Screenshots from the trailer of M. Night Shyamalan’s “Glass.” Images courtesy: The Playlist Published in Geo, on Jan 24th, 2019, LOS ANGELES: Glass, a superhero thriller both financed and directed by M. Night Shyamalan, shattered the North American box office over the holiday weekend, taking in $46.5 million, industry watcher Exhibitor Relations said Tuesday. The Universal film, a sequel to Shyamalan’s Unbreakable (2000) and Split (2016), stars Bruce Willis as the superhuman known as The Overseer locked in a psychiatric ward with nemesis and mass murderer Samuel L. Jackson, AKA Mr Glass. Its four-day take over the Martin Luther King Jr holiday weekend in the US saw it…
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Cinemas in some towns and cities cut their prices in 2018 to compete with rival chains Published in ARY News, on Jan 24th, 2019, Reuters Cinema price wars and the golden age of TV have meant the average cost of going to see a film in the UK has dropped for the first time in 17 years. The average ticket price dropped from £7.49 in 2017 to £7.22 last year thanks to what the UK Cinema Association described as “tactical discounting”. But figures from the theatre industry showed West End prices are continuing to go in the other direction. There,…
Published in ARY News, on Jan 23rd, 2019, Reuters BEIRUT: Tuesday’s Oscar nomination for the Lebanese film “Capernaum”, praised for its depiction of poverty in the slums of Beirut, is a “huge victory” for the street children who acted in it, according to director Nadine Labaki. The nomination of a Lebanese picture for the Best Foreign Language Film award for the second year running is also a milestone for Arab and Lebanese cinema, Labaki told Reuters after the nominees were announced. “It’s a huge victory for each one of the actors who are … putting their own struggle out there…
Published in BBC, on Jan 24th, 2019, By Bill Wilson Real Madrid has topped the table of the world’s 20 richest football clubs, displacing Manchester United with record revenues of €750.9m (£674.6m). Man Utd slipped to third with Barcelona making it the first Spanish one-two since 2014-15, said Deloitte. Its Football Money League, based on season 2017-18, also shows the combined revenues of the top 20 clubs has risen 6% to €8.3bn (£7.4bn), a new record. There were a record six English Premier League clubs in the top 10. ‘Outstanding performance’ The list, the 22nd of its kind, only looks…
Published in The Express Tribune, on Jan 24th, 2019, By Saleem Khaliq PCB Chairman Ehsan Mani was successful in convincing the authorities The Pakistan Super League (PSL) franchises have been granted tax relief by the government — which pertains to withholding tax. According a report obtained by Daily Express, franchises would not have to pay the 10 per cent withholding tax, this year. However, the authorities refused to give relief on 16 per cent sales tax. Franchises had suffered major financial loses in first three editions of the league. Due to this reason, they were trying to get tax exemptions from…
Frenkie de Jong will finish the season at Ajax before joining Barcelona in the summer Published in Geo, on Jan 24th, 2019, BARCELONA: Barcelona have won the race to sign highly-rated Ajax midfielder Frenkie de Jong, the Spanish club announced on Wednesday. The 21-year-old will join Barca on July 1 for 75 million euros ($85 million), with a further 11 million euros due to Ajax in additional payments. De Jong, who is considered one of the most exciting young players in Europe, will begin a five-year contract with his new club. “Barcelona and Ajax have reached an agreement for the…
Published in Samaa, on Jan 24th, 2019, Cricket continues its slow return to Pakistan as West Indies women are set to tour the country for the first time in 15 years. The Calypsos were the last non-Asian women’s team to tour Pakistan when they did so in March 2004 and will be doing so again for a three-match T20I series from January 31 to February 3 in Karachi, reports ESPNcricinfo. The clashes will take place at Karachi’s Southend Club before the sides travel to the UAE, where they place three ODIs in Dubai as part of the ICC Women’s Championship.…
In 2017, Ronaldo was accused by Spanish prosecutors of four counts of tax fraud worth $16.7m between 2011-14 [Burak Akbulut/Anadolu] Published in AlJazeera, on Jan 22nd, 2019, Star footballer to serve a two-year suspended jail term as part of a pre-agreed deal with Spanish tax authorities. Footballer Cristiano Ronaldo has pleaded guilty to tax evasion, accepting a fine worth 18.8 million euros ($21.4m) and a suspended 23-month jail term after a pre-agreed deal with Spanish tax authorities last year. The 33-year-old Portuguese captain appeared in a court in the Spanish capital, Madrid, on Tuesday, over accusations of using shell companies outside Spain to hide income made from image rights. The…
Published in Samaa, on Jan 22nd, 2019, India’s Virat Kohli made history as he became the first player in history to win the Sir Garfield Sobers Trophy for ICC Cricketer of the Year, the ICC Men’s Test Player of the Year and the ICC ODI Player of the Year awards following a stellar 2018. Apart from receiving the illustrious awards, he was named the captain of the ICC Test and ODI teams of the year as well. “Kohli scored 1,322 runs at an average of 55.08 in 13 Tests with five hundreds during the calendar year while in 14 ODIs…
Published in CNN, on Jan 24th, 2019, By Ryan Browne, CNN (CNN)The US Navy sailed two ships through the Taiwan Strait on Thursday, according to the US Pacific Fleet, which oversees operations in the area. The guided missile destroyer USS McCampbell and the USNS Walter S. Diehl “conducted a routine Taiwan Strait Transit” that was “in accordance with international law,” US Pacific Fleet spokesman Lt. Cmdr. Tim Gorman told CNN. “The ships’ transit through the Taiwan Strait demonstrates the US commitment to a free and open Indo-Pacific. The US Navy will continue to fly, sail and operate anywhere international law allows,” Gorman…
Mevlut Cavusoglu said Turkey was in indirect contact with the Syrian government [File: Getty Images] Published in AlJazeera, on Jan 24th, 2019, Foreign minister says Ankara also has the capacity to create the proposed zone on the Turkish-Syrian border by itself. Turkey has the capacity to create a “safe zone” in Syria on its own but will not exclude the United States, Russia or others if they want to cooperate, Turkish Foreign Minister Mevlut Cavusoglu said. Speaking to a local Turkish television channel on Thursday, Cavusoglu added that Turkey was in indirect contact with the Syrian government, without providing details. He also said Ankara and Moscow were on…
Supporters of the Jatiya Party, at the time an alliance partner of ruling Prime Minister and Awami League-led chief Sheikh Hasina, outside a polling station in Dhaka on December 30, 2018. Photo: Indranil MUKHERJEE / AFP Published in Asia Times, on Jan 22nd, 2019, By FAISAL MAHMUD The Jatiya Party’s post-election about-turn to lead the parliamentary opposition against its ally the Awami League has stoked fresh controversy Bangladesh is experiencing the strange problem of finding a parliamentary opposition deemed to be suitable and acceptable, after the latest national elections were completed on December 30. Bangladesh is one of the world’s largest parliamentary democracies.…
President Trump speaks about the partial government shutdown, immigration and border security Saturday in the Diplomatic Reception Room of the White House. (Alex Brandon/AP) Published in The Washington Post, on Jan 23rd, 2019, By David Nakamura The Debrief: An occasional series offering a reporter’s insights After years of fanning public fears over illegal immigration, President Trump on Wednesday signaled he has no plans to stop, unveiling a new rallying cry: “BUILD A WALL & CRIME WILL FALL!” The bumper sticker-ready slogan, rolled out in a series of tweets, neatly packaged Trump’s argument for a border wall to keep out terrorists, drug traffickers and violent gang members…
David Davis quit as Brexit secretary in July 2018 Published in BBC, on Jan 23rd, 2019, Tory MP David Davis will earn £60,000 for 20 hours of work as an adviser to manufacturing company JCB. The former Brexit Secretary said he had consulted Parliament’s advisory committee about the job. Mr Davis has also been made a board member of German manufacturing company Mansfelder Kupfer Und Messing for six months – from which he earned £36,085. One Labour MP said it was “disgusting” he would earn that amount after “failed to properly plan for Brexit”. The two wages are in addition…
Published in Tribune, on Jan 21st, 2019, By Sohail Chaudhry ISLAMABAD: Prime Minister Imran Khan met his Qatari counterpart H E Abdullah bin Nasser bin Khalifa Al Thani at his residence in Doha late Monday. Abdullah bin Nasser is also the Minister of Interior of the State of Qatar. Foreign Minister Makhdoom Shah Mahmood Qureshi, Finance Minister Asad Umar, Petroleum Minister Ghulam Sarwar Khan, Adviser to PM Abdul Razak Dawood and SAPM Syed Zulfiqar Abbas Bukhari, among others were present during the meeting. [ads1] Bilateral relations, with a focus on economic cooperation between the two countries, were discussed during the meeting.…
UAE economy set for 3.8pc annual surge until 2023 Driven by an uptick in investment flows and private consumption, the UAE economy is forecast to record an average annual real GDP growth of 3.8 percent between 2019 and 2023, the Dubai Chamber of Commerce and Industry said. Real GDP for the UAE’s non-oil sector is projected to grow by an average of 4.1 percent between 2019 and 2023, compared to the 2.8 percent accounted for in the 2014-18 period, a study revealed. The Dubai Chamber’s growth projection for the UAE is in line with forecasts made by the International Monetary…
SC issues notice to RBI on pleas alleging violation The Supreme Court Friday sought RBI’s response on two pleas seeking contempt proceedings against the central bank and its former Governor Urjit Patel for non-disclosure of information under RTI about some banks. A bench headed by Justice L N Rao issued a notice to the Reserve Bank of India (RBI) for not disclosing information about the list of banks on whom certain fines were imposed for violating some banking rules. The court has asked RBI to file reply within four weeks and listed the matter for hearing in March. The pleas,…
Government to dissolve transfer pricing directorate The federal government, in its supplementary finance bill, has recommended the withdrawal of legislation for establishing the Directorate General of Transfer Pricing. The directorate was being set up to scrutinise master files and other records of multinational companies and enterprises with turnover exceeding Rs100 million and investigate billions of rupees worth of black money stashed abroad. After the approval of the Second Supplementary Finance Bill 2019 by parliament, the Directorate General of Transfer Pricing would be dissolved. However, Federal Board of Revenue (FBR) spokesperson and Member Inland Revenue Atiq Sarwar said the Directorate General…
PAKISTAN NEWS: Under-Invoicing of IT Products Has Cost Pakistan Rs40Bn in 5 Years: Pakistan is witnessing huge under-invoicing in information technology, as products with an actual value of Rs. 68 billion were imported last year compared to the declared value of Rs. 36 billion – resulting in tax evasion of Rs. 8 billion. During the last five years, duty/taxes of Rs. 40 billion were evaded due to under-invoicing of IT products which is allegedly used for money laundering. [divider style=”normal” top=”20″ bottom=”20″] Huawei Y7 Prime 2019 is Now Available for Pre-order: Huawei has begun this year by reimagining its bestselling…
Hajj balloting-2019 National Bank of Pakistan(NBP) conducted Hajj-2019 Balloting for 25 employees (regular/contractual) (5 executives up to VP, 10 Officers up to Grade-I and 10 Clerical/Non-Clerical staff) for performance of Hajj-2019 on Banks expenses. NBP president Mr. Tariq Jamali, presided/CEO over the Hajj Balloting ceremony along with other executives of the Bank. A large number of representatives of unions and NBP Officers Welfare Associations were also present on the occasion. On this occasion, Mr. President Tariq Jamali congratulated all the 25 lucky employees who were declared Successful in the balloting and said that they were blessed by the Almighty Allah…
Kibor rate is the average interest rate at which term deposits are offered between prime banks in the Pakistani wholesale money market or interbank market. KIBOR as a benchmark, to encourage transparency and improve management of the market risk undertaken by banks. [ads1] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 9.80 10.30 2 – Week 9.82 10.32 1 – Month 9.89 10.39 3 – Month 10.27 10.52 6 – Month 10.50 10.75 9 – Month 10.66 11.16 1 – Year 10.82 11.32 2 – Year 11.49 11.99 3- Year 11.89 12.39
[box type=”info” align=”” class=”” width=””]Cyril Ramaphosa President, South Africa This article is part of the World Economic Forum Annual Meeting[/box] This year, South Africa will celebrate 25 years of democracy, hold its sixth democratic national election and accelerate the process of economic revival and growth. Over the last quarter century, the country has made remarkable progress in expanding opportunities for its people, most of whom still live with the effects of the apartheid system. Millions of poor South Africans have been provided with houses, social support, electricity and water. The black middle-class has grown significantly and access to healthcare and education…
[box type=”info” align=”” class=”” width=””]Agelos Delis, Aston University; Karen Jackson, University of Westminster, and Oleksandr Shepotylo, Aston University[/box] The current impasse in the British parliament has increased the probability of ending up with one of two extreme outcomes: no Brexit or no deal. While significant attention has focused on understanding the potential impact of a hard Brexit on the income of people in the UK, much less is known about the impact on the rest of the EU. We know that the UK has a large trade deficit with some big and influential EU economies such as Germany. Therefore, some…
[box type=”info” align=”” class=”” width=””] Guy Ryder Director-General, International Labour Organization (ILO) Houlin Zhao Secretary-General, International Telecommunication Union (ITU) This article is part of the World Economic Forum Annual Meeting[/box] Humankind’s insatiable demand for electronic devices is creating the world’s fastest-growing waste stream. Some forms are growing exponentially. The United Nations calls it a tsunami of e-waste. While more electronic devices are part of the problem, they also can be a big part of the solution. A more digital and connected world will help us accelerate progress towards the United Nations Sustainable Development Goals (SDGs), offering unprecedented opportunities for emerging economies. Get it right…
[box type=”info” align=”” class=”” width=””]David Spencer, University of Leeds[/box] Davos offers a place for the rich and not-so-famous to meet and exchange views on the present and future of capitalism. As in previous years, the theme of automation and the “fourth industrial revolution” has been a core of the 2019 meeting. The concern is over how technology might help to raise economic growth and add to prosperity. Lip service, of course, is paid to wider social and ethical goals, but in truth the central concern is with the needs of the global economy. The worship of growth (measured by GDP)…
[box type=”info” align=”” class=”” width=””]Jon Liao Chief Strategy Officer, JD.com This article is part of the World Economic Forum Annual Meeting[/box] The power of technology to bring positive change is well documented and well understood across the planet. However, when its benefits are distributed unequally across different strata of society, technology creates barriers, dividing peoples and inhibiting social development and economic growth. This so-called “digital divide” is something we at JD.com, a Chinese e-commerce company, and the World Economic Forum are striving to narrow. In our experience, we have seen how the right technology, employed in the right way, can instead…
WorldRemit research shows that switching from offline into digital remittances could free up a further $825 million for education worldwide New research from the digital money transfer service WorldRemit shows hundreds of thousands of Pakistani children are in school, have access to books and educational supplies, and are more likely to study and less likely to work due to international remittances. Pakistan is one of the top 10 remittance recipients worldwide, and received $21 billion in remittances in 2018. These findings were calculated using data from UNESCO, the World Bank, and Pakistan’s latest national household survey. Approximately 220 million children…
Signed MoU with Shenzhen University to open a huge window of opportunities for students Interview with Syed Karamatullah Hussainy – Director, Khadim Ali Shah Bukhari Institute of Technology PAGE: KASBIT is one of the leading institutes of Pakistan which is producing the best brains for the country. How did you make it possible? Syed Karamatullah Hussainy: This became possible because of the visionary leadership of our Chancellor Sir Arif Ali Shah Bukhari, determination of our team, focused approach, setting high goals, working collectively towards achieving those goals through following the international standard and meeting the HEC regulations and guidelines. PAGE:…
Market Review The outgoing week remained volatile where benchmark index closed flat at 39,307pts, exhibiting an increase of 130pts. Market participation remained dull during the week as evident from decline in ADT and ADTV by 14.9%WoW and 13.6%WoW, respectively. Foreign investors were net sellers, exhibiting an outflow of USD9.4mn. During the week, with an aim to support export oriented sectors, ECC decided to clear the outstanding claims worth PKR36bn and allowed duty-free import of cotton. Furthermore, ECC decided that vehicles can only be imported if the duties and taxes are paid in foreign currency by Pakistani nationals. Also, the incumbent…
Stocks witnessed positive momentum, up over 250 points Summary Stock market started on a very positive momentum earlier in the week after Asad Umar Minister of Finance talked to business community at Karachi on Saturday. He unfolded numerous measures in relation to ease of doing business and reduce taxes on investment in the Finance Supplementary (Amendment) Bill on 23rd January with good news for stock market. The market remained in bullish trend for first two days of the week and Index gained 565 points. The market sentiments were boosted by the discovery of hydrocarbon in the Indus offshore operated by…
Visitors at GPP Photo Week 2018 in Dubai Image Credit: Supplied Published in Gulf, on Jan 16th, 2019, By Jyoti Kalsi Special to Weekend Review GPP Photo Week 2019 will feature workshops along with talks, photo walks and exhibitions GPP Photo Week 2019, organised by Gulf Photo Plus (GPP) will be held at Alserkal Avenue, Al Quoz, from February 4 to 9. Launched 15 years ago, this longest running photography event in the Middle East is a forum for photography enthusiasts to come together, improve their skills and engage with photography as an art form. It features workshops for all skill…
Published in Samaa, on Jan 15th, 2019, American Grammy award-winning singer Akon, who will visit Pakistan to kick off the World Soccer Stars event, has joined in the campaign to collect donations for the Diamer-Bhasha and Mohmand dams. In a video shared on World Soccer Star twitter handle, Akon said: “This is a special message to all Pakistanis around the world. According to a United Nations report, water resources in the country will dry up by 2025, so I’m asking all Pakistanis living in the country and overseas to support the Diamer and Bhasha dam. So we can mobilise Pakistan…
Anupam Kher will play the role of former Indian prime minister Manmohan Singh “The Accidental Prime Minister”. Photo: Twitter Published in Geo, on Jan 17th, 2019, Bollywood film The Accidental Prime Minister featuring actor Anupam Kher in the role of former prime minister Manmohan Singh will be released in cinemas across Pakistan after being cleared by the Central Board of Film Censors (CBFC). Producer of the movie Jayantilal Gada said the film will be released across cinemas in Pakistan on January 18. “PEN Studios is happy to announce that our one-of-a-kind political film, The Accidental Prime Minister, has got a green signal from…
Published in The News, on Jan 17th, 2019, KARACHI: The Chairman Pakistan Cricket Control Board, Ehsan Mani, has confirmed that an Indian company has signed deal with the PCB for the rights to produce,broadcast and live stream the Pakistan Super League matches. The production deal of the PSL is worth $5.1 million. The company also managed the broadcasting and livestreaming of the Indian Premier League for the initial 10 years. [ads1] The Indian company has already begun preparations for the event in Pakistan. The Pakistan Super League will start from Feb 14 and the matches will be played across…
Barcelona first team to spend half-a-billion euros on wages – study Published in Ary Sports, on Jan 15th, 2019, La Liga champions Barcelona became the first soccer team to spend over half a billion euros in wages after their staff costs shot up by 42 percent over the past year, according to a study by KPMG. KPMG’s Football Benchmark study analysed the squads and finances of the respective champions of Europe’s top eight leagues. The Catalans, who signed Brazil playmaker Philippe Coutinho from Liverpool in January 2018 for a club record €160 million (£142 million), have staff costs of €562…
South Africa’s AB de Villiers hopes his involvement in this year´s PSL will encourage the world´s best players to return to Pakistan Published in Geo, on Jan 17th, 2019, LONDON: South Africa´s AB de Villiers hopes his involvement in this year´s Pakistan Super League will encourage the world´s best players to return to the country. Pakistan have had to play most of their ´home´ games in the United Arab Emirates since a 2009 attack on Sri Lanka´s team bus in Lahore, although the West Indies did tour Pakistan in April last year. But former Proteas captain De Villiers will become…
Juventus’ Cristiano Ronaldo receives a medal after winning the Italian Super Cup. Image Credit: Reuters Published in Gulf, on Jan 17th, 2019, Superstar scores only goal for Italian giants against AC Milan Jeddah: Cristiano Ronaldo scored the only goal to hand Juventus their first trophy of the season with a 1-0 win over ten-man AC Milan in the Italian Super Cup on Wednesday in Saudi Arabia. Ronaldo — signed by the Italian giants last year from Real Madrid as they target a first Champions League title since 1996 — headed in a 61st-minute winner. AC Milan played the last quarter…
Published in Samaa, on Jan 16th, 2019, Malaysia’s foreign minister said on Wednesday that the Muslim-majority country will not host any more events involving Israel, as he reiterated that swimmers from Israel were barred from a forthcoming competition. Malaysia is one of several predominantly Muslim states that have no formal diplomatic ties with Israel, with entry to the country on an Israeli passport forbidden. Last week Prime Minister Mahathir Mohamad said Israeli swimmers would not be allowed in for a tournament later this year in eastern Sarawak state, which will serve as a qualifying event for the Tokyo 2020 Paralympics.…
The new three-tier stands, to be built at the stadium’s Nursery End, will cost 50 million pounds. Published in Dawn, on Jan 17th, 2019, LONDON: Marylebone Cricket Club (MCC) has been granted permission to construct two new stands at Lord’s to replace the existing Compton and Edrich stands and increase the stadium’s capacity to 31,000, it said on Wednesday. The new three-tier stands, to be built at the stadium’s Nursery End, will cost 50 million pounds ($64.37 million). The redeveloped stands will improve sightlines for spectators and offer other amenities, such as integrated catering, wheelchair accessible spaces, and lift access…
Pakistan has conveyed its desire to Afghan Taliban to convene a meeting in Islamabad to push forward peace agenda. Published in Dawn, on Jan 17th, 2019, By Ismail Khan PESHAWAR: Pakistan is believed to be making serious efforts to arrange a meeting between the US special representative for Afghanistan and Afghan Taliban leaders in Islamabad to help break the deadlock and speed up the Afghan peace process, sources said. Foreign Office spokesman Dr Mohammad Faisal said he had no knowledge of the meeting between US special representative Zalmay Khalilzad and Afghan Taliban representatives but the sources said Pakistan had conveyed to…
Taiwan’s independence-leaning President Tsai Ing-wen assumed office in May 2016 [File: Ann Wang/Reuters] Published in AlJazeera, on Jan 16th, 2019, Taipei calls for international support as Beijing intensifies pressure on self-ruled island, which it claims as own. Taiwan will not bow to Chinese pressure, a presidential spokesperson has said, as the self-ruled island held live-fire military drills aimed at showing its ability to defend itself from Beijing’s threats. The developments on Thursday came as China, which considers Taiwan a renegade province, has been pressing companies around the world to change the way they refer to the island amid renewed threats to use force to gain control…
Published in BBC, on Jan 16th, 2019, UK Prime Minister Theresa May has seen off a bid to remove her government from power, winning a no-confidence vote by 325 to 306. Rebel Tory MPs and the DUP – who 24 hours earlier rejected the PM’s Brexit plan by a huge margin – voted to keep her in Downing Street. Labour leader Jeremy Corbyn argued that Mrs May’s “zombie” administration had lost the right to govern. Mrs May will be making a statement from Downing Street at around 2200 GMT. The PM won the vote by a margin of 19, including…
President Trump hosted a round-table discussion on border security during the shutdown, which polls show most Americans blame him for. Sarah Silbiger/The New York Times Published in The New York Times, on Jan 16th, 2019, By Maggie Haberman and Annie Karni WASHINGTON — President Trump has insisted that he is not going to compromise with Democrats to end the government shutdown, and that he is comfortable in his unbendable position. But privately, it’s sometimes a different story. “We are getting crushed!” Mr. Trump told his acting chief of staff, Mick Mulvaney, after watching some recent coverage of the shutdown, according to one person…
UK Prime Minister Theresa May Published in Arabian Business, on Jan 16th, 2019, By Alicia Buller Investment experts warn of a ‘train crash’ effect if Britain is forced into no deal Brexit As UK Prime Minister Theresa May reels from a crushing rejection of her Brexit plan, GCC investment experts are increasingly concerned by Britain’s lack of a clear economic path and toxic political wrangling. The beleaguered UK PM faces a critical ‘no confidence’ motion tonight from opposition leader Jeremy Corbyn which, if defeated, could force a delay to the two-year Brexit process that is set for March 29. Of the…
Unarmed monitors will be sent to Hodeida city and port as well as to the ports of Saleef and Ras Issa for six months. Published in Dawn, on Jan 17th, 2019, UNITED NATIONS: The United Nations Security Council unanimously approved on Wednesday the deployment to Yemen of up to 75 monitors in a new mission to shore up a fragile ceasefire and oversee a pullback of forces from the flashpoint port of Hodeida. The observer mission was agreed during talks last month in Sweden between the Saudi-backed government and Houthi rebels and an advance team is already on the ground…
GULF STATES – ECONOMICS & FINANCE Saudi Arabia to set up $10b oil refinery in Pakistan Saudi Arabia plans to set up a $10 billion oil refinery in Pakistan’s deepwater port of Gwadar, the Saudi energy minister said on Saturday, speaking at the Indian Ocean port that is being developed with the help of China. Pakistan wants to attract investment and other financial support to tackle a soaring current account deficit caused partly by rising oil prices. Last year, Saudi Arabia offered Pakistan a $6 billion package that included help to finance crude imports. “Saudi Arabia wants to make Pakistan’s…
INDIAN ECONOMY: OVERVIEW, GROWTH & DEVELOPMENT 25 pc increase in university seats will take years: officials A day after Union Human Resource Development Minister Prakash Javadekar said the number of seats in higher educational institutions would be increased by 25 percent— to implement the new 10 percent quota for the economically weaker sections (EWS) — sources in the government conceded that this would only be introduced in a phased manner. There can only be a 10-15 percent rise this year, officials in the Ministry said. Javadekar had announced that the new reservation policy would be applicable from the upcoming academic…
PAKISTAN’S ECONOMIC TIMES New 5-year plan faces hard choices The Pakistan Tehreek-e-Insaf (PTI) government faces a tough choice between implementing an economic stabilisation programme that will lead to creating slightly over 5 million jobs or giving economic stimulus to fulfill promise of creating 10 million promised jobs. In case it picks up the option of economic stabilisation, the average economic growth rate by the end of the PTI government’s tenure will be equal to 4.8percent that the last Pakistan Muslim League-Nawaz (PML-N) government had achieved in its five-year tenure. Despite achieving 4.8percent growth rate, the PML-N government had missed all…
PAKISTAN NEWS: Govt to Launch Online Portal for Registration & Tax Payment of Phones: The government has come up with a new plan for international passengers who plan on bringing more than one mobile phones with them. You will no longer have to stand in the long queues to get the mobile phone(s) registered either at the airport or the Customs office. Phone owners will soon be able to register their devices in just a few clicks. According to the documents, the Ministry of Information Technology (IT), Pakistan Telecommunication Authority and the members from Customs have informed the Senate Standing…
Moody’s determined Pakistan’s external debt repayment as challenging: Mian Zahid Hussain Business Community welcomes FM Asad Umar’s statement regarding EoDB President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Monday said that Moody’s in its recent report determined Pakistan’s external debt repayment as challenging for the country given to the current situation including swelling current account and trade deficits. Though the financial packages attained from friendly countries like Saudi Arabia, UAE and China is a great achievement of the…
Kibor rate is the average interest rate at which term deposits are offered between prime banks in the Pakistani wholesale money market or interbank market. KIBOR as a benchmark, to encourage transparency and improve management of the market risk undertaken by banks. [ads1] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 9.78 10.28 2 – Week 9.81 10.31 1 – Month 9.86 10.36 3 – Month 10.26 10.51 6 – Month 10.51 10.76 9 – Month 10.65 11.15 1 – Year 10.84 11.34 2 – Year 11.52 12.02 3- Year 11.97 12.47
[box type=”info” align=”” class=”” width=””]by Felix Richter, Jan 14, 2019[/box] When Tesla broke ground on its first factory in China last week, some people were questioning the timing of the company’s expansion to the country. Amid trade tensions, a general economic slowdown and cooling consumer confidence, the Chinese automobile market contracted by 2.8 percent in 2018, marking the first annual decline in more than two decades. As China’s Association of Automobile Manufacturers (CAAM) reported on Monday, the production and sale of automobiles amounted to 27.8 and 28.1 million units, respectively, last year, following six consecutive months of declining sales. But then again, it’s a very specific…
[box type=”info” align=”” class=”” width=””]by Raynor de Best, Jan 14, 2019[/box] Online retailers who successfully want to target European consumers increasingly have to look at returns information and the conditions for product returns. According to PostNord research, many Europeans have a habit of returning products they bought online. This is especially true in Germany and the Netherlands: more than half of the population in these countries sent at least one purchased good back to an online store between early 2017 and spring 2018. The United Kingdom could be found in third place. In all three countries, fashion is a popular product to…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Jan 14, 2019[/box] Some professions have a better reputation for honesty than others. Mistrust is pretty common in everyday life, whether its questioning a doctor’s honesty or ethics regarding a diagnosis or blaming the salesperson when your “new” used car breaks down after one day and 30 miles on the road. So that raises the question: what professions do Americans regard as the most honest and ethical today? Gallup examined the issue and released an interesting poll showing that nurses are the most trusted occupation in the country. They came top of the trust league for the 17th year…
[box type=”info” align=”” class=”” width=””]by Katharina Buchholz, Jan 14, 2019[/box] Despite the Trump administration’s efforts to curb the Chinese trade surplus with the U.S. by imposing tariffs on Chinese goods, trade between the two countries became even more lopsided in 2018. According to Chinese government data released today, the Chinese surplus grew by another 17 percent in the previous year. In total, the value of goods bought by Americans in China exceeded the value of Chinese buying American goods by US$323.3 billion. A trade surplus in favor of China has existed since 1985 but has been growing more quickly in recent years. The newest jump does not…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Jan 14, 2019[/box] In stark contrast to its neighbour, Canada has announced immigration targets for the next three years amounting to over one million new permanent residents by the end of 2021. As our chart shows, upper estimates indicate that 184,500 of these new faces will be refugees, protected persons or other humanitarian-based applications. In the new report, it is stated: “Under this plan, Canada will welcome more talented workers with the skills and expertise our economy needs, reunite more family members and accommodate more refugees looking to start new lives.” [ads1] You will find more…
Karachi, 10 January 2019: For the third consecutive time, Nestlé Pakistan won the First Prize for “Living the Global Compact Business Sustainability Award 2018”, in the multi-national category, at the “Business Sustainability Moot and Living the Global Compact Best Practices Sustainability Award Ceremony”. Winning this prestigious award three times in a row signifies Nestlé Pakistan’s constant commitment towards its purpose of embracing and enhancing the quality of life while contributing to a healthier future with Sustainable Development Goals (SDGs) and the 10 principles of United Nations Global Compact (UNGC) embedded in the way that it conducts business. With initiatives such…
Market Review Benchmark index remained bullish throughout the week where the index closed at 39,049pts, exhibiting an increase of 3.9%WoW. The news pertaining to finalization of the terms of USD6.2bn support package from UAE provided a much needed breather to support the market. Market participation increased throughout the week as evident from increase in ADT and ADTV by 26%WoW and 28%WoW, respectively. Foreign investors were net buyers, exhibiting an inflow of USD0.60mn. During the week, PAMA released automobile data wherein auto sales fell by 3%YoY to 120k units in 1HFY19 on the back of restriction on the purchase of vehicles…
Bullish trend persists with KSE-100 index up 4%wow Summary Crown Prince Sheikh Mohammed turned his private hunting trip into official visit and formalized a $6.2 billion bailout package on Sunday to help support the country’s economy while the United Arab Emirates (UAE) package is of same terms and conditions as those of Saudi Arabia. It is expected that the two packages would help save Pakistan a total of $7.9 billion on oil and gas imports accounting for over 60 percent of the annual oil import bill worth $12-13 billion. These are the positive news for the investors and the stock…
Published in Gulf News, on Jan 10th, 2019, Oscar-nominated desert film ‘Theeb’ is among the three movies showing at the museum Saturday nights are reserved for movie lovers at the Louvre Abu Dhabi starting January 19. ‘Desert Seas’ (2011), ‘Nearby Sky’ (2014) and ‘Theeb’ (2014) will screen for one evening each as part of Roads of Arabia, a programme of films curated by Emirati artist Hind Mezaina. The free screenings are inspired by an ongoing exhibition, Roads of Arabia: Archaeological Treasures of Saudi Arabia. Nature historian David Attenborough leads the first film, an English-language documentary titled ‘Desert Seas’, which delves…
Published in Samaa, on Jan 10th, 2019, The Academy of Motion Picture Arts and Sciences is doing something that hasn’t been done in last 30 years. With only six weeks until the show takes place live from the Dolby Theatre in Hollywood, California. This looming deadline has the producers ‘scrambling’ to find A-listers willing to take part in the star-studded show. According to Variety, the 91st Annual Academy Awards will have no host, since the organisation appears to have given up on finding a star to take on the role. The entertainment news site reports that the Oscars will instead…
R&B artist will kick off the World Soccer Stars event. Photo: File Published in Geo, on Jan 11th, 2019, R&B artist Akon will be kicking off the World Soccer Stars event with concerts in Karachi and Lahore. Akon will be performing in Karachi and Lahore between April 26 to 29 this year. “It’s time to rock Pakistan, I am looking forward to visiting Karachi and Lahore with TouchSky Group. So let’s get it down in Pakistan with World Soccer Stars,” said Akon about the event. The World Soccer Stars will have two soccer events in Karachi and Lahore. Brazilian star Kaka…
Published in Ary news, on Jan 9th, 2019, Reuters NEW YORK: The actor Kevin Hart ruled out hosting this year’s Oscars because he no longer had enough time to prepare for the show, days after saying he was evaluating his December decision to step down over criticism of past homophobic comments. He told ABC that he was no longer willing to discuss the anti-gay comments he had made on Twitter in 2010 and 2011, which caused the uproar that led him to step down as host, saying his previous explanations and apology were sufficient. “I’m over it,” he said repeatedly to…
Brazilian star Ricardo Kaka and Portuguese legend Luis Figo on the plane to Karachi Published in Geo, on Jan 10th, 2019, By Faizan Lakhani KARACHI: Football icons Ricardo Kaka and Luis Figo arrived in Karachi on Friday to formally launch World Soccer Stars event. The duo will make a special appearance at Karachi’s Pearl Continental, after which they will visit Lahore for another press conference. They reached Karachi via a special flight from Dubai earlier today. Brazilian star Kaka and Portuguese legend Figo, who will be promoting World Soccer Stars during their visit to Pakistan, were welcomed at Karachi’s Jinnah International…
The Asian Cup kicked off in the UAE on Saturday and will run until February 1 [Hassan Ammar/AP] Published in AlJazeera, on Jan 10th, 2019, Asian Football Confederation condemns illegal broadcast of Asian Cup matches taking place in UAE. The organisers of the 2019 AFC Asian Cup football have vowed to take legal action against “pirate” company beoutQ for illegally broadcasting its matches in an ongoing piracy dispute in the Gulf region. In a statement on Wednesday, the Asian Football Confederation (AFC) condemned “the pirate entity named ‘beoutQ’ that continues to illegally broadcast the AFC Asian Cup UAE 2019”. The confederation had “already instructed [its]…
Published in Ary Sports, on Jan 9th, 2019, Since the inaugural season of Pakistan Super League in 2016, it has kept local and international cricketing fans under its spell. The first season of the league was a huge success. The viewership of the PSL 2016 in the country was higher than World Cup 2015, which Australia won in their home ground. The league grew by leaps and bounds in the next two seasons with more international stars showing their interest to play in the glittering cricketing event and a sixth team, Multan Sultans was added in the third edition to…
Shaikh Hamdan and Shaikh Ahmad Bin Mohammad Bin Rashid Al Maktoum, Chairman of MBR Creative Sports Awards, with Mohammad Salah and other awardees during the awards ceremony at World Trade Centre on Thursday. Image Credit: Atiq ur Rehman/Gulf News Published in Gulf News, on Jan 9th, 2019, By K.R. Nayar, Chief Cricket Writer UAE’s budding stars Lamia and Al Marzouki pick up prizes Dubai: Hours after retaining the African Player of the Year award at the CAF Awards held in Dakar, Senegal, Egyptian star Mohammad Salah flew into Dubai to receive the Outstanding Arab Athlete award during the 10th edition of…
Published in Dawn, on Jan 9th, 2019, APP KARACHI: Former Pakistan captain and fast bowling legend Wasim Akram announced on Tuesday the establishment of a cricket academy in his name in Multan’s DHA locality. The 51-year-old, regarded as the greatest left-arm paceman in the game’s history, also disclosed that he will be the brand ambassador of Rumanza Golf Course in the same city. Wasim, while talking to reporters here, said that the ‘Wasim Akram Cricket Academy’ will be a state-of-the-art project with all requisite facilities including a multipurpose building, pavilion, seating area, outdoor practice nets (6-8 pitches), administrative facilities including…
Published in Ary Sports, on Jan 8th, 2019, By Reuters DAKAR: Egypt will host the 2019 African Nations Cup finals, the Confederation of African Football confirmed after a meeting of their executive committee in Dakar on Tuesday. They will stage the expanded 24-team event in June-July after initial hosts Cameroon were stripped of the tournament last month over concerns at the slow pace of preparations. The North African nation will host the competition for the fourth time, and the first since 2006 after the announcement was made by CAF president Ahmad at a media briefing in the Senegalese capital. Egypt and South…
ISLAMABAD: Prime Minister Imran Khan presides over a meeting at the Prime Minister Office on Wednesday.—INP Published in Dawn, on Jan 10th, 2019, By Syed Irfan Raza ISLAMABAD: Pakistan and Saudi Arabia are likely to sign memoranda of understanding for more than $10 billion Saudi investment in Pakistan this month. Pakistan will also sign similar MoUs with China, the United Arab Emirates and Malaysia over the next two months. This was said in the second meeting on ease of doing business (EoDB) presided over by Prime Minister Imran Khan on Wednesday. The meeting was told that the MoU on investment framework…
Charities working to tackle forced marriage welcomed the change ( Getty ) Published in Independent, on Jan 10th, 2019, Staff and agencies Jeremy Hunt cancels scheme after outcry over victims being made to pay for plane tickets and shelter British women saved from forced marriage abroad will no longer have to repay the government for the cost of their rescue, foreign secretary Jeremy Hunt has announced, after a public outcry over the loans. Mr Hunt said victims who were helped to return to the UK by the Government’s Forced Marriage Unit would in future be treated as “exceptionally vulnerable people” in need of help when…
Pompeo arrived in Egypt after visiting Jordan and Iraq [Andrew Caballero-Reynolds/Pool via Reuters] Published in AlJazeera, on Jan 10th, 2019, US top diplomat will meet Egypt’s President Abdel Fattah el-Sisi and Foreign Minister Sameh Shoukry in Cairo. US Secretary of State Mike Pompeo is in Egypt as part of a Middle East tour aimed at reassuring Arab partners after President Donald Trump announced his plans to withdraw US forces from Syria. Pompeo will meet Egypt’s President Abdel Fattah el-Sisi and Foreign Minister Sameh Shoukry on Thursday to discuss security and economic cooperation. He will also to deliver a speech on Washington’s broader Middle East objectives. Pompeo arrived…
The government suffered defeat on Wednesday ahead of the debate beginning Published in BBC, on Jan 10th, 2019, The government is considering giving extra protections to workers and the environment in order to win support for its Brexit withdrawal agreement. The proposals have been put forward by Labour Leave supporter John Mann. Business Secretary Greg Clark said the amendment showed “Parliament coming together” behind the PM’s deal. But Labour leader Jeremy Corbyn will tell activists that a general election is the most democratic way of breaking the Brexit deadlock. Mr Mann said his amendment, which is backed by a number…
President Trump and Vice President Mike Pence arriving on Capitol Hill on Wednesday for a meeting with Republican leadership. CreditCreditDoug Mills/The New York Times Published in The New York Times, on Jan 09th, 2019, By Nicholas Fandos, Michael Tackett and Julie Hirschfeld Davis WASHINGTON — President Trump stormed out of a White House meeting with congressional leaders on Wednesday after Speaker Nancy Pelosi said she would not fund a border wall even if he agreed to reopen the government, escalating a confrontation that has shuttered large portions of the government for 19 days and counting. Stunned Democrats emerged from the meeting in the White House…
Dubai customs, Indian firms explore ways to promote trade Dubai Customs’ director Ahmed Mahboob Musabih and Indian Consul-General in Dubai Vipul have explored ways of enhancing trade with India and tackling any challenges that may face the companies of both countries. This was discussed during the visit of a delegation headed by Vipul and included a number of businessmen, and representatives of Dubai-based Indian companies. The move is part of Dubai Customs ‘Ertebaat’ Programme. At the meeting, Musabih highlighted the role Dubai Customs plays to develop and promote relationships with foreign business councils in support of Dubai’s economy. He pointed…
NITI Aayog ceo proposes nil road tax for electric vehicles NITI Aayog CEO Amitabh Kant on Thursday said that he, along with other members, have proposed that road tax be exempted for electric vehicles (EVs). “In our meeting we have proposed to the Chief Secretaries of the States that there should be no road tax for electronic vehicles,” Kant said. He was speaking at the Energy Storage India 2019 conference. At present, road tax varies from one state to another and is different for vehicles falling under different price brackets. The government had last year suggested a 12 per cent…
Homegrown 5-year economic stabilisation programme The government has decided to present a ‘homegrown’ five-year economic stabilisation programme in the National Assembly in the third week of this month that this time is expected to mirror the economic priorities of the ruling party. This reflects a slight departure in the approach of the Finance Ministry that had earlier prepared next three fiscal years plan while keeping in mind requirements of the International Monetary Fund (IMF) for the three year period, said sources in the Ministry of Finance. The next three-year plan for the period from the fiscal year 2019-20 to 2022-23…
UIT and Canada Pakistan Business Council meeting held Usman Institute of Technology (UIT) affiliated with NED University of Engineering & Technology, Karachi, recently held a meeting at the UIT campus with The President of Canada-Pakistan Business Council (CPBC), Samir Dossal who was invited by UIT to explore opportunities for the two nations in the education sector. The meeting was organized in collaboration with the CPBC the principal network partner of VPO and Canada beyond Borders to further strengthen VPO-CPBC initiative to establish a Canada Pakistan Education Council. This meeting was well-attended and a number of distinguished leaders including: A/Cdr. M.…
Kibor rate is the average interest rate at which term deposits are offered between prime banks in the Pakistani wholesale money market or interbank market. KIBOR as a benchmark, to encourage transparency and improve management of the market risk undertaken by banks. [ads1] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 9.78 10.28 2 – Week 9.81 10.31 1 – Month 9.86 10.36 3 – Month 10.26 10.51 6 – Month 10.51 10.76 9 – Month 10.65 11.15 1 – Year 10.84 11.34 2 – Year 11.52 12.02 3- Year 11.97 12.47
[box type=”info” align=”” class=”” width=””]Caroline Nye, University of Exeter[/box] Japan brought in a controversial new labour policy at the end of 2018 which will open up blue-collar jobs to workers from countries such as Nepal, Thailand, the Philippines and Vietnam. The amendment to Japan’s notoriously restrictive immigration laws is expected to bring in an estimated 345,000 foreign workers within the next five years. It comes in response to the ageing workforce of Japan, where 28% of the population are over 65 and birth rates are falling. Without migrants, Japan would face a very real danger of running out of workers.…
[box type=”info” align=”” class=”” width=””]Bernd Leukert Member of the Executive Board, SAP This article is part of the World Economic Forum Annual Meeting[/box] It is no news that today, digitalization, data-driven services, and the associated new business models, are pivotal to a company’s success. The changes we see, especially in the manufacturing sector, are faster than ever before. Shorter times to market, greater flexibility, and increased efficiency while ensuring product quality, are just some of the challenges companies face. And while smart factories are already a reality in many places, companies need to further develop and use data-based business models, digitalize…
[box type=”info” align=”” class=”” width=””]Heejung Chung, University of Kent[/box] Flexible working is becoming a must for many. One recent report found a quarter of UK workers have refused a job due to a lack of flexibility. This number jumps to 40% for millennial workers for whom work-life balance and flexible working is key when evaluating a job prospect. Many hope that flexible working can help tackle the persistent gender pay gap. This is why the UK government announced a review of the right to flexible working in 2019 and the prime minister, Theresa May, said firms should strive to make…
[box type=”info” align=”” class=”” width=””]Johnny Wood Writer, Formative Content[/box] What will the factories of tomorrow look like? It’s a question that has no simple answer as the Fourth Industrial Revolution continues apace and new technologies transform the manufacturing landscape. As with any revolution, we are in an era of rapid change, as a wave of innovation washes away old systems, business models and whole industries to create new opportunities. While most organizations understand the need to embrace new technologies, breaking through the early stages of adoption often presents a serious challenge. A new World Economic Forum white paper looks in more detail…
[box type=”info” align=”” class=”” width=””]Christopher Begeny, University of Exeter[/box] Many companies and organisations appear keen to support a more diverse workforce, where minority group members are made to feel welcome. One strategy involves creating special “spaces” at work, physical or otherwise, where minority employees can connect with each other. Take Google for instance. They have several minority-focused employee-based resource groups (ERGs) including Gayglers, the Black Googlers Network and Hispanic Googlers Network. Other companies support similar groups, including at Netflix, Merck, Novartis, Intel and Comcast. Similarly, some universities are working to support a more diverse student body by creating minority-focused spaces…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Jan 7, 2019[/box] According to TUC analysis of ONS figures, unsecured debt in the UK has reached a new record level of £15,400 per household. The TUC general secretary, Frances O’Grady, said: “Household debt is at crisis level. Years of austerity and wage stagnation has pushed millions of families deep into the red.” Total unsecured debt in the country is now at £428 billion, accounting for 30.4 percent of household income in the third quarter of 2018. O’Grady added: “The government is skating on thin ice by relying on household debt to drive growth. A strong economy needs people…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Jan 4, 2019[/box] A solid on-time performance is vital to success in the increasingly competitive world of commercial aviation. After being named the world’s most punctual airline for four years in succession, Latvian flag carrier airBaltic has now been usurped by Panama’s Copa Airlines. That’s according to the latest edition of OAG’s Punctuality League which tracked 58 million flight records in 2018 to determine the airlines with the best on-time performance. OAG defines on-time performance as a flight that arrives or departs within 15 minutes of its scheduled arrival/departure time. That also takes into account instances of cancellation. Last…
[box type=”info” align=”” class=”” width=””]by Katharina Buchholz, Jan 4, 2019[/box] One Chinese company is going down a road of massive losses in a seemingly megalomaniac attempt to operate more stores in China than market top dog Starbucks by the end of 2019. Beijing startup Luckin Coffee only officially launched in January of 2018 but has already managed to open approximately 2,000 stores across the country. The Chinese growth objective of 600 new stores per year of their competitor seems tame in comparison – even though it entails opening a new location every 15 hours. The attack on the Chinese market that is important to Starbuck’s…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Jan 4, 2019[/box] America’s mountain of car loan debt is getting higher. A Finder analysis of Federal Reserve Bank of New York data found that Americans accumulated $568.6 billion in auto loans by the end of 2017. Last year, the average amount borrowed for a new car was $31,099 or $515 a month while a used car required a loan of $21,375, or $398 a month. Banks are the top choice for auto loans and last year, they reported $368 billion in open car loans. Putting that into perspective, it’s equal to the cost of 4.9 million Model S Teslas.…
Market Review Benchmark index remained volatile throughout the week where the index closed at 37,547pts, exhibiting an increase of 1%WoW. This was mainly led by the activity on Tuesday where newsflow related to China’s financial package worth USD2.0bn alleviated concerns pertaining to external account and brought a sigh of relief across the board and the index gained by 2.5%. Market participation increased throughout the week as evident from increase in ADT and ADTV by 5%WoW and 6%WoW, respectively. Foreign investors continued to remain net seller, exhibiting an outflow of USD0.51mn. During the week, the government decreased price of petroleum products…