Recent Financial News in the 'tech-comm' category
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Tuesday, March 26 2024
Competitors raise concern over telecom merger
As one of the largest mergers in Pakistan’s telecom sector is underway, the Competition Commission of Pakistan (CCP) has said that the decision on acquisition of Telenor Pakistan by Pakistan Telecommunication Company Limited (PTCL) could be delayed as competitors have expressed concern over the plan.
In a statement, the CCP said that a pre-merger application about PTCL’s intention to acquire 100% shareholding of Telenor Pakistan and Orion Towers was received on February 29, 2024.
However, the application was submitted with an incorrect fee and the remaining fee was sent to the commission on March 6, 2024. Later, to complete due diligence, further information was sought but PTCL’s legal teams had yet to submit the required information.
CCP pointed out that “after all the relevant documents and information is received, the commission has 30 working days to complete its due diligence, for the first phase review”.
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SIFC approves setting up of largest IT park
The Special Investment Facilitation Committee (SIFC) has approved the establishment of Pakistan’s largest IT Park in the G-10 sector of the federal capital, covering an expansive area of 3.3 acres. This decision signifies a significant leap forward for Pakistan’s growing tech sector, offering unprecedented opportunities for innovation and advancement.
Negotiations are underway with key stakeholders, including the Pakistan Software Export Board and the Ministry of Information Technology and Telecommunication, to ensure the successful implementation of the IT Park project. These collaborative efforts underscore the government’s dedication to fostering an environment conducive to technological innovation and entrepreneurship, positioning Pakistan as a regional leader in the digital arena, according to PTV’s report on Monday.
The envisioned IT Park is set to become a hub of technological progress, featuring a wide range of facilities aimed at nurturing creativity and entrepreneurship. Its features will include a state-of-the-art research centre, a well-equipped library, software houses, conference rooms, dedicated workspaces for freelancers and startups, and an exhibition area for showcasing cutting-edge IT products.
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Rivals worried over PTCL-Telenor merger reports: CCP
Firms in the telecom sector are worried that the acquisition of Telenor Pakistan by the Pakistan Telecommunication Ltd (PTCL) will harm their interests, the Competition Commission said on Monday.
In what is believed to be one of the largest deals in the country’s telecom sector, the agreement will see Ufone merge with Telenor Pakistan, making the joint company a close rival of Jazz, the nation’s largest telecom firm.
The CCP said in a statement that it had received the PTCL’s application for permission to acquire 100 per cent shareholding of Telenor Pakistan (Pvt) and the Orion Towers Private on Feb 29.
But the money submitted with the application was less than the specified amount, the CCP said, adding that PTCL paid the remaining amount on March 6.
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Monday, March 18 2024
Apple reaches $490m settlement over CEO Cook’s China sales comments
Apple agreed to pay $490 million to settle a class-action lawsuit that alleged Chief Executive Tim Cook defrauded shareholders by concealing falling demand for iPhones in China.
A preliminary settlement was filed on Friday with the US District Court in Oakland, California, and requires approval by US District Judge Yvonne Gonzalez Rogers.
It stemmed from Apple’s unexpected announcement on Jan 2, 2019 that the iPhone maker would slash its quarterly revenue forecast by up to $9 billion, blaming US-China trade tensions.
Cook had told investors on a Nov 1, 2018, analyst call that although Apple faced sales pressure in markets such as Brazil, India, Russia and Turkey, where currencies had weakened, “I would not put China in that category.
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Committee set up to curb mobile phone smuggling
As the pressure grows to stop the smuggling of mobile phones, the government is set to devise a mechanism with the help of private sector stakeholders.
On Feb 12, Anwaarul Haq Kakar, the former caretaker prime minister, took the first step in this regard by establishing a Mobile Phone Smuggling Committee headed by the DG Reforms and Automation Customs Department.
The customs department has written letters to Telecom Operators Association (TOA) Chairman Amir Ibrahim and Pakistan Mobile Phone Manufacturers Association (PMPMA) Senior Vice Chairman Muzzafar Paracha to nominate their members to the committee.
The local mobile makers have also been critical of the rising smuggling of cell phones and the abuse of the Device Identification, Registration and Blocking System (DIRBS) introduced by the PTA.
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