Briefs

 Briefs

P&G hails investment climate

DAVOS : The Chief Executive Officer of Procter and Gamble Wednesday appreciated the conducive business environment in Pakistan and credited the government for improved economy.

Prime Minister Muhammad Nawaz Sharif while talking to the CEO of Procter and Gamble, David Taylor said the Pakistan of today was totally different from the one in past and was an attractive place for business from around the world.

The Prime Minister met the CEO Procter and Gamble here on the sidelines of the 47th World Economic Forum.

David Taylor said he was very optimist about the country's economy and was appreciative of Prime Minister s personal interest in the improvement of the business environment in the country.

He said there was a lot of conducive environment for the business sector and it was more attractive for foreign investors.

He said his company was providing best quality products for its local consumers. He said keeping in view the government s positive attitude his company was planning to expand operations in the country.

PNSC load capacity reaches 700,000T

ISLAMABAD: The load capacity of Pakistan National Shipping Corporation (PNSC) increased to 700,000 tons after it acquired new vessels, its chairman Arif Elahi said on Wednesday.

He briefed the National Assembly Standing Committee on Ports and Shipping at the Parliament House under the chairmanship of Syed Ghulam Mustafa Shah.

The PNSC chairman informed the NA body that the issue of duties, which was a big hindrance in acquiring vessels, was resolved on the recommendation of the standing committee.

Three ferry services would soon start from Karachi to Port Qasim, Gwadar, and Chahbahar in Iran, he added. The committee’s efforts were lauded and appreciated by the ministry, and the commandant of the Pakistan Marine Academy (PMA) for taking interest in its up gradation.

They unanimously said that thought this up gradation was done in a short span of 14 months on the recommendations given by the standing committee; more support would be needed to bring it at par with academies of the developed world. The committee was told that 50 trainees under the Prime Minister Youth Skill Development Programme have joined PMA with effect from January 2017.

Samba Bank goes paperless

By our correspondent

KARACHI: Samba Bank Limited has selected BenchMatrix’s retail loan origination systems to automate its consumer lending process at all 37 of its branches and moving towards a fully paperless environment, a statement said on Wednesday.

The bank seeks to bring about improvements in its consumer lending and risk management process by enhancing internal and regulatory limit management.

The automation of lending process will simplify documentation management and collateral assessment, strengthening internal policy management with substantially reducing turnaround time for loan applicants.

Samsung opens another Smart Hub

News Desk

KARACHI: Samsung has recently inaugurated a highly equipped Service Center – Samsung Smart Hub in Baharia Town, Rawalpindi, a statement said on Wednesday. This modern facility has been enriched with sophisticated equipment to set higher standards of service-quality and to fulfill the changing needs of various consumer segments, it added. Samsung Electronics, a global technology leader and award-winning innovator in consumer electronics, telecommunications and home appliances, has also introduced a unique concept of ‘Smart Hub’ service centres in Pakistan, to enhance the level of satisfaction among its buyers.

HP Enterprise buys US software

SAN FRANCISCO: Hewlett Packard Enterprise on Tuesday announced a deal to buy business data management firm SimpliVity for $650 million in cash.

Founded in 2009, the Massachusetts-based Simplivity sells "hyperconverged" systems that combine computing, storage and networking. HPE said the market for such systems was estimated at $2.4 billion last year and was expected to grow to nearly $6 billion by the year 2020.

"This transaction expands HPE´s software-defined capability and fits squarely within our strategy to make Hybrid IT simple for customers," HPE chief executive Meg Whitman said in a statement.

HPE, based in Palo Alto, California, was the result of the November 2015 breakup of computing giant Hewlett-Packard. The group was split between its enterprise unit, HPE, and the personal computer and printer business HP Inc. that became a household name but faced increasingly fierce competition.  

Yahoo defies calls to rethink sales

TOKYO/SAN FRANCISCO: Yahoo Japan, the country´s biggest online auction site, is rebuffing calls to end online ivory trading despite Yahoo Inc CEO Marissa Mayer´s misgivings over facilitating a business blamed for the illegal slaughter of African elephants.

Yahoo Japan doesn´t accept that ivory sold on its platform - supposedly imported into Japan before a 1989 ban on international shipments - is a factor behind the sharp rise in poaching on the African savannah in recent years.

Dismissing animal rights campaigners´ concerns, even though the ivory business contributes a fraction of its sales, Yahoo Japan also argues that so long as no laws are broken people should be able to trade whatever they like on the internet.

"We want to provide an internet auction site where people can trade freely, and at this moment we have no intention of banning legal trading without any reason," a spokesman for Yahoo Japan said.

Sanpower launching fund

HONG KONG: Chinese conglomerate Sanpower Group is launching a fund with a 3 billion yuan ($435 million) target that will be used to acquire up to 150 domestic cinemas in a bet on rapid growth in the country´s movie market, two sources with direct knowledge of the matter said.

Sanpower is in talks with several domestic institutional investors, including banks and investment funds, for contributions, the sources told Reuters.

The privately-owned conglomerate itself will commit 20 percent to 30 percent of the fund´s capital, they said, adding it is expected to close in the second half of 2017.The Nanjing-based group, founded by its billionaire chairman Yuan Yafei in 1993, shot into international prominence in 2014 after buying Britain´s high-street retailer House of Fraser.

It has spent about $4.2 billion on domestic and outbound acquisitions over the past two years, data compiled by Thomson Reuters showed.

Australian growth forecasts cut

SYDNEY: Analysts have downgraded forecasts for Australian economic growth after the resource-rich nation hit a pot hole in 2016, though a cash windfall from commodity exports should help drive a gradual pick up this year and next.

A Reuters poll taken from Jan 9-17 found analysts estimated Australia´s A$1.7 trillion ($1.27 trillion) of gross domestic product (GDP) grew 2.4 percent last year, down from the 2.9 percent expected in the previous survey in October.

The deterioration reflected a surprise 0.5 percent contraction in GDP in the three months to September, the first negative reading since early 2011.The setback appears to have been temporary with monthly data pointing to a revival in consumer spending and exports.