[box type=”info” align=”” class=”” width=””]by Sarah Feldman, Oct 7, 2019[/box] An estimated $630 billion worth of traded goods is caught in the crossfire of President Trump’s trade war. While the U.S. has enacted tariffs on $524 billion of goods, the countries and economic zones at the other end of the tax have pushed back with retaliatory taxes. As it stands now, China has pushed back the hardest against U.S. tariffs. With the newest round of trade talks stalled, the total number of tariffs the Chinese have placed on U.S. goods now numbers over $97 billion. In that same vein, U.S. tariffs targeting Chinese…
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[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Oct 2, 2019[/box] A study published by the UK’s Intellectual Property Office has explored gender profiles in worldwide patenting, finding that the overwhelming majority of patents are filed by men. Over the past decade, things have started to change, though progress is slow. Last year, female inventors were only associated with 13.07 percent of all global patent applications. In the United States and the United Kingdom, the proportion of female inventors in patent applications stood at 10.04 and 9.44 percent in the period between 1998 and 2017. Some countries do boast a far higher female share, however, particularly in…
[box type=”info” align=”” class=”” width=””]by Katharina Buchholz, Oct 7, 2019[/box] Munich was deemed the city with the highest risk of a housing bubble developing in a recent survey released by investment bank UBS. Other cities at risk include Amsterdam, Toronto, Vancouver and Frankfurt, placing two Canadian and two German cities in the top 7. Amsterdam recorded the strongest annual price increase of any city in the survey since it was first released in 2015. Real prices increased by close to 10 percent, accompanying a wave of speculative buying. Dubai was the city where conditions eased most noticeably after housing boomed between 2010 and…
Pakistan’s Government is focused on achieving an environment of inclusive economy where citizens and businesses can be more productive, and there’s a continuous feedback loop to manage their experiences At GITEX, Pakistan’s firms can learn from SAP on combining experience ‘X-Data’ with operational ‘O-Data’ to deliver breakthrough customer experiences SAP stand: Mercedes Benz Formula E Race Car, Early Prototype of Expo 2020 Dubai Platform for People of Determination, UPS and Fernhay Electric Quad-Cycles, Smart Hajj Pakistan’s government is focused on achieving an environment of inclusive economy where citizens and businesses can be more productive and there’s a continuous feedback loop…
IBA holds lecture on macroeconomic challenges and outlook The Institute of Business Administration (IBA), Karachi organized a distinguished lecture on “Pakistan’s Economy: Macroeconomic Challenges and Outlook,” by Governor State Bank of Pakistan, Dr. Reza Baqir, at the IBA Main Campus. The session was moderated by Executive Director IBA Karachi Dr. Farrukh Iqbal, who introduced Dr. Baqir to the audience. Attendees included members from the academia, corporate sector, media, the IBA faculty, students and alumni. Dr. Baqir divided his lecture in three parts: causes of the current macroeconomic challenges faced by the economy, actions taken by the economic team to address…
Volume crosses 106pc wow as stocks added 963 points Summary The government after managing the public expectation on Kashmir issue, finally came back in October to pursue its economic reform agenda which in fact is more important for the country. As such the first week of October saw brisk and positive activities on economic scene: NA passes bill to amend Foreign Exchange Regulation Act 1947; E-commerce policy approved by the Cabinet; Projects worth Rs.681 billion approved by National Economic Council; NAB won’t pursue tax evasion cases assured by Chairman NAB; National security intrinsically linked to economy, said Army Chief to…
Naomi Osaka is the mystery buyer of Nick Jonas’ lavish Beverly Hills mansion. Photo: E! News Published in Geo News on Oct 2nd, 2019, Hollywood’s acclaimed singer Nick Jonas had sold his lavish Beverly Hills mansion earlier but the lucky buyer’s name had been under wraps until recently. Variety reported that the extravagant mansion located in Los Angeles was bought by tennis champion Naomi Osaka who paid a whopping $6.9 million to get her hands on the property. The world number four, who was born in Japan and raised in Florida had acquired the property shortly after Jonas tied…
Directed by Todd Phillips, audiences will be left on the edge of their seat at the stunning Dubai venue as failed comedian Arthur Fleck, played by Joaqiun Phoenix, encounters violent thugs while wandering the streets of Gotham City dressed as a clown. Published in Arabian Business on Oct 1st, 2019, By Gavin Gibbon Starring Joaqiun Phoenix, Joker has been tipped to be one of the biggest movies of the year Directed by Todd Phillips, audiences will be left on the edge of their seat at the stunning Dubai venue as failed comedian Arthur Fleck, played by Joaqiun Phoenix, encounters…
Published in Ary News on Sep 30th, 2019, Reuters LOS ANGELES: Abominable towered over the box office this weekend as Universal and DreamWorks’ animated adventure debuted to $20.85 million in North America and $29.7 million worldwide. The PG movie benefited as one of the few offerings at multiplexes catering to family crowds and marked the best opening of the year for an original animated film. Jill Culton wrote and directed Abominable, becoming the first female to independently make an animated film for a major studio. Universal’s DreamWorks co-produced the movie with China’s Pearl Studios. With a softer $8.8 million start at the…
West Indies’ fast bowling great Micheal Holding says he would love to see teams visit Pakistan frequently. — CricBuzz/File Published in Dawn on Oct 3rd, 2019, Muhammad Asif Khan KARACHI: West Indies’ fast bowling great Micheal Holding, who has been in Pakistan for about a week, has said that he would love to see teams frequently visit Pakistan but the perception, of the country, needs to be changed. Talking to a group of journalists here, the fearsome paceman of his time acknowledged the hospitality and security arrangements in Karachi, adding that the ongoing tour of Sri Lankan limited-overs team…
Under Pemsel, the Guardian made its first operating profit in more than a decade [File: John Phillips/Getty Images] Published in AlJazeera on Oct 3rd, 2019, Shareholders voted unanimously to appoint David Pemsel as CEO of the Premier League. England’s Premier League has picked the chief executive officer of the liberal-leaning Guardian newspaper to lead the world’s richest soccer organization. Shareholders voted unanimously to appoint David Pemsel as CEO of the 20-club league, which has been without a permanent head since dealmaking veteran Richard Scudamore left last year after almost two decades in charge. It first picked Discovery Inc. executive…
Ben Stokes was voted Players’ Player of the Year at the Professional Cricketers’ Association awards. Photo: Twitter Published in Geo on Oct 3rd, 2019, England all-rounder Ben Stokes was voted Players’ Player of the Year at the Professional Cricketers’ Association awards on Wednesday. Stokes played a starring role in England’s first 50-over World Cup triumph, culminating in his dynamic man-of-the-match display in their dramatic final win against New Zealand in July. The 28-year-old then repeated his heroics with a superb match-winning 135 not out in the third Ashes Test against Australia. While Australia retained the Ashes, England finished the…
Competitors for the newly-minted KHK World Championship Belt will be chosen through open applications Published in Arabian Business on Oct 2nd, 2019, By Bernd Debusmann Jr Four-man event will be open to fighters from around the world and from various promotions Bahrain-based MMA organisation Brave Combat Federation (Brave CF) will award a 6.2kg gold belt and a cash prize of $100,000 for the winner of a one-night, four-man open-weight tournament it says will crown “the best fighter on the planet”. Competitors for the newly-minted KHK World Championship Belt will be chosen through open applications, with the only requirement being…
Pakistan’s Nida Dar in action. — Photo: AFP Published in Geo on Oct 2nd, 2019, Faizan Lakhani All-rounder Nida Dar on Wednesday became the first-ever Pakistani woman cricketer to be signed by a Big Bash League franchise. She will be in action for Sydney Thunders during this season’s Women Big Bash League (WBBL). Dar is one of the most successful all-rounders of the Pakistan Women team, with 88 wickets and 1,086 runs in 96 T0Is for Pakistan. She has also played 71 ODIs since her international debut in 2010. Dar, 32, confirmed that she has been signed by Sydney…
Demonstrators run as they take part in a protest over unemployment, corruption and poor public services, in Basra [Essam al-Sudani/Reuters] Published in AlJazeera on Oct 3rd, 2019, Protesters defy curfew to gather in Baghdad after at least 13 killed and hundreds injured in two days of demonstrations. An indefinite curfew has been imposed in the Iraqi capital, Baghdad, and southern cities after two days of anti-government protests descended into violence and left at least 13 people dead and hundreds more injured. On Thursday morning, riot police fired in the air to disperse hundreds of protesters angry at high unemployment…
Johnson is now racing to renegotiate the exit terms May agreed with Brussels, which were rejected by the British parliament three times. Published in Arabian Business on Oct 2nd, 2019, Boris Johnson is expected to speak to European Commission President Jean-Claude Juncker later on Wednesday to discuss the revised offer. Prime Minister Boris Johnson said he would submit “compromise” plans for a Brexit agreement to Brussels on Wednesday but again warned that Britain was prepared to leave the European Union later this month without a deal, despite fears it could herald an economic slump. In his closing speech to…
Published in CNN on Oct 3rd, 2019, Analysis by Sam Kiley, CNN (CNN)US President Donald Trump’s recent decisions to avoid military action against Iran in the face of tactical humiliation and strategic threats have been smart, subtle and ethically unimpeachable. They’re also a gamble. According to intelligence sources in the Middle East and the West, recent attacks on Saudi oil facilities were launched from Iranian soil. Iran has been blamed by the US, UK, France and Germany among others for being behind the cruise missile attacks; claims that the Houthi rebels in Yemen were responsible were dismissed as implausible. But the outright allegation…
Saudi insiders and Western diplomats say the family is unlikely to oppose MBS while the king remains alive [File: Sergio Moraes/Reuters] Published in AlJazeera on Oct 3rd, 2019, Some members of ruling family and business elite express frustration with Crown Prince Mohammed bin Salman’s leadership. Some members of Saudi Arabia’s ruling family and business elite have expressed frustration with the leadership of Crown Prince Mohammed bin Salman (MBS) following the largest-ever attack on the kingdom’s oil infrastructure last month. It has sparked concern among several prominent branches of the ruling Al Saud family, which numbers about 10,000, about the crown prince’s ability…
U.S. President Donald Trump addresses a joint news conference with Finland’s President Sauli Niinisto in the East Room of the White House in Washington, U.S., October 2, 2019. REUTERS/Leah Millis Published in Reuters on Oct 2nd, 2019, Jeff Mason, Patricia Zengerle WASHINGTON (Reuters) – President Donald Trump on Wednesday angrily denounced an impeachment inquiry into his July telephone call with Ukraine’s leader as Democratic lawmakers said they would subpoena White House records about the call. At a joint news conference with Finland’s president, a frustrated Trump blasted reporters who asked about the probe, which he called a hoax and a fraud,…
GULF STATES – ECONOMICS & FINANCE Khidmah wins 14 contracts across the UAE Khidmah has won 14 new contracts in Abu Dhabi, Dubai, Sharjah, and Ras Al Khaimah, following a highly competitive bid process. In Abu Dhabi, Khidmah won five contracts from the master-developer Aldar Properties in Al Saadiyat Island including the Provision of Hard and Soft FM Services for Mamsha Al Saadiyat, Jawaher, Cranleigh Abu Dhabi School Accommodation, Saadiyat Beach Retail and Marsa Al Bateen. Aldar Properties has also retained Khidmah for the provision of FM Services for a number of premium commercial properties including Aldar Headquarters, Al Mamoura,…
ECONOMIC TIMES OF PAKISTAN High tax burden leads to closure of industry Textile exporters have lamented that they have been burdened with several taxes including 17percent general sales tax (GST) due to which the textile industry of Faisalabad has mostly been shut down. During a meeting of the Senate Standing Committee on Textile, the exporters criticised business policies of the government and maintained that it had made the refund claim form extremely difficult so that no one could fill it properly. The committee met on Thursday with Senator Mirza Muhammad Afridi in the chair. During the meeting, Senator Shibli Faraz…
Pursukoon holds children’s educational and fun activities at governor house gardens Children of all ages and sizes could be seen thronging Governor House, Karachi all day, taking part in the many educational and fun activities designed for them by Pursukoon Karachi. The event was meant to provide opportunity to the children of Karachi from all cross sections of society to come together and celebrate the diversity of the city in a secure and beautiful environment. Various activities took place at the festival’s four pavilions, through the day. These included numerous theatre performances by well-known artistes at Tamasha Ghar pavilion; interactive…
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 13.20 13.70 2 – Week 13.25 13.75 1 – Month 13.31 13.81 3 – Month 13.59 13.84 6 – Month 13.65 13.90 9 – Month 13.63 14.13 1 – Year 13.55 14.05 2 – Year 12.67 13.17 3- Year 12.57 13.07
[box type=”info” align=”” class=”” width=””]Eva Pils, King’s College London and Marina Svensson, Lund University This article is part of a series on academic freedom where leading academics from around the world write on the state of free speech and inquiry in their region.[/box] Academic freedom is at the heart of successful universities. UNESCO defines it as the right “to freedom of teaching and discussion, freedom in carrying out research and disseminating and publishing results”. Academics have pointed out that it also means self-governance and security of academic jobs to ensure independence. Yet in the current climate, academic freedom is under…
[box type=”info” align=”” class=”” width=””]Rajesh Dhuddu Global Practice Leader for Blockchain, Tech Mahindra This article is part of the India Economic Summit[/box] Blockchain was first introduced in 2009 with the launch of its first application, Bitcoin. In its simplest form, blockchain is a decentralized digital system of record in which untrusted parties can share a digital history and reach consensus without an intermediary. It is comprised of a time-stamped series of immutable records of data that is managed by a cluster of computers that are not owned by any single entity. Each of these blocks of data is secured and bound…
[box type=”info” align=”” class=”” width=””]Miroslav Palanský, Charles University[/box] Tax havens have become a defining feature of the global financial system. Multinational companies can use various schemes to avoid paying taxes in countries where they make vast revenues. In new research, my colleague Petr Janský and I estimate that around US$420 billion in corporate profits is shifted out of 79 countries every year. This equates to about US$125 billion in lost tax revenue for these countries. As a result, their state services are either underfunded or must be funded by other, often lower-income taxpayers. It contributes to rising inequality both within…
[box type=”info” align=”” class=”” width=””]Katharine Rooney Senior Writer, Formative Content[/box] Let’s say you’re in the market for a wooden armchair. If you stop to think about how it has been made, you’d expect the wood to come from a big tree that’s been cut down, sawn up and fitted together. That’s not what happens on Gavin Munro’s furniture farm. Munro says force-growing a tree, cutting it down and making it into smaller bits that can come unstuck once they’ve been glued back together “seems like an absolute waste”. Full Grown’s idea is to grow the tree into the shape it…
[box type=”info” align=”” class=”” width=””]Christina Hicks, Lancaster University; Andrew Thorne-Lyman, Johns Hopkins University, and Philippa Cohen, James Cook University[/box] Globally, about two billion people suffer from “hidden hunger” – a chronic deficiency of vitamins and minerals. The health effects of this form of malnutrition can be severe, especially for children. They include increased risk of poor cognitive development, impaired growth and early death. Ironically, our latest research found that many coastal countries where hidden hunger is rife, have plenty of nutritious fish just off their coast. Yet these fish are not reaching those who need them the most. Fish are…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Sep 30, 2019[/box] The cost of EU membership has naturally been of particular focus in the UK over the last few years. While claims of large sums being freed up for the NHS were shown to be false, there is still a directly measurable net cost. As new figures from the Office for National Statistics show, the UK’s gross contribution in 2018 was £20 billion. That is before a £4.5 billion rebate is calculated in though, and as this infographic shows, the same amount is channelled back into the country via EU funded public sector credits – examples…
[box type=”info” align=”” class=”” width=””]by Katharina Buchholz, Sep 30, 2019[/box] The Australian Work and Travel Program, which enables young people from different countries to work temporarily in Australia, will be expanded in the coming years to include, among others, India, Brazil, Mexico and the Philippines. The Australian government citied the ongoing labor crunch in rural Australia for the move. Despite the number of working holiday-makers rising by 20 percent in 2018 alone, reaching 43,000 people, problems for businesses in rural Australia to fill positions persist. While the young workers can choose any field during their stay, work in rural areas and in the agricultural…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Sep 26, 2019[/box] The newly released Wealth-X report on the world’s ultra rich population reveals the countries home to the most individuals with a net worth of at least $30 million (UHNW). At the top of the list is the United States, where 81,340 ultra rich people resided last year. In second place, but still a significant stretch behind, is China with 24,965. The U.S. also dominates of course, when it comes to the total wealth of these individuals. In 2018 this amounted to $9.8 trillion, compared to China’s $3.8 trillion. When looking at it in terms of…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Sep 26, 2019[/box] According to the annual Mastercard Destination Cities Index, Bangkok was the world’s most visited tourist destination once again in 2018. The Thai capital attracted 22.8 million visitors last year, more than both Paris (19.1 million) and London (19.1 million). Despite coming fourth for visitors, Dubai significantly outpaced all other cities in spending. Crowds of tourists flock to Dubai every year, due to a host of attractions ranging from excellent museums to the the 2,717 ft tall Burj Khalifa, the world’s tallest man made structure. One of its biggest draws, however, is its burgeoning reputation…
Foreign sell-off led to bearish trend but flat recovery of 637 points witnessed on last day Summary The last week of September saw the KSE-100 Index decline by 40.29 to close at 32,070.81. It was notable as foreigners who were buyer worth $7.75m last week, turned seller of $8.77m this week. Besides, there were some concern on economic issues. Finance Committee of the National Assembly invited Governor State Bank of Pakistan on September 30 to explain to the committee about the linkages of monetary policy with fiscal policy and the rationale of keeping policy rate far too high from the…
Published in Samaa News on Sep 25th, 2019, Pakistani actor Ahmed Ali Akbar has bagged the Best Actor award at the Washington DC South Asian Film Festival for his performance in the critically acclaimed Laal Kabootar. He shared the news on Instagram on Wednesday. Karachi-based crime thriller Laal Kabootar was also selected as Pakistan’s official entry for the upcoming Academy Awards 2020. The Academy will choose the final nominees for all award categories in December. Directed by Kamal Khan, the film received rave reviews by the critics and was also praised by the masses when released in March this year. [ads1]…
Published in Gulf News on Sep 25th, 2019, Sadiya A Nadeem, Special to Gulf News Saudi-born filmmaker is the director of the country’s first horror film ‘Madayen’ Jeddah-based filmmaker Ayman Tamano is brimming with creativity and brings scripts to life using his imagination. “Filmmaking is an art, a technique that facilitates storytelling,” he tells Gulf News tabloid!. Tamano is the director of Saudi Arabia’s first horror film, the award-winning ‘Madayen’. He has also had the privilege to work with ace Hollywood directors Eddie Barbini, Billy Spargue Jr and Lia Carney, and prominent Emirati filmmaker Nayla Al Khaja. Tamano, a…
Some of Chinese film’s biggest movie stars and directors are expected to fly in for the glamourous red-carpet opening night of the event. Published in ArabianBusiness on Sep 25th, 2019, By Sam Bridge Hala China announces it will host the second China Film Week in Dubai from September 29 to October 5 Hala China, the joint initiative by Meraas and Dubai Holding, on Wednesday announced it will host the second China Film Week at Roxy Cinemas at City Walk and The Beach from September 29 to October 5. Some of Chinese film’s biggest movie stars and directors are expected to…
Marvel Studios president Kevin Feige. Photo: AFP Published in Geo News on Sep 26th, 2019, WASHINGTON: Marvel Studios’ boss Kevin Feige will develop a new Star Wars as part of the franchise’s next wave of projects, The Hollywood Reporter said Wednesday. Feige joins the Lucasfilm team as studio president Kathleen Kennedy prepares for the new chapter of films set in the Star Wars universe, the Reporter said. “We are excited about the projects Kathy and the Lucasfilm team are working on,” Alan Horn, the co-chairman and chief creative officer of Walt Disney Studios, which owns both Marvel and Lucasfilm, told the publication. “Kathy is pursuing…
KARACHI: Pitch is covered after rain at the National Stadium on Wednesday.—APP Published in Dawn on Sep 26th, 2019, KARACHI: Pakistan’s head coach-cum-chief selector Misbah-ul-Haq on Wednesday made a fervent appeal to the world cricketing community to do more for the country in its bid to stage full-time international matches on home soil while forewarning his charges not take the new look Sri Lanka side lightly in the upcoming limited-overs series. Addressing his maiden media conference at the National Stadium on Wednesday after Pakistan team’s practice session was cancelled following heavy rains for the second successive day in the…
Messi won the award for the sixth time while Rapinoe’s award was her first [Marco Bertorello/AFP] Published in AlJazeera on Sep 24th, 2019, Barcelona player holds off Ronaldo and van Dijk to win award for the sixth time. Argentinian Lionel Messi has bagged the Men’s Player of the Year award, while American Megan Rapinoe, who led the US women’s team to this year’s World Cup victory, has been named Women’s Player of the Year at the annual Best FIFA Football Awards on Monday. It was the sixth time Messi won the award, putting him one ahead of Cristiano Ronaldo, the Portuguese…
The Champions League trophy stands on display during the group stage draw ceremony. Photo: AFP Published in Geo News on Sep 25th, 2019, The 2021 UEFA Champions League final will be played in Saint Petersburg, European football´s governing body announced on Tuesday. The venues for the next three finals were revealed at UEFA´s Executive Committee meeting in the Slovenian capital Ljubljana, with Munich being awarded the 2022 showpiece and the 2023 final being given to Wembley. In awarding the venues for the next three years, UEFA have had to take into account not just the likely demand for match…
Twelve people from the Gaza club’s 35 members, just five of whom were players, were granted permits [Dylan Martinez/Reuters] Published in AlJazeera on Sep 26th, 2019, Israel refuses to let players from Gaza’s Khadamat Rafah club travel a few kilometres to play in the occupied West Bank. The Palestinian national football club championship has been called off after Israel denied travel permits to Gaza players who had hoped to face off with their opponents in the occupied West Bank. Israel on Wednesday refused to let players from Gaza’s Khadamat Rafah club travel a few kilometres through its territory to play Nablus’s FC Balata in the central…
The incident comes a week after the unit launched an inquiry into to an approach by suspected match fixers to players in this year’s Tamil Nadu Premier League. Published in Arabianbusiness on Sep 25th, 2019, India’s cricket board extended a match-fixing crackdown after arrest of Ashfaq Ali Thara, owner of a team in the Karnataka Premier League India’s cricket board has extended a match-fixing crackdown to regional leagues after the arrest of a team owner for making illegal bets with a Dubai-based bookie, officials said Wednesday. Ashfaq Ali Thara, owner of a team in the Karnataka Premier League -…
US President Donald Trump holds a press conference in New York on September 25 on the sidelines of the United Nations General Assembly. — AFP Published in Dawn News on Sep 26th, 2019, US President Donald Trump on Wednesday said he encouraged India and Pakistan to work out their differences in separate meetings with their prime ministers this week. “I said, ‘Fellas, work it out. Just work it out’,” Trump told a news conference after attending the United Nations General Assembly. “Those are two nuclear countries. They’ve gotta work it out,” he said. Tensions between India and Pakistan reached…
Published in AlJazeera on Sep 26th, 2019, France’s efforts to arrange a meeting between Trump and Rouhani falters after US tightens punishing sanctions on Tehran. Iran’s President Hassan Rouhani has rejected what would have been a historic meeting with US President Donald Trump, despite last-minute European efforts to ease tensions, blaming Washington for its rigid position on sanctions against Tehran. Addressing the United Nations General Assembly on Wednesday, Rouhani said there would be no talks so long as the United States maintained its economic pressure. “I would like to announce that our response to any negotiation under sanctions is negative,” Rouhani said hours after the US widened sanctions against Iran. Rouhani…
China’s first amphibious assault ship was launched in Shanghai on Wednesday. Published in CNN on Sep 26th, 2019, By Brad Lendon, CNN Hong Kong (CNN)China’s ability to fight island and coastal conflicts got a big boost Wednesday when the country’s navy launched its first amphibious assault ship. The massive ship, which was floated at a shipyard in Shanghai, is the first in China’s Type 075 class of amphibious assault ships, according to the People’s Liberation Army’s English language website. Analysts said the launch is yet another indication of the growing power of the Chinese fleet. “It highlights China’s growing maritime power projection and…
Amnesty analysed images of the missile attack and concluded the munition was American made [File: Mohamed al-Sayaghi/Reuters] Published in AlJazeera on Sep 26th, 2019, The ordnance, made by US company Raytheon, killed six people including three children in an air raid in June. The Saudi-led coalition in Yemen used precision-guided munition made by the United States in a June air raid that killed six people including children, a new report by Amnesty International says. The rights group analysed photographs of the remnants of the missile attack, concluding the munition that hit a residential building was a US-made 500-pound (230kg) GBU-12 Paveway II. The bomb, dropped…
Published in Dawn News on Sep 24th, 2019, A powerful 5.6-magnitude earthquake jolted several cities and northern parts of the country on Tuesday afternoon, leaving at least 23 people dead and over 300 others injured, officials said. At least 100 of those injured are in a critical state. The tremors lasted for 8-10 seconds and were felt strongly, DawnNewsTV reported. Prime Minister Imran Khan, who is currently in the US to attend the United Nations General Assembly, has expressed his grief over the loss of human life. Both he and Army Chief Gen Qamar Javed Bajwa have issued directives to civilian…
Ukraine’s President Volodymyr Zelenskiy listens during a bilateral meeting with U.S. President Donald Trump on the sidelines of the 74th session of the United Nations General Assembly (UNGA) in New York City, New York, U.S., September 25, 2019. REUTERS/Jonathan Ernst Published in Reuters on Sep 25th, 2019, Andy Sullivan, Patricia Zengerle WASHINGTON (Reuters) – President Donald Trump pressed Ukraine’s leader to investigate Democratic presidential front-runner Joe Biden, in coordination with the U.S. attorney general and Trump’s personal lawyer, according to a summary of a telephone call released by the Trump administration on Wednesday. The official account of the half-hour July…
GULF STATES – ECONOMICS & FINANCE UAE’s digital strength clicks The UAE jumped five places to 12th position in the IMD World Global Digital Competitiveness rankings, thanks to improvements in capital availability and supportive regulation for technology development, helping the nation maintain its top spot in the Arab world. Importantly, the UAE registered improvement in all key factors – knowledge, technology and future readiness. Almost all sub-factors saw an improvement as well, with the UAE proving several overall strength points landing first in international experience, immigration laws, wireless broadband, use of big data and analytics, agility of companies, public-private partnerships…
ECONOMIC TIMES OF PAKISTAN Businessmen asked to launch plastic bag substitutes Industrialists must come forward to introduce substitutes for plastic bags, which are environment-friendly and degradable, said State Minster for Climate Change Zartaj Gul. Addressing the business community at the Faisalabad Chamber of Commerce and Industry (FCCI), she said use of plastic bags would be banned in the near future and efforts were already afoot for systematic and planned tree plantations to overcome environmental pollution. “Pakistan is ranked the seventh most vulnerable country facing the threat from global warming,” she said. “I have talked to Punjab Chief Minister Usman Buzdar…
Uber partners with TCS: providing convenience and ease for riders Uber, the global ride-hailing giant, connecting riders to drivers, has partnered with TCS, Pakistan’s largest and most recognized courier, logistics and e-commerce solutions provider. The new partnership offers exclusive discounts for Uber riders to make commuting to and from TCS retail outlets even more safe and convenient. “The thought behind this initiative is to provide an easy and seamless travel experience to our riders,” said Omar Askari, Head of Business-Uber, “We are delighted to announce our partnership with TCS and are looking forward to making Uber more and more convenient…
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 13.20 13.70 2 – Week 13.25 13.75 1 – Month 13.31 13.81 3 – Month 13.59 13.84 6 – Month 13.65 13.90 9 – Month 13.63 14.13 1 – Year 13.55 14.05 2 – Year 12.67 13.17 3- Year 12.57 13.07
[box type=”info” align=”” class=”” width=””]Kamal A Munir, Cambridge Judge Business School and Hamza Mudassir, Cambridge Judge Business School[/box] Traditional banks are haunted by financial technology – fintech – firms. Challengers such as mobile-first banks Chime in the US, Monzo in the UK and Germany’s N26 have been around for a number of years now, but big global and regional banks are still struggling to deal with the competition. While fintechs experience a goldrush of investment – US$111 billion in 2018, up from US$51 billion in 2017 – banking CEOs find themselves under increasing pressure from shareholders alarmed at the slow…
[box type=”info” align=”” class=”” width=””]Halla Hrund Logadottir Co-Founder and Co-Director, Arctic Initiative, Harvard Kennedy School of Government Katie Segal Research Assistant, Arctic Initiative and Louis Bacon Environmental Leadership Student Fellow, Harvard Kennedy School of Government[/box] Stranded polar bears, mining disasters, oil spills. These are the common portrayals of environmental risk in the Arctic. But there’s a less-familiar threat to the pristine Arctic environment that demands our attention, too – the growing prevalence of marine litter, and specifically plastic pollution. Plastics have seemingly inundated every corner of the world. More than three-quarters of all the plastic ever produced is now estimated to be…
[box type=”info” align=”” class=”” width=””]Bernhard Reinsberg, University of Glasgow and Thomas Stubbs, Royal Holloway[/box] Corruption is one of the greatest obstacles to economic development. It deprives nations of income to invest into public services, with adverse implications for education, health, well-being, and prosperity. The Global Economic Forum estimates that corruption costs the public coffers US$2.6 trillion a year. Why is corruption so difficult to control? Scholars have long blamed factors intrinsic to corrupt countries. For example, countries with a wealth of natural resources – like diamonds and oil – are corrupt because political leaders are unaccountable to their citizens. They…
[box type=”info” align=”” class=”” width=””]William Dixon Head of Operations, Centre for Cybersecurity, World Economic Forum Jamil Farshchi Chief Information Security Officer, Equifax[/box] In March 2019, the CEO of a large energy firm sanctioned the urgent transfer of €220,000 to what he believed to be the account of a new Eastern European supplier after a call he believed to be with the CEO of his parent company. Within hours, the money had passed through a network of accounts in Latin America to suspected criminals who had used artificial intelligence (AI) to convincingly mimic the voice of the CEO. With one AI-enabled conversation,…
[box type=”info” align=”” class=”” width=””]Jane Burston Executive Director, Clean Air Fund Andreas Ahrens Head of Climate, Project Manager, Climate Positive Strategic Initiative, Sustainability Range & Supply, IKEA of Sweden AB This article is part of the Sustainable Development Impact Summit[/box] The announcements from the UN’s Climate Action Summit shared one distinct feature – each thematic focus included a private sector CEO that accepted the challenge to act on climate and air pollution. It was a clear message to the world leaders gathered at the General Assembly: in order to solve the global climate and air crisis businesses need to play a…
Bullish trend continues for third week of Sept; KSE-100 index up 2% wow Summary The bullish trend continued in the third week of September with 2% WoW improvement in the Index. During three weeks of September KSE-100 Index gained 8% WoW or adding 2439 to the index. The gone-by week signal some positive indicators for the economy. State Bank of Pakistan on Monday holds policy rate steady at 13.25 percent pointing to stable inflation. Monetary Policy Committee (MPC) forecasts inflation to come down in target range of 5-7 percent in next two years. During the week the KSE-100 Index gained…
Published in Geo News on Sep 18th, 2019, A German city revised its decision to award celebrated British-Pakistani author Kamila Shamsie the Nelly Sachs Prize over her support for the pro-Palestinian Boycott, Divestment and Sanctions (BDS) movement. The city of Dortmund had announced on September 6 to award its Nelly Sachs Prize — bestowed by the City Council and worth $16,500 — to Shamsie but revised its decision less than two weeks later after an eight-member jury held a meeting. In a statement, the jury said: “Despite prior research, the members of the jury were not aware that the author…
Published in Reuters on Sep 18th, 2019, LONDON (Reuters) – Jurassic Park dinosaur skulls, a Star Wars stormtrooper helmet and Monty Python’s holy hand grenade are among movie memorabilia going under the hammer in London this month at an auction organizers expect to exceed 6 million pounds ($7.5 million). Also on sale will be Jack Nicholson’s axe from “The Shining” and his purple “Batman” Joker costume. One of the key pieces is a stormtrooper helmet from the original 1977 “Star Wars” film, expected to fetch up to 180,000 pounds by specialist movie memorabilia retailer Prop Store. Despite the thin…
The mascot for the Beijing 2022 Winter Olympics, ‘Bing Dwen Dwen’, is a chubby giant panda wearing a suit of ice. — AFP Published in Dawn on Sep 18th, 2019, BEIJING: China has chosen its most iconic animal — the panda — to be the official mascot of the Beijing Olympics in 2022, the Winter Games organising committee announced on Tuesday. The mascot, named “Bing Dwen Dwen,” is a chubby giant panda wearing a suit of ice. The black and white bear has a “heart of gold and a love of all things winter sports,” tweeted the Beijing Organising…
Ian McKellen and Elijah Wood in a scene from the film The Lord of the Rings: The Fellowship of the Ring Published in BBC on Sep 18th, 2019, New Zealand is poised for another Middle-earth-tied economic boost after Amazon Studios picked the country as the location for its much-anticipated Lord of the Rings television series. The show is widely tipped to be the most expensive ever made, at a cost of at least $1bn (£801m). The Amazon unit wants to tap the huge success of the Lord of the Rings film trilogy, also shot in New Zealand. The franchise…
FILE PHOTO – Actors Johnny Galecki, Jim Parsons and Kaley Cuoco participate in the cement handprints ceremony for the cast of the television comedy “The Big Bang Theory” at the TCL Chinese Theatre IMAX in Hollywood, Los Angeles, California, U.S., May 1, 2019. REUTERS/Danny Moloshok Published in Reuters on Sep 17th, 2019, (Reuters) – HBO Max, the upcoming streaming service from AT&T Inc’s WarnerMedia, has secured exclusive five-year streaming rights in the United States to all 12 seasons of comedy hit “The Big Bang Theory”. Ranked as the No. 1 comedy on U.S. television for the past seven years,…
Qatar has imported hundreds of thousands of construction workers for the 2022 World Cup, with seven new stadiums being constructed specifically for the tournament Published in BBC on Sep 18th, 2019, Workers in Qatar continue to be mistreated despite promises to improve rights ahead of the 2022 World Cup, Amnesty International says. A new report from the human rights group says thousands of workers are going unpaid. It adds that a new commission set up to help improve workers’ rights is failing to protect them. Amnesty has urged Qatari authorities to “end the shameful reality of labour exploitation”. Qatar…
Sri Lanka optimistic about saving Pakistan tour Published in Ary News on Sep 18th, 2019, By AFP Sri Lanka’s cricket board remains hopeful of going ahead with its tour of Pakistan but will await the final all-clear from the defence ministry, an official said Wednesday. Sri Lanka Cricket Secretary Mohan de Silva said he was satisfied with the security arrangements of their hosts, but reports last week of a possible terror attack had been referred to the defence ministry for investigation. The Sri Lanka team was the target of an attack during a Test match in Pakistan’s Lahore in March…
FILE PHOTO: Mar 1, 2019; Newark, NJ, USA; Philadelphia Flyers right wing (11) Travis Konecny takes a shot on an unguarded net against the New Jersey Devils during the third period at Prudential Center. Mandatory Credit: Catalina Fragoso-USA TODAY Sports Published in Reuters on Sep 17th, 2019, Restricted free agent forward Travis Konecny and the Philadelphia Flyers agreed to terms on a six-year, $33 million deal, the club announced Monday. “I’m really excited about signing with the Flyers and being able to call Philadelphia home for the next six years,” the 22-year-old Konecny said. “I can’t wait to get…
COAS General Bajwa with Boxer Muhammad Waseem. Photo: ISPR Published in Geo News on Sep 18th, 2019, IANS Chief of Army Staff (COAS) General Qamar Javed Bajwa met Pakistani boxer Muhammad Waseem in Rawalpindi on Wednesday. COAS Gen Bajwa assured the boxer of full support for his boxing engagements. Waseem, 32, is Pakistan’s most prominent pugilist and had an unbeaten record until he copped his first defeat against South Africa’s Moruti Mthalane last year. The trajectory of Chaman-born’s career, however, has been bogged by financial issues. Last week, he knocked out a Filipino opponent in record time during a…
Pakistan Cricket Board office. Image Credit: Supplied Published in Gulf News on Sep 18th, 2019, IANS Special audit report on first two editions opens up a can of worms Lahore: Massive irregularities resulting in the loss of millions of rupees for Pakistan Cricket Board (PCB) have been found in the first two editions of the Pakistan Super League (PSL). In the special audit report on first two PSL editions, Auditor General of Pakistan has highlighted irregular payments to franchises, irregular advance payment to vendors, non-recovery of due from franchise, TA/DA to journalists and the members of Board of Governors,…
Prime Minister Imran Khan inaugurates the 24/7 Torkhan border crossing on Wednesday. — Photo courtesy PTI Twitter/File Published in Dawn on Sep 19th, 2019, Ismail Khan PESHAWAR: Pledging to present the “Kashmir case” at the United Nations General Assembly “like no one ever did before”, Prime Minister Imran Khan on Wednesday said there was no use talking to India unless it lifted curfew and restored the special status of held Kashmir. “To India’s misfortune, it has been taken over by extremist and racist Hindus. Only a person with an extremist mindset would do what they have done in Kashmir…
Published in Arabian Business on Sep 19th, 2019, By AFP US officials quoted by CBS said they were “caught completely off guard” Iran’s supreme leader Ayatollah Ali Khamenei approved last weekend’s attack on Saudi Arabia’s oil infrastructure, CBS News reported Wednesday, citing an unnamed US official. The report came after US Secretary of State Mike Pompeo, flying to the kingdom, called Saturday’s strikes which knocked out half of Saudi crude output an “act of war.” CBS, without giving specifics about the US official or how they obtained the information, said Khamenei approved the attack only on condition that it…
Colonel Turki al-Malik displays equipment he said was used to attack a Saudi Aramco oil facility [Hamad I Mohammed/Reuters Published in AlJazeera on Sep 19th, 2019, Defence ministry says no way attacks were launched from Yemen but Houthi rebels boast drones can easily fly 700km. Saudi Arabia said strikes on its oil infrastructure came from the “north” and were “unquestionably” sponsored by Iran, but the kingdom was still investigating where exactly they were launched from. Showing debris from the alleged weapons used at a press conference on Wednesday, a defence ministry spokesman said there was no way the attacks could have…
This picture taken on June 15, 2019 shows tanker ships in the waters of the Gulf of Oman off the coast of the eastern UAE emirate of Fujairah.Image Credit: AFP Published in Gulf News on Sep 19th, 2019, The US formed the coalition after attacks on oil tankers in the Gulf The United Arab Emirates will join a US-led coalition to to secure sea lines vital to oil shipping in the Middle East in the aftermath of a devastating attacks on Aramco’s oil facilities, according to a statement published by WAM on Thursday. The statement quoted Salem Mohammed Al Zaabi,…
Israeli Prime Minister Netanyahu gestures at the Likud party headquarters following the announcement of exit polls’ results in Tel Aviv on Wednesday [Ammar Awad/Reuters] Published in AlJazeera on Sep 18th, 2019, by Arwa Ibrahim Prime Minister Benjamin Netanyahu looks unlikely to win a 61-seat majority as coalition negotiations loom. Jerusalem – The leaders of Israel’s two main political parties are heading for a deadlock after a repeat election, with exit polls and unofficial results on Wednesday showing Prime Minister Benjamin Netanyahu may not be able to form a right-wing governing coalition. With more than 60 percent of votes counted, Netanyahu’s Likud party and the Blue and…
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 Sep 19th, 2019, Jeff Mason SAN DIEGO (Reuters) – President Donald Trump showed off a section of wall along the U.S. border with Mexico on Wednesday in a bid to illustrate his commitment to crack down on illegal border crossings as he raises money in California for his re-election campaign. The Republican president, who is on a three-day swing through the U.S. West that has included a rally in New Mexico and a…
GULF STATES – ECONOMICS & FINANCE Damac awarded ‘property developer of the year’ for 2019 Damac Properties has recently been awarded the ‘Property Developer of the Year UAE 2019’ at the International Business Magazine Awards (IBM Awards). The International Business Magazine Awards was designed and developed to recognise exceptional work globally and across industry sectors. The judging panel, comprised of experienced professionals and industry experts, have selected the winners after in-depth analysis and performance assessments. The year started strong for Damac with deliveries of 1,500 units in the first half, and over Dh480 million worth of contracts awarded. Along with…
INDIAN ECONOMY: OVERVIEW, GROWTH & DEVELOPMENT RBI governor Shaktikanta Das’ first reaction to corporate tax cut Reserve Bank of India Governor Shaktikanta Das gave his first reaction to the corporate tax rate cut at the India Conclave in Mumbai on Friday. “This is a bold and welcome decision… it will augur very well for our economy,” Das said at the event. Das was speaking at the India Conclave when Finance Minister Nirmala Sitharaman made the announcement in Goa ahead of the GST Council meet. The government has cut corporate tax from 30 percent to 22 percent. In his first reaction,…
ECONOMIC TIMES OF PAKISTAN Trade deficit contracts 36pc to $3.9bn in Jul-Aug fy20 Pakistan’s trade deficit shrank 36percent to $3.9 billion in first two months of the current fiscal year on the back of a one-fifth reduction in imports but exports marginally grew by 2.8percent despite a steep currency depreciation that added a heavy cost to the economy. The trade figures released finally by the Pakistan Bureau of Statistics (PBS) on Friday after a delay of 10 days showed that exports contracted both on a month-on-month and year-on-year basis in August despite over one-third devaluation of the rupee against the…
Gas supply situation in city normalized SSGC categorically dispels the impression created in the media that a low gas pressure situation has developed over the past several days that has severely impacted the supply of gas particularly to the industries in Karachi. The fact of the matter is that twice since the last five days, overall supply has been affected due to reduced supply from two gas fields, namely Kunar Pasakhi Deep and Naimat Basal fields, due to technical reasons. On the 14th of September, the Kunar Pasakhi field tripped, reducing its supply to SSGC from the normal 200 MMCFD…
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 13.18 13.68 2 – Week 13.22 13.72 1 – Month 13.30 13.80 3 – Month 13.60 13.85 6 – Month 13.66 13.91 9 – Month 13.63 14.13 1 – Year 13.50 14.00 2 – Year 12.66 13.16 3- Year 12.58 13.08
[box type=”info” align=”” class=”” width=””]Lorraine Martin, Queen’s University Belfast and James Reihill, Queen’s University Belfast[/box] The White House recently announced plans to ban flavoured e-cigarettes – except for tobacco-flavoured products – because of a rise in the number of middle and high school students using these products. A few days later, India’s cabinet approved an emergency order banning the production, import and sale of e-cigarettes. To date, over 20 countries, mostly in South America, the Middle East and South-East Asia, have banned the sale of e-cigarette products. Some countries have also banned possession of these products. Thailand has the strictest…
[box type=”info” align=”” class=”” width=””]Joel Moser Founder and CEO, Aquamarine Investment Partners This article is part of the Sustainable Development Impact Summit[/box] The public discourse about climate change and infrastructure often treats these two issues as separate. It’s time to start thinking about them as the same thing. Many of the solutions to the climate change crisis are about infrastructure choices, as infrastructure development can either advance our progress in addressing climate change or damage it. Climate change activists often lose traction when they seem to be calling for individual action – drive less, fly less, eat less meat – when…
[box type=”info” align=”” class=”” width=””]Marcello Trovati, Edge Hill University[/box] “Can machines think?”, asked the famous mathematician, code breaker and computer scientist Alan Turing almost 70 years ago. Today, some experts have no doubt that Artificial Intelligence (AI) will soon be able to develop the kind of general intelligence that humans have. But others argue that machines will never measure up. Although AI can already outperform humans on certain tasks – just like calculators – they can’t be taught human creativity. After all, our ingenuity, which is sometimes driven by passion and intuition rather than logic and evidence, has enabled us…
[box type=”info” align=”” class=”” width=””] Lisa Dreier Senior Program Fellow, Harvard Kennedy School Corporate Responsibility Initiative David Nabarro Director, 4SD Jane Nelson Director, Corporate Responsibility Initiative, Harvard Kennedy School of Government[/box] As world leaders and activists gather in New York this week to address the climate crisis and the faltering rate of progress toward the UN’s Sustainable Development Goals (SDGs), the calls for systemic change are getting ever louder. Systems change is an inspiring goal – but how can we achieve it? Transforming a complex system – such as the energy, health or food system – is a monumental task requiring coordinated…
[box type=”info” align=”” class=”” width=””]Radek Stefanski, University of St Andrews[/box] European governments often appear to champion low-carbon policies. Yet, in 2017, European Union countries collectively spent US$87 billion subsidising the cost of fossil fuels. Shockingly – at a time when the world needs to act to stop climate change – this is nearly 2.5 times more than they spent in 2010. This increase in wasteful and environmentally devastating spending has been driven by a significant shift towards dirtier economic and environmental policies in nearly every EU country. And the key offenders contributing to this change have – perhaps surprisingly –…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Sep 16, 2019[/box] After drone attacks on two major oil facilities in Saudi Arabia on Saturday, half of the country’s production capability has been knocked out. How much of an impact will this have on global oil supplies? As the latest data from BP shows, Saudi Arabia is the second-largest producer of oil in the world, accounting for 13 percent of all production in 2018. On top of that, the country is the largest exporter of crude oil. [ads1] You will find more infographics at Statista
[box type=”info” align=”” class=”” width=””]by Sarah Feldman, Sep 13, 2019[/box] Today, the most ambitious law to ban single-use plastics could pass in California. The two bills on the legislators’ table would plan to reduce 75 percent of plastic waste in the state within 10 years. Companies could only use plastics for packaging sold and distributed in-state that are fully recyclable or compostable by 2030 if the laws go through. Impacting both how manufactures and governments take on the issue of waste, the strikes at a central break in how global consumers think plastic waste should be dealt with. Half of the…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Sep 13, 2019[/box] The latest global university ranking has been released by Times Higher Education, putting the UK’s Oxford University at the top of the pile. Institutions are ranked based on five indicators: teaching, research, citations, international outlook and industry income. On this basis, the UK and United States completely dominate the top ten, and indeed the top 15, with only one other country represented – Switzerland with ETH Zurich in 13th place. [ads1] You will find more infographics at Statista
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Sep 13, 2019[/box] The U.S. Census Bureau has published a report into income and poverty levels across the United States, finding that median household income in 2018 was $63,179 while median earnings for all workers was $40,247. Poverty has now fallen for the fourth consecutive year, thanks to the healthy state of the economy and it has hit pre-recession lows. In 2018, the official U.S. poverty rate was 11.8 percent, a reduction of 0.5 percentage points from the 12.3 percent recorded a year previously. Poverty levels are now significantly lower than in 2007, just before the financial crisis and the…
[box type=”info” align=”” class=”” width=””]by Katharina Buchholz, Sep 11, 2019[/box] Apple unveiled its new generation iPhone yesterday. The three new models, iPhone 11, 11 Pro and 11 Pro Max will be available on September 20 and pre-orders can be placed starting Friday. Notable new features include the integration of a dual or triple photosensor and improved battery life: The iPhone 11 Pro is supposed to last four hours longer on its battery than the iPhone XS, according to the manufacturer. In the U.S, the iPhone 11 will be available starting at US$399 with a trade-in or US$30/month for a two-year contract. For ease of…