Written By Sebastian Buckup Head of Network and Partnerships, Member of the Executive Committee, World Economic Forum Mario Canazza Government Affairs Lead, Centre for the Fourth Industrial Revolution , World Economic Forum The first tech diplomat to Silicon Valley was appointed by Denmark in 2017 – and now there are around 20 formal or acting tech envoys out of the more than 70 consulates in the area. The World Economic Forum has partnered with the Technology Diplomacy Network to launch a new initiative to build trust and collaboration. Sebastian Buckup, the Forum’s head of the C4IR Network and Partnerships, and Mario Canazza,…
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Written By Nancy Gillis Programme Head, Climate Action & First Movers Coalition, World Economic Forum Annika Ramsköld Vice President, Corporate Sustainability Vattenfall Concrete manufacturing is responsible for 7% of global carbon dioxide emissions. Yet, with growing demand for urban infrastructure, the latest data suggests its annual production could increase by more than a third by 2050. Investment in transformative zero-carbon technologies can help decarbonize the hardest-to-abate industrial sectors, two experts explain. Global initiatives such as the World Economic Forum’s First Movers Coalition aim to harness the purchasing power of companies to ensure support. Concrete is the most-consumed human-made resource on Earth, and the…
Written By Beryl Li Co-Founder, Yield Guild Games (YGG) The internet has forever changed how we live, work and play, but its decentralized successor, Web3, offers a more inclusive future. Having already disrupted the world of finance and blockchain, Web3 technologies now look set to change the world of work. The success of blockchain games in the Philippines has highlighted how Web3 can lower barriers to help ensure equal access for all. There’s no question that the internet has revolutionized our day-to-day activities. The current “Web2” version has completely disrupted how we communicate, collaborate and conduct business, connecting people and organizations…
Written By Vee Li Energy Sector Lead, China Climate Action, World Economic Forum Peiyang Guo Chief Analyst, SPBG, Trina Solar Yiran He Programme Specialist, China Climate Action, World Economic Forum Tori Liu Public Affairs Director, Trina Solar This article is part of: Climate Action Platform Industrial clusters can be heavy emitters, but they also provide the most significant opportunities for decarbonization. Targetting Scope 2 emissions – gases emitted indirectly from purchased energy- through greater use of renewable energy and heat on-site can help lead the clean energy push. Sites in China’s Qinghai Province are leading efforts to make this transition. As…
Burnout is a common phenomenon experienced by individuals across various fields, especially in the workplace. Burnout can be defined as a state of physical and emotional exhaustion, often accompanied by cynicism and a reduced sense of accomplishment. It occurs when individual experiences prolonged stress and strain, leading to a decrease in their mental and physical well-being. Burnout management is necessary as it can affect an individual’s productivity, job satisfaction, and overall quality of life. Symptoms of burnout can vary from person to person, but some of the most common ones include exhaustion, irritability, insomnia, anxiety, and depression. These symptoms can…
Saad Hafeez is a seasoned professional with experience in Communications, Media, and Public Relations. He is the Travel Advocacy Consultant with Al Inara Tourism Middle East, and Co-founder of Momentum PR Pakistan PR is all about perception, and the perception of a destination by a potential visitor is absolutely crucial to tourism. If a destination has a bad reputation, people will stay away; It’s that simple. PR is important for every community that wants to increase its tourism and hospitality business. Travel and Tourism are one of the world’s largest economic sectors. Which contributes towards the GDP worldwide. The industry…
Economist magazine describes Kuwait as the sick man in the gulf Because of the demand to cancel or reschedule loans, The Economist magazine described Kuwait as the sick man in the Gulf. It may take a long time to explain the details of the problem, but let’s focus on some basics, according to Mohammad Ramadan, economic writer and researcher, reports Al-Qabas daily. Before oil, Kuwait was a poor and backward country, as our culture that defines our identity has many advantages, and it also has many defects. Social and family relations in Kuwait and the countries of the region are…
Pakistan to repay foreign debt value $22 bn in 12 months Amid efforts to dodge the imminent risk of default, Pakistan says it is due to repay foreign debt and interest worth almost $22 billion over the next 12 months. The dollar-strapped government, upon successful resumption of the International Monetary Fund (IMF) programme, is expected to initiate talks with creditors to restructure its foreign debt. The country’s debt obligations currently stand significantly higher than the inflows it expects to receive in the coming years. Data from the State Bank of Pakistan (SBP) suggests that Pakistan is to repay a total…
Technology news this week: Industry Leaders to Discuss Innovation in Banking at DigiBAP2023: The rapidly evolving technology landscape is having a profound effect on the banking industry as conventional banks are under pressure to compete against digital banks and fintech. The 4th Digital Banking and Payments Summit and Expo – DigiBAP2023 – will bring together industry leaders including Presidents and CEO, Chief Technology and Digital Officers, representatives from the State Bank of Pakistan, and international and Pakistani experts from banking, digital payments, fintech, and allied service providers to discuss issues related to the present and future of the industry. Wikipedia Unblocked…
Fortek and Codebase technologies set to catalyze payments innovation for over 1.4 Billion Africans Fortek, a burgeoning Ghanaian financial platform services provider, announced a strategic partnership with Codebase Technologies, one of the fastest-growing open API banking solutions providers in the world. The two companies share a vision of accelerating digitization to stimulate entrepreneurship in Africa and grow the economy by addressing the increasing demand for affordable, accessible, and transparent digital financial services in the region. Fortek was born out of the desire to inspire development and financial inclusion by enabling incumbent financial institutions, fintechs and other corporations to bring new…
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 16.78 17.28 2 – Week 16.83 17.33 1 – Month 16.95 17.45 3 – Month 17.89 18.14 6 – Month 18.06 18.31 9 – Month 18.08 18.58 1 – Year 18.14 18.64 Last Updated on 10th Feb 2023 Source: SBP
The United Arab Emirates (UAE) is a rapidly growing market for exports of fresh and processed foods, including vegetables. The country’s increasing demand for fresh produce and favorable trading conditions have made it an attractive market for exporters in Pakistan. However, before venturing into this market, it’s important to have a thorough understanding of the regulations, requirements, and procedures involved in exporting vegetables to UAE. Regulations and Standards To export vegetables to the UAE, exporters must comply with the country’s regulations and standards. The Ministry of Climate Change and Environment (MOCCAE) is responsible for overseeing the import of food products…
Smoking happens to be one of the leading causes of preventable deaths worldwide and several harm reduction strategies along with useful smoking policies have been put in place to prevent the high number of deaths by offering smokers less harmful alternatives. Over the past decade, several countries have decided to go smoke-free as a part of their public health goals. Tobacco, when burned, releases nicotine and smoke along with thousands of other toxic chemicals that are harmful to the body and the environment. There has been a reform of tobacco control policies, with a focus on achieving smoke-free societies through…
The effect of current global inflation on Pakistan’s industries is a major concern for Pakistan’s economists, as it can have a devastating impact on the economy. Inflation is defined as a sustained increase in the general price level of goods and services in an economy over a period of time. When prices rise, the purchasing power of consumers decreases, which can lead to a decline in economic activity. Currently, Pakistan’s inflation rate is on the rise, and it is expected to continue to increase in the future. This is due to a number of factors, including rising global oil prices,…
An Interesting step to secure a greener future for Pakistan with a new KE bill size To minimize the usage of paper and Meet UN SDGs Pakistan is among the few developing countries, which is experiencing adverse effects of climate change due to worldwide excessive use of fossil fuels (oil, gas, coal) in the last few decades, which is resulting in intense heat waves and torrential rainfalls causing severe droughts and floods. The latest UN Intergovernmental Panel on Climate Change (IPCC) report makes it overwhelmingly clear that there is a dire need to invest in renewables and switch away from…
Turkey’s President Recep Tayyip Erdogan speaks during a news conference in Ankara, Turkey on May 14, 2022 [File: Burhan Ozbilici/AP Photo] Published in AlJazeera, on Jan 23rd, 2023 Turkish President Recep Tayyip Erdogan has warned Sweden that it should not expect his backing to join NATO following the burning of the Quran outside Ankara’s embassy in Stockholm during a protest. “Those who allow such blasphemy in front of our embassy [in Stockholm] can no longer expect our support for their NATO membership,” Erdogan said on Monday, in his first official response to the act by a far-right politician during a protest on…
French President Emmanuel Macron and German Chancellor Olaf Scholz attend a joint news conference as part of a Franco-German joint cabinet meeting in Paris on Sunday.—Reuters Published in Dawn News, on Jan 23rd, 2023 PARIS: Germany’s Chancellor Olaf Scholz and France’s President Emmanuel Macron on Sunday pledged to drive Europe forward together, as the German leader visited Paris to celebrate 60 years of post-war cooperation despite recent strains. The historic partnership has been under pressure from Russia’s invasion of Ukraine and broader tectonic shifts. But in a speech at the capital’s Sorbonne University, Scholz said upholding strong ties was key…
Iran has pushed back against criticism of its response to mass, anti-government demonstrations that began in September after the death of Mahsa Amini in police custody [File: Lisi Niesner/Reuters] Published in AlJazeera, on Jan 23rd, 2023 US measures, taken in coordination with the EU and UK, target Iranian officials accused of suppressing demonstrations. The United States has joined its allies in Europe in issuing fresh sanctions against Iranian officials and entities over Tehran’s crackdown on ongoing anti-government protests. The US Treasury Department said on Monday that its sanctions, taken in coordination with the European Union and United Kingdom, targeted the Islamic…
Published in Dawn News, on Jan 23rd, 2023, AFP NEW DELHI: India’s government said it has blocked videos and tweets sharing links to a BBC documentary about Prime Minister Narendra Modi’s role during deadly 2002 sectarian riots, calling it “hostile propaganda and anti-India garbage”. The British broadcaster’s programme alleges that the Hindu nationalist Modi, premier of Gujarat state at the time, ordered police to turn a blind eye to the orgy of violence there that left at least 1,000 people dead, most of them minority Muslims. Kanchan Gupta, an adviser to the government, tweeted on Saturday that the Indian government…
Published in The Nation, on Jan 21st, 2023, News Desk Germany “is ready to move quickly” if allies reach consensus on tanks for Ukraine, defense minister says Ramstein Air Base-Germany is “ready to move quickly” if allies reach a consensus on sending tanks to Ukraine, Germany’s Defense Minister Boris Pistorius said Friday. “As far as the delivery of the Leopard is concerned, there is no unanimous opinion,” Pistorius told reporters on the sidelines of a high stakes defense meeting at Ramstein Air Base in Germany. He rebuffed claims Germany has been “standing in the way” of a “united coalition” of countries…
A currency dealer poses for a photo with a U.S one dollar bill and the amount being given when converting it into Iranian rials in an exchange shop in Tehran, Iran December 25, 2022. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS Published in Reuters, on Jan 21st, 2023, Reuters DUBAI, Jan 21 (Reuters) – Iran’s troubled currency fell to a record low against the U.S. dollar on Saturday amid the country’s increasing isolation and possible Europe Union sanctions against Tehran’s Revolutionary Guards or some of its members. Ties between the EU and Tehran have deteriorated in recent months as…
Pakistan’s Captain Babar Azam celebrates the catch of India’s Hardik Pandya in the final over during the ICC men’s T20 World Cup 2022 cricket match between India and Pakistan at Melbourne Cricket Ground (MCG) in Melbourne on October 23, 2022.— AFP/File Published in Geo News, on Jan 23rd, 2023 Babar scored eight 50+ scores in nine games he played. Pakistan lost just one ODI in 2022 against Australia. Babar Azam is the only Pakistani player in the team. Pakistan’s batting maestro Babar Azam has been named as the captain of the International Cricket Council’s (ICC) ODI Team of the Year…
Published in AlJazeera, on Jan 23rd, 2023 The 37-year-old Portuguese forward failed to score but his Riyadh-based club beat Ettifaq 1-0 to go top of the table. Portugal star Cristiano Ronaldo has made a winning start to life in the Saudi Pro League as he led Al Nassr to a 1-0 victory over Ettifaq in his first match, despite failing to score. During the match on Sunday, Talisca headed the winner in the 31st minute when Abdulmajeed Al-Sulaiheem’s cross was too high for Ronaldo, who did not seem to mind as he wheeled around to celebrate with the Brazilian midfielder and the…
Pakistan Super League trophy. — PCB Published in The News, on Jan 20th, 2023, By Web Desk The Pakistan Cricket Board (PCB) Friday announced the schedule for the Pakistan Super League’s (PSL) eighth edition. The schedule for the series — which is set to start on February 13 and conclude on March 19 — will be played in Karachi, Lahore, Rawalpindi and Multan. Lahore Qalandars will have an opportunity to make history when they will take on Multan Sultans in the opening match of the PSL 8 at the picturesque Multan Cricket Stadium on February 13. Lahore Qalandars had defeated defending…
Education, Qatar’s economic pillar In just a few years, Qatar has gone from having an economy based on pearl fishing to becoming one of the richest countries in the world driven by a wealth of oil and natural gas reserves. Diversifying the Gulf state’s economy has become a key challenge and investment in education is at the core of this shift. “Education is leading (…) the pursuit towards a knowledge-based economy,” Hend Zeinal, Executive Director, Strategy, Management and Partnerships, Higher Education Division at the Qatar Foundation, tells Efe. “We cannot get there without a focus on education.” The Qatar Foundation…
PM Shehbaz in a quandary on how to sweeten bitter IMF pill Prime Minister Shehbaz Sharif on Wednesday withheld his final approval of a set of measures that Pakistan had to take to unlock the much-needed International Monetary Fund (IMF) programme, directing authorities concerned to slightly sweeten the bitter pills of an increase in energy prices and taxes. The prime minister chaired a virtual meeting from Lahore. He also directed for finding ways to ensure that there was less political fallout and also the people might be less burdened, one of the participants of the high-profile meeting told. Ishaq considers…
IT Ministry Yet to Appoint New USF Board Members: The Ministry of Information Technology and Telecommunication (MoITT) is yet to appoint new members to the board of the Universal Service Fund (USF) despite previous memberships expiring last year. The three-year term of the USF board concluded on July 18th, 2022, but the ministry is yet to fill the now vacant slots as per rules dictated under Section 158 of the Companies Act, 2017. More importantly, MoITT has not yet advertised for the nomination of USF’s Board of Directors. Telenor Appoints Mindshare as its Media Agency: Telenor has appointed Mindshare as…
HABIBMETRO holds first Sirat Islamic Banking summit Renowned Malaysian Shariah scholar appreciates bank’s role in Islamic financing The Islamic banking brand of HABIBMETRO Bank, organized the first HABIBMETRO Sirat Islamic banking summit, which was attended by various stakeholders including SBP, PSX & SECP officials as well as CEO’s and Shariah Board Members of various banks, Shariah scholars, and businessmen. The summit was held in honor of the visit of HABIBMETRO Sirat’s Shariah Board Chairman Tan Sri Dr. Daud Bakar, a globally renowned Malaysian Shariah scholar and award-winning author. Dr. Daud is the Founder & Group Chairman of Amanie Group and…
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 15.94 16.44 2 – Week 16.16 16.66 1 – Month 16.55 17.05 3 – Month 17.24 17.49 6 – Month 17.25 17.50 9 – Month 17.26 17.76 1 – Year 17.30 17.80 Last Updated on 20th Jan 2023 Source: SBP
by Felix Richter, Jan 24, 2023 Microsoft and Alphabet became the latest companies to announce major job cuts last week amid a wave of layoffs that is sweeping across the tech sector. While Microsoft will reduce its global workforce by 10,000 people, Google parent Alphabet will cut 12,000 jobs in what is the largest layoff in the company’s history. “We’re living through times of significant change,” Microsoft CEO Satya Nadella said in a memo to employees, mentioning a slowdown in digital spending, global recession fears and “the next major wave of computing” thanks to advances in AI. To address these changes, Nadella wrote, Microsoft…
by Anna Fleck, Jan 24, 2023 The United States is often thought of as the country where it’s most normal to sue. So it might come as a surprise that residents in several European countries are even more diligent when it comes to having their backs covered legally. As data from Statista’s Consumer Insights shows, Austrians are the keenest of the selected countries to lawyer up, with more than half of the respondents who use insurance opting for legal expenses insurance. When looking at a breakdown of age groups, this figure is even higher, increasing to 61 percent for 60-64 year olds. The…
by Anna Fleck, Jan 19, 2023 By 2050, 70 percent of the world’s population will live in cities, up from 54 percent in 2020, according to a new report by the Institute for Economics & Peace. This increase is being driven by both population growth and a continued shift towards urbanization, particularly to so called ‘megacities’ – metropolises that have a population of 10 million or more. Urbanization takes place because of both push and pull factors. The IEA describes how in the Democratic Republic of Congo’s capital of Kinshasa, factors pushing people away from rural areas include issues of violence and a…
by Katharina Buchholz, Jan 19, 2023 Updates to United Nation Population Division data has moved the date at which India would overtake China as the world’s most populous nation forward to 2023. Demographers have long agreed that the shift would happen, but disagreed on when. As China’s population started to grow much more slowly in recent years and even shrunk for the first time in decades in 2022, the change is now coming faster than many expected. As recently as 2019, it had been predicted for 2027. Looking at population estimates that the UN has published for July 1, 2022 and July 1, 2023, the changeover should occur…
by Martin Armstrong, Jan 18, 2023 With the passing of France’s Lucile Randon at the age of 118 yesterday, the title of ‘oldest living human’ has been bequeathed to the U.S. born Maria Branyas Morera. At the ripe old age of 115, she sits atop the infographic below, showing the age and birthplace of the oldest living people on Earth. All women, the countries of birth most represented here are Japan and the United States; accounting for four and three, respectively. All entries have been validated by the Gerontology Research Group. Do these ‘supercentenarians’ have any advice for living for so long? Emma Morano, born…
by Martin Armstrong, Jan 13, 2023 Rare earth elements (REE) are metals used in many of today’s key technologies, such as wind turbines, phone screens and even electric motors. As this infographic reveals, anyone who needs one of these 17 chemical elements will have a hard job sourcing them from anywhere but China. The People’s Republic has the world’s largest reserves of these not so rare metals. According to analysis by the U.S. Geological Survey, around 44 million tons of REO (rare earth oxides) lie dormant in the Chinese soil. The second largest stockpile is in Vietnam, but according to geologists’ estimates, it…
Written By Adegboyega Oyedijo, University of Leicester and Temidayo Akenroye, University of Missouri-St. Louis UK food prices soared by more than 16% in 2022 as record inflation pushed up the prices of everything from bread to beans. Tesco chairman John Allan recently suggested that suppliers could be using this situation to boost prices. Speaking to the BBC’s Laura Kuenssberg about whether food companies were taking advantage of consumers with recent price rises, Allan said: “I think that’s entirely possible”. While he admitted he hadn’t “seen their cost structures”, he said the supermarket chain was fighting “very hard to challenge cost…
Written By Stephanie Burrell Community Lead, Forest Economy Program, World Economic Forum When sourced from sustainable timber, biobased buildings can be hugely instrumental in combating climate change as they store vast amounts of carbon. Sustainable timber buildings are easy and cost-effective to build and run and they are highly durable and fireproof. Sustainable timber buildings create jobs and boost the economy and they make for healthier living and working environments. When sourced from sustainably managed, climate-smart forests, biobased buildings can be hugely instrumental in combating climate change, driving investment back into forests while simultaneously creating a carbon sink in the built…
Written By Alan Belfield Chairman, Arup Group This article is part of: World Economic Forum Annual Meeting Accurate carbon emissions data is available for less than 1% of new buildings worldwide. We need to put real numbers on how much carbon is generated by building materials, construction practices and ways we use our buildings. If we can ‘see’ the carbon in buildings, from design and construction to habitation, we will find ways to remove it – but we need more data. Fast forward in your mind to this time next week. In that short space of time the number of buildings…
Written By Roberto Bocca Head of Shaping the Future of Energy and Materials; Member of the Executive Committee, World Economic Forum This article is part of World Economic Forum Annual Meeting Energy security is currently the top priority for many governments, marked by short-term policy measures. The big question that will dominate 2023 is whether this priority will adversely affect long-term sustainability goals. Investment, transition and deployment on a large scale must take place by 2030 in a way unparalleled by any other global transformation. The pandemic, economic rebound, uneasy geopolitics and war in Ukraine have created severe pressures throughout the…
Written By Bibi La Luz Gonzalez Impact Lead – Food & Development, UpLink, World Economic Forum Abdulrahman Al-Zamil Head of Sustainable Development’s External Engagement, Ministry of Economy and Planning, Saudi Arabia The availability and cost of food, as well as the ability to produce and eat nutritious food, have all declined in the past three years. In 2023, rising food commodity prices will most likely push millions of people towards food insecurity in countries stressed by the severity of climate change and income inequality. UpLink, in partnership with the Ministry of Economy and Planning of the Kingdom of Saudi Arabia, is…
Written By Sarah Chapman Global Chief Sustainability Officer, Manulife Nicole Schwab Director, 1t.org and Nature-Based Solutions, Member of the Executive Committee, World Economic Forum This article is part of: Centre for Nature and Climate Nature and biodiversity are degrading at a faster pace than ever before. UpLink, alongside Manulife, has announced a project called ‘Accelerating Forest Economy Innovation’ which will host two innovation challenges focused on sustainable forestry in an effort to spur nature-based solutions to climate change. The first “Sustainable Forest Economy Challenge” launches today at the World Economic Forum’s Annual Meeting at Davos For many years, the fight against climate…
Written By Leo Simonovich Vice President and Global Head, Industrial Cyber and Digital Security, Siemens Energy Filipe Beato Lead, Centre for Cybersecurity, World Economic Forum This article is part of: World Economic Forum Annual Meeting Geopolitics, economic forces and market dynamics link energy security and the climate crisis through a digital energy transition. Digitalization represents the challenges from cyber threats, and solutions from digital technology, in delivering energy needs and security. Energy industry leaders must embrace cyber resilience as a pillar of the digital energy ecosystem. Looking back at the 2022 World Economic Forum Annual Meeting in Davos, Switzerland, few global policymakers…
Written By Graeme Shannon, Bangor University Oceans are full of sound. Waves, earthquakes and calving icebergs all contribute to the underwater soundscape. But so do human activities, and this can be a problem for marine life as it can seriously affect their physiology, behaviour, reproduction and even survival. Being able to produce and detect sound in an environment where light penetrates only a few hundred metres is crucial for animals to communicate, feed, avoid predators and navigate vast underwater habitats. Large whales generate low frequency communication calls that can travel thousands of kilometres. While the snapping shrimp, native to the…
The United Arab Emirates (UAE) has a robust employment insurance system in place to protect its citizens and residents in case of job loss or disability. The system is administered by the Ministry of Human Resources and Emiratisation (MOHRE) and the Federal Authority for Government Human Resources (FAHR). Employment insurance in the UAE is mandatory for all companies with more than 100 employees and optional for companies with less than 100 employees. Under the employment insurance program, companies are required to pay a monthly contribution to the MOHRE on behalf of their employees. The contribution rate is determined by the…
Driving and car insurance are inseparable. If you own and operate a car, you need to have an auto insurance policy, both mandatory and optional. But what goes behind the scenes? How does this complex industry of car insurance work? The car insurance industry is a complicated one, with a plethora of different factors affecting all aspects of it; from the price to the risk assessment, everything is dynamic in the auto insurance industry. So here is the complete and most comprehensive guide to everything you need to know about car insurance; how it works, what it covers, and the…
Rent prices in Dubai have been on the rise in recent years. This trend can be attributed to a number of factors, including an increasing population, economic growth, and a lack of affordable housing options. Population growth: One of the main drivers of rising rent prices in Dubai is population growth. The city has experienced a significant influx of people in recent years, as more and more people move to the emirate in search of work and a higher standard of living. This increased demand for housing has driven up rents, as landlords are able to charge more for their…
With the commitment to redefine insurance in Pakistan through continuous innovation and product enhancement, TPL Insurance has entered the Metaverse focusing on its next generation of customers. To create awareness about its products and develop a personalized experience, TPL Insurance has become the first insurance company in Pakistan to open in the meta space. The metaverse is growing in popularity, captivating people all around the world. From gaming to networking, many people and businesses are exploring the vast possibilities of the virtual world. Speaking about the launch, Mr. Muhammad Aminuddin – CEO, TPL Insurance, said: “As Pakistan’s leading Insurtech, we take…
Exposure visits to developed markets are the learning opportunity for developing markets; Muhammad Zubair AlHuda Centre of Islamic Banking and Economics, a leading name in Islamic finance industry for institutional set-up, capacity building, and global networking is going to organize an exposure visit for Takaful industry in the hub of Islamic finance industry Malaysia. AlHuda CIBE as consultant and Advisor is one the organization which has separate departments for Banking, Microfinance, Takaful, Sukuk and other Financial Instruments, Shariah Advisory, Cryptocurrencies, Fintech, NFTs, Digital Currencies under the umbrella of Islamic Finance Industry. In the legacy of its inherited role for the…
Thousands of AK-47 assault rifles were reportedly seized from a fishing vessel in international waters off the Gulf of Oman [US Navy via AFP] Published in AlJazeera, on Jan 9th, 2023 Weapons were discovered off the coast of Oman ‘on a route historically used to traffic illicit cargo to the Houthis in Yemen’, Navy says. The US Navy says it seized more than 2,000 assault rifles from a ship in the Gulf of Oman it believes came from Iran and were bound for Yemen’s Iran-aligned Houthi rebels. The cargo was discovered on Friday off the coast of Oman, the Bahrain-based…
Palestinian Prime Minister Mohammad Shtayyeh gestures as he arrives for a cabinet meeting of the new Palestinian government, in Ramallah, in the Israeli-occupied West Bank. — Reuters/File Published in Geo News, on Jan 9th, 2022, AFP RAMALLAH: Palestinian prime minister Mohammad Shtayyeh on Monday described a raft of Israeli measures as a “new war” against the Palestinian Authority (PA) aimed at pushing it “to the brink”. Israel’s new right-wing government said on Friday that it will withhold millions of dollars in tax revenues from the Palestinian Authority (PA). This followed the Authority’s successful lobbying for a UN General Assembly vote…
Published in The Nation, on Jan 7th, 2022, Monitoring Desk WANA – Thousands of tribesmen yesterday held a protest demonstration against the rising terrorism in the tribal areas. The peaceful protesters holding white flags and beating traditional drums demanded of the authorities to restore peace in their area. A number of leaders from different political parties including PPP, PTM, PML-N, and AWP were reported to have participated in the protest, holding the government responsible for increasing terrorist incidents across the country. They also warned the authorities that protests in the area would continue until the elimination of the terrorists from the…
Published in Dawn News, on Jan 9th, 2023, Reuters MOSCOW: Russia and Ukraine swapped 50 captured soldiers each on Sunday in a deal that both sides welcomed even as they fought one another in eastern Ukraine. Russia’s defence ministry said the 50 returned Russian soldiers would be flown to Moscow for medical and psychological rehabilitation. “On January 8, as a result of negotiations, 50 Russian servicemen, who were in mortal danger while in captivity, were returned from the territory controlled by the Kyiv regime,” it said in a statement. Ukraine confirmed the information and said Russia had freed 50 Ukrainian…
Chinese and Taiwanese printed flags are seen in this illustration taken, April 28, 2022. REUTERS/Dado Ruvic/Illustration Published in Reuters, on Jan 9th, 2023, By Sarah Wu and Liz Lee TAIPEI/BEIJING, Jan 9 (Reuters) – Taiwan condemned China on Monday for holding its second military combat drills around the island in less than a month, with the defence ministry saying it had detected 57 Chinese aircraft. China views democratically-governed Taiwan as its own territory and has been ramping up military, political and economic pressure to assert those claims. The Eastern Theatre Command of the People’s Liberation Army said its forces held “joint combat readiness…
A protester holds a gallows rope during a rally in Lyon to pay tribute to Mohammad Moradi, an Iranian student who jumped into a river last month, and drowned, in an attempt to draw attention to the situation in Iran.—AFP Published in Dawn News, on Jan 9th, 2023, AFP LYON: Some 1,000 people rallied in the French city of Lyon on Sunday in support of unprecedented anti-regime protests in Iran, journalists saw. The protesters walked through the streets of the eastern city carrying a banner that read “Woman, life, freedom” and chanting the words, which have become the slogan of…
Ramiz Raja stated that India has mindset to limit Pakistan Published in Bol News, on Jan 9th, 2023, Web Desk Ramiz Raja was fired as the chairman of the PCB in December. The former batter criticized the restoration of the 2014 constitution. Pakistan will not travel to India for the ICC World Cup 2023. Ramiz Raja, the former chairman of the Pakistan Cricket Board (PCB), has stated that India has the mindset to limit Pakistan. Raja was fired as PCB chairman in December after the government formed a 14-member committee led by Najam Sethi. On Tuesday, the former cricketer said at…
Al Nassr unveil new signing Cristiano Ronaldo at Mrsool Park, Riyadh, Saudi Arabia on January 3, 2023. — Reuters Published in Geo News, on Jan 9th, 2023, Reuters Cristiano Ronaldo will serve his suspension before making his league debut for his new Saudi Arabian club Al Nassr but he could play against Paris St Germain in a friendly this month, coach Rudi Garcia has said. Ronaldo missed the first of two domestic games for Al Nassr on Friday after being suspended by England’s Football Association (FA) for knocking a phone out of a fan’s hand following Manchester United’s defeat at Everton in April. Garcia…
Harry Brook rewarded with ICC Men’s Player of Month award Published in Bol News, on Jan 9th, 2023, Web Desk Harry Brook named ICC Men’s Player of the Month for December 2022. Brook was nominated alongside Babar Azam and Travis Head for the award. Broook’s runs were scored at a remarkable strike rate of 93.41. Harry Brook, England’s rising star, made an immediate impact in Test cricket and has been named the ICC Men’s Player of the Month for December 2022. Harry Brook, who was nominated alongside Babar Azam and Travis Head, won the award after an incredible tour of Pakistan…
SMEs drives Saudi Arabia economy Small and medium-sized enterprises are a driver to reckon with in Saudi Arabia as the nation, along with the targets highlighted in Vision 2030, carries on to diversify its economy which has been reliant on oil for 10s of years. Even when coronavirus unsettled worldwide economies, SMEs in Saudi Arabia stayed committed in their expansion under the visionary management of King Salman as well as Crown Prince Mohammed bin Salman. This year, when the world began regaining from the drop of the epidemic, the backing supplied by the administration to SMEs in Saudi Arabia was…
Business community demand easing of import curbs Pakistan must increase exports to sustain economic growth, therefore, the State Bank of Pakistan (SBP) should further relax import restrictions and formulate a more lenient policy, said acting Islamabad Chamber of Commerce and Industry (ICCI) President Faad Waheed. Talking to a delegation of business community, he pointed out that many export-oriented industries were required to import raw material and intermediate goods to produce finished products for export. He lauded the SBP’s initiative of relaxing some of the restrictions and allowing imports under Chapter 84, 85 and certain items under Chapter 87 from January…
Gadgets unveiled at CES but Russia is banned: One of the world’s largest technology shows kicks off in Las Vegas this week, with about 100,000 attendees expected and more than 3,000 exhibitors from around the world showcasing what they hope will be the next big thing. From the technology giants to the smallest start-ups, all are welcome here, if they can afford to attend. It’s a smorgasbord of clever ideas – and some completely bonkers ones. But one country is notably absent from CES 2023 – Russia. Last time I was here, in 2020, I took a ride around the…
Gearing up for a virtual tomorrow, TPL Insurance enters the Metaverse With the commitment to redefine insurance in Pakistan through continuous innovation and product enhancement, TPL Insurance has entered the Metaverse focusing on its next generation of customers. To create awareness about its products and develop a personalized experience, TPL Insurance has become the first insurance company in Pakistan to open in the meta space. The metaverse is growing in popularity, captivating people all around the world. From gaming to networking, many people and businesses are exploring the vast possibilities of the virtual world. Speaking about the launch, Mr. Muhammad…
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 15.66 16.16 2 – Week 15.72 16.22 1 – Month 15.85 16.35 3 – Month 16.84 17.09 6 – Month 16.85 17.10 9 – Month 16.87 17.37 1 – Year 16.89 17.39 Last Updated on 6th Jan 2023 Source: SBP
by Felix Richter, Jan 9, 2023 When the Covid-19 pandemic hit the U.S. economy with full force in March 2020, stifling economic activity and erasing nearly 20 million jobs in a matter of weeks, many had hoped that this crisis would go away as quickly as it had arrived. And while most sectors and the economy as a whole have now recovered the jobs lost in spring of 2020, there are still some gaps in the recovery, as the following chart shows. The leisure and hospitality sector in particular is still almost a million jobs short of its February 2020 level, with the…
by Anna Fleck, Jan 9, 2023 Israel has the cheapest mobile internet in the world, with one gigabyte of data costing on average just $0.04 in 2022. With three in four Israelis owning a smartphone, the country has an even higher smartphone penetration than the United States. This is according to UK-based price comparison website cable.co.uk, who analyzed 5,292 mobile data plans across 233 countries. As our chart shows, Italy places second in the global ranking, with a low cost of $0.12 per 1GB. The country has excellent internet infrastructure with 5G now available to around 95 percent of its residents. It also maintains the…
by Katharina Buchholz, Jan 9, 2023 Britain ended conscription back in 1957 and many European countries have since followed suit. Yet, many countries across the world still enforce compulsory military service. The practice is controversial for many reasons including opposition on religious grounds or conscientious objection to military engagements. Many democracies still have some form of mandatory military service, but a good number are not enforcing the rules to their full extent anymore, resulting in a practice of limited conscription where only a minority of those subject to the law are actually drafted. In these cases, exceptions are generously granted and/or a…
by Florian Zandt, Jan 6, 2023 On January 4, Ireland’s Data Protection Commissioner (DPC) fined Meta a combined 390 million euros or $413 million for violating the General Data Protection Regulation (GDPR) on its Facebook and Instagram platforms. Now, six out of the ten highest fines for GDPR breaches are attributed to Mark Zuckerberg’s company. Even though it might seem like a considerable sum, it’s not the most significant amount of money a company had to pay in the history of the GDPR. As our chart shows, that questionable honor goes to Amazon, another member of GAFAM. In July of 2021, Luxembourg’s data watchdog…
by Felix Richter, Jan 3, 2023 With all the negative headlines surrounding Tesla and its increasingly controversial CEO Elon Musk in recent weeks, it’s easy to forget that the company’s cars are still very popular. While it’s too early to say whether Musk’s Twitter takeover and the turbulences that came with it will have a significant negative impact on demand for Tesla’s cars, its current position as the maker of the most popular electric cars in the United States and in many parts of the world is clear. According to data from Cox Automotive’s Kelley Blue Book, four of the six best-selling electric cars in the…
by Felix Richter, Jan 3, 2023 If you’ve had the pleasure of visiting Norway in recent years, you may have been amazed not only by the country’s breathtaking landscapes, but also by the number of Teslas zipping around the streets of Oslo. Having surpassed an electric vehicle share of 50 percent in 2020, the wealthy Scandinavian country continued its transition to e-mobility last year. According to the Norwegian Road Federation (OFV), electric cars accounted for 79 percent of new passenger car registrations in 2022, and 87 percent when including plug-in hybrids. To put things in perspective, a look across the pond yields an…
Written By Peter Herweck Chief Executive Officer, AVEVA Group This article is part of: World Economic Forum Annual Meeting With most future urbanization projected in Africa and Asia, this is where to look to see the trends shaping the cities of the future. High-tech, climate-positive infrastructure in smart cities will be key for sustainable outcomes. Forward-looking civic authorities will aim to further integrate urban systems. In PCMC smart city just outside Pune, India, it used to take an hour to call an ambulance. Now, using integrated data systems for traffic management, health services and transport, emergency services take advantage of “green…
Written By Jonathan Erskine, University of Bristol and Miranda Mowbray, University of Bristol You might have heard of killer robots, slaughterbots or terminators – officially called lethal autonomous weapons (LAWs) – from films and books. And the idea of super-intelligent weapons running rampant is still science fiction. But as AI weapons become increasingly sophisticated, public concern is growing over fears about lack of accountability and the risk of technical failure. Already we have seen how so-called neutral AI have made sexist algorithms and inept content moderation systems, largely because their creators did not understand the technology. But in war, these…
Written By Michael Jongeneel Chief Executive Officer, Entrepreneurial Development Bank (FMO) This article is part of: World Economic Forum Annual Meeting Currently there aren’t enough bankable opportunities that support the SDGs. Market creation and investing in fragile states are two ways to scale impact. These innovative projects in fragile states show how we can achieve success. With inequality on the rise and the climate crisis raging across our planet, time is running out to meet the UN’s Sustainable Development Goals (SDGs). We believe in a world where, by 2050, over 9 billion people live well within planetary boundaries. That’s why last…
Written By Stefan Schaible Global Managing Partner, Roland Berger This article is part of: Centre for Nature and Climate Sustainability and climate actions have become economic necessities. Amid the ongoing global crises, companies will not remain competitive without innovation and action for climate change. A circular economy in Europe alone would reduce pollution by 72% by 2040 and remove 70% of CO2 emissions by 2050. The ongoing economic crisis poses a potential gridlock for global decarbonization efforts. Why should business leaders give head space to sustainability targets when they are struggling to keep their businesses above water? We are currently facing…
Written By Angela Oduor Lungati Executive Director, Ushahidi This article is part of: World Economic Forum Annual Meeting Unequal access to technology erodes civic participation and poses threats to human rights. Technology has helped communities hit by natural disasters and political upheavals, and non-profit organizations. We need to democratize access, and make sure nobody is left behind. From transport to telecommunications, technology has helped transform our lives. In Kenya, for example, the introduction of M-Pesa brought a level of financial inclusion that had not been seen before. This fintech solution opened up banking opportunities to a section of the population that was considered…
Written By Sundararajan Mahalingam President – Strategy, HCL Corporation Nidhi Pundhir Head, HCL Foundation, HCLTech This article is part of: World Economic Forum Annual Meeting Freshwater ecosystems, such as rivers and lakes, are the lifeblood of our planet. We must protect these complex, fragile systems from the impacts of climate change. A systems thinking approach to water conservation can help us protect this precious resource. The Earth comprises diverse and interconnected ecosystems: the atmosphere, water, ocean, land, forests, biodiversity and social systems. Not only are these complex systems always in a state of flux, but they also have a symbiotic and often…
Written By Pratap Khedkar Chief Executive Officer, ZS Dan Reiss Associate Principal, ZS This article is part of: World Economic Forum Annual Meeting While AI-driven healthcare solutions have proven their impact and reliability, healthcare organizations struggle to achieve the desired value from their investments in AI. The most promising use cases are in early diagnosis and risk stratification for chronic disease, but AI also has the potential to revolutionize drug discovery and health system operations. AI’s impact on global health depends on three enablers: usable, representative data; trustworthy design; and, scalability. Before GPS, drivers relied on the humble printed map. GPS changed…
Written By Malcolm Bennett, University of Nottingham and Poonam Mehra, University of Nottingham Plants have colonised the vast majority of the Earth’s surface. So what is the key to their success? People often think of plants as simple, senseless life forms. They may live rooted in one place, but the more scientists learn about plants, the more complex and responsive we realise they are. They are excellent at adapting to local conditions. Plants are specialists, making the most of what is close by to where they germinate. Learning about the intricacies of plant life is about more than inspiring wonder…
A little glimpse of the ten oldest business families of Pakistan, who have worked hard to get to where they are now, which is a great accomplishment for them and Pakistan as well. Furthermore, these businesses are very important for our country’s economy because they are the reason for the increase in the Gross Domestic Product (GDP), which leads to the economy-boosting up. Nishat Group/Mian Mansha (Worth:$5.57 billion) Nishat Group is a business company controlled by Pakistan’s richest man, Mian Muhammad Yahya Mansha, who has a net worth of $5.57 billion. For the past 15 years, Mian Mansha has held…
Achieving high-paying skills have always remained a hot target for those who want to make some major leaps in their career. In the past, you had to work hard and live on a shoestring to be able to get by. But nowadays, with the abundance of tech-based opportunities available to people, you can find a way to make it work easily for yourself. Nowadays, people can make a good living online or offline in every career imaginable, using skills and abilities that are learned or taught in a variety of ways. The possibility of living a more comfortable lifestyle is…
Finding a job in this harsh economy is clearly not easy. The job market is in constant flux because of the current inflation and also due to the introduction of new artificial intelligence-based technologies. These factors on one side make it hard to generate the required number of jobs. However, with this technology surge finding a job has also become easier for a career enthusiast. Considering the lack of jobs in the market, we should not let the current situation change our career goals and ambitions, instead, we should find ways to stay ahead in this ever-changing world. A better…
Around the last decade, there has been a massive growth in demand for hybrid cars all over the world. Hybrid cars are currently a popular choice in Pakistan since they provide improved fuel efficiency, lower carbon emissions, and a smoother driving experience. Here are the best five hybrid car options in Pakistan: Toyota Prius Toyota Prius is one of the most popular hybrid cars in Pakistan’s domestic auto industry. This car features a 1800cc engine with an automated gearbox and is built using Hybrid Synergy Technology. A new Toyota Prius costs Rs. 8.4 million in Pakistan. Honda Vezel Honda Vezel,…
Residency visas for Pakistanis is an option to avail a lot of free benefits that government of Pakistan does not provide or have any plans to offer in future. A residence permit (also known as residency permit) is a document or card required in some regions, allowing a foreign national to reside in a country for a fixed or indefinite length of time. Rules for these permits vary with different regions. On getting this temporary or permanent citizenship a person canenjoy the benefits of a resident in those countries. If the costs of the vacation would put you above your…
Jordan Kuwait Bank (JKB), one of Jordan’s leading financial institutions, has partnered with Codebase Technologies, one of the fastest-growing open API banking solutions providers in the world. JKB will launch its omnichannel digital onboarding service using Digibanc, Codebase Technologies’ award-winning digital banking and fintech platform. The Bank will also leverage the platform’s instant credit deciding engine to enable instant credit card issuance. The Digibanc platform will serve as a foundation for JKB to innovate existing customer experiences as well as launch future digital products, services and customer journeys. Haethum S. Buttikhi, Chief Executive Officer at JKB, commented, “The banking landscape…
New guidelines by ACCA in ACCA’s Public Sector Conference suggest ways forward to transform the sector due to the challenges faced by the public sector. The public sector needs to respond to multiple global challenges to create a safe, sustainable, and prosperous future that works for all. ACCA’s virtual public sector conference explored the challenges and the solutions that face public sector financial professionals as they work towards transforming the public sector. Such a task would be a challenge at any time but it is made significantly harder by a combination of war, high rates of inflation and a pressing…
The Professionals Academy of Commerce wins NFO Champion Trophy The Institute of Chartered Accountants of Pakistan (ICAP) in collaboration with Unilever Pakistan organized the Grand Finale of the annual mega finance competition, National Finance Olympiad 2022 to bring to the limelight, the finance talent of the country at a local hotel in Karachi. The National Finance Olympiad 2022 started with registrations of 40 teams represented by 120 Chartered Accountants and Finance professionals from renowned private and public sector organizations across Pakistan. The event comprised 3 rounds i.e. the initial qualifying round where ICAP was supported by leading professional firms as…
Representational image of a warplane amid flight. — AFP/File Published in The News, on Dec 26th, 2022, By AFP China deployed 71 warplanes in weekend military exercises around Taiwan, Taipei’s defence ministry said Monday, including dozens of fighter jets in one of the biggest daily incursions to date TAIPEI: China deployed 71 warplanes in weekend military exercises around Taiwan, Taipei’s defence ministry said Monday, including dozens of fighter jets in one of the biggest daily incursions to date. The People’s Liberation Army said it had conducted a “strike drill” on Sunday in response to unspecified “provocations” and “collusion” between the United States and…
Russian service members equip an Iskander tactical missile system at the Army-2015 international military-technical forum in Kubinka, outside Moscow, Russia, June 17, 2015 [File: Sergei Karpukhin/ Reuters] Published in AlJazeera, on Dec 26th, 2022, Deployment of weapons comes amid Moscow’s increasing pressure on Minsk to aid its invasion of Ukraine. The Iskander tactical missile systems and the S-400 air defence systems that Russia has deployed to Belarus are fully prepared to perform their intended tasks, a senior Belarusian official has said. “Our servicemen, crews have fully completed their training in the joint combat training centres of the armed forces of the Russian…
South Korean KF-16 jets take part in a joint drill with the U.S., Gunsan, South Korea, Nov. 1, 2022. — Reuters Published in Geo News, on Dec 26th, 2022, Reuters S Korea tracks drones crossing from N Korea over Military Demarcation Line. One drone came down farther, flew over South Korea’s capital Seoul in latest intrusion. Military says it tried to shoot down drones, but it was not clear if it was successful. SEOUL: South Korea scrambled warplanes and attack helicopters and fired warning shots on Monday after North Korean drones violated its airspace, the South Korean military said. South Korea tracked…
Russia´s President Vladimir Putin chairs a meeting with leadership of military-industrial complex enterprises in Tula, Russia, on December 23, 2022. — AFP Published in The News, on Dec 26th, 2022, By AFP President Vladimir Putin blasts West for trying to “tear apart” Russia, says in interview aired on national television his offensive in Ukraine aimed to “unite Russian people” MOSCOW: President Vladimir Putin has blasted the West for trying to “tear apart” Russia and said in an interview aired on national television that his offensive in Ukraine aimed to “unite the Russian people”. About 100 kilometres from the Ukrainian border,…
Published in AlJazeera, on Dec 25th, 2022, Foreign Minister Wang Yi defends Chinese position in the war in Ukraine, hails ‘historic’ improvement in ties with Arab countries. Foreign Minister Wang Yi has defended China’s stance on the war in Ukraine and suggested that it would deepen ties with Russia in the year ahead, as he hailed the “historic strides forward” in Chinese-Arab relations. Speaking by video to a conference in the Chinese capital, Wang on Sunday also blamed the United States for the deterioration in relations between the world’s two largest economies, saying that Beijing has “firmly rejected” Washington’s “erroneous China policy”.…
India’s main opposition, Indian National Congress party leader Rahul Gandhi addresses the crowd at the Red Fort during the ongoing Bharat Jodo Yatra (Unite India March) in the old quarters of Delhi, India, December 24, 2022. — Reuters Published in Reuters, on Dec 24th, 2022, Reuters NEW DELHI, Dec 24 (Reuters) – A cross-country march led by Indian opposition leader Rahul Gandhi reached the capital New Delhi on Saturday, hoping to regain some of the popularity it lost to the ruling Hindu-nationalist party. More than 1,000 people joined Gandhi’s march against “hate and division”, which aims to turn the Congress…