Day: May 22, 2024

Innovative Pvt Ltd (IPL) has once again proven its market leadership by securing the prestigious 'Best Performance Award', recognized as the top award of the region, at the Diebold Nixdorf Partner Summit 2024. This marks the fourth consecutive year that IPL has been honored at the summit, solidifying its status as a dominant force in the field of Self-Service Banking Solutions. With this latest accolade, IPL has now won a total of seven Diebold Nixdorf Awards, highlighting its consistent excellence and industry leadership. Over the past three years, IPL has consistently demonstrated exceptional performance and innovation, earning accolades such as the Best Market Penetration Award 2022-23, the Best Market Share Growth Partner Award 2021-22, and the Strategic Win Award 2020-21. This year's recognition further underscores IPL's steadfast commitment to excellence and its pivotal role in driving industry standards. Reflecting on this milestone, Naveed Ali Baig, CEO Innovative Pvt Ltd (IPL) said: 'We are incred ibly honored to receive the Best Performance Award at the DN Partner Summit 2024. This achievement is a reflection of our team's hard work, dedication, and our continuous pursuit of excellence. We are proud to be recognized by Diebold Nixdorf, a global leader in banking and retail technology, and we remain committed to advancing innovation and excellence in our services.' The Best Performance Award is a testament to IPL's outstanding achievements in market coverage, customer satisfaction, and technological innovation. It reflects the company's dedication to delivering cutting-edge solutions and unparalleled service in Pakistan and Afghanistan, representing industry giants. Source: Pro Pakistani

The federal government has shared with the International Monetary Fund (IMF) a plan to substantially increase gas prices next fiscal year for various sectors including domestic users, fertilizer plants, CNG stations, and cement factories, prominent sources told ProPakistani. The economic team has shared a comprehensive circular debt management plan with the IMF. Sources said the initial proposal suggests raising the gas rate by Rs. 100-400 for both protected and non-protected consumers, besides proposals for tariff adjustments to manage the circular debt in the gas sector. The government has informed the IMF that plans not to increase gas rates for commercial tandoors. The IMF's economic team has been in talks with the government about tariffs, revolving credit, and reforms for the gas sector. A dividend scheme was discussed as part of the debt reduction strategy, sources added. Both sides have agreed to promptly share data on recovery, reforms, and tariffs with the IMF to ensure the smooth implementatio n of the proposed changes. The federal government last week informed the lending agency that it expects circular debt to increase by Rs. 150 billion to reach Rs. 2.5 trillion by the end of the current fiscal year. This massive jump in power sector debt violates the pre-determined targets set by the lender last year to keep it controlled at Rs. 2.31 trillion. IMF had requested a detailed plan from the Power Division to prevent further increases in the debt. This plan, which was also supposed to include proposals for tariff adjustments to manage the gas sector circular debt, has been shared with the lender today. Source: Pro Pakistani

A delegation of representatives from the Aerated Beverage Industry led by President of Lotte Akhtar Beverages Ghazi Akhtar called on Federal Minister for Finance Muhammad Aurangzeb at the Finance Division today. Turkish Ambassador to Pakistan Dr Mehmet Pacaci also joined the meeting. The delegation expressed their appreciation for the government's economic initiatives and conveyed that they are encouraged by the supportive policies of the government. They presented several tax proposals for the upcoming fiscal year, suggesting adjustments to the Federal Excise Duty (FED) that could support their industry growth and contribute to the government's tax collection efforts. Aurangzeb highlighted the government's commitment to support the private sector. He emphasized the prime minister's vision for private sector-led economic growth as reflected in the ongoing privatization efforts. He assured the delegation that the government would proceed with strategic intent and within the available fiscal space. The del egation thanked the minister and expressed optimism for continued collaboration and support. Source: Pro Pakistani

Synergy Group, a leader in the integrated marketing communication (IMC) industry, celebrated its 25th Anniversary recently. Founded in 1999 by Ahmed Kapadia, Synergy Group began its journey with a clear mission of fostering a work culture where teamwork, experimentation, and knowledge-sharing are paramount. The Group's 25th Anniversary was marked by celebrations of its achievements, collaborative culture, and continuous growth. Understanding the challenges and the opportunities that the world of IMC offers in Pakistan, Synergy Group remained ahead of the curve and established brands and companies that are involved in BTL marketing, digital media, public relations, media buying, publications, and activation campaigns. The Group now stands tall in the country, having established 12 companies and brands namely Synergy Advertising for advertising and communication solutions, Synite Digital for digital media solutions, Synchronize Media for media buying, Syntax Communications for public relations, Synergy Mark eting for event and BTL marketing, Syntinel for data lab and analytics solutions, Syndicate - the Synergy Group's Content Hub, and the not-for-profit Latif Kapadia Memorial Welfare Trust (LKMWT) which is aimed at helping the poor and the needy. With four offices in Pakistan's three main cities - Karachi, Lahore, and Islamabad, and nearly 300 employees at its disposal, Synergy Group has expanded its reach to all the regions of the country, catering to 75+ clients across a wide range of industries. Synergy Group's crowning moment came when it won its first international award at the Abby Awards and was officially lauded with two Silver Awards at iCOM for the Asia Pacific region. In total, it has won more than 200 awards including 25 Awards at PDA, 11 Effie Awards (six of which came this year), two PAS Awards, 10 APNS Awards, 17 PAA Awards, and one win each at Dragons of Asia and Dragons of Pakistan. 'Synergy Group's success over the years is a testament to our unflinching belief in the power of collaboration , innovation, and limitless potential,' said Kapadia, Chairman of Synergy Group. He added: 'From our humble beginnings, we have always encouraged our team to dare to dream big, experiment, learn, and grow together. It is this spirit of unity, teamwork and the challenger mindset that has driven us to achieve remarkable milestones over the past 25 years.' Synergy Group remains committed to its core values of collaboration, innovation, and learning. With plans to expand its services and explore new markets, the Group is poised to continue its legacy of excellence and drive forward with the same passion and dedication that marked its inception. Source: Pro Pakistani

Petroleum Minister Musadik Malik said on Wednesday that Pakistan wants to procure Iranian gas but cannot afford international sanctions. Addressing the Pakistan Energy Symposium in Islamabad, the petroleum minister said there was a need for a sanction-free mechanism to obtain Iranian gas. He recalled the past waivers and extensions granted to countries like Turkiye, Iraq, and Azerbaijan. Musadik Malik detailed government policies to boost local production of petroleum products but lamented the unsustainable nature of Pakistan's annual $18-24 billion oil and gas import bill. He mentioned initiatives to increase domestic oil and gas production like attracting global exploration companies and digitizing regulatory processes for transparency. The minister discussed Pakistan's efforts to advance the TAPI gas pipeline project with Turkmenistan, which promises a steady supply of affordable gas. Source: Pro Pakistani

The Pakistani rupee (PKR) fell third day in a row against the US Dollar today after opening trade at 278 in the interbank market. It was bearish all day and closed in red against the greenback. However, it managed to recover against a few major currencies during today's session. The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278 today. The PKR depreciated by 0.03 percent to close at 278.47 after losing eight paisas against the dollar today. On a fiscal year-to-date basis, the rupee has so far appreciated by 2.80 percent. Overall, the rupee is down nearly Rs. 51.27 since January 2023. Since April 2022, it is down Rs. 95.27 against the greenback. As per the exchange rate movements seen during the session, the PKR lost eight paisas today. In a key development, the government has decided to increase reliance on withholding taxes in the coming budget (2024-25) to take additional taxation measures of Rs . 1.2 trillion to Rs. 1.3 trillion from 2024-25. The International Monetary Fund (IMF) wants Pakistan to tax Rs. 1.3 trillion more next fiscal year, massively raising the Federal Board of Revenue's (FBR) annual revenue target to Rs. 12.3 trillion. The PKR was all red against most of the other major currencies in the interbank market today. It lost one paisa against the Saudi Riyal (SAR), two paisas against the UAE Dirham (AED), and 94 paisas against the British Pound (GBP). Meanwhile, it gained four paisas against the Australian Dollar (AUD), 16 paisas against the Euro (EUR), and 25 paisas against the Canadian Dollar (CAD) in today's interbank currency market. Source: Pro Pakistani