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Archive for the ‘Press Releases’ Category

School students recognised at Habib University Meritorious Awards Ceremony

Friday, January 22nd, 2016

Karachi, January 22, 2016 – Habib University held its 3rdMeritorious Awards Ceremony to recognise students who demonstrated strong academic achievement, an event that truly rewards academic excellence while ensuring student’s skills and talents are not just limited inside the classroom. The institution itself is all-inclusive, and merits strong academic skills as well as extra-curricular activities. The Meritorious Award ceremony, which was organised at the university’s campus in Karachi, was a celebration of exceptional students from high schools across the city. The achievements that were rewarded were of a purely academic nature, with the event being attended by students from several schools across Karachi, their parents and renowned educationists of the country. It was in recognition of this achievement coupled with Habib University’s promise of facilitating all deserving students that an application fee waiver was also announced for the recipients of the Meritorious Award.

Present at the event, Mr. Wasif Rizvi, President Habib University, said: “It is vital that students feel welcomed and appreciated for the efforts they put into their pursuit of excellence, whether it is through academia or community-based activities. This remains the core reason for holding the Meritorious Awards Ceremony at Habib University, so students’ achievements are recognised and rewarded. This way they would be encouraged to continue their unrelenting hard work and service.”

A total of 380 students attended the event along with their parents, spanning from Karachi, to Hyderabad and Rashidabad. The schools represented in the Meritorious Award Ceremony were Rockford Cambridge School, Hyderabad, Sargodian Spirit Trust Public School, Rashidabad, Bonaventures High School, Hyderabad, Aga Khan Higher Secondary School, Bayview College, Beaconhouse College PECHS and Defense Campus, Beaconhouse School System Gulshan & North Nazimabad, Cordoba School, Dawood Public School, Foundation Public School, Generations School, Habib Girls Higher Secondary School, Nixor College, South Shore School, St. Michaels Convent School, St. Patricks School, The City School Defense, Gulshan, PECHS and PAF Chapter, and Whales School.

Students and parents were also given the opportunity to interact with inspiring educationalists, attend highly motivating speeches and receive individual attention with regards to their academic queries. They were also taken on a campus tour and a visit to the Admissions Info Zone. The award ceremony concluded with a performance by the renowned Tabla &Sitar artist Yousaf Kerai, along with small skits performed mid-ceremony.

To find out more information about this award, as well as about Habib University, please visit www.habib.edu.pk and www.facebook.com/HabibUniversity.

Habib University is a liberal arts & sciences university, offering interdisciplinary education in science, engineering, arts, humanities and social sciences. It was established in Karachi under the patronage of the House of Habib. Committed to providing the highest standards of excellence in higher education and envisioned to be an intellectual nexus for the region, Habib University will develop the next generation of scholars who will positively impact society. A first-of-its-kind initiative in Pakistan, Habib University will offer high quality programs of study in a collaborative learning environment.

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LG announces fourth-quarter and full-year 2015 financial results

Thursday, January 28th, 2016

Solid Performance by Home Appliance & Air Solution Company Helps to Bolster 2015 Results

Karachi, January 28, 2016
— LG Electronics Inc. (LG) today announced a fourth-quarter 2015 operating profit of KRW 349 billion (USD 301.38 million), marking a 27 percent increase from the same period in 2014 thanks in large part to improved quarterly profitability from home appliances and home entertain-ment products. The LG Home Appliance & Air Solution Company once again proved to be linchpin, report-ing solid operating income of KRW 214.8 billion (USD 185.49 million) for the quarter and an increase of 57 percent for the year. Sales across all businesses in the fourth quarter of 2015 totaled KRW 14.56 trillion (USD 12.57 billion), a 3.8 percent increase over the previous quarter, although competitive conditions and currency impacts led to a 4.7 percent revenue decline from the same period in 2014.

Notwithstanding many bright spots with the introduction of industry-leading products in key categories, 2015 was a generally challenging year. Full-year operating income was KRW 1.19 trillion (USD 1.03 billion) in 2015, versus KRW 1.83 trillion (USD 1.58 billion) in 2014. As a result of sluggish global market demand for TVs and softer growth of smartphone market during 2015, full-year revenues were KRW 56.51 trillion (USD 48.8 billion), compared with KRW 59.04 trillion (USD 50.98 billion) the previous year.

The LG Home Entertainment Company reported solid fourth-quarter 2015 operating income of KRW 109.2 billion (USD 94.3 million). Fourth-quarter revenues were KRW 4.74 trillion (USD 4.09 billion), up 11 percent quarter-on-quarter as a result of improved OLED and UHD TV sales, although revenues declined year-on-year due to a weaker global TV market and unfavorable foreign exchange movements. Based on the reac-tion experienced at CES® 2016, LG believes this year is ripe for wider acceptance of both new LG OLED TVs and LG Super 4K Ultra HD units. LG is further expanding its TV marketing initiatives, exemplified by the company’s first Super Bowl commercial developed by the renowned Ridley and Jake Scott.

The LG Mobile Communications Company posted strong sales of KRW 3.78 trillion (USD 3.26 billion), a 12 percent increase from the previous quarter and unchanged from the same period a year ago, assisted by improved sales in North America. Worldwide, a total of 15.3 million LG smartphones were shipped in the quarter contributing to a total of 59.7 million units in 2015, a slight increase from the 59.1 million shipped in 2014. The smartphone marketplace is expected to be increasingly competitive in 2016 due to anticipat-ed premium models from competitors and further price competition within the mass tier space. The intro-duction of two new flagship models and a more cost-competitive value chain is expected to improve prof-itability in 2016.

The LG Home Appliance & Air Solution Company achieved sales of KRW 3.83 trillion (USD 3.31 billion) in the 2015 fourth quarter, representing slight increase from the same quarter of 2014. In South Korea, revenues increased 13 percent year-on-year due to the popularity of the new TWIN Wash washing machines and premium refrigerators. Strong sales in developed markets such as North America and Europe helped offset weak sales in South America, the Middle East and CIS, where sales declined due to weak demand caused by lower oil prices and currency movements. Operating profit of KRW 214.8 billion (USD 185.49 million) for the quarter and KRW 981.7 billion (USD 847.75 million) for the year contributed to a strong finish for the year. Expectations are high that the introduction of the ultra-premium LG SIGNATURE lineup in 2016 will help re-energize the LG brand for home appliances in numerous competitive markets.

The LG Vehicle Components Company posted a 9 percent increase in sales quarter-on-quarter to KRW 520.4 billion (USD 449.4 million) mostly due to its growing infotainment business. With revenues growing in each quarter of 2015, the company ended the year with a solid KRW 1.83 trillion (USD 1.58 billion) in sales. LG expects the smart car and electric vehicle component business to grow measurably in 2016, high-lighted by the LG-General Motors joint development of the Chevrolet Bolt electric car, which LG plans to leverage to support additional such partnerships.

2015 4Q Exchange Rates Explained
LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending Dec. 31, 2015. Amounts in Korean won (KRW) are translat-ed into U.S. dollars (USD) at the average rate of the three-month period of the corresponding quarter — KRW 1,158 per USD (2015 4Q).

Earnings Conference and Conference Call
LG Electronics will hold a Korean language earnings conference on Jan. 26, 2016 at 16:00 Korea Standard Time at the LG Twin Tower Auditorium (B1 East Tower, 20 Yeoui-daero, Yeongdeungpo-gu, Seoul, Korea). An English language conference call will take place the same day at 19:00 Korea Standard Time (10:00 GMT/UTC). Participants are instructed to call +82 31 810 3061 and enter the passcode 9084#. The corre-sponding presentation file will be available for download at the LG Electronics website (www.lg.com/global/ir/reports/earning-release.jsp) at approximately 16:00 on Jan. 26, 2016. Please visit http://pin.teletogether.com/eng/ and pre-register with the passcode provided. For those unable to partic-ipate, an audio recording of the news conference will be available for a period of 30 days after the conclu-sion of the call. To access the recording, dial +82 31 931 3100 and enter the passcode 142790# when prompted.

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LG’s Stunning New Monitors and PCs Turn Dreams into Reality

Tuesday, January 5th, 2016

KARACHI / SEOUL, Jan. 05, 2016 ― With computers playing an indispensable role in professional and leisure lives, LG Electronics (LG) will be unveiling a new lineup of products to allow consumers more freedom to customize their work and play space to better fit their growing needs. At CES 2016, LG will showcase its newest 21:9 UltraWide™ monitors, 4K gaming monitors and Ultra PC gram laptop, all designed for maximum productivity and entertainment for today’s demanding power users.

LG'S STUNNING NEW MONITORS

LG’s monitor exhibition at CES will feature a number of dream setups built around LG’s impressive monitor lineup. One setup for gamers and digital professionals will be based around the wide 34-inch, 21:9 Curved UltraWide™ Monitor (model 34UC98) featuring Thunderbolt™ 2. The 3440 x 1440 QHD monitor’s large screen size, picture quality-enhancing IPS technology and streamlined features are designed to meet the needs of a wide range of users from avid gamers to digital media professionals, delivering a well-rounded multimedia experience for content creators and viewers alike.

The LG 34UC88 offers an amazing QHD picture with its expansive 21:9 Curved UltraWide™ display. Equally stunning is LG’s Ultra HD 4K Monitor (model 27UD68) for images so sharp gaming will never be the same again. Both monitors utilize AMD’s advanced FreeSync technology for a seamless, fluid gaming experience free of artifacts, choppiness and broken frames.

At its CES booth, LG will also showcase its flat 21:9 UltraWide™ 34UM88 Monitor, the perfect workstation for digital professionals such as photographers and graphic designers who depend on precise image reproduction. The wider field of view of this monitor enhances productivity by creating a bigger workspace in which to view photos side-by-side and work on multiple applications at the same time. And the monitor’s Thunderbolt™ 2 compatibility is indispensable for artists who work with large image and video files.

Also debuting at CES is the LG Ultra HD 4K Monitor (model 27UD88), a 27-inch monitor designed for creative professionals featuring the latest USB-C port technology. Representing the next generation of computer connectivity, the monitor allows users to charge a laptop as fast as with a dedicated power cord and simultaneously transfer data at USB 3.0 speeds. The single cable gives users the ability to connect their laptops to an external monitor while also using the monitor as a power source, eliminating the need for more cables. The 27UD88 also offers color presets including the popular Rec. 709 and SMPTE-C broadcasting standards, giving users a fast and easy way to adjust the picture depending on the content displayed on the screen.

In addition to its proprietary color-enhancing IPS display technology, LG will debut a number of impressive design elements in its 2016 monitor lineup. The virtually invisible bezel on select Infinity Display model(24MP88) and the elegant ArcLine Stand add touches of elegance that matches the stunning beauty of their IPS displays.

Visitors to LG’s booth at CES will also have a chance to experience the company’s newest portable PCs firsthand. Despite its large 15.6-inch screen, the LG gram 15 (model 15Z960) is barely larger than a conventional 14-inch laptop. As the lightest 15-inch laptop in the world, the LG gram 15 is built to be durable while maintaining a weight of just 980 grams, making this lightweight laptop the perfect choice for busy office workers or students with busy schedules. With a 6th Gen Intel? Core™ processors and Windows 10, the LG gram 15 prioritizes both productivity and mobility.

“We are always thrilled to be able to show international audiences our newest monitor and PC innovations at CES,” said Jang Ik-hwan, head of the monitor and PC division at LG Electronics. “LG is always innovating to exceed customers’ expectations by creating products that provide breathtaking aesthetics and unparalleled user experience.”

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LG webOS 3.0 receives UL verification for smart home readiness

Friday, January 15th, 2016

Newest LG Smart TV Verified for Interoperability with Other LG IoT Devices

Karachi: January 15, 2016 — LG Electronics’ new webOS 3.0 operating system is not only widely regard-ed as the industry’s easiest and most intuitive OS for smart TVs, it is now also verified by UL, a leading global testing and certification organization, for its compatibility with Internet of Things (IoT) devices in the home. With a proprietary IoTV app, LG’s 2016 SMART TV lineup delivers smart home management functions via webOS 3.0 to control LG smart appliances through LG SMART TVs running webOS 3.0.

WebOS UL6521a

Once connected, the status of the various appliances appear on the LG SMART TV’s display, acting as an interface between users and devices. Through the TV screen, users can control specific home appliances such as refrigerators, air conditioners or washing machines connected via Wi-Fi or wires. With webOS 3.0, homeowners can adjust the brightness of the lights in the room or change the temperature setting of the air conditioner.

“We have always viewed the living room TV as the central hub of the smart home and LG SMART TV with webOS 3.0 was designed with this eventual functionality in mind,” said Sam Kim, senior vice president and head of TV product planning at the LG Electronics Home Entertainment Company. “LG will continue to provide the best user experience and develop innovative IoT-capable home products beyond the expectations of consumers.”

UL has verified a series of LG webOS 3.0-enabled OLED and UHD TVs and LG’s advanced IoT technology will be demonstrated at the Smart Home zone of LG’s CES booth (Las Vegas Convention Center, Central Hall #8204) from January 6-9.

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Pakistan Mega Leather Show 2016: BASF launches solutions to reduce tanneries’ energy and water use and Footwear Solutions

Sunday, January 17th, 2016

  • High performance products for premium leather
  • Integrated solutions reduce energy, water and toxicity footprint
  • Elastollan® Light: Lightness with excellentmechanical properties,freedom of design for footwear
  • BASF at Pakistan Mega Leather Show 2016: Booth 183/4 & 188/9, Hall 1, Lahore Expo Centre, Lahore, January 27 – 29, 2016

Lahore, Pakistan – January 27, 2016 – BASF will present a range of solutions to help Pakistan’s leather industry lower carbon and toxicity footprint, as well as reducing water and energy,at the 2nd Pakistan Mega Leather Show from January 27 – 29, 2016 in Lahore, Pakistan.

At the show, BASF will demonstrate its beamhouse system, DryFast, which combines the advantages of a range of products with a solution that significantly reduces water, energy and process time for the tanneries. Through an efficient combination of optimized process steps, effluents contain fewer chemicals and several washing steps can be avoided – thus reducing water use.

“With more than 800 tanneries nationwide, Pakistan’ leather industry exports quality finished leather and leather products to meet an increasing international demand.At the same time the industry is working to meet stringent international standards for environmental protection and better working conditions. BASFhelps tanneries achieve these goals with innovative chemistry for high performance leather that also helps reduce environmental impact,” said Faisal Akhtar, Managing Director, BASF Chemicals & Polymers Pakistan (Private) Limited.

Also, the show will showcase BASF innovative technology and Polyurethane solutions for footwear that have set benchmark for good cushioning and flexibility combined with excellent durability. These solutions have been tailored for comfort as well as to reduce the chance of injuries while wearing and running.

Elastollan® Light is a thermoplastic polyurethane used to manufacture light-weight, high grade soles on a cost-efficientbasis by injection molding. It is used in outsoles,midsoles or elements in footwear.

Elastopan® Extreme Frost, latest development of BASF,combines flexibility and comfort with excellent slip resistanceeven on wet and icy surface together with an outstandingflexural performance at extreme low temperature.It is perfect for high performanceworking shoes in extreme weather condition.
About BASF Leather Chemicals

BASF is a leading global supplier of chemical solutions to the leather industry. Present along the entire industry value chain, it offers innovative and sustainable solutions for all wet-end to finishing processes in the leather industry. Headquartered in Singapore, the business operates sales, production plants and research & development globally. Further information on its products and services is available at www.basf.com/leather.
About BASF’s Performance Materials Division

BASF’s Performance Materials division encompasses the entire materials’ know-how of BASF regarding innovative, customized plastics under one roof. Globally active in four major industry sectors – transportation, construction, industrial applications and consumer goods – the division has a strong portfolio of products and services combined with a deep understanding of application-oriented system solutions. Key drivers of profitability and growth are our close collaboration with customers and a clear focus on solutions. Strong capabilities in R&D provide the basis to develop innovative products and applications. In 2014, the Performance Materials division achieved global sales of € 6.5 bn. More information online: www.performance-materials.basf.com.

About BASF Pakistan
BASF has been present in Pakistan for more than 45 years. With production in Karachi, BASF offers innovative solutions for key local business sectors. BASF also supports education and community development projects in Pakistan. In 2014, BASF posted sales of €99 million to customers in Pakistan and had 137 employees in Pakistan. Further information on BASF in Pakistan is available at www.basf.com/pk.

About BASF
At BASF, we create chemistry – and have been doing so for 150 years. Our portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. As the world’s leading chemical company, we combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of over €74 billion in 2014 and around 113,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet atwww.basf.com.

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LG to Collaborate on Netflix’s Global Business Expansion

Thursday, January 21st, 2016

New Partnership to Offer Extensive Library of Content from the World’s Leading Internet TV Network

Karachi, January 20, 2016 — LG Electronics today announced that LG has initiated a global partnership with Netflix to facilitate the expansion of Netflix’s global on-demand Internet streaming operations beyond the Internet TV network’s already established markets (the Americas, Western Europe, Australia, New Zealand and Japan). The expansion will bring an extensive library of high-quality content, including 4K HDR-mastered original TV series, to more markets in Asia, the Middle East and Europe. LG has been chosen as a primary global business partner of Netflix, due to the superior picture quality and performance they lend to the Smart TV industry and the Netflix viewing experience alike. At the time of Netflix’s launch LG and Netflix will combine efforts to provide prepaid access to the Netflix service.

LG Netflix Partnership

Among Netflix’s acclaimed original TV show series are Marvel’s Daredevil, Orange is the New Black and Sense8. The company also plans to provide global members with its HDR-mastered original TV series Marco Polo. At the 2016 International Consumer Electronics Show (CES) in Las Vegas from January 6-9, visitors to LG’s booth (#8204 Central Hall, Las Vegas Convention) will even be able to watch a special 4K HDR clip from Netflix’s popular Dolby Vision™-mastered Marvel’s Daredevil series. Netflix has praised LG’s 4K HDR OLED TVs for having the purest black, contrast and color vibrancy, all factors which ensure enhanced details and greater dimension when displaying their content.

“Our global partnership with LG will help entertainment lovers worldwide discover and enjoy Netflix,” said Scott Mirer, vice president of device partner ecosystem at Netflix. “We look forward to delighting our members with cutting edge technology and the ability to watch their favorite series in 4K and HDR.”

“We are excited to be the global business partner of the world’s most popular content provider Netflix,” said Brian Kwon, President and CEO at LG’s Home Entertainment Company. “From our side, LG will continue its dedication to innovating display and audio technologies in order to offer global consumers a superior 4K and HDR viewing experience. By adopting the most promising cutting-edge technological advancements, LG will continue to lead in the global premium TV market.”

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