Dawlance bags Occupational Health and Safety Management Certification OHSAS 18001 Dawlance – Pakistan’s no.1 home appliances brand, bagged the prestigious OHSAS 18001 certification for occupational health and safety, which was presented to the organization by SGS – a multinational company headquartered in Geneva, Switzerland which is known for providing inspection, verification, testing and certification services, and has also featured on Forbes Global 2000 thrice; in 2015, 2016 and 2017 respectively. OHSAS 18001 is an internationally applied British standard for occupational health and safety management systems, which aims to assist organizations put in place demonstrably sound occupational health and safety performance,…
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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 6.34 6.84 2 – Week 6.38 6.88 1 – Month 6.43 6.93 3 – Month 6.69 6.94 6 – Month 6.81 7.06 9 – Month 6.91 7.41 1 – Year 7.07 7.57 2 – Year 7.63 8.13 3- Year 8.02 8.52
[box type=”info” align=”” class=”” width=””]Ernestine Gheyoh Ndzi, University of Hertfordshire[/box] The gender pay gap has been around for as long as woman have been in the workforce. No matter the reasons that get put forward as to why men get paid more than women, it generally comes back to the fact that women take on more child rearing and caring responsibilities than men. The gender pay gap in the UK stands at 18.4% in favour of men for full-time and part-time workers, according to the Office for National Statistics. But what the ONS fails to account for is the number…
[box type=”info” align=”” class=”” width=””]Brought to you in collaboration with the International Crisis Group[/box] This article is part of the World Economic Forum’s Geostrategy platform Pakistani leaders say the China-Pakistan Economic Corridor (CPEC), launched in 2015, is a “game changer” for the country’s ailing economy. But opaque plans for the corridor, the upheaval likely to affect locals along its route, and profits flowing mostly to outsiders could stir unrest. The government has repressed CPEC critics. CPEC could help revive Pakistan’s economy. But if it moves ahead without more thorough debate in parliament and provincial legislatures and consultation with locals, it will…
[box type=”info” align=”” class=”” width=””]Robert Muggah Co-founder, Igarape Institute and SecDev Group Camino Kavanagh Visiting fellow, Department of War Studies, Kings College[/box] Most technologies are dual use: take the case of digital technologies that are fundamentally transforming governance, markets and development for the better. Yet the malicious use of these same technologies also poses serious challenges to global stability. In the current international climate, the potential for miscalculation and destabilization is real. Online crime is already costing the global economy hundreds of billions of dollars a year and appears to be worsening. Meanwhile, the race is on to dominate and in some cases…
[box type=”info” align=”” class=”” width=””]Katie Hill Advisor, Omidyar Network Rose Mutiso Co-founder and CEO, Mawazo Institute Rebekah Shirley Director of Research, Power for All[/box] When Francis Romano imported his first electric vehicle, a Nissan Leaf, into Kenya in 2016, it was held up at the port because customs officials had never seen one before. Since the car didn’t have an internal combustion engine, they didn’t know what to make of it. But things are changing fast. When Romano imported more electric vehicles to test their performance in the Kenyan market, he found he could run his entire business without petrol,…
Market Review The outgoing week started off on a negative note in anticipation of the crucial decision by FATF to place Pakistan in the grey list, consequently, the index shed 664pts on the first day of the week. However on weekly basis, the benchmark index closed in green at 41,911pts, up by 0.7%WoW. The announcement of placing Pakistan in the grey list failed to deteriorate market participation in this week as evident from ADT that increased by 6.8%WoW, however, ADTV decreased by 1.6%WoW. Foreigners continued their selling spree in this week as well with a net outflow of USD15.5mn. During…
KSE-100 Index Recovers With 273.52 Points After Recent Meltdown Summary Last week there was a downfall of 2,043 points during the week and the KSE-100 Index trading at 43,000 level came down to 41,000 to close at 41,637.38 . There was improvement this week as Index gained 273.52 points to close at 41,910.90. It started on a bearish note on Monday with fall of 659 points and closed on bearish shedding 86.95 points. During the week the market remained bullish for three days when it added 1,020 points to the Index. Overall also the average volume improved to 182 million…
UAE Fuel Prices Among Lowest In The World Fuel prices in the UAE, which reached its peak this month since the country opted for deregulation in 2015, are still among the lowest in the world because governments in other countries – unlike in the UAE – have imposed taxes on the consumption of fuel.Generally, retail fuel prices vary in different continents but are highest in Nordic region. Compared to the UAE, prices in the Nordic states such as Norway and Sweden are higher by nearly 250 per cent and 220 per cent, respectively. In Saudi Arabia, fuel prices are the…
India’s Banking Zombies Pose A Problem India’s state banks are beginning to resemble the walking dead. Of 21 government-controlled lenders, eleven face growth restrictions and the same amount will soon be without a boss. Some chief executives have been arrested, while others face corruption investigations. New Delhi may be letting these entities run deep into the ground as part of tacit plan to privatise by stealth. The real thing would be less embarrassing and more efficient. State lenders account for about 70 percent of total bank assets, in a system choked by $150 billion of bad loans. There are a…
PKR Stable Against Dollar The rupee remained stable against the dollar at Rs121.4/121.6 in the inter-bank market on Friday compared with Thursday’s close of Rs121.4/121.6. Contrary to the impression created after the previous round of devaluation, the Pakistani currency weakened further by 3.65% in its third round earlier this month. Since December, the rupee has cumulatively shed close to 13% of its value after the central bank reportedly abstained from intervening in response to the pressure due to a widening current account deficit. The State Bank of Pakistan has maintained that the slide in the rupee’s value is due to…
Pakistan: Facebook Launches Instagram Lite For Emerging Markets: Facebook has introduced a stripped-down version of the social photo-sharing app Instagram. Instagram Lite is going to be lighter and would be able to run on devices with small amounts of storage and processing power. It would consume only 573 kB while running and the main app’s APK consumes about 33 MB. [divider style=”normal” top=”20″ bottom=”20″] 95% Of E-Commerce Transactions In Pakistan Are Cash On Delivery: The unavailability of e-payment options means a large proportion of e-commerce transactions remain cash on delivery (COD) — over 95% in Pakistan, says a report launched…
UD Trucks Launches The New Quester In Pakistan UD Trucks Corporation, together with VPL Limited, the authorized distributor of UD Trucks in Pakistan, today launched the all-new UD Quester heavy-duty truck range in Pakistan. The UD Trucks Quester range was launched on the 29th of June at an impressive ceremony held at Expo Centre, Karachi. The unveiling of Quester created hype among the audience who were eagerly waiting for its launch since its announcement early this year. Among the audience were guests from the Japanese Embassy, Oil & Gas Regulatory Authority, National Highway Authority, leading transporters, banks and senior management…
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 6.50 7.00 2 – Week 6.51 7.01 1 – Month 6.53 7.03 3 – Month 6.67 6.92 6 – Month 6.79 7.04 9 – Month 6.87 7.37 1 – Year 7.03 7.53 2 – Year 7.62 8.12 3- Year 8.03 8.53
[box type=”info” align=”” class=”” width=””]This article is written in collaboration with Visual Capitalist[/box] According to Forbes, the world’s 100 most valuable brands are worth a staggering $2.15 trillion. While that singular number is impressive, the publication’s 2018 rankings of global brands can be further broken down in other ways that are also quite intriguing. Let’s take a look at brands by individual brand value, as well as sorted by relevant industry. Ranking the most valuable brands in 2018 Today’s infographic comes to us from HowMuch.net and it showcases the 100 most valuable brands in the world, according to recent Forbes rankings. [ads1] Here are…
[box type=”info” align=”” class=”” width=””]This article is published in collaboration with Fortune[/box] Hong Kong, known for its spectacular setting and bustle, is the world’s most expensive city for expatriates, according to a new survey. In fact, Asian cities made up six of the top 10 cities on the list, released on Tuesday by consulting firm Mercer. Tokyo was second, Singapore fourth, Seoul was fifth, Shanghai was seven, and Beijing was ninth. The two European cities in the top 10 were Zurich and Bern, Switzerland at number three and 10 respectively. The African cities Luanda, Angola and Ndjamena, Chad were numbers six…
[box type=”info” align=”” class=”” width=””]Written by Robert Muggah, Co-founder, Igarape Institute and SecDev Group Katie Hill, Advisor, Omidyar Network[/box] Africans are moving to the city. Already home to the world’s youngest and fastest-growing population, the continent is urbanizing more rapidly than any other part of the planet. Africa’s 1.1 billion citizens will likely double in number by 2050, and more than 80% of that increase will occur in cities, especially slums. The implications of this turbo-charged growth are hard to fathom. Consider how Lagos – already Africa’s largest city – is predicted to expand by an astonishing 77 people every hour between now and 2030. Africa…
[box type=”info” align=”” class=”” width=””]This article is published in collaboration with Visual Capitalist[/box] For the first time in decades, trade barriers appear to be increasing around the world. Brexit negotiations have helped to create an environment of uncertainty, while the introduction of American tariffs on imports of steel and aluminum – along with the resulting retaliatory measures – have created more tangible barriers to international trade. Now, there is now even rhetoric coming from D.C. about adding tariffs to $200 billion of goods coming from China, and NAFTA renegotiations have long been on President Trump’s agenda. The G7 meeting in Canada also gave…
Agility brings efficiency to supply chains in some of the globe’s most challenging environments, offering unmatched personal service, a global footprint and customized capabilities in developed and developing economies alike. Today, Agility is one of the world’s largest integrated logistics providers with an enterprise wide headcount of more than 22,000 employees and operations in 100 countries. Agility Pakistan is a leading logistics provider in the country with more than 700 employees in 08 branch offices. Since 2006, we have focused on offering our customers truly personalized end to end services and flexible solutions tailored to meet their individual business needs,…
Market Review The outgoing week closed at 42,337pts, down by 4.7%WoW in response to the change in Moody’s outlook of Pakistan’s B3 rating to negative. Consequently foreigners, taking a cautious stance, exhibited a net outflow of USD24.5mn. Market participation exhibited a rise of 29%WoW in ADT and 13.8%WoW in ADTV as investors became more active post Ramazan. During the week, SECP unveiled new regulations to curb money laundering as well counterfeiting terrorist financing in order to avert being placed on the FATF grey list. Furthermore, textile exports grew by 28%YoY during May’18 to USD1.2bn. Also, NEPRA has allowed K-electric to…
Moody’s Negative Outlook Push Kse-100 Index Down 4.7pc WOW Summary First week after Eid holidays was a short one of 4 sessions with KSE-100 Index shedding 2,043 points to bring down the Index to 41,000 level to close on Friday at 41,637.38. The volume, however, average higher to 170m but the market capitalization decreased to Rs8.539 trillion. A number of factors weighed on heavy drop of Index. Foremost was the statement of Moody’s Investors Service statement on Wednesday to change the outlook to negative was driven by heightened external vulnerability risk as on-going balance of payment pressure erode foreign exchange…
Dubai Gold Prices Drop To 6-Month Low, 22k Priced At Dh144 Gold prices posted a six-month low on Thursday, pressed down further by a firm dollar and as the US Federal Reserve Chair confirmed an outlook for higher interest rates in the United States. 24k gold is priced at Dh153.25 in Dubai and 22k gold can be bought at Dh144. Spot gold fell 0.2 per cent to $1,265.72 an ounce by 0343 GMT. It hit its lowest since Dec. 21 at $1,264.21 earlier, having lost nearly 2.8 per cent over the last five sessions. US gold futures for August delivery…
GST Formalising Economy, Widening Tax Base, Says Finance Ministry The Finance Ministry said it would be increasingly difficult for businesses to remain outside the tax net as GST is leading to formalisation of the economy. The Goods and Services Tax (GST) was introduced from July 1 last year to subsume plethora of indirect taxes like excise and sales tax. “Historic tax reform GST has resulted in formalisation of the economy and consequently information flow would eventually augment not only the indirect tax collections but also direct tax collections,” the ministry said in a statement. Before GST, the Centre had little…
Govt To Go After People Hiding Assets From Sep 1,2018 The amnesty scheme provides last chance to overseas and resident Pakistanis to declare their hidden assets by June 30, 2018 as the government will come into action against those who will try to keep their assets unknown from September 1, 2018. “Pakistan has signed a multilateral convention with 102 countries that allows signatories to exchange information regarding people hiding assets in these countries from September 1,” Federal Board of Revenue (FBR) Chairman Tariq Mehmood Pasha said while elaborating the scheme to members of the Karachi Chamber of Commerce and Industry…
PAKISTAN: PTCL Achieves ISO Certification For Cloud Infrastructure Services Security: PTCL has become the country’s first telecom operator to achieve two ISO certifications in parallel for its cloud services ‘Infrastructure-as-a-Service’ (IaaS) offering. These are ISO/IEC 27001:2013 and ISO/IEC 27017:2015. The International Standards Organization (ISO) and International Electro technical Commission (IEC) are the authorities for these standards. [divider style=”normal” top=”20″ bottom=”20″] Jazz Transfers Its Tech Staff To Ericsson: Under an agreement between VEON — the parent company of Jazz — and Ericsson, Jazz has transferred its 74 technical staff to Ericsson. This staff was mainly responsible for the overhaul of Jazz technology…
Pakistan Cables Sponsored Gold Medals Awarded To Giki Graduates 2018 Pakistan Cables Limited, sponsored gold medals to top position holders of the GIKI’s Class of 2018. Syed Ashhab Ur Rahman Iqbal Ahmed (BS in Electronic Engineering) and Abdul Hussain (BS in Materials Engineering) were recognized for their outstanding academic achievement at the occasion of the 22nd convocation of Ghulam Ishaq Khan Institute of Engineering Sciences and Technology. The chief guest, Mr. Iqbal Zafar Jhagra – Governor KPK conferred degrees on 337 BS, 53 MS and 4 PhD graduates. As a brand of empowerment driven to help stakeholders attain their full…
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 6.46 6.96 2 – Week 6.49 6.99 1 – Month 6.53 7.03 3 – Month 6.67 6.92 6 – Month 6.77 7.02 9 – Month 6.85 7.35 1 – Year 7.00 7.50 2 – Year 7.55 8.05 3- Year 7.96 8.46
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] Production Of Selected Large-Scale Manufacturing Items (During Jul – Apr) Items Weights Adjusted Weights Percentage Change Items Weights Adjusted Weights Percentage Change FY18 FY17 FY18 FY17 Textile 20.91 29.74 0.43 0.81 Iron & Steel Products 5.39 7.67 22.88 20.26 Cotton Yarn 12.96 18.43 0.08 0.73 Pig iron 1.58 2.25 0.00 -100.00 Cotton Cloth 7.19 10.22 0.09 0.47 Billets/Ingots 1.52 2.17 24.86 30.89 Jute Goods (Total) 0.33…
[box type=”info” align=”” class=”” width=””] Adam Triggs, Research fellow, Australian National University[/box] It was only in January that the International Monetary Fund (IMF) was celebrating the strength of the global economy, heralding “the broadest synchronised global growth upsurge since 2010”. How quickly things have changed. Argentina has since sought a bailout from the IMF, Turkey is facing a potential currency crisis, Indonesia is seeing investors flee, alarm bells are sounding for Italy and Spain, China’s debt remains a serious concern, and the only thing more uncertain than the fallout from Brexit is the outcome of Donald Trump’s trade war. It’s time to review the…
[box type=”info” align=”” class=”” width=””]Written by: Briony Harris, Formative Content The views expressed in this article are those of the author alone and not the World Economic Forum.[/box] China’s cities are more competitive than in any other region of the world, according to a new report from consultants AT Kearney. The number of Chinese cities included in the 2018 Global Cities Index has soared from seven in 2008 to 27 this year. These are cities that will be able to attract leading companies and talent, as well as foreign direct investment. While the growing number of cities is impressive, the increase in the scores…
[box type=”info” align=”” class=”” width=””] This article is published in collaboration with The Conversation. Written by: Luke Messac, M.D. Candidate, University of Pennsylvania[/box] It’s been nearly 80 years since British economists James Meade and Richard Stone devised a method of national income accounting that would become the global standard. Today, we call it a country’s gross domestic product (GDP). Their method was intended to provide a comprehensive and up-to-date picture of an entire national economy, by estimating the monetary value of all “economic” production that took place in a country in a given year. Like most economic statisticians of the day, Meade and Stone…
[box type=”info” align=”” class=”” width=””]This article is part of the World Economic Forum’s Geostrategy platform[/box] As the energy sector has become more globalized and increasingly complex in its reliance on software components, the supply-chain risk has evolved and expanded. While energy sector cyber supply-chain issues have been recognized and studied for several years, they still persist. One such risk that stands out is “unintended taint”, namely flaws in software components unintentionally built into products in design or implementation, which makes them distinct from both counterfeit — substituting lesser quality or imitation products — and “malicious taint,” which is intentional supply-chain subversion.…
Introduction SOS Children’s Villages Pakistan is a private social welfare organization dedicated to providing homes for orphans and abandoned children. The special feature of SOS Children Villages is that they are not traditional orphanages: they provide children with a warm, family type environment. Every effort is made to enrich children with strong moral values, sound education and skills that will enable them to become productive and dependable citizens. Objectives The primary need of children deprived of their natural parents is to be placed in a situation which is as close as possible to a natural home. SOS Children’s Villages meet…
We all think about giving back to the society by contributing towards a noble cause, but only those of us who are determined enough are able to convert their ideas into action. Rarer are people, who not only commit to a cause but also donate fortunes of their lifetime to charities that they believe in. Mr. Salim Ahmad Zubairi, a former prominent banker, is one such individual who has donated earnings of his lifetime to The Hunar Foundation (THF), an NPO working to empower the marginalized youth with technical skills through six THF Institutes across Pakistan and making them gainfully…
Facts And Figures Greetings on behalf of Team GCT We seek your kind approval and patronage in considering the Green Crescent Trust’s over 29 thousands deserving students as the beneficiary of your zakat, charity and donations. Green Crescent Trust is among very few credible names in Pakistan with outstanding hundreds of charitable projects (over 800 projects till now) all over the remote areas of interior Sindh and Karachi from last twenty-three (23) years. We are supporting the following noble causes: Over 800 projects Over 150 Schools/Over 29,000 Students/Employment for over 1300 Teachers Educational Research Program ( CERD ): thousands of…
Balochistan is blessed with strategic mineral resources. There is hardly a mineral which is not found in the province. Serious efforts are still required to explore and exploit the mineral endowments of the province. Reko Diq in district Chagai is the fifth largest copper ore reserve in the world. Though the actual size of Reko Diq deposits in Chagai district is yet to be confirmed, yet the experts believe that it is bigger than Sarcheshmeh in Iranian province of Kerman and Escondida in Chile. Reko Diq includes the Tanjeel mineral resource and the western porphyries. Tanjeel resource is estimated at…
PAGE Report Privatization of distribution companies is the only solution to curb circular debt which currently has swelled to a staggering figure of PKR 573 billion. Transmission and Distribution losses due to power theft is the major cause of rising circular debt which should be immediately addressed. During an interview on a private TV channel former prime minister Shahid Khaqan Abbasi shared these views. Citing the example of K-Electric, he said “Out of all distribution companies operating in Pakistan, privatized K-Electric is the only distribution company which regularly pays for the electricity provided by the government, while all other DISCOs…
Rickshaw Distribution Ceremony at Governor House Peshawar Held A rickshaw distribution ceremony was held at Governor House Peshawar which was attended by Mr. Iqbal Zafar Jahgra, Governor Khyber Pakhtunkhawa (KPK), Mr. Saeed Ahmad, President National Bank of Pakistan (NBP), Principal Secretary to Governor, Ms. Saima Rahim, Regional Head, Islamic Banking NBP, Shaukat Mahmood, Group Head Quality Assurance Group, a number of tribal Masheran (elders) and the recipients of rickshaws from Mohmand Agency. The Governor in his address thanked the President NBP and his team for the kind gesture and love with the people of KPK. He appreciated the efforts made…
Corporate Social Responsibility is often viewed as a benevolent supplement to a company’s activities. For forward-looking entities, however, CSR is embedded within their organisational DNA. Such organisations not only believe in contributing to the communities in which they operate, but see their growth as intertwined with the socio-economic development of their city and nation. Being a responsible corporate citizen is about ensuring not only that one carries out CSR projects, but that one adopts a sustainable and socially conscious approach in all one’s operations. This stance has been taken up notably by K-Electric (KE), the energy provider to Karachi, which…
Political Clarity Maintains Rising Trend At PSX Summary Some quick decision-making at political level cleared the apprehensions of investors and brought positivity for the second week after taking oath by the caretaker government. Six-member caretaker cabinet took on June 5, Supreme Court suspends Lahore High Court (LHC) judgment on nomination forms and find way to get details from poll candidates; and the ECP on Thursday named caretaker chief ministers of Punjab and Balochistan. The Pakistan Stock Exchange (PSX) got elevated and the bull took market above 44,000 to finally close on Thursday at 43,948.11 after a gain of 1,036 points…
Businesses Can Settle Vat Payments At Uae Exchange UAE Exchange has announced that it has started accepting Value Added Tax (VAT) payments on behalf of the Federal Tax Authority (FTA). All entities registered with the FTA who have a valid Tax Registration Number (TRN) and a GIBAN account number can now make their VAT payments in any of the 150 UAE Exchange branches spread across the seven emirates. Abdel Kareem Alkayed, country head for UAE Exchange – UAE, said: “We are pleased to partner with the Federal Tax Authority and offer businesses in the UAE a stress-free offline payment solution…
RBI Governor Urjit Patel Says, No Impact On Npas Due To Farm Loan Waivers By States There are no implications on non-performing assets (NPAs) of banks because of farm loan waivers provided by various states, RBI Governor Urjit Patel. Many states have waived agriculture loans, latest being Rajasthan which has launched Rs 8,500 crore waiver scheme last week. “Farm loan waiver has been given through Budget of individual state governments so far. Therefore, implications on the banks’ NPA directly are not there,” he said after unveiling second bi-monthly monetary policy review for the current fiscal. Karnataka Chief Minister H D…
Kinnow Exports Hit Register High At 370,000 Tons Pakistan’s kinnow exports touched a record high at 370,000 tons in the 2017-18 season, up 45,000 tons compared to shipments of 325,000 tons in previous year, according to data compiled by the Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA). Kinnow exports in the 2017-18 season were estimated to have fetched $222 million. Exports of the citrus fruit commenced in December 2017 and continued till the beginning of May 2018. “The export volume of kinnow this season has been the highest ever during any season,” commented PFVA Patron-in-Chief Waheed Ahmed.…
PAKISTAN: Asus Unveils Zenbook S Ultra-Portable With A Unique Hinge Design: Apart from announcing laptops with touchscreens instead of touchpads, Asus also unveiled another line of machines aimed at a more mainstream crowd. The main attraction here is in the form of the new ErgoLift Hinge, which raises the base of the laptop when it is open, in order to give the user a better view of the keyboard, while also protecting the user’s lap from unwanted heat. [divider style=”normal” top=”20″ bottom=”20″] E-Commerce Sector Still Holds A Lot Of Untapped Potential: In recent years, Pakistan’s e-commerce market has experienced exponential…
Circular Debt Can Only Be Dealt Through Privatization Of Discos: Shahid Khaqan Abbasi Privatization of distribution companies is the only solution to curb circular debt which currently has swelled to a staggering figure of PKR 573 billion. Transmission and Distribution losses due to power theft is the major cause of rising circular debt which should be immediately addressed. During an interview on a private TV channel Former Prime Minister Shahid Khaqan Abbasi shared these views. Citing the example of K-Electric, he said “Out of all distribution companies operating in Pakistan, privatized K-Electric is the only distribution company which regularly pays…
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 6.43 6.93 2 – Week 6.44 6.94 1 – Month 6.47 6.97 3 – Month 6.60 6.85 6 – Month 6.69 6.94 9 – Month 6.75 7.25 1 – Year 6.86 7.36 2 – Year 7.36 7.86 3- Year 7.82 8.32
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″]
[box type=”info” align=”” class=”” width=””]This article is published in collaboration with Chatham House. This article is part of the World Economic Forum’s Geostrategy platform[/box] Among the many issues at play in the ongoing economic and trade tensions between the US and China are questions of technological capability and innovation. Two of the main complaints in the US Section 301 report were that American companies have been forced to transfer technology to China and been the subject of cyber espionage. The presentation of the issues in this report has been disputed, but behind it lies concern in the US that Chinese innovative and technological capability is catching…
[box type=”info” align=”” class=”” width=””]CC BY-NC-ND Hui Feng, Griffith University[/box] The Chinese government has appointed a new head of its central bank. Yi Gang, currently the deputy governor of the People’s Bank of China, will take over the leadership from Zhou Xiaochuan, who had been in the position since 2002. As China’s central bank oversees the stability of the world’s second-largest economy and the world’s largest pile of foreign reserves, this is a change the global economy is watching closely. A US-trained economist, Yi received his doctorate in economics from the University of Illinois in 1986. He was a professor at…
[box type=”info” align=”” class=”” width=””]Richard Holden, Professor of Economics and PLuS Alliance Fellow, UNSW[/box] Vital Signs is a regular economic wrap from UNSW economics professor and Harvard PhD Richard Holden (@profholden). Vital Signs aims to contextualise weekly economic events and cut through the noise of the data affecting global economies. This week: the US administration continues it’s anti-trade rhetoric, China grows a little faster than expected, Australian employment figures underwhelm, and the RBA seems unperturbed by household borrowing risk. It’s not all that often that the semi-annual report titled “US Treasury Macroeconomic and Foreign Exchange Policies of Major Trading Partners…
World has turned into a global village as people are more frequently connected with each other for their various needs. Whether its higher education, treatment of patient or payment of immigration fee; Money has always changed hands, and while it changes hands it also changes in denomination, shape or currency. It also changes lives, significantly. We look beyond the immediate value of money and into the lives it cares and the bonds it nurtures. Just as you strive to work for a better living for your family and yourself, we strive to serve you better. Dollar East Exchange Company –…
Analysts reveal that the Pakistan rupee could face additional pressure in the upcoming weeks, in the midst of the country’s chronic foreign currency shortage and speculation of a third currency devaluation. The currency, which has been exposed to growing external financing requirements and lower remittances, reached Rs 119.05 to the dollar last week, ending at Rs 118.70 to the dollar in the open market. In Pakistan, H&H Exchange Co (Pvt.) Ltd, is one of the prominent exchange company in Pakistan with strong financial and professional expertise of devoted management. With real time online system and a variety of Business providers…
Market Review After a volatile week, the benchmark index closed at 42,913pts, up by ~2%WoW. Market participation exhibited a decline of -0.4%WoW in ADT while ADTV increased by 12.5%WoW. Additionally, foreign investors exhibited a net outflow of USD17.5mn. Major news of the week include the data released by NFDC on fertilizer offtake that posted a growth of 27%YoY to 570,000 tons in Apr’18 amid higher demand from dealers on account of anticipated increase in urea prices. Furthermore, senate special committee informed that circular debt has reached PKR573bn over the period of last 5yrs (2013-2018). Moreover, as per the data released…
KSE-100 index gains 2%wow as political uncertainty vaporized Summary This week finally the two dates: appointment of caretaker prime minister and the relinquishment of power by PML-N government went smoothly, which had earlier created uncertainty for quite few weeks in the market. The market acted accordingly and there was positivity among investors, which boosted the KSE-100 Index by 839 points. The market capitalization too increased to Rs.8.907 trillion compared to Rs.8.731 trillion last week. The volume, however, remained stagnant at average 119m. The foreigners continued to be net seller to the extent of $17.46m. A recent increase of policy rate…
UAE top destination for weddings in Middle East Thanks to luxurious and palatial hotels across the UAE, the country is the top destination for weddings in the Middle East with people spending on celebrations as high as Dh11 million in the region for each wedding, reveals a new study. The Middle East accounts for 5 per cent of the global destination wedding industry, which is valued at Dh330 billion, with the UAE ranking among the top destinations for couples in Asia, Africa and the Middle East to further cement its position as a hotspot for destination weddings, revealed the survey…
What’s behind India’s unexpected, whopping 7.7% Q4 GDP growth Everybody expected the fourth quarter of the financial year 2017-18 to shine but nobody anticipated the number to be a whopping 7.7%. Reuters poll of 55 economists predicted the economic growth in Q4 to be 7.3%, while ET Now poll estimated it to be 7.5%. In fact, the Q4 GDP number bulldozed even government’s forecast of 7.1%. So, what is behind the unexpected number that Indian economy has clocked in Q4? A closer look at the number shows that India’s Gross Value Addition (GVA) increased from mere 6% to 7.6% year-on-year.…
Mammoth task: FBR needs to collect Rs661bn more to meet tax target The Federal Board of Revenue (FBR) has so far provisionally collected Rs3.27 trillion in taxes, leaving it with a gigantic task of generating Rs661 billion in the last month of current fiscal year to hit the revised annual target. From July through May, the FBR recorded a provisional net revenue collection of Rs3.274 trillion, said officials in the FBR on Thursday. The collection was Rs414 billion or 14.4% higher than the comparative period of last fiscal year as the pace of increase in revenues further slowed down. In…
NBP, Balochistan’s Excise, Taxation and Anti-Narcotics Dept. sign agreement for automation of tax collections The National Bank of Pakistan (NBP) signs an agreement with Baluchistan’s Excise, Taxation and Anti-Narcotics department for the automation of tax collection system across the province. The agreement was signed by Muhammad Farooq, NBP’s Executive Vice President, Payment Services and Digital Banking Group and Fateh Muhammad Khajak, Director General Excise, Taxation and Anti-Narcotics Balochistan. The NBP President, Saeed Ahmad and Baluchistan’s Secretary Excise and Taxation, Zafar Ali Shah Bukhari were also present at the occasion. The JazzCash is collaborating with NBP in the tax automation project.…
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 6.23 6.73 2 – Week 6.29 6.79 1 – Month 6.36 6.86 3 – Month 6.55 6.80 6 – Month 6.64 6.89 9 – Month 6.70 7.20 1 – Year 6.83 7.33 2 – Year 7.34 7.84 3- Year 7.80 8.30
An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. Economic indicators include various indices, earnings reports, and economic summaries. [ads1] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″]
[box type=”info” align=”” class=”” width=””]Andrea Connor, Western Sydney University and Donald McNeill, Western Sydney University[/box] Cities worldwide face the problems and possibilities of “volume”: the stacking and moving of people and things within booming central business districts. We see this especially around mass public transport hubs. As cities grow, they also become more vertical. They are expanding underground through rail corridors and above ground into the tall buildings that shape city skylines. Cities are deep as well as wide. The urban geographer Stephen Graham describes cities as both “vertically stacked” and “vertically sprawled”, laced together by vertical and horizontal transport systems. People flow…
[box type=”info” align=”” class=”” width=””]Ben Phillips, Australian National University and Matthew Gray, Australian National University[/box] Does the Coalition’s tax plan favour high earners over those with lower incomes? Depending whom you listen to, the tax cuts, unveiled in last month’s federal budget, lead to either a flatter, more regressive tax system under which low-income earners will be even worse off relative to high earners, or the opposite, with a progressive outcome. It can’t be both. Read more: Most of the benefits from the budget tax cuts will help the rich get richer While there are tax cuts proposed from July…
[box type=”info” align=”” class=”” width=””]Rutger Bregman Correspondent, De Correspondent, Netherlands[/box] Five years ago, when I first heard about it, the idea had been all but forgotten. Most people I talked to had never heard of it either. Now, suddenly, it’s everywhere. Finland conducted a major trial, Canada has just launched an even bigger experiment and a test in Kenya is the mother of them all. What I’m referring to is, of course, basic income. This is an unconditional cash transfer that is enough to your cover basic needs. It is guaranteed to everyone, whether young or old, rich or poor, overworked or out of work. From…
[box type=”info” align=”” class=”” width=””]Christine Lagarde Managing Director, International Monetary Fund[/box] Recent news on global trade has tended to focus on protectionist measures and diplomatic tensions. These challenges have raised concerns over growth and jobs across the world. Yet what is often lost in the current discussions is that we are entering a new era of trade—an era in which data flows are becoming more important than physical trade. The new era Think about it: between 1986-2008, global trade in goods and services grew at more than twice the rate of the global economy. In recent years, however, growth in…
[box type=”info” align=”” class=”” width=””]by Felix Richter, May 24, 2018[/box] Having repeatedly stated his discontent with the United States’ role in world trade, U.S. President Trump has been pushing for a more protectionist policy in recent months. Following the formula that enabled him to impose tariffs on steel and aluminum earlier this year, Trump initiated a trade investigation into whether car imports pose a threat to national security this week with the apparent goal of raising tariffs on foreign cars. While Trump argues that tariffs would help protect American jobs in the car industry, many experts think that he could try to use…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, May 24, 2018[/box] The UK government spent £711 billion of taxpayers’ money last year, but where did it all go? The largest share, at almost a quarter, went on ‘welfare’, with a total sum of £173 billion. Next up was ‘health’ with £144 billion being spent. For those concerned about the cost of EU membership, the figure at the bottom of the chart will be interesting. £4.7 billion pounds went towards maintaining the Union budget. Although this sounds like a large amount, it only actually accounted for 0.7 percent of the total spend. [ads1] You will find…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, May 25, 2018[/box] Speedos are great for swimming, but your average man on the street doesn’t really have the skills to look good in them outside of a swimming pool. This sentiment has also been quantified as part of a recent YouGov survey in Great Britain. Of the over 3,000 respondents, a pretty damning 69 percent said they have an ‘unfavourable view’ of this particular item of clothing. Also high on the ‘look what they’re wearing!’ list are leather trousers, Crocs and a classic – flares. [ads1] You will find more infographics at Statista
[box type=”info” align=”” class=”” width=””]by Patrick Wagner, May 25, 2018[/box] U.S. citizens plan to spend an average of €2,643 for this year’s summer holiday, according to an Ipsos study. This is only topped by Swiss and Austrians who plan to spend slightly more. Brazilians on the other hand manage to go on summer vacation for only half of the price. Well, to their advantage, they already live in one of the world’s most popular travel destinations. [ads1] You will find more infographics at Statista
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, May 25, 2018[/box] Compared globally, the U.S. rate of violent deaths involving a firearm per 100,000 population comes in well below countries such as El Salvador and Venezuela which had rates of 72.5 and 64.3 in 2016, respectively. As this data from the Small Arms Survey shows, the U.S. rate of 3.1 is though, very high compared to the world’s largest economies. Closest to the American rate is Germany, with 0.1 violent firearm deaths, while more decimal places are needed to get down to the rates for the UK (England and Wales), China and Japan. [ads1] …
[box type=”info” align=”” class=”” width=””]by Felix Richter, May 23, 2018[/box] Thanks to the fact that most of today’s smartphones are technically capable of making in-store mobile payments and more and more merchants are getting on board, mobile payment adoption is on the rise. According to eMarketer’s latest estimates, 55 million Americans aged 14 and over will make at least one in-store payment using their smartphone this year. While the fact that mobile payment is increasingly popular is not a surprise, the current market leader certainly is. Despite tech giants Apple, Google and Samsung all offering their own payment services woven into their respective devices/operating…
The Birth of ABPL – 1991 – Al Baraka Bank (Pakistan) Limited (ABPL) is a solely owned subsidiary of Al Baraka Islamic Bank (AIB), Bahrain. AIB was incorporated in Bahrain in February 1984 and operates as a retail Islamic bank. It obtained a commercial banking license in Pakistan in 1991. Starting with 1 Branch; ABPL progressed to 29 branches by October 2010. As first movers in the Islamic Banking sector in Pakistan, Al Baraka Islamic Bank Pakistan (AIBP), branch operations of Al Baraka Islamic Bank (AIB) Bahrain and Emirates Global Islamic Bank (Pakistan) merged their operations on October 30th 2010…
Market Review After a volatile week, the benchmark index closed flat at 42,074pts, up by 0.4%WoW. The market failed to react positively to the efforts of curbing the growing current account deficit (CAD) by imposition of regulatory duty on the import of 119 items within a range of 5-60%. Market participation exhibited an increase of 4%WoW in ADT while ADTV declined by3.5%WoW. Additionally, foreign investors exhibited a net outflow of USD26.09mn. During the week, ECC approved PKR50bn borrowing to settle the circular debt in order to relieve the power sector. Furthermore textile exports grew by 8%YoY during 10MFY18 to USD11.2bn…
Market took positive turn with a gain of 1.08pc wow Summary During May till last week the Index declined around 8 percent. This brought the market for bluechip scrips to an attractive valuations for value hunters who mop up the stocks. The market gained 450 points during the week to close at 42,074.09. The market volume too increased to 102m while market capitalization climber to Rs8.731 trillion. It was the rollover week for future contract and the investors mostly opted to liquidate positions , to wait and look for market direction. Investors remained focused on news of announcement of care…
After continuous fall, Dubai gold prices edge higher Gold prices edged higher for a second session on Thursday as the dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to interest rate hikes in the United States. 22k gold in Dubai is priced at Dh147.25 and buyers can buy 24k for Dh157. Spot gold was up 0.2 percent at $1,295.16 per ounce at 0359 GMT, after gaining nearly 0.2 percent in the previous session. US gold futures for June delivery were up 0.4 percent at $1,294.60 per ounce. “The minutes had a little…
Congress leader P Chidambaram criticises Modi govt for petrol price hike; claims rate can be cut by Rs 25 per litre Congress leader and former Union Finance Minister P Chidambaram on Wednesday criticised the Centre for the fuel price hike and claimed that the rate can be reduced by Rs 25 per litre but the government is not doing it. “It is possible to cut upto Rs 25 per litre, but the government will not. They will cheat the people by cutting price by Re 1 or Rs 2 per litre of petrol,” he said. Across the four metropolitan cities,…
Indian lobby at WB frustrates Pakistan Pakistan and the World Bank have failed to reach an agreement on a way forward to address the former’s concerns over violation of the Indus Waters Treaty by India, as a strong Indian lobby in Washington again frustrated the latest push to stop New Delhi from violating the treaty. “An agreement on the way forward was not reached at the conclusion of the meetings” between the Pakistani delegation and the World Bank officials, announced the Washington-based lender on Wednesday. It added that several procedural options for resolving the disagreement over the interpretation of the…
PAKISTAN: Check out the Durshal innovation lab in Peshawar in all its glory: Khyber Pakhtunkhwa Information Technology Board (KPITB) has launched its Durshal Innovation Lab in Peshawar. The Lab will provide all the facilities of a technology hub where young businesses, startups and entrepreneurs can flourish. Durshal (meaning doorstep in Pashto) Innovation Centres have been inaugurated in several cities of the province including Swat, Mardan, and now in Peshawar. [divider style=”normal” top=”20″ bottom=”20″] Senate committee on it and technology to follow up on tax collections from telcos: Senate Standing Committee on Information Technology and Telecommunications on Thursday decided to follow…
Mian Zahid Hussain calls for taking Steps to avoid threats to economy. President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday urged the government to take remedial action to prevent the economy from imminent threats. In a statement he said that the foreign exchange reserves of the country was depleting rapidly due to repayment of $200 million as debt servicing every week. He said due to consistent payment the liquid reserves of the country had come down below $17 billion. He said…
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 5.88 6.38 2 – Week 5.93 6.43 1 – Month 6.01 6.51 3 – Month 6.22 6.47 6 – Month 6.31 6.56 9 – Month 6.39 6.89 1 – Year 6.57 7.07 2 – Year 7.09 7.59 3- Year 7.53 8.03
[box type=”info” align=”” class=”” width=””]Erik P Millstone, University of Sussex and Tim Lang, City, University of London[/box] The UK’s food safety regime is not working properly. It is failing to ensure an acceptably safe food supply. Food poisoning rates are too high; confirmed cases of the Campylobacter bacteria, for example, increased by about 46% from 2008 to 2012. The food supply is too dirty; since 2014 the Food Standards Agency (FSA) has said that poultry isn’t clean enough that it can safely be washed without the risk of spreading infection. Meanwhile, consumer trust is understandably low, and the food industry…
[box type=”info” align=”” class=”” width=””]Arturo Bris, IMD Business School[/box] The US has leapfrogged Singapore and Hong Kong to top IMD’s latest World Competitiveness Rankings. The top five most competitive economies in the world remain the same since 2016, but their order has changed. With the US at the top, Hong Kong has dropped one spot to second and Singapore remains third. Germany has fallen two spots to 15th and the UK has slipped one position to 20th. We compile the rankings using 258 indicators. Hard data such as national employment and trade statistics are weighted twice as much as the…
[box type=”info” align=”” class=”” width=””]Tatsuo Masuda Visiting Professor, Nagoya University of Commerce and Business Graduate School[/box] Energy innovation is struggling in a ‘valley of death’ Much has already been achieved in our fight against climate change, both in mitigation and adaptation. Awareness, policy, business, technology and innovation are all improving. However, the impact of climate change is gaining momentum much faster than expected, while the shift from fossil fuels to cleaner energy is slow. The International Energy Agency projects that fossil fuels will dominate way beyond 2040. Indeed, by 2040, it forecasts that such fuels will still meet 74% of…
[box type=”info” align=”” class=”” width=””]Fred Krupp[/box] In any era, the hard work of environmental progress requires the best available tools. Today those tools include technological innovations that are giving corporations and NGOs alike new capabilities and supercharging the partnerships between them. Sensors, data analytics, machine learning and blockchain are just some of the breakthroughs driving business growth as well as environmental stewardship. At Environmental Defense Fund, where I work, we’re feeling a new wind at our backs from these innovations. And a new survey we commissioned shows that corporate leaders are feeling the same tailwind. In fact, 86% of executives surveyed —…
[box type=”info” align=”” class=”” width=””]Lin Boqiang Director, China Center for Energy Economics Research[/box] The development of renewable energy in China has attracted global attention in recent years. In 2012, China’s installed capacity of wind and solar power was 61GW and 3.4GW respectively, while the annual electricity generated by renewables was only 2.1% of China’s total consumption. By 2017, China’s wind and solar power capacity had increased to 168.5 GW and 130.06 GW respectively, and renewables were generating 5.3% of China’s electricity supply. At present, China leads the world in terms of wind and solar power capacity. And with large-scale industrial…
In an increasingly competitive environment dominated by cost-cutting and tight budget justification, the workforce investments range from 18-57% of organizations’ operating expense. Shareholders and CEOs measure results. They are keen to have measurable framework to see connections between workforce investment and corresponding organizational success. Numbers are the Universal language of business. Business executives’ judge HR strategic role NOT on be the basis of emotions or activities but by the impact on the business, which is always measured in financial terms. By using following HR Metrics: HR can diagnose financial and operational measures, understand the messages in measured data, with a…
Market Review The benchmark index continued its negative momentum throughout the week as political noise in the country rose given Civil-Military tensions over ousted PM’s remarks. Moreover, persistent foreign selling, uncertainty over macroeconomics and lack of positive triggers led to the broader market meltdown whereby index settled down at 41,624pts, a decrease of 4.5%WoW. Resultantly, market participation exhibited a decline of 31%WoW and 22%WoW in ADT and ADTV, respectively. Additionally, foreign investors exhibited a net outflow of USD20mn. During the week, PAMA released automobiles data for Apr’18 that clocked in at 25,567 units, posting a growth of 40%YoY/14%MoM. Furthermore, Edotco…
DIFC hold talks for enhanced cooperation with China Officials at the Dubai International Financial Centre (DIFC) recently met with delegates from China to discuss growing areas of collaboration between the two sides. Essa Kazim, governor of DIFC, and Arif Amiri, chief executive officer of DIFC Authority, hosted a senior delegation from China, led by Qian Keming, vice minister of Commerce of People’s Republic of China. The meeting focused on the growing importance of DIFC’s longstanding relationship with Chinese institutions, and areas of collaboration that can support the One Belt, One Road initiative. During the visit, DIFC also acknowledged the commitment…
Four years of NDA: has Modi fulfilled job creation promise? here’s what people’s verdict says “The great Indian election: it’s about jobs,” read a Reuters report just a few days ahead of the first leg of the polling in 2014. And it was: The manifesto of BJP was filled with promises of jobs across sectors. In fact, even BJP’s Prime Ministerial face Narendra Modi, the then 63-year-old three-term successful state chief minister, at a rally in Agra in 2013 promised to create 100 million jobs. He was voted to power with an absolute majority. Four years later, even as 56%…
SPI rises 0.31percent The Sensitive Price Indicator (SPI) for the week ended May 17, 2018 registered an increase of 0.93percent for the combined income group, going up from 224.47 points in the previous week to 226.56 in the week under review. Compared to the corresponding week of previous year, the SPI for the combined income group raised 2.70percent. The SPI for the lowest income group increased 0.83percent compared to the previous week. The index for the group stood at 212.48 points against 210.74 in the previous week, according to provisional figures released by the Pakistan Bureau of Statistics. During the…
Standard Chartered Pakistan to act as Securities Advisers for distribution of Units Standard Chartered Bank (Pakistan) Limited (SCBPL) is the first Commercial Bank to obtain License to act as Securities Advisers for distribution of the units of Collective Investment Schemes and / or Voluntary Pension Funds by Securities and Exchange Commission of Pakistan (SECP). Currently, SCBPL through its Wealth Management function, amongst other third party products is undertaking distribution of Funds via its Branches. SCBPL distributes funds for three Asset Management companies in Pakistan and they are: Al Meezan Investment Management Limited, MCB-Arif Habib Savings & Investments Limited and UBL…