PSX kicks off 2019 on a positive note as index gains 1% wow Summary The working of Pakistan Stock Exchange was pathetic during 2018. KSE-100 Index dropped by 8.4% or 3404 points during the year. Average trading volume declined to five-year low of 185 million in 2018; lower by 22% compared to 2017. Market capitalization plunged by $22.2 billion or 29% to $55.4 billion. The beginning of the new year 2019 is encouraging as KSE-100 Index gained 380.47 points after last two bearish weeks of December in which it lost 1418.64 points. The average volume increased to 126m compared to…
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Chris Evans in ‘Avengers: Infinity War’. Image Credit: Supplied Published in Gulf News, on Jan 03rd, 2019, It remains the only studio to ever post more than $7b in annual box office receipts Disney posted its second best year at the box office ever, raking in $7.325 billion (Dh26.9 billion) worldwide for everything from ‘Black Panther’ and ‘Avengers: Infinity War’ to hit animated sequel ‘Incredibles 2’ and the latest ‘Star Wars’ film. Disney remains the only studio to ever post more than $7 billion in annual box office receipts. In 2016, it recorded its best year at $7.6 billion. “Thanks…
People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018-Reuters Published in Geo, on Jan 02nd, 2019, REUTERS DUBAI: Saudi Arabia announced plans on Wednesday to build an entertainment complex in the capital Riyadh, the latest in a series of state-backed efforts to encourage public leisure activities after decades of tight social restrictions. The 100,000 square meter complex will be developed by the Saudi Entertainment Ventures Company (SEVEN), a wholly owned subsidiary of the kingdom’s sovereign wealth fund, according to a statement carried by state news agency SPA. The project will…
Published in Samaa, on Jan 02nd, 2019, Stranger Things’ third season finally has a release date, along with a mysterious poster and teaser to match. Netflix gave Stranger Things fans a gift on New Year’s Eve, revealing at midnight that the third-season premiere date will be July 4, 2019. And while these clues about Stranger Things season 3 based on the new trailer and imagery don’t answer many questions, they’re definitely intriguing. In addition to the tweeted image, Netflix also shared a teaser trailer with a retro video blending clips from Dick Clark’s New Year’s Rockin’ Eve, the actual 1984-turns-into-1985 edition, with typical Stranger Things doom and…
UAE singer Hussain Al Jassmi is one of the star names taking place in the AFC Asian Cup opening ceremony on Saturday. Published in Arabian Business, on Jan 04th, 2019, By Sam Bridge Organisers are promising a ‘once-in-a-lifetime’ experience and ‘breathtaking’ live show on Saturday UAE singers Hussain Al Jassmi, Balqees Ahmed Fathi and Eida Al Menhali will help open the 17th edition of the AFC Asian Cup in Abu Dhabi at the Zayed Sports City Stadium on Saturday. Organisers are promising a “once-in-a-lifetime” experience and “breathtaking” live show for thousands of fans in the stadium and millions of viewers around…
Published in Ary News, on Jan 01st, 2019, Bollywood’s actor-cum-writer Kader Khan has died at the age of 81 in Canada after battling with chronic health issues; his last rituals will be observed on Tuesday (today), ARY News reported. According to details, the seasoned artist was admitted to a hospital on Dec 28 after complaining about breathlessness. He was unable to talk and was put on a ventilator. Kader’s son, Sarfaraz Khan, had dismissed the reports of his father’s death a day earlier, however, he confirmed the tragic news today while speaking to Press Trust of India (PTI). “My dad has left us. He…
Didier Deschamps, France national team manager, awarded earlier today with the 13th Dubai International Sports Conference shield. Images: Globe Soccer. Published in Arabian Business, on Jan 03rd, 2019, By Bernd Debusmann Jr FIFA boss Gianni Infantino said he is open to the possibility of expanding the 2022 World Cup from 32 to 48 teams Cristiano Ronaldo, Didier Deschamps and Real Madrid are among the players, managers and teams vying for awards tonight at the 10th edition of the Globe Soccer Awards in Dubai. The event includes 13 categories recognising performance both on and off the pitch, with nominees selected by a…
Published in Dawn, on Jan 02nd, 2019, DUBAI: Afghanistan, who made their Test debut barely six months ago, have earned direct entry into the group stage of the T20 World Cup in 2020 but Sri Lanka as well as Bangladesh will have to qualify, the ICC announced here on Tuesday. Afghanistan’s rise to eighth in the ICC T20 rankings means they will go straight into the Super 12s alongside tournament hosts Australia, defending champions West Indies, England, India, Pakistan, New Zealand and South Africa. Asghar Afghan’s men — who have qualified for the previous four T20 World Cups — won…
The teaser was released to engage fans ahead of the anthem’s official release. — Geo News FILE Published in Geo, on Jan 02nd, 2019, By Faizan Lakhani KARACHI: With the 4th edition of Pakistan Super League just six weeks away, the Pakistan Cricket Board (PCB) is set to launch the anthem ‘Khel Deewano Ka’ for Pakistan Super League (PSL) 2019, with an aim to encapsulate the spirit of Pakistan cricket. A teaser of anthem was released earlier by the PCB to engage fans ahead of its official release, which is expected to be rolled out in the coming week. The teaser…
Nadal pulled out after practice in Brisbane on Wednesday Published in The New York Times, on Jan 02nd, 2019, By Rory Smith Rafael Nadal pulled out of the Brisbane International with a left thigh strain but hopes to be fit for the Australian Open this month. The world number two said he had wanted to play but that after an MRI scan his doctors had advised him not to. “They say if I play here, there is a risk… to not have the chance to play Melbourne,” he said in a statement. The Spaniard, 32, missed November’s ATP Finals to have…
Christian Pulisic will finish the season with Borussia Dortmund.Credit – CreditFrancisco Seco/Associated Press Published in The New York Times, on Jan 02nd, 2019, By Rory Smith Chelsea has paid Borussia Dortmund $73 million to complete the signing of Christian Pulisic, making the 20-year-old the most expensive American player in history by some distance. Though moving to the Premier League has “always been Christian’s dream,” according to Dortmund’s technical director, Michael Zorc, Pulisic will have to wait six months for it to be realized. He will spend the remainder of this season on loan at the Bundesliga leader, before joining up with…
Former Olympian Ayaz has been appointed as PHF associate secretary on ad hoc basis to run the day-to-day affairs of the federation in place of Shahbaz Ahmed, who resigned as PHF secretary last week. — AFP/File photo Published in Dawn, on Jan 03rd, 2019, LAHORE: While declaring that blunders were committed in running Pakistan hockey during the past 15 years, newly-appointed associate secretary of the Pakistan Hockey Federation Ayaz Mahmood on Wednesday said with improved strategy and planning the country could regain its position in world hockey. Former Olympian Ayaz has been appointed as PHF associate secretary on ad hoc…
Trump says he will be meeting the Pakistani leadership in the “not-too-distant future”. Published in Dawn, on Jan 03rd, 2019, US President Donald Trump on Thursday said that he “looks forward to meeting the new leadership in Pakistan” but not without accusing Islamabad of “housing the enemy”, CNN reported. Trump’s remarks came when he was making a point about his ongoing disagreement with Congressional lawmakers over allocation of finances that has led to a partial shut down of the US government. The US president, while addressing a cabinet meeting, defended his demand to build a $5 billion wall, questioning why “we give away…
Subsidies for farmers will continue to paid at the current EU level until 2022 Published in BBC, on Jan 03rd, 2019, Theresa May’s Brexit deal gives farmers certainty about the future, Environment Secretary Michael Gove will say. In a speech to the Oxford Farming Conference, Mr Gove will argue the agreement struck last year will ensure a smooth transition period for agriculture after the UK leaves the EU. He will also say Brexit will provide farmers with a “world of opportunity”. Mr Gove will pledge investment in robotics, artificial intelligence and other innovation, to boost yields. In his speech, the…
The US currently has about 2,000 troops in the war-torn country [File: Handout/Marine Corps/Gabino Perez/AP Photo] Published in AlJazeera, on Jan 03rd, 2019, US president says he is firm over US troops withdrawal, adding that Washington will protect the Kurds in Syria. United States President Donald Trump said that his country would get out of Syria slowly “over a period of time”, describing the situation in the war-torn country “sand and death”. Trump also said on Wednesday that his country would protect the US-backed Kurdish fighters in Syria, without giving a timetable for US troops withdrawal. The US leader announced his decision to withdraw from the country…
Bangladesh Prime Minister Sheikh Hasina at a press conference in Dhaka on December 31, 2018. Photo: Indranil Mukherjee / AFP Published in Asia Times, on Jan 02nd, 2019, By NAZMUL ISLAM Rights groups say Sheikh Hasina’s party used law enforcement agencies to destroy opposition parties through arbitrary arrests, attacks and extrajudicial killings prior to Sunday’s poll Ever since Bangladesh became an independent state in 1971, its political life has suffered several types of seemingly endemic conflict, some of it associated with periodic outbursts of violence or prolonged and relatively low-key armed confrontations. Currently, Bangladesh has an ‘abnormal crisis’ – political violence and…
Former US First Lady Michelle Obama and Former Secretary of State Hillary Clinton pose with Samar Badawi of Saudi Arabia as she receives the 2012 International Women of Courage Award during a ceremony at the US State Department. Published in Asia Times, on Jan 03rd, 2019, By Joshua Berlinger, CNN (CNN)A cross-party group of British lawmakers and lawyers is seeking access to detained female activists whom Human Rights Watch says may have been tortured and sexually harassed while in prison in Saudi Arabia. The group has convened a panel to investigate the claims and produce testimony on the findings at the request…
People gather in front of International Committee of the Red Cross office in Gaza City to show their support to Palestinian prisoners in Israeli jails [File: Anadolu Agency] Published in AlJazeera, on Jan 02nd, 2019, Planned moves unveiled by Israeli security minister include limiting water supplies and cutting number of family visits. Israel’s Public Security Minister Gilad Erdan has announced plans to “worsen” conditions for Palestinian prisoners in Israeli jails, including rationing water supplies and reducing the number of family visits. The planned moves, which are expected to come into force in the coming weeks after being approved by the Israeli cabinet,…
UAE salary guide: what you should be paid in 2019 The UAE continues to see strong demand from international brands that are looking to open retail outlets, pushing the region into position as the seventh most popular destination for retail expansion, according to a recent study. According to the Robert Half 2019 Salary Guide, organisations within the Middle East are attempting to attract more digital talent through a range of workplace initiatives, such as work environment modernisation (86 percent), training and development (81percent) and improved compensation packages (79 percent). The speed at which the economy is growing has become a…
Govt indicates printing of Rs 2000 note stopped for now The government Friday indicated that printing of Rs 2,000 bank notes, introduced post-demonetisation in November 2016, has been stopped for now as there is enough stock in circulation In a tweet, Economic Affairs Secretary Subhash Chandra Garg said printing of notes is planned as per the projected requirement. “We have more than adequate notes of Rs 2,000 in the system with over 35 percent of notes by value in circulation being of Rs 2,000. There has been no decision regarding 2,000 rupee note production recently,” the Secretary said Soon after…
Foreign exchange: SBP reserves dip 2.28pc, amount to $7.29bn The foreign exchange reserves held by the central bank shrank 2.28 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. The falling reserves raise concern about Pakistan’s ability to meet its financing requirements. Earlier, Saudi Arabia provided financial assistance to Pakistan, which pushed the reserves above the $8-billion mark, however, they later started falling again. Moreover, the third $1-billion loan tranche from the kingdom is expected to arrive this month. Separately, Chinese has agreed to provide much-needed support for the fast depleting…
PAKISTAN NEWS: PTCL Partners With Cloudflare to Improve Internet Response Time: In an effort to further optimize network performance, PTCL has added Cloudflare’s Content Delivery Network to its list of internationally renowned global CDNs, which include but are not limited to Google, Facebook and Netflix. Most of PTCL’s Pakistani domains are currently hosted outside the country. The major implication of this new agreement is that these domains are to, from this point onwards, be hosted locally, meaning greater accessibility from all three regions – North, South and Central – of Pakistan. [divider style=”normal” top=”20″ bottom=”20″] Facebook is Officially Bringing Ads…
PTCL injects Rs. 4 Billion in U Microfinance Bank for growth Pakistan Telecommunication Company Limited (PTCL) has signed an agreement for PKR 4 Billion Unsecured Subordinated Debt Facility (Tier 2 capital) with U Microfinance Bank (U Bank), which is a wholly owned subsidiary of PTCL. This capital injection will enable the bank to further capitalize on the growth opportunities possible in Pakistan’s microfinance sector. In the constantly changing competitive landscape, this Tier 2 facility will enable U Bank to expand its current customer reach for serving the under-served population. U Microfinance Bank plans to utilize these funds in its business…
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 9.79 10.29 2 – Week 9.83 10.33 1 – Month 9.88 10.38 3 – Month 10.26 10.51 6 – Month 10.53 10.78 9 – Month 10.67 11.17 1 – Year 10.84 11.34 2 – Year 11.50 12.00 3- Year 11.91 12.41
[box type=”info” align=”” class=”” width=””]Jeremy Kelly Research Director, JLL This article is part of the World Economic Forum Annual Meeting[/box] Although momentum in the global economy appears to have peaked, there are still many cities in the world where real estate and economic growth continue to be robust. At the time when the World Economic Forum is examining globalization 4.0, JLL’s City Momentum Index, now in its sixth iteration, focuses on momentum for the world’s most commercially active cities. Tracking a range of socioeconomic and commercial real-estate indicators to identify attributes for success over the short term, the City Momentum Index ranked…
[box type=”info” align=”” class=”” width=””]Folashade Soule, University of Oxford[/box] “You don’t negotiate with China !” I was quickly told when I started interviewing African public servants about their infrastructure deals with Beijing. There is a widespread view in Africa that you accept whatever terms are offered, for fear that the money might go somewhere else instead. China is the leading infrastructure finance provider on the continent – as demonstrated by a recent pledge of US$60 billion (£47 billion), most of which is for infrastructure projects. Big projects on the slate include hydropower plants in Angola and Guinea, an oil refinery…
[box type=”info” align=”” class=”” width=””]April Rinne Founder and Adviser, April Worldwide[/box] In 2019, it is a mind-bending exercise to reflect on the past decade of the sharing economy. A time traveller who skipped here from 2009 would note that it has fulfilled both more than, and less than, its original potential. The sharing economy’s explosive growth has astounded even optimistic market pundits. On the one hand, there are now many thousands of sharing economy platforms operating in almost every sector and activity around the world. Back in 2009, there were only a handful: Zipcar, BlaBlaCar and Couchsurfing among them. Airbnb…
[box type=”info” align=”” class=”” width=””]Julius Probst, Lund University[/box] Swedish academic Hans Rosling has identified a worrying trend: not only do many people across advanced economies have no idea that the world is becoming a much better place, but they actually even think the opposite. This is no wonder, when the news focuses on reporting catastrophes, terrorist attacks, wars and famines. Who wants to hear about the fact that every day some 200,000 people around the world are lifted above the US$2-a-day poverty line? Or that more than 300,000 people a day get access to electricity and clean water for the…
[box type=”info” align=”” class=”” width=””]Manos Antoninis Director, Global Education Monitoring report, UNESCO Breon Corcoran CEO, WorldRemit[/box] On paper, Ally starts his school year in Tanzania in January. However, his aunt Susan, an engineer living in Sweden, has been preparing for this day for months, working hard to send money home to pay his school fees. For many school-age children like Ally living in Africa, Asia and Latin America, the journey to the classroom doesn’t begin when the sun rises. It starts with the efforts of family and friends, from Australia to Austria and the UK to the US, sending home…
Market Review During the week, the incumbent government’s reluctance to accept IMF’s conditions kept the investors at bay, where the index closed in red at 37,167pts, a decline of 2.8%WoW. However, market witnessed positive participation during the week as evident from upturn in ADT and ADTV by 5%WoW and 6%WoW, respectively. Foreign investors continued to remain net seller, exhibiting an outflow of USD1.05mn. During the week, the government deposited PKR25.7bn into the accounts of domestic gas supply companies (SSGC and SNGP) to provide the subsidized gas rate to export oriented sector across the country as promised. Additionally, the textile sector…
Ambiguity and political noise led to fall of index by 2.8pc wow Summary Different versions on IMF bailout package by government officials along with hurried progress on accountability cases in courts led to confusion along with uncertainty of economic and political system in the minds of stock investors. Events are happening so rapidly keeping the investors baffled about its outcome. The stock fundamentals of the market seemed to be subdued. The investors in such a situation is keeping away from the market as is evident with low level participation in terms of volume trade value and declining Index for the…
Benedict Cumberbatch will star as Dominic Cummings in new TV drama “Brexit: The Uncivil War”. Photo: AFP Published in Geo, on Dec 28th, 2018, LONDON: Actor Benedict Cumberbatch will play Brexit mastermind Dominic Cummings in a new TV drama airing in Britain next month that will focus on the controversial tactics used ahead of the 2016 referendum. The two-hour-long Brexit: The Uncivil War will air on Channel 4 on January 7 — the same day that MPs return to Westminster after their Christmas break and ahead of a critical parliamentary vote on Brexit the following week. Cumberbatch, who supported staying in the…
Chow Yun-fat and his wife Jasmine Tan on the red carpet at the Beijing International Film Festival Published in Sky News, on Dec 24th, 2018, By Alan McGuinness, news reporter The famously frugal actor reveals he will give away his fortune, reported to be HK$5.6bn (£565m), after he dies. Crouching Tiger, Hidden Dragon star Chow Yun-fat has promised to donate his vast wealth to charity after he dies. The 63-year-old, who has also starred in Pirates of the Caribbean and A Better Tomorrow, joined Forbes’ list of highest-paid actors for the first time in 2015, sharing 24th place with Russell Crowe.…
Published in Gulf News, on Dec 26th, 2018, Brooks Barnes, New York Times News Service Finally, Warner’s effort to make its DC superhero movies more accessible are paying off Fresh superheroes — Aquaman, Black Panther, Venom, the Wasp — and new twists on classic big-screen formulas delivered a box office comeback for Hollywood in 2018. Ticket sales in the United States and Canada will total roughly $11.8 billion (Dh43.33 billion) for the year, analysts say — a 6 per cent increase from 2017. Hollywood had a terrible 2017, when attendance fell to a two-decade low. Some box office watchers concluded that…
Published in The Express Tribune, on Dec 23rd, 2018, The International Cricket Council (ICC) has asked the Board of Control for Cricket in India (BCCI) to compensate for tax deductions during the 2016 World T20 in India. According to a report in Times of India, BCCI has been asked to pay a sum of US $23 million to the ICC before the end of the current year. The report stated: “The official broadcasters of ICC tournaments, Star TV, had deducted the taxes from their payments to the ICC, but since the world governing body had to bear the cost, they…
Both players will be in Pakistan for a promotional activity ahead of their planned football action. — FILE image Published in Geo, on Dec 22nd, 2018, KARACHI: Two of the biggest names of the football world, Ricardo Kaka of Brazil and Luis Figo of Portugal, are set to visit Pakistan next month after the government assures issuance of visa to the duo. An official of the sports management company Touchsky group confirmed to Geo.tv that both the players will be in Pakistan for a promotional activity ahead of their planned football action. Earlier, the visit looked under a cloud after…
Published in The Nation, on Dec 27th, 2018, MELBOURNE – Former Australian captain Ricky Ponting has been recognised with a lap of honour at the MCG as part of his induction into the International Cricket Council’s Hall of Fame. Ponting was announced as the 25th Australian in the Hall of Fame earlier this year and was officially recognised on Wednesday in front of thousands of fans during the tea break of the third Domain Test between Australia and India. Ponting joins India’s Rahul Dravid and England’s Claire Taylor as the 2018 inductees, bringing the total number of Hall of Fame…
Pakistan Hockey Super League has been delayed once again. Photo: Twitter Published in Geo, on Dec 25th, 2018, LAHORE: The much-awaited Pakistan Hockey Super League (PHSL) has become a victim of delay once again, due to funding shortages. The Pakistan Hockey Federation (PHF), in efforts to revive the national game of the country, had announced PHSL to be held from January 12-19 next year, and had requested for tenders for the tournament. [ads1] However, according to sources, the finalisation of the tournament is in disarray due to a lack of funds. Plans are now being made for PHSL to…
“We have successfully exceeded our targets for the new PSL broadcast and live streaming rights,” PCB Chairman Ehsan Mani said. —PCB/File Published in Dawn, on Dec 21st, 2018, The Pakistan Cricket Board (PCB) on Friday, while announcing the broadcast and live streaming rights agreement for the Pakistan Super League (PSL), said the new deal is priced 358 per cent more than the previous three seasons of the league. A statement issued by the board said the consortium of Blitz Advertising and Techfront had acquired the broadcast and live streaming rights for the fourth season, adding that the actual figures of the agreement…
A Pentagon plan submitted to Congress says Afghan Taliban will “only rejoin society if they believe their safety and the safety of their families are guaranteed”. – File photo” Published in Dawn, on Dec 27th, 2018, WASHINGTON: Eager to persuade Taliban to join the Afghan peace process, the United States is offering them a safety network that includes creating job opportunities for the insurgents. As the United States, Pakistan, China, Russia and other world powers expedite efforts to encourage the Taliban to join the Afghan peace process, the US Defence Department has also outlined a plan for rehabilitating the rebels…
Published in BBC, on Dec 26th, 2018, Labour has accused the Tories of overseeing a “rail standstill” on Boxing Day – and pointed out they complained about a lack of trains on the bank holiday while in opposition. Five out of 28 operators are running vastly reduced services on 26 December. Shadow transport minister Andy McDonald said: “The Tory hypocrisy on this issue is astounding.” The Department for Transport said engineers are working to deliver “vital investment” in Britain’s railways. Network Rail says it uses the Christmas and new year period to carry out engineering and other improvement work because…
President Trump told reporters, “I can’t tell you when the government’s going to be open,” during remarks on Dec. 25. (Photo: Oliver Contreras/The Washington Post) Published in The Washington Post, on Dec 25th, 2018, By Philip Rucker and Lenny Bernstein President Trump said Tuesday that he intends to keep the federal government closed until he secures the desired funding from Congress for his promised border wall, and he cast doubt about the performance of Federal Reserve Board Chair Jerome H. Powell after a sharp downturn in U.S. stock markets. In an Oval Office appearance on Christmas morning, Trump praised Treasury Secretary Steven Mnuchin despite…
Missile fire lights up the sky over Damascus as the US launches an attack on Syria, April 14, 2018 [File: Hassan Ammar/AP] Published in AlJazeera, on Dec 25th, 2018, State media says government air defences intercept missiles fired by Israeli fighter jets near the Syrian capital. Syrian state media says government air defences have intercepted missiles fired by Israeli fighter jets near the capital, Damascus. The reported raid on Tuesday hit an arms depot and wounded three soldiers, Syria’s state-run news agency SANA quoted an unnamed military official as saying. “Our air defences confronted hostile missiles launched by Israeli warplanes from above…
HMS Echo docked in the Black Sea on Friday, before Defence Secretary Gavin Williamson visited Published in BBC, on Dec 22nd, 2018, A Royal Navy warship which has been sent to Ukraine will send a strong message to Russian President Vladimir Putin, the UK’s defence secretary says. HMS Echo was sent into the Black Sea earlier this month, after Russia seized three ships belonging to Ukraine’s navy and their crews. Defence Secretary Gavin Williamson has visited the ship in the port of Odessa. He said the presence of the British ship shows support for Ukraine in the face of increased Russian aggression.…
UAE consumers careful about spending in q3 Consumers across the UAE and Saudi Arabia were increasingly cautious about their spending in the third quarter of 2018, new research by Nielsen has shown. The data showed that both the resource-rich economies generally enjoy high levels of confidence; however, consumer confidence in the third quarter of 2018 witnessed a marginal decline by one point in Saudi Arabia and five points in the UAE, compared to levels recorded in the second quarter of the year. Nielsen’s research also pointed out that consumers in the UAE and Saudi Arabia are generally optimistic about their…
India eyes USD 100 billion FDI in next two years: Suresh Prabhu India will aim to receive USD 100 billion in foreign direct investments in the next two years and special industrial clusters are being created for countries like Japan, South Korea, China and Russia where their companies can invest and operate, Union Minister Suresh Prabhu said. The commerce and industry minister said his ministry has also identified sectors and countries which holds huge potential for investments in India. [divider style=”normal” top=”20″ bottom=”20″] IT & Startups expected to hire five lakh people in 2019: T V Mohandas Pai India’s information…
Government to provide forex for CPEC debt repayment The government of Pakistan is legally bound to ensure the provision of foreign currency for debt repayment to Chinese financial institutions by investors of power plants set up under the China-Pakistan Economic Corridor (CPEC) and for the repatriation of profits by them, says a bilateral agreement. Unlike other independent power plants that are operating under the IPP policy, the power plants being set up under the CPEC umbrella have been ensured preferential treatment. The government of Pakistan and the government of China in November 2014 signed the agreement on CPEC Energy Projects…
PAKISTAN NEWS: E-Commerce in Pakistan witnesses a rapid growth of 94pc: According to a report released by the State Bank of Pakistan, Pakistan’s e-commerce sales have witnessed a sharp rise of 93.7 percent in 2018. The main reason behind the better performance of the e-commerce sector is larger internet accessibility. The online market has seen a boom in this outgoing year because of the services sector. In fact, the services sector contributes 60 percent to the GDP. Its contribution was 52 percent last year. [divider style=”normal” top=”20″ bottom=”20″] Awards to recognize Pakistan’s top it brands: Pakistan Software Export Board (PSEB)…
Sooper Junoon Live Concert thrills Karachi to the core The successful reunion of Pakistan’s most legendary band – Junoon, turned out to be a mesmerizing experience for well over 10,000 Karachiites, as a huge crowd thronged the Peek Freans Sooper Junoon concert, held on 25th December, 2018, at the vast cricket stadium at the DHA Sports Club (Moin Khan Academy). Immaculately orchestrated to reflect Junoon’s bold and inspiring music, this gig was an exhilarating experience for the Junoon fans, who got a long-awaited glimpse of their favorite Sufi-Rock maestros – Ali Azmat, Salman Ahmed and Brian O’Connel, after more than…
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 10.01 10.51 2 – Week 10.02 10.52 1 – Month 10.07 10.57 3 – Month 10.29 10.54 6 – Month 10.47 10.72 9 – Month 10.56 11.06 1 – Year 10.75 11.25 2 – Year 11.16 11.66 3- Year 11.63 12.13
Stocks shed 335 points in a week on constant fall in traded value, volume and foreign selling Summary During the week it was obvious that a trend is developing among investors evident by low traded value, falling volume and declining foreign participation in the stock market. On Monday, the traded volume dip to 67 million share – the lowest in 129 sessions since June 1. The same day traded value declined to Rs.2.78 billion – the lowest in 140 sessions since May 17. The foreigners were seller this week too by $12.23m. Over all during the week under review KSE-100…
Published in Gulf News, on Dec 20th, 2018, The annual initiative will take place from January 18-26 The Sharjah Art Foundation has launched a new annual film festival titled the Sharjah Film Platform (SFP), which will run from January 18-26 next year. A schedule of films, which have yet to be announced, will screen at venues across the emirate, including Mirage City Cinema, Al Mureijah Square, Al Hamriyah Studios, Al Hamriyah, Africa Hall, Al Manakh, and Al Hamra Cinema and Al Rolla. The 2019 edition of SFP will feature more than 100 short and feature films by local, regional and…
Entertainment Weekly has released the first look of Disney’s live-action adaptation of Aladdin on their latest issue. Photo: Disney Published in Geo, on Dec 20th, 2018, Entertainment Weekly has released the first look of Disney’s live-action adaptation of Aladdin in their latest issue. The cover features Will Smith as the Genie and newbies Mena Massoud as Aladdin and Naomi Scott as Princess Jasmine. The remake, shot in London and on location in Jordan, is directed by Guy Ritchie. Disney had announced that it was planning to release a live-action adaptation next May, telling the ancient tale of the penniless market boy who with…
Published in Gulf News, on Dec 20th, 2018, Sonia Rao, Washington Post People want the company to drop its trademark on the Swahili phrase “Hakuna Matata,’ a song about having no worries, is now bringing Disney worries. An online petition urging Disney to drop its trademark on the Swahili phrase attracted more than 57,000 signatures as of December 19 amid anticipation for the company’s upcoming live-action remake of ‘The Lion King.’ (Yes, the one starring Donald Glover, James Earl Jones and Beyonce Knowles-Carter.) The petition states that the phrase has long been used by Swahili speakers in many African countries —…
Published in Ary, on Dec 19th, 2018, LONDON: Former Beatle Paul McCartney has teamed up with Oscar winner Emma Stone on the music video for his new single “Who Cares”, a song he hopes will inspire youngsters to stand up to bullying. The pair are shown miming and dancing on an all black and white set alongside harlequin-like figures who torment Stone before she and McCartney make their escape in his car. The veteran singer-songwriter has also joined forces with non-profit organisation Creative Visions to launch the #WhoCaresIDo campaign, inspired by a line in the song – “Who Cares About…
PCB had last month lost its compensation case against the BCCI. – File Published in Dawn, on Dec 19th, 2018, By Abdul Ghaffar The International Cricket Council (ICC) on Wednesday ordered the Pakistan Cricket Board (PCB) to pay 60 per cent of the costs incurred by the Board of Control for Cricket in India (BCCI) and an ICC panel during the two boards’ legal wrangle over a bilateral series agreement. The ICC, whose Dispute Resolution Committee (DRC) had last month ruled in the BCCI’s favour and dismissed the $70 million compensation claim against it, today delivered another blow to the PCB. The global…
Pakistan Tehreek-e-Insaf leader Jahangir Tareen’s son Ali Khan Tareen with PCB Chairman Ehsan Mani. Photo: PCB Twitter Published in Geo, on Dec 19th, 2018, LAHORE: Pakistan Tehreek-e-Insaf leader Jahangir Tareen’s son Ali Khan Tareen on Thursday won the bid for the sixth franchise of the Pakistan Super League (PSL), previously known as the Multan Sultans. The bidding for the sixth team was held in Lahore today. “The Multan Consortium led by Ali Tareen has won the franchise rights for the sixth team, by exceeding the reserve price,” PSL tweeted. [ads1] The reserve price set by Pakistan Cricket Board (PCB)…
Published in Samaa, on Dec 19th, 2018, Lionel Messi collected a record fifth Golden Shoe award on Tuesday for finishing last season as the top goalscorer in Europe. The striker scored 34 goals in 36 games for Barcelona, putting him ahead of Liverpool’s Mohamed Salah and Tottenham’s Harry Kane. Cristiano Ronaldo, who has won the award four times, hit 25 goals in 29 league matches for Real Madrid. After being presented with his latest prize in Barcelona, Messi said: “The truth is I had no idea this would happen when I started. I dreamt of playing professional football and enjoying…
Published in ARY, on Dec 19th, 2018, The Board of Governance (BoG) of the Pakistan Cricket Board (PCB) has decided to restructure the domestic circuit, reducing 16 teams to eight and replacing departments with regions. Prime Minister Imran Khan, the former World Cup-winning captain, has always talked about the importance of regions in a domestic system and the PCB has agreed to give them the limelight. On the other hand, the departments like National Bank, State Bank, WAPDA and others will sponsor the regions, though they want a higher stake in the whole system. However, the Board of Governors have…
Players like Lima Sopoaga and Maro Itoje make the Premiership an enticing investment, but a hike in salaries is not expected Published in BBC, on Dec 19th, 2018, By Chris Jones Premiership Rugby has moved into a “new era” after a deal was concluded for private equity firm CVC Capital Partners to invest more than £200m. CVC have bought a minority shareholding, understood to be about 27%, after member clubs had previously rejected an offer to buy 51%. “This is a landmark new partnership,” Premiership Rugby chairman Ian Ritchie said of the deal. “It is positive news for the league, the…
Bounce Rawdah for Ladies and Children, which also allows boys under the age of 10, stretches across 3,500 square meter and is believed to be the largest venue of its kind in the capital. Published in Arabian Business, on Dec 17th, 2018, By Lubna Hamdan Opening of Bounce park in Riyadh follows successful opening in Jeddah The world’s first female-only trampoline park has opened its doors in Riyadh, boasting 80 interconnected trampolines, a dodgeball arena, slam dunk, super tramp, cliff jump and huge inflatable airbags. Bounce Rawdah for Ladies and Children, which also allows boys under the age of 10,…
Senate Majority Leader Republican Mitch McConnell, from center, is followed by members of the news media as he walks from the Senate floor to his office on Capitol Hill on December 19, 2018.Michael Reynolds / EPA Published in NBCNEWS, on Dec 20th, 2018, By Doha Madani and Frank Thorp V The Senate has passed a continuing resolution to keep the government funded until February to avoid a government shutdown just before Christmas. The Senate has passed a continuing resolution to keep the government funded until February in an effort to avoid a partial shutdown just before Christmas. The resolution, a short-term…
Published in Reuters, on Dec 20th, 2018, By Richard Cowan WASHINGTON (Reuters) – The U.S. Senate on Wednesday passed legislation to fund several federal agencies through Feb. 8 and avert a partial government shutdown, but without including $5 billion for a U.S.-Mexico border wall that President Donald Trump demanded. By a voice vote the Senate approved the stop-gap measure, sending it to the House of Representatives for passage before a midnight Friday deadline when existing funding expires for several federal agencies, including the Department of Homeland Security. The bill would continue spending at current levels for about 25 percent of programs administered…
Despite assertions by top administration officials, Trump claims ISIS defeated Published in CNN, on Dec 20th, 2018, By Andrew Carey and Amir Tal, CNN Jerusalem (CNN)Senior political and military figures in Israel have sharply criticized the US announcement of a military withdrawal from Syria. An opposition figure described it as a surrender, while a retired air force general said it was a move that would damage the reputation of the United States. Others said it would strengthen Iran, embolden Russia, create complications for Israel and challenges for regional US allies such as Jordan. Political figures said the move was acutely embarrassing…
Published in Dawn, on Dec 20th, 2018, The Supreme Court has decided the hearing on the bail application of the accused in the Ashiana Housing Scheme case will be held after the winter vacations and observed that there are very limited chances of bail in the National Accountability Bureau (NAB) cases. A three judge bench headed by Justice Sheikh Azmat Saeed was informed by the NAB prosecutor that the supplementary references against Shehbaz Sharif and Fawad Hasan Fawad had been prepared and the NAB chairman had already signed them according to the law. He added that only the filing of the…
Prince Mohammed’s role has weakened after Khashoggi’s murder, the Wall Street Journal wrote [File: Sergio Moraes/ Reuters] Published in AlJazeera, on Dec 19th, 2018, WSJ says Saudi effort to forge ties with Israel is faltering after crown prince was implicated in journalist’s murder. A covert US-backed initiative to improve ties between Saudi Arabia and Israel is facing setbacks after Crown Prince Mohammed bin Salman and two of his aides were implicated in a journalist’s killing, according to the Wall Street Journal. Prince Mohammed, whom the US Senate blamed for Jamal Khashoggi’s killing in October, spearheaded the outreach to Israel, a longtime foe, the Journal said in a…
Afghan President Ashraf Ghani. (Photo for illustrative purposes only) Published in Arabian Business, on Dec 17th, 2018, Afghan Taliban says holding another round of talks with US officials in the UAE after peace negotiations failed last month The Afghan Taliban said it was holding another round of talks with US officials in the UAE on Monday after peace negotiations failed last month. Representatives from Saudi Arabia, Pakistan and the UAE will also attend the meeting, Zabihullah Mujahed, a spokesman for the militant group, said in a statement released on late Sunday evening. Pakistan has also confirmed that talks will be…
ADNOC awards Austria’s OMV 5% stake The Abu Dhabi government and the Abu Dhabi National Oil Company (Adnoc) have awarded Austria’s OMV a five per cent stake in the Ghasha ultra-sour gas concession that comprises the Hail, Ghasha, Dalma, Nasr, Sarb and Mubarraz sour gas fields. OMV, which joins Italy’s Eni and Germany’s Wintershall as Adnoc’s partners in the concession, will contribute five per cent of the project capital and operational development expenses. Eni was awarded a 25 per cent stake and Wintershall a 10 per cent stake in the Ghasha concession in November. The concession agreement, which has a…
Indian farmers get $9bn loan relief ahead of elections Three newly elected Indian state governments have waived up to $8.6 billion in farm loans in a bid by Rahul Gandhi´s main opposition Congress party to boost support ahead of 2019 elections. The sorry plight of farmers in India, where thousands commit suicide every year, is set to be a major issue in the polls when Prime Minister Narendra Modi will run for a second term. Last week Congress wrested power from Modi´s Bharatiya Janata Party (BJP) in three state elections, partly by promising the help voters working in agriculture. Late…
No transmission lines for solar, wind energy plants The investors engaged in setting up solar and wind power plants are facing a tough time as there are no transmission lines that can supply the electricity generated through renewable resources. According to officials, the four provinces have not conducted any due diligence for laying transmission lines but have issued a number of Letters of Intent (LOI) to the investors for setting up renewable energy plants. They said the provincial governments had no idea of the availability of transmission lines at the sites of proposed solar and wind power plants. The Sindh…
PAKISTAN NEWS: Microsoft launches all in one office app for Windows 10: Microsoft is making its MS Office suite more accessible and easy to use for Windows users by launching a standalone Office app. The new app will replace the current My Office tool and will put all your Office suite applications in one place, allowing you to switch back and forth depending on your need. Your documents and projects will all be searchable and accessible from the new app. Microsoft says that it will work much like Office.com, a similar collective tool but only for people who prefer working…
Telenor Pakistan scoops two international architectural accolades The state-of-the-art Telenor Pakistan headquarters ’345’ is making headlines in the global architectural community as it bags two prestigious awards: the 2A Continental Architectural Award 2018 in the ‘Commercial – Office & Business – Asia’ category, and the World Architecture Community Award 2018 in the ’Realised’ category. These two awards are on top of the building being shortlisted in ‘completed office building’ category at the World Architecture Festival held in Amsterdam this year where it competed with 17 other global architectural marvels. The 2A Continental Architectural Awards were held in Barcelona, Spain where…
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 10.01 10.51 2 – Week 10.02 10.52 1 – Month 10.07 10.57 3 – Month 10.29 10.54 6 – Month 10.47 10.72 9 – Month 10.56 11.06 1 – Year 10.75 11.25 2 – Year 11.16 11.66 3- Year 11.63 12.13
[box type=”info” align=”” class=”” width=””]Richard Baldwin Professor of International Economics, Graduate Institute, Geneva[/box] “Globalization 4.0 has only just begun, but we are already vastly underprepared for it,” wrote Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, last month when announcing the theme of Davos 2019. In the world of buzzwords, Globalization 4.0 was sure to follow Industry 4.0(which referred to the digitization of manufacturing). Indeed, the former term has been used before here, and here. The phrase raises two issues for international economists: 1) Is there substance to the new label, or is it just a distinction without a difference? 2)…
[box type=”info” align=”” class=”” width=””]Beth A. Brooke-Marciniak Global Vice-Chair, Public Policy, EY[/box] What do you need to innovate in the Transformative Age? You need diversity. You need men. And you need women. Gender equality is not only a fundamental human right, but it is also linked to a country’s overall economic performance. Organizations where women hold 30% of leadership positions could add up to 6% to their net margins, according to recent research. Therefore it makes no business sense to overlook diversity as a part of a business strategy. In fact, doing so only diminishes opportunities for sustained economic growth, innovation and…
[box type=”info” align=”” class=”” width=””]Sean Fleming Senior Writer, Formative Content[/box] Low rates of plastic recycling capture the essence of the times we live in. That’s the conclusion of the Royal Statistical Society which has assessed 2018’s most attention-grabbing stats as part of its annual awards. The winning statistic of 2018 is that 90.5% of all the plastic that’s ever been produced has never been recycled. Mass production of plastic got underway around 60 years ago and since then around 6.3 billion metric tonnes of plastic waste has been generated. Of this, 12% of it is incinerated, with the rest ending up in landfill sites,…
[box type=”info” align=”” class=”” width=””]Jonathan Perraton, University of Sheffield[/box] The cabinet has stepped up contingency plans for a no-deal Brexit, with departments across Whitehall charged with making this a priority. Although all indications are that there is no majority in parliament for leaving without a deal, it remains a distinct possibility if no other deal can be passed before the March 29 deadline (assuming that Article 50 is not extended). All told, since the 2016 referendum result, the government has budgeted £4.2 billion for Brexit preparations, including £2 billion recently added for no-deal planning. This includes money spent on increased…
[box type=”info” align=”” class=”” width=””]Sue Duke Senior Director, Public Policy, LinkedIn[/box] Each year, the World Economic Forum’s Global Gender Gap Report examines the state of gender parity in the world of work. This year, the report found that while the global gender gap has narrowed slightly, fewer women are participating in the workforce. The WEF suggests that the rise of new technologies across a range of industries may, in fact, play a role in exacerbating these persistent gender gaps. As rapid technological change reshapes the global economy, LinkedIn is partnering with the World Economic Forum to identify how these shifts present new…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Dec 14, 2018[/box] With 143 buildings 200 meters tall (660 feet) or higher constructed across the globe, 2018 was another hugely impressive year for skyscraper construction. According to The Council on Tall Buildings and Urban Habitat, the total height of those buildings comes to 35,246 meters – exceeding the length of Manhattan Island if they were laid end-to-end. China is at the forefront of the boom in skyscraper construction, building 88 in total this year. The Citic Tower in Beijing was the tallest building completed anywhere in the world in 2018. At 528 meters tall…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Dec 11, 2018[/box] A new report from the UK Trade Policy Observatory and the University of Sussex has put hard numbers to the potential impact of a no deal Brexit on British jobs. In the country as a whole, it is estimated that almost 750,000 jobs will be lost as a result of a no deal exit from the EU, representing 2.5 percent of all jobs in Great Britain. Worst hit, not only in terms of the absolute figure, but also the share of jobs being hit, is expected to be London. The almost 150,000 positions to go would…
[box type=”info” align=”” class=”” width=””]by Sarah Feldman, Dec 14, 2018[/box] For the first time social media beat out print as an avenue for news consumption. Earlier this week Pew released a study on news consumption by platform for adults in the United States. Levels of news consumption on social media and print were close in how frequently people turned to each platform for news. About a fifth of U.S. adults surveyed frequently got their news from social media, while about 16 percent of U.S. adults frequently read their news from print newspapers. While more adults are getting their news from social media, people are more likely…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Dec 13, 2018[/box] Gallup has released a new report detailing the most and least generous countries worldwide. The research was carried out across 146 countries and examined volunteerism and charitable giving. 88 percent of people in Myanmar made a donation to charity in the past month, the highest rate worldwide. In Myanmar and other Asian countries, high levels of donation are primarily due to the influence of Theravada Buddhists practising Sangha Dana and the belief that what people do in this life improves their chances of the next life being a better one. In the countries least likely to donate to…
[box type=”info” align=”” class=”” width=””]by Sarah Feldman, Dec 13, 2018[/box] Norway had the fastest mobile download speed, coming in at 67.17 megabits per second (Mbps). Iceland came in a close second with 67.05 Mbps. The United States came in a distant 43rd with an average download speed of 30.49 Mbps. To stream Netflix in Ultra HQ quality, a person needs access to 25 Mbps. According to an analysis by Ookla, the fastest and most consistent carriers across the United States was T-Mobile followed closely by Verizon. T-Mobile has been expanding their LTE coverage, particularly to unserved areas, giving them an edge over Verizon. Download speeds are expected…
Market review The outgoing week remained volatile where benchmark index closed flat at 38,586pts. The news pertaining to inflow of second tranche worth USD1.0bn from KSA provided a much needed breather to support the market in the last trading session. The market participation remained dull during the week as evident from decline in ADT and ADTV by 25.7%WoW and 30.6%WoW, respectively. Foreign investors continued to remain net seller, exhibiting an outflow of USD12.8mn. During the week, PAMA released automobiles data wherein auto sales fell by 4%YoY to 101k units in the 5MFY19 as compared to 105k units in the same…
Foreign selling and low volume push index below 39,000-level Summary A mix of positive and negative news in the market kept the KSE-100 Index balanced as it remains flat with rise of 24 points during the week to close below 39,000 level at 38,585.66 on Friday. The positive news included: Meeting on last Sunday by PSX delegation with the Prime Minister; another $1 billion Saudi Arabian deposit arrives in State Bank of Pakistan (SBP) account; US wants to help Pakistan protect its economy; ADB unveils $7.5 billion business plan for Pakistan; Remittances jump over 12 percent in five months. The…
‘My Neighbor Totoro’ follows two sisters who move with their father to the countryside where they come across Totoro and other forest creatures. Photo: Studio Ghibli Published in GEO, on Dec 14th, 2018, BEIJING: Japanese animation classic My Neighbor Totoro, which has enchanted generations of children, finally hit Chinese cinemas Friday — 30 years after its original release. The Studio Ghibli film has never been screened in China despite its global popularity. The movie follows two sisters who move with their father to the countryside where they come across Totoro and other forest creatures. With its whimsical pastels and postwar Japanese…
Blurred Lines made more than $15m for Pharrell Williams (left) and Robin Thicke Published in BBC, on Dec 13th, 2018, By Mark Savage The long-running copyright case over hit song Blurred Lines has finally ended, with Robin Thicke and Pharrell Williams told to pay $5m (£4m). The ruling concludes a legal battle that began in 2013, when Marvin Gaye’s family claimed Blurred Lines copied Gaye’s 1977 hit Got to Give It Up. Gaye’s family initially won the case in 2015, but Thicke and Williams appealed. A California court upheld the verdict in March this year, and the new amended judgement confirms the settlement. Thicke, Williams…
The top five movies on the list were from across the border, with Race 3 at the top spot. Two Hollywood movies, Avengers Infinity War and Black Panther featured in the top 10. Photo: File Published in Geo, on Dec 12th, 2018, KARACHI: The box office megahit The Donkey King remained the only Pakistani film among the top trending movies in the country for the year 2018. Google has released its list for top trending movies in Pakistan. Google Trends Year in Search 2018 is based on search terms that had the highest spike in 20187 as compared to the…
Published in Samaa, on Dec 11th, 2018, Netflix is adding yet another groundbreaking series to its line-up next year, including its first African series Queen Sono. The announcement comes just a week after Erik Barmack, Netflix’s VP of international originals, said the network would be partnering with more creators on the continent in 2019. “It’s going to change the game for every artist on this continent,” said Pearl Thusi. “I cannot wait for every young woman, every woman on this continent and on this planet to meet Queen Sono. We’ve worked so hard for this.” Barmack said: “We are excited to be…