India received $14.3 billion from Pakistan in 3 years

CorporateAmbassador Monitoring Report/New Delhi: India received an estimated $14.36 billion in remittances from Pakistan in last three years, if World Bank’s ‘analytical estimates’ are to be believed. Interestingly, World Bank itself says this is “not an actual official data” and only “an estimate based on logical assumptions”.
The World Bank’s Migration and Remittances Factbook 2016 says, “India was the largest remittance receiving country, with an estimated $72 billion in 2015, followed by China ($64 billion) and the Philippines ($30 billion).”

World Bank said those living in Pakistan sent $4.9 billion to India in 2015. Its Bilateral Remittance Matrix put the money flowing from Pakistan to India in 2014 at $4.79 billion and $4.67 billion the year before that, Times of India published it today (Feb 28, 2016).

The numbers are astonishingly high considering direct remittances are highly restricted and there may not be many NRIs in Pakistan who would be sending money back home.
Reached for an explanation, Dilip Ratha, Manager, Migration and Remittances at the World Bank, said, “The reported remittances from Pakistan to India are not an actual, official data. It is an analytical estimate derived from a global estimation of bilateral remittance flows worldwide. This estimate is just that, an estimate based on logical assumptions.”

He said the caveats attached to the estimates are: “The data on Indian migrants in various destination countries are incomplete; the incomes of Indian migrants abroad and the costs of living in India are both proxied by per capita incomes in PPP terms, which is only a rough proxy; and there is no way to capture remittances flowing through informal, unrecorded channels.”

According to World Bank, India in 2015 received the highest remittance from UAE at $13.2 billion. Remittance from the US was second at $11.5 billion, followed by Saudi Arabia at $11 billion.

At $4.9 billion, remittances from Paksitan to India were fourth largest and ranked 14th highest remittance between two countries in the world.

Rs 109 million loans approved for students

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Harry Javed/KARACHI: Apex Committee for Student Loan Scheme, headed by Mr. Saeed Ahmad, Deputy Governor, State Bank of Pakistan, has approved Rs. 109.22 million as interest-free loans to deserving students for their entire period of higher studies within Pakistan. The amount, approved at a meeting of the Apex Committee, will be given to 729 students of public sector universities across the country, studying in different disciplines of under-graduation, graduation and Ph. D studies for the sessions 2013-2014 and 2014-15.

It may be recalled that Student Loan Scheme was announced in FY-02 federal budget with the objective to provide financial assistance to the meritorious students having insufficient means. The loans are granted for a maximum repayment time of 10 years from the date of the disbursement of first installment and repayable in monthly installments after six months from the date of first employment or one year from the date of completion of studies, whichever is earlier.

National Bank of Pakistan, being the administrator of the Scheme, performs all the functions from receiving of the applications and scrutiny of the applications to payment and recovery of loans.

The scheme is managed by an Apex Committee under the chairmanship of Deputy Governor, State Bank of Pakistan. Functions of the Committee include Sanctioning of loans; dealing with all policy matters relating to the Scheme; approval/allocation of funds for each year of studies; assistance in raising funds and reviewing the audit reports of the scheme.

The latest meeting was attended by the representatives of State Bank of Pakistan, National Bank of Pakistan, MCB Bank Limited, Allied Bank Limited, Habib Bank Limited and United Bank Limited. The names of successful students are available at the National Bank of Pakistan’s website: http://www.nbp.com.pk/StudentLoan/index.aspx

Banks report Rs 199 billion post-tax profit

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J. Choudhry/KARACHI: The profit after tax of the banking sector for Calendar Year (CY) 2015 reached to PKR 199 billion; around 22 percent up from PKR 163 billion recorded during CY14. Accordingly, Return on Assets (ROA) before tax increased to 2.5 percent in December-15 quarter from 2.2 percent in December-14 quarter. As reported, the profitability of the banking sector was broad based encompassing large spectrum of banks.

The Quarterly Performance Review (QPR) of the Banking Sector for the quarter ended 31st December 2015 released by SBP today highlighted that the asset base of the banking sector has registered an increase of 4.6 percent.

A healthy growth of 7.8 percent in private sector advances (both seasonal and for fixed investment) and moderate rise in banks’ investment in sovereign papers were the major contributors to this increase in assets. The reviewed quarter was also marked by a QoQ 6.9 percent growth (YoY 12.6 percent) in deposit base of the banking sector, primarily, driven by growth in current account and fixed deposits.

The asset quality of the banking sector improved largely at the back of improved cash recoveries. The QPR reported that NPLs to loans ratio decreased from 12.5 percent in September-15 to 11.4 percent in December, 2015, while Net NPLs to Net loans decreased from 2.5 percent to 1.9 percent. This improvement in asset quality indicators advocates continuous decline in risk to the future operating performance and equity of the banking sector.

The rise in financing flows to private sector has improved the utilization of idle capital as reflected through slight reduction in Capital Adequacy Ratio (CAR) to 17.3 percent, which is ; still well above the minimum local required threshold of 10.25 percent and international benchmark of 8.625 percent.

Moreover, the solvency profile of the banking system remained strong due to healthy profitability and equity injections by few MCR non-compliant banks.

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CorporateAmbassador Membership offer

CorporateAmbassador Membership

On the insistence of some friends, Weekly Corporate Ambassador is offering memberships, initially in two categories _ Corporate Members and Individuals (as Executive Members) with the aim to build 100+ selected community-members of CorporateAmbassador who would participate in social, commercial events, awards and discuss important issues with high-profile government, corporate sector dignitaries.

Corporate Members and Individual Members would get certain privileges. Interested organisations and individuals can contact us on the email and cellphones given above.

Regards

Javed Mahmood

Chief Editor Corporate Ambassador

 

Press Freedom in Chains – New Restrictions on Foreign Journalists in Thailand

Press in Chain in Thailand

By Zeeshan Shah from Bangkok, Thailand: Thailand is currently undergoing a media makeover. Recently, the country has launched a major crackdown on Media, revising the country strategy on reporting that will impact the future of reporting in Thailand. As the country is currently undergoing change of ranks in the government, with chances of a revolt within the existing system, more and more media outlets are being targeted to follow a restricted policy on reporting within the country.

According to a recent press release of the MFA- Ministry of Foreign Affairs, new guidelines on visa issuances will be in effect from 21st March 2016, thereby ensuring a full and complete check on all ‘M ‘visas being issued to foreigners which means that most journalists who have received M visas in the past may not be issued them in future, and will be asked to apply for different visas. The FCCT (Foreign Correspondent Club of Thailand) board has recently been in discussion with the MFA over these new guidelines, and offered a number of mitigating suggestions to be incorporated in new guidelines.

The new criteria cover foreign journalists who apply to work in Thailand for periods longer than three months, according to the statement. A vague provision in the new guidelines will give authorities new discretionary powers to deny visas to reporters whose work or behavior is deemed as “constituting any disruption to public order or to the security of the kingdom.” The restriction is similar to the ruling junta’s ban against any news that could “undermine social stability” or “sow political divisions” imposed on Thai news media. Reports confirm that “Farang” (foreigner) journalists are being denied media visas and press card credentials for unclear reasons.

According to CPJ-Committee to Protect Journalists, there could be potential risk to all journalists currently in Thailand and could serious undermine the freedom of expression within the country that is currently grappling through a governmental crisis that could implode anytime. In Thailand, public admission or discussion of the affairs of the Royal Family is prohibited and highly discouraged with no permission to local or foreign visitors to discuss or talk about the government or the Rules of the Kingdom.

Once a hub for journalists and known for press freedom within the region,Thailand has long served as a base for reporters covering Asia. A new requirement that media-visa-holders must work full-time for a registered news outlet and report specifically on Thailand will threaten the positions of many long-time freelance reporters and photographers and undermine the country’s status as a regional media hub. The new guidelines will also make it more onerous for reporters who cover entertainment, leisure, sports, fashion, and religion to receive media visas, who may now be asked to submit unspecified “extra supporting documents.”

Reports further indicate that these restrictive new criteria clearly aim to hollow out the foreign media and silence critical foreign reporting on Thailand’s rights-curbing military regime while others around the world within and outside the media community are looking at it as a crude tactic that aims to instill fear and encourage self-censorship, and, if strictly implemented, could put Thailand in league with some of the region’s most closed, authoritarian societies. According to the Foreign Correspondents Club of Thailand, at least five foreign reporters have had their visa applications denied since Prayuth’s military regime took power. Other reporters have had their applications initially rejected for undisclosed reasons, then later accepted when they pressed for an official explanation for the denial, according to CPJ sources who requested anonymity due to fear of government reprisals.

Southeast Asia remains to be a primary tourist destination zone where millions of people thrive in terms of enjoyment and work opportunities and instilling fear in the minds of people may lead to rising hysteria and higher security concerns for public safely and communication that can affect the economic and social tangent within the region.

Thailand s changing media perception will eventually drive its economics and a fall out within the media sector is creating mixed perceptions about the country and how treats its citizens in general. The country does not a very good record in terms of human rights and safety. The inward culture within Thailand restricts communication and focused solely on the “ authoritarian tactics “ – where the Farang tourist community at large is not aware of the regulations and violations and often are reprimanded without fault.

The system protects the locals but fails to safeguard the rights of visiting communities which is ensured most around the world. This recent development is not a good sign for a country that depends on tourism as its basic bread earner. The future holds greater reform in the country on similar lines that is bound to impact the global perspective of Thailand as a non-public friendly nation and will have regional implications across the country.

About writer: Zeeshan Shah is columnist, freelance writer and broadcast journalist. He often writes on on Global Affairs, Public Policy & Governance _ Twitter@shahzeus

NBP reports record profit for 2015, 51% up from 2014

 

NBP logo

Corporate Ambassador/KARACHI: The National Bank of Pakistan has reported a record profit of Rs. 33.2 billion in 2015 that reflects an increase of 51% over 2014. This is a complete turnaround from 2013 profit of Rs.7.1 billion (368 % increase).  After tax profit growth was impacted by Rs.2.3 billion additional tax charge due to last year’s Federal Budget changes.

However, despite this additional burden of increase of tax of Rs. 2.3 billion, after tax profit is Rs. 19.2 billion which is 28% higher than previous year.

This was disclosed in the meeting of the Board of Directors of National Bank of Pakistan held on February 19, 2016 at Bank’s Head Office in Karachi to approve the Financial Statements of the bank for the year ended December 31, 2015.

NBP head office

These results were achieved through an effective execution of strategy which encompassed improving deposits mix for higher net interest income, portfolio optimisation and re-profiling, cost controls, automation of entire branch network, expansion of footprint through ATMs and branch network and focused strategy towards recoveries against non-performing loans. With this performance all key ratios have improved significantly. For example after tax return on equity and assets stands as 17.0% and 1.2% respectively, key ratio of cost to income is in top bracket at 0.48,an improvement from 0.55 of last year. Bank’s key ratios are also solid with provision coverage at over 89 % and capital adequacy ratio at 17.6%.Testament to the above-stated outstanding performance is the fact that NBP has been recently awarded “Bank of Year Award – 2015” by the prestigious “The Bankers-UK”, a subsidiary of Financial Times Group. The bank made significant infrastructural growth through adding 48 branches and making technological advancements. During the year 500+ new ATM points were added and the entire branch network has now been made functional on Core Banking Application. The entire branch network of 1,400 plus, including those in remote and outlying areas are Online branches now. This has not only significantly improved the bank’s operational efficiency but will also enable it to launch technology based products. The bank is a pioneer in lending program for small business entrepreneurs. Since the launch of Prime Ministers Youth Business Loan product (PMYBL), the bank has made significant progress towards enabling youth to improve their earning capacity with a positive multiplier effect on the economy through financial inclusion of the youth. The bank is expanding and investing in alternate delivery channels including alliance with Telco’s for greater outreach and improved customer services.  On YoY basis, core net interest income increased by 17% from Rs. 45.8 billion to Rs. 53.7 billion, while non-interest income increased by 15% from Rs. 30.4 billion to Rs.35.0 billion in 2015. Administrative expenses were kept under control and increased marginally by 5%.The bank is aggressively endeavouring to increase its market share. Deposits are at Rs.1. 43 trillion, increasing by 16% in 2015 YoY, higher than the sector growth and low cost CASA deposits constituting 77% of the domestic deposits. Total assets of the bank have crossed Rs.1.7 trillion mark. The Board of Directors have proposed final cash dividend of Rs. 7.5 per share (75%) for the year ended December 31, 2015 which is 36% higher than last year. This translates into 92% dividend pay-out of the bank’s distributable profit for the year 2015 (after statutory reserve allocation) and is the highest in the banking industry.

Pakistan lifts sanctions on Iran

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Corporate Ambassador/ISLAMABAD: The Government of Pakistan today lifted the sanctions on Iran pursuant to UN Security Council Resolution 2231. The modalities for lifting of sanctions were finalized in an inter-ministerial meeting chaired by Minister of Finance, Senator Mohammad Ishaq Dar in Islamabad on Feb 19, 2016.

The formal notification issued by the Ministry of Foreign Affairs, following the meeting, will revive economic and commercial relationship between Pakistan and Iran, including the areas of trade, investment, technology, banking, finance, energy.

All previous notifications giving effect to UN Security Council sanctions on Iran stand repealed with the issuance of the new notification by the Ministry of Foreign Affairs, in keeping with the Security Council resolution 2231.

Pakistan had welcomed the Joint Comprehensive Programme of Action (JCPOA) agreed between Iran and European Union, People’ Republic of China, United States, Germany France, United Kingdom and the Russian Federation. It appreciates the steps taken by Iran for the implementation of the JCPOA.

 

With the lifting of restrictions, economic and trade relations between the two neighbourly countries will receive a new boost. It will enable the two countries to fully reinvigorate various bilateral and multilateral arrangements for promoting investments and cooperation in across all sectors including banking, finance, industry and energy.

 

Legends & Winners of 4th CorporateAmbassador Awards

Here are all the winners of 4th Corporate AmbassadorAwards, organised at MovenPick Hotel in Karachi on Jan 23, 2016. Almas Hamirani, Pakistani-born Fashion Designer based in Birmingham (Alabama), United States of America, was the Chairperson of the awards show. She came from USA to grace this Grand Show and to receive her award as Best Fashion Designer.

First of all, here are female winners of the awards:

 

Here are Male winners of the awards

Irtizakazmi award1

DanishKumar award

Manzar Sehbai award

Mubashermir award1

Muttahir with award2

AliNasir award2

Mahmoodmir of Dr Essa Lab award

Zeshanshah award2

Hosts of the Awards

Muttahir Khan and Reeda Sheikhani

Muttahirkhan Reeda Sheikhani

Here are Group Photos of the participants of the Awards show

Full award group photo3

Group Photos of the Participants

Full Group photo2

Full Group Photo

Full Stage Group Photo1

Javed and guests on stage

Full Stage Group photo

Abid Lehri from Quetta

Abid Lehri, Special Guest Speaker from Quetta.

IrtizaKazmi addressing awards ceremony

Irtiza Kazmi, EVP National Bank of Pakistan and NBP Coordinator of Prime Minister Youth Loan Programme highlighting breakthrough in PMYL programme and sharing success of the programme.

Javed welcoming guests2

Javed Mahmood, Chief Editor, weekly Corporate Ambassador welcoming guests at the Grand Awards show.

Danish Kumar1

Danish Kumar, former Chairman, Balochistan Minorities Alliance and PML(N) Secretary-General, Balochistan Minorities sharing his views about freedom, minorities are enjoying in Balochistan.

Sardar Shaukat Popalzai

Sardar Shaukat Popalzai, President of the Balochistan Economic Forum (BEF) is sharing the prospects of China-Pak Economic Corridor for Pakistan and other countries in the region.

Majydaziz Rozina

Majyd Aziz, renowned business, Guest of Honour sitting with Rozina Jalal, Special Guest and Best Astrologist award winner.

Gilani Javed Ali Umershah Aysha

Imran Gilani, Javed Mahmood, Ali Nasir, Umer Shah and Aysha Salim

 

Super-marts in France to give food to needy

BeggarsinParis

CorporateAmbassador Monitoring/Supermarkets in France have been banned from throwing away or spoiling unsold food by law. The stores are now required to donate unwanted food to charities and food banks.

To stop foragers, some supermarkets have poured bleach over the discarded food or storing binned food in locked warehouses. This law was voted unanimously by the French senate on Wednesday after a petition was launched by Paris councillor Arash Derambarsh.

It will apply to any supermarket with a footprint of 400 square metres or larger. If companies flout the law they could incur fines up to 75,000 Euros (£53,000) or two years in prison.

Jacques Bailet from Banques Alimentaires, a network of Food banks, told the Guardian: “Most importantly, because supermarkets will be obliged to sign a donation deal with charities, we’ll be able to increase the quality and diversity of food we get and distribute.
“In terms of nutritional balance, we currently have a deficit of meat and a lack of fruit and vegetables. This will hopefully allow us to push for those products.

“That is very important for food banks because this is a real source of quality products, coming straight from the factory.” Derambarsh is now looking to get an EU-wide law banning supermarket food waste.

She said: “The next step is to ask the president, Francois Hollande, to put pressure on Jean-Claude Juncker and to extend this law to the whole of the EU.

“This battle is only just beginning. We now have to fight food waste in restaurants, bakeries, school canteens and company canteens.”