Briefs
Farmers urged to grow high-value rice
By our correspondent
KARACHI: Paddy farmers have been urged to grow more high-value rice to increase their earnings, a statement issued said on Monday.
“At least half of their total crop should comprise expensive rice varieties like 1121, while the rest could be the coarse one,” President of the Union of Small and Medium Enterprises (UNISAME) Zulfikar Thaver said while talking to Haji Muhammad Saeedm chairman of Small and Medium Farmers Association (SMEFA) here.
“The superior rice will fetch handsome price and increase the income of the farmers," the UNISAME cheif said. Speaking on the occasion, chairman SMEFA appreciated the suggestion. According to statement, the meeting concluded with a consensus on growing more superior quality rice to overcome high overheads and inputs like fertilizers and pesticides and fuel.
Faysal Bank, EFU Life sign deals
News Desk
KARACHI: Faysal Bank has recently signed two agreements with EFU Life Assurance Ltd, a statement said on Monday.
According to the agreements, Faysal Bank will now offer additional EFU Life Assurance products to its existing and potential customers through its widespread distribution channels, it added.
The products will include both conventional and takaful plans. Fouad Farrukh, head of Retail Banking of Faysal Bank Limited, and Taher G Sachak, managing director of EFU Life, signed the agreement at the Faysal Bank Head Office. Senior officials of the two organisations were present on the occasion, it added.
MCB takes part in fund raising
By our correspondent
LAHORE: The MCB Bank Limited participated in the one-day fund raising initiative “The Orange Tree Foundation” to raise funds for education of deserving kids in mainstream schools, a statement said on Monday. The bank has undertaken numerous corporate social responsibility (CSR) initiatives in the areas of education, health, environment and social awareness in the past, it added. The bank has made significant contributions to the welfare of charitable institutes and NGOs, including Edhi Foundation, SKMCH and Pink Ribbon among others. MCB has been awarded with the Corporate Philanthropy Award in 2012, it added.
TUSDEC, Corvit Systems sign MoU
By our correspondent
LAHORE: Technology Upgradation and Skill Development Company (TUSDEC) and Corvit Systems Peshawar have signed a memorandum of understanding (MoU) to work jointly for targeting opportunities in the global market, a statement said on Monday.
The document was signed by TUSDEC chief executive officer Alamgir Chaudhry and Corvit Systems Peshawar’s chief executive officer Fayaz Ali Khan on behalf of their respective organizations.
The two sides intend to work together, coordinate their efforts and pool available multiple resources for capacity development and increased competitiveness in key sectors of Pakistan, itadded.
A spokesman for the company said TUSDEC and Corvit are interested to target the opportunities in the global market, in the areas of information & communication technology, technology upgradation, skill development and capacity-building.
Thar coal power plant starts next year
ISLAMABAD: Work on 1320 megawatt Thar coal-based power plants (4x320) costing $2.1 billion is in full swing and the first unit is expected to start producing electricity by the end of 2018, an official said on Monday.
"We are ahead of schedule. The commercial operation date (COD) for two power plants (330MW each) is June 2019, but we are expecting the first unit to come online by the end of next year," Shamsuddin Ahmed Shaikh, chief executive officer (CEO) of Sindh Engro Coal Mining Company (SECMC) told Associated Press of Pakistan (APP) during an interview.
Talking to the state news wire, he, however, made it clear the first unit's production, expected to start in December 2018, is contingent upon the availability of coal from Thar coalfield. "We also expect the mining work in Thar coalfield block-2 to complete before the deadline ", Shaikh said.
He added two more power plants (330 MW each) costing $1.0 billion it would start production by December 2019. “All these projects are being executed under China-Pakistan Economic Corridor (CPEC),” said he. According to Shaikh, Thar coalfield block-2 holds estimated exploitable reserves of 1.57 billion tons, which could be used to produce 5000 MW electricity for 50 years.
P&G Pakistan hits milestone
By our correspondent
KARACHI: US-based multinational consumer goods company Procter & Gamble (P&G) has achieved a new milestone of ‘Zero Waste to Landfill’ at its manufacturing facility at Hub, Balochistan, a statement said on Monday.
“As we celebrate 25 years in Pakistan, this is yet another important milestone for P&G in the country and a significant step in our sustainability journey in Pakistan,” Hasham Jamili, Plant Manager, P&G Pakistan, said while commenting on the latest accomplishment.
“This milestone speaks volumes of the strong progress P&G is making towards its global environmental sustainability goal to have 100% zero manufacturing waste to landfill sites across the world by 2020.”
He further added the P&G plants in Pakistan are working extensively towards the company’s long-term environmental sustainability vision by promoting sustainability practices amongst employees as well as with suppliers and partners.
Lenovo re-launches Motorola phones
By our correspondent
KARACHI: Lenovo, through its subsidiary, Motorola Mobility has re-launched Motorola handsets in Pakistan with the introducing Moto Z smartphones in partnership with Telenor Pakistan, a statement said on Monday.
Lenovo General Manager Middle East for Smartphones Sharay Shams said, “We are excited to be launching the Moto Z along with the revolutionary Mods in Pakistan. Nowadays, consumers expect the best features in one device, and at Lenovo we are constantly working to provide consumers with a smartphone that meets their desires.”
Moto Mods enable consumers to transform their Moto smartphone into exactly what they need it to be, and the possibilities are endless.
Amazon to create 5,000 jobs in UK
London: US tech and retail giant Amazon on Monday said it would create 5,000 British jobs this year, in a show of confidence in the UK economy ahead of Brexit.
"Amazon UK today announced plans to create more than 5,000 full-time jobs this year, taking the company´s total UK workforce to over 24,000," a statement said.
"These new job opportunities are for people with all types of experience, education and skill levels, from software developers, engineers and technicians, to those seeking entry-level positions and on-the-job training," it added.
Abu Dhabi awards China's CEFC 4pc
of oil concession for $900mln (brief)
ABU DHABI: Abu Dhabi awarded a four percent stake in its giant onshore oil concession to CEFC China Energy Co for a fee of 3.3 billion dirhams ($900 million), state-owned Abu Dhabi National Oil Co (ADNOC) said on Monday.
The stake is the last to be awarded in the concession after international energy companies including Total, BP and China's CNPC secured stakes.
ADNOC owns 60 percent of the concession. The onshore fields, operated by Abu Dhabi Company for Onshore Petroleum Operations (ADCO), have total resources estimated at between 20 billion and 30 billion barrels of oil equivalent over the term of the concession. On Sunday, CNPC secured an 8 percent stake in ADCO for about $1.8 billion.