Tag Archives: companies

Alibaba Officially Acquired Daraz Group To Expand Its E-Commerce Business in South Asia

Alibaba Officially Acquired Daraz Group To Expand Its E-Commerce Business in South Asia

Sumera Saeed | category: Uncategorized

Alibaba Officially Acquired Daraz Group To Expand Its E-Commerce Business in South Asia. Alibaba, the China’s online e-store, has announced that it has officially acquired the Daraz Group. Daraz Group is the top most leading online e-store in Pakistan and other Asian countries including Bangladesh, Sri Lanka, Myanmar and Nepal was officially overtaken by the Alibaba Group.Daraz.pk  officially founded in 2012 while the Alibaba Group was founded in 1999.

Now both the companies become one after Alibaba acquired Daraz. The acquisition was officially announced by the CEOs of both companies at social media platforms.

The aim of acquiring the Daraz Group is to expand the e-commerce business in five South Asian countries as these companies have strong customer base, 60% of which are under the age of 35.

Here is What the CEOs have revealed:

Bjarke Mikkelsen, Co-CEO, Daraz said:

    With this transaction Daraz has found its natural home in the Alibaba family, and we are proud to carry our part of the mission to ‘make it easy to do business anywhere’. With hard work and dedication we have started the e-commerce journey in our markets, but we have still only scratched the surface of the potential.

Dr. Jonathan Doerr, Co-CEO, Daraz added:

    Together with Alibaba, we are ready to empower entrepreneurs in the region and to fulfill our promise to offer our customers the best selection of products with a high level of convenience. All of this would be supported by a best-in-class technology platform, a strong logistics network, and a vibrant community of ecosystem participants.

Daniel Zhang, CEO of Alibaba Group, said:

    We are excited for Daraz to become a part of the Alibaba ecosystem. Together with Daraz, we can now empower entrepreneurs to better serve consumers in the region through our technology and expertise. In Daraz, we found a great team that espouses our values and believes that a technology-enabled commerce ecosystem will play a critical role in driving the long term economic development in South Asia.

There were a number of rumours since years that Daraz is acquired by Alibaba but there were no official confirmation. But now the companies have officially declared the collaboration. After this collaboration Daraz.pk will continue to work under the same name but will have a much better grasp of the industry.

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SECP Registered Over 4,000 New Companies This Year

SECP Registered Over 4,000 New Companies This Year

admin | category: Business

SECP Registered Over 4,000 New Companies This Year. With the registration of 4,954 new companies during the first half of the current fiscal year with the Securities and Exchange Commission of Pakistan (SECP) the number of companies have been increased to 83,879. According to SECP sources, as compared to last year, there has been 44 percent growth registered in the new companies this year that indicate the growth in the industrial sector of the country.

The details released by the SECP , there has been massive increase in number of new companies due to various reform measures taken by the government and simplification of incorporation procedure, reduction in fee. About 82 percent of companies were registered as private limited companies, while around 16 percent were registered as single-member companies.

The data indicated that two percent of the companies were registered as public listed, non-profit associations, trade organizations and foreign companies> The trading sector took the lead with the incorporation of 783 companies, services with 729, construction with 625, information technology with 599, tourism with 274, food and beverages with 164, engineering with 155, education with 148, corporate agricultural farming with 126, real estate development with 106, transport with 100, pharmaceutical with 86, textile with 77, communication with 76, fuel and energy with 75, auto and allied and healthcare with 71 each, cable and electric goods with 58, broadcasting and telecasting with 57, chemical with 55, power generation with 47, paper and board with 46, mining and quarrying with 45, steel and allied with 38, cement with 9 and 334 companies were registered in other sectors.
Moreover, 35 foreign companies were also registered by SECP in Karachi, Lahore and Islamabad while foreign investment has been reported in 329 new companies.
These companies have foreign investors from Afghanistan, Australia, Austria, Azerbaijan, Belarus, Belgium, Canada, Cayman Islands, China, Denmark, Egypt, Germany, Greece, Hong Kong, Indonesia, Iran, Ireland, Italy, Jordan, South Korea, Lebanon, Macedonia, Malaysia, Mauritius, Mexico, Netherlands, Nigeria, Norway, Philippines, Poland, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, Turkey, UAE, the UK, Ukraine and the US.

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Fertilizer Subsidy-notification Still Awaited Despite Government’s Assurance

Sumera Saeed | category: Business

The federal budget was passed on 13 June and was supposed to be followed up by issue of various SROs by FBR and notifications by relevant ministries. However, performance of some of the ministries has been deplorable in this regard. Disbursement mechanism for fertilizer subsidy announced by the Government has not been notified so far, thus adding to the anxiety of the industry, which is already running from pillar to post for release of subsidy pledged in past budget.

The industry however has started passing subsidy impact to the farmers, instead of hiking the prices or stopping the sales. The industry had initially stopped the sales, however, with an assurance from Ministry of Finance that; a fertilizer subsidy-notification will be issued very soon, the sales were resumed being peak period for the crops. Unfortunately, till date, this notification has not been issued, due to some unknown reasons or procedural-delays.

The previous notification envisaged payments on the basis of GST returns submitted by the companies. However, the Ministry of Food Security had added verification of sales by the provinces, against the spirit of their own notification. While the capacity of provinces was highly questionable, KPK and Sindh did not display the will to support initiative of the federal government. This led to highly sluggish processing of claims by Food Security Ministry, which itself was not equipped with wherewithal to handle the subsidy disbursement in this complex manner. Earlier in 2005 and 2008, this Ministry had been making payments on the basis of audited financial statements of the Companies.

This time in spite of submitting indemnity bonds by the companies, the official are not feeling confident to make payments because of unknown fears, notwithstanding their decision making capacity. This crisis has escalated because an unnecessarily complex verification procedure has been adopted for the payment of the fertilizer subsidy. Hence, the backlog of unpaid and overdue subsidy amounts has now risen to over 20 billion Rupees. The ‘Ministry of Finance’ and the ‘Ministry of Food Security’ both seem to disown the subsidy program announced by the government.

This Fertilizer industry is the biggest contributor to the national exchequer and it always cooperates with the government to support the agricultural sector. But, this apathy shown by the government may, once again, force the industry to stop the sale of urea, to put some pressure on the government. The crisis may even force the companies to refuse further participation in this important subsidy-programme.

The authorities must urgently resolve this matter, by relying primarily on GST returns submitted by these prudent companies. Thus, the process of claims-verification can be simplified and expedited. But if the government continues to delay the promised notification, the country may face a bigger agricultural crisis. The ministries must act fast for a timely resolution of this matter, to help the farmers get good crop-yields and enrich the national economy.

“The provincial governments also need to be sympathetic to their farming community and must realise that there can not be two prices of fertilisers, hence they have to cooperate with the federal government for the subsidy disbursement mechanism.”



10 Foods That You Should Never Eat If You Don’t Want to Die Early

Sumera Saeed | category: Health and Beauty

Today we will discuss with you about the foods that are really harmful for your health and you should avoid eating them if you want to live long life.
Foods are not actually bad, the ways you use them and the strategies that the companies use to sale them lead people to become the pray of different diseases. These foods contain lots of unhealthy ingredients which cause serious damage to health. These foods can cause breast cancer, liver damage, diabetes, heart disease, prostate cancer, etc.
So it’s better to avoid these foods to live healthy life.
The foods you should never eat if you don’t want to die early are mentioned below:
• Microwave Popcorn
• American Apples
• Margarine
• Palm Oil
• Sugar free candies
• Diet Soda
• Shrimps
• Eggs
• Smoothies
• Red and Processed Meat (including lamb, beef)
In the video below you will find about the complete details about the above mentioned foods that you should avoid living healthy life.


Companies Must Be Aware of the Financial Impact of Climate-Related Risk, Says ACCA

Sumera Saeed | category: Business

ACCA (the Association of Chartered Certified Accountants) has welcomed the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) as an important step towards the better allocation of capital, by incorporating the effect of climate change in investment decisions.

Yen-pei Chen, subject manager – corporate reporting at ACCA said:

‘The four thematic areas of the TCFD’s recommendations – governance, strategy, risk management and metrics and targets – provide a useful framework for disclosure. ‘The detailed implementation guidance in the annex will be particularly helpful for companies preparing to report under the EU’s Directive on the disclosure of non-financial and diversity information.

‘Climate-related disclosures, in our view, will be best integrated into the reporting of the impact of other material factors within the four thematic areas.’

ACCA also welcomed the inclusion of references to the financial impact of climate-related risk, and the ensuing recommendation that this be reflected in companies’ financial statements.

‘In particular, climate-related risks could affect the carrying value of assets and goodwill, and in some cases the going concern status of the business,’ added Ms Chen.

‘Accounting standard setters such as the IASB should be giving greater priority to closing the long-standing gap that exists in reporting the effect of pollutant pricing or emissions trading systems.’

‘Pakistan has always faced extreme climate conditions, but now more than ever before climate or rather managing climate and its connected maladies is posing a threat that’s greater than global terrorism. Water scarcity for example threatens not only human lives but increasingly is being ignored by business processes. A lot of the environmental, social and governance costs needed for managing climate change are “off balance sheet”. This cannot remain the status quo. With game changing strategic investments like CPEC around the corner the cost to Pakistan of not investing in ESG in the short medium and long term may be a price too great.’ said Arif Masud Mirza, ACCA’s Regional Head of Policy – MENASA.

Professional accountants play an important role in helping companies to manage and report climate-related risks more effectively. This is particularly clear in light of this week’s EU adoption of non-binding guidelines for non-financial information reporting, which is another example of the global momentum towards better-informed capital markets and companies fit for the challenges of today’s world.

ACCA is committed to educating the professional accountants of the future, giving them the skills they need to respond to this wider set of challenges, and contribute to a more sustainable future for businesses and our planet.

Six Pakistanis Recognized Among Top 1% of the Global-tech Talent

Six Pakistanis Recognized Among Top 1% of the Global-tech Talent

Sumera Saeed | category: News

Six Pakistanis Recognized Among Top 1% of the Global-tech Talent

Crossover hires Chief Architects in Java and Ruby in a single day with Job Offers of US$ 600,000

Six Pakistanis made Pakistan proud by securing jobs at the Crossover international hiring tournament. These six individuals are now being considered among the top 1 percent of the global talent in the world. 61 programmers from Punjab and Sindh participated in the gaming competition, where six ended up securing USD 100,000 per annum per candidate.  More than 500 senior tech talent from across Pakistan registered for the competition.

Andy Tryba, Chief Executive Officer, Crossover in a message said that Crossover is planning to run more tournaments in Karachi and Islamabad based on Lahore experiment to hire over 200 senior software architects in Pakistan and bring an additional $20M/year worth of employment to Pakistan economy in 2017.

The first National Freelancing Convention #NFC17 was held under the auspices of Punjab Information Technology Board (PITB), a unique initiative jointly organized by the PITB and Crossover, participated by more than 500 applicants through highly gamified and competitive process of three rounds. The round finished with a technical interview for on the spot job offer by Crossover.

The leading work from home company, Crossover, hired six (o6) Chief Architects in Java and Ruby in a single day. The successful candidates of technical interview have been given full time / remote job offer paying worth $100, 000/- per year. Crossover also paid a sign up winning bonus of $5,000 to the champion of the tournament. Crossover has successfully tested this concept in Turkey, Russia, Romania, Poland and Ukraine.

Chief Minister Punjab, Muhammad Shahbaz Sharif appreciated the talent hunting activity by Crossover and hoped that the activity would benefit the economy of Pakistan.  Advisor to Chief Minister Punjab and Chairman PITB, Dr. Umar Saif said that technology was creating jobs around the globe while incubators, Startups and freelancing co-working spaces were playing pivotal role in this regard. Pakistan being the third largest English speaking and 9th mobile user country, with 60 % population comprising of youth in the world has vast potential to exercise technology in every field, he added.

Crossover (also known as Crossover for Work) not only connects companies to the best talent from around the world, but also provides a seamless end-to-end solution for remote team management. Crossover connects talent from around the globe with companies who are looking to hire only the best. Crossover has more than 2200 people from 98 different countries working full time (40 hrs/wk) for its clients.

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Homemade Hand and Foot whitening Lotion For Winter

Homemade Hand and Foot whitening Lotion For Winter

Sumera Saeed | category: Beauty Tips

Homemade Hand and Foot whitening Lotion For Winter

In winter our skin become dry and lackluster and it needs special care, for having soft and supple skin we keep practicing lots of tips and tricks but not every tip works as we desire. There are a number of beauty products available in the market that offer desired results but are bit expensive, not everyone can afford them to have white skin complexion.

We use a number of beauty products to make our face whiten and glowing but forget to take care of our hands and feet. There are lots of hand and foot whitening creams in the market some of them too expensive do offer results but some of them do not offer desire result as the companies show in their TVC.

Therefore it is best to make homemade hand and foot whitening lotion, which is not only cost effective but also offer remarkable results. The long terms use of homemade hand and foot whitening lotion will definitely everlasting results. The best thing about homemade whitening lotion is that it’s chemical free and most of the ingredients are available in your own kitchen.

So for them who really want to take care of their hands and feet and desire to whiten them by using homemade product, you are at a right place. Here you will find out about the complete method of homemade hand and foot whitening lotion.

Ingredients for homemade hand and foot whitening lotion:

  • Liquid Paraffin half cup
  • Almond oil 4 tablespoon
  • Olive Oil 4 tablespoon
  • Jasmine Oil 4 tablespoon
  • Magnesium Ascorbyl Phosphate (derived From Vitamin C) 10% 5ml
  • Glycolic  Acid 5 % 5ml


Mix all the above mentioned ingredients well by beating with the help of spoon or beater. When you see the creamy texture stop beating and store the lotion in the Jar. Apply daily at night because when we go to sleep our skin undergoes the recovery process. While sleeping blood circulation increases and hormones released, if we apply the cream and lotion at night they absorb properly in the skin and works better in getting whiten skin. The above mentioned homemade hand and foot whitening lotion is suitable for both men and women.

For further home remedies, tips and tricks stay tuned with daytimes.pk

Renault to Assemble Cars In Pakistan by 2018

Renault to Assemble Cars In Pakistan by 2018

Sumera Saeed | category: Autos and Vehicles

Renault to Assemble Cars In Pakistan by 2018

French carmaker Renault is all set to enter in the Pakistan’s fastest emerging car market with a manufacturing plant. The Renault manufacturing plant will be in Pakistan by the 2018, the government announced Thursday after the approval of Prime Minister Nawaz Sharif’s economic policy and vision.

PM approved the economic policy and vision, Board of Investment (BoI) Chairman Miftah Ismail held meetings with stakeholders in Pakistan and foreign companies in the automobile zone.

The statement of the Board of Investment said that Renault has decided to invest in Pakistan car manufacturing market and the plant will be opened by 2018.

Renault approved the development of car plant in Pakistan on Twitter, describing an

“Exclusive nego(tiation) to develop our brand in Pakistan, incl. a manufacturing plant”.