Tag: section 70 of the Financial Institutions
June 29, 2022: Savyour, Pakistan’s first and largest cashback app, launched its #NotSoSmall initiative on the United Nation’s Micro, Small and Medium Enterprises (MSMEs) Day to extend additional support to the hundreds of small and medium businesses that are currently partnered with the platform.
Through a week-long campaign, Savyour will be helping partner brands reach a wider audience through mentorship hours by business heads free of charge digital/in-app marketing and cashbacks upsurge to provide consumers with added incentive.
Since its launch in 2020, Savyour has been helping small and medium businesses from all over Pakistan grow, by providing them with a marketing channel that requires zero upfront investment and only charges them a commission for every sale made through the platform. For consumers, this enables them to discover lesser-known brands that have unique offerings at great price points. Till date, over 80% of the brands listed on Savyour fall under the small/medium business category.
The #NotSoSmall initiative has been launched as a long-term effort by the platform to give assistance to smaller businesses that may get hit harder by the current local and global economic conditions. Often referred to as ‘the backbone of our economies’, approximately 3.25 million SMEs account for nearly 90% of all the businesses operating in Pakistan. This sector holds nearly 40% of the country's annual GDP.
Saad Gadit, Co-founder and Chief Product Officer, Savyour, said “MSMEs play a crucial role in any nation’s growth - not just for the economy, but also for the respective communities they serve. They are a part of several aspects of our day-to-day lives whether it's through the consumers they cater to or the employment opportunities they create. When it comes to expansion in this day and age, technology can help bridge the gap for them and that’s where Savyour comes in. We had started off with a clear goal of empowering the smaller sized businesses of Pakistan, and this initiative is a reinforcement of our commitment. These are challenging times for enterprises, but we have immense respect for their resilience and by offering our support, we hope to play our part in enabling their success”.
Jun 29, 2022: A consultative session on Wednesday was held at National Electric Power Regulatory Authority (NEPRA) to discuss how to maximize utilization of coal as a cheaper source of electricity generation to reduce power tariff.
The session was presided by the NEPRA Authority Chairman Mr. Tauseef H. Farooqi, Members NEPRA Rafique Ahmad Sheikh and Engr. Maqsood Anwar Khan and was attended by representatives of Central Power Purchasing Agency (CPPA-G), Private Power Infrastructure Board (PPIB), Thar Coal Energy Board (TCEB), Sindh Engro Coal Mining Company (SECMC), IPPs, Industrialists, Coal Importers and Coal Transporters.
The experts and participants were of the view that Coal-fired power plants in Pakistan importing coal mainly from South Africa and Indonesia.
The global economy experiencing a commodity super-cycle due to many factors including the current Russia-Ukraine conflict combined with COVID-related logistical issues and coal was among the commodities whose prices had surged many times over the last year.
Accordingly, the power tariffs of coal-based IPPs becoming prohibitively expensive, therefore the authority wanted to explore options of optimal utilization of local coal.
The session ended with the view to convey the various options to Federal Government for further action.
Jun 29, 2022: On the directives of Sindh Chief Minister, Commissioner Karachi Muhammad Iqbal Memon on Wednesday convened a second high level meeting to resolve the issue of power outages in megalopolis.
Referring to the briefing given by the management of KE, the Commissioner said at present two feeders of KE were shut due to shortage of oil and gas because of which KE was unable to meet the power consumption of the city.
During the meeting, different suggestions were given to overcome the crisis of announced and unannounced load-shedding in the city.
KE Chief Distribution Officer (CDO) Amir Zia assured the meeting that Karachi Electric would end night load shedding from residential areas across the city in the next two to three days.
Necessary steps were being taken expeditiously in this regard and load shedding will be eliminated in residential areas of Karachi in next two to three days.
Commissioner Karachi Muhammad Iqbal Memon said the power crisis must be resolved at all costs and the Karachi administration is always ready to provide basic amenities to the citizens.
The meeting was attended by Special Assistant to Sindh Chief Minister Asif Khan, DIGP South Sharjeel Kharal, Deputy Commissioner South, Deputy Commissioner Keamari and notables from different areas.
June 29, 2022 (MLN): The State Bank of Pakistan (SBP) has raised Rs1.74 trillion through the auction of three, six, and twelve-month T-bills against the target of Rs800bn and maturity of Rs791bn.
In the auction conducted on Wednesday, the cut-off yields for 3-month and 6-month saw a dip of 2 and 15 bps to stand at 15.23% and 14.8% respectively, while 12-months yields remained flat at 14.95%.
The market had offered Rs2.37tr, out of which the government accepted bids amounting to Rs1.74tr.
SBP received bids worth Rs1.9tr for 3-month T-bills, Rs279bn for 6-month, and Rs190bn for 12-month.
The total amount raised for 3-month T-bills was Rs1.73tr, Rs4bn for 6-month, and Rs6bn for 12-month T-bills.
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June 29, 2022: Despite facing financial constraints, KE has made another payment of PKR 500 million to SSGC on 29 June 2022, bringing the total payout to over PKR 6 billion during the month.
Commenting on this KE Spokesperson said, “Despite ongoing financial challenges, KE continues to make payments to its fuel suppliers. We have made another payment of PKR 500 million to the SSGC on Wednesday, June 29, 2022.”
The leadership of K-Electric, including its CEO Mr. Moonis Abdullah Alvi, also met with the Provincial Minister of Energy Imtiaz Ahmed Shaikh and other representatives of political parties on Wednesday. The KE senior officials apprised them of the challenges being faced by the utility including the delay in the release of Tariff Differential Subsidies (TDS) claims and the rising cost of fuels for power production.
Commenting upon the development, the KE Spokesperson further said, “KE continues to face severe cash flow constraints amid the rising cost of fuel and delays in the release of TDS from the Federal Government which was also highlighted in the meetings with the Provincial Minister of Energy and the representatives of Political Parties.
The honourable minister and political parties’ representatives were also apprised of the rising demand and supply gap owing to the surge in temperature as well as because of the shortage of imported fuel for power production. They were further briefed that due to the non-supply of indigenous gas, two power plants in KE’s fleet capable of 200 Megawatts remained non-operational for the past many months. As the shortfall is persisting round the clock, the utility is compelled to conduct load-shedding even during the night hours.”
While putting light on the power supply situation in the city, the spokesperson further added, “During last 24 hours, the average power supply to Karachi was 2850 Megawatts, including an average supply of 1000 Megawatts from the National Grid.”