corporate corner NOT-BY- PROFIT AFGHAnISTAn STrenGTHenS CUrrenCy reGULATIOnS In reSPOnSe TO DOLLAr SmUGGLInG FrOm PAKISTAn

islamabad news desk

Khurram Jameel, MD & CEO Siemens Healthineers Pakistan & Afghanistan, hosted a business gathering @ the Healthineers office in Lahore in association with AHK and Diplomatic Mission of Germany. Dr. Rudiger Lotz, Consul General of Germany, Christian Bottcher, First Secretary Economic Affairs and M. Usman, AHK Pakistan Desk, invited leading business leader to discuss the current economic conditions of the country and initiatives to enhance bilateral trade between Pakistan & Germany. pr

Konnect by HBL launches Konnect Islamic Debit Card

Karachi: After the successful launch of Islamic Branchless Banking Account, Konnect by HBL further creates convenience for the clients to access their RIBA-free and Shariah-compliant Islamic Account through "Konnect Islamic Debit Card".

The introduction of this card aims to provide multiple features and benefits such as free cash withdrawal from HBL’s ATM network, safe and convenient contactless payments at multiple Point. pr

Unity Foods, JDC Foundation team up against malnutrition with Sunridge Taqatwar Pakistan

Karachi: Unity Foods Limited (UFL) partners with JDC Foundation Pakistan to promote food security and eradicate malnutrition in the country. The memorandum of understanding (MOU) was signed at UFL’s head office in Karachi and was attended by the senior leadership from both sides. UFL launched Sunridge Taqatwar Pakistan following the country’s deteriorating economic conditions and rising inflation, with the aim to provide high-quality food to the masses. Under this program, JDC will be providing monthly ration packets to deserving and verified families through UFL’s developed digital platform. pr

AFGHANISTANhas implemented new restrictions on the export of foreign currency following reports of large-scale smuggling of US dollars from Pakistan, as reported by Bloomberg. The announcement was made by the office of the Acting Prime Minister, Mullah Mohammad Hassan, after it was revealed that mil- lions of dollars were being smuggled into the country daily from Pakistan, putting a strain on the local economy.

To combat this issue, the Taliban government has imposed fresh limits on carrying foreign currencies, as well as severe penalties for those caught breaking the rules. Previously, individuals were allowed to carry up to $5,000, but this limit has now been reduced to just $500 and the transportation of gold or precious stones is now prohibited. The order also stated that anyone found transferring $1 million would be imprisoned for a year, for $100,000, they would receive a onemonth jail sentence, and ten days in jail for amounts less than that.

Interestingly, the order stated that bringing in foreign currency is now "prohibited," but it did not specify the maximum amount or conditions under which this would be allowed. Previously, the Afghan Finance Ministry encouraged individuals to bring in any amount of foreign currency.

Chinese AI companies see share price surge amid global frenzy for ChatGPT Chatbot Technology

islamabad news desk

China's artificial intelligence (AI) sector is experiencing a boost in interest as a result of the growing popularity of Microsoft-backed ChatGPT chatbot. Despite the fact that ChatGPT is not available in China, mainland investors are investing in local AI companies such as Hanwang Technology, TRS Information Technology, and Cloudwalk Technology. The CSI AI Industry Index, which includes larger companies like iFlytek Co, has performed exceptionally well this year, rising by 17% compared to the 6% rise of the benchmark CSI300 Index.

One of the closest competitors to ChatGPT in terms of functionality is search engine giant Baidu Inc and its "Ernie bot". The company announced the completion of testing for Ernie in March, causing its shares to rise by more than 15%. However, not all of the AI companies are experiencing financial success, with some reporting losses. Despite this, their share prices have continued to rise, leading to stretched valuations. For example, TRS trades at nearly 60 times earnings, while Haitian Ruisheng's price-to-earnings ratio is over 240.

It is worth noting that the industry as a whole tends to first speculate on expectations before trading on actual results, as stated by Zhang Kexing, General Manager of Beijing Gelei Asset Management. Hanwang Technology, for example, jumped by its daily limit of 10% on Tuesday, marking its seventh consecutive session reaching that limit since markets reopened from the Lunar New Year holiday. Despite expecting to report an annual loss for 2022, the company believes it has an edge over ChatGPT due to its ability to produce more precise results for clients. Meanwhile, Cloudwalk shares retreated by 5.5% on Tuesday but have still nearly doubled since the Lunar New Year holidays. The company warned investors that its losses deepened in 2022 and it has not cooperated with OpenAI and has generated no revenues from ChatGPT-related services and products.

In conclusion, China's AI sector is experiencing a surge in interest due to the growing popularity of ChatGPT and other AI companies are following suit. Despite some financial difficulties, their share prices continue to rise, leading to stretched valuations.

To read the full article visit www.tribune.com.pk

This development comes on the heels of reports that traders and smugglers have been bringing as much as $5 million into Afghanistan from across the border with Pakistan through illegal channels. This has resulted in the Taliban regime having access to more than $9 billion in foreign reserves over the past 14 months, but it is putting further strain on Pakistan's already struggling economy.

To read the full article visit www.propakistani.pk

Gwadar Port upgrade comes at a steep price

islamabad news desk

Writing for Dawn, Khalil Khaliq reports that the government has given the green light to the maintenance dredging of the Gwadar Port's navigational channel with a cost of Rs 4.7 billion, a significant increase from the original estimate of Rs1 billion made in June 2022.

The channel, which has not been cleared since 201415, has been impacted by sedimentation, reducing its capacity to handle larger cargo ships. The main reason behind the cost escalation is due to the emergency nature of the project when it was first developed, which did not take into account all necessary expenses.

The dredging project will be executed immediately and involves maintaining a 4.7 km channel, basin and berthing area to a depth of 13.8 meters for safe navigation and 14.5 meters for safe berthing.

The project is in line with the International Maritime Organisation's (IMO) requirement for safe navigation and the Gwadar Port Authority's obligation under its concession agreement with China Overseas Ports Holding Company Ltd (COPHC).

Delaying the dredging could have resulted in penalties and damages imposed on the GPA by COPHC, as well as potential loss of business. The completion of the project is expected to increase efficiency and port revenues. With a focus on safe and quick vessel traffic, the maintenance dredging is crucial for the success of the Gwadar Port.

To read the full article visit www.dawn.com