[box type=”info” align=”” class=”” width=””]Anahita Thoms Partner, International Trade Practice, Baker McKenzie, Germany[/box] Public support for free trade is shrinking and the long-standing political consensus that trade liberalization is beneficial is under attack. The US in particular has recently shifted towards protectionism by imposing tariffs and continuously threatening its largest trading partners, in particular the EU and China. Brexit, too, is partly driven by a protectionist attitude: although the UK intends to enter into Free Trade Agreements (FTAs) with other countries, the move away from the single market is itself a rejection of free trade within the EU. The US strategy Despite the potential…
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[box type=”info” align=”” class=”” width=””]Leïla Choukroune, University of Portsmouth[/box] “Peace is the natural effect of trade. Two nations who traffic with each other become reciprocally dependent … their union is founded on their mutual necessities.” Montesquieu’s idealised vision of trade, put forward here in his 1748 treatise, The Spirit of Laws, still informs thinking today. But the reality of commerce has long turned out very differently and Britain’s future trade relationships with the EU and the rest of the world remain some of the big unknowns of the Brexit process. There is more to trade than simply exchanging goods and…
[box type=”info” align=”” class=”” width=””]Paige H. Adams Global Chief Information Security Officer, Zurich Insurance Group[/box] Cybersecurity leaders are also business leaders, working to protect data without business interruption. But the complexities and magnitude of today’s cybersecurity challenges are daunting for many organizations and not every executive is a cybersecurity professional, nor do they necessarily need to be. What’s important is that those with the primary responsibility for cybersecurity in an organization communicate risk effectively among their colleagues and across the business. The World Economic Forum’s recently-published Cybersecurity Guide for Leaders in Today’s Digital World provides a practical guide to dealing with cybersecurity…
[box type=”info” align=”” class=”” width=””]Timocin Pervane Partner, Oliver Wyman Kaijia Gu Partner, Oliver Wyman[/box] For decades, the dominance of large cities has been bolstered by jobs and investment from the world’s best-known companies, causing labour markets to tighten and housing costs to soar. But could the age of the big city be coming to an end? In the US, the number of tech jobs is growing at a faster pace in communities with 1-3 million people than in major cities. The coastal giants of New York and San Francisco still have the most, but places such as Raleigh, Salt Lake…
After consultations with private and public sector stakeholders the Federal Cabinet approved the e-commerce policy framework – a significant step towards regulating and supporting the growth of an industry which promises digital connectivity, employment and economic growth. The framework focuses on customer protection and confidence, recognising it as the core issue confronting the industry’s growth. In the absence of direct contact between buyers and sellers, there is a need for regulation. However, big players in the ecommerce landscape are already taking significant measures to ensure that customers are protected throughout their online shopping journey. So just how reliable are ecommerce…
The First Microfinance Bank Limited, Pakistan (FMFB-P) collaborated with Ms. Saeeda Mandviwalla of TONI & GUY Karachi, to provide vocational training skills, mainly entrepreneurial and leadership skills, to beauty parlour owners and technicians. The aim of this endeavour is to encourage these women to improve their livelihoods by facilitating the growth of their businesses. This seminar took place on 23rd October at Beach Luxury Hotel, Karachi. FMFB-P works towards strengthening its client’s entrepreneurial base by helping them build their financial, physical and human capital. In line with its mission of providing access to formal financial services to vulnerable client segments,…
Politically-animated week with dull participation led index lose 0.6%wow Summary The JUI-F Azadi March with the aim of resignation of Prime Minister Imran Khan gathered momentum this week as its impact on KSE-100 index losing 213 points. History has proved that investors remain cautious as such political agitation may give rise to violence and can create law and order issues. During 2014 similar kind of sit-in led to market down by close to 5 percent in 14 trading session. The market although under tension during the week remained positive for three sessions and was able to control a big fall…
‘Star Wars: The Rise of Skywalker’ teaser hints at Rey joining the dark side. Photo: Vanity Fair Published in Geo on Oct 22nd, 2019, The teaser trailer of the much-awaited Star Wars: The Rise of Skywalker, which comes as the last instalment of the franchise was released on Monday. The trailer, released by Disney has a number of surprises packed for fans as it hints at Rey, essayed by Daisy Riddle, joining the dark side. Rey can be seen running through a forest along with other thrilling scenes packed with battles and thrill featuring some old familiar faces. [ads1] …
Published in Ary News on Oct 23rd, 2019, Reuters NEW YORK: Like most tourists, Patricio Osuna had a list of “must sees” on his trip to New York City: the Statue of Liberty, Times Square and, surprisingly, a steep flight of steps in an out-of-the-way neighbourhood of the Bronx that has become a cult-movie landmark. This fall Osuna and a stream of fellow visitors have flocked to the stairway, known as a “step street,” to see the real-life backdrop to a memorable scene in “Joker,” the hit movie that tells the backstory of Batman’s deranged foe, the Joker. The…
Kanye donates whopping $1 million in Kim Kardashian’s name for her birthday. Photo: CBS News Published in Geo on Oct 22nd, 2019, Kim Kardashian and Kanye West have been serving major couple goals to all their fans and in the latest show of affection for each other, the former cannot stop praising her husband for his generous donation to charity, as a birthday gift. After the birthday celebrations, the fashionista shared a photo on Twitter, showing Kanye’s whopping $1 million as a gift in her name. “I got amazing gifts from my whole family and Kanye [got] me the…
Bangladesh cricketers end strike after BCB meet most of their demands Published in Ary Sports on Oct 24th, 2019, By AFP Bangladeshi cricketers ended their strike late Wednesday after they said the authorities met most of their demands including a pay hike for domestic first class players. “The talk was successful,” said Test and Twenty20 captain Shakib al Hasan who played a key role in the unprecedented revolt which started on Monday. “The BCB (Bangladesh Cricket Board) president and directors, who were here, heard our demand and they assured us they will meet them at the quickest possible time,” he…
MUMBAI: Newly-elected BCCI president Sourav Ganguly reacts during a press conference on Wednesday.—Reuters Published in Dawn on Oct 24th, 2019, MUMBAI: Former captain Sourav Ganguly on Wednesday vowed to clean up Indian cricket as he was elected president of the sport’s rich and powerful but troubled national board. Cricket’s massive popularity in India has made the Board of Control for Cricket in India (BCCI) by far the wealthiest of all the national boards, netting massive sums from sponsorship and TV deals. But it has also been embroiled in a series of scandals, including accusations of corruption and match-fixing that…
This is the fourth time Qatar will host the regional event [File: Ibraheem Al Omari/Reuters] Published in AlJazeera on Oct 23rd, 2019, Saudi Arabia, the UAE and Bahrain will boycott regional football tournament in Doha amid an ongoing diplomatic dispute. Qatar is gearing up to host the 24th edition of the football Gulf Cup next month, amid an ongoing regional political dispute – now into its third year – that has resulted in three teams pulling out. A draw ceremony for the biennial tournament was held in the Qatari capital, Doha, on Wednesday. The event will take place from November 27 to December…
Greek police said a large group of people, wearing masks or helmets, invaded the venue where the youth team match was being held and started attacking Bayern fans. Published in Geo on Oct 23rd, 2019, Bayern Munich said on Wednesday they have complained to UEFA after some fans needed hospital treatment following an attack by a masked gang during a Youth League match at Olympiakos. In a statement on the club´s website, Bayern said the matter is in the hands of UEFA´s disciplinary and control commission after the attack in Athens during Tuesday´s Under-19 match, which the Germans eventually…
Britain’s Brexit will be a boon to ailing South Africa as they rebuild, the beleaguered Proteas captain Faf du Plessis said on Tuesday after his side’s series drubbing by India. — AP/File Published in Dawn on Oct 23rd, 2019, AFP RANCHI: Britain’s Brexit will be a boon to ailing South Africa as they rebuild, the beleaguered Proteas captain Faf du Plessis said on Tuesday after his side’s series drubbing by India. Any tougher immigration controls after the British withdrawal from the European Union (EU) will mean fewer South African players in the County Championship, according to du Plessis. More…
The Indian Occupied Kashmir (IOK) is facing a “humanitarian crisis” and India’s Aug 5 decision to annex the “disputed” territory has been a “disaster” for Kashmiris, observes a US Congressional panel. — AFP/File Published in Dawn on Oct 24th, 2019, By Anwar Iqbal WASHINGTON: The Indian Occupied Kashmir (IOK) is facing a “humanitarian crisis” and India’s Aug 5 decision to annex the “disputed” territory has been a “disaster” for Kashmiris, observes a US Congressional panel. These observations were made at a daylong hearing of a House subcommittee on Asia and the Pacific on Tuesday, described by the Indian media…
President Donald Trump speaks in the Diplomatic Room of the White House [File: Jacquelyn Martin/AP Photo] Published in AlJazeera on Oct 24th, 2019, US president says Turkey has informed the United States it will make the ceasefire in Syria ‘permanent’. US President Donald Trump announced that Turkey said it is stopping combat operations and making a ceasefire in northern Syria permanent, prompting the United States to lift recent sanctions it imposed on Turkish imports in response to the campaign. “The sanctions will be lifted unless something happens that we are not happy with,” Trump said on Wednesday in a special address from the White…
People walk past the U.S. Capitol Building in Washington, U.S. October 21, 2019. REUTERS/Carlos Jasso Published in Reuters on Oct 23rd, 2019, By Chris Kahn NEW YORK (Reuters) – Support for impeaching U.S. President Donald Trump surged among political independents and rose by three percentage points overall since last week, according to a Reuters/Ipsos poll released on Tuesday. More Americans also said they disapproved of the president’s handling of foreign threats. The Oct. 18-22 poll showed public opinion continued to shift as Americans digested a flurry of news over the past several weeks stemming from the congressional impeachment inquiry…
Lebanese protesters rally in downtown Beirut. (IBRAHIM AMRO/AFP via Getty Images) Published in Arabian Business on Oct 22nd, 2019, By AFP Lebanese protesters gathered for a sixth consecutive day Tuesday, keeping the country on lockdown to demand new leaders despite the government’s adoption of an emergency economic rescue plan. Demonstrations initially sparked by a proposed tax on WhatsApp and other messaging apps have grown into an unprecedented cross-sectarian street mobilisation against the political class. Rallies have spread to all major cities and into Lebanon’s vast diaspora. The cabinet was spurred into passing wide-ranging economic reforms on Monday but the…
Malaysian Prime Minister Mahathir Mohamad on Tuesday said he would not retract his criticism of New Delhi’s actions in occupied Kashmir despite Indian traders calling for an unprecedented boycott of Malaysian palm oil. — Screengrab courtesy United Nations YouTube/File Published in Dawn on Oct 22nd, 2019, Reuters Malaysian Prime Minister Mahathir Mohamad on Tuesday said he would not retract his criticism of New Delhi’s actions in occupied Kashmir despite Indian traders calling for an unprecedented boycott of Malaysian palm oil. The impasse could exacerbate what Mahathir described as a trade war between the world’s second biggest producer and exporter…
GULF STATES – ECONOMICS & FINANCE Gulf navigation holding records 19pc revenue growth Gulf Navigation Holding, the Dubai Financial Market listed maritime and shipping company, has announced a 19 percent operating revenue growth by the end of Q3 of 2019, compared to the same period last year. The company recorded an operating revenue of Dh130 million compared to Dh109 million in the same period of 2018. The company reported a net loss of Dh18 million in Q3 of 2019, bringing total losses in the first nine months of 2019 to Dh46 million. The decline in the company’s financial performance is…
ECONOMIC TIMES OF PAKISTAN NA doubts FBR missed target due to low imports A parliamentary panel has expressed doubts about the Federal Board of Revenue (FBR)’s claim of missing the revenue collection target due to import compression and also suspected that even the 16percent increase in collection against the target of 44percent growth was the result of blocking tax refunds and high inflation. In a meeting of the National Assembly Standing Committee on Finance, an FBR team could not give satisfactory replies to the question about the board’s strategy to achieve 44percent growth in revenues. Former finance minister Asad Umar…
Dinner held in honour of Lord Choudrey Mr Zameer Choudrey, CBE, Sitara-e-Imtiaz, Chief Executive Bestway Group has been appointed to the House of Lords by Her Majesty the Queen, in recognition of his contributions to Britain’s domestic and foreign trade, his philanthropic work both in the UK and abroad, and his role as Chairman of the Conservative Friends of Pakistan. Sir Anwar Pervez, OBE, Hilal-e-Pakistan, Chairman Bestway Group, recently hosted a dinner in Islamabad to celebrate this honour. His Excellency, Dr Arif Alvi, President of the Islamic Republic of Pakistan was the Chief Guest and the dinner was attended by…
Kibor rate is the average interest rate at which term deposits are offered between prime banks in the Pakistani wholesale money market or interbank market. KIBOR as a benchmark, to encourage transparency and improve management of the market risk undertaken by banks. [ads1] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 13.03 13.53 2 – Week 13.04 13.54 1 – Month 13.07 13.57 3 – Month 13.08 13.33 6 – Month 13.08 13.33 9 – Month 12.85 13.35 1 – Year 13.66 13.16 2 – Year 11.75 12.25 3- Year 11.56 12.06
[box type=”info” align=”” class=”” width=””]Stéphane Duguin Head of the European Union Internet Referral Unit, Europol[/box] As technology rapidly progresses, doomsday stories emerge just as quickly. Not a day passes without some prophecy about how technology will drive us to the depths of darkly-anonymized-crypto-fake-and-artificially-intelligent-blockchain-based mayhem. Dissident voices, however, are trying to spread alternative messages. In the past century, increasingly efficient technology and the advancement of knowledge have addressed global challenges including global poverty, deaths from violent crime, childhood mortality, preventable diseases and human life expectancy – at a scale never seen before. For obvious reasons, such breakthroughs can be considered among humanity’s greatest achievements; yet we also see…
[box type=”info” align=”” class=”” width=””]Bob Nichol, University of Portsmouth[/box] As an astronomer, there is no better feeling than achieving “first light” with a new instrument or telescope. It is the culmination of years of preparations and construction of new hardware, which for the first time collects light particles from an astronomical object. This is usually followed by a sigh of relief and then the excitement of all the new science that is now possible. On October 22, the Dark Energy Spectroscopic Instrument (DESI) on the Mayall Telescope in Arizona, US, achieved first light. This is a huge leap in our…
[box type=”info” align=”” class=”” width=””]Antonios Siganos, University of Glasgow[/box] A number of studies show that daylight savings time harms people’s decision making processes due to the disturbance it has on their circadian rhythm or body clock. For example, research finds that people experience more pronounced mood swings shortly after daylight saving time ends. After daylight saving time is introduced there are more car accidents and more people tend to experience health complications. It turns out that the clock change can also have an effect on financial markets. In my research I’ve found that investor decision making is affected following clock…
[box type=”info” align=”” class=”” width=””]Robert Muggah Principal, SecDev Group Laura Bailey Global Lead, Stability Peace & Security, World Bank This article is part of the Annual Meeting of the Global Future Councils[/box] Violence has always been one of humanity’s most serious global challenges. This is because for most of history, we were natural born killers. Hundreds of millions of men, women and children have been killed or maimed by armed conflict, crime, extremism and sexual and gender-based violence. Not only does violence exact a massive social and economic toll, it also corrodes democratic institutions and undermines fundamental human rights. There is also a…
[box type=”info” align=”” class=”” width=””]Charlotte Edmond Formative Content[/box] Cheap, odorless and inert, sulphur hexafluoride is widely used in the electricity industry for its insulating properties. But there’s a problem: it’s also one of the most potent greenhouse gases known to man. The amount of the gas – known as SF6 – in the atmosphere is minute, only about three parts per trillion by volume, but its global warming potential is significant. It’s 23,500 times more warming than carbon dioxide. And, according to the BBC, our changing energy make-up – including the growth of renewables – is creating more demand for SF6. The…
[box type=”info” align=”” class=”” width=””]by Felix Richter, Oct 17, 2019[/box] After years of unchecked growth, Netflix suffered a slump in subscriber growth in the second quarter of 2019, losing around 130,000 U.S. subscribers. It has now released its Q3 results and hit sci-fi series Stranger Things has helped the company bounce back and record a noticeable gain in its international subscriber base. It now has 158.3 million paying subscribers, 60.6 million of which are in the U.S. and another 97.7 million overseas. The return to subscriber growth comes at a crucial time for Netflix, with competitiors Disney+, HBO Max and Apple+ all set to enter…
[box type=”info” align=”” class=”” width=””]by Sarah Feldman, Oct 17, 2019[/box] Earlier this month the IMF released a report, finding that putting a $75 per ton carbon tax in place by 2030 would cause average global energy prices from coal to increase by 214 percent. Out of all the countries the IMF assessed, France’s power bill from coal would rise the least, increasing by a mere 123 percent. Argentina was the country that would see its energy bill from coal rise the most under this plan and timeframe, growing by nearly 300 percent. Other energy sources saw a much wider range in the uptick in energy prices.…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Oct 21, 2019[/box] So far this year, the European aviation group Airbus has significantly overtaken the U.S. aircraft manufacturer Boeing in terms of the number of civil aircraft delivered. Airbus have delivered 571 aircraft, while Boeing only reached 302 so far. Airbus is also ahead in the total number of aircraft delivered since 2008 with 7,280 aircraft. Most recently, Boeing was ahead by a nose for several years. Boeing is currently suffering from the impact of the 737 MAX issues. Boeing will present its figures for the third quarter this week and experts do not expect…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Oct 21, 2019[/box] Over the weekend, Qantas conducted a research flight to test human limits on ultra-long haul commercial services. The test flight involved a Boeing 787-9 Dreamliner flying from New York to Sydney with 50 passengers onboard and it was expected to complete the 10,200-mile journey in 19-and-a-half hours. If the research proves successful, Qantas hopes to start operating direct flights from Sydney, Melbourne and Brisbane to New York and London by 2022. Today, a Singapore Airlines flight connecting the city-state with Newark International Airport is the longest commercial flight worldwide, both in terms of…
As part of Byco’s sustainability strategy to help preserve the environment, the company recently initiated a tree plantation drive with Urban Forest. Byco sponsored the plantation and development of 1000 trees and invited all the employees to take part in the plantation, which took place at Old Clifton Urban Forest, Karachi. The Urban Forest is a project initiated by Shahzad Qureshi, who has acquired a park in Clifton, Karachi, which he intends to develop into Pakistan’s first Urban Forest. The aim of this project is to plant 50,000 native trees in the park using the “Miyawaki Method” of afforestation. Qureshi…
Investors go for profit-taking over FATF concern, index down 1.8%wow Summary After two weeks of bullish movement in early October, the investors this week went for profit-taking in oversold market. Pakistan Stock Exchange (PSX) Index lost 606 points to come down to 33,000 level to close at 33,870.15. The average volume too declined to 140m; almost half of last two weeks. The market capitalization declined by Rs.132 billion. Foreigner continued to remain seller with $2.13m while individuals remained buyer with $8.36m. The week being a rollover week as well as quarterly results started coming, the investors throughout the week were…
Published in ARY News on Oct 17th, 2019, PANAMA CITY: Mossack Fonseca, a Panamanian law firm at the center of the “Panama Papers” scandal, has filed a lawsuit against Netflix Inc over its new movie based on the case, accusing the video streaming company of defamation and seeking to stop the film’s release. The Panama Papers, which consist of millions of documents stolen from Mossack Fonseca and leaked to the media in 2016, provoked a global scandal after showing how rich and powerful clients including Russian President Vladimir Putin and soccer superstar Lionel Messi used offshore corporations to evade…
Published in Variety on Oct 16th, 2019, By REBECCA DAVIS Amid fierce controversy about the leverage China has over U.S. entertainment firms with significant mainland operations, Universal Beijing Resort and Alibaba announced a strategic partnership Thursday to digitize the forthcoming theme park in China’s capital. Facial recognition and the use of big data will be the norm at the new resort, which will use an Alibaba operating system for park management and operations, the companies said. For visitors, this means they will be able to use Alibaba’s facial-recognition technology to enter the park, access lockers and express lanes, and pay for merchandise and meals. They can also skip lines…
Published in The Express Tribune on Oct 17th, 2019, Actor Ryan Reynolds will be back as the popular foul-mouthed superhero Deadpool in the third installment of the film franchise. Screenwriters Rheet Reese and Paul Wernick are preparing a script for a new movie featuring Reynolds as the titular star. Deadpool 3 is currently waiting for the green light from Marvel Studios, reported Daily Mail. The recent merger between Disney and Fox led to speculation that Reynolds as Deadpool will join the Marvel Cinematic Universe but the writers insist that “there’s a lot to be sorted out” before shooting on the third…
BARCELONA: Barcelona’s Lionel Messi poses with his sixth Golden Shoe award at the Antigua Fabrica Estrella Damm on Wednesday.—AFP Published in Dawn News on Oct 17th, 2019, BARCELONA: Barcelona forward Lionel Messi picked up a record-extending sixth — and third consecutive — European Golden Shoe award on Wednesday following his outstanding individual 2018-19 domestic campaign. The award is presented to the top goalscorer in league football across Europe, with the Argentine finding the net 36 times last season as Barca retained their La Liga title. Messi was three ahead of nearest rival Kylian Mbappe, who scored 33 times for…
Mihaylov had previously defended Bulgarian football from accusations of racism [File: Harold Cunningham/Reuters] Published in AlJazeera on Oct 16th, 2019, Borislav Mihaylov steps down after after Bulgarian fans taunt black English players with Nazi salutes and monkey chants. Bulgarian football chief Borislav Mihaylov has resigned after fans taunted England’s black players with Nazi salutes and monkey chants during a Euro 2020 qualifier in Sofia, prompting match officials to halt the game twice. Prime Minister Boyko Borissov had called earlier for Mihaylov, a former goalkeeper and Bulgaria international, to go before his resignation on Tuesday. The fallout from what English FA chairman…
The Olympic marathon and race walking events during Tokyo 2020 will be moved to Japan’s northernmost island of Hokkaido from originally planned courses in the capital due to worries about heat, the International Olympic Committee said on Wednesday. — AFP/File Published in Dawn on Oct 17th, 2019, TOKYO: The Olympic marathon and race walking events during Tokyo 2020 will be moved to Japan’s northernmost island of Hokkaido from originally planned courses in the capital due to worries about heat, the International Olympic Committee said on Wednesday. The IOC detailed a new plan on Wednesday to stage the events in…
Smith, Gayle among most expensive players in ‘The Hundred’ draft Published in Ary News on Oct 17th, 2019, By Reuters The England and Wales Cricket Board (ECB) has announced Australian duo Steve Smith and David Warner and West Indies opener Chris Gayle are among the most expensive players listed in Sunday’s draft for the new domestic tournament The Hundred. Smith helped Australia retain the Ashes in England last month while Warner endured a miserable series, managing just one fifty in five tests. Paceman Mitchell Starc, who played just one test in that series, is the third Australian in the six-man…
Kosgei arrived in Chicago as an overwhelming favourite, having won the race in 2018 [Quinn Harris/Getty Images/AFP] Published in AlJazeera on Oct 14th, 2019, Brigid Kosgei wins the Chicago Marathon in 2:14:04, shaving more than a minute from the previous mark. Kenyan runner Brigid Kosgei has broken a long-standing world record by winning the women’s event of the Chicago Marathon in two hours, 14 minutes and four seconds. The 25-year-old Kosgei bested the previous mark of 2:15:25 set by Britain’s Paula Radcliffe in London 16 years ago. “I’m feeling good and I am happy because I was not expected to run like…
A boy waves a Turkish flag as Turkish military vehicles drive on a street in the Turkish border town of Akcakale in Sanliurfa province [Stoyan Nenov/Reuters] Published in AlJazeera on Oct 17th, 2019, Europe’s swift move to ban arms sales to Turkey stands in stark contrast to its reluctance to sanction Saudi Arabia. European powers have moved quickly to censure Turkey over its long-threatened military offensive in northeast Syria. Soon after Turkish troops launched the cross-border operation on October 9 – aiming to “eliminate” Kurdish fighters it considers “terrorists” from the region – European members of the United Nations Security Council called for an immediate…
Published in ARY News on Oct 16th, 2019, Pakistan and Saudi Arabia have agreed to remain engaged and consult closely to take forward Prime Minister Imran Khan’s initiative to ensure peace and security in the region. The agreement came during the Prime Minister’s separate meetings with Saudi King Salman bin Abdulaziz Al-Saud and Crown Prince Mohammad bin Salman in Riyadh, as per Radio Pakistan. PM Imran Khan during his meetings with Saudi leadership said Pakistan is ready to facilitate efforts for de-escalation of tensions between Saudi Arabia and Iran. He stressed the importance of avoidance of military conflict and the constructive…
Erdogan defied demands for a ceasefire [Mustafa Kamaci/Presidential Press Office/Handout via Reuters] Published in AlJazeera on Oct 16th, 2019, Turkish leader rejects international pressure, promises operation will continue until his country’s goals are met. Turkey’s military operation in northeast Syria will continue until Kurdish fighters in the region drop their weapons and withdraw from a planned “safe zone”, President Recep Tayyip Erdogan has said. Shrugging off international calls for a ceasefire on the eve of a meeting with top US officials, Erdogan on Wednesday told his party’s deputies that no foreign power could stop the offensive – now in its eighth day – before all of Ankara’s…
UK Prime Minister Boris Johnson has been holding last-minute talks to clinch a deal Published in BBC on Oct 17th, 2019, By Laurence Peter – BBC News, Brussels The twists and turns of Brexit – after more than three years of negotiations – will dominate an EU summit on Thursday, amid signs of an emerging deal. Negotiations to nail down complex arrangements for Northern Ireland, the main sticking point, appear to have produced a draft acceptable to the EU. But UK PM Boris Johnson does not have a majority in parliament and relies on unionist Northern Ireland MPs. They…
It is not clear what the Trump administration could do to stop the tankers from turning off transponders [File: Rodrigo Garrido/Reuters] Published in AlJazeera on Oct 16th, 2019, China is the largest remaining buyer of Iranian oil after the US reimposed sanctions on Tehran’s main export. The White House has warned Chinese shipping companies against turning off their ships’ transponders to hide Iranian oil shipments in violation of United States sanctions, two senior administration officials said. “We’ve been messaging very heavily to the shipping companies, you don’t want to do this, it’s not worth it,” said one official, who spoke to…
FILE PHOTO: U.S. President Donald Trump visits a section of the U.S.-Mexico border wall in Otay Mesa, California, U.S. September 18, 2019. REUTERS/Tom Brenner Published in Reuters on Oct 16th, 2019, WASHINGTON (Reuters) – U.S. President Donald Trump has vetoed a joint resolution of Congress that sought to terminate his declaration of a national emergency on the southern border with Mexico, the White House said on Tuesday. Trump declared the emergency to circumvent Congress and take money already designated for other programs to pay for the U.S.-Mexico border wall he promised to build during his 2016 campaign. Last month,…
GULF STATES – ECONOMICS & FINANCE Enoc opens three service stations in Sharjah Enoc Group has recently opened three service stations in Sharjah, as part of its accelerated plans to expand its retail network by 30 stations across the emirate over the next two years. Located in the densely populated areas of Al Nahda, Sharjah Industrial Area 3, and Al Yarmook, the service stations mark the group’s first three stations out of five scheduled for completion in 2019 to meet Sharjah residents demand for fuel and automotive services. The expansion of Enoc’s service station network in Sharjah is a critical…
ECONOMIC TIMES OF PAKISTAN Pakistan’s C/A deficit narrows to 41-month low The current account deficit narrowed 80percent to a 41-month low at $259 million in September, but it came at the cost of country’s economic growth. The deficit stood at $1.27 billion in the same month of last year, the State Bank of Pakistan (SBP) reported on Friday. The measures taken by the central bank to aggressively cut unwanted imports through a significant hike in the benchmark interest rate and attempts to revive exports and earn higher remittances through rupee depreciation helped bring down the current account deficit. The measures,…
SSGC launches winter safety campaign; stresses on safe and ethical gas use Careless use of gas-fired appliances during winters are a cause of unnecessary deaths and injuries especially in the bitterly cold regions. Every year, the Company launches ’Winter Safety Campaign’ in Balochistan to create awareness about this hazard, through a blend of Below the Line and Above the Line activities. SSGC’s Corporate Communication Department, in conjunction with Regional Office, Quetta organized an Ulemas Conference at the Quetta Press Club as part of its Social Contact Drive to create awareness about safe and judicious use of natural gas during winters.…
Kibor rate is the average interest rate at which term deposits are offered between prime banks in the Pakistani wholesale money market or interbank market. KIBOR as a benchmark, to encourage transparency and improve management of the market risk undertaken by banks. [ads1] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 13.11 13.61 2 – Week 13.16 13.66 1 – Month 13.20 13.70 3 – Month 13.37 13.62 6 – Month 13.39 13.64 9 – Month 13.30 13.80 1 – Year 13.09 13.59 2 – Year 12.00 12.50 3- Year 11.93 12.43
[box type=”info” align=”” class=”” width=””]Tom Oliver, University of Reading[/box] We’ve all but won the argument on climate change. The facts are now unequivocal and climate denialists are facing a losing battle. Concern has risen up the political agenda, and major economic institutions such as the World Trade Organisation and the Bank of England highlight the increasingly extreme climate as a central risk to human prosperity and well-being. Now, the second, even more challenging phase of the struggle begins – what exactly to do about it. More specifically, how do we deal with climate change without plunging those on the threshold…
[box type=”info” align=”” class=”” width=””]Sean Fleming Senior Writer, Formative Content[/box] Schoolchildren who have experienced trauma or neglect could benefit from the use of mental well-being apps in the classroom. That’s according to educationalists and welfare workers in Australia, where the use of apps in schools is becoming increasingly popular. The apps are being used in a variety of ways. Australia’s third largest state, the Northern Territory, is bigger than Egypt, Pakistan or Peru. Yet it’s home to fewer than 250,000 people. In this vast and sometimes inhospitable landscape, many smaller communities, especially those of the indigenous Aboriginal people, are isolated and…
[box type=”info” align=”” class=”” width=””]Rosamond Hutt Senior Writer, Formative Content[/box] Greenhouse gas emissions have already peaked, and are continuing to fall, in 30 major cities including New York, London and Paris. Austin, Athens, Lisbon and Venice are the latest places to hit that milestone in the fight against climate change, according to analysis from C40, a coalition of 94 large and influential cities around the world working to limit global warming and protect the environment. Cities are home to growing numbers of people. By 2050, 68% of the world’s population will live in urban areas, up from 55% today. Cities consume 78% of the…
[box type=”info” align=”” class=”” width=””]Carole Binns, University of Bradford[/box] When it comes to university choices for both students and academics, it might seem like everyone wants to study and work in the institutions that top the league tables and the world rankings – but research seems to indicate this isn’t the case. As part of the background analysis for my new book Experiences of Academics from a Working-Class Heritage, I spoke with a number of academics from a working-class background about their experiences of working in universities. These interviewees were all employed in an institution that acquired university status several…
[box type=”info” align=”” class=”” width=””]David L. Chandler Writer, MIT News This article is published in collaboration with MIT News[/box] Today’s commercial aircraft are typically manufactured in sections, often in different locations — wings at one factory, fuselage sections at another, tail components somewhere else — and then flown to a central plant in huge cargo planes for final assembly. But what if the final assembly was the only assembly, with the whole plane built out of a large array of tiny identical pieces, all put together by an army of tiny robots? That’s the vision that graduate student Benjamin Jenett,…
[box type=”info” align=”” class=”” width=””]Emma Charlton Senior Writer, Formative Content[/box] Fast-paced technological developments like automation are becoming an everyday reality, transforming the workplace. And a new report from recruitment firm Hays highlights how automation is not just putting jobs at risk, but also keeping a lid on salaries. The stagnation in global wage growth is partly attributable to an uptick in technology adoption, Hays says, citing an academic report that found one extra robot per 1,000 workers could lower wages by as much as 5%. And that pressure is likely to continue, the report argues, as more robots are installed around the world in…
[box type=”info” align=”” class=”” width=””]by Mathias Brandt, Oct 14, 2019[/box] Economic development is expected to deteriorate significantly from +32% currently to -5% worldwide according to the study “Global Economic Outlook (GEO) Score”. The score for the expected development within the next six months lowers globally. Overall, the most negative estimation for the future is found in Europe with -22% and the most positive is in Asia with +6%. The country-specific findings highlight this general switch to concern about the future economic situation but vary depending on the respective nation: In the US, a score of +58% for the current economic situation…
[box type=”info” align=”” class=”” width=””]by Katharina Buchholz, Oct 14, 2019[/box] Apple has long been known as the world’s most profitable company, but those days are over. By preparing to be publicly listed, Saudi state oil company Saudi Aramco had to disclose company reports and was subsequentially rated by Moody’s to have earned US$111.1 billion in 2018, far surpassing competitors. In fact, the Saudi company’s net profit equaled that of Apple, Google parent company Alphabet and Exxon Mobil combined, according to Bloomberg. Previously, Saudi Aramco’s accounts had remained mostly secret since the company was nationalized in the 1970s. Since profits are known only for publicly…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Oct 14, 2019[/box] Last week, the World Economic Forum released its annual study on the competitiveness of the global economy. One of the most important takeaways from the report was an index ranking assessing the microeconomic and macroeconomic foundations of national competitiveness. The World Economic Forum benchmarked the competitiveness of 141 economies through 103 indicators (on a scale from 0 to 100) organized into 12 themes to determine how close an economy is to the “frontier” of competitiveness. Singapore overtook to the United States to become the world’s most competitive economy in 2019, scoring 84.3 points out of…
[box type=”info” align=”” class=”” width=””]by Katharina Buchholz, Oct 14, 2019[/box] According to research recently published by the Kiel Institute for the World Economy, there are seven countries in the world whose external loan debt to China surpasses 25 percent of their GDP. Three (Djibouti, Niger and The Republic of the Congo) are located in Africa, while four (Kyrgyztan, Laos, Cambodia and the Maldives) are in Asia. Yet, the world map of debt to China amassed through direct loans (excluding debt holdings and short-term trade debt) shows that a majority of countries heavily in debt to China are in Africa, but that Central Asia and…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Oct 11, 2019[/box] Today is World Obesity Day, an annual campaign established in 2015 to stimulate and support practical actions that will help people achieve and maintain a healthy weight and reverse the global obesity crisis. The scale of that crisis has been highlighted by a new OECD report which shows just how much bulging waistlines are costing health systems around the world. Obese people tend to avail of of healthcare services more frequently with a higher rate of specialty care visits, inpatient stays and surgery, all leading to higher healthcare spending. The OECD states that obese…
Stocks rally extended to overcome political noise, gaining 4.4% wow Summary Prime Minister Imran Khan’s visit this week to China to meet President Xi Jinping and Premier Li Keqiang to discuss the progress of CPEC projects. China reiterated its support for Pakistan on the on-going Kashmir conflict. On domestic front JUI-F plans to march in Islamabad on possible support from other political parties. During the visit PM apprised the Chinese leadership of the government recent landmark decisions to speed-up implementation of ongoing CPEC projects as well as efforts to project CPEC as a High Quality Demonstration Projects of BRI. A…
Published in ARY News on Oct 10th, 2019, Rihanna speared President Donald Trump as perhaps “the most mentally ill human being in America” over his position on gun rights in a candid Vogue interview published Wednesday that also touched on immigration and racism. Asked about the back-to-back shootings earlier this year in the US cities of El Paso and Dayton, the superstar performer who recently cemented her place in the upper echelons of the fashion industry with her own luxury line called the gun violence plaguing American society “devastating.” After the August shootings, Rihanna had decried Trump’s classification of…
Published in Samaa News on Oct 8th, 2019, Pakistani crime-thriller, inspired by the streets of Karachi, Laal Kabootar, has just added another feather to its cap as film won the Best Feature Film Award as part of the Tasveer South Asian Film Festival (TSAFF) Archana Soy Audience Choice Awards. The Tasveer South Asian Film Festival is the largest South Asian film festival in the United States, where filmmakers and audiences engage in lively discussions. In 2019, it completed its 14th year. The festival took place from September 26 to October 6, in venues across the Seattle Metropolitan area, with more than…
Asim Azhar. Photo: Online Published in Geo News on Oct 8th, 2019, Actor Asim Azhar on Monday donned a stylish suit to highlight his support for the people of Indian-occupied Kashmir, winning lots of praise from across the world on social media. Taking to social networking website Instagram, the 22-year-old heartthrob shared a picture of himself at an unidentified recreational area in the Texan city of Houston in the United States. In the picture, Azahar is sporting a stunning grey dress with the flag of Azad Jammu and Kashmir tied to his shoulder. He is also wearing a long…
For illustrative purposes only.- Image Credit: Pixabay Published in Gulf News on Oct 9th, 2019, Bloomberg Even films with small budgets or less-recognizable actors are drawing the crowds Cinemas are seeing brisk business even as India’s economy slows to a six-year low and unemployment swells, according to PVR Ltd., the nation’s largest operator of multi-screen theatres. Ever since the box-office hit Kabir Singh released in June, even films with small budgets or less-recognizable actors are drawing the crowds, Kamal Gianchandani, chief executive officer at PVR Pictures, said in an interview this month. Results for July-September will “definitely surprise a…
Published in Samaa News on Oct 9th, 2019, It will be played from Oct 12 to Oct 20 A 13-man Pakistan team will be participating in the 2019 Socca World Cup which will be played in Greece from next week. The side is being coached by former England forward Kevin Reeves. Most of the players in the squad come from Leisure Leagues network, with striker Muhammad Waheed, being the youngster player of the tournament at the age of 17. Saadullah, who plays as a striker in the team, spoke exclusively to SAMAA TV and said that the side trains twice a…
In a rare move, authorities allowed a select group of women into Azadi stadium to watch a men’s football match in 2018 [File: Vahid Salemi/AP Photo] Published in AlJazeera on Oct 10th, 2019, by Virginia Pietromarchi After decades of struggle, female football fans say their presence at World Cup qualifier is just the beginning. Armed with a flag and a horn, Niloufar* is about to do something she has never done. Come Thursday afternoon, the 36-year-old translator will be setting foot on Tehran’s Azadi Stadium – but she will not be there for the football. Instead, her goal is to claim…
Published in Cricket Pakistan on Oct 9th, 2019, By Kamil Ehsan in Karachi A dominant Sri Lanka side overpowered Pakistan to a three-nil whitewash after defeating the Men in Green in the third Twenty20 International (T20I) between the sides at the Gaddafi Stadium in Lahore on Wednesday. Chasing a target of 148, Pakistan lost opener Fakhar Zaman early, after being bowled by fast-bowler Kasun Rajitha on the first ball of Pakistan’s innings. Opener Babar Azam and batsman Haris Sohail then combined to make a partnership of 76 runs to provide a solid platform for the Men in Green. As the…
Published in Gulf News on Oct 9th, 2019, AFP Fans booed at a World Cup qualifier against Iran Lausanne: Fifa fined the Hong Kong Football Federation on Wednesday after local fans booed and whistled the Chinese national anthem at a World Cup qualifier against Iran. The Disciplinary Commission of world football’s governing body handed the federation a 15,000 Swiss francs fine, reprimanding Hong Kong fans for “disturbance during national anthems; use of objects to transmit a message that is not appropriate for a sports events”. Hong Kong fields an independent team but because it is an administrative region of…
Yao Ming, the former NBA player from China, now runs the Chinese Basketball Association, which has said it will stop working with the Houston Rockets after the team’s general manager expressed support for Hong Kong protesters [Greg Baker/Pool/Getty Images] Published in AlJazeera on Oct 8th, 2019, by Eben Novy-Williams • Bloomberg US-based professional league faces backlash, with core business interests up against politics of support for Hong Kong. Through decades of painstaking deal-making, the NBA created a multibillion-dollar opportunity in China, the world’s second-largest economy. Now a single swiftly deleted tweet has put all that time and money in jeopardy.…
Civilians flee with their belongings amid Turkish bombardment on Syria’s northeastern town of Ras al-Ain [Delil Souleiman/AFP] Published in AlJazeera on Oct 10th, 2019, Air raids and artillery fire pound border region before Turkish troops cross into Syria east of the Euphrates. Turkish forces began a ground offensive in northeastern Syria hours after fighter jets bombarded the border region as Ankara finally unleashed a long-threatened assault on the Kurdish-held territory. In a statement late on Wednesday, Turkey’s defence ministry said troops had crossed into bordering Syria east of the Euphrates River alongside allied Syrian rebel forces. The ground push came hours after…
U.S. President Donald Trump listens to questions from reporters during an event to sign executive orders on “transparency in federal guidance and enforcement” in the Roosevelt Room of the White House in Washington, U.S., October 9, 2019. REUTERS/Jonathan Ernst Published in Reuters on Oct 10th, 2019, David Morgan, Patricia Zengerle WASHINGTON (Reuters) – Facing a White House vowing to block the U.S. House of Representatives’ impeachment inquiry, Democratic congressional leaders on Thursday were plotting the next moves in their probe of President Donald Trump’s dealings with Ukraine. Two days after the administration abruptly blocked the U.S. ambassador to the European…
Published in BBC on Oct 10th, 2019, Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar will meet for talks later to discuss the UK’s Brexit proposals. Downing Street said the meeting was to allow “detailed discussions” on the process of securing a deal. Mr Johnson has said he remains “cautiously optimistic” about a deal. But on Wednesday EU leaders accused the UK of putting forward untested ideas, adding that progress towards a new deal had been limited. A similar sentiment was expressed on Tuesday by Mr Varadkar, who suggested it would be “very difficult” for the UK and the EU…
Supreme Leader Ayatollah Ali Khamenei gives a speech to a group of scholars and seminary students of religious sciences in Tehran. PHOTO: REUTERS/FILE Published in The Express Tribune on Oct 9th, 2019, By AFP TEHRAN: Supreme leader Ayatollah Ali Khamenei said on Wednesday that Iran could have taken the step to develop nuclear weapons but will not because their use is “haram”, or forbidden in Islam. “Although we could have taken steps on this path, based on Islamic ruling we firmly and bravely said we won’t take this path,” Khamenei said. “Both building and stockpiling it is wrong, as using it…
Trump said he wanted to end the US military presence in the region Published in Arabian Business on Oct 8th, 2019, By AFP The US pulled back 50 to 100 ‘special operators’ from Syria’s northern frontier, where they have served as a buffer between the Turkish military and the Kurdish-led Syrian Democratic Forces US President Donald Trump warned Turkey on Monday against going too far in Syria, one day after giving Ankara a green light to invade its southern neighbor and sparking panic among Washington’s Kurdish allies. The US pulled back 50 to 100 “special operators” from Syria’s northern…
GULF STATES – ECONOMICS & FINANCE UAE central bank sets early exit fee limit for mortgages The Central Bank of the UAE directed local banks to reduce the early settlement fee on mortgages to a maximum of 1 percent or Dh10,000, whichever is less, to those borrowers who want to exit their mortgages early. The apex bank said in a circular that borrowers who had already paid 3 percent settlement fee can get the refund from their banks within 30 days. The early settlement fee was set at 3 percent in June 2018. “Early settlement or partial settlement fee for…
ECONOMIC TIMES OF PAKISTAN Trade deficit narrows 35pc to 5.7 bn in q1 Pakistan’s trade deficit has narrowed nearly 35percent to $5.7 billion in the first quarter due to compression of imports but the government must now start worrying about exports that are not picking up despite an Rs80-billion hit on revenues and inflicting a huge cost to the economy. Trade figures that the Pakistan Bureau of Statistics (PBS) released on Friday showed that exports fell in September over the preceding month but marginally increased on an annual basis despite over one-third depreciation of the rupee against the US dollar.…
Signs of stability in Pakistan’s economy, but growth to remain very modest: ACCA’S global survey A global survey of senior accountancy experts on economic conditions shows that there are signs of stability in Pakistan’s economy, but due to tight monetary and IMF-imposed fiscal restraint, along with a slowing global economy, growth is still expected to be a very modest 3.5% or so this year. It also finds that global confidence in Q3 fell to its lowest level since 2011, although feedback from senior accountancy experts in Pakistan shows that the country is bucking this world-wide trend. The report Global Economic…
Kibor rate is the average interest rate at which term deposits are offered between prime banks in the Pakistani wholesale money market or interbank market. KIBOR as a benchmark, to encourage transparency and improve management of the market risk undertaken by banks. [ads1] KIBOR RATES IN PAKISTAN TENOR BID OFFER 1 – Week 13.11 13.61 2 – Week 13.16 13.66 1 – Month 13.20 13.70 3 – Month 13.37 13.62 6 – Month 13.39 13.64 9 – Month 13.30 13.80 1 – Year 13.09 13.59 2 – Year 12.00 12.50 3- Year 11.93 12.43
[box type=”info” align=”” class=”” width=””]Sean Doherty Head of International Trade and Investment System Initiave, Member of the Executive Committee, World Economic Forum Aditi Verghese Policy Analyst, Investment and Global Value Chains, World Economic Forum[/box] The benefits of digitalization are clear and welcome. Yet popular debate is growing worldwide on how best to tax and regulate digital businesses to optimize economic and societal outcomes. Because digital activities are so often borderless, actions taken in one country can spill over into others. These actions heavily influence the trade and investment decisions of many businesses, but all the more for those with geographically…
[box type=”info” align=”” class=”” width=””]Deirdre McKay, Keele University[/box] Plastic pollution and the climate crisis are two inseparable parts of the same problem, though they aren’t treated as such. Many countries have implemented plastic bag charges and plastic straw bans while action to phase out fossil fuels lags far behind, due in part to the inertia of the huge oil and gas companies that dominate the sector. An investigation by The Guardian recently found that just 20 of these firms are responsible for 35% of global greenhouse gas emissions since 1965. How will they adapt as fossil fuel demand wanes with…
[box type=”info” align=”” class=”” width=””]Alzbeta Klein Director and Global Head, Climate Business , International Finance Corporation (IFC)[/box] When Bertrand Piccard proposed circumnavigating the globe in a solar-powered plane, the world’s leading aviation experts told him it was a pipe dream. That’s when the former Swiss Air Force fighter pilot turned to a shipyard where engineers said they could build a fuel-free airplane as light as Piccard required. In 2016, Piccard and his aviator partner André Borschberg made history when their slender aircraft, the Solar Impulse, touched down in Abu Dhabi after completing the first round-the-world solar-powered flight. By inspiring shipyard…
[box type=”info” align=”” class=”” width=””]Will Sarni Founder and CEO, Water Foundry[/box] It is far too easy to view scarcity and poor quality of water as issues solely affecting emerging economies. While the images of women and children fetching water in Africa and a lack of access to water in India are deeply disturbing, this is not the complete picture. The city of Flint, Michigan, where dangerous levels of pollutants contaminated the municipal water supply, is a case in point – as is, more recently, the city of Newark, New Jersey. Water is not a developing-world problem. It’s an everyone, everywhere problem. And…
[box type=”info” align=”” class=”” width=””]David Reiner, Cambridge Judge Business School and Ilkka Hannula, University of Cambridge[/box] Electric cars are often seen as one of the great hopes for tackling climate change. With new models arriving in showrooms, major carmakers retooling for an electric future, and a small but growing number of consumers eager to convert from gas guzzlers, EVs appear to offer a way for us to decarbonise with little change to our way of life. Yet there is a danger that fixating on electric cars leaves a large blind spot. Electrification would be very expensive for the lumbering lorries…
[box type=”info” align=”” class=”” width=””]by Katharina Buchholz, Oct 7, 2019[/box] U.S. farmers are struggling to replace Chinese buyers of their products. As part of the trade war between the U.S. and China, the country announced in August that it would cease buying American farm products. In 2018, China had been the fourth-largest buyer of U.S. agricultural goods, accounting for exports worth almost $6 billion and purchasing around 60 percent of U.S. soybeans. In the nine months leading up to May, U.S. soybean exports to China had already fallen by 70 percent compared to the same period one year earlier. Replacement buyers are still not…
[box type=”info” align=”” class=”” width=””]by Katharina Buchholz, Oct 2, 2019[/box] Video games have come a long way from clunky 2D optics and shrill sound effects. This Thursday marks the 30th anniversary of the release of the first edition of the video game Prince of Persia, which embodied the low-tech characteristics of the early days of the genre like few others. But the games sector has not only evolved in terms of visuals and player experience. Gaming has found its way into mainstream culture. Its characters now grip the imagination of a large and increasingly mature audience – so much that Hollywood…