COMPANY NEWS

Published July 8, 2024

IBA’s talent hunt

The Institute of Business Administration (IBA), Karachi, organised an orientation ceremony for Talent Hunt Programme students — Batch 2024 at the Main Campus to welcome more than 300 enrolled students from diverse regions, including Balochistan, KP & FATA, Gilgit-Baltistan, Punjab, and Sindh, as per a press release.

This year, the students started their training under the Talent Hunt Programs: IBA-IHSAN Trust National Talent Hunt Programme and IBA-OGDCL Talent Hunt Programme. After training and entrance exams, selected students receive scholarships up to 100pc for a four-year undergraduate program, including accommodation, meals, and other essential educational costs. Assistant Manager, THP, Syed Rizwan Ali Bukhari, stated that the students were from 67 districts across Pakistan, with 65.23pc males and 34.76pc females.

State Life and AHL’s partnership

State Life Insurance Corporation of Pakistan (SLIC) and Arif Habib Limited (AHL) have teamed up in a first-of-its-kind partnership between an insurance company and an investment house to promote an insurance and savings culture. SLIC and AHL have formalised their partnership where AHL will facilitate the distribution of SLIC’s best in class insurance products and services. This collaboration looks to make insurance more accessible and effective for Pakistanis, contributing to the nation’s economic growth and resilience.

Hesco’s crackdown

Actions are being taken against electricity thieves during anti-theft recovery campaign on behalf of Hyderabad Electric Supply Company (Hesco) administration with the help of Sindh Police, as per a press release. Legal and illegal connections are being checked in each area according to the load. The illegal connections are being disconnected and the grand recovery campaign of the special recovery teams is underway.

More than 794 letters have been submitted to the respective police stations for lodging FIRs against the electricity thieves, and more than Rs112.5m has been recovered from defaulter residents. Over 6,254 electricity connections have been disconnected for non-payment of balances, and these connections will be restored after payment of dues, helping end electricity theft.

SC’s group CEO visits OICCI

Bill Winters, Group CEO of Standard Chartered Bank visited the Overseas Investors Chamber of Commerce and Industry (OICCI) last week, as per a press release. During an interactive session with the top executives of OICCI member companies, Mr Winters shared that “We see a greater potential in Pakistan and will continue to invest more as per the opportunity. There are excellent opportunities for talented young people”.

Foodpanda’s house brand ‘Bright’

Foodpanda users can now shop from a new, expanded range of groceries under its private house label, Bright, says a press release. Available exclusively on the online grocery store Pandamart, Bright offers over 200 items across three sub-brands: Bright farms for fresh produce, brightens for pantry staples, ready-to-eat meals, snacks and beverages, as well as bright spots for household essentials. Bright products are procured directly from suppliers, resulting in cost efficiencies that price items competitively. The launch of Bright is part of Foodpanda’s efforts to become the go-to platform for online grocery shopping.

BOP’s UAE office

The Bank of Punjab announces its decision to establish a representative office in the United Arab Emirates (UAE) and a Wholesale Banking Unit (WBU) in the Kingdom of Bahrain, subject to approval from the State Bank of Pakistan (SBP) and other regulators, as per a press release. This expansion marks a critical step for BOP. By establishing a presence in these key international markets, BOP aims to foster stronger financial ties and offer its customers enhanced banking solutions that meet their evolving needs. The recent reaffirmation of BOP’s credit rating by the Pakistan Credit Rating Agency (Pacra) underscores the bank’s strong financial health and stability. Pacra reaffirmed BOP’s long-term rating at AA+ and short-term rating at A1+, reflecting its sound risk management practices and robust capital adequacy ratio (CAR) of 17.5pc, which is a significant improvement over its CAR of 12.27pc in 2021.

Published in Dawn, The Business and Finance Weekly, July 8th, 2024

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