World oil prices over two-week high Oil prices rose on Friday to their highest in more than two weeks, supported by the shutdown of the El Feel oilfield in Libya and upbeat comments from Saudi Arabia that an OPEC-led effort to cut stockpiles is working El Feel produces 70,000 barrels per day of crude. Production in OPEC member Libya has been running at about 1 million bpd, although it remains volatile due to unrest. Brent crude futures rose 92 cents to settle at $67.31 a barrel, a 1.4 percent gain. The global benchmark’s session high of $67.37 was its highest…
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Uber Airlifts Trophy of Pakistan’s Biggest Cricket Gala In a bid to promote the upcoming third edition of Pakistan Super League (PSL), the tournament’s trophy was airlifted in an Uber chopper from Atlantis Lounge to Me’aseim, Dubai. This initiative highlights Uber’s commitment as PSL’s official transport partner. As the trophy touched down in Me’aseim, captains of all six PSL teams transported the trophy via Uber to Dubai International Cricket Stadium, where Darren Sammy, Captain of Peshawar Zalmi unveiled the trophy to the media. Talking about the initiative to airlift the PSL trophy to Dubai, Safee Shah, GM – Uber Pakistan,…
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] [padding right=”15%” left=”15%”][/padding] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 5.94 6.44 2 – Week 5.97 6.47 1 – Month 6.01 6.51 3 – Month 6.13 6.38 6 – Month 6.20 6.45 9 – Month 6.22 6.72 1 – Year 6.26 6.76 2 – Year 6.78 7.28 3- Year 7.15 7.65
[box type=”info” align=”” class=”” width=””]Teemu Alexander Puutio PhD Researcher, University of Turku[/box] In 2018, it is all but impossible to know whether you are reading this on a computer screen, mobile phone, or a tablet. However, chances are you are doing so in one of the 150 metropolitan areas that are home to every seventh person alive today. More than half of us have chosen to live in cities, a figure that is expected to rise to 70% by 2050. In economic terms, the results of urbanization have been nothing but impressive. Cities are accountable for 80% of global GDP. For instance, the Boston-NYC-Washington corridor…
[box type=”info” align=”” class=”” width=””]Jeff Desjardins Founder and editor of Visual Capitalist This article is written in collaboration with Visual Capitalist[/box] If you had $1 billion to spend on safe real estate assets, where would you look to buy? For many funds, financial institutions, and wealthy individuals, the perception is that the world’s financial centers are the places to be. After all, world-class cities like New York, London, and Hong Kong will never go out of style, and their extremely robust and high-density city centers limit the supply of quality assets to buy. But what happens when too many people pile…
[box type=”info” align=”” class=”” width=””]Alex Gray Formative Content[/box] Getting a good night’s sleep is vital for health. But until recently, the only way you could actually monitor the quality of your sleep was to visit a sleep clinic. Wearable technology has changed all that. Smartwatches and fitness trackers now tell us how many steps we’re taking each day, how many calories we’re burning and how well we’re sleeping. Wearables company Fitbit has released data on 6 billion nights of its American users’ sleep. Fitbit is a wearable technology – in a wristband or watch format – that tracks movement. They retail at…
[box type=”info” align=”” class=”” width=””]Sara Degli-Esposti, Coventry University and Maureen Meadows, Coventry University[/box] Data protection law hasn’t undergone a significant update since the EU brought in legislation in 1995 – just six years after the birth of the World Wide Web. But GDPR is about to shake things up. Now, 23 years later, the new law – known as the General Data Protection Regulation – will replace that aged directive on May 25 in a move that, according to the UK’s Information Commissioner’s Office, signals an “evolution” rather than a “revolution” for data protection. GDPR is intended to strengthen and…
[box type=”info” align=”” class=”” width=””]Mark Hart, Aston University[/box] Unemployment has risen in the UK for the first time in nearly two years. It follows continuous falls in the unemployment rate, pushing it up slightly to 4.4% from 4.3%. And despite this small rise, the number of people in work has grown, which continues the trend of jobs growth in recent years coupled with falling unemployment. Low unemployment is generally seen as good news for any economy. But there are widespread concerns about the quality of many jobs and the extent to which they are a result of the growing gig…
Pakistan Cables Limited has successfully completed the installation of Pakistan’s first ever Aluminum Conductor Composite Core ACCC® in the National Transmission & Despatch Company’s (NTDC) system. As a result, the capacity of the 220 kV Double Circuit Transmission Line from Gatti Substation to Nishatabad Substation has been doubled by replacing the conventional ACSR conductor with ACCC® conductor of same diameter and lighter weight. This re-conductoring project was completed without any modifications to the existing towers and structures. The project completion costed half the amount and time that would have been required to build another transmission line. Anticipating the need of…
KSE-100 index closes down as choppy movement continued in the week Summary It was a roller coaster ride for investors during the week as the KSE-100 Index started the week in negative while at the end of the week it rally 685 points on Friday to cover most of the Index losses in three days to close at 43,627.10. Overall it was not a healthy week of trading during the week compared to preceding week as all the indicators showed a decline. The average volume of trading declined to199m shares compared to 245m last week. The market capitalization declined to…
Etisalat 2017 net profit rises to dh8.44 billion The UAE-based telecom giant Etisalat’s 2017 profits marginally inched up to Dh8.444 billion as against Dh8.421 billion in the previous year. The UAE’s largest telecom operator saw its overall revenues for 2017 falling by 1.33 per cent – or Dh700 million – to Dh51.666 billion as compared to Dh52.36 billion in the previous year. Its annual operating profits also fell to Dh11.4 billion as against Dh12 billion in the previous year. The company, which operates in 17 countries across the Middle East, Africa and Asia, attributed the decline in revenues to the…
For India’s banks, the worst of their bad-loan woes may be yet to come MUMBAI: Just when many Indian banks thought the worst of their bad debt woes were behind them, new central bank rules are stoking fears that the worst of the soured-loans buildup is yet to come. The central bank surprised the financial sector this week by halting all of its existing loan-restructuring mechanisms with immediate effect, and rolling out new rules that will push more debt defaulters into bankruptcy courts. To force its point home, the Reserve Bank of India (RBI) set strict timelines for lenders to…
Pakistan, turkey share investment plans Bilateral cooperation between Pakistan and Turkey is being transformed into a vibrant economic partnership. To help realise the vision of a robust Pakistan-Turkey economic partnership, the forum featured a short documentary on business opportunities in Punjab. Turkish companies operating in Pakistan including Albayrak, Arcelik, and Coca Cola Icecek shared their investment plans with key stakeholders in the Punjab government. “Relations between Pakistan and Turkey would continue to grow as a powerful factor for stability and prosperity in the region and beyond,” said DEIK Turkey-Pakistan Business Council Chairman Atilla D Yerilikaya while visiting Lahore for the…
PAKISTAN: Daraz’s big home makeover is now live with discounts up to 80%: You’ve changed; so should your home. Daraz BigHomeMakeOver sale is here with the opportunity to do just that. A makeover is an opportunity to change your perspective and make a few bold lifestyle changes. Perhaps you’ve gotten too comfortable with the same couch in its usual corner. Perhaps you need to inject a dose of fresh inspiration in your living area. There’s an estimated 1.1 billion people around the world who don’t officially exist as they were never registered at birth. One third of the population in…
UBL and Dow University of Health Sciences collaborate on Cash Management Services United Bank Limited (UBL) and Dow University of Health Sciences (DUHS) recently signed a memorandum of understanding (MoU) for structured disbursements and collections through UBL’s state-of-the-art, fully automated retail cash management solutions. UBL’s financial solutions are widely used by the educational sector for their innovative product spectrum combined with unmatched customer service and nationwide branch network. At the MoU signing ceremony, DUHS was represented by Prof. Dr. Mohammed Saeed Quraishy, DUHS’s Vice Chancellor and UBL was represented by Sima Kamil, President & CEO UBL. Also present at the…
Kibor rate is the average interest rate at which term deposits are offered between prime banks in the Pakistani wholesale money market or interbank market. KIBOR as a benchmark, to encourage transparency and improve management of the market risk undertaken by banks. [ads1] [padding right=”15%” left=”15%”][/padding] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 5.92 6.42 2 – Week 5.96 6.46 1 – Month 6.00 6.50 3 – Month 6.11 6.36 6 – Month 6.17 6.42 9 – Month 6.21 6.71 1 – Year 6.25 6.75 2 – Year 6.70 7.20 3- Year 7.09 7.59
[box type=”info” align=”” class=”” width=””]Rob Smith Formative Content[/box] The Netherlands has overtaken Denmark as the country with the best work-life balance. That is according to the latest OECD Better Life Index, which ranks countries on how successfully households mix work, family commitments and personal life, among other factors. For work-life balance, the Dutch scored 9.3 out of a possible 10, whereas the Danes, now ranked second, scored nine. Of the 35 OECD countries measured in the survey, Turkey’s work-life balance was the worst, rated as zero, while Mexico only scored slightly better with 0.8. Image: Word Economic Forum Secrets to a…
[box type=”info” align=”” class=”” width=””]This post first appeared in the Federal Reserve Bank of New York’s Liberty Street Economics blog under the title The future of cryptocurrencies? The view of two experts and is republished here with the Bank’s permission. The views expressed in this post are those of the authors and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System Antoine Martin Senior Vice President and Function Head Michael Lee Economist[/box] Bitcoin and other “cryptocurrencies” have been much in the news lately, in part because of their wild gyrations…
[box type=”info” align=”” class=”” width=””]Cedrik Neike Member of the Managing Board, Siemens AG[/box] Two technological revolutions are shaping the dawn of the 21st century: the development of the internet and the shift towards a carbon-free global energy system. The latter received a boost in 2015, when the G7 pledged to phase out fossil fuels by 2100. With the advent of the Internet of Things, these two revolutions are rapidly converging and will ultimately result in an “Internet of Energy”. Decarbonization, decentralization and digitization are transforming the energy sector. These three global trends are changing the way we produce, distribute and…
[box type=”info” align=”” class=”” width=””]Ania Zalewska, University of Bath[/box] In the past decade, the banking industry has been a central focus of attention for regulators, academics and the general public. The 2007-08 financial crisis led to new regulations and institutions to keep things in check. In contrast, the issues of the pension industry have tended to be swept deep under the carpet. Much the same way that people think about retirement saving – that it can wait for another day – we are now beginning to see how much of a mistake this is. The pension industry is already in…
[box type=”info” align=”” class=”” width=””]Anne Goldgar, King’s College London[/box] Right now, it’s Bitcoin. But in the past we’ve had dotcom stocks, the 1929 crash, 19th-century railways and the South Sea Bubble of 1720. All these were compared by contemporaries to “tulip mania”, the Dutch financial craze for tulip bulbs in the 1630s. Bitcoin, according some sceptics, is “tulip mania 2.0”. Why this lasting fixation on tulip mania? It certainly makes an exciting story, one that has become a byword for insanity in the markets. The same aspects of it are constantly repeated, whether by casual tweeters or in widely read…
[box type=”info” align=”” class=”” width=””]Paul Bradley, Liverpool John Moores University; Andy Laws, Liverpool John Moores University, and Jack Ade, Liverpool John Moores University[/box] Football fans have long been bombarded with an array of statistics ranging from the number of successful passes completed to the distance covered by each player in English Premier League matches. But that approach is blind to the context of the game and the specific role of each player. What is needed is a new system that can reveal not only what distance players covered in a game, but why they covered it and at what intensity.…
[box type=”info” align=”” class=”” width=””]Arturo Bris, IMD Business School[/box] We have been talking about this for the last 12 months: when will financial markets realise that the amazing performance of 2017 was not sustainable? When will stock markets adjust? Are we approaching the next big market crash? When will the bubble burst? Apparently, we now know the answer. A little more than a month into 2018, the Dow Jones industrial average suffered its largest drop by volume in history on February 5. Other markets across the world followed suit. What is even worse, the CBOE VIX index, which tracks market…
[box type=”info” align=”” class=”” width=””]by Dyfed Loesche, Feb 13, 2018[/box] U.S. President Donald Trump says his infrastructure plan “will spur the biggest and boldest infrastructure investment in American history.” Considering the Global Infrastructure Hub’s (GI Hub) current predictions, investment is sorely needed. However, Trump’s proposal might not go far enough. According to the Hub, the funding gap for all sectors will accumulate to $3.8 trillion, counting together each year’s gap from 2016 to 2040. By far the biggest gap is in investment in roads. In this sector alone, the GI Hub estimates a lack of funding of $94.5 billion for 2018, which…
[box type=”info” align=”” class=”” width=””]by Dyfed Loesche, Feb 13, 2018[/box] The President of South Africa, Jacob Zuma, has been asked by his own party, the ANC, to step down. The 75-year old who has been in office since 2009 has been dogged by serious allegations of corruption. And corruption is what is hampering the South African economy most. South Africa is one of the most vibrant economies of sub-Saharan Africa. According to the World Economic Forums “Global Competitiveness Report 2017-2018”, it is also one of the region’s most innovative countries, but has dropped 14 positions in this year’s index, as the overall economy is…
[box type=”info” align=”” class=”” width=””]by Felix Richter, Feb 13, 2018[/box] Amazon is reportedly planning to launch a delivery service in the next few weeks that would put the e-commerce giant in direct competition with FedEx and UPS. Thus far, despite operating an elaborate network of fulfillment, sortation and delivery centers, Amazon has ceded control over the “last mile” to the companies it now looks set to start competing with. As Amazon continues to grow, its logistics costs have skyrocketed over the past decade. In 2017, the company’s fulfillment and shipping expenses amounted to $25.2 billion and $21.7 billion respectively, up from just over $1 billion each ten years…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Feb 6, 2018[/box] For most people nowadays, their smartphone is within arm’s reach 24 hours a day. It’s in their pocket while they’re at work, it’s in their hand on the train ride home and it’s on their bedside table as they go to sleep. With this level of proximity and usage, many can’t quite shake the niggling feeling that they might be risking damage to themselves in the long run. While conclusive longitudinal research on the effects of cell phone radiation is still hard to come by, for those looking to hedge their bets, this infographic shows…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Feb 9, 2018[/box] Morning and evening rush hour means one thing in America’s biggest cities: sitting bumper to bumper in traffic for hours on end. That’s hardly a surprise considering the fact that 86 percent of commutes in the U.S. are done by car and annual vehicle miles surpass 3.2 trillion. All of the congestion has huge financial repercussions and drivers collectively had to pay $305 billion in 2017. An analysis conducted by INRIXfound that out of all major cities worldwide, Los Angeles has the worst levels of congestion with drivers losing 102 hours to traffic jams every year. LA…
[box type=”info” align=”” class=”” width=””]by Felix Richter, Feb 8, 2018[/box] Despite flat user growth and modest (but better than expected) revenue gains, Twitter posted its first ever quarterly profit in Q4 2017. Having gotten used to bad news from the company that has struggled with lackluster user growth and monetization issues since its IPO in 2013, Wall Street jumped at the chance to focus on the positive in today’s earnings release, sending Twitter’s stock price soaring. Twitter’s shares opened at $34.15 on Thursday, up 27 percent from Wednesday close, and are currently trading at the highest price since July 2015. Considering Twitter’s still evident problem to…
Market Review Stock market remained volatile throughout the week, however the benchmark KSE100 index closed almost flattish, reporting a decrease of 493ptsWoW (1.1%) to 44,809pts. ADT and ADTV witnessed a decline of 4%WoW and 3.2%WoW, respectively as lack of triggers kept investors at bay. After hefty buying spree in the initial weeks of CY18, foreign investors have remained net seller for the second successive week with a net outflow of USD8.5mn. During the week, All Pakistan Cement Manufacturing Association (APCMA) released cement dispatches numbers showing an increase of 15%YoY to 26.3mn tons for 7MFY18 taking capacity utilization to 96%. Additionally,…
Pakistan’s stocks index recovers after earlier world markets jitter Summary Trading at Pakistan Stock Exchange (PSX) this week was of four days as Monday remained closed for working due to Kashmir day holiday. On Monday ,the Wall Street saw Dow Jones Industrial Average crash 1,175 points, a big single day drop. On a promising US jobs data that created fear of interest rate hike, turning investors away from stocks and towards bonds. PSX remained affected due the global equity sell-off. The foreigners throughout the week remained seller worth $8.5m during all four working days. Locals at PSX fear that a…
Dubai gold prices decline, 22k priced at dh149.25 Gold prices dropped on Thursday for a third consecutive day, holding near four-week lows hit in the previous session, on a firmer greenback amid expectations of more US interest rate hikes this year. Spot gold was down 0.4 per cent to $1,313.51 per ounce, as of 0351 GMT. In the previous session, it hit Meanwhile in Dubai, gold prices are Dh158.75 for 24-karat and 22-karat can be bought for Dh149.25, its lowest since Jan. 10 at $1,311.66. US gold futures for April delivery rose 0.1 per cent to $1,315.70 per ounce. The…
Galaxy surfactants lists with 3% premium at Rs 1,520 NEW DELHI: Galaxy Surfactants, a maker of speciality chemicals got listed on both NSE and BSE on Thursday. The company’s stocks got listed in the benchmark indices at a premium of 2.70 per cent at Rs 1,520. The scrip underwent an Initial Public Offering (IPO) between January 29- 31 got oversubscribed 20 times. The IPO was worth Rs 937 crore and the price band was set at Rs 1,470 – Rs 1,480. ICICI Securities, Edelweiss Financial Services and J M Financial Institutional Securities managed the books. According to data available on…
Steel melting industry opposes tax break for Chinese company Pakistan Steel Melters Association (PSMA) has fiercely opposed the grant of duty and tax exemptions to China State Construction Engineering Corporation Limited (CSCEC), saying the concession will cost the national exchequer about Rs11 billion. Under SRO 47(I) 2018, CSCEC, which is working on the Sukkur-Multan section of motorway, has been allowed duty-free import of construction material and machinery into Pakistan. To record its reservations at the highest level, the PSMA has drawn attention of Prime Minister Shahid Khaqan Abbasi to this issue through a letter, requesting the premier to withdraw the…
PAKISTAN: Data saving youtube go app now available in Pakistan: YouTube is undoubtedly the biggest network for uploading and viewing videos of your interest. Pakistan is a vast market for both the viewers and content creators on YouTube, but there are certain limitations of using the app/website in a country where most of the times internet connection isn’t reliable. [divider style=”normal” top=”20″ bottom=”20″] Facebook had its slowest quarter of the year yet: Facebook sustaining its growth for such a long time is impressive, given how many of its early rivals have floundered amidst the crowd. It has, however, gotten increasingly…
Month-long Yayvo cricket festival begins Yayvo.com, Pakistan’s leading e-commerce platform is all set to launch ’Yayvo Cricket Festival’ starting from February 15, 2018. This was communicated at a press conference held at a local hotel in Karachi on February 07, 2018. The press conference was arranged to announce the launch of the month-long cricket Yayvo Cricket Festival and Yayvo.com’s exclusive partnership with Karachi Kings. Yayvo will also offer a host of discounted offers along with kits, shirts, jerseys and other Karachi Kings merchandise exclusively. Tickets for the PSL matches being in Pakistan will be sold online by Yayvo.com and TCS,…
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] [padding right=”15%” left=”15%”][/padding] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 5.93 6.43 2 – Week 5.95 6.45 1 – Month 5.99 6.49 3 – Month 6.11 6.63 6 – Month 6.18 6.43 9 – Month 6.21 6.71 1 – Year 6.24 6.74 2 – Year 6.65 7.15 3- Year 7.08 7.58
[box type=”info” align=”” class=”” width=””]Enrico Onali, Aston University[/box] Stock markets around the world suffered sudden, heavy losses on February 5 and 6. Following a 4.6% drop in the Dow Jones on the Monday, the Japanese Nikkei index fell by 4.6%, and European markets followed suit, with the FTSE 100 down around 2% in the first hour of trading on Tuesday. There was a rebound on February 7, but things remain turbulent. The phrase “when the US sneezes, the rest of the world catches a cold” comes to mind. The main culprit seemed to be fears of inflation hikes in the…
[box type=”info” align=”” class=”” width=””]Klaus Schwab Founder and Executive Chairman, World Economic Forum Geneva[/box] We cannot fix the fractures of our world without multi-stakeholder collaboration. The difference between cooperation and conflict, between progress and painful reversals of fortune, more often than not lies in dialogue. To build a peaceful world, we need to see the world through the eyes of other people – especially those we disagree with. This has been true throughout human history, but it is particularly pertinent in 2018. We’re living at a time when the borderless internet has brought us closer together while the beating drum…
[box type=”info” align=”” class=”” width=””]Claudio Cocorocchia Acting Head of Information and Entertainment System Initiative, Global Leadership Fellow, World Economic Forum Geneva[/box] According to business tycoon Jack Ma, the key to success is emotional intelligence. But if you want to be respected, he says, you’ll need “high LQ – the IQ of love”. Whether you agree with this statement or not, something key is missing from his list. This other type of intelligence is essential to navigating the kind of business empire Jack himself founded. That’s right: as our lifestyles become more hyperconnected, it’s digital intelligence, or DQ, that will become critical…
[box type=”info” align=”” class=”” width=””]Paul Polman Chief Executive Officer, Unilever Ellen MacArthur Founder, Ellen MacArthur Foundation[/box] In just half a century, plastic has moved from being a symbol of modern domestic bliss to a magnet for derogatory adjectives. As eight million tons of it enter the ocean each year, there is an urgent demand to reconcile plastic’s undeniable functionality within a system that can work for the long-term, protect the environment, and avoid the loss of valuable material. Packaging is plastic’s single biggest application globally. It impacts our lives on a daily basis. Over the past 50 years, we have…
[box type=”info” align=”” class=”” width=””]Sarah Glozer, University of Bath[/box] Making yourself heard by big businesses can be tricky. Even when companies have a presence on social media, you might question whether they are genuinely interested in providing opportunities for meaningful dialogue. Is anyone really listening, or are we just talking to ourselves? Yet Tesco, Iceland and Co-op have recently shown what happens when supermarkets do absorb consumer feedback through social media channels, and then act on it. There have been refreshing signs in 2018 that supermarkets can be persuaded to listen to the demands of their customers. Tesco backed down…
[box type=”info” align=”” class=”” width=””]Stefano Trojani Head of Security Affairs, World Economic Forum Geneva[/box] The first time President John F. Kennedy visited NASA’s headquarters, he met a janitor mopping the floor. President Kennedy asked him what he was doing. “I’m helping to put a man on the moon”, the janitor replied. While the anecdote is certainly credit to NASA’s leadership, it gives an even better example of followership. Leaders must be able to light the flame. But followers keep the flame alive. We are all experts in leadership During our lives, we experience many different kinds of hierarchy. From our…
[box type=”info” align=”” class=”” width=””]Nauro Campos, Brunel University London[/box] Brexit is like a box of chocolates: you never know what you’re gonna get. The latest surprise is that Downing Street has ruled out staying in the customs union, which allows uninhibited trade in goods within the EU. It follows the leak of the government’s pessimistic assessment of the economic impact of Brexit. The leaked document reinforces the academic consensus on the costs of Brexit and shows that staying in the customs union would be better for the UK economy. The full report is not yet available to the public. Instead,…
[box type=”info” align=”” class=”” width=””]Anthony Hesketh, Lancaster University[/box] In the wake of the financial crash ten years ago, there has been renewed interest in how to value a company. The complex financial derivatives that appeared to be powerful tools for financial growth before the crisis turned out to be worthless. No one wants to make the same mistake again. When in 2009 Paul Polman, during his first results presentation as chief executive of Unilever, announced he would not be providing the customary quarterly forecast of the firm’s future performance, the company’s share price plummeted. Here was a CEO, some analysts…
[box type=”info” align=”” class=”” width=””]Megan Blake, University of Sheffield[/box] Hardly a day goes by when food is not in the news. We are at once encouraged to eat healthily, locally, and reduce food waste. Meanwhile, stories about the various groups of people going hungry are also on the rise – there are reports about malnourished elderly people, children’s holiday hunger, and rising food insecurity. Increases in these rates have been linked to government policies such as welfare reform and commercial protections that give rise to zero-hours contracts. But in my view the problem is deeper than this – it is…
[box type=”info” align=”” class=”” width=””]Jonathan Hursh This article is part of the World Economic Forum Annual Meeting[/box] Soon, one third of humanity will live in a slum. Our cities are at breaking point. Over 90% of urbanisation this century will be due to the growth of slums. By the end of this century, the top megacities will no longer be London and Tokyo; they will almost all be in Asia and Africa, and they will be far bigger than the metropolises of today. Lagos is projected to have a population of 88 million. Dhaka: 76 million. Kinshasa: 63 million. The world is…
[box type=”info” align=”” class=”” width=””]Anna Bruce-Lockhart Editor, World Economic Forum This article is part of the World Economic Forum Annual Meeting[/box] World leaders came to the defence of free trade and global cooperation at the World Economic Forum’s Annual Meeting in Davos this week. Speeches by Narendra Modi, Theresa May, Emmanuel Macron, Angela Merkel and Justin Trudeau declared their countries “open for business.” In a special address on the final day of Davos, US President Donald Trump said he would always promote “America First”, just as he expected other world leaders to do when it came to their own countries, but…
[box type=”info” align=”” class=”” width=””]Ross Chainey Digital Media Specialist, World Economic Forum This article is part of the World Economic Forum Annual Meeting[/box] That’s it for another year. With over 400 sessions on the official programme (160 of which were broadcast live on our website), it can be hard keeping up with everything happening at our Annual Meeting in Davos, Switzerland. To help you get your head round it all, here’s a recap of some (but by no means all) of the week’s big stories. The three greatest threats to civilization, according to Narendra Modi On day one of Davos, Indian…
Cryptocurrencies plunged on Friday, with bitcoin at one point sliding below $8,000 and headed for its biggest weekly loss since December 2013, amid worries about a regulatory clampdown globally. The currencies have come off their lows but analysts said the sell-off was probably not over. This week’s slump brought the total market value of cryptocurrencies down to around $400 billion, half the high it reached in January, according to industry tracker Coinmarketcap.com. The market value of cryptocurrencies is calculated by multiplying the number of digital coins in existence by their price, although many question whether that is the right way…
Market Review The benchmark index turned bearish during the week, posting a decline of 0.6%WoW, falling 250pts to close at 44,301pts. The week started with a surprise hike in policy rate of 25bps by central bank whereby companies with higher leverage reacted negatively. However, against expectation, financial sector failed to perform on the back of uncertainty in relation to pension case. ADT and ADTV witnessed a decline of 7.3%WoW and 22%WoW, respectively. After hefty buying spree, foreign investors were net seller with an outflow of USD12.6mn. During the week, Hascol Petroleum Limited reached an out-of-court settlement with a UAE-based energy…
KSE-100 index ends week down but positive momentum ahead Summary During the weekend the KSE-100 Index declined by 250 points to close at 44,301.20. The last two sessions saw the increase in Index by 252 points giving a positive momentum ahead. The average volume was down to 255 million share while market capitalization declined to Rs.9.171 trillion. Fundamental news, which had impact on the stock market include the rise in policy interest rate by SBP; notification of an increase in prices along all categories of medicines after approval from the federal cabinet; CPI inflation reading for January at 4.42%; announcement…
UAE airline changes baggage policy: how much can you carry? Abu Dhabi-based Etihad Airways has introduced a new baggage policy tailored to varying customer requirements in the international markets it serves. The changes allow for a simpler baggage structure as the allowance for all markets, excluding the US and Canada, is now based on total weight rather than the number of bags checked in. With the switch to a weight-based baggage policy, the majority of markets will be entitled to 23kg of checked baggage on economy deal fares, 30kg on economy saver and classic fares, and 35kg on economy flex…
India scores better than global average on budget transparency MUMBAI: India scored slightly better than the global average when it comes to budget transparency, according to results of the Open Budget Survey (2017) released on January 30. With a rank of 53 among 115 countries covered by the survey, India’s score of 48 out of 100 for transparency (as against the global average of 43), showed an improvement of 2 percentage points over the 2015 index. Every two years, the International Budget Partnership (IBP), using over a hundred indicators, assesses budget transparency based on the amount, level of detail and…
Agri exhibition to start on Feb 10 in Larkana The Sindh Enterprise Development Fund is going to hold the seventh edition of the Livestock Dairy Fisheries Agriculture Exhibition and Seminar 2018 (LDFA 2018) in Larkana, called Shehr-e-Benazir, on February 10 and 11. The objective of organising the fair in Larkana is to showcase and highlight the agri-economy of Larkana and nearby districts which produce approximately two million tons of paddy, said Agriculture, Supply and Prices Department Secretary Sajid Jamal Abro.Briefing at the Sindh Board of Investment (SBI), he said that out of the total rice production in the province, 90%…
PAKISTAN: #MCBSUPERSAVERS- get additional 30% off on all MCB debit, credit cards: ‘Sales’ and ‘discounts’ are the sweetest words for dedicated online shoppers. Yayvo.com which is among the most trustworthy online shopping portals of Pakistan is always facilitating its customers in one way or another. On every occasion or festivity, they present amazing deals and discount so that customers can purchase whatever they want at low prices. [divider style=”normal” top=”20″ bottom=”20″] Ride hailing services push bank car financing to a record level: Conventional and Islamic banks have cashed in on the earning opportunities through auto financing of automobiles in the…
PTCL partners with Virtual University for Ignite’s DigiSkills Initiative Ignite, Ministry of IT & Telecom has launched DigiSkills program to impart training of one million workforce comprising of youth, skilled professionals and freelancers. Ignite has awarded DigiSkills training project to Virtual University of Pakistan and PTCL has been selected as partner for this strategic project. DigiSkills program will impart training to one million knowledge resources like youth, freelancers, students, and professionals, who would deliver professionally across the globe and contribute in country’s economic growth. The program aims at, not only developing key specialized skills, but also imparting knowledge about various…
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] [padding right=”15%” left=”15%”][/padding] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 5.93 6.43 2 – Week 5.96 6.46 1 – Month 5.98 6.48 3 – Month 6.10 6.35 6 – Month 6.18 6.43 9 – Month 6.20 6.70 1 – Year 6.21 6.71 2 – Year 6.60 7.10 3- Year 7.05 7.55
[box type=”info” align=”” class=”” width=””]by Felix Richter, Feb 1, 2018[/box] In a move that surprised many, eBay announced on Wednesday that it’s replacing PayPal as its main payment processing partner, having signed an agreement with Adyen, a global payment provider based in the Netherlands, to replace its former subsidiary. Going forward, eBay plans to take a more direct role in the payments process by serving as an intermediary using Adyen’s technology. In its statement on the matter, eBay stresses that the transition to the new payment model “will be a multi-year journey“ and can only be completed “within the parameters of the Operating Agreement with PayPal”,…
[box type=”info” align=”” class=”” width=””]by Dyfed Loesche, Jan 26, 2018[/box] The worldwide social media advertising market was worth some 43.78 billion dollars in 2017, and accounted for 18 percent of the total digital advertising market. As our infographic shows, the U.S. market is by far the biggest in the world, having generated some 21 billion dollars. That’s a 22 percent share of the total U.S. digital advertising market. Its European counterpart was worth about 8 billion dollars, not even half the size of the U.S. market. In China, 11 percent of the digital advertising revenue comes from social media. Around the world,…
[box type=”info” align=”” class=”” width=””]by Dyfed Loesche, Jan 26, 2018[/box] Social media, and above all Facebook, took a lot of heat for its perceived role in disseminating rumor and false news, most prominently during the U.S. election campaign in 2016. Recently, the firm has announced that it will give publishers less space for promoting their content on its platform. This is of course bad news for publishers. This sort of decision is probably one of the reasons why publishers rank platforms to be one of the greatest threats to their business success in 2018. 21 percent of senior media publishers interviewed by the Reuters Institute…
[box type=”info” align=”” class=”” width=””]by Felix Richter, Jan 25, 2018[/box] Driven by an increase in demand for premium smartphones, the average smartphone selling price increased to $328 last year. However, as the following chart shows, it makes sense to look at smartphone prices at a more regional level. According to GfK point-of-sale data from 75 countries, the average selling price for smartphones ranged from $645 in developed Asia (incl. Australia, Hong Kong, Japan, New Zealand, Singapore, South Korea and Taiwan) to $183 in emerging Asia (incl. Bangladesh, India, Cambodia, Malaysia, Myanmar, Philippines, Thailand, Vietnam) last year. [ads1] You will find more statistics at Statista
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Jan 25, 2018[/box] It’s common knowledge that smoking is extremely bad for your health, but for those still clinging onto the habit by telling themselves one or so a day can’t really do any harm, a new BMJ study has shown the negative effects are still significant. Meta-analysis of 141 cohort studies revealed that by smoking just one cigarette per day, the chances of heart disease rise by 48 percent for men and 57 percent for women when compared to someone who never smokes. Likewise, the risk of suffering a stroke go up by 25 percent for men and…
Survey finds global logistics executives expect good year for emerging markets economies Malaysia, Bangladesh and Vietnam are among the top performers in an annual logistics industry ranking of the world’s leading emerging markets, a list dominated again by China and India. Two of the world’s fastest-growing economies, China and India sit unchanged at No. 1 and No. 2 respectively in the 50-country 2018 Agility Emerging Markets Logistics Index. But Malaysia ranks No. 4 after UAE, despite the fact that at least 16 other emerging markets countries, including Indonesia, Saudi Arabia, Russia, Brazil, Turkey and Mexico, have larger economies. Bangladesh, a…
Rising index succumbs to selling pressure at the end of the week Summary Pakistan Stocks Exchange started the week in a positive manner with KSE-100 Index gaining 884 points in the first three sessions of the week. In the last two sessions, the investors went for profit-taking as there were some concern about the monetary policy expectations and Fitch’s downgrade of the grading for Pakistan’s economy. During the week the KSE-100 Index overall gained 372 points with the average volume increased to 275 million and Market Capitalization improved to Rs9.217 trillion . The foreign investors continued to be net buyers…
DH220 million aluminium plant opens at Kizad Ducab Aluminium Company, the latest company to join the UAE’s fast growing aluminium sector, marked its official opening at Khalifa Industrial Zone Abu Dhabi (Kizad) on Wednesday. Sheikh Hamed bin Zayed al Nahyan, Chief of the Abu Dhabi Crown Prince’s Court, inaugurated the Dh220 million joint venture between Ducab, the UAE-based leading manufacturer of high-quality cables and cabling products, and Senaat, one of the largest holding companies in the UAE’s industrial sector. Sheikh Hamed stressed that industry has become a significant pillar of the UAE national economy. He said economic diversification is essential…
PSU bank stocks fall after recapitalisation plan announcement NEW DELHI: PSU bank stocks fell up to 6 per cent a day after the government said it will infuse Rs 88,139 crore capital in 20 public sector banks (PSBs) before March 31. Shares of Syndicate Bank tanked 5.82 per cent, Punjab National Bank 5.73 per cent, Bank of Baroda 4.80 per cent, SBI 4.32 per cent and Oriental Bank of Commerce shed 4.28 per cent on BSE. On similar lines, Allahabad Bank fell 3.21 per cent, Bank of India 2.43 per cent and United Bank of India lost 0.27 per cent.…
Golen Gol project begins electricity generation The Golen Gol hydropower project started electricity generation on Wednesday, marking another landmark as Pakistan aggressively adds power to the national grid to eliminate load-shedding. Due to the project, Chitral has now started receiving much-needed electricity on a trial basis, which is a significant step towards providing a stable supply of electricity to the city and adjacent areas. The prime minister will formally inaugurate the project during the first week of February. Only the first unit of 36MW was put into operation on Wednesday, which would provide electricity three times more than the needs…
PAKISTAN: Xiaomi opens new Mi flagship store in Multan & people are loving it: Good news for Mi Fans in the City of Saints — Multan! Xiaomi has opened an exclusive Mi store in the city that is famous for its Sohan Halwas. Previously, Xiaomi had launched a store in Faisalabad in August last year. The company’s presence — before launching physical stores in Pakistan — was either as an online store or at select Zong dealerships and customer care centers. [divider style=”normal” top=”20″ bottom=”20″] Apple and Malala fund partner to help educate poor girls: Apple has announced distinctive partnership…
TCS inaugurates ZTE Warehouse in Tarnol A TCS warehouse for ZTE Corporation has been inaugurated in Tarnol near Islamabad. A ZTE delegation from China participated in the inauguration ceremony hosted by TCS. ZTE aims to place TCS at the forefront concerning all its logistic needs in Pakistan and manage its warehousing and logistics requirements across the country. It is expected that this would be the beginning of a productive partnership between TCS and the ZTE Corporation. Rehan Ally Agha, Business Head Warehousing & Distribution at TCS, said that this was a moment of pride for TCS to partner with ZTE.…
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] [padding right=”15%” left=”15%”][/padding] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 5.70 6.20 2 – Week 5.75 6.25 1 – Month 5.79 6.29 3 – Month 5.92 6.17 6 – Month 5.95 6.20 9 – Month 5.99 6.49 1 – Year 6.00 6.50 2 – Year 6.26 6.76 3- Year 6.56 7.06
[divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [divider style=”normal” top=”20″ bottom=”20″] [box type=”note” align=”alignleft” class=”” width=””]Please find full detail and videos by clicking on the following link: https://www.weforum.org/events/world-economic-forum-annual-meeting-2018/sessions/how-is-rentier-capitalism-aggravating-inequality[/box]
[box type=”info” align=”” class=”” width=””]Gay Flashman Formative Content This article is part of the World Economic Forum Annual Meeting[/box] In Davos, Alibaba founder and Executive Chairman Jack Ma spoke openly and at length about some of the key challenges facing the world, delivering a stream of perspectives and guidance. On the impact of technology “We are very lucky because the world is in a big transformation because of technology. This new technology will create a lot of successful people, interesting careers but honestly every new technology will create social problems. “If we don’t align together, human beings are going to fight…
[box type=”info” align=”” class=”” width=””]Jonathan Michie, University of Oxford[/box] Whether you follow opinion polls, experts, the media, or soothsayers, a few common themes have emerged regarding the economy in 2018 and beyond. These are Brexit, the rise of the robots and a continued obsession with bitcoin and cryptocurrencies. Here’s a primer on how to better understand these three stories that will dominate the news. 1. Brexit Someone claimed to have asked their iPhone: “Siri, what’s a good metaphor for Brexit?” Siri replied with the news story of someone trying to kill a spider with a blowtorch, and burning his house…
COMPANY PROFILE Glorious Past ….. Promising Future Attock Refinery Limited (ARL) set up in 1922, with two small stills of 2500 barrels per day (bpd) is the pacesetter of Pakistan’s petroleum refining industry. In late thirties and early forties the refining capacity was enhanced to 10,000 bpd. In 1981 with addition of two distillation units the capacity came to 35,000 bpd. In 1999 it was further up-graded with the addition of a Heavy Crude Unit, a Reformer unit and a Captive Power Plant with the capability to process from the lightest to the heaviest (10 – 65 API) crudes increasing…
Market review The benchmark KSE-100 index increased by 3% on WoW basis, gaining 1,244 points in this week, thereby closing at 44,178 points mainly due to foreign inflows of USD33.11mn. ADT and ADTV witnessed a decrease of 33.4%WoW and 27.6%WoW, respectively as market has posted 5th consecutive weekly gains and investors are now getting cautious of a prospective correction. During the week, Prime Minister is likely to announce an export package comprising a reduction in industrial and gas tariffs for the industry. The government is also considering imposing penalties on Thar-based IPPs due to the slow pace of development of…
KSE-100 index crosses 44,000 level on relative political calmness Summary The week remained bullish as it gained 1245.11 points on four days of rising trend in the Pakistan Stock Exchange (PSX) discounting the loss of 586 points on the beginning of the week. The market capitalization too increased to Rs.9.09 trillion a gain of Rs.19 billion. The average volume declined to 184 from 276 million last week. The sentiment of the investors gained confidence as the combined opposition in Lahore failed to pull big crowd on Wednesday. It is notable to see foreigners remained buyers for the last two weeks…
Umm Al Quwain Coop offers 2.5m stock for public trade Umm Al Quwain Coop has announced that 2.5 million stocks will be available for public trade, to increase investment in its retail sector. An integral part of Union Coop – UAE’s largest consumer cooperative, Umm Al Quwain Coop will start Initial Public Offering from January 21 onwards until February 8. The public will be able to purchase these stocks through selective Emirates Islamic branches across the United Arab Emirates. Chairman of the board of Umm Al Quwain Coop, Nasser Al Talay, said: “The main objective of offering stocks for public…
Last GST council meeting ahead of budget 2018: what to expect NEW DELHI: On Thursday, the GST Council -governing body on the Goods and Services Tax (GST) will meet for the last time ahead of Union Budget, to be presented on February 1. This is the 24th meeting of the council. The decisions that are to be made in the meeting will bear significance since the Finance Minister Arun Jaitley cannot tweak indirect tax rates in the upcoming budget. Hence, the government will look to provide relief in various . The declining revenue collection from GST has been a matter…
SBP warns C/A gap can disrupt growth cycles Pakistan’s economy has exhibited strong growth in the first quarter of current fiscal year with a nine-year high expansion in large-scale manufacturing, increased tax revenue collection, recovery in exports and uptrend in foreign direct investment (FDI), according to the State Bank of Pakistan (SBP). In its first quarterly report on the state of economy, which was released on Friday, the SBP suggested that the economy was poised to attempt to achieve the ambitious 6% GDP growth target this year. However, it warned that the widening current account deficit had the potential to…
PAKISTAN: National savings app lets you check investment info, prize bond results & more: National Savings is continuing to move forward on its reform agenda and is entering the Digital Age by launching a mobile application “Qoumi Bachat Digital” for its investors. The app will help National Savings investors by enabling them to view up-to-date certificate and account balance, access product-wise investment details, get SMS and email alerts on any transactions in the accounts/certificates, view transaction history and account statements, search draw results of prize bonds and save prize bond numbers for future draws. [divider style=”normal” top=”20″ bottom=”20″] Samsung Galaxy…
K-Electric wins Best Corporate Solar Sustainability Program Award in Abu Dhabi K-Electric (KE) won the best project award in the category of ’Corporate Solar Sustainability Program of the year’ at the Middle East Solar Industry Association’s (MESIA) Solar Awards 2018 as part of World Future Energy Summit held in Abu Dhabi. KE is the first Pakistani company to receive this prestigious award, a testament to the power utility’s efforts in implementing alternate-energy efficient policies and using effective solar technologies as part of its energy efficiency and conservation initiative. The ceremony was jointly organized by MESIA and World Future Energy Submit…
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] [padding right=”15%” left=”15%”][/padding] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 5.71 6.21 2 – Week 5.75 6.25 1 – Month 5.78 6.28 3 – Month 5.91 6.16 6 – Month 5.95 6.20 9 – Month 5.99 6.49 1 – Year 5.99 6.49 2 – Year 6.27 6.77 3- Year 6.56 7.06
[box type=”info” align=”” class=”” width=””]Miroslav Lajcák President of the 72nd Session of the United Nations General Assembly, United Nations This article is part of the World Economic Forum Annual Meeting[/box] Humanity has always been on the move. Throughout history, we have migrated in search of new opportunities, as well as to escape persecution, conflict and poverty. Movements of people happen all around the world. But although migration is a global phenomenon, there is still no global understanding of how to manage it. Today people are moving more than ever before. There are presently around 258 million international migrants. That figure has…
[box type=”info” align=”” class=”” width=””] Johan Aurik Managing Partner and Chairman of the Board, A.T. Kearney Helena Leurent Head of Government Engagement, Member of the Executive Committee, World Economic Forum Geneva[/box] As the Fourth Industrial Revolution (4IR) gathers momentum, spurring the development of new techniques and business models that will fundamentally transform production, decision-makers across government, industry and society are confronted by a new set of uncertainties. The sheer speed and scope of change associated with emerging technologies, such as additive manufacturing and the internet of things, has added yet another layer of complexity to an already challenging task: that of developing and implementing…
[box type=”info” align=”” class=”” width=””]Whitney Leach, Formative Content The views expressed in this article are those of the author alone and not the World Economic Forum.[/box] Mexicans work far longer days than anyone else. Germans, on the other hand, clock up the least hours. New data from the Organization for Economic Cooperation and Development(OECD), whose 35 members include much of the developed world and some developing nations, found the average Mexican spends 2,255 hours at work per year – the equivalent of around 43 hours per week. Image: OECD Data Greeks work the longest hours in Europe, at an average 2,035 hours…
[box type=”info” align=”” class=”” width=””]Michele Fugiel Gartner, University of St Andrews[/box] Charitable giving may seem like a fairly straightforward exchange: from donor to charity. But it is actually made up of many layers and multiple dynamics, many of which are invisible. This – the giving infrastructure – is what connects donors, charities, and social causes. Some consider that “philanthropy support organisations are the scaffolding on which civil society is built”. If this is the case, then how the giving infrastructure is built matters a lot. A society’s giving infrastructure does not exist in isolation. Its existence is connected to other…
[box type=”info” align=”” class=”” width=””]Clea Bourne, Goldsmiths, University of London[/box] It’s been ten years since the global financial crisis led to widespread calls to restore trust in UK financial services. Yet today, the trust-in-finance debate has largely moved on, without producing a better financial sector, able to serve the public interest. Instead, there is another reputational battle taking place within financial services itself – as banks, insurers and investment companies get to grips with the latest wave of technological disruption in their sector. The last wave of technological disruption took place at the turn of the 21st century, giving birth…
Ali Hajvery Free Drug Bank embodies the true spirit of public-private partnership in providing health services to needy patients. In 2012 Dr. Zaheer-ul-Hassan Mir founded Ali Hajvery Free Drug Bank (AHFDB) with the vision to provide free of cost medicines to patients coming to public hospitals. The first step towards this vision was taken when the first drug bank was set up at Mayo Hospital, Lahore. Since then two additional centers have been established in Lahore General Hospital and Mian Munshi Hospital, Lahore. Ali Hajvery is also committed to serving patients with kidney disorders through its Free Dialysis Center located…
Market Review The benchmark KSE-100 index gained 410 points in this week, thereby closing at 42,934 points, an increase of 1% on WoW basis. The market touched a peak of 43,824 in the Thursday’s session, however slipped on profit taking later on. ADT and ADTV witnessed an increase of 29.8%WoW and 43.5%WoW, respectively indicating buyer’s preference for blue chip scrips. Foreigners remained net buyer throughout the week, exhibiting an inflow of USD26.4mn. During the week, government announced to release new fertilizer policy in the coming week to decrease the manufacturing cost for farmers. Additionally, auto numbers were released by PAMA…