SECP holds sessions on ease of doing

business reforms

ISLAMABAD (Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP) has organized two sessions with the contributors under ease of doing business reforms agenda at Company Registration Offices in Lahore and Karachi. The purpose of these sessions was to engage with the contributors and end-users of the services being provided by the SECP for starting a company, according to the statement issued here.  The participants were apprised of the recent initiatives taken by SECP to reduce time, procedures and cost in order to facilitate the start-ups and businesses. The reforms introduced by SECP include the launch of unified online procedure for company registration through e-Services, 75percent reduction in filing fee at the time of company registration and processing of complete application for company registration in just “four working hours”. The participants appreciated the SECP’s continuous efforts aimed at creating a conducive environment for ease of doing business in Pakistan.

Vision 2025, CPEC present strong

opportunities for digital transformation

ISLAMABAD (Staff Reporter): In 2018, Pakistan will reach the ‘tipping point’ for the cloud transforming industry verticals, and citizen and customer experiences, digital transformation enabler SAP announced Tuesday. “Pakistan Vision 2025 and the China Pakistan Economic Corridor present strong opportunities for digital transformation,” said Saquib Ahmad, country manager of SAP Pakistan. “Cloud solutions can reduce complexity, optimize costs, enable real-time decision-making, and support new digital business innovation.” He said that SAP co-innovates across Pakistan’s government, utilities, banking and finance, automotive, telecom, and defense sectors. Prominent customers include Fauji Fertilizer Company and Lucky Cement on the SAP S/4HANA real-time business suite. SAP Pakistan, which has had a direct presence since 2008, is accelerating its growth plan and hiring young talent, he added.

“Cloud has moved from if to when for Pakistan’s organizations,” said Andy Froemmel, head of cloud business – Middle East North, SAP. “Pakistan’s digital leaders will see the biggest benefit from combining cloud with artificial intelligence, machine learning, blockchain, and the Internet of Things.”

BASF shows significant growth in 2018

LAHORE (PR): Following a successful 2017year, BASF has had a good start to the year 2018. “Last year, we achieved significant growth and were able to further increase our profitability. Moreover, we laid important groundwork for the future development of company – in terms of both people and strategy,” said chairman of the Board of Executive Directors of BASF SE, at the presentation of the 2017 Annual Report. In the fourth quarter of 2017, BASF Group posted sales of €16.1 billion, which represents growth of 8% compared with the same quarter of 2016. Prices rose by 9%. BASF’s sales volumes increased by 4%; this was driven by all segments with the exception of oil & gas. By contrast, negative currency effects were significantly higher and reduced sales by 5%. Income from operations (EBIT) before special items in the fourth quarter was €1.9 billion, up by 58% from the same period of the prior year. The significantly higher earnings in the chemicals, agricultural solutions and oil & gas segments as well as in other compensated for lower earnings in the functional materials & solutions and performance products segments.

Pakistan plans to hold Islamic trade fair

PESHAWAR (Staff Reporter): Pakistan will soon hold Islamic trade fair of Islamic countries, said chairman Council of OIC Federation of Pakistan Chamber of Commerce and Industry Naseemur Rehman. Chairing a meeting on Tuesday, he stressed the need for enhancing bilateral economic ties and trade relations between brotherly Islamic countries. The meeting was attended by Federation of Pakistan Chamber of Commerce and Industries President Ghazanfar Bilor. The meeting discussed the agenda related to the single currency trade, strong linkages with Islamic development banks and Islamic trade fair in Pakistan. Naseem said the Muslim countries had enormous resources and potential to succeed, but the task was to transform the potential into real asset. He further stated that there was great need to promote integration among the Islamic Countries in the era of globalization and absence of unity among the OIC countries which is the biggest challenge in the present situation.

He said that single currency will eliminate transaction costs, which are linked to international financial operations and this will affect both: ordinary citizens who plan to spend money abroad and multinational corporations undertaking international transactions.