Profit-taking at the end of the week drags KSE-100 below 43,000 mark Summary During the week the KSE-100 Index gained almost 1% increase as it advanced from last Friday close of 42,523.99 to 42,933.72 this Friday. The average volume this week was 276.36 million while market capitalization increased by Rs.18 billion to close at Rs.8,05 trillion. Some of the market news which impacted the investors’ sentiment towards trading included: Expectation of new fertilizer policy to reduce Urea prices in the country ahead of general election; EEC approving Rs.175 billion for third LNG pipe line; threat of protests by religious leader…
Author: AdminPAGE
UAE growth to accelerate in 2018 The UAE economy is geared to grow at an accelerated pace at 3.9 per cent in 2018, the Ministry of Economy said on Tuesday. Citing a forecast by the UAE Central Bank, Abdullah Al Saleh, Undersecretary for Foreign Trade at the Ministry of Economy, said government investment in infrastructure projects and growth in foreign trade would spur gross domestic product (GDP) growth in 2018. He was speaking at the UAE Economic Outlook Forum. The fifth edition of the forum, organised by Departments of Economic Development in Dubai and Abu Dhabi, focused on the role…
Retail inflation to hit 17-month high of 5.1% : Poll India’s retail inflation likely rose to a 17-month high in December, a Reuters poll showed, and that could push the central bank to tighten monetary policy. After November’s 15-month high of 4.88 per cent, consumer price inflation likely climbed to 5.10 per cent, which would the highest since July 2016, according to the median in the poll of nearly 40 economists over the past week. Factors that indicate higher December inflation are increased prices for some foods and the impact of higher pay for government employees. In December, the Reserve…
Foreign exchange: SBP’s reserves down 0.88pc, stand at $13.98bn Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 0.88% on a weekly basis, according to data released by the central bank on Thursday. On January 5, foreign currency reserves held by the central bank were recorded at $13,982.5 million, down $124.2 million or 0.88% compared to $14,106.7 million in the previous week. The decrease in reserves was attributed to external debt servicing and other official payments. Overall, liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,020…
PAKISTAN: Incentives package to boost IT industry: The Ministry of Information Technology is working on a comprehensive incentives package for IT/ITeS Industry to boost Pakistan’s IT Exports. IT/ITeS industry is currently a flourishing sector in comparison to other sectors of the economy. In order to enhance this growth momentum and to take the sector to the next level, Ministry of IT is diligently working on an incentives package for the sector, in collaboration with relevant government stakeholders. [divider style=”normal” top=”20″ bottom=”20″] PTCL smart cloud certified on international security standards: Pakistan Telecommunications Company Limited (PTCL) has reached another milestone in Digital…
Sindh education foundation celebrates its silver jubilee The Sindh Education Foundation (SEF), Government of Sindh celebrated its Silver Jubilee with the theme “Hope on; Journey on” depicting the Foundation’s voyage over the last twenty-five years. The Program witnessed the participation from luminaries from various walks of life, including; Members from National and Provincial Assemblies, bureaucracy, academia, members from civil society & Donor Agencies. The Chief Minister Sindh, Syed Murad Ali Shah was the Chief guest of the evening and Mr. Jam Mahtab Dahar, Minister for Education & Literacy Sindh was the host of the evening. The Program started with 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 5.71 6.21 2 – Week 5.75 6.25 1 – Month 5.78 6.28 3 – Month 5.91 6.16 6 – Month 5.92 6.20 9 – Month 5.98 6.48 1 – Year 6.00 6.50 2 – Year 6.26 6.76 3- Year 6.51 7.01
[box type=”info” align=”” class=”” width=””]Iwa Salami, University of East London[/box] The price of bitcoin hit $17,000 late last year and – although the cryptocurrency has plunged since then – there are signs that an absence of regulation can hurt investors and trigger the next financial crisis. Despite the laudable blockchain technology and the great opportunities it offers in enabling quicker transactions, numerous problems can be associated with its products – such as bitcoin and other cryptocurrencies – if regulation is delayed. As I have previously argued, global measures for the use of digital currency should swiftly come into force. However,…
[box type=”info” align=”” class=”” width=””]Frithjof Arp, University of Nottingham[/box] Despite around US$34 billion in funding and numerous microfinance initiatives to help entrepreneurs in the world’s poorest countries, informal moneylenders and predatory loan sharks continue to thrive. Designed to help alleviate poverty in some of the world’s poorest countries, microfinance initiatives provide loans to entrepreneurs and small businesses, hoping this will help the poor to work themselves out of desperate poverty. But if formal, government-supported microfinance initiatives are widely available, why haven’t loan sharks and predatory lenders been wiped out? If microfinance cannot compete with informal lenders, can we be confident…
[box type=”info” align=”” class=”” width=””]Wolfgang Lehmacher Head of Supply Chain and Transport Industries, World Economic Forum[/box] Christmas 2017 was a busy one for retailers. During peak season, Amazon reported records for holiday shipping as they handled deliveries to 185 countries. UPS, meanwhile, said it was breaking records on package returns, having processed more than a million daily in December. With a 23 percent global growth in the last year, e-commerce continues to post solid performances, but stress and confusion are routine for merchants, logistics companies and consumers. According to a UK survey, over half of Christmas parcels failed to turn up on time in the run-up…
[box type=”info” align=”” class=”” width=””]Jeffrey McDermott Managing Partner, Greentech Capital Advisors This article is part of the World Economic Forum Annual Meeting[/box] Over the past 75 years, free-market investor capitalism has lifted tens of millions of Americans out of poverty and, combined with democracy and the rule of law, enabled us to enjoy an unprecedented increase in prosperity and quality of life. Today, we face a historic challenge in climate change, as evidenced by the loss of life and massive destruction of property and infrastructure by Hurricanes Harvey, Irma and Maria. Investor capitalism can help us surmount this as well.…
[box type=”info” align=”” class=”” width=””]David Morton, Northumbria University, Newcastle[/box] For many people, the housing market is not a welcoming place. The rungs of the property ladder seem to get further and further out of reach. There are loud calls to build hundreds of thousands of new homes (and equally loud demands that they’re not built in anyone’s back yard). If there was ever a time to introduce mass-produced affordable housing, surely that time is now. The benefits of mass production have been well known since Henry Ford’s car factories made the Model T back in 1908. It was only made…
[box type=”info” align=”” class=”” width=””]Michaela Edwards, Lancaster University[/box] Blue Monday is fast approaching – January 15. It’s “the most depressing day of the year”, when we are all at our most melancholy according to psychologist Cliff Arnall. The post-Christmas January blues have set in and it’s peak month for divorce lawyers and job searching. A new job isn’t necessarily the answer though. Work, complain though we do, is not all bad. Work can be very good for us – it can provide much-needed direction and a sense of purpose in otherwise difficult times. And employers have a responsibility to help…
Olive oil is touted as the gold standard among all edible oils today; a reputation that has been gained primarily from its association of a lower incidence of heart disease among the Mediterranean populations who have traditionally consumed olive oil as their main dietary fat. The component of interest is the monounsaturated oleic acid content of olive oil, which on average is about 70% of its composition. Epidemiological studies have been further validated by clinical studies under controlled laboratory conditions that show a beneficial effect of monounsaturated oleic acid and especially that from olive oil. Other monounsaturated oils such as…
[box type=”shadow” align=”” class=”” width=””]Profile: Chairman: — All Pakistan Meat Exporters & Processors Association. Chief Executive Officer: — Anis Associates (Pvt) Ltd. (a high quality Halal meat and meat products processors & exporters) Chairman: — Saifi Group of Companies (UAE, Pakistan, Thailand & K.S.A.) Chairman: — Standing Committee on Halal Food Import & Export Ex Member: — Executive Committee Member, Lahore Chamber of Commerce & Industry. Patron: — The Lahore General Hospital – Lahore[/box] All Pakistan Meat Exporters & Processors Association (APMEPA) Chairman Nasib Ahmad Saifi has reiterated the demand of putting a complete ban on export of live animals and curbing…
PAGE brief talks with Mr. Rashid Hashmi – CEO, Muhammad Hashim Tajir Surma over their remarkable products serving human beings worldwide. [box type=”shadow” align=”” class=”” width=””]Muhammad Rashid Hashmi, belongs to the respectable and closely knitted legendary Hashmi Family. He is a renowned business executive in the economic arena of Pakistan. He got his secondary education from the Happy Home School, Karachi and graduated from National College, Karachi. He joined the Hamdard Tibb College, Karachi to fulfill his ambitions in Tibb, which is an Eastern Medicine System of Herbal remedies. Many government entities have acknowledged Mr. Rashid Hashmi and M/s. Mohammad…
Governance drives sustainable growth As an executive director of the Pearl Initiative, Carla Koffel has been building strategic partnerships with the region’s private sector, government stakeholders and civil society organisations since taking charge last year. The Pearl Initiative was established in 2010, in cooperation with the United Nations Office for Partnership, as a non-profit organisation committed to raising the standards of governance in private sector companies across the Gulf region. Today, governance is considered a vital tool that allows corporates and the economies they operate in to drive sustainable growth. “With this goal of raising awareness among family businesses, SMEs,…
Mentha oil futures extend gain on rising demand NEW DELHI: Continuing its winning streak for the third day in a row, mentha oil price advanced by 1.17 per cent to Rs 1,660 per kg in futures trading as speculators engaged in enlarging their positions, tracking a firm trend in spot market on strong demand. Besides, tight stocks position on fall in arrivals from the major producing belts of Chandausi fuelled the uptrend. At the Multi Commodity Exchange, mentha oil for delivery in February shot up by Rs 19.20, or 1.17 per cent, to Rs 1,660 per kg in business turnover…
China to keep offering assistance to Pakistan’s power sector The Power Division has decided to meet individually all investors pouring money into energy projects of the China-Pakistan Economic Corridor (CPEC) in order to help fast-track work on these projects and remove any difficulties being faced by them. Federal Minister for Power Division Awais Ahmed Khan Leghari announced this during a meeting with China Ambassador Yao Jing. All power-sector stakeholders, including the Private Power Infrastructure Board, Alternative Energy Development Board and National Transmission and Despatch Company will be part of the dialogue with the investors. While appreciating the contribution of Chinese…
PAKISTAN Pakistan dominates ICC’s top 10 tweets from 2017: Pakistan cricket has drastically improved in 2017; from the revival of cricket in Pakistan to lifting the ICC Champions Trophy after overwhelming India in the final. The efforts of national team were again admired by International Cricket Council (ICC) when they recalled their favorite moments of 2017 on 31st December. [divider style=”normal” top=”20″ bottom=”20″] GE wind turbines are underperforming in Pakistan: Some major problems were discovered in General Electric’s flagship 9HA turbines in Pakistan, leaving a lot to be desired when they finally became operational in the country last year. The…
Rana Afzal Khan visits Pakistan stock exchange Rana Muhammad Afzal Khan, Minister of State for Finance visited Pakistan Stock Exchange (PSX) last week to meet members of the Board of Directors of PSX, market participants and senior stakeholders. Mr. Muneer Kamal, Chairman PSX Board welcomed the Hon’ble guest and thanked him for taking own initiative to visit PSX. Mr. Kamal congratulated Mr. Khan for his appointment as Minister of State for Finance at the time when the budget for the fiscal year 2018-19 is to be presented in the National Assembly in couple of months and the relevant strategy has…
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 5.72 6.22 2 – Week 5.75 6.25 1 – Month 5.79 6.29 3 – Month 5.91 6.16 6 – Month 5.95 6.20 9 – Month 5.98 6.48 1 – Year 6.00 6.50 2 – Year 6.24 6.74 3- Year 6.50 7.00
[box type=”info” align=”” class=”” width=””]Brought to you in collaboration with the Observer Research Foundation This article is part of the World Economic Forum’s Geostrategy platform[/box] More than 30 governments have acknowledged that they have offensive cyber capabilities. However, unlike with conventional weapons, cyber arsenals are clandestine and intangible. Their source is difficult to track and identify. It is therefore likely that the real number is not only much higher, but will grow in the coming months and years. Moreover, because of this ambiguity, governments are more willing to deploy these weapons – testing capabilities with strikes, while tuning their strategies…
[box type=”info” align=”” class=”” width=””]Minouche Shafik Director, London School of Economics and Political Science This article is part of the World Economic Forum Annual Meeting[/box] We live in increasingly divided societies, in which the social contracts that bind us are fraying. One driver is globalisation, which has intensified competitive pressures. Another is technology, which has increased the returns to highly skilled labour, and exacerbated inequality. Technology has also transformed our awareness of what else is happening around the world. It has changed the way we communicate and organize, often in ways that divide. As a result, social sustainability – society’s internal…
[box type=”info” align=”” class=”” width=””]John McKenna Formative Content[/box] What makes for a good life? Good health, education, money, or something else? The OECD attempts to answer this question by looking at a range of indicators across 41 countries in its latest study on quality of life. Countries are rated on 50 indicators grouped into the two categories of material conditions and quality of life. Ratings on material conditions covered the indicators of income and wealth, jobs and earnings, and housing. Ratings on quality of life were based on indicators including work-life balance, health, education, personal safety and environmental quality. While the…
[box type=”info” align=”” class=”” width=””]Carolyn Axtell, University of Sheffield[/box] The cost of poor employee well-being for individuals, organisations and society is significant – 25.7m days were lost to work-related ill health during 2016-17, half of which can be accounted for by stress, depression and anxiety. Not only is this problematic for employees and organisations, it can put added pressure on health services. Assessing and reducing such risks is therefore important. One way this could be done is through using big data. Analysis across different data sets held within organisations could possibly improve our ability to predict and prevent such problems…
[box type=”info” align=”” class=”” width=””]Kim Moody, University of Westminster[/box] The decline of trade unions across the developed nations is nothing new. In the US the proportion of workers in unions fell from a high of 35% in 1954, mostly in the private sector, to 11% in 2016 with nearly half in the public sector. Union density in the UK fell from a high of 55% in 1979 to 25% in 2016. Despite the recent revival of the left in both countries, the days when unions had the power to demand major concessions and win still seem far away. Partly thanks…
[box type=”info” align=”” class=”” width=””]Abhinay Muthoo, University of Warwick and Siobhan Benita, University of Warwick[/box] Brexit negotiations are complex but, at their core, they are exactly the same as any other negotiation in life. It is in the interests of both players – in this case the UK and the EU – to strike a deal. At the same time, each player has a different view on exactly which deal to strike. According to the principles of game theory, a player will take action in two main areas to try and secure the best deal for themselves – enhancing their…
PSX closes the year 2017 on bullish note as KSE-100 index up over 1000 points Summary Just at the close of 2017, Pakistan Stock Exchange (PSX) stayed bullish during all the four days of trading of the last week of the year. The market, which was trailing at 39,000 level preceding week crossed the barrier and entered into 40,000 level this week to close at 40,471.48, a jump of 1000.59 points during the week. The average volume too increased to 214.52m from 138.18m. The market capitalization too increased to Rs8.571 trillion from Rs8.359 trillion in the previous week. The outgoing…
8 places in UAE you got to be at to welcome 2018 Dazzling fireworks or a spectacular light show? A leisurely cruise on an abra or dancing in one of the most happening parties in the world? If you are in the UAE for New Year’s Eve, you are simply spoilt for choice on how to celebrate. You could ring in 2018 in the shadow of the tallest building in the world, Burj Khalifa, with a record-breaking light show, or you could blast into the new year with fireworks displays in Abu Dhabi, Dubai, Sharjah and even Ras Al Khaimah.…
Credit growth likely to be muted at 8% this fiscal: ASSOCHAM MANGALURU: Slowdown in economy coupled with high stress level in the banking sector is expected to restrict credit growth at around 8 per cent during the current fiscal despite government’s thrust on loan expansion, reveals the ASSOCHAM study. However, this would be slightly better than the five decade low growth of 5.1 per cent in non-food credit recorded for the financial year ended March 2017. Growth in the credit this year would be mainly driven by the retail segment and farm loan. Expansion could also be contributed by the…
Panel directs to refer 14 privatisation cases to NAB A parliamentary panel directed the privatisation ministry to send 14 cases to the National Accountability Bureau (NAB) for recovery of Rs82.3 billion worth of outstanding dues from various parties including the Dubai-based Etisalat group. The National Assembly Standing Committee on Privatisation made the recommendation after Privatisation Secretary Irfan Ali briefed that Rs82.32 billion remained outstanding, some of the amount for more than 25 years, in 14 transactions. Out of 14 cases, Rs81.3 billion is outstanding against Dubai-based Etisalat group that bought 26% stake in Pakistan Telecommunication Company Limited (PTCL) in 2005.…
PAKISTAN: Flash sale: grab Xiaomi products with flat 25% discount: One of the world’s largest smartphone makers, Xiaomi has managed to establish a strong footing in Pakistan with its feature-rich, pocket-friendly smartphones. Of late, the company has been holding a series of smartphone flash sales that have greatly helped Xiaomi garner a loyal fan following nationwide. [divider style=”normal” top=”20″ bottom=”20″] National incubation center inaugurated: As part of Ignite (previously National ICT and R&D Fund) mission of establishing National Incubation Centers in all provincial capitals, the National Incubation Center (NIC) Lahore was inaugurated by Minister of State for Information Technology and…
First ever SAI Conference ends with aim of regaining lost glory of Aviation sector The first ever aviation conference organized by Shaheen Air International (SAI) concluded successfully today with the aim of regaining the lost glory of aviation sector and working together to take the airline business in Pakistan to new heights. Muhammad Talha Mahmood, Chairman Standing Committee of Senate of Pakistan for Cabinet Secretariat and Establishment Division was chief guest on the occasion. Mr. Farooq Rehmatullah (retd), Ex Director General, Civil Aviation Authority, Air Marshal Shahid Latif (retd), Ex Vice Chief Of Air Staff, Pakistan Airforce, Lt. General Munir…
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 5.76 6.26 2 – Week 5.78 6.28 1 – Month 5.81 6.31 3 – Month 5.91 6.16 6 – Month 5.96 6.21 9 – Month 5.99 6.49 1 – Year 6.00 6.50 2 – Year 6.25 6.75 3- Year 6.48 6.98
[box type=”info” align=”” class=”” width=””]Antonio Savoia, University of Manchester[/box] Inequality is rising almost everywhere across the world – that’s the clear finding of the first ever World Inequality Report. In particular, it has grown fastest in Russia, India and China – places where this was long suspected but there was little accurate data to paint a reliable picture. Until now, it was actually very difficult to compare inequality in different regions of the world because of sparse or inconsistent data, which lacked credibility. But, attempting to overcome this gap, the new World Inequality Report is built on data collection work…
[box type=”info” align=”” class=”” width=””] Patsy Perry, University of Manchester [/box] The devastating impact of toxic chemical use in agriculture for growing cotton was shown in a documentary called The True Cost, including the death of a US cotton farmer from a brain tumour and serious birth defects in Indian cotton farmers’ children. Cotton growing requires high levels of water and pesticides to prevent crop failure, which can be problematic in developing countries that may lack sufficient investment and be at risk of drought. Most cotton grown worldwide is genetically modified to be resistant to the bollworm pest, thereby improving…
[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…
[box type=”info” align=”” class=”” width=””]Simon O’Connell Executive Director, Mercy Corps Europe[/box] The UK was riding a wave of optimism when I left it in the mid 1990s. Britpop and Cool Britannia were at their peak. Things could only get better. Internationally, optimism abounded. The Cold War felt well and truly behind us, and Europe was increasingly cohesive. Countries were developing, from the Asian tiger economies to the BRIC countries and, more recently, the ‘Africa Rising’ narrative emerged. It would not take long to Make Poverty History. As I set off for Africa – a fortunate, mobile and globally connected citizen – I shared in…
[box type=”info” align=”” class=”” width=””]Briony Harris Formative Content[/box] They range from topics as diverse as the most powerful economies of the future, reading recommendations from top university professors, predictions of augmented reality killing off the smartphone, to the secrets of a meaningful life. In case you missed them first time round, here’s another chance to take a look at the World Economic Forum’s most-read articles of 2017. The world’s 10 biggest economies in 2017 New figures from the World Bank revealed the world’s biggest economies in 2017, with the US coming top – at $18trillion and representing 24.3% of the…
[box type=”info” align=”” class=”” width=””]This article is published in collaboration with VoxEU[/box] A cryptocurrency is a digital currency stored on an open and decentralised electronic payment system. Following Nakamoto (2008), cryptocurrencies have caught the attention of industry, academia, and the public at large, with Bitcoin being the most prominent. There are hundreds of cryptocurrencies, many running on large and reliable decentralised computer networks. An innovative computer science design called the blockchain has enabled this wave. The blockchain supports the creation of a decentralised electronic payment system that can be trusted in aggregate, although none of the system’s servers is individually…
[box type=”info” align=”” class=”” width=””]Jens Martin Skibsted Founding Partner, Skibsted Ideation[/box] Electric cars are all over the media as major disrupters of urban mobility. These stories seem to consign to oblivion that electric cars take up as much space as their combustion counterparts and, arguably, take up even more of our time than guzzler cars – and that, in terms of sheer numbers, the real game changer is the electric bicycle. Time is the single most precious thing we humans have. It’s the one thing money can’t buy. The quality of our time depends mainly on personal choices. Yet, many…
PARIS: From the inauguration of US President Donald Trump, to record hurricanes, here are the 12 key events which marked 2017: A year of Trump On January 20, Republican billionaire Donald Trump, 70, is inaugurated as the 45th US president, vowing to follow a policy based on “America first”. Suspicions of collusion between his election campaign and Russia, however, dog the start of his term. Through early morning tweets, Trump unpicks the achievements of his Democrat predecessor, Barack Obama. He pulls out of several international agreements: on climate, free trade, immigration and UNESCO. On December 6, in another break with…
PSX springs back as KSE-100 index breaks past 39,000 barrier Summary During the week the PSX market gained 824.99 points to close at 39,470.89. The volume averaged 138.174m. The market capitalization was at Rs8,320 with an increase of Rs120 billion. During the week, on the political front there were multiple encouraging political developments which benefitted the stock market. The passage of the delimitation bill has positive impact on investors as it put to rest delayed elections in the country. The Army chief address to Senators endorsed continuation of democratic process and give confidence to the investors. The fragility of the…
6 easy tips to help you get a job next year in UAE Sometimes we run into opportunities in the most unusual of ways. Whether it’s a hunt for a new work opportunity or you are prowling better job prospects, explore creative ways to land that dream job. And to brighten up the workplace news even more, a recent Indeed.com survey shows 61 per cent of employers plan to hire more people in 2018 than in 2017 and 40 per cent are worried about finding enough good people to fill those openings. The survey reveals that not just tech and…
Direct taxpayer base growth slows in Modi government’s first 2 years NEW DELHI: Tax concessions and moderate increments have slowed down the expansion of direct taxpayer base in the first two years of the Narendra Modi government, a trend that it expects to reverse post-demonetisation. Data released by the tax department showed that the number of individual taxpayers filing returns has grown, but at a slower pace for four years in a row starting 2012-13, when there was an increase of 54 lakh. But ever since then, the numbers will not bring cheer as far as widening the base is…
Pakistan’s power generation up 2.3pc, but reliance on furnace oil decreases Power generation through furnace oil and hydel reduced 51% and 22%, respectively, in November year on year although overall generation increased by 2.3% in the month, according to data released by the National Electric Power Regularity Authority (NEPRA). The energy mix witnessed a major change as Re-gasified Liquefied National Gas (RLNG) and Coal-fired power plants produced greater energy in November. Power generation increased by 2.3% year on year 6,994 GWh during November 2017 compared with 6,840 GWh during the same month last year. The change in the energy mix…
PAKISTAN Telenor celebrates startup failures and mistakes with velocity duckstories: Telenor Velocity introduces an exciting concept to the startup culture in Pakistan through DuckStories, a series of regular events that share and celebrate mistakes, and the times when things didn’t go to plan. More than 80% of startups die within the first three years of starting but we hardly get to hear about them and the reasons why they failed. As the startup scene in Pakistan is picking up its pace, it is important for startups to not only hear the success stories but to talk about the failures and…
UBL inaugurates Pakistan’s first-ever Digital Lab UBL inaugurated Pakistan’s first-ever Digital Lab at a ceremony held in Karachi recently. The lab which was built in collaboration with IBM, will provide an environment for UBL’s interdisciplinary teams as well as its network of start-ups, Fintech, ecosystem partners and academia to develop personalized and engaging digital ‘customer experiences’. The Lab was inaugurated by Sir Mohammed Anwar Pervez, OBE, HPk, Chairman UBL & Bestway Group UK. He was accompanied by members of the Board of Directors of UBL, Sima Kamil, President & CEO, UBL and senior executives from both UBL and IBM. UBL…
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 5.72 6.22 2 – Week 5.76 6.26 1 – Month 5.79 6.29 3 – Month 5.92 6.17 6 – Month 5.96 6.21 9 – Month 6.00 6.50 1 – Year 5.99 6.49 2 – Year 6.23 6.73 3- Year 6.48 6.98
[box type=”info” align=”” class=”” width=””]Peter Beech Freelance journalist[/box] When the term “information wars” was coined, its creators didn’t have bickering robots in mind. But artificial intelligence helpers can be just as argumentative as their human masters, a study of Wikipedia’s editing bots revealed in February. Mammoth editing wars simmer behind the scenes at the online encyclopaedia, researchers found. Artificial intelligences were batting changes back and forth between themselves ad infinitum, often until they were disabled by programmers. “The fights between bots can be far more persistent than the ones we see between people,” said Taha Yasseri, who worked on the study, called Even…
[box type=”info” align=”” class=”” width=””]Adam Jezard Senior Writer at Formative Content.[/box] Can the world afford Bitcoin? The cryptocurrency is enjoying something of a resurgence as investment and central banks weighed its benefits and caused its value to balloon. But generating Bitcoin requires a truly staggering amount of energy. The electricity used in a single Bitcoin transaction, for instance, could power a house for a month. And bitcoin mining (the process of generating a bitcoin) now consumes the same amount of electricity every year as Denmark – 33TWh, according to one recent report. An earlier report found that Bitcoin mining uses more electricity than a country the size…
[box type=”info” align=”” class=”” width=””]Tedros Adhanom Ghebreyesus Director-General, World Health Organization (WHO)[/box] A friend of mine was diagnosed with cancer a few years ago. He had two options. He could be treated, but it would cost him most or all of the money he had put aside for his family’s future. Or he could forego treatment, allow the disease to run its course and die knowing his family would have a more comfortable life, even if he was not there to enjoy it with them. He chose the latter. He chose death because he could not afford the treatment that…
[box type=”info” align=”” class=”” width=””]Nafis Alam, University of Reading[/box] A new wave was added to the never-ending Bitcoin mania when the Chicago Board of Exchange (CBOE) became the first major derivative exchange to launch Bitcoin futures on December 10. Such was the euphoria among early investors that trading was halted twice due to CBOE speed breakers, which slow or pause trading when price movements are excessive. The launch of Bitcoin futures at CBOE is set to be followed by its cross-town rival, the Chicago Mercantile Exchange (CME) Group, which plans to launch its own version of Bitcoin futures trading on…
[box type=”info” align=”” class=”” width=””]Michelle Ryan, University of Exeter[/box] Improving gender equality in the workplace needs to be more about ensuring that work is somewhere women feel they can belong and less about trying to simply “fix” women’s choices about their careers. Our preliminary research suggests, that women opt-out because they don’t feel they fit in within their organisations, because they feel they won’t succeed, or because they feel their sacrifices will not be rewarded. There are a number of ways in which organisation can ensure that women feel as though they fit in. First and foremost, organisations must provide…
[box type=”info” align=”” class=”” width=””]Stefanie Reissner, Newcastle University and Michal Izak, University of Roehampton[/box] An increasing number of office workers can now work from any location for at least part of their working week. According to the Work Foundation, 30% of office workers could work from any location for at least part of their working week in 2016. This figure is expected to rise to 70% in the next few years. These are mobile workers. They fulfil their job roles irrespective of whether they are at home, in a corporate or client office, or in public spaces. As long as…
[box type=”info” align=”” class=”” width=””] by Felix Richter, Dec 18, 2017[/box] In the early years of smartphones, industry experts weren’t expecting them to have a great effect on online shopping behavior. At the time, the screens were just too small and it seemed too inconvenient to go through a checkout process without a proper keyboard. Now, seven years after the launch of the first iPhone, we can safely say that smartphones have become a viable shopping channel for many Americans. Thanks to larger screens, mobile optimized online shops, dedicated smartphone apps and easy check-out/payment options, and of course tablets, mobile devices now account…
[box type=”info” align=”” class=”” width=””] by Raynor de Best, Dec 18, 2017[/box] A new wolf has entered Wall Street. Bitcoin hit the spotlights yet again, after its debut on December 10, 2017 on the CBOE (Chicago Board Options Exchange). One week later, the CME Group, the world’s largest derivative exchange operator, also started to offer Bitcoin futures. Futures are financial contracts obligating the buyer to purchase an asset or the seller to sell an asset, such as a physical commodity or a financial instrument like currency or company stocks, at a predetermined future date and price. At its core, futures let investors speculate on…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Dec 18, 2017[/box] This year’s World Giving Index from the Charities Aid Foundation has again shown the people of Myanmar to be the most generous in the world when it comes to charitable donations. According to the 2016 survey, a whopping 91 percent say they gave money to charity in the past month. No other country comes close – second-placed Indonesia has 79 percent and third-placed Malta 73 percent. The UK makes it into the top ten with a total of 64 percent of adults saying they had made a recent donation. You will find more statistics at Statista
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Dec 18, 2017[/box] According to the Committee to Protect Journalists (CPJ), a record 262 journalists are being held in prisons around the world. Nearly three-quarters of them are being held on anti-state charges while at least 21 have been charged with “false news”. The worst three jailers are responsible for 51 percent of the total. Turkey is the top jailer of journalists for the second consecutive year with 73 languishing behind bars. The Turkish press experienced a crackdown in early 2016 and this gained pace after July’s failed coup attempt. The CPJ identified 41 jailed journalists in…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Dec 19, 2017[/box] When it comes to holidays and travelling in general, Europe has a lot to offer. Cosmopolitan cities jam packed with culture, pristine beaches, excellent ski resorts, you name it. Given all of that, it comes as little surprise that many Europeans never travel outside the EU. The most recent Eurobarometer data showing the share of people who have travelled at least once outside the EU was published in 2014. The following infographic shows the results of the research, with Swedes most likely to have been outside the EU. That is more than likely due to…
[box type=”info” align=”” class=”” width=””]by Dyfed Loesche, Dec 19, 2017[/box] The International Telecommunications Union (ITU) estimates that all waste from electronic devices worldwide could be worth some 55 billion euros. One of the most precious material that can be sourced from e-waste is gold. The total amount is far lower than the other materials, standing at 500 metric tons. Still, in sum it would be worth approximately 18.8 billion euros. By far the biggest chunk of e-waste consists of plastics, which amount to a staggering 12.2 million tons that are worth 15 billion euros. There are some 60 elements listed in the…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Dec 14, 2017[/box] An adult requires 7 to 8 hours sleep every night on average but in the United States, many people are missing out on that. In 2014 the CDC found that more than a third of people aren’t getting enough sleep. The Tuck Sleep Foundation recently carried out a further analysis of the factors that influence our sleep, such as sleep deprivation, commuting time, air quality, light pollution, construction as well as obesity and unemployment rates. The result was a ranking of the 150 U.S. cities with the best and worst quality of sleep.…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Dec 15, 2017[/box] According to the 2017 Small Arms Survey, 560,000 people were killed violently across the world last year, equating to 7.5 violent deaths per 100,00 of the global population. 385,000 of those deaths were intentional homicides and guns were used in 210,000 of the killings. The highest levels of firearm-related death were recorded in the Caribbean and Latin America. The following infographic shows countries where deaths from guns accounted for more than 50 percent of all violent deaths in 2016 or in the latest available year. In countries where the rates of lethal…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Dec 14, 2017[/box] In October 2013, Chinese President Xi Jinping first proposed the ‘One Belt One Road’ initiative during his visit to Central and Southeast Asian countries. There are two main routes for the ‘belt’, starting in China and ending in Europe: one is through Central Asia and Russia; the other is from Central Asia and West Asia to the Persian Gulf and all countries on the Mediterranean coast. Considered the new Silk Road, it involves 65 core countries, covering an area of about 5,539 km², accounting for 41.3 percent of the world’s surface. In…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Dec 19, 2017[/box] New figures from the Office for National Statistics (ONS) have shown that in 2016 the UK suicide rate experienced the largest decrease for twenty years. The rate for 2016 stands at 10.4 per 100,000 population compared to 10.9 in 2015. Widely credited for this change is the prevention work undertaken in the country with the ONS adding: “The national suicide prevention strategy for England has included work to reduce the risk of suicide in high-risk groups. While the stark difference in rates between men and women remain – 16.0 compared to 5.0 – there are…
[box type=”info” align=”” class=”” width=””]by Felix Richter, Dec 19, 2017[/box] Having shipped an estimated number of 5 million Echo devices in Q3 2017 according to Strategy Analytics, Amazon is the undisputed market leader in the emerging smart speaker space. The Seattle-based e-commerce giant pioneered the market with the release of the first Echo speaker in 2015 and has broadened its line-up of devices equipped with digital voice assistant Alexa ever since. Having entered the market in late 2016, Google is a distant second with 1.9 million shipped units in Q3 and a market share of 25 percent. Despite the apparent dominance…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Dec 19, 2017[/box] Last week, the New York Times published a list of blatant lies and falsehoods told by both Donald Trumpand Barack Obama during their time in office. Throughout his eight years in the White House, Obama was untruthful on 18 occasions. Generally, his falsehoods tended to be attempts to make his policies look better or they were merely careless exaggerations. Trump on the other hand lies frequently and attempts to discredit those telling the truth, whether they are judges, scientists or members of the FBI. According to the New York Times, Trump’s core political…
Saudi king approves $19 billion of economic stimulus steps The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia, issued a royal decree approving 72 billion riyals ($19.2 billion) worth of measures to stimulate growth in the private sector next year, state news agency SPA reported on Thursday. The measures are part of a 200 billion riyal package that is to extend over four years. The measures include residential loans worth 21.3 billion riyals, a 10 billion riyal fund to support economic projects, and 1.5 billion riyals to support distressed companies. A 2.8 billion riyal government…
Rajkot oilseeds complex open- December 14, 2017 Rajkot Oilseed Complex Open- December 14 * Edible oil prices were mixed in the early trades. * Groundnut oil prices improved due to restricted selling from oil mills. * Cottonseed oil firmed up due to retail demand. * Palm olien dropped due to supply pressure. On Thursday’s Arrivals; –Groundnut, in 35-kg bags: 0,60,000 versus 0,70,000 previous –Castor seed, in 75-kg bags:0,02,000-0,03,000 versus 0,13,000-0,14,000 previous Groundnut deliveries in 35-kg bags, and prices in rupees per 20 kgs, in some of the main markets in the Saurashtra region of western state of Gujarat: Previous deliveries…
Trade deficit widens 29pc to $15bn, pressure on reserves to persist Pakistan’s trade deficit widened to $15 billion in the first five months of fiscal year 2018, suggesting that International Monetary Fund’s (IMF) apprehensions over the external sector are not baseless. Trade results of the first five months have made this year’s $25.7-billion annual trade deficit target irrelevant, but the finance ministry is still not in the mood to portray the real picture of the external sector to the IMF. The value of goods imported exceeded the value of those exported by $15.03 billion in July-November, reported the Pakistan Bureau…
PAKISTAN Zong 4g partners with careem to offer free rides and exclusive discounts: Zong 4G has announced its partnership with Careem to bring free rides and exclusive discounts for its customers, we have checked. Under this partnership, all new customers can get a first free ride and can avail a discount of 20% on next 4 ride rides by using the discount code ‘ZONGFREE’ on Careem’s application. All existing customers can get a 20% discount on first 4 new rides by using the discount code ‘ZONG4G’. [divider style=”normal” top=”20″ bottom=”20″] Careem officially launches bike service in Rawalpindi: The Careem Bike…
UBL Virtual Prepaid Card Launched UBL has launched its ’Virtual Prepaid Card’ to keep up with the ever increasing demand for E-Commerce transactions and the need for a safer and more secure payment option. UBL’s Virtual Prepaid Card is the most versatile prepaid solution in the market, catering to the growing population of the digitally savvy generation. This Card is designed to create customer convenience in the E-Commerce universe by providing a care-free online shopping experience. UBL’s Virtual Prepaid Card stands out from the competition, since it provides its account holders the flexibility to call-up the Contact Center or log-on…
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. [ads2] [padding right=”15%” left=”15%”][/padding] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 5.73 6.23 2 – Week 5.77 6.27 1 – Month 5.80 6.30 3 – Month 5.92 6.17 6 – Month 5.95 6.20 9 – Month 5.98 6.48 1 – Year 5.99 6.49 2 – Year 6.20 6.70 3- Year 6.43 6.93
[box type=”info” align=”” class=”” width=””]Bhargav Mitra, Queen’s University Belfast and Robert McCausland, Queen’s University Belfast[/box] Google might be in trouble for collecting the personal data of its users, but many companies have a growing incentive to rid their hands of the data that users entrust them with. This is because of growing costs of holding onto it. A major cause is the rising number of cyber attacks where hackers steal the identity information held by companies, often to sell them on to various black markets. Take the recent example of US giant Equifax, one of the top three companies in…
[box type=”info” align=”” class=”” width=””]Antonio Savoia, University of Manchester[/box] Inequality is rising almost everywhere across the world – that’s the clear finding of the first ever World Inequality Report. In particular, it has grown fastest in Russia, India and China – places where this was long suspected but there was little accurate data to paint a reliable picture. Until now, it was actually very difficult to compare inequality in different regions of the world because of sparse or inconsistent data, which lacked credibility. But, attempting to overcome this gap, the new World Inequality Report is built on data collection work…
[box type=”info” align=”” class=”” width=””]Kalin Anev Janse Secretary General, European Stability Mechanism (ESM)[/box] A year ago, Europe woke to a big shock. Donald Trump had been elected president of the United States. The polls hadn’t seen it coming. They hadn’t seen Brexit coming either. Would populism and protectionism win in Europe as well? Was this the end of globalization? What would happen to everything the European Union stood for? Many feared that the populist wave would spread to Europe, in particular, the Netherlands, France and Germany. This would have meant a real revolution in 21st century Europe. But in December…
[box type=”info” align=”” class=”” width=””]Bo Rothstein Professor of Government and Public Policy, University of Gothenburg[/box] Corruption is sometimes portrayed as a “cancer” in society. The use of this terminology indicates that this is a social ill that starts at some place in the body and then spreads as it infects ever more cells. If this metaphor has any value, it is important to find the right location of the corruption problem in the “societal body”. If you do not know where the illness is located, the likelihood that you can cure it is of course minimal. It is, however, important…
[box type=”info” align=”” class=”” width=””]Lisa S. Scott Associate Professor in Psychology, University of Florida[/box] Parents often receive books at pediatric checkups via programs like Reach Out and Read and hear from a variety of health professionals and educators that reading to their kids is critical for supporting development. The pro-reading message is getting through to parents, who recognize that it’s an important habit. A summary report by Child Trends, for instance, suggests 55 percent of three- to five-year-old children were read to every day in 2007. According to the U.S. Department of Education, 83 percent of three- to five-year-old children were read to three or more times per…
[box type=”info” align=”” class=”” width=””]Andrew Chakhoyan Founder and Managing Partner, Strategic Narrative Consulting[/box] “The key to management is to get rid of the managers,” advised Ricardo Semler, whose TED Talk went viral, introducing terms such as “industrial democracy” and “corporate re-engineering”. It’s important to point out that Mr. Semler isn’t an academic or an expert in management theory, he is the CEO of a successful industrial company. His views are unlikely to represent mainstream thinking on organizational design. But perhaps it is time we redefine the term “manager”, and question whether the idea of “management” as it was inherited from the industrial…
[box type=”info” align=”” class=”” width=””]by Felix Richter, Dec 6, 2017[/box] Earlier this week, Apple started rolling out Apple Pay Cash, a feature that lets Apple device users in the United States send money to friends and family via iMessage. The feature will eventually be available to all Apple users on compatible iPhones, iPad and Apple Watches in the United States. Having been announced at Apple’s annual developers’ conference in June, the direct competitor to services such as Venmo and Square Cash was originally supposed to launch in September but has been delayed for unknown reasons. The ability to send money to friends…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Dec 6, 2017[/box] Large numbers of North Korean fishing boats are washing up along the Japanese coast, some of which have contained decaying corpses. In November of this year alone, 28 of the so-called “ghost ships” were discovered by Japanese authorities with 42 people who claim to be fishermen found alive. 18 bodies have also been recovered so far. The grim discoveries suggest that the situation in North Korea is becoming desperate with sanctions and food shortages likely driving fishermen further out to sea to secure bigger catches. So far this year, 64 “ghost ships” have washed…
[box type=”info” align=”” class=”” width=””]by Dyfed Loesche, Dec 6, 2017[/box] Brazil is sending the most valuable team to the FIFA world cup 2018 in Russia. German transfer market portal Transfermarkt estimates that the 25 players on the team have a combined market worth of 673 million euros. Germany and France share the second spot with 636.5 million euros each. One big difference between the three teams is that of most of the Brazilian players don’t play in their home league (88 percent), while only 41.7 percent of the German national players are employed abroad and 58.3 percent of the French players score their…
[box type=”info” align=”” class=”” width=””]by Felix Richter, Dec 6, 2017[/box] Being the most popular music streaming service in the world, there is probably no better company than Spotify to crown the song of the year. And so it has become a nice tradition for the Swedish company to publish its Year in Music list every December, treating us to some interesting insights about what the world was listening to in the year gone by. According to this year’s list, Ed Sheeran was clearly the most popular artist of 2017. Not only did the British singer-songwriter single-handedly rack up 6.3 billion streams this year…
[box type=”info” align=”” class=”” width=””]Adam Jezard Senior Writer at Formative Content.[/box] In just 250 seconds you can watch 20 years of seasons flash by – polar ice caps shrink and grow again, while in more temperate climates the land darkens as plants grow, only to become paler as winter approaches. The animation, created for NASA, is not a cartoon of how the changing seasons might look if sped up; it is an amalgamated collection of images harvested from satellites over the past two decades, from September 1997 to September 2017. Click the image below for the full visualization. As well…
[box type=”info” align=”” class=”” width=””]Larisa Yarovaya, Anglia Ruskin University and Brian Lucey, Trinity College Dublin[/box] In the last year, the price of Bitcoin has increased from less than US$800 to more than US$12,000. This huge spike in value has many asking if it is a bubble or if the high price today is here to stay. Finance defines a bubble as a situation where the price of an asset diverges systematically from its fundamentals. Investment mogul Jack Bogle says there is nothing to support Bitcoin, and the head of JP MorganChase, Jamie Dimon has called it a fraud “worse than…
[box type=”info” align=”” class=”” width=””]John McKenna Formative Content[/box] Migration and economic success stories often go together. The millions of migrants who flooded through New York’s Ellis Island in the early 20th century helped turn the city and America into an economic powerhouse. Migration across the British Empire was central to its success at the heart of the Industrial Revolution. And many of the world’s most high-profile entrepreneurs have hailed from migrant backgrounds: Steve Jobs’ father was a migrant from Syria; Tesla founder Elon Musk was born and raised in South Africa, before moving to North America to study in Canada…
[box type=”info” align=”” class=”” width=””]Vili Lehdonvirta, University of Oxford[/box] Bitcoin is in decline. Not its price, which has increased 900% this year and (at the time of writing) stands at over US$12,000 per unit, but its actual use as a currency. And this makes its rapid appreciation all the more puzzling. A few years ago, enthusiasts triumphantly shared announcements from businesses that had started accepting Bitcoin. Over the last couple of years, such announcements have become scarce. Instead, businesses that once accepted the currency have begun to drop it. The BBC contacted ten businesses in London that once advertised accepting…
[box type=”info” align=”” class=”” width=””]Bhargav Mitra, Queen’s University Belfast and Robert McCausland, Queen’s University Belfast[/box] Google might be in trouble for collecting the personal data of its users, but many companies have a growing incentive to rid their hands of the data that users entrust them with. This is because of growing costs of holding onto it. A major cause is the rising number of cyber attacks where hackers steal the identity information held by companies, often to sell them on to various black markets. Take the recent example of US giant Equifax, one of the top three companies in…