Pakistan has no other option but IMF. Rhetoric against the lender is economic suicide. The Chairman of the FPCCI Advisory Board and National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Wednesday that the IMF has not come to Pakistan itself but has been invited. He said Pakistan has no option but to enter the IMF program to avoid looming bankruptcy. Mian Zahid Hussain said that negative remarks by some personalities against the lender are a sure way to economic suicide; therefore,…
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Written By Nasim Pour Lead, Carbon Removals and Market Innovation, World Economic Forum Leila Toplic Chief Communications and Trust Officer, Carbonfuture This article is part of:Centre for Nature and Climate The voluntary carbon market (VCM) is one of the few transitional finance options that addresses the urgent need for large-scale CO2 removal. Lack of guidance, transparency, and risk within the VCM have discouraged corporate participation in carbon dioxide removal. A robust trust infrastructure and incentives are essential to strengthen the credibility of the VCM and help deliver net-zero. The urgency to cut emissions, protect ecosystems, and deploy scalable carbon removal…
Written By Alan Collins, University of Adelaide Using information from inside the rocks on Earth’s surface, we have reconstructed the plate tectonics of the planet over the last 1.8 billion years. It is the first time Earth’s geological record has been used like this, looking so far back in time. This has enabled us to make an attempt at mapping the planet over the last 40% of its history, which you can see in the animation below. The work, led by Xianzhi Cao from the Ocean University in China, is now published in the open-access journal Geoscience Frontiers. Plate tectonics…
Written By Louise Axon Research Fellow, Global Cyber Security Capacity Centre, University of Oxford Joanna Bouckaert Community Lead, Centre for Cybersecurity, World Economic Forum This article is part of:Centre for Cybersecurity AI is a hot topic in boardrooms and C-suites around the world. Business leaders are often unaware of the cyber risks their organizations face when adopting AI systems. To maximize the benefit of adopting or using AI technologies, business leaders need to encourage robust systems of cyber risk governance. As AI dominates board discussions on global investment decisions, business leaders are often unaware of the cyber and digital risks…
Increased exports are essential to achieve IMF targets. Power cost cut by 9 cents, markup by 4 percent can help: The Chairman of the FPCCI Advisory Board and National Business Group Pakistan, the President of Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Monday that revenue has decreased substantially due to the slowdown in the economy and the decrease in imports. He said the government would have to bring a mini-budget to bridge the shortfall and please the IMF. Mian Zahid Hussain said that the mini-budget will further affect…
Written By Mansour AlMulla Deputy Group Chief Executive Officer, ADQ One third of all global greenhouse gas emissions are related to the global food industry. There is a $15.2 billion funding gap for the food system innovation required to cut emissions and ensure food security. Only together, with cooperation from the private sector, public sector and individuals, can we build a sustainable and secure global food system. Global food systems are facing unprecedented challenges, ranging from the impact of climate change to disruptions to supply chains that are felt globally. At the same time, the food system accounts for approximately one-third of…
Written By Ratnakar Adhikari Executive Director, Enhanced Integrated Framework (EIF) Rupa Chanda Director, Trade, Investment and Innovation Division, United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) Digitalized supply chains can address sustainability concerns in the least developed countries (LDCs). Technologies like AI, blockchain, and IoT can improve efficiency and reduce waste, but it’s crucial to ensure these technologies benefit the LDCs. We examine successful initiatives in countries like Bhutan, Bangladesh, Cambodia, Ethiopia, Nepal, Rwanda, Timor-Leste and Vanuatu. Digitalization has the potential to transform the way businesses achieve a triple bottom line – economic, social and environmental…
Written By Wolfgang Gründinger Chief Evangelist, Enpal Renewable energy sources like solar are volatile, meaning there is not enough energy production to meet demand when the sun doesn’t shine. However, when the sun does shine, solar panels can feed so much electricity into the grid that the electricity becomes worthless at market. Virtual power plants – decentralized battery networks of sources such as EVs – can help achieve 100% renewable energy systems. Renewable energy sources are volatile. When the sun doesn’t shine and the wind doesn’t blow in winter, there is not enough energy production to meet the demand. This is…
Published in AlJazeera, on Sep 5th, 2024, Moscow claims new measures against the media network’s top editors are part of an ‘information campaign’ before US presidential vote. Russia has said it will take retaliatory measures after the United States announced sanctions against its state-funded media network RT, threatening they will make “everyone shudder”. Washington’s actions against state broadcaster RT’s editor-in-chief Margarita Simonyan and her deputy Elizaveta Brodskaia was “an information campaign” ahead of the US presidential elections in November, Russia’s Ministry of Foreign Affairs said. end of list “When the authorities resort to such primitive ways of influencing their voters,…
Published in Geo News, on Sep 5th, 2024, By Reuters Trudeau forced to attempt new alliances to govern as party keeping his govt in power withdrew automatic support Trudeau forced to attempt new alliances to continue govt. NDP had agreed to keep Trudeau in power until mid-2025. House of Commons resumes work on September 16. Canadian Prime Minister Justin Trudeau suffered an unexpected blow on Wednesday when the small party helping keep his minority Liberal government in power withdrew its automatic support, forcing him to attempt new alliances to govern. Promising to continue governing and pushing through social programs,…
Published in Reuters, on Sep 4th, 2024, By James Mackenzie and Emily Rose JERUSALEM, Sept 4 (Reuters) – Israeli Prime Minister Benjamin Netanyahu said on Wednesday that Israel will only agree to a permanent ceasefire in Gaza that guarantees the border area between southern Gaza and Egypt could never be used as a lifeline for the Islamist movement Hamas. “Until that happens, we’re there,” he told a news conference in Jerusalem. Netanyahu repeated his outright rejection of a withdrawal from the so-called Philadelphi corridor in the first phase of a deal, expected to last 42 days, saying international pressure would make it effectively…
Published in AlJazeera, on Sep 4th, 2024 Dozens of people have been killed after suspected fighters from the Boko Haram hardline group attacked a village in northeastern Nigeria, setting fire to shops and homes. The attack took place on Sunday afternoon. end of list “Around 150 suspected Boko Haram terrorists armed with rifles and RPGs (rocket-propelled grenades) attacked Mafa ward on more than 50 motorcycles,” said Dungus Abdulkarim, a police spokesman in Yobe State where the village is located. “They killed many people and burned many shops and houses. We are yet to ascertain the actual number of those killed…
Published in Saudi Gazette, on Sep 04th 2024, LVIV, Ukraine — At least seven people, including three children, were killed, and 64 others were injured in a Russian airstrike on the western Ukrainian city of Lviv overnight, officials said on Wednesday. Lviv Governor Maksym Kozytskyi described the incident as a “terrible tragedy,” adding that the strike damaged a regional sports and rehabilitation center and seven architectural monuments in the city. Lviv Mayor Andriy Sadovyi reported fires near the city’s main rail station and damage to residential buildings, with window panes shattered in many areas. Two schools will remain closed due to…
Published in AlJazeera, on Sep 03rd, 2024, The group said the blast targeted the Taliban’s prosecution service to ‘avenge Muslims’ held in its prisons. The ISIS (ISIL) group has claimed responsibility for a deadly suicide bombing in Kabul that killed at least six people. In a Telegram post on Tuesday, ISIL said one of its members detonated an explosive vest in the Afghan capital the previous day, targeting the Taliban government’s prosecution service. end of list The bomber waited until government employees finished their shifts and then detonated the explosive in the middle of a crowd, the post said. Thirteen…
Published in Geo News, on Sep 05th, 2024, By Reuters Real have a total of seven players nominated, including Kylian Mbappe who recently signed from Paris St Germain For the first time since 2003 neither Cristiano Ronaldo nor Lionel Messi have been included in the nominees for the men’s Ballon d’Or award, which were announced on Wednesday, with England’s Jude Bellingham among the 30 players named. Portugal’s Ronaldo, who has won the award five times, also failed to receive a nomination last year, while Messi, who won for a record eighth time in 2023 and has been nominated 16 times, misses…
Published in Dawn News, on Sep 05th, 2024, AFP KARACHI: Pakistan fell to their worst Test ranking in nearly six decades on Wednesday, the International Cricket Council said, after their shock 2-0 series defeat to low-ranked Bangladesh. Bangladesh inflicted a six-wicket defeat on Pakistan in the second Test in Rawalpindi on Tuesday, their first series win against Pakistan. “Pakistan dropped two places — from sixth to eighth — n the Test rankings after suffering a shock series loss at home to Bangladesh,” the International Cricket Council (ICC) said. The ICC said it was “their lowest rankings since 1965” in the 12-team table,…
by Katharina Buchholz, Megaprojects have been growing larger globally and many of them have recently centered on the Arab Gulf Region. Construction software company 1Build estimates that before the end of the decade, the world will see the first construction megaproject with a cost estimation exceeding $1 trillion. Right now, there are several projects underway that exceed the size of $100 billion – despite the fact that $10 billion construction proposals were considered to be megaproject just some years ago. Out of all nine ongoing megaprojects identified by 1Build, International Construction Magazine and Construction Review to cost $100 billion or more, four were being built in Arab Gulf…
by Anna Fleck, Saudi Arabia is planning to build a two-kilometer-high skyscraper on a site north of the capital city of Riyadh. If completed, it will be the world’s highest building. According to architecture and design magazine Dezeen, UK studio Foster + Partners is the primary architecture firm on the proposal. As it stands, the Burj Khalifa is the tallest building worldwide at 828 meters (2,717ft). Based in Dubai, the UAE, the 163-stored building was completed in 2010. In second place comes the Merdeka 118 in Kuala Lumpur, Malaysia at 679 m (2,227 ft), followed by the Shanghai Tower in Shanghai, China…
by Anna Fleck, Rights for women are fast deteriorating in Afghanistan. In the latest major setback, a new set of vice and virtue laws have been laid out by the ruling Taliban, including rules prohibiting women from being heard or showing their faces in public in order to avoid leading men “into temptation”. Not only must women be fully veiled whenever leaving their homes, but they are not allowed to look directly at men who they are not related to. The UN and human rights groups have condemned the new laws, which also include a ban on the possession of photographs…
by Anna Fleck, The first time a nuclear weapon was used in war was August 6, 1945, when the United States detonated an atomic bomb above Hiroshima, Japan. By year’s end, an estimated 140,000 people had been killed, the majority of whom were civilians. Three days later, the U.S. detonated a second nuclear bomb over Nagasaki, killing tens of thousands more. While these were the first – and so far only – uses of nuclear weapons in war, the production, deployment and stockpiling of them hasn’t stopped. Currently, there are estimated to be 9,585 nuclear warheads in military stockpiles for potential use across…
by Katharina Buchholz More than half of people in European countries like the United Kingdom, Germany, Austria, Italy, Sweden and the Czech Republic are at least semi-frequent users of their local rail services. This is according to a survey by Statista Consumer Insights. The highest share of people saying that they had ridden local trains in the 12 months prior to the survey was detected in Switzerland at 67 percent. Local rail use was also high in Asian locations like Singapore (56 percent), India (53 percent), Taiwan (50 percent) and Japan (47 percent) as well as in Australia (49 percent). Many of these…
by Anna Fleck Hong Kong is the city with the most skyscrapers measuring over 150 meters tall in the world, according to data from the Council on Tall Buildings and Urban Habitat. The city’s first two serious high-rises (Hopewell Centre and Sun Hung Kai Centre) – each at over 200 meters tall – were built in the early 1980s, followed by a sea of 556 additional skyscrapers, each above the 150 meter mark, in the years since. In second and third place, with 414 and 318 buildings over 150 meters high, respectively, are the Chinese metropolis of Shenzhen and the economic capital of the United…
by Katharina Buchholz, China is a world leader for many things and that includes high-speed trains. While it’s regular long-distance trains reach maximum operating speeds of 350 km/h (217 mph), the world’s fastest train currently is the Shanghai Maglev, which can operate at 460 km/h (286 mph) on short routes using German-made magnetic levitation technology that was rejected in its origin country for its high price tag. However, since 2021, it has operated at speeds of 300 km/h (186 mph). Germany meanwhile has matched China’s regular high-speed rail prowess with its newest Intercity-Express 3. Both the ICE 3 and China Rail’s…
Simpaisa is proud to announce a strategic partnership with Eastnets, marking a significant milestone in its ongoing commitment to enhanced fraud protection and compliance. Through the integration of Eastnets’ cutting-edge Safewatch Screening (SWS) and Safewatch AML (Anti-Money Laundering) products, Simpaisa is elevating the security and integrity of its payment ecosystem to new heights. Kamil Shaikh, COO of Simpaisa, remarked, “The addition of Eastnets’ Safewatch Screening and AML technology boosts our security and compliance across digital payments. This upgrade enhances our fraud and cybersecurity defences, solidifying our role as a trusted leader in emerging markets.” This collaboration reinforces Simpaisa’s dedication to…
Soft Launch of 12TH Edition of International Defence Exhibition And Seminar – IDEAS-2024 “It is indeed a matter of great pleasure to see the IDEAS gaining prominence with every passing year, over a span of twenty-four years”, Federal Minister for Trade and Commerce Mr Jam Kamal Khan stated during Soft Launch Ceremony for International Defence Exhibition and Seminar IDEAS-2024, held at Local Hotel. He further expressed, “I wish the organizers of this event great success in the conduct of IDEAS and look forward to an overwhelming participation from defence industries from inland and abroad”. Towards the end of his address,…
GCC chambers federation to organize Gulf-Azerbaijan economic forum The Federation of Gulf Cooperation Council (GCC) Chambers is scheduled to organize the second edition of the Gulf-Azerbaijan Economic Forum on September 25, under the theme “Sustainability, Investments, Partnerships,” in Baku. The two-day forum aims to boost economic relations between the two sides in several promising economic sectors. It is organized in collaboration with the Azerbaijan Export and Investment Promotion Agency (AZPROMO), with support from the Ministry of Economy of Azerbaijan and the GCC General Secretariat. President of the Federation of GCC Chambers Faisal bin Abdullah Al-Rawwas noted that the forum reflects…
EX-SBP: Chief fear of debt restructuring needs to be overcome Rescuing countries from disorderly defaults “hinges on increasing fiscal space by restructuring their debt”, Murtaza Syed, a former acting governor of the State Bank of Pakistan (SBP), wrote in The Economist yesterday, recalling his previous article where he said the International Monetary Fund (IMF) and Pakistani policymakers were “flirting with disaster by pretending that the country’s public debt was sustainable”. Pakistan and the IMF signed a 37-month staff-level agreement in July for $7 billion with the approval of the new loan tied to firm commitments from China, Saudi Arabia, and…
Oppo Has a Tri-Fold Phone Concept Too: Foldable smartphones have come a long way since their inception over half a decade ago. As the technology matures, the industry anticipates the next evolutionary leap: tri-fold devices.Major players like Huawei and Tecno have already offered glimpses of their tri-fold prototypes, and now Oppo is stepping into the spotlight to showcase its take on this cutting-edge form factor. Oppo is offering a sneak peek into the future of foldable smartphones with a render of its upcoming tri-fold device. Zhou Yibao, product manager for the Oppo Find series, shared an image showcasing the device’s innovative design, featuring two…
EFU General partners with Easypaisa to introduce transactional insurance combo product EFU General and EFU Life have partnered with Easypaisa — Pakistan’s leading digital financial services platform to introduce transactional insurance. This unique product offering, integrated within the Easypaisa app, combines the benefits of both general and life insurance, addressing the pressing need for comprehensive financial protection for Easypaisa customers and providing them with enhanced convenience and autonomy. The introduction of transactional insurance offers an enhanced level of protection for financial transactions, surpassing traditional customer indemnity. Alongside this, accidental death benefits are provided, ensuring comprehensive financial security for customers. This…
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. Kibor Rates In Pakistan TENOR BID OFFER 1 – Week 19.43 19.93 2 – Week 19.43 19.93 1 – Month 19.42 19.92 3 – Month 18.79 19.04 6 – Month 18.45 18.70 9 – Month 17.91 18.41 1 – Year 17.35 17.85 Last Updated on 16th Aug 2024 Source: SBP
The State Life Insurance Corporation of Pakistan (SLIC) hosted SLIC Summit 2024, a pivotal occasion marking the official launch of its cutting-edge digital services and communication framework. The event was inaugurated by the Honourable Federal Minister of Commerce, Mr. Jam Kamal Khan, and attended by Chairman of the Board State Life, Mr. Sulaiman S. Mehdi, CEO of State Life, Shoaib Javed Hussain, and senior members State Life’s Senior Management along esteemed dignitaries, senior government officials, corporate partners, and industry leaders. This gathering highlighted the far-reaching contributions of State Life as a driving force in Pakistan’s insurance sector, particularly through its…
Published in Reuters, on Aug 22nd, 2024, By Nidal Al-Mughrabi CAIRO, Aug 22 (Reuters) – Israeli forces pressed deeper into areas of the central and southern Gaza Strip as they battled Hamas fighters, while Palestinian health officials said on Thursday that Israeli strikes had killed at least 22 people across the enclave. The new escalation comes hours after U.S. President Joe Biden pressed Israeli Prime Minister Benjamin Netanyahu on the urgency of sealing a deal for a truce in Gaza and the release of hostages, the White House said. Months of on-off talks on a ceasefire have circled the same issues, but Israel…
Published in AlJazeera News, on Aug 21st, 2024, By Ali Hashem All eyes are on Iran and its possible retaliation for an assassination – blamed on Israel – in its capital. In the shadowy corridors of Tehran’s power, the assassination of Hamas leader Ismail Haniyeh at the end of July – widely believed to have been carried out by Israel – shattered a fragile equilibrium. The timing of this escalation in the longstanding conflict between Iran and Israel could not have been worse, with newly sworn-in President Masoud Pezeshkian still getting used to his role when this geopolitical fireball was hurled into his…
Published in Reuters, on Aug 22nd, 2024, BEIJING, Aug 22 (Reuters) – China’s military said it had monitored and warned a U.S. destroyer as it sailed through the Taiwan Strait on Thursday, the latest such traversing of the sensitive waterway to upset Beijing. China claims sovereignty over democratically governed Taiwan, and says it has jurisdiction over the strait. Taiwan and the United States dispute that, saying the Taiwan Strait is an international waterway. The U.S. Navy’s 7th Fleet said in a statement that the destroyer USS Ralph Johnson made a “routine” transit of the strait in accordance with international law.…
Published in The Nation, on Aug 21st, 2024, Anadolu Iran’s permanent mission to the UN on Tuesday strongly denied recent allegations made by Washington accusing Tehran of interfering in the upcoming US presidential election. “Such allegations are unsubstantiated and devoid of any standing,” said the mission in a statement. On Monday, the Federal Bureau of Investigation (FBI), in collaboration with other intelligence agencies, claimed that Iran was behind attempts to hack into the former US President Donald Trump and Joe Biden-Kamala Harris presidential campaigns. The Iranian mission also challenged the US government to provide evidence to back up its accusations.…
Published in Saudi Gazette, on Aug 21st, 2024, JERUSALEM — Qatar and Egypt have reportedly informed the United States that there is “little chance” the Palestinian group Hamas will accept the latest US-backed proposal for a Gaza cease-fire, according to Israeli media on Wednesday. Gaza cease-fire talks in Qatar concluded last Friday with a new proposal aimed at narrowing the differences between Israel and Hamas. The proposal, which claims to align with principles supported by US President Joe Biden, was swiftly rejected by Hamas, who argued that it reflects Israeli Prime Minister Benjamin Netanyahu’s new conditions. The Israeli public broadcaster KAN…
Published in AlJazeera News, on Aug 19th, 2024, The Russian leader’s two-day state visit marks a shift in alliances in the politically unstable Caucasus region. Russian President Vladimir Putin says on a visit to Baku that Moscow is still committed to its historical role of mediating peace negotiations between Azerbaijan and Armenia despite its war in Ukraine. Putin was in Azerbaijan on a two-day visit – his first to the oil-rich country since Moscow invaded Ukraine in 2022 and since Baku retook the Nagorno-Karabakh enclave from ethnic Armenian separatists in a September offensive. end of list Russia has for decades been a…
Published in AlJazeera News, on Aug 21st, 2024, By Abid Hussain The javelin thrower returns home a hero, igniting interest in track and field in cricket-centric Pakistan. Can it last? Islamabad, Pakistan – When Arshad Nadeem, Pakistan’s first Olympic gold medallist in 40 years, arrived at Lahore airport early on August 10, he was met by a raucous crowd of thousands, chanting his name and waving the Pakistani flag. The 27-year-old athlete was accompanied by a large convoy of people playing drums and dancing on the drive home to his village near the small city of Mian Channu in Punjab province. Once there, residents welcomed…
Published in AlJazeera News, on Aug 21st, 2024, The Portuguese footballer’s launch broke the world record for fastest YouTube channel to hit one million subscribers. Portugal’s Cristiano Ronaldo has launched his YouTube channel, and more than a million subscribers signed up within the first 90 minutes. The 39-year-old, five-time Ballon d’Or winner plays for the Saudi Arabian club Al Nassr and has represented Portugal in international tournaments for more than two decades. end of list “The wait is over. My @YouTube channel is finally here! SIUUUbscribe and join me on this new journey,” Ronaldo posted on Wednesday on his social…
by Anna Fleck, Asia is the global trailblazer of plant milk substitutes. According to data from Statista’s Market Insights, the region was estimated to pull in a revenue of $13.4 billion in 2023. This was mostly led by China, which had an estimated revenue of $9.5 billion that year alone. Other major markets in Asia included Japan ($1.8 billion), South Korea ($0.4 billion) and India ($0.4 billion). Following some way behind is North America, with the United States as the region’s major market ($3.6 billion). Europe places in third position in the regional ranking, with an estimated revenue of $3.9 billion in 2023. There,…
by Florian Zandt, On August 19, a group of dock worker unions in India encompassing 20,000 members called for a general, nationwide strike starting August 28. The unions’ demands include “pay scale revisions, payment of arrears and protection of exiting benefits”, according to a note reviewed by Reuters. If the unions follow through on their strike plans, the economy of the South Asian nation could be significantly impacted. As data from the United Nations Conference on Trade & Development (UNCTAD) shows, India relies heavily on importing and exporting goods via seaports. In 2022, Indian ports handled 19.7 million twenty-foot equivalent container units (TEUs), landing the…
by Anna Fleck, IFPI’s landmark Engaging with Music 2023 report provides insight to the music industry from the perspective of fans, with survey data of over 43,000 internet users across 26 countries. It found that on average, respondents listened to 20.7 hours of music each week, up from 20.1 hours per week in 2022. IFPI also reveals that on average, people listen to eight or more different genres and use seven or more different methods to engage with music. As the following chart shows, audio streaming now makes up the biggest share in terms of methods used for listenership. Just under a third…
by Anna Fleck, Friday 16 marked the 25th anniversary of Who Wants to Be a Millionaire. The televised game show was first broadcast in 1988 in the United Kingdom, later becoming a franchise aired in 160 countries around the world, making it one of the best-selling TV formats of all time. As the following chart shows, the home of the original series has a particularly strong culture of television viewership. According to a survey by Statista Consumer Insights, almost a third of UK respondents watch at least 11 hours of television per week. This is slightly higher than other European nations such as France at…
by Thomas Hinton, Small businesses play an undisputedly important role in the economy, they represent about 90% of businesses and provide more than 50% of employment worldwide. Small and medium businesses benefit communities beyond economic factors too, many small businesses support local communities, they add to the diversity of business and stimulate innovation. This impact is greatest in emerging economies but in Europe, SMEs still punch well above their weight in some sectors. Amongst the 14 industrial ecosystems in the EU, construction, tourism, and textiles are the top three industries where small and medium-sized enterprises have a greater proportion of value-added compared to…
by Felix Richter „Honey, did you pack the camera?” That or similar inquiries among spouses used to be a staple of holiday preparations for many years, decades even. Nowadays, that question is not worth the breath, as most people always carry their cameras with them – it’s in their phones.Ever since smartphone cameras have become as good or better than most mass-market point-and-shoot cameras, many people don’t see the point in carrying an extra device, and rightly so. The quality of smartphone photos has improved lightyears since the early days of the iPhone, as modern smartphones not only come with high-end…
by Anna Fleck, According to Bill Gates’ blog, between 2011 and 2013, China consumed more concrete than the United States did in the entire 20th century. The Three Gorges Dam, the world’s largest hydroelectric power station, located on the Yanzi Jiang river in central China, alone required 16 million tons of cement. Fast forward to today, and China is still by far the world’s largest producer of cement. In 2023, Chinese cement factories produced 2.1 billion tonnes of cement, while the rest of the world produced 2 billion tonnes, according to the U.S. Geological Survey. India, the world’s second largest producer, churned out 410…
by Felix Richter, After two and a half weeks of competitions and more than 1,000 medals given out to athletes from across the globe, it came down to the final event of the Paris 2024 Olympics to determine who would top the official medal table. In the end, the U.S. women’s basketball team’s 67-66 win over host nation France in the gold medal game was enough for Team USA to claim the top spot once again, tying China’s 40 gold medals but leading in silver and bronze medals as well as overall medals (126 to China’s 91). Having topped the medal table in London…
Gerry’s International is proud to represent Somon Air as its General Sales Agent (GSA) in Pakistan. Gerry’s International, in collaboration with Somon Travel and the Embassy of Tajikistan, proudly hosted a successful event on August 13, 2024, to promote the tourism potential of Tajikistan. Held at the Embassy of Tajikistan, the event was attended by over 120 distinguished guests, including diplomats, government officials, corporate leaders, travel professionals, and media representatives. The evening began with a warm welcome by Somon Travel, followed by an insightful presentation on Tajikistan’s tourism opportunities. Guests were treated to a captivating documentary showcasing the country’s stunning…
The United States Agency for International Development (USAID), through its Higher Education System Strengthening Activity, organized a high-level dialogue in collaboration with HEC and 16 Pakistani universities. Hosted by the Institute of Business Administration (IBA), Karachi, academic leaders from public sector universities gathered at this event to discuss innovative strategies and introduce reforms to guide universities towards sustainability. The Higher Education System Strengthening Activity (HESSA), implemented by the University of Utah, brings together an extensive network of American professors to support its partner universities in strengthening their institutional performance. The opening session of this 2-day dialogue was chaired by Ms.…
Indus Motor Company’s (IMC) one-off social initiative, the National Flag Collection Drive, now in its seventh year, has garnered quite a bit of attention over the years. A team of young volunteers from the company set off on a mission to salvage national flags strewn around Karachi on the morning following Independence Day celebrations. The Independence Day and the days leading to it, generate quite a frenzy, with every neighbourhood across the country splashed in green and white, a painter’s delight. However, overnight all this turns pitiful with flags which just a day earlier were fluttering high above ground, are…
Hepatitis continues to be a significant global health concern, ranking as the 8th leading cause of mortality worldwide. In Pakistan, the situation is particularly dire, with the country having the 2nd largest burden of hepatitis C globally, according to the World Health Organization (WHO). Hepatitis A, a highly contagious liver infection, has the highest incidence rate among the four major acute forms of viral hepatitis (A, B, C, and E), according to the Global Burden of Disease (GBD) 2019 database. This infection spreads rapidly through consuming contaminated food or drink and water, posing a significant health threat in Pakistan. The…
GCC cities can seize opportunity The Gulf Cooperation Council (GCC) cities can join the world’s elite shopping destinations, significantly contributing to urban GDP and employment, improving residents’ quality of life, and enhancing offerings to tourists, according to research by Strategy& Middle East, part of the PwC network. With retail spend in the region expected to increase by 37 percent from 2022 to reach US$300 billion by 2028, Strategy&’s latest report titled “Shopping for growth: How to build an urban retail destination” identifies the strong growth potential for the sector to significantly contribute to economic development. “We see major cities in…
In Pakistan car sales rise by 58pc Car sales in Pakistan saw a significant increase of 58.21 percent in July 2024 compared to the same month last year, according to data released by the Pakistan Automobile Manufacturing Association (PAMA). A total of 5,857 cars were sold in July, up from 3,702 units in the same period in 2023. The data reveals notable growth across several key models. Honda Civic and City sales surged to 790 units in July 2024, a substantial rise from 208 units sold in the same month last year. Toyota Corolla and Yaris also recorded a 3.65…
IT Ministry, PTA Finally Responds to Internet Slowdown in Pakistan: Amid fear of billions of losses, the Ministry of Information Technology and Telecommunication and Pakistan Telecommunication Authority (PTA) failed to satisfy the Senate Standing Committee on Information Technology and Telecommunications over the slowdown of internet services in the country. Senator Palwasha Muhammad Zai Khan chaired the meeting of the Senate Standing Committee on Information Technology and Telecommunications held on Thursday. Pakistan is Using Surveillance Services from 15 Companies Including Israeli to Spy on Citizens: The Pakistani government has recently started ramping up its surveillance efforts to monitor and track the…
Ufone 4G announces first-in-industry health insurance programme for franchise owners, families Pakistani telecom company, Ufone 4G has announced the launch of an industry-first Franchise Health Insurance Programme in partnership with Adamjee Insurance to provide top-performing franchise owners and their families with comprehensive health insurance coverage for enhancing their well-being and financial security. The initiative exemplifies Ufone 4G’s steadfast commitment to the well-being of the hardworking individuals who drive its nationwide franchise network. Chief Retail Sales Officer, Ufone 4G, Nauman Fakhar, and Ahmer Shoaib Deputy Executive Director, Adamjee Insurance signed the agreement in Islamabad in the presence of senior officials on…
Kibor rate is the average interest rate at which term deposits are offered between prime banks in the Pakistani wholesale money market or interbank market. KIBOR as a benchmark, to encourage transparency and improve management of the market risk undertaken by banks. Kibor Rates In Pakistan TENOR BID OFFER 1 – Week 19.43 19.93 2 – Week 19.43 19.93 1 – Month 19.42 19.92 3 – Month 18.79 19.04 6 – Month 18.45 18.70 9 – Month 17.91 18.41 1 – Year 17.35 17.85 Last Updated on 16th Aug 2024 Source: SBP
The drill marked the launch of Mastercard’s new cybersecurity service in the country Meezan Bank, Pakistan’s Premier Islamic bank, has become the first bank in Pakistan to host a Mastercard-led cyber security workshop, representing a significant advancement in cybersecurity preparedness for the country’s banking sector. The workshop marked the launch of Mastercard’s new cybersecurity service in Pakistan, which enables banks and other financial institutions to strengthen their resilience to cyber-attacks through real-world-scenario cyber simulations. Run by Mastercard Advisors, the experience enables customers to practice and rehearse responses to complex cyberattack scenarios, developed by Mastercard’s cybersecurity experts based on the local…
This new program will support the Asia-Pacific region’s AI entrepreneurs and accelerate their AI products to market Google for Startups today announced the launch of AI Academy, a new program designed to support and accelerate the growth of AI startups in Pakistan and Asia-Pacific (APAC) region. The program will bring together more than 20 startups that are developing technologies based on AI, which will not only foster a vibrant AI community within APAC, but also ignite cross-border innovation and partnerships. The collaborative environment will encourage the exchange of ideas, expertise, and resources, accelerating the development of cutting-edge AI solutions and…
Cement despatches declined by 6.81% in July 2024. Total Cement despatches during July 2024 were 3.010 million tons against 3.230 Million Tons despatched during the same month of last fiscal year. According to the data released by All Pakistan Cement Manufacturers Association, local cement despatches by the industry during the month of July 2024 were 2.463 million tons compared to 2.780 million tons in July 2023, showing a decline of 11.41%. On the exports side, despatches increased by 21.65% as the volumes jumped from 449,792 tons in July 2023 to 547,162 tons in July 2024. In July 2024, North based…
First income tax in GCC approved Oman is on course to become the first Gulf Cooperation Council (GCC) state to introduce a personal income tax as the sultanate ramps up efforts to boost revenue and diversify its economy away from hydrocarbons. The draft law, approved by Oman’s Parliament in July, has been sent to the State Council for final approval, a decision analysts say is highly anticipated. The Omani government is planning a levy ranging from 5 percent to 9 percent, but its application to citizens and expatriates will be different. Omani citizens will be taxed at a flat rate…
Pakistan and Ethiopia accept on measures to forge stronger ties Pakistan and Ethiopia have agreed on Thursday to strengthen bilateral relations and explore new collaborations in trade, finance, education, and economic reforms, recognising the mutual benefits these initiatives could bring. According to a press release issued by the Finance Ministry, the Ambassador of the Federal Democratic Republic of Ethiopia to Pakistan, Jemal Beker Abdula, met with Minister for Finance and Revenue Senator Muhammad Aurangzeb. The FM warmly welcomed Ambassador Abdula and provided an overview of the economic reforms currently underway in Pakistan as part of a broader home-grown agenda aimed…
IT Ministry Dissolves Steering Committee Formed Over Pending Dues of LDI Companies: The Ministry of Information Technology and Telecommunication has dissolved the Steering Committee formed to resolve the issue of alleged financial relaxation granted to the long distance and international (LDI) companies. The steering committee was reconstituted to address the issue of arrears involving LDI companies after the ministry decided to withdraw a previous letter that granted exemptions amounting to billions of rupees to these companies. Price Drop! Dial to China at the Lowest Rates Ever with Zong 4G: Zong 4G, the leading telecom service provider in Pakistan, is thrilled…
Mustehkam Pakistan calls for urgent govt action against illicit trade to achieve tax goals “The government should take immediate and decisive action against illicit trade to enhance revenue and reduce the tax burden on the common citizen. It’s almost six weeks post the budget and you still see heaps of illicit items in the market,” said Fawad Khan, spokesperson for Mustehkam Pakistan, an advocacy firm dedicated to curbing illicit trade and tax evasion in Pakistan. Showing deep concern about the pressing issue of illegal trade and its detrimental impact on the country’s economy and marginalised communities, he warned that without…
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. Kibor Rates In Pakistan TENOR BID OFFER 1 – Week 19.45 19.95 2 – Week 19.45 19.95 1 – Month 19.46 19.96 3 – Month 19.25 19.50 6 – Month 19.12 19.37 9 – Month 18.57 19.07 1 – Year 18.00 18.50 Last Updated on 5th Aug 2024 Source: SBP
by Anna Fleck, The 2024 Paris Olympic Games kick off with the opening ceremony along the River Seine tonight, where Lady Gaga and Celine Dion will reportedly be performing together. It’s the third time Paris has hosted the games, exactly one hundred years on from the French capital’s last Olympics. This year, more than 10,000 athletes are set to take part in the competition, with events scheduled not only in Paris but several other cities around France, including Nantes, Marseille and Châteauroux, while the surfing event will take place in Tahiti, French Polynesia. As data compiled by the Olympedia website shows, The United States has…
by Katharina Buchholz Every spring, the clocks in several countries around the world change by one hour and don’t change back until the fall. This practice – adhering to daylight savings time – is a contentious one. At one point, it means one fewer hour of sleep for those involved – an hour that is not gained again for half a year. For this and a multitude of other reasons, changing the clock is loathed by those who it leaves tired and – worst case scenario – late for work. A 2016 study even claims that sleep deprivation on the day of the shift into…
by Florian Zandt, In 2023, 118 million passengers departed from United States airports according to the Bureau of Transportation Statistics, most of whom flew to Canada, Mexico and the United Kingdom. 61 million of those passengers flew with domestic airlines, the biggest of which are the big four: American, Delta, United and Southwest. Even with usually higher legacy carrier ticket prices, these four airlines are also the most popular across income groups in the United States. A recent Statista Consumer Insights survey shows that respondents categorized in the top 10, top 50 and bottom 50 percent of household income all chose the four…
by Florian Zandt Launched in 2018, the anti-HIV drug Biktarvy has established itself as a revenue heavyweight for the U.S. company Gilead in just a few years. In 2023, this triple HIV therapy generated worldwide sales of roughly $12 billion, up 14 percent year-over-year. Gilead’s newest antiretroviral treatment now accounts for over 40 percent of its sales. The pharmaceutical group, which has made drugs relating to the fight against HIV and AIDS one of its specialties, is the undisputed leader in this sector. As our infographic shows, by 2023, Gilead held four of the eight highest-grossing HIV drugs worldwide. Biktarvy was well ahead…
by Anna Fleck Spotify, the Swedish-based podcast and music streaming platform, released its Q2 earnings for 2024 on Monday. Since its launch 16 years ago, the company has become one of the world’s leading platforms in the field, listened to by some 626 million monthly active users, 246 million of whom (approx. 39 percent) are paying for a premium subscription. The following chart looks more closely at the topic, asking: how does the audio streaming platform’s popularity vary around the world? Data from Statista’s Consumer Insights macro survey shows that respondents in Mexico as well as Sweden, the latter of which is Spotify’s hometurf, are…
by Anna Fleck Samsung has released its improved flip phones, the Galaxy Z Fold6 and Z Flip6, which both incorporate AI elements. The release comes following competitor Apple’s launch of AI features under the name Apple Intelligence. As the following chart shows, Samsung continues to have strong loyalty in its home turf of South Korea. There, two in three smartphone users said that they used one of the brand’s phones as their primary smartphone in 2023-24, according to a survey by Statista Consumer Insights. Samsung is popular in South Africa too, with 45 percent of respondents saying the same. This was by far the most…
by Felix Richter, In recent years, there has been a significant increase in global awareness regarding the environmental impact of consumption. As the detrimental effects of excessive waste, pollution and resource depletion become increasingly evident, individuals and communities are beginning to reevaluate their consumption habits. With this growing consciousness, demand for more sustainable products and services has also increased, emphasizing the need for companies to offer eco-friendly products, source ethically and minimize the environmental footprint of their products and services. When thinking about sustainable consumption, consumers have different priorities, ranging from environmentally friendly packaging to fairly traded and produced goods, organically grown…
Published in The Nation, on July 29th, 2024, Web Desk President Tayyip Erdogan said on Sunday that Turkiye might enter Israel as it had done in the past in Libya and Nagorno-Karabakh, though he did not spell out what sort of intervention he was suggesting. Recep Tayyip Erdogan, who has been a fierce critic of Israel’s offensive in Gaza, started discussing that war during a speech praising his country’s defence industry. “We must be very strong so that Israel can’t do these ridiculous things to Palestine. Just like we entered Karabakh, just like we entered Libya, we might do similar…
Published in Dawn News, on July 29th, 2024, Agencies MAJDAL SHAMS: While Israeli Defence Minister Yoav Gallant on Sunday vowed to “hit the enemy hard”, raising fears that the Gaza conflict will spread after a rocket attack on Golan Heights, the European Union as well as Lebanon called for an independent probe into what happened. UN Secretary-General Antonio Guterres and the Western powers, including the US, Britain France and Germany condemned the attack and appealed for calm, as Iran warned Israel any new military “adventures” in Lebanon could lead to “unforeseen consequences”. Israel’s army called it “the deadliest attack on Israeli civilians”…
Published in The Nation, on July 29th, 2024, Agencies CAIRO – Israeli forces sent tanks deeper into areas in the Gaza Strip’s south on Sunday as fighting with Hamas-led fighters raged, and Gaza health officials said Israeli military strikes had killed 66 Palestinians across the enclave in the past 24 hours. Tanks pushed further into the three towns of Al-Karara, Al-Zanna, and Bani Suhaila, in the east of Khan Younis in southern Gaza, and medics said at least nine Palestinians were killed earlier on Sunday by Israeli military strikes in those areas. Residents said fierce fighting could be heard in…
Published in AlJazeera, on July 28th, 2024, The US defence chief says the US command’s upgrade in Japan is the most significant progress in their alliance. The United States has announced plans to overhaul its military command in Japan to bolster defence cooperation as the two countries face what they call the greatest strategic challenge from China. “The United States will upgrade the US Forces Japan to a joint force headquarters with expanded missions and operational responsibilities,” US Secretary of Defense Lloyd Austin told reporters on Sunday after the so-called “2+2” talks between the defence and foreign ministers from the…
Published in Geo News, on July 28th, 2024, By AFP Masoud Pezeshkian is set to be sworn in as country’s ninth president before parliament on Tuesday Khamenei endorses vote for “popular” Masoud Pezeshkian. Supreme leader grants presidential powers to run-off winner. President-elect set to be sworn in before parliament on Tuesday. TEHRAN: Iran’s reformist President-elect Masoud Pezeshkian on Sunday was granted presidential powers after the country’s Supreme Leader Ayatollah Ali Khamenei officially endorsed him as Iran’s ninth president. “I endorse the vote [for] the wise, honest, popular and scholarly Pezeshkian, and I am appointing him as the president of the…
Published in AlJazeera, on July 28th, 2024, Russian leader threatens to relaunch production of intermediate-range nuclear weapons if the United States deploys missiles to Germany. Russian President Vladimir Putin has warned the United States against deploying long-range missiles in Germany, saying Russia, in that case, would restart production of intermediate-range nuclear weapons and station similar missiles within striking distance of the West. The US on July 10 said it would start deploying long-range missiles in Germany from 2026 as part of a longer-term militarisation that will include SM-6, Tomahawk cruise missiles and developmental hypersonic weapons. end of list In a speech to…
Published in AlJazeera, on July 28th, 2024, Mixed martial arts fighter snatches UFC welterweight crown from defending champion Leon Edwards. Belal Muhammad has made history by becoming the first mixed martial arts fighter of Palestinian background to win a UFC title, snatching the welterweight crown from Englishman champion Leon Edwards. The 36-year-old, an American fighter born in Chicago and the child of two Palestinian immigrants, scored a five-round unanimous decision victory (48-47, 48-47, 49-46) at the UFC 304 bout on Saturday. end of list His face bloodied, Muhammad (24-3) dropped to his knees moments after he remained unbeaten in his…
Published in Geo News, on July 26th, 2024, By Reuters France is at its highest level of security despite no specific threat to the opening ceremony or the Games Opening ceremony will mark official start of Paris 2024 Games. Snipers on rooftops to protect world leaders at opening ceremony. It will be the first time for opening ceremony to take place outside. France aims to wow the world on Friday with an extravagant Olympics opening ceremony through the heart of Paris, officially kicking off a Games fraught with security risks at a time of heightened geopolitical tensions. Some 45,000 police,…
Saudi Arabia and Thailand strengthen economic ties Saudi Arabia is set to enhance private sector cooperation with Thailand as the Southeast Asian nation opens its first Board of Investment office in Riyadh, a top official announced. On the sidelines of a business forum in the Saudi capital, Minister of Investment Khalid Al-Falih highlighted that this marks Thailand’s inaugural office in the Middle East, encouraging stronger bonds and new investment opportunities in both countries. This came as the minister lauded the steady trade relations, that saw business soar to $8.8 billion in 2023, up from $7.5 billion following the nations’ restored…
Gold hits record high in Pakistan Gold prices in Pakistan reached a new all-time high of Rs254,000 per tola (11.66 grams) on Thursday, driven by international investors taking heavy positions in anticipation of the US central bank cutting interest rates in September 2024. The bullion surged by Rs4,600 per tola, setting a new record after the commodity spiked by $60 per ounce (31.10 grams) to $2,470 in the global market, according to the All Pakistan Sarafa Gems and Jewellers Association. Despite the notable hike, gold remained underpriced by Rs4,000 per tola in Pakistan compared to the Dubai market. The previous…
Global IT Outage Disrupts Microsoft Machines, Including Pakistan: A faulty update from cybersecurity provider CrowdStrike caused a significant global IT outage, impacting thousands of Windows machines worldwide. This outage also affected consumers of Microsoft in Pakistan according to a statement issued by the Pakistan Telecom Authority (PTA). The fault forced affected PCs and servers into a recovery boot loop, preventing proper startup. Some internet services are also affected because of this, it added. CCP Decision Upheld to Impose Rs. 15 Million Fine on DHA Lahore and ISP: In a significant ruling, the Competition Appellate Tribunal has dismissed the appeals filed…
Shell Pakistan launches Pakistan’s first-ever recycled plastic retail site in Karachi Shell Pakistan Limited (SPL) launches Pakistan’s first-ever recycled plastic retail site, Malik Service Station at Shahrah-e-Faisal, Karachi. This initiative aligns with SPL’s commitment towards sustainability; and promotes circular economy and environmentally friendly practices. The organisation collaborated withDabeer Hemani and Syed Ali Naqi, cofounders of Concept Loop, and Shell Tameer alumnus to bring this vision to life. The construction of the retail site utilized approximately 6,500 kilograms, or roughly 1.3 million pieces, of end-of-life plastic waste, in plastic infused pavers and concrete blocks using multi layered plastic waste. According to…
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. Kibor Rates In Pakistan TENOR BID OFFER 1 – Week 20.28 20.78 2 – Week 20.26 20.76 1 – Month 20.12 20.62 3 – Month 19.85 20.10 6 – Month 19.63 19.88 9 – Month 19.03 19.53 1 – Year 18.49 18.99 Last Updated on 22nd July 2024 Source: SBP
Published in Dawn News, on July 12th, 2024, Reuters DUBAI: Iran is still conducting indirect nuclear talks with the United States via Oman, Iran’s Etemad newspaper on Thursday quoted Iran’s acting foreign minister as saying. Ali Bagheri Kani’s reported comments followed remarks on Monday in which a White House spokesperson said the United States was not ready to resume nuclear talks with Iran under the newly elected president, Masoud Pezeshkian. “Indirect talks are being conducted through Oman but the negotiation process is confidential and its details cannot be recounted,” Bagheri Kani was quoted as saying. Efforts were being made to leave “suitable…
Published in Reuters, on July 11th, 2024, WASHINGTON, July 11 (Reuters) – The U.S. commitment to deterrence against North Korea is backed by the full range of U.S. capabilities, including nuclear, U.S. President Joe Biden told South Korean President Yoon Suk Yeol in a meeting on Thursday on the sidelines of a NATO summit. The two leaders also authorised a guideline on establishing an integrated system of extended deterrence for the Korean peninsula to counter nuclear and military threats from North Korea, Yoon’s office said. The guideline formalises the deployment of U.S. nuclear assets on and around the Korean peninsula…
Published in Dawn News, on July 12th, 2024, Agencies Beijing asks alliance to stop ‘provoking rivalry’ Erdogan warns against Nato-Russia conflict WASHINGTON: Nato leaders on Thursday looked to bolster ties with Asian partners after slamming China as a “decisive enabler” of Russia’s war, before holding talks with Ukraine’s President Volodymyr Zelensky at the end of a summit in Washington. The 32-nation alliance has used the pomp-filled set piece in the US capital to showcase its resolve against Moscow and backing for Kyiv. The three-day gathering has been overshadowed by political uncertainty in the United States as President Joe Biden fights for his…
Published in AlJazeera, on July 11th, 2024, The report stated that the military was unprepared and slow to respond to the attack while fighting was uncoordinated. The Israeli military has acknowledged it did not protect the community of Kibbutz Be’eri during the Hamas-led attack on October 7, in its first investigation into its own security failings on the day of the attacks. More than 100 people were killed in the attack on Be’eri, a community of about 1,000 people, and 32 were taken as captives to Gaza, 11 of whom are still being held there. end of list The military…
Published in Reuters, on July 11th, 2024, By Tim Kelly TOKYO, July 12 (Reuters) – Japan warned on Friday that China risked escalating tension with Taiwan with an increase in military exercises that appeared aimed in part at readying Beijing’s forces for a possible invasion of the democratically governed island. Japan’s annual assessment of security threats, including those posed by neighbours China, North Korea and Russia, comes as Taiwan closely monitors Chinese air and sea exercises, including one with an aircraft carrier in the nearby Pacific. “Because of that increase in military activity we cannot discount the possibility of heightened tensions,” Japan…
Published in AlJazeera, on July 11th, 2024, The US will continue to withhold supply of powerful 2,000-pound bombs over concerns Israeli forces will use them in densely populated areas of Gaza. The United States has agreed to resume shipping 500-pound bombs to Israel while continuing to hold back supplies of powerful 2,000-pound bombs over concerns that Israeli forces will use the weapons in densely populated areas of Gaza, a US official said. The US in May paused one shipment of 2,000-pound (900kg) and 500-pound (230kg) bombs due to concern over the impact the weapons could have if used by Israel during its…