Pandemic hurts domestic demand and recession hits exports

Economic analysis reveals the impact on Pakistan’s employment and confidence

ACCA’s Q2 Global Economic Conditions Survey (GECS) published today, reflects the scale of the global recession now under way. Globally, employment indices plummeted to record lows in the latest survey, consistent with the most severe recession in decades.

Pakistan is heading for economic contraction this year as pandemic mitigation measures hurt domestic demand and global recession hits exports. There is also a massive hike in unemployment – the Employment Index stands at -86.95 compared to 57.14 in Q1 and confidence is at an all-time low in Q2 at -78.26 compared with -28.57 in Q1. But the inflation-prone region has seen a dramatic fall in inflationary pressures – inflation concerns index fell by 25 points to just 20 in the Q2 survey – the long run average is 51. It also transpires that public spending expenditure has lowered from -33.33 in Q2 from 20 in Q1.

Michael Taylor, ACCA’s Chief Economist said: ‘Confidence in South Asia fell further in Q2, possibly reflecting that the region was late to see the spread of COVID-19. Also, activity indicators also remain weak, despite a slight improvement in the orders balance and it is worth noting that it is the only region to do so.’

He added: ‘The change in the GECS global index of measured concern about customers and suppliers going out of business underlines the current extremely poor global economic situation.  Both these series had trended sideways at relatively low levels in recent years but shot up to record highs in Q2 – to 23% for suppliers and 47% for customers.’

Special Covid-19 related questions in this GECS show an approximate 50-50 split between those expecting economic recovery in the second half of this year and those expecting it sometime in 2021.

Sajjeed Aslam, Head of ACCA Pakistan, said: ‘ACCA members have played a crucial role in the first phase of the pandemic – supporting businesses and organisations to keep trading. At this time of economic turbulence, accountants are both value creators and value protectors, helping their clients and the businesses they work in to make informed economic decisions. They will now undoubtedly play a crucial role in the recovery phase.’

The latest edition of GECS is here: https://www.accaglobal.com/gb/en/professional-insights/global-economics/GECS_Q2_2020.html

The Best Pocket-friendly Smartphones You Should Be Considering

To overcome the global threat of COVID19, the human race is easing into a totally new lifestyle, ensuring health through social-distancing and adopting hygiene as the primary protocol. Telecommunications provide sustainable growth for us, as innovative and resourceful enterprises are coming up with a blast of futuristic devices and solutions to deliver the most needed services for the masses.

The telecom market in Pakistan has also evolved according to the situation and changes in consumers’ expectations. Powerful with appealing looks, new smartphones are introduced with superior functions to ease lives of consumers during the strict preventive lockdowns.

On top of this list of feature-rich devices, the tech-analysts and experts have time and again focused on entry-level smartphones as more and more consumers get to buy them. While the market is littered with such entry-level phones, we’ve picked out the best ones based on their design, battery, and performance but most importantly pricing!

HUAWEI Y6p (PKR 20,899/-)

Aimed at addressing the communication needs of YOUNGSTERS with the smallest budgets, Huawei has launched an impressive device named the Y6p. It enables unmatched prowess for more intensive and critical use, with its 5,000 mAh battery and a 13MP Triple Camera setup that captures spectacular images (impressive night-mode too) with stunning clarity in pictures. Put together with a 5MP Ultra Wide lens and a 2MP depth sensor, it can create super-impressive and natural bokeh effects in your photos.

This device also allows fascinating creative expressions and sharing on social networks with its 16MP selfie camera on the front.

Packed with a 3GB RAM and 64GB ROM, HUAWEI Y6p features immersive viewing on its 6.3-inch HD+ display, while a rear ultra-fast fingerprint sensor ensures complete security of data. Enjoy the most awesome surround-sound music and crisp audio, with the HUAWEI SuperSound and party-mode with FM radio. It is available in three soothing colors – Phantom Purple, Emerald Green & Midnight Black.

Samsung Galaxy A20s (PKR 30,500/-)

Another big name in the ‘Budget’ Smartphones category is the Samsung Galaxy A20s. It offers attractive specs for the consumers who want to have a good phone at an ‘almost’ affordable price. Its 6.5-inch Infinity-V display doesn’t match an HD+, but it provides good experience while gaming or watching movies or videos. Its triple rear-camera setup comprises of a 13MP main sensor, enriched by an 8MP Ultra Wide sensor, and a 5MP Depth Sensor, along with a flash. While its front camera can take 8MP Selfies. Data security is ensured by a fingerprint reader, while its 4,000 mAh battery delivers average battery usage. Moreover, with such a big screen, this may not prove itself to be good at battery timing, especially if you’re an intensive phone user. The 1.8GHz Octa-Core Processor chipset is good enough for an entry-level phone, but it may prove to be a bit uninspiring, when compared to the other competing devices, in this category. The 3GB or 4GB RAM and 32GB or 64GB ROM are quite good, but may be less than some generic devices in this category and this price tag. This phone tends to be priced higher than its competitors in this category.

Oppo A5s (PKR 20,999/-)

The 3GB version of the Oppo A5s is an entry-level mobile, the consumers may find it very attractively priced at PKR 20,999/- in Pakistan as the primary attraction of this brand is its cheaper price, but this device did compromise on its capacity, with a lower ROM of 32GB, while some users may also have complaints about its performance and durability. The MediaTek Helio P35 is the most common chipset used in the cheapest smartphones, so the phone may be a bit slow on multitasking. If the users get uncomfortable with the storage capacity, they can use a dedicated microSD card to add 256GB extra, which is usually far slower than primary storage. Even the Dual camera setup is not as good as the Triple cameras offered by the premium branded phones in this category. It has a dual rear-camera with 13MP primary sensor and only a 2MP depth sensor and an LED flash. The selfie sensor on the front is 8MP. Here the camera pales in comparison to the HUAWEI Y6p which offers more for a slightly lesser price. The visual experience is quite good due to its 6.2 inches Full HD+ resolution, while your data is strongly protected, due to a rear-mounted fingerprint scanner. Powered by a 4,230 mAh battery, it is somewhat lesser than its competitors in this segment, while the Android 9 Operating System is also an attractive feature of this low-priced phone.

Vivo Y11 (PKR 19,999/-)

Another brand, Vivo is emerging well in several segments of the Pakistani market. In the entry-level segment, Vivo has introduced the Y11 smartphone, priced at PKR 19,999/-. This device is bought for its cheaper price alone as the features offered are quite basic. The photography enthusiasts however may find it exciting due to the 13MP Dual Camera, featuring a 2MP Depth sensor, but you may also know that higher number of megapixels don’t actually have that good outcome when it comes to camera result. The selfie freaks may also love its 8MP front camera, to capture their most memorable moments, while they can enjoy their visual experiences with the 6.35 inch IPS HD screen. The robust 5,000 mAh battery also makes it a good choice, as it promises lasting performance for the passionate surfers and social-media geeks. Let’s hope Vivo also offers good battery optimization in this low budget phone, otherwise these specs are just numbers. The Qualcomm Snapdragon 439 OctaCore processor may not be the best in class, however, users may enjoy some degree of multitasking, while the 3GB RAM and 32GB ROM also adds to their performance capacity. Another thing to note here is that Vivo Y11 gives you 32GB while you can get a 64GB on the HUAWEI Y6p – for almost the same price. Other than that, the ease of use and convenience for users is also enhanced by the Android 9 Operating system.

All these low-priced devices are within the reach of consumers with limited budgets. Now, everyone can have access to the fascinating world of digital info-tainment and global accessibility, to enhance their personal performance and quality of life, while they can engage more closely with the digital communities around the globe.

ACCA, ICMA Pakistan to deliver IPSAS training to public sector professionals

ACCA (the Association of Chartered Certified Accountants) and Institute of Cost Management Accountants of Pakistan (ICMA Pakistan) have now joined forces by signing a Memorandum of Understanding (MoU) to jointly train the public sector professionals in Pakistan on IPSAS®, the international accrual-based accounting standards, to enhance the quality, consistency and transparency of public sector financial reporting in Pakistan and help rebuild the public trust.

The announcement was made at a Virtual MoU signing ceremony on the theme ‘'The Importance of Strengthening of Public Sector Institutions'. The ceremony was attended by senior members of both the professional bodies, as well as by senior public sector leaders including Abdul Ghafoor Khan, Rector, Pakistan Audit & Accounts Academy, Dr Jawad Zaka Khan, Deputy Military Accountant General Pakistan, Sumaira K Aslam, Additional Secretary, Ministry of Finance, Umar Banoori, DG Accounts, Controller General of Accounts Pakistan, Zia Ul Mustafa, President, ICMA Pakistan, and Sajjeed Aslam, Head of ACCA Pakistan.  

Under this partnership, a certificate in IPSAS, will be delivered jointly by ACCA and ICMA Pakistan to finance professionals working in the public sector or aspiring to join the sector in the near future. 

Speaking at the event, ACCA’s Head of Pakistan, Sajjeed Aslam, said,

“The Public Sector is facing a dizzying array of challenges, from declining public trust to technological disruption, that require innovative responses. The current pandemic has added an unprecedented pressure on the sector to deliver public services in the most effective manner. Therefore, there's an urgent need for radical reforms and improved capacity. ACCA as a global force for public good is delighted to have signed this MOU with ICMA Pakistan. This is just another example of our commitment to strengthening the public sector in Pakistan, working in partnership with all the stakeholders, and upholding the public trust in the accountancy profession.”

Addressing the ceremony, Zia Ul Mustafa, President, ICMA Pakistan, said:

“ICMA Pakistan is pleased to partner with ACCA to train public sector organisations in IPSAS with the goal of improving transparency and accountability, as well as the adoption of an accrual-based public financial reporting framework. The objectives are to be met by strengthening existing financial institutions within the Government of Pakistan and delivering knowledge to public sector accountants while developing the country’s public sector accountancy capacity. This MoU with the objective of enhancing public financial management will assist public sector set ups in gearing up to meet the new demands of the augmented role of the public sector organisations in providing development finance solutions for effective performance.”

Issued by the International Public Sector Accounting Standards Board (IPSASB), IPSAS® are cash-based standards and accruals standards used for the preparation of general purpose financial statements by governments and other public sector entities around the world.

The All New Feature-rich HUAWEI Y6p & Y8p Are Here: Which One to Choose and Why?

The smartphones were launched after a very successful pre-order phase. Consumers can get their hands on these amazing devices for PKR 20,899/- and PKR 37,999/- for HUAWEI Y6p and HUAWEI Y8p respectively

With the recent availability of Huawei’s stellar Y Series line-up, youngsters all across the country have some amazing smartphones to choose from. The HUAWEI Y6p and HUAWEI Y8p both embody the youthful essence amalgamated with the flagship Huawei experience that is synonymous with its Y Series.

While these devices fall within entry-level to midrange segment, both of them are completely unique in their own ways making them one of the best choices for different kinds of users. Confused in making the choice between the two? Let us help.

For those who do more with their phones

If you are someone who does a lot more with their smartphone on a daily basis, then you are going to need one that will last even during extended use. This is where the HUAWEI Y6p steps up with its massive 5000 mAh battery that will last you three days on a single charge! That’s not all, because it can also act as a power bank to charge up other devices and even function as a secure backup device. The HUAWEI Y8p meanwhile also packs a large 4000 mAh battery for all your needs.

For every music lover

While the HUAWEI Y8p can provide you with a great entertainment experience, the HUAWEI Y6p can step it up with its powerful audio features. Get ready to have a party even when you’re locked down with the HUAWEI SuperSound which uses a combination of hardware and software innovations to increase volume levels, improve audio quality and enhance sound effects. This is further improved with 9.1 channel sky surround sound for an even more immersive experience. Additionally, the HUAWEI Y6p comes with a FM Radio that does not require earphones to act as antenna, making it easier to listen to radio on the go. To top it off, the HUAWEI Y6p also supports the Party Mode feature, which will allow you to connect with multiple devices in the same network to play different notes of the same song, further enhancing your listening experience.

For those who love photography

If you are someone who uses their smartphone frequently for photography, then you might want to opt for the HUAWEI Y8p. Packing a 48MP AI Triple Camera setup consisting of a 48MP main camera, 8MP Ultra-Wide angle camera and a 2MP Bokeh camera, you can rest assured that every photo you take will be of stunning quality. To top it off, this camera setup also comes with support for AIS Super Night Photography, which basically means, with a single tap, you can get a well-lit photo even in low-light situations. The HUAWEI Y8p also brings an improved front camera for all you selfie lovers as well. Upfront the 16MP AI Selfie camera not only promises beautiful selfies, but also ensures stunning portrait effects, support for low-light selfies and even backlit HDR selfies!

The HUAWEI Y6p also packs a good camera setup, with a 13MP Triple camera setup consisting of a 13MP main camera, 5MP wide camera and a 2MP Bokeh camera. This setup also works quite well for lighter photography use, which is also complemented by the 8MP Selfie Camera up front.

Let’s talk about performance then

A smartphone’s capability for powerful and efficient performance is a key factor when it comes to purchasing a new smartphone. In fact, both the HUAWEI Y6p and HUAWEI Y8p are quite capable of providing solid performance, backed with ample amounts of storage. The HUAWEI Y8p for example, comes with 6GB of RAM and 128GB of storage and uses the Kirin 710F processor with EMUI 10.1 for a smooth and efficient user experience. Gaming on the HUAWEI Y8p is further boosted by GPU Turbo, which enhances graphics and gameplay for a more immersive gaming experience.

The HUAWEI Y6p meanwhile, comes with 3GB of RAM with 64GB of storage along with the MTK Helio P22 chipset and EMUI 10.1, which is also capable of running multiple intensive tasks together.

Display and Design

Both smartphones continue the Y series tradition and shine when it comes to display and design. The HUAWEI Y8p, packs a 6.3 inch HUAWEI Dewdrop OLED Display with a resolution of 2400x1080. This display also brings an In-Display Fingerprint unlock feature, allowing users to easily unlock their phone with a tap. Meanwhile, the HUAWEI Y6p comes with a 6.3 inch HUAWEI Dewdrop display with an HD+ resolution of 1600x720, but with a rear mounted fingerprint sensor instead. Both displays have minimal bezels as well, further enhancing the viewing experience.

In terms of design, both HUAWEI Y6p and HUAWEI Y8p boast beautiful back panel designs complete in unique nature inspired colors that stand out from the crowd. The HUAWEI Y6p comes in shades of Emerald Green, Phantom Purple and Midnight Black while the HUAWEI Y8p boasts color ways of Breathing Crystal, Deep Sea Blue and Midnight Black.

For app-lovers

Both phones come with HUAWEI AppGallery pre-installed. Huawei’s official app marketplace, HUAWEI AppGallery offers a wide range of global and local apps that enhance the Huawei device user experience. In addition to apps, users can also enjoy a rich library of quality entertainment media on HUAWEI Video, HUAWEI Music and HUAWEI Reader, which is frequently updated with new content from top providers.

It not easy to make a choice between these two stunning phones. Both phones deliver fantastic specs when it comes to performance, display and design, making it a great option when considering a phone upgrade. However, photography lovers can opt for the HUAWEI Y8p priced at PKR 37,999/-, while those who want longer battery life and improved audio can opt for the HUAWEI Y6p instead for PKR 20,899/-.

realme X3 SuperZoom with snapdragon 855+, 64MP Quad camera & Dual punch selfie camera available nationwide in the unbeatable price of 79,999

realme has just announced its X3 SuperZoom, a flagship-class smartphone that boasts up to 60x SuperZoom from its periscope telephoto camera. In addition, it also comes with an ultra-smooth 120Hz display and is being offered at an amazing price of Rs. 79,999 only. The X3 SuperZoom 12GB/256GB variant is going on sale starting of July exclusively in offline market at all dealers nationwide.

The realme X3 SuperZoom gets a 6.6″ Full HD+ LCD display that has a high 120Hz screen refresh rate. The screen has a wide-punch-hole on the top left corner that houses its 32MP main and 8MP ultra-wide-angle selfie cameras.

Under the hood, it runs on a Qualcomm Snapdragon 855+ processor with up to 12GB of LPDDR4x RAM and up to 256GB of UFS 3.0 storage. Instead of an in-display fingerprint sensor, the device uses a side-mounted unit for instant unlocking.

In the camera department, the rear comes with a quad-camera setup that features a high-resolution 64MP f/1.8 main camera that utilises Samsung GW1 1/1.72″ sensor. The key highlight is its 8MP periscope telephoto camera with OIS that offers 5x optical zoom and up to 60x digital. Also included is an 8MP ultra-wide-angle camera plus a 2MP macro camera.

To capture the night sky, it has Starry Mode and it also boasts superior low light photography with its AI-assisted Super NightScape 4.0 feature. The X3 SuperZoom can record 4K videos up to 60fps and it has UIS Video and UIS Max Video stabilisation.

Powering the device is a 4,200mAh battery and it supports 30W fast charging via USB-C. The bundled charger is rated to push 70% charge in 30 minutes and a full charge in just 55 minutes.

The capabilities of the SuperZoom X3 realme camera are also strengthened by other specifications. The device comes with the best 4G platform from the Qualcomm Snapdragon 855 Plus processor that can easily handle a variety of activities on smartphones, including playing games, launching heavy applications, editing photos, or watching high-definition movies.

realme X3 SuperZoom is also equipped with 120Hz Ultra Smooth Display that truly spoil the eyes and is able to produce realistic and smooth visuals every time the user touches the screen.

realme X3 SuperZoom specs

Body: 163.8x75.8x8.9mm, 202g; Gorilla Glass 5 on the front, glass back, plastic frame; Glacier Blue, Arctic White color options.

Screen: 6.6" IPS LCD, FHD+ (1080x2400px) resolution, 120Hz refresh rate, 399 ppi.

Camera: Primary: 64MP Quad-Bayer, 0.8µm pixel size, 1/1.72" sensor size, 26mm equivalent focal length, f/1.8 aperture, PDAF; Ultra-wide: 8MP, 1.12µm, 1/4.0", 16mm, f/2.3, fixed focus; Telephoto: 8MP, 124mm periscope lens, f/3.4, PDAF, OIS; Macro: 2MP, 1.75µm, f/2.4, fixed focus.

Front camera: Primary: 32MP, 0.8µm, 1/2.8", 26mm, f/2.5, fixed focus; Ultra-wide: 8MP, 1.12µm, 1/4.0", 16mm, f/2.2, fixed focus.

Chipset: Qualcomm Snapdragon 855+ (7 nm): Octa-core (1x2.96 GHz Kryo 485 & 3x2.42 GHz Kryo 485 & 4x1.78 GHz Kryo 485) CPU, Adreno 640 GPU.

Memory: 12GB/256GB.

OS: Android 10, realme UI.

Battery: 4,200mAh, 30W Dart Charge.

Connectivity: 4G LTE; Dual SIM; Dual-band Wi-Fi, Buetooth 5.0, dual-band GPS, USB Type-C 2.0.

Misc: Side-mounted fingerprint sensor; single, bottom-firing loudspeaker.

World’s First Mediatek Helio G80 powered realme 6i is available at discounted price on 29,999 only

realme one of the most exciting brands in Pakistan’s smartphone market today, with its stellar devices that have dominated the budget and mid-range segments. realme, has recently launched its 6 series smartphone -- the realme 6i -- with the first Mediatek Helio G80 processor in a smartphone. With the tagline 'unleash the power,' realme 6i promises to smoothen gaming experience and boost up everyday smartphone performance. With 4GB RAM and 128GB ROM, realme's 6i comes in two vibrant colors -- Green Tea and White Milk --  is now available at Rs. 29,999, which is an amazing discount offer for realme fans.

Battery king for long lasting support

6i comes with a massive 5,000 mAh battery, which will facilitate 29 hours of call time, or 21 hours of online video streaming, or 9 hours of gaming on a full charge. The phone comes with a USB Type-C charging port, which supports 18W quick charge -- the phone can reverse charge as well.

Powerful processor for faster and smoother experience

As today's youth are vastly dependent on their smartphones for projects, socialising, gaming and watching movies, these devices need a powerful chipset like the Helio G80 to process multiple tasks seamlessly. With the phone's 4GB RAM, the octa-core processor can work at fast speeds of 2.0 GHz, which offers 35% better single-core performance and 17% better, smoother multi-core performance than its predecessor.

On top of that, The Mali G52 GPU also delivers 25% better performance. The result is greater image quality and a more stable frame rate that makes the realme 6i stand out while gaming. The 6i comes with realme UI, which is based on Android 10 -- a light, fast system further optimised in terms of fluency, power consumption and performance.

48MP AI quad camera for creating crystal clear memories

The realme 6i comes with a quad-camera setup consisting a 48MP main camera with a huge aperture of f/1.8, an 8MP (f/2.23) 119° ultra-wide-angle lens, a 2MP (f/2.4) black and white portrait lens and 2MP (f/2.4) 4cm macro lens (2MP). Each camera meticulously carries out its respective function and collaborates closely with the others, resulting in a striking photo experience that is fun and dynamic.

Its better aperture will help capture more light even in darker environments -- the upgraded algorithm and Super Nightscape enables you to capture bright photos in the dark even in wider view, without losing any detail. Combination of AI technology and multi-frame technology lets you take photos without noise, giving the opportunity of handheld anti-shake and tremendous dynamic range improvement. The black and white portrait lens has the customisation of 5 universal and sustainable advanced portrait styles. By calculating background distance from the subject, the camera will also render amazing bokeh effect. The ultra-wide-angle camera captures more details even when taking a photo or shooting a video at a 4 times wider angle. The 4cm macro lens can capture the wonderful details in small things all around. The 16MP selfie camera supports Quad Bayer smart pixel four-in-one technology, achieving a new level of selfies taken at night.

Trendsetting display with Eye Care

realme 6i comes with a 6.5-inch HD+ mini drop fullscreen which is 30.9% smaller than the normal dewdrop, making the screen to body ratio as high as 89.8%. This big screen will give users an immersive experience when watching videos or playing games. The eye care mode helps users who stay on the phone for a longer period of time by significantly reducing eye-strain. The realme 6i adopts classic design from Naoto Fukasawa, and has adopted a rare spray coating process. The phone has been polished hundreds of times -- as a result, the back of the phone shows an advanced matte visual effect.

Two thirds of businesses need to look beyond the financial imperative in post Covid-19 world

Research from ACCA and PwC shows two thirds of organisations need to embed finance business partnering further into strategy and decision making

Companies are being urged to look beyond the financial imperative as economies around the world look to kickstart as a result of the Covid-19 pandemic.

Finance Insights – Reimagined, a new report from the Association of Chartered Certified Accountants (ACCA) and PwC, surveyed more than 3,400 firms on the changing role of the finance professional and how they can influence companies’ future direction.

The report highlights the greater focus on the finance business partner (FBP): individuals, or a group of individuals, who are the conduit between finance and its stakeholders. It outlines how they can help companies navigate turbulent economic times.

Results show finance business partnering was a proactive role in organisations, a fundamental part of decision-making and strategy. However, only 37% reported that it was truly embedded and that the remaining 63% are compromising their agility to support and influence business decision-making at this critical time.

The report outlines the FBP will be more commonplace than other finance roles as a result of automation and process efficiency. It also envisages the role of the partner will become more strategic and collaborative to support operational decision-making across the organisation.

Clive Webb, senior insights manager at ACCA, says finance business partnering is a key consideration for firms seeking survival and a more sustainable future ahead of an impending recession.

He said: ‘There is a temptation in responding to the COVID-19 events, as organisations and economies seek to recover, that the sole focus is on the financial imperative.

‘This approach could ignore the dangers society will continue to face and may lead to narrow responses to broader issues that are connected to the financial performance. To respond to this, accountancy and finance professionals need to have a robust skill set and must show they can play an ever-important role in driving business performance.’

Mr Webb concluded: ‘The two most valued aspects in the role were the support of business strategy and the analysis of current performance; this suggests that finance professionals might not yet be achieving the forward-looking view on which the future of the finance function depends.

‘The six hypotheses generated in this report allow businesses, both large and small, to explore the opportunity for finance insights and the role of business partners in generating sustainable value creation.’

Brian Furness, Partner at PwC, underlined the importance of the six capitals identified in the report in future planning.

He said: ‘The six capitals - financial, manufactured, intellectual, human, social and responsible, and natural - which are outlined in the report, provide a unique framework to evaluate how any finance function is performing.

‘In response to COVID-19, and by using this framework, CFO’s will be able to make sense out of the current situation, and plan successfully for the future.’