their status from “service agents to tier-1 retailers”, which evidently conflicts with the amendments made in the Income Tax laws earlier in 2017 and the definition decided by the ministry of commerce.

Under the Income Tax Law amendments, the law itself recognized the relationship of the E-commerce business with that of its sellers as an ‘Agent-Principal’ relationship whereby the income tax on the income of eCommerce, being an online marketplace, was charged on its commission income earned from registered sellers.

Marketplace brands including foodpanda, Daraz, Careem, Homeshopping and many others who have enabled local sellers and entrepreneurs recently are now going to be at the brunt of the aggressive and unthoughtful bill proposed by the government.

This will further discourage SMEs to sell online but also impact the government’s agenda of digitization of Pakistan. Online sellers will have two escape points, either to stop their online business and keep working in the undocumented offline economy or increase the price of the product to balance the tax hit which will create inflation as well as price disparity.

Ehsan Saya, Managing Director, Daraz said, “We strongly and respectfully urge the government to reconsider the proposed change in the definition of Online Marketplaces. We believe the proposal, if passed, would drastically hamper the entire eCommerce industry and furthermore disincentivize sellers from selling online and remaining documented, which will result in lower tax revenue for the government.”

“The Online Marketplace model, where technology and a range of marketplace services are provided to the sellers, is known and adopted globally to empower SMEs, drive the digital transformation of businesses, and develop the digital ecosystem in a scalable and sustainable manner. With the proposed budget changes, this business model would not be able to operate at scale in Pakistan.”

“We believe it would be more beneficial to focus on creating incentives for unregistered retail participants to digitalize and register themselves – this would serve the digitalization vision more fruitfully by activating SMEs and maximize long-term tax revenues. Daraz will support the government in order to achieve this.”

“It is critical that this proposed change is not implemented to ensure that Pakistan remains an attractive country for continued investment in digitalization, for which the Online Marketplace model is essential.”

The change will incentivize the SMEs to move away from online marketplace platforms and as a result, these sellers will take their business to the undocumented economy and offline markets that are easy to bypass taxes. The eCommerce industry in Pakistan has the potential to create millions of jobs, bring sellers into the documented net, and empower hundreds of thousands.

This change in definition will prevent this growth and instead disable Pakistan from becoming more digitized. Looking at international industry practices of developing economies similar to ours, none of the governments have imposed such a law that discourages eCommerce at a time where it can be a catalyst of growth to a highly affected post-pandemic economy.

foodpanda has been a staunch supporter of SMEs. Commenting on the tax provision, CEO foodpanda, Nauman Sikandar stated, “At foodpanda, our aim is to uplift Pakistan’s economy while improving the socio-economic status of the masses, providing them a platform that empowers them economically. We aim to continue encouraging micro-entrepreneurship.”

“eCommerce in Pakistan is a budding industry and has served as a catalyst of growth for a highly affected post-pandemic economy. At a time when businesses are going through a financial crunch, the proposed financial bill may impact their earnings further, discouraging SMEs. Levying sales tax may lead to price disparities and may discourage sellers from signing up on third-party platforms.”

The flat rate of 17% on all sales made through online marketplace platforms creates a difference vs existing tiered sales tax rates for different categories in the normal retail universe. As a result, even the registered sellers will be paying a higher sales tax which will disincentivize them from selling in a digital and documented channel.

This raises a concern for the future of foreign investments in Pakistan which enhances the economic activity in the eCommerce industry. With the increase in international investors tapping into the gap, will international service providers continue their expansion in this region given the new change in policy?

Source: Pro Pakistani

FBR Ordered To Increase Integration of Point of Sale System

Minister for Finance & Revenue, Shaukat Fayaz Ahmed Tarin, visited the Federal Bureau of Revenue (FBR) headquarters today and held a meeting with the officers. The meeting’s main purpose was to devise a strategy to increase the integration of retailers with the Point of Sales (POS) system of FBR.

The meeting also discussed ways to bring identified potential taxpayers into the tax net. Special Assistant to the Prime Minister on Finance & Revenue Dr. Waqar Masood Khan and Chairman FBR Asim Ahmad along with other members of FBR were present in the meeting.

Chairman FBR, said that licensing IT companies for installation and configuration of POS system would be completed by the end of August. He added that monitoring cells would be formed in each regional tax office (RTO), headed by the respective Chief Commissioner, to supervise the POS integration for achieving desired results.

Minister for Finance and Revenue directed to ensure effective tracking progress of installed POS machines and provide post-deployment support to the retailers. He further directed the officials to determine the total volume of sales by retailers for effective revenue generation through the POS system after adjustment of input and output taxes. He ordered establishing a cell at FBR HQ to speed up POS integration.

The meeting also discussed the strategy to increase the tax net. FBR team briefed that a sizeable number of potential taxpayers have been identified after retrieving available data of their withholding taxes through third-party sharing. Chairman FBR said that efforts are being made to bring all the identified potential taxpayers into the tax net.

Minister for Finance and Revenue directed to remove all hurdles in bringing the identified potential taxpayers into the tax net. He asked to further identify the potential taxpayers based on the third-party data being received through credible sources.

The Minister stressed the need to finalize the modalities of third-party audit, which would not only increase the tax net but would also generate much-needed revenue. The meeting ended after it was decided to hold regular meetings to pursue the targets on a fast track basis.

Source: Pro Pakistani