ISLAMABAD: Prime Minister Imran Khan addressing the party workers who gathered to welcome him on his return from the United States. Published in Dawn on July 25th, 2019, Azfar-ul-Ashfaque | Anwar Iqbal KARACHI / WASHINGTON: On the first anniversary of 2018 general elections, Prime Minister Imran Khan has vowed to carry out ruthless accountability of those found involved in loot and plunder. “We have to transform all institutions which had been destroyed by thieves who only want to loot Pakistan,” he said while speaking to charged party workers who thronged Islamabad International Airport in the wee hours of Thursday morning to…
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Trump speaks with Saudi Arabia’s Crown Prince Mohammed bin Salman during family photo session with other leaders and attendees at the G20 leaders summit in Osaka, Japan [File: Kevin Lamarque/Reuters] Published in AlJazeera on July 24th, 2019, The three resolutions of disapproval are not expected to get the two-thirds majority vote needed to override the vetoes. The United States Senate will vote within days on whether to override President Donald Trump’s vetoes of legislation to block the sale of precision-guided munitions to Saudi Arabia and the United Arab Emirates, Senate Majority Leader Mitch McConnell said on Wednesday. McConnell said the Senate would hold…
Britain’s new Prime Minister Boris Johnson gives a speech outside 10 Downing Street in London. (BEN STANSALL/AFP/Getty Images) Published in Arabian Business on July 24th, 2019, Speaking outside his Downing Street office, Boris Johnson promises to do a ‘new deal’ with Brussels Newly-installed British Prime Minister Boris Johnson on Wednesday promised to deliver Brexit on October 31, “no ifs or buts”, and prove wrong “the doubters, the doomsters, the gloomsters”. Speaking outside his new Downing Street office, Johnson — who spearheaded the “Leave” campaign in the 2016 Brexit referendum — promised to do a “new deal” with Brussels. After being…
Guatemalan men who were deported from the United States board a bus after arriving in Guatemala City on July 16. (Moises Castillo/AP) Published in The Washington Post on July 24th, 2019, By Maria Sacchetti and Spencer S. Hsu A federal judge in San Francisco temporarily blocked a new Trump administration policy Wednesday that sought to bar Central Americans and other migrants from requesting asylum at the southern border, saying the federal government’s frustrations with rising border crossings did not justify “shortcutting the law.” The policy aimed to curtail Central American migration across the southern border by requiring asylum seekers to apply…
Sudan’s ruling generals and pro-democracy factions have yet to sign the second and final part of the power-sharing deal [File: Umit Bektas/Reuters] Published in AlJazeera on July 24th, 2019, General Hashim Abdel Muttalib Ahmed and several officers arrested after coup attempt this month, state media reports. Sudan’s military said it has arrested a number of senior officers in connection with the coup attempt earlier this month, the state news agency said. The military council, that took over the country after overthrowing longtime leader Omar al-Bashir in April, said it arrested at least 16 active and retired military officers over an attempted…
GULF STATES| ECONOMICS & FINANCE UAE, Saudi non-oil sector key to reignite me growth The non-oil sector of the UAE and Saudi Arabia is expected to a play key role in generating economic growth and employment in the Middle East as the regional economies face a challenging 2019, the Institute for Chartered Accountants for England and Wales (ICAEW) said. The non-oil sector in the GCC to accelerate from an estimated 2.3 per cent last year to 2.6 per cent in 2019 as several proxy indicators of economic activity paint a positive picture, with the credit to the private sector trending…
INDIAN ECONOMY: OVERVIEW, GROWTH & DEVELOPMENT PMO ‘unaware’ of implications of sovereign debt is a specious argument As both the finance ministry and former finance secretary Subhash Chandra Garg stay mum on what led to his exit from the North Block, sources inform that the Prime Minister’s Office (PMO) had not been ‘properly’ briefed about consequences of the external borrowing in dollar-denominated bonds. Earlier this month, Finance Minister Nirmala Sitharaman had announced in her Budget speech that the government would borrow in foreign currency to finance the budget deficit. Three different officials confirmed that Garg did not ‘properly’ apprise PMO…
ECONOMIC TIMES OF PAKISTAN Pakistan lacks a consolidated system Pakistan lacks a consolidated system for recording and reporting its debt and there is also no mechanism to regulate public assets that results in discrepancies and non-reconciliation of hundreds of billions of rupees worth of funds. The final draft report of the Public Expenditure and Financial Accountability Assessment (PEFA) 2019 of the World Bank has pointed out glaring deficiencies in the management of government assets and liabilities. These findings are tantamount to charge-sheeting the Ministry of Finance. The report covers three fiscal years from 2015-16 to 2017-18 but the bureaucrats responsible…
PAKISTAN NEWS: IT industry revenues have reached $4.1 billion: On the directions of Federal Minister for Information Technology & Telecommunication, Federal Secretary Ministry of Information Technology and Telecommunication Mr. Shoaib Ahmad Siddiqui reviewed the performance of Pakistan Software Export Board (PSEB) on Wednesday to enhance software exports and expedite the completion of IT Parks in Pakistan. Managing Director (MD) and senior management of PSEB briefed the Secretary IT and Telecommunication about the achievements of PSEB during the financial year 2018-19. [divider style=”normal” top=”20″ bottom=”20″] PTA announces final price and terms for licenses: Pakistan Telecommunication Authority (PTA) has rejected mobile operators’…
Homage paid to founder editor of she magazine Zuhra Karim * Karachi Editors Club seeks Presidential Award for (late) Zuhra Karim Karachi Editors Club in a unanimously adopted a resolution demanding that country’s leading legend Zuhra Karim, who was founder Editor of SHE Magazine may be awarded with a Presidential Award. The demand was made at condolence reference held under the auspices of KEC at a local hotel, last Saturday. It may be recalled that Zuhra Karim had breathed her last after a brief illness. The resolution said that Zuhra Karim also held the rights of women’s and had been…
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 13.22 13.72 2 – Week 13.26 13.76 1 – Month 13.30 13.80 3 – Month 13.64 13.89 6 – Month 13.76 14.01 9 – Month 13.80 14.30 1 – Year 13.83 14.33 2 – Year 13.81 14.31 3- Year 13.81 14.31
[box type=”info” align=”” class=”” width=””]Jose Graziano da Silva Director-General, United Nations Food and Agriculture Organization Maria Helena Semedo Deputy Director-General for Climate and Natural Resources , United Nations Food and Agriculture Organization[/box] The threats to bee colonies around the world have been well publicized. Less well-known is that with many fruit and vegetables still reliant on pollination, what happens to bees, bats or birds has a direct effect on our shopping baskets. Without biodiversity, humanity cannot maintain the essential ecosystem services that enable food production. The damage cuts deep – and presages even worse. For some species, extinction rates are…
[box type=”info” align=”” class=”” width=””] Jefim Vogel, University of Leeds; Joel Millward-Hopkins, University of Leeds, andYannick Oswald, University of Leeds[/box] The world may finally be waking to the reality of the climate and ecological crisis, after 30 years of inaction. But while the UK government has declared a climate and ecological emergency, ongoing plans for airport expansions suggest we’re flying full-speed towards crisis rather than away from it. Globally, greenhouse gas emissions from aviation are rising rapidly, and set to further escalate. Passenger numbers are rising far too fast for efficiency improvements and alternative technologies, such as electric or biofuel-powered…
[box type=”info” align=”” class=”” width=””]Vinay Mendonca Managing Director; Global Head, Product and Structuring, Trade and Receivables Finance (GTRF), HSBC[/box] When it comes to the headlines on global trade, the talk is all about geopolitics and tariff, but away from all that noise, technology is driving a seismic shift in what, where and how the world trades. Disruption is nothing new. The container ship changed the rules of the game beginning in the 1950s. Rapid improvements in transport infrastructure over the second half of the twentieth century made the world a smaller place and removed longstanding barriers to trade. But never…
[box type=”info” align=”” class=”” width=””]Joelle Hangi Director, Refugee Artists and Authors, Kakuma Refugee Camp, Kenya Mariah Levin Head of Forum of Young Global Leaders, World Economic Forum[/box] Forced migration is the political hot potato of our time. With new global records of displaced people set every year, foreign aid falling and an expected surge of climate refugees on the horizon, we will all be affected by forced migration in the years to come. There are numerous policy and practical barriers preventing displaced people from contributing to the global economy, including lack of working papers in host countries and limited freedom of movement. Concerns over the impact…
[box type=”info” align=”” class=”” width=””]Gita Gopinath Chief Economist, International Monetary Fund (IMF) This article is published in collaboration with IMF Blog[/box] In our July update of the World Economic Outlook we are revising downward our projection for global growth to 3.2 percent in 2019 and 3.5 percent in 2020. While this is a modest revision of 0.1 percentage points for both years relative to our projections in April, it comes on top of previous significant downward revisions. The revision for 2019 reflects negative surprises for growth in emerging market and developing economies that offset positive surprises in some advanced economies. Growth is…
[box type=”info” align=”” class=”” width=””]by Sarah Feldman, Jul 18, 2019[/box] The world generates nearly two billion tons of municipal solid waste (MSW) each year, enough to fit into 822,000 Olympic sized swimming pools. MSW comes includes trash from companies, buildings, houses, yards, and small businesses. The United States overall produced the most municipal solid waste of any country in the World Bank’s database. Overall, the U.S. created nearly 258 million tons of MSW per year. Daily each person in the United States creates around 4.4 pounds of municipal waste. Iceland generated around 525,000 tons of municipal solid waste annually. In the aggregate, that…
[box type=”info” align=”” class=”” width=””]by Felix Richter, Jul 19, 2019[/box] Microsoft reported strong results for the fourth quarter of its fiscal year 2019, beating analyst expectations across the board. Revenue was up 12 percent to $33.7 billion and net income jumped 49 percent to $13.2 billion, as the company continues to capitalize on its very successful cloud business. Commercial cloud revenue reached $11.0 billion for the three months ending June 30, putting the poster child of Microsoft’s strategic transformation on an annualized revenue run rate of $44 billion. In Q1 2018, the commercial cloud segment had passed an annual revenue run rate of $20…
[box type=”info” align=”” class=”” width=””]by Katharina Buchholz, Jul 22, 2019[/box] Only seven nations (or political unions) have been to or orbited the moon so far as part of a successful or semi-successful mission – and the runner-up doesn’t even exist anymore. This is the tally of moon missions long after the first race for space that saw the U.S. and the USSR square off in the 1950s, 60s and 70s and at the recent beginning of the new era of moon missions that included the participation of new national actors. The U.S. tops the current list, with 30 completed successful missions to the…
[box type=”info” align=”” class=”” width=””]by Katharina Buchholz, Jul 22, 2019[/box] Undocumented immigrants travelling in family units have been crossing the Southern U.S. border in record numbers, as inferred to by arrest counts from Customs and Border Protection. In May 2019, more than 84,000 people were apprehended while trying to cross the border with their families, exceeding the number of other apprehended people by 36,000. The number of families arrested had already pushed total border apprehensions to an 11-year high in February. The number of immigrants apprehended with their family in fiscal year 2019 so far had by February also exceeded the record for most…
[box type=”info” align=”” class=”” width=””]by Sarah Feldman, Jul 22, 2019[/box] One thousand and twenty-three lawsuits dealing with climate change were filed in the U.S. court system between May 2018 and May 2019, according to the Grantham Institute. There were about 205 times less climate change cases in Germany, which saw only five climate cases over that same time frame. Out of all the global climate change litigation in the works, three-quarters of that legal legwork came from the U.S. The Grantham Institute reviewed 873 climate suits in the U.S. between 1990 and 2016. Even though the U.S. makes up a bulk of…
KSE-100 index ends week on a positive note, but market stability still to be seen Summary “Things are getting better” says Governor State Bank of Pakistan (SBP) last Thursday July 11 at an interactive dialogue with the President World Economic Forum, Borge Brende, arranged by Pathfinder group. This week on Monday SBP’s Third Quarterly Report says that despite stabilization phase led by demand management policies, vulnerabilities in the inflation, external and fiscal sectors persisted, which suggest that current stabilization agenda needs to be reinforced with deep-rooted structural reforms. The appointment of Ms. Shamshad Akhtar former governor of SBP as advisor…
Published in Ary News on July 15th, 2019, From Peter Parker’s run-in with a radioactive spider to Superman fleeing an exploding Krypton: comic book fans love a good origin story. So when 135,000 geeks and nerds invade San Diego next week for the 50th edition of Comic-Con — the world’s largest celebration of pop culture — the event’s humble beginnings will be a hot topic of discussion. The sprawling convention today draws Hollywood A-listers like Arnold Schwarzenegger, Patrick Stewart and the cast of “Game of Thrones” to its frantically hyped panels, where billion-dollar franchises are launched. But the first…
Published in Gulf News on July 17th, 2019, The bloodthirsty saga’s total eclipses all-time series record of 27 nods by NYPD Blue Los Angeles: HBO’s “Game of Thrones” slashed its way to a record-setting 32 Emmy nominations Tuesday for its eighth and final season, leading HBO back to dominance over Netflix, the streaming service that bumped it last year from atop the increasingly crowded television heap. The bloodthirsty saga’s total eclipsed the all-time series record of 27 nods earned by “NYPD Blue” in 1994. If “Game of Thrones” defends it best drama series title and claims a fourth trophy,…
Expectations are sky-high for the Lion King Published in Geo on July 16th, 2019, LOS ANGELES: Disney’s blockbuster 3D remakes of animated classics have rampaged through box offices in recent years, but the studio is banking on its latest — “The Lion King” — to climb right to the top of the food chain. With a star-studded voice cast including Beyonce and estimated $250 million budget, Hollywood’s reigning hitmaker has spared no expense bringing arguably its most beloved source material roaring to photo-realistic life. Expectations are sky-high for the film about young lion cub Simba avenging his father´s death…
The Netflix hit Stranger Things has just begun a third series Published in BBC on July 17th, 2019, Netflix added fewer paid subscribers than expected in the last three months, with the streaming service blaming price rises. Shares in the company sank 10% after Netflix added 2.7 million new customers worldwide in the April-June period, well below expectations. “Our missed forecast was across all regions, but slightly more so in regions with price increases,” it said. It comes as competition increases from rivals such as Walt Disney and Apple. The company, behind such hits at The Crown and Orange…
Published in Geo on July 16th, 2019, WELLINGTON: New Zealand coach Gary Stead has called for the Cricket World Cup’s rules to be overhauled, labelling the showpiece final “hollow” after England defeated the Black Caps on a technicality. The teams could not be separated at the end of both regular play and a Super Over shootout, so England were handed victory because they had a superior boundary count. “It’s a very, very hollow feeling that you can play 100 overs and score the same amount of runs and still lose the game, but that’s the technicalities of sport,” Stead…
The triumph earned Novak Djokovic his 16th Grand Slam trophy [Toby Melville [Reuters] Published in AlJazeera on July 14th, 2019, The Serb saved two championship points to retain his title in a tense and tight match that lasted nearly five hours. Novak Djokovic became the first man in 71 years to win Wimbledon after facing match points in the final, coming back to beat Roger Federer in an unprecedented fifth-set tiebreaker on Sunday. By barely emerging to win 7-6 (5), 1-6, 7-6 (4), 4-6, 13-12 (3) after nearly five tight, tense and terrific hours, Djokovic claimed his fifth championship at the All…
Published in Samma on July 15th, 2019, Lewis Hamilton made the most of a favourable safety car intervention on Sunday to claim a record sixth British Grand Prix victory at a packed Silverstone. The defending five-time world champion clocking fastest lap on his final lap to finish 25 seconds clear of Mercedes team-mate and nearest title rival Valtteri Bottas after an action-packed contest. The Briton moved 39 points clear of the Finn behind in the title race, but Bottas was unlucky with the timing of the safety car which effectively gave Hamilton a free pit stop. Charles Leclerc of Ferrari was third. Pierre…
England’s Eoin Morgan and team mates celebrate winning the world cup with the trophy. — Reuters Published in Dawn on July 14th, 2019, England made World Cup history on Sunday as they defeated New Zealand by boundary count in the nerve-wracking final at Lord’s which saw the two sides tied twice in the game. With the victory, England became first-time champions in the tournament. New Zealand skipper Kane Williamson was crowned Player of the Tournament and England batsman Ben Stokes awarded Player of the Match. The match took an unexpected turn at the very last ball when England reached…
It is Halep’s second grand slam triumph following her 2018 French Open [Carl Recine/Reuters] Published in AlJazeera on July 13th, 2019, Halep beats seven-time winner Williams in straight sets to win her second Grand Slam title. Simona Halep has made Wimbledon history by becoming the first Romanian to win the Grand Slam with a 6-2, 6-2 victory over seven-time champion Serena Williams. Williams’s loss on Saturday meant her wait for a record-equalling 24th Grand Slam singles title goes on as an inspired Halep took full advantage of an error-strewn display by the seven-time champion. The 27-year-old Halep broke Williams’s…
Published in BBC on July 18th, 2019, The UK will have to “face the consequences” if it opts to leave without a deal, the EU’s chief Brexit negotiator has said. Michel Barnier told BBC Panorama the thrice-rejected agreement negotiated by Theresa May was the “only way to leave the EU in an orderly manner”. He also insisted Mrs May and her ministers “never” told him during Brexit talks she might opt for no deal. Publicly, Mrs May has always insisted no deal is better than a bad deal. Meanwhile, the Office for Budget Responsibility has said the UK will fall…
The White House sought to downplay the effects of the decision on the US relationship with Turkey [File: Reuters] Published in AlJazeera on July 18th, 2019, The move comes after Ankara began accepting delivery of Russia’s S-400 air defence system last week. The United States said on Wednesday that it was removing Turkey from the F-35 fighter jet programme, a move that had been long threatened and expected after Ankara began accepting delivery of an advanced Russian missile defence system last week. The first parts of the S-400 air defence system were flown to the Murted military airbase northwest of Ankara on Friday,…
People walk on the International border bridge Paso del Norte to cross from Ciudad Juarez into El Paso, Texas, U.S. in this picture taken from Ciudad Juarez, Mexico July 17, 2019. REUTERS/Daniel Becerril Published in Reuters on July 17th, 2019, By Julia Love CIUDAD JUAREZ, Mexico (Reuters) – Fear over new U.S. curbs on almost all asylum seekers spread this week among migrants at its southern border, but some on waiting lists in Mexican cities found the gates to the United States stayed open, despite a much higher bar to stay. Migrants in Ciudad Juarez and other Mexican border…
Javad Zarif addresses a UN sustainable development forum in New York City on Wednesday [Richard Drew/AP] Published in AlJazeera on July 17th, 2019, Severe sanctions reimposed after US nuclear deal pullout aimed at making life unbearable for ordinary Iranians, FM says. US sanctions on Iran are “deliberately targeting innocent civilians” and amount to economic terrorism, its foreign minister said. Mohammad Javad Zarif made the comments on Wednesday at the United Nations in New York City. Earlier he said Iran needed ballistic missiles to protect itself from US-backed foreign invaders – an arsenal the United States argues must be curtailed. Tensions between Iran and the US…
Saudi Crown Prince Mohammed bin Salman shakes hands with President Trump during a photo session at the Group of 20 summit in Osaka, Japan, last month. (Kevin Lamarque/Reuters) Published in The Washington Post on July 17th, 2019, By Karoun Demirjian The House voted Wednesday to undo President Trump’s bid to sidestep Congress and complete several arms sales benefiting Saudi Arabia and the United Arab Emirates, sending three disapproval resolutions to the Oval Office, where they are expected to be vetoed. The Trump administration announced in May that it would invoke emergency authority to push through 22 deals worth more than…
GULF STATES| ECONOMICS & FINANCE Sheikh’s China visit to focus on oil, energy and tech The UAE has pledged to make the nation into a global hub of trade and investments and with preparations of Expo 2020 Dubai in full swing, investors are closely watching developments. The nation’s world-class infrastructure and ease of doing business facilitates are making the UAE the much-sought and preferred investment destination in the region. The UAE has already consolidated its ties with India and now the much-talked about China trip scheduled next week led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince…
INDIAN ECONOMY: OVERVIEW, GROWTH & DEVELOPMENT Garib Rath train restored on 2 routes The Railway Ministry on Friday rolled back its decision to replace services of Garib Rath in Kathgodam-Jammu and Kathgodam-Kanpur route by mail or express trains, and the services of the low-cost no-frills AC train will be resumed from August 4, officials said. It said due to temporary shortage of coaches on Northern Railway, two pairs of weekly trains of Garib Rath service were temporarily operated as express services. “Services of Train no. 12207/08 Garibrath Express between Kathgodam and Jammu Tawi and Train no. 12209/10 Garibrath Express between…
ECONOMIC TIMES OF PAKISTAN Promotion of foreign direct investment stressed The Islamabad Chamber of Commerce and Industry (ICCI) has expressed concern over 50percent fall in foreign direct investment (FDI) and asked the government to frame more conducive policies for attracting hefty investment in the country, which was essential to steer the economy out of trouble. According to the State Bank of Pakistan’s latest report, Pakistan has fetched FDI amounting to $1.74 billion in July-June FY19 compared to $3.47 billion in FY18, depicting a decline of 50percent, which should be a cause for concern for policymakers, said ICCI President Ahmed Hassan…
PAKISTAN NEWS: Huawei Wants to Set Up Regional Headquarters in Pakistan: Leading Chinese mobile phone company Huawei is keen to invest $100 million in Pakistan. Huwaei Group’s Vice President Mark Xueman said that Pakistan is a strategic market for the company. “The company will invest around $100 million in the country this year,” Xueman said during a meeting with Minister for Planning, Development, and Reform KhusroBakhtyar. [divider style=”normal” top=”20″ bottom=”20″] JBS & 1LINK Sign Contract for VMware Based SDDC: Jaffer Business Systems (JBS) and 1LINK have partnered to enhance the overall infrastructure of the banking sector with modern technology. JBS…
[box type=”shadow” align=”” class=”” width=””] Pakistan Cables wins the 16th Environmental Excellence Award July 9, 2019: Pakistan Cables won the 16th Environmental Excellence Award at the annual award ceremony organized by the National Forum of Environment and Health (NFEH) in Karachi. The 16th Annual Environment Excellence Awards recognize initiatives taken by organizations for the conserving the environment and health. Mr. Hasan Irfaan, Director Operations Supply Chain received the award on behalf of the company. “We are delighted to be recognized for our continued efforts to maintaining initiatives within and outside the company that promote conservation, health and safety for all…
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 13.21 13.71 2 – Week 13.25 13.75 1 – Month 13.31 13.81 3 – Month 13.61 13.86 6 – Month 13.73 13.98 9 – Month 13.74 14.24 1 – Year 13.79 14.29 2 – Year 13.72 14.22 3- Year 13.76 14.26
[box type=”info” align=”” class=”” width=””]William Dixon Head of Operations, Centre for Cybersecurity, World Economic Forum Rebekah Lewis Project Lead, Governance and Policy, Centre for Cybersecurity, World Economic Forum[/box] Cybersecurity is one of the most strategically important issues facing the world today. Cyber actors continue to pose significant challenges to global business; in the next five years assets worth more than $5 trillion are estimated to be at risk. Rapid digitalization and the key technology trends of the Fourth Industrial Revolution, the rollout of highly connected networks, artificial intelligence and smart cities have the potential to dramatically accelerate the pace and impact of cyberattacks. To…
[box type=”info” align=”” class=”” width=””]Khaled Kesseba, Sheffield Hallam University and Konstantinos Lagos, Sheffield Hallam University[/box] Discoveries of natural gas reserves in the Mediterranean Sea around Egypt, Cyprus, Israel and Greece are shaking up Europe’s energy politics. Traditionally, Russia has been Europe’s main supplier of gas, giving it significant influence over Europe. But this influence is under threat from various gas discoveries in the eastern Mediterranean and a tussle is taking place to control the region’s resources. Here are the key players: 1. Egypt Egypt was an importer of natural gas as recently as 2016. But a massive discovery of gas…
[box type=”info” align=”” class=”” width=””]Dan Salazar Director, Mastercard Carlos Monteverde Product Manager, Mastercard[/box] What good is a hammer without a nail – or, for that matter, without a piece of wood? A hammer can be a powerful tool, but alone, it’s just a hunk of metal. Digital payments are no different. Cards and digital wallets are tools; it’s the act of using these tools for making payments that gives them impact. In the past decade, the world has made tremendous progress in expanding access to digital financial services to those at the base of the pyramid, but this has not…
[box type=”info” align=”” class=”” width=””]Charlotte Edmond Formative Content[/box] Belching bovines are a primary culprit when it comes to greenhouse gas emissions. Farmed livestock are responsible for 14.5% of all emissions related to human activity, and cows make up by far the largest proportion of that. Although vegan diets are on the rise in countries like the UK and US, and meat alternatives are increasingly available, cattle farming is still widespread. Image: FAO So attention has turned to putting a cork in the volume of methane cows produce, by targeting their gut microbes. Researchers looked at more than 1,000 cows on farms throughout…
[box type=”info” align=”” class=”” width=””]Tom Baum, University of Strathclyde [/box] Few would deny the threat to our planet posed by climate change, or the role that humans have played in the degradation of the natural environment. These arguments have been highlighted by Greta Thunberg, the young Swedish activist whose single-minded determination forced the powers of Europe to pay attention. Her travels from Sweden by train highlighted one of the most high-profile causes of our emissions problem: air travel. In Sweden the notion of flygskam or “fly shame” is well-established among environmentalists who demonstrate increasing resistance to air travel as a…
[box type=”info” align=”” class=”” width=””]Marc Penzel Founder and COO, Startup Genome[/box] During the past decade, much of the discussion about start-up ecosystems has been centered on the question of which city or region will become “the next Silicon Valley”. Although there are several places with promising growth trajectories, we frankly think this view is short-sided. It implies there needs to be a new champion overshadowing the old one. In fact, there will be no “next Silicon Valley”. Instead, new research from Start-up Genome’s 2019 Global Start-up Ecosystem Report (GSER) points to there being 30 “next” hubs that will reach critical mass and…
Stocks plunge 518 points on rising economic, political concerns Summary The IMF Staff Level Report approved by the Fund Executive Board on July 3, 2019 and uploaded on website has some warning notes for the economic managers of the country to implement its program and take necessary step for successful completion which is a source of concern for the investors. Regarding FATF challenge potential blacklisting could result in freeze of capital inflow while government is required to evolve consensus in Senate for approval of needed legislations according to IMF. The political scenario developing in the country with No-trust resolution against…
China now has its first real-life Disney princess Published in BBC on July 11th, 2019, By Yvette Tan & Heather Chen There won’t be songs or talking dragons, and the film’s antagonist will be a Chinese sorceress, not an evil leader of the Hun army – but Mulan is making her return to the big screen. This week Disney released a teaser trailer for the live-action remake of its 1998 classic, a story based on a legendary female warrior who disguises herself as a man to fight in place of her ailing father in China’s imperial army. It joins…
Singer Taylor Swift performs at Amazon Music’s Prime Day concert at the Hammerstein Ballroom on Wednesday, July 10, 2019, in New York. (Photo by Evan Agostini/Invision/AP) – Image Credit: Evan Agostini/Invision/AP Published in Gulf News on July 11th, 2019, The list also saw soccer stars Lionel Messi, Cristiano Ronaldo and Neymar among top 10 Singer Taylor Swift was named the world’s highest-paid entertainer on Wednesday but was closely followed by two members of the wider Kardashian clan — reality star turned cosmetics queen Kylie Jenner and rapper Kanye West. The annual Forbes Celebrity 100 list also saw soccer stars…
‘Stranger Things’ had been watched by 40.7 million accounts since its release on Thursday on Netflix. Photo: Netflix Published in Geo on July 10th, 2019, Retro sci-fi series Stranger Things has broken Netflix viewing records with the global launch of its third season, the streaming giant said in a rare tweet publishing viewing data. The nostalgic 1980s show about a gang of suburban adolescents battling supernatural monsters had been watched by 40.7 million accounts since Thursday, it said. That figure for season three was “more than any other film or series in its first four days,” the company said late Monday.…
Ehsan Mani has said his innings as Pakistan Cricket Board chairman actually starts now as a number of significant decisions will be taken within a few weeks time. — AP/File Published in Dawn on July 11th, 2019, By Mohammad Yaqoob LAHORE: Ehsan Mani on Wednesday said his innings as Pakistan Cricket Board chairman actually starts now as a number of significant decisions will be taken within a few weeks time in the backdrop of national team’s below-par performance in the ICC World Cup. “My innings as PCB chairman, in real terms, is going to start now as [some] important decisions regarding…
New Zealand captain Kane Williamson and India’s captain Virat Kohli at the end of play Published in BBC on July 11th, 2019, By Suresh Menon The population of New Zealand is around five million, less than half that of Bangalore, my home city in southern India. Even if you include all the sheep in New Zealand – seven to a person – it is still below that of many Indian states. Rugby, not cricket is the top sport, attracting the money, the talent, and much of the attention. India, in contrast, with a population of 1.3 billion, rule the…
NEW YORK: Megan Rapinoe holds the Women’s World Cup trophy as the US team celebrates with a parade along the Canyon of Heroes on Wednesday.—AP Published in Dawn on July 11th, 2019, NEW YORK: Amid chants of “equal pay”, “USA” and streams of confetti, the World Cup-winning US women’s football team was feted by tens of thousands of adoring fans with a ticker-tape parade in New York on Wednesday. The squad’s 2-0 win over Netherlands in the final match on Sunday capped a World Cup campaign that attracted vast television audiences, reflecting the popularity of a US team that…
Pakistan´s Babar Azam plays a shot during the 2019 Cricket World Cup group stage match between Pakistan and Bangladesh at Lord´s Cricket Ground in London on July 5, 2019. Photo: AFP Published in Geo on July 9th, 2019, Pakistan’s Babar Azam jumped up to the third place in the ICC ODI rankings after a brilliant tournament World Cup scoring 474 runs including three fifties and one century. Opener Imam-ul-Haq who scored a ton against Bangladesh jumped to the 11th position on the ICC rankings. Left-handed batsman Haris Sohail who started off the tournament on 56, moved to number 36…
Brazil players celebrate winning the Copa America trophy for the ninth time [Sergio Moraes/Reuters] Published in AlJazeera on July 7th, 2019, Brazil clinch their ninth Copa America football trophy after a gap of 12 years. Brazil have defeated Peru 3-1 to win their first Copa America title since 2007. Everton led the team to victory on Sunday, scoring a goal and setting up another to give Brazil their ninth Copa América trophy, and fifth at home. Gabriel Jesus and Richarlison also scored a goal each for Brazil, who have won the title every time they hosted the tournament. Everton was…
An Immigration and Customs Enforcement agent as deportations were being carried out in November in Houston.CreditCreditDavid J. Phillip/Associated Press Published in The New York Times on July 11th, 2019, By Caitlin Dickerson and Zolan Kanno-Youngs Nationwide raids to arrest thousands of members of undocumented families have been scheduled to begin Sunday, according to two current and one former homeland security officials, moving forward with a rapidly changing operation, the final details of which remain in flux. The operation, backed by President Trump, had been postponed, partly because of resistance among officials at his own immigration agency. The raids, which will be conducted by…
Two oil tankers near the strategic Strait of Hormuz were reportedly attacked on June 13 [File: ISNAAP Photo] Published in AlJazeera on July 10th, 2019, UK confirms Iranian vessels tried to block British tanker in Hormuz Strait but withdrew after ‘verbal warnings’. Three Iranian vessels unsuccessfully tried to impede the passage of a British commercial vessel through the Strait of Hormuz, the United Kingdom says. The British government said in a statement on Thursday that the Iranian vessels only turned away after receiving “verbal warnings” from a UK navy vessel accompanying the commercial vessel British Heritage. “We are concerned by this…
Seumas Milne and Jennie Formby have been accused of interfering in the disciplinary process Published in BBC on July 11th, 2019, Senior Labour figures have expressed anger and alarm over claims some of Jeremy Corbyn’s closest allies tried to interfere in disciplinary processes involving allegations of anti-Semitism. Deputy leader Tom Watson and London Mayor Sadiq Khan were among those who spoke out following accusations made in Wednesday’s BBC Panorama documentary. Mr Watson said he was “shocked” and “appalled” by the claims. Labour has insisted the programme was inaccurate and denied any interference. ‘Harrowing’ testimony Labour’s disputes team is supposed to…
Published in Arabian Business on July 9th, 2019, By Gavin Gibbon Newly appointed ambassador looking forward to ‘strengthening and solidifying’ Saudi-US partnership Saudi Arabia’s new ambassador to the United States, Princess Reema bint Bandar, has met with US President Donald Trump. Princess Reema presented a copy of her credentials to Trump at a meeting in the White House. She later tweeted: “Presented credentials today at the White House. Conveyed the well wishes of Kingdom’s Leadership. Looking forward to working on strengthening and solidifying the historic Saudi-US partnership.” Princess Reema is the 11th Ambassador of Saudi Arabia to the United…
A general view shows the Israeli settlement of Beitar Illit in the Israeli-occupied West Bank [File: Ronen Zvulun/Reuters] Published in AlJazeera on July 10th, 2019, by James Reinl A UN investigator says the world should consider cutting ties with Israel in support of Palestinian quest for statehood. United Nations – A United Nations investigator is drafting a series of steps the international community can take to deter Israel from building more settlements in the occupied West Bank and any efforts to formally annex the Palestinian territory. Michael Lynk, an independent UN researcher, said the European Union (EU) and some world powers should consider cutting economic, political and…
GULF STATES: ECONOMICS & FINANCE UAE startup finalist in ‘Billion Ruble Pitch’ at GMIS A UAE startup company is among the 15 finalists that pitched ideas to international investors with the aim of securing up to one billion rubles in investment at the Global Manufacturing and Industrialisation Summit (GMIS), which was inaugurated by Russian President Vladimir Putin on Tuesday in Yekaterinburg, Russia. The Concept, a UAE company, was shortlisted from one hundred startups that were invited to participate in the “Billion Ruble Pitch” session aimed to create a platform for accelerated growth, investment attraction and scaling industrial development projects to…
INDIAN ECONOMY: OVERVIEW, GROWTH & DEVELOPMENT High food prices push retail inflation to 8-month high The retail inflation continued to climb during the month of June 2019, reaching an eight-month high of 3.18 per cent. The retail inflation figures during the year-ago period in June 2018 were 4.92 per cent, and 3.05 per cent during May 2019.The retail inflation, calculated on the basis of Consumer Price Index (CPI), has been on the rise since January this year. The CPI data released by the Central Statistics Office (CSO) shows that the food inflation was 2.17 per cent in June 2019, up…
ECONOMIC TIMES OF PAKISTAN SBP reserves drop 2.6pc to $7.1bn The foreign exchange reserves held by the central bank fell 2.6percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. The central bank received the first tranche from IMF of $991.4 million on July 9, after which the SBP’s reserves increased to $8,035.5 million. Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from UAE and Saudi Arabia helped shore up the foreign exchange reserves. On…
PAKISTAN NEWS: Windows 10 Preview Gets Password-Free Logins for All Accounts: In the latest update for Windows 10 Insiders, Microsoft is taking its disdain for passwords to a new level. Microsoft has just released a Windows 10 Preview for Fast ring Insiders that gives you the option to make all accounts on a particular device ‘passwordless’ when logging in. Enabling passwordless sign-in will switch all Microsoft accounts on your Windows 10 devices to Windows Hello face recognition, fingerprint detection, a PIN code or a physical security key. [divider style=”normal” top=”20″ bottom=”20″] Govt Mulling Another Reduction in Taxes on Mobile Phones:…
Standard Chartered Pakistan launches ’sustainability review 2018’ Standard Chartered Pakistan launches its annual Sustainability Review, setting out how it has delivered on its strategy to provide a strong return for shareholders, while creating social and economic value in the communities where it operates. As the largest international bank in the country, Standard Chartered is now truly a part of the social fabric of this country. Through the Bank’s sustainability strategy we seek to strengthen relationships between the business, community, government and clients. Giving back to the community remains an important part of Standard Chartered’s sustainability agenda. In Pakistan, the Bank’s…
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 12.23 12.73 2 – Week 12.29 12.79 1 – Month 12.36 12.86 3 – Month 12.77 13.02 6 – Month 12.90 13.15 9 – Month 13.01 13.51 1 – Year 13.15 13.65 2 – Year 13.58 14.08 3- Year 13.67 14.17
[box type=”info” align=”” class=”” width=””]Hitesh Tewari, Trinity College Dublin[/box] The internet is unique in that it has no central control, administration or authority. It has given everyone with access to it a platform to express their views and exchange ideas with others instantaneously. But in recent years, internet services such as search engines and social media platforms have increasingly been provided by a small number of very large tech firms. On the face of it, companies such as Google and Facebook claim to provide a free service to all their users. But in practice, they harvest huge amounts of personal…
[box type=”info” align=”” class=”” width=””]Julius Probst, Lund University[/box] More than ten years on from the global financial crisis and economies around the world are still struggling to fully recover. The latest data is not promising. International institutions such as the OECD, IMF and World Bank have all recently downgraded their growth forecasts for the current and upcoming year. Compared to just a year ago, all major economies are now expected to grow significantly slower than what was previously expected. For the US, the phasing out of Donald Trump’s tax cuts will negatively affect the economy. And the global trade war…
[box type=”info” align=”” class=”” width=””]Duncan McLaren, Lancaster University[/box] Planting almost a billion hectares of trees worldwide is the “biggest and cheapest tool” for tackling climate change, according to a new study. The researchers claimed that reforestation could remove 205 gigatonnes of carbon from the atmosphere – equivalent to about 20 years’ worth of the world’s current emissions. This has criticised as an exaggeration. It could actually be dangerous. While the paper itself included no costings, the researchers suggested a best-case estimate of just US$300 billion to plant trees on 0.9 billion hectares. That’s just 40 US cents per tonne of…
[box type=”info” align=”” class=”” width=””]Chang Zhang, University of Warwick and Nora von Ingersleben-Seip, Technical University of Munich[/box] The United States and China have reached a truce in their escalating trade war. Following a meeting between US president, Donald Trump and his Chinese counterpart, Xi Jinping at the G20, the two leaders agreed to renew talks. Tariffs, which began to be introduced by both sides on an array of imports in 2018, will not be raised further. But a number of tariffs remain and trade relations are still far from normal between the world’s two largest economies. This may not be…
[box type=”info” align=”” class=”” width=””]Silvia Montoya Director, UNESCO Institute for Statistics Manos Antoninis Director, Global Education Monitoring report, UNESCO[/box] The generation that should finish secondary school by 2030 is now entering classrooms. But based on current trends, one in six children will still be out of school in 2030 and only six out of 10 young people will be completing secondary education. As leaders meet this week at the High-Level Political Forum (HLPF) – the United Nations’ official platform for reviewing the 2030 Agenda for Sustainable Development – they will be assessing progress on education for the first time since…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Jul 2, 2019[/box] On Sunday night, working conditions at Amazon’s fulfillment centers came under the spotlight on HBO series “Last Week Tonight”. For 20 minutes, host John Oliver delivered a blistering critique on the warehouse network which is pushing its employees to the limit, both physically and psychologically. Given the questions about conditions in the distribution centers, how many actually are there? According to a list maintained by MWPVL International, Amazon has at least 21 million square meters of logistics space worldwide. The U.S. has the most by far with 466 locations, both current and planned. India comes…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Jul 2, 2019[/box] For people aiming to “buy American” for Independence Day this year, it might prove difficult to obtain U.S.-manufactured fireworks. Most of the bottle rockets, roman candles and other fireworks on sale across the country trace their origin to China. Last year, China accounted for 90 percent of total U.S. fireworks imports, amounting to approximately $325 million, according to website World City. Given that there are almost 14,000 fireworks displays every 4th of July, the fireworks industry is big business. Interestingly, one man drives fireworks trade across the Pacific and his name is Ding Yan Zhong,…
[box type=”info” align=”” class=”” width=””]by Niall McCarthy, Jul 5, 2019[/box] A recent analysis by Moody’s Analytics focused on the economic impact of climate change. The research looked at four different scenarious, entailing temperature increases of 1, 1.9, 2.4 and 4.1°C up to 2100. For example, global economic damage is expected to $54 trillion in 2100 under a 1.5°C warming scenario while 2°C would entail a cost of $69 trillion. There would be winners and losers in the most dire scenario, a 4°C temperature increase. If that came to pass, it is estimated that India would suffer the biggest blow to its GDP by 2048…
[box type=”info” align=”” class=”” width=””]by Martin Armstrong, Jul 5, 2019[/box] 25 years ago, the computer scientist Jeff Bezos founded Amazon as an online bookstore. The first package was shipped in July 1995, and in October of the same year amazon.com officially went online. Since then, a lot has happened, as can be seen from a look at the company’s international logistics structure. In addition, the company has long since ceased to be a pure e-commerce shop. Prime Video and Amazon Music are probably the best-known services. But Bezos now also earns money in the B2B sector. Amazon Web Services cloud offering is probably the…
Fauji Fertilizer Company (FFC) is one of the leading public listed fertilizer manufacturing & marketing companies of the country, with more than 4 million tonnes sales volume and widespread dealers’ network across the country. FFC was incorporated in 1978 as a joint venture between Fauji Foundation, a charitable trust in Pakistan and Haldor Topsoe of Denmark to set up urea production facility. FFC manufactures & markets its own Sona Urea (Prilled) around 2.5 million tonnes/annum and associated company FFBL products Sona Urea (Granular) & Sona DAP. In order to promote balanced fertilizer use and contribute in national food security, FFC…
Stocks flourish on IMF loan approval but fail to sustain on gloomy political outlook Summary During the week International Monetary Fund’s loan was approved by the IMF board on July 3, 2019. And due to the program Pakistan will receive $6 billion in 39-month period under Extended Fund Facility to support the government’s economic reform program. While assets worth Rs 3 trillion have been declared by 137,000 people this week under the Asset Declaration Scheme 2019 with tax payment of Rs.70 billion but most of the declarants were new. On the political front, PML-N leader Rana Sanaullah Khan was held…
Published in MSN on July 3rd, 2019, By Brian Welk “Spider-Man: Far From Home” kicked off the 4th of July holiday with a bang, earning $39.25 million at the domestic box office in its first day on Tuesday, which Sony says makes it the largest opening on a Tuesday ever, and it also gives it the record for the highest single day gross on a Tuesday. The latest entry in the Marvel Cinematic Universe is projected by the studio to earn $125 million over the six-day holiday weekend, with trackers saying it could swing as high as $150 million,…
‘Little Mermaid’ live-action film casts Halle Bailey as Ariel. Photo: Entertainment Tonight Published in Geo on July 4th, 2019, LOS ANGELES: R&B singer Halle Bailey is to play Ariel in a live-action version of Little Mermaid, she said Wednesday, in a rare casting of a black actress as a Disney princess. Bailey, 19, who rose to fame under the wing of pop queen Beyonce, said it was a “dream come true” to play the lead role. She tweeted a cartoon image of the princess in which the traditionally red-headed Ariel has dark skin, brown eyes and black hair. Director Rob…
Russell Crowe starred in the 2000 Ridley Scott movie, Gladiator Published in BBC on July 3rd, 2019, Netflix has announced it’s taking a long-term lease on Shepperton Film Studios near London. Its plan is to create a dedicated UK production hub, including 14 sound stages, workshops and office space at the site owned by the Pinewood Group. Major films including Gladiator, 2001: A Space Odyssey, and Mamma Mia!: Here We Go Again have used the facilities. Filming on Netflix’s action film The Old Guard, starring Charlize Theron, is already underway at the studio. The deal, believed to be in…
Actress Zoha Rahman on the set of ‘Spider-Man: Far From Home.’ Photo: Forbes Published in Geo on July 2nd, 2019, Muslim representation is finally making its way to the Marvel Cinematic Universe (MCU) as the first hijab-clad character is officially getting introduced in Spider-Man: Far from Home. In the upcoming sequel to Spider-Man: Homecoming, Zoha Rahman plays Peter Parker aka Spider-Man’s classmate joining him on a field trip across Europe. However, since the student in the first film was just an extra, Rahman is now officially the first hijab-wearing character in the MCU. Zoha Rahman poseing with some friends. Photo: Forbes In an interview with Forbes,…
Published in Ary Sports on July 3rd, 2019, Prime Minister Imran Khan who is Patron in Chief of the Pakistan Cricket Board (PCB) has approved the new domestic cricket structure on Wednesday. According to the sources, the country’s new cricket structure is purely region-based where total six regional teams will be part of the new domestic setup. Two teams from Punjab and one each from Sindh, Khyber Pakhtunkhwa, Gilgit-Baltistan/Azad Kashmir and Balochistan will play the first-class cricket. [ads1] Moreover, cricket at grass root level will also be strengthen following the footsteps of new domestic structure. Earlier, PM Khan rejected the board’s proposed domestic cricket model as PCB had…
Published in Geo on July 3rd, 2019, DOHA: Pakistan defeated India 3-1 to lift the IBSF Snooker World Team Cup 2019 title in Qatar on Tuesday. The pair of Asjad Iqbal and Muhammad Bilal outclassed Team India’s Pankaj Advani and Laxman Rawat 3-1 in the final. The Indian team was outplayed by Pakistan who won the first two frames. The Indian team, however, bounced back to win the third frame before Pakistan made a comeback to take the crown home. [ads1] Earlier, Pakistan beat hosts Qatar 3-1 while India defeated Ireland 3-2 in their semi-final clash. Last week,…
Published in Ary Sports on July 3rd, 2019, Police have launched an investigation after “unprecedented” crowd trouble at the World Cup match between Pakistan and Afghanistan at Headingley, during which a number of arrests were made. West Yorkshire Police said they received reports of people climbing over a wall, assaulting staff on a gate and a fan going on to the pitch at Saturday’s game in Leeds. Videos shared on social media show a fight between fans outside the ground, with a metal barrier being brandished and kicks, punches and shouting. Police said mobile phone footage showed people being…
Joao Felix. Image Credit: Reuters Published in Gulf News on July 4th, 2019, Fee makes teenager one of the five most expensive players in history Madrid: Atletico Madrid on Wednesday signed 19-year-old Portuguese striker Joao Felix from Benfica for 126 million euros (Dh462.7 million), the clubs announced. The fee is a record for a Portuguese club and for Atletico Madrid and makes the teenager one of the five most expensive players in history. Atletico tweeted a video of the player in the Prado gallery in Madrid contemplating paintings by old masters, with the phrase, “enormous talent”, before he turned…
Roberto Firmino (left) and Gabriel Jesus celebrate their goals that sent Brazil into the Copa America final at arch rivals Argentina’s expense. Photo: AFP Published in Geo on July 3rd, 2019, BELO HORIZONTE: Brazil advanced to the Copa America final with a 2-0 win over old rivals Argentina on Tuesday in a pulsating and, at times, a bad-tempered match decided by a goal in each half from Gabriel Jesus and Roberto Firmino. Both sides tried to impose themselves physically early on but it was Jesus who gave Brazil the lead after 19 minutes when Firmino sent in a low…
Trump met Kim at the demilitarised zone separating South and North Korea last month [Kevin Lamarque/Reuters] Published in AlJazeera on July 3rd, 2019, Pyongyang slams ‘hostile acts’ by the US after Washington called UN members to implement sanctions on the North. North Korea complained on Wednesday after the United States sent a letter urging countries to send back North Korean workers as President Donald Trump was inviting Kim Jong Un to hold talks. The North Korean mission to the United Nations said the letter sent to all UN member-states showed that the US is “practically more and more hell-bent on the hostile acts” against North Korea,…
Published in Arabian Business on July 2nd, 2019, Oman’s Foreign Ministry refutes reports that sultanate has agreed to establish relations with Israel Oman on Tuesday denied it has agreed to establish diplomatic relations with Israel, a day after the Israeli intelligence chief said his country was renewing ties. Reports on the “establishment of diplomatic relations between the sultanate and Israel are baseless”, the foreign ministry said on Twitter. “The sultanate is keen to create diplomatic conditions to restore communication between all international and regional parties to work on achieving peace between the Palestinian Authority and Israel, resulting in an…