News Buzz

Gunvor to Acquire Total Pakistan

Gunvor is said to have acquired Total Pakistan after the latter decided to quit the country.

According to reports, these two countries are close to sealing a deal. Following Shell Pakistan, Total Parco Pakistan Ltd has also decided to close TPPL’s aviation business at Jinnah International Airport Karachi and exit joint ventures (JVs) following the policies of the Civil Aviation Authority (CAA).

Pakistan State Oil (PSO) has also threatened the Civil Aviation Authority (CAA) that it will not operate at loss-making airports after the Civil Aviation Authority (CAA) issued a tender to remove state-run companies from the key airports on the pretext of promoting competition.

In a recent communication, Shell Pakistan Ltd. notified the Pakistan Stock Exchange that it had discontinued its aviation operations nationwide.

The Civil Aviation Authority had invited tenders from different parties to establish a Jet Fuel refueling facility at Skardu Airport. This resulted in protests by key oil marketing companies in Pakistan, such as Pakistan State Oil (PSO), Shell Pakistan Ltd., and now Total Parco Pakistan.

Recent developments show that key oil marketing companies in Pakistan have decided to wind up oil supply operations to Pakistani airports. These are strategic operations in which major oil marketing companies are involved in joint ventures.

The Bank of Punjab Hosts Professor Stefan Dercon

The Bank of Punjab Management held a client event in Lahore, where Professor Stefan Dercon was the chief guest. Mr. Stefan is Professor of Economic Policy at the Blavatnik School of Government and the Economics Department at the University of Oxford. He combines his academic career with work as a policy advisor, providing strategic economic and development advice. The event was attended by senior industry leaders and prominent businessmen of the country.

Professor Dercon has been working with the government to review the country’s strategic economic plans and incorporate international best practices. He is spearheading the ‘Committee on the Home-Grown Economic Plan’ for the Government of Pakistan and advising the Government on developing and implementing a medium-term reforms agenda that will support economic growth through higher international trade and greater private sector participation for job creation and poverty alleviation.

Mr. Zafar Masud, the CEO of the Bank of Punjab, welcomed Professor Dercon and the participants to the event and shared the enormous wealth of experience that Mr. Dercon brings to the table. The talk was followed by a question-and-answer session, during which industry leaders also actively shared their views on various economic policy matters.

Former Indian batsman dies at 71

Former India batsman and two-time national coach Anshuman Gaekwad has died aged 71 following a long battle with cancer.

Gaekwad passed away in the western city of Baroda after suffering various health complications.

He played 40 Tests and 15 ODIs for India before becoming a selector and coach of the national team.

Gaekwad scored 1,985 runs from 70 Test innings, with a highest score of 201 against Pakistan in the 1982-83 series.

Indian Prime Minister Narendra Modi also expressed sadness over the batsman’s death.

“He was a gifted player and an outstanding coach. Pained by his demise. Condolences to his family and admirers,” he wrote on X.

Residents of Venice welcome new tourist limits

Venetians and visitors alike welcomed new rules introduced to limit the size of tourist groups in the latest effort to reduce overcrowding.

Tourist parties will be capped at 25 people and guides will be barred from using loudspeakers to help the flow of pedestrians and make it more peaceful for residents.

“I think it’s right,” said 81-year-old local Edie Rubert. “It would be better to reduce it more. Because you can’t walk along the narrow canal-side streets when these groups are there,” she added, saying it was even worse when she needed to use her shopping trolley.

In April, Venice became the first city in the world to introduce a payment system for visitors in an experiment aimed at dissuading daytrippers from arriving during peak periods. Sebastian Fagarazzi, co-founder of the ‘Venezia Autentica’ (Authentic Venice) Tourist Enterprise, said more action was needed.

Trump questions Kamala’s identity

Republican presidential candidate Donald Trump falsely suggested to the country’s largest annual gathering of Black journalists that his Democratic rival Kamala Harris had previously downplayed her Black heritage.

“She was always of Indian heritage and only promoted Indian heritage. I didn’t know she was Black until several years ago when she happened to turn Black, and now she wants to be known as Black,” Trump said, drawing a smattering of jeers from an audience of about 1,000 people.

“So I don’t know, is she Indian or is she Black? Trump continued. “But you know what, I respect either one, but she obviously doesn’t because she was Indian all the way, and then all of a sudden, she made a turn, and she went — she became a Black person.”

Harris, who is of Indian and Jamaican heritage, has long self-identified as both Black and Asian.

She is the first Black person and Asian American person to serve as vice president.

Nestlé for Healthier Kids (N4HK) Room Inaugurated

Nestlé Pakistan inaugurated the Nestlé for Healthier Kids (N4HK) room at The Trust School Lahore to foster and promote nutrition awareness. The N4HK program is part of Nestlé’s global nutritional awareness initiative to ensure that children understand the value of nutrition as they grow older. So far, the program has reached out to 360,000 kids, trained more than 2300 teachers, and developed 17 N4HK Rooms with 11 partners from the private and public sectors.

Inaugurating the room, chief guest Béatrice Guillaume-Grabisch, Global Head of Human Resources Nestlé S.A., said, “It is an honor and privilege to be here today to celebrate the achievements of the Nestlé for Healthier Kids (N4HK) program in Pakistan. This initiative goes beyond simply educating children about nutrition and physical activity; it is about shaping a healthier future for future generations.”

Speaking on the occasion, Jason Avanceña, CEO of Nestlé Pakistan, said, “We are delighted to strengthen our partnership with The Trust school, which has been one of our oldest partners, having established 3 N4HK rooms and training more than 400 of their teachers and reaching out to more than 10,000 children across different branches.”

Konnect by HBL Crowns Valorant Champions

Konnect by HBL (Konnect), the Bank’s branchless banking platform, held its third Aur Khelo tournament, featuring the game ‘Valorant’ in Karachi. The event provided a platform for gamers to showcase their skills and passion for the popular game. The electrifying game welcomed nearly 200 enthusiastic gamers.

Konnect is a pivotal player in the growth of Pakistan’s Esports ecosystem. By organizing the ‘Aur Khelo’ tournament series, the platform is tapping into the youth market’s immense potential and actively fostering a vibrant gaming community.

Commenting on the initiative, Abrar A. Mir, Chief Innovation & Financial Inclusion Officer – HBL, said, “Konnect congratulates all the gamers for their skills and sportsmanship. We are thrilled to see the overwhelming response to these gaming tournaments. By leading in this arena, Konnect is committed to shaping the future of Esports in the country and empowering the next generation of gamers.”

A thrilling battle concluded with the crowning of the top three competitors. The audience was captivated by their exceptional gaming abilities. The podium finishers are:

1st Place: Team Boosters (Ibrahim Sarfaraz, Roman Aqeel, Bilal Bashir, Huzaifa Ashraf, Usman Aziz, and Syed Hasnain Ali) – Claiming the coveted champion trophy and a grand prize of Rs 350,000.
2nd Place: Team Snakes (Zain Muneer, Mustafa Kamal, Abdul Rehman, Abdul Sami Khero, Mohammad Usman, and Shayan Shahab) – Taking home the runner-up prize of Rs 150,000.