Written By Julia P G Jones, Bangor University and Neal Hockley, Bangor University In early 2023, the Guardian published an article suggesting that more than 90% of rainforest carbon offsets are worthless. These credits are essentially a promise to protect forests and can be bought as a way to “offset” emissions elsewhere. Verra, the largest certifier of these offset credits, said the claims were “absolutely incorrect” but the story still shook confidence in the billion-dollar market. Soon after, Verra’s CEO stood down. The claims in the Guardian article rested heavily on analysis which had been published as a preprint (before…
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Written By Samer Aljishi President, BFG International This article is part of: Centre for Advanced Manufacturing and Supply Chains Strategically located and with a young and ambitious population, the Gulf region is embracing the digital technologies that could fuel a manufacturing boom. Industry 4.0 technologies are already being developed and deployed across Bahrain, Saudi Arabia, the UAE and beyond. Buy-in from governments is essential in this process, and can speed the development of the advanced manufacturing sector. Technology is transforming the GCC’s (Gulf Cooperation Council) manufacturing sector. With the adoption of advanced technologies, such as artificial intelligence and robotics — often referred…
Written By Kimberley Hardcastle, Northumbria University, Newcastle When OpenAI unchained the “beast” that is ChatGPT back in November 2022, the pace of market competition between tech companies involved in AI increased exponentially. Market competition determines the price of goods and services, their quality and the speed of innovation – which has been remarkable in the AI industry. However, some experts believe we are deploying the most powerful technology in the world far too quickly. This could hamper our ability to detect serious problems before they’ve caused damage, resulting in profound implications for society, particularly when we can’t anticipate the capabilities…
Dubai, a city renowned for its iconic skyline and boundless ambition, is set to host one of the world’s most anticipated events: Expo 2020 Dubai. This global extravaganza promises to be a showcase of culture, innovation, and collaboration, uniting nations under a shared theme of “Connecting Minds, Creating the Future.” In this blog post, we delve into the heart of Expo 2020 Dubai, exploring its significance, anticipated highlights, and the transformative impact it is poised to have on the world stage. A Journey into Expo 2020 Dubai A Global Melting Pot: Expo 2020 Dubai is more than just an exhibition;…
The latest addition to the digital media world and social media platforms is the Meta introduced social networking site Threads. It was launched on July 5th, 2023 by the owners of renowned apps like Instagram and Facebook. Threads is a text-based app that took people on social media platforms by storm as it has been crowned as the fastest application to reach a record 150 million downloads. Right after its launch people could not help but notice its strong resemblance with Twitter. Surprisingly, in less than a month of its inauguration, the sister app of Instagram managed to grab followers…
The Gulf region, with its opulent cities, luxurious resorts, and breathtaking landscapes, has always been synonymous with grandeur and innovation. In recent years, another dimension has been added to this reputation: virtual reality (VR). This technology has ushered in a new era of immersive experiences, allowing visitors and residents alike to explore, learn, and be entertained in ways that were once thought impossible. In this blog post, we delve into the captivating world of virtual reality wonders in the Gulf, showcasing how this technology is transforming entertainment, education, and tourism. Virtual Reality in Entertainment Theme Parks of the Future: The…
As global populations continue to grow, ensuring a sustainable and efficient food supply becomes increasingly crucial. Vertical farming is an innovative agribusiness solution that has emerged and is taking the agriculture industry by storm in this pursuit. This revolutionary approach to cultivation holds immense promise, particularly in regions with limited arable land like the Gulf and Pakistan. In this blog post, we explore the concept of vertical farming, its benefits, and its impact on these two distinct yet interconnected regions. Vertical Farming: A New Paradigm It is a cutting-edge agricultural method that involves growing crops in vertically stacked layers, often…
The real estate sector in Pakistan has witnessed significant fluctuations and developments over the years, making it crucial for both investors, looking for opportunities to make an investment in Pakistan, and potential homeowners to stay informed about the latest property market trends. From urbanization to regulatory changes, various factors influence the dynamics of the real estate market. In this blog post, we’ll delve into some of the key property market trends in Pakistan and offer insights into navigating this ever-evolving landscape. Urbanization and Demand Pakistan’s rapid urbanization has led to a growing demand for housing in urban centers. Cities like…
Pakistan’s urban landscape is undergoing a remarkable transformation, propelled by a series of mega infrastructure projects that are set to redefine the country’s cities. These ambitious initiatives aim to modernize existing urban centers, alleviate congestion, enhance connectivity, and stimulate economic growth. From modern transportation networks to cutting-edge commercial and residential developments, these projects are poised to shape the future of Pakistan’s urban living. In this blog post, we delve into some of the most significant mega-infrastructure projects that are contributing to this sweeping urban evolution. CPEC: The Game-Changer At the forefront of Pakistan’s infrastructure overhaul is the China-Pakistan Economic Corridor…
The Lightning Network promises to be the solution for all of Bitcoin’s current problems. While it’s a complicated technology that is still in its early days, the Lightning Network has already been shown to work on a test network. It aims to solve some of the biggest issues with Bitcoin by making transactions faster and cheaper. While there are still many questions about how this new technology will play out, it offers exciting possibilities for anyone who wants their transactions processed more quickly or cheaply than they can get through traditional methods or other online services. What Is the Lightning…
The Saudi Fund for Development (SFD) officially inaugurated on August 5, 2023 the King Abdullah Campus of Azad Jammu and Kashmir University (UAJK) in Pakistan. The King Abdullah campus was funded through a generous USD $90 million grant provided by the Kingdom of Saudi Arabia, through SFD. The project was inaugurated by SFD’s Director General of Asia Operations, Dr. Saud bin Ayed Al-Shammari, in the presence of the President of the State of Azad Jammu & Kashmir, H.E. Sultan Mehmood Chaudhry. Also attending the inauguration ceremony was the Chairman of the Higher Education Commission, Professor Dr. Mukhtar Ahmed, and the…
LMKT, a leading full-service technology company in Pakistan, specialising in tech incubation and IT solutions, is proud to announce its collaboration with researchers from INSEAD, a renowned global business school, to launch the XSeed Incubation Programme in collaboration with NIC Karachi, Pakistan’s largest tech incubator. This strategic partnership aims to empower aspiring entrepreneurs and facilitate the transformation of their ideas into successful businesses. The XSeed Incubation Programme is a 12-month initiative that supports early-stage venture development and fosters the growth of new startups. Drawing on the successful experiences from other global markets, the programme adopts rigorous frameworks developed by INSEAD’s…
Dubai chamber of commerce reports 43pc surge in new member companies Showcasing the emirate’s attractiveness among both companies and investors, the Dubai Chamber of Commerce announced that the number of new member companies has increased 43 percent to 30,146 in the first half of 2023, up from the existing 21,098. The total value of exports and re-exports of member companies increased by 7 percent during the first half of 2023 to reach AED137.6 billion ($37.3 billion), up from AED129.4 billion ($35.2 billion) in the same period last year. The chamber also issued 357,000 certificates of origin during H1 2023. A…
ECC accepts $3bn loan guarantee for n-plant Pakistan on Tuesday approved issuing $3 billion worth sovereign guarantees against a Chinese loan for a nuclear power plant and also stamped an operator-favoured State Support Agreement for the outsourcing of the Islamabad International Airport. The Economic Coordination Committee (ECC) of the outgoing cabinet took these decisions but left a decision for the import of at least one million metric tons of wheat for the caretaker government. Finance Minister Ishaq Dar, who may have some role in the interim setup, chaired the ECC meeting. After the meeting, the Ministry of Finance stated that…
Prototype ‘Brain-like’ chip promises greener AI, says tech giant: A prototype “brain-like” chip could make artificial intelligence (AI) more energy efficient, its developer, technology giant IBM, has said. Concerns have been raised about emissions associated with warehouses full of computers powering AI systems. IBM said its prototype could lead to more efficient, less battery draining AI chips for smartphones. Its efficiency is down to components that work in a similar way to connections in human brains, it said. Compared to traditional computers, “the human brain is able to achieve remarkable performance while consuming little power”, said scientist Thanos Vasilopoulos, based…
Al-Huda CIBE hosts an exposure visit for National Bank of Ethiopia in Malaysia-Press-Releases Al-Huda Centre of Islamic Banking and Economics (CIBE) a consultancy and advisory company for the development of Islamic finance industry with continuation of its legacy hosted an exposure visit of the Executive Management of National Bank of Ethiopia in Malaysia. It was the combination of Executive Training for the Regulators and exposure of practices in a well-established market. National Bank of Ethiopia is the regulatory body for the financial sector in Ethiopia, the objective for this exposure visit is to grasp understanding for overcoming regulatory challenges 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 21.60 22.10 2 – Week 21.70 22.20 1 – Month 21.90 22.40 3 – Month 22.69 22.94 6 – Month 22.78 23.03 9 – Month 22.82 23.32 1 – Year 22.85 23.35 Last Updated on 11th Aug 2023 Source: SBP
by Katharina Buchholz, Aug 16, 2023 According to the Forbes Global 2000, Saudi state oil enterprise Saudi Aramco is once again the world’s most profitable company – this time with a big lead over second-placed Apple as oil and gas prices skyrocketed as part of the global energy crisis in the aftermath of the Russian invasion of Ukraine. There are now three oil and gas giants among the top 8 most profitable companies in the world – up from just one in 2019. Saudi Aramco had already been touted as the most profitable company in the world before going public in late 2019.…
by Katharina Buchholz, Aug 16, 2023 After oil prices skyrocketed following Russia’s invasion of Ukraine, eight oil and gas companies brought in revenues of $200 billion or more in 2022, data from the the Forbes Global 2000 shows. Saudi state-owned enterprise Saudi Aramco, which went public in late 2019, is the biggest of them all, followed by PetroChina and Sinopec Group, which had led the list of the world’s biggest oil and gas companies in 2020 as China stayed open for business during the first year of the coronavirus pandemic. Nevertheless, at revenues of around $450 billion each last year, the two Chinese energy giants…
by Felix Richter, Aug 14, 2023 In recent decades, the world has witnessed a remarkable transformation in the perception of sneakers, which transcended their utilitarian origins to become a symbol of cultural expression and fashion-forward identity. This shift has given rise to what is now commonly known as sneaker culture. Initially designed for athletic purposes, the introduction of signature shoe lines from brands like Adidas and Converse in the mid-20th century marked the beginning of sneakers as more than just functional footwear. Over time, the sneaker phenomenon extended its reach beyond sports, finding its place in hip-hop and popular culture. Once considered…
by Katharina Buchholz, Aug 10, 2023 Worldwide, a large part of e-commerce growth is driven by consumers using their mobile devices, phones and tablets, to acquire goods and services. According to Statista’s Market Insights, mobile e-commerce sales reached $2.2 trillion in 2023 and now make up 60 percent of all e-commerce sales around the world. The share of mobile e-commerce in all e-commerce has been on a steady climb, up from just 56 percent in 2018 to an expected 62 percent in 2027. The increase of mobile e-commerce sales themselves has been even steeper as the whole sector keeps expanding globally. In 2027, Statista…
by Florian Zandt, Aug 10, 2023 The 13 biggest shipping markets in the world were responsible for 161 billion posted packages in 2022, an increase of 1 percent compared to the previous year, according to the Pitney Bowes Parcel Shipping Index. While the B2B shipping and mailing company has been predicting a continuous, healthy growth of parcel volume for years, the effects of the coronavirus lockdowns in China in 2022 hampered growth after a banner year for e-commerce in 2021, caused in part by stay-at-home mandates and movement restrictions. Even with the situation in the country, the People’s Republic was again at…
by Katharina Buchholz, Aug 10, 2023 Walmart is the top-selling company in the world, turning over around $611 billion in annual revenue. This is according to the Statista company database Company DB. The next retailer on the list, e-commerce giant Amazon, is a whopping $100 billion behind that with a revenue of around $514 billion. With energy prices skyrocketing after the Russian invasion of Ukraine in early 2022, the current list of the highest-grossing companies includes many oil and gas ventures, the biggest being Saudi state-owned enterprise Saudi Aramco with an annual revenue of $604 billion. The top 10 also includes Dutch oil & gas company…
Written By John Quinton, Lancaster University A recent study has found that soil is home to 59% of all life on Earth, from an insect feeding on the soil surface to a tiny microbe nestled in a soil pore. This discovery crowns soil as the most biodiverse habitat on the planet. The paper estimates that around 2 million species of arthropod (think insects and spiders) inhabit the soil – some 30% of all known arthropod species. There are far fewer species of soil specialists such as enchytraeidae (resembling mini earthworms) and oligochaeta (worms), with only 770 and 6,000 species respectively.…
Written By Cristen Hemingway Jaynes This article is published in collaboration with EcoWatch Scientists have created biodegradable plastics from spirulina, a blue-green algae that is already used in cosmetics and foods. Spirulina is a good choice for bioplastics because it is carbon neutral and can be cultivated on a large scale. The mechanical properties of spirulina plastics are similar to single-use plastics derived from petroleum. However, more research is needed to develop spirulina plastics on a commercial scale. Plastics are everywhere. They’re used to make food packaging, bags, water bottles and for many other common applications. As they break down, their tiny particles —…
Written By Matteo Ceriotti, University of Glasgow The idea of space-based solar power (SBSP) – using satellites to collect energy from the sun and “beam” it to collection points on Earth – has been around since at least the late 1960s. Despite its huge potential, the concept has not gained sufficient traction due to cost and technological hurdles. Can some of these problems now be solved? If so, SBSP could become a vital part of the world’s transition away from fossil fuels to green energy. We already harvest energy from the sun. It’s collected directly through what we generally call…
Written By Mark Rayner Insight Lead, Education, Skills and Learning, World Economic Forum Artificial intelligence (AI) has dominated the business agenda since chatbot ChatGPT burst on to the scene in late 2022. Generative AI is estimated to eventually automate millions of jobs, but its employment benefits are harder to quantify. Here are three ways that artificial intelligence will change the future of work, and why its likely to augment rather than automate. Since ChatGPT burst on to the scene in November 2022, generative artificial intelligence (AI) has come to dominate the business agenda. Boosts of a few percentage points in productivity…
Written By Adrian Kuenzler Professor of Competition and Intellectual Property Law, University of Zurich As metaverse spaces evolve, vast amounts of data are being collected in the background on increasing and more detailed aspects of our lives. In tandem, the proliferation of privacy laws based on binary notions of being public or private has meant increasing privacy notices that users are at risk of not reading. Privacy laws weren’t built for the current merging of physical and digital spaces and must adapt to protect contextual integrity of users. Current forms of the metaverse are emerging as evolving digital environments where an…
Written By Ian Shine Senior Writer, Forum Agenda Tourism is crucial to many economies, but rising global temperatures are putting parts of the industry at risk. The climate crisis is changing the face of many tourist destinations and is already making some holidaymakers rethink their plans. The World Economic Forum’s Global Future Council on the Future of Sustainable Tourism is working to help the tourism sector build towards a more sustainable future. Hot weather is what many people go on holiday for. But record global temperatures have been sending people home early from their vacations this July, raising questions about what…
Written By Barath Raghavan Associate Professor of Computer Science and Electrical and Computer Engineering, University of Southern California Michael Kantar Associate Professor of Tropical Plants & Soil Sciences, University of Hawaii This article is published in collaboration with The Conversation Conventional agriculture offers farmers few choices of plant species, farming methods and inputs. Now they can broaden their choices by viewing an agricultural system as what computer scientists term a ‘state space’. A computing system can draw on agricultural knowledge from many different environments and schools of thought to help farmers identify the best options for their land. It can also help…
Written By Ajay Mathur Director General, International Solar Alliance Solar has provided energy access to remote and underserved populations, particularly in vulnerable developing economies. Yet, geographical, sectoral and manufacturing imbalances have emerged that threaten universal energy access and the widespread adoption of solar technology. From solar mini-grids to diversifying the concentration of manufacturing of solar technologies, these interventions can help grow solar energy. It is a global imperative to move to renewable sources of energy. The reasons why are various: obviously, to move to zero carbon emissions, but also to provide energy to all, to create new jobs which did not…
When you are a college student trapped in a maze of financial challenges, you will be happy to know that technology is here to empower your situation and provide some well-needed accessibility and clarity. First of all, digital banking operations are always guided through a secure platform that can be accessed basically anywhere without having to visit the bank in person. This point alone is essential for students as they are always limited in terms of time and logistics. If we add certain non-financial banking products, investment campaigns for students, and various utility services, it becomes the best of both…
Turkiye’s Erdogan caps economy-driven gulf tour in UAE Turkiye President Recep Tayyip Erdogan has arrived in the United Arab Emirates, the final leg of a Gulf trip aimed at drumming up investments, Emirati state media said Wednesday. The Tour included stops in Qatar and Saudi Arabia and saw Erdogan preside over the signing of lucrative deals to boost the ailing Turkish economy. “Erdogan has arrived in the UAE on an official visit, accompanied by Turkiye’s First Lady Emine Erdogan,” the UAE’s official WAM news agency said early Wednesday, using an alternate spelling for Turkiye. Pakistan PM calls UAE president, thanks…
Mandatory cybersecurity audits for telecom, energy sector In a crucial move towards enhancing cybersecurity and protecting national data from potential theft, the Pakistan Telecommunication Authority (PTA) has authorised 22 companies to conduct mandatory cybersecurity audits for telecom and power companies, according to Malahat Obaid, Director of Public Relations at PTA. Emphasising the significance of indigenisation, PTA Director General of Cyber Vigilance, Dr Muhammad Mukaram Khan, said that “Cybersecurity is something that cannot be outsourced” while speaking at the fifteenth international conference on Information Security 2023. PTA has introduced a comprehensive audit regime, making it mandatory for all telecom operators to…
Netflix Password Sharing Banned in UAE: From 20 July, United Arab Emirates (UAE) residents are being notified that they can no longer share their Netflix passwords beyond their homes, according to a report by the Khaleej Times. The move is part of a broader initiative by the streaming giant to clamp down on the widespread practice of password sharing. A Netflix customer service representative confirmed to Khaleej Times that the new regulation is in effect as of 20 July. Govt Sets up Advisory Council on Digital Economy to Enhance IT Exports by $15 Billion: A high-level advisory council on IT…
IIL Pakistan opens first vessel, transmission products distributor in Sukkur IIL Pakistan, the country’s leading pipe manufacturing company, marked a significant milestone with the inauguration of its first Vessel & Transmission products distributor in Sukkur namely Rehman Manufacturer and Trader. The momentous event was attended by esteemed guests, including Mr. Abdul Shakoor Sheikh and Mr. Abdul Latif Sheikh from Rehman Manufacturer and Traders, along with representatives from IIL: Mr. Samar Abbas (Chief Marketing Sales Officer), Mr. Usman Ali (National Sales Manager), Mr. Zahid Abbas (Regional Sales Manager), and Mr. Waqas Ahmed (Product Marketing Lead). The inauguration ceremony drew a distinguished…
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 21.46 21.96 2 – Week 21.72 22.22 1 – Month 22.08 22.58 3 – Month 22.78 23.03 6 – Month 22.88 23.13 9 – Month 22.89 23.39 1 – Year 22.91 23.41 Last Updated on 21th July 2023 Source: SBP
Israeli F-16 fighter jets during a graduation ceremony for new pilots at Hatzerim base near the southern Israeli city of Beersheba, December 28, 2022 [File: Tsafrir Abayov/AP Photo] Published in AlJazeera, on July 10th, 2023, By Al Jazeera Staff The training, which includes midair refueling and ‘long range strategic striking’, comes amid tensions with Iran. Washington, DC – United States and Israeli forces have started joint military exercises in Israel as the two countries deepen security cooperation amid tensions with Iran. The Israeli military said on Monday that the drills “will incorporate a number of scenarios, including long range strategic striking”. end of…
Published in The Nation, on July 10th, 2023, International UN Secretary-General Antonio Guterres has warned that the ongoing conflict in Sudan may lead to a full-scale civil war. The UN chief “remains deeply concerned that the ongoing war between the armed forces has pushed Sudan to the brink of a full-scale civil war, potentially destabilizing the entire region,” his spokesman Farhan Haq said in a statement. “There is an utter disregard for humanitarian and human rights law that is dangerous and disturbing,” he said. Sudan has been ravaged by clashes between the army and the Rapid Support Forces (RSF) since April, in…
Ships from South Korea, the US and Japan take part in joint naval missile defence exercises in April [File: The South Korean Defense Ministry/Handout via Reuters] Published in AlJazeera, on July 10th, 2023, Pyongyang also accused US spy planes of violating its airspace and warns such aircraft may be shot down. North Korea has condemned a United States plan to deploy a nuclear missile submarine to waters near the Korean peninsula, warning the move could incite a devastating atomic conflict. In a statement carried by the Korean Central News Agency (KCNA) on Monday, a spokesperson for the North Korean defence…
Published in The Nation, on July 10th, 2023, Anadolu Australia will build Boxer Heavy Weapon Carriers for Germany under an over A$1 billion ($664.5 million) agreement. Prime Minister Anthony Albanese, in a tweet on Monday, confirmed that Australia has signed an “in-principle” agreement to build the carriers for Germany in Queensland. “The project will create well-paid manufacturing jobs for Australia. And mean a boost of more than A$1 billion to the Australian economy,” he added. Albanese is visiting Berlin ahead of the NATO talks, where he inked “one of the biggest” defense deals in Australia’s history,” Australia’s Special Broadcasting Service…
Published in The Nation, on July 09th, 2023, Agencies ISTANBUL-President Volodymyr Zelensky on Saturday secured Turkey’s crucial backing for Ukraine’s NATO aspirations after winning a US pledge for cluster munitions that could inflict massive damage on Russian forces on the battlefield. Washington’s decision to deliver the controversial weapons — banned across a large part of the world but not in Russia or Ukraine — dramatically ups the stakes in the war, which entered its 500th day Saturday. Zelensky has been travelling across Europe trying to secure bigger and better weapons for his outmatched army, which has launched a long-awaited counteroffensive…
An MQ-9 Reaper unmanned aerial vehicle, or drone. — AFP/File Published in The News, on July 09th, 2023, By Web Desk US drones targeted by Russian military for second time hours before air strike in Syria The US Central Command said Sunday that a US drone strike killed a key Daesh leader in Syria shortly after Russian warplanes harassed MQ-9 drones over the war-torn country. Osama al-Muhajer, an IS — also known as Daesh — leader in eastern Syria, was killed in the strike on Friday, according to a statement by Centcom. “We have made it clear that we remain committed…
Pakistan’s Tekken players celebrate after beating South Korea — Twitter @Gamers8GG Published in The News, on July 10th, 2023, By Sports Desk Three members of Pakistan’s teams won two sets against Korea to bag an impressive half-million dollar prize In massively delightful news for the country, Pakistan defeated South Korea 3-2 in the tournament final of the Gamers8 Tekken 7 Nations Cup Sunday to secure their spot as tournament champions, effectively becoming the best Tekken team in the world. The Saudi Esports Federation organised the tournament and featured 16 national teams from around the world. Pakistan had also defeated South Korea…
Iranian women attend Iran’s World Cup Asian qualifier against Cambodia at the Azadi stadium in Tehran, Iran October 10, 2019. — Reuters Published in Geo News, on July 10th, 2023, By Sports Desk Iran will see the return of female spectators to the stadiums for the top league games this year, the country’s football boss said, marking a major victory for women against the long-standing ban on attending football matches. The country has largely barred women from visiting stadiums for football and other matches since the Islamic revolution of 1979, despite no law prohibiting their entry. “This year, one of the prominent…
Wrestler Roman Reigns. — AFP/File Published in The News, on July 10th, 2023, By Web Desk Roman Reigns has now reached 1,042 days as champion which was earlier set by Hulk Hogan Roman Reigns is unarguably the best wrestler of this era as he has broken many records and is determined to break more and more in the future. Reigns, who has dominated the competition after returning back in 2020, has no plans of stopping anytime soon as he recently set another WrestleMania record by surpassing Hulk Hogan as the longest-reigning champion in WWE history. The Tribal Chief has now reached…
UAE healthcare spending jumps to 5.67 pct of the country’s GDP Total healthcare spend in the Middle East and Africa is growing at a higher rate – 42 percent – to $279 billion, due to lack of awareness on health issues, obesity and sedentary lifestyle. Greater public awareness on health issues, common diseases and change in lifestyle habits could help reduce the overall global healthcare spend that last year reached $10.06 trillion and growing at a rate of 30 percent worldwide. This is about a tenth of the global gross domestic product (GDP) that last year reached $101.6 trillion.Healthcare spending…
Logistic firms struggle to attain economic growth Logistic companies in Pakistan are grappling with low margins, high taxes, and an unfavourable business environment, hindering their ability to contribute to the overall economic growth of the country. Seagold, CEO, Ayaz Admani highlighted the concerning decrease in average gross margins for Pakistani companies. In recent years, margins have plummeted from 3 percent to 3.5 percent to a mere 1 percent to 1.25 percent due to the economic meltdown. This significant drop coupled with high expenses, poses considerable difficulties for companies, especially when competing with global counterparts. Nepra agrees Rs1.25 tariff hike The…
Telcos Should Be Heavily Fined for Not Improving Service Quality: IT Minister: Federal Minister of Information Technology and Telecommunication Syed Amin Ul Haque Wednesday demanded heavier fines for telecom companies that fail to improve their quality of service. While briefing the National Assembly Committee on IT & Telecom in Islamabad, the minister said telcos must change their attitude to improve services. He sought bigger fines for operators who are unable to take the right steps in this regard. Twitter No Longer Requires Log In for Viewing Tweets: Twitter has made an unexpected adjustment by removing the login requirement for users…
Using its recycled plastic Shell Pakistan builds road in Karachi Shell Pakistan introduces a plastic infused road in Karachi by recycling discarded Shell lubricant bottles. The organisation collaborated with start-up BRR Enterprises and local authority District Municipal Corporation, South to construct the road, which helps reduce plastic waste materials and promote environment friendly practices. Over 2.5 tonnes of discarded Shell lubricant bottles were recycled for the construction of a 730 feet long and 60 feet wide road on which Shell House is located in Karachi. The discarded Shell lubricant’s plastic bottles were incorporated in the construction of the asphalt road…
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 21.72 22.22 2 – Week 21.81 22.31 1 – Month 22.08 22.58 3 – Month 22.64 22.89 6 – Month 22.72 22.97 9 – Month 22.76 23.26 1 – Year 22.78 23.28 Last Updated on 7th July 2023 Source: SBP
by Martin Armstrong, Jul 10, 2023 As this chart shows, the United States has so far pledged the most financial support to Ukraine: €71 billion in military, financial and humanitarian aid since the beginning of 2022. Data from the IFW Kiel Ukraine Support Tracker reveals that EU institutions have been the second largest donors (€35 billion), followed by the UK and Germany (€11 billion each) and Japan ($7 billion). When considering bilateral aid in terms of a percentage of GDP, several European countries come out ahead of the United States. Currently at the top are Estonia (1.3 percent), Latvia (1.1 percent) and…
by Anna Fleck, Jul 10, 2023 Environmental protest group Just Stop Oil hit the headlines again last Wednesday after disrupting play twice at the Wimbledon tennis tournament in the United Kingdom, as they called for the government to stop all new oil, gas and coal projects. Protests over the environment have been on the rise in the country, with the group having also taken action at the World Snooker Championship and the rugby union Premiership final. Public disturbances, whether interrupting sporting matches, halting traffic or vandalizing art, have prompted an array of responses from the public. But what is the perspective of…
by Felix Richter, Jul 10, 2023 According to United Nations’ latest projections of global population, India surpassed China as the world’s most populous country in April 2023. Having gradually closed the gap to China from more than 200 million people in 2000 to little more than 10 million in 2022, the UN Population Division predicts India’s population to reach 1,429 million in July 2023, surpassing long-time leader China by 3 million people. In recent years, China’s population growth has slowed down notably due to its one-child policy before reaching an inflection point in 2022, when China’s population declined for the first time since…
by Felix Richter, Jul 7, 2023 World Chocolate Day, celebrated on July 7th every year, pays homage to one of the world’s most beloved treats: chocolate. Native to Central and South America, chocolate and cocoa have a long history, with the Aztecs and Mayans among the most well-known indigenous populations to have cultivated cocoa. According to the World Cocoa Foundation, researchers have found evidence of cocoa-based food dating back several thousand years, and it has since become an inseparable part of our culture. Chocolate is not only a delicious treat but also a prime example of globalization. While countries such as Côte d’Ivoire,…
by Anna Fleck, Jul 5, 2023 It’s been 75 years since the start of the United Kingdom’s National Health Service, the first universal health system available to all, free at the point of delivery. In light of this, we’re looking at how different health systems compare around the world, using data from Legatum Prosperity Index, created by The Legatum Institute Foundation, a London think tank. As the following chart shows, the UK ranks in 34th place out of the 167 indexed countries and territories, based on not only its healthcare system (such as access to health services) but also its population’s state of…
by Katharina Buchholz, Jul 5, 2023 Numbers from the World Bank show how access to landline internet as well as to mobile phones still differ widely around the world. While in first-world countries mobile cellular subscriptions outnumber people by far, they still hover around 80-90 subscriptions per 100 people in countries like Pakistan, India and Nigeria. Access drops as low as 30-50 lines per 100 inhabitants in South Sudan, Mozambique or the Democratic Republic of the Congo or around 60 in Afghanistan, Venezuela or Laos. Not all people who do have access to a mobile phone in the developing world own a smartphone, however. Penetration rates were…
Written By Eric Swalwell Congressman, 15th District of California, U.S. House Foreign Affairs Committee This article is part of: Centre for Cybersecurity To drive down risk and improve resilience against malicious cyber activity, governments and the private sector must evolve their respective approaches to cybersecurity risk management. The private sector and the government are well-served by building cybersecurity into every aspect of operations and governance. Investing in cybersecurity costs money, but shortchanging cybersecurity investments costs more. The average cost of a data breach in 2022 was $4.35 million and is expected to reach $5 million in 2023. Cybersecurity research firm Cyber Ventures predicts…
Written By Himanshu Gupta Chief Executive Officer, ClimateAI Climate change threatens food production worldwide, contributing to food price inflation, with those in low-income and developing countries hardest hit. Extreme weather, fueled by climate change, causes short-term disruptions in crop growing and long-term changes in regional growing conditions. Global efforts are needed to ensure resilient adaptation and recovery, because, by the time you finish reading this article, nearly 500 more people will have become food insecure. As the CEO of the world’s largest sovereign wealth fund, Norway’s $1.3 trillion oil fund, Nicolai Tangen recently noted in an FT interview that climate change is fueling…
Written By Carol Yan EMEA Energy Transition and Renewables Lead, Amazon Web Services Shweta Jadhav Project Fellow, Clean Power and Electrification Programme, World Economic Forum Kristen Panerali Head, Clean Power and Electrification, World Economic Forum Caroline Narich Managing Director, Accenture Strategy Long lead times are hampering the speed of renewable energy build-out worldwide. Digitalizing the processes for permit application as well as the stakeholder engagement can cut down lead times so clean energy projects can get built faster. Attaining net zero by 2050 requires all types of innovation – including reinventing the processes, business models and ways of collaboration between…
Written By Rashmi Rao Fellow, US Center for Advanced Manufacturing and Principal, rcubed|ventures The manufacturing industry is continually striving to harness the latest technological breakthroughs. Large language models (LLMs), such as ChatGPT, are gaining traction in manufacturing processes, as they offer unparalleled capabilities to dissect and orchestrate intricate information and produce interactions akin to human dialogue. To fully realise the potential of Artificial Intelligence (AI) in manufacturing, we need further research, discussions and industry case studies to shed light on untapped applications. The manufacturing industry is continually striving to harness the latest technological breakthroughs in the relentless pursuit of improved automation,…
Written By Kelly Ommundsen Chief of Staff; Head, Global Collaboration Village; Member, Executive Committee, World Economic Forum Iris Jumbe Lead, Marketing and Communications, Global Collaboration Village, World Economic Forum The World Economic Forum, in partnership with Accenture and Microsoft, recently convened partners of the Forum’s own metaverse, the Global Collaboration Village. The Global Collaboration Village is a platform in the metaverse that fosters cooperation around solving the world’s biggest challenges. Global Collaboration Village partners are using cost-effective and scaleable metaverse solutions for humanitarian training, conservation engagement, healthcare transformation, and education and upskilling. At a recent Global Collaboration Village partner event, leaders from…
Written By Daniel Murphy Risk and Resilience Specialist, World Economic Forum As climate change causes more natural disasters, the insurance industry is raising rates, reducing coverage and exiting some markets entirely. California’s two largest insurers have said they will no longer offer coverage, reflecting a wider trend of firms pulling back from risk-prone areas. Policy-makers and insurers must work together to protect vulnerable communities and economies from cascading climate risks. Climate change poses a conundrum for the insurance industry. Extreme weather events have been occurring with heightened frequency, severity and unpredictability in recent years, upending the climate models and risk management…
Written By Hugo Putuhena, University of Southampton; Fraser Sturt, University of Southampton, and Susan Gourvenec, University of Southampton To reach net zero, the world may need as many 200,000 offshore wind turbines generating 2,000 gigawatts (GW) of energy. To put this in context, by the end of 2022, 63 GW of offshore wind capacity had been installed worldwide. Within the next 28 years, the offshore wind energy sector needs to expand so that it is capable of producing 32 times its current energy capacity. But where do we put all these extra offshore wind farms? Their locations will need to…
Written By Tarek Keskes Energy, Specialist Energy Sector Management Assistance Program (ESMAP), World Bank Henrik Rytter Jensen Energy Specialist, Energy Sector Management Assistance Program (ESMAP), World Bank Yanchao Li Energy Specialist, World Bank Adam Suski Consultant, Energy Sector Management Assistance Program (ESMAP), World Bank The exponential rise of electric vehicles (EVs) poses technical challenges for power systems, particularly in developing countries. The uptake of EVs in these regions may exacerbate existing issues and further strain already overwhelmed grids. Mitigation strategies include smart charging, battery swapping, and strategic placement of charging infrastructure. With transport today accounting for over 20% of greenhouse gas…
As remote work continues to gain popularity, having a reliable and efficient mobile device is more crucial than ever. A powerful smartphone can help you stay connected, manage your tasks, and boost your productivity while working from home or on the go. Mobilemarkaz offers detailed information on mobile devices tailored for remote work and productivity. This blog post will delve into some of the best mobile devices for remote work and productivity, catering to various budgets and preferences. 1. Apple iPhone 13 Pro and iPhone 13 Pro Max Apple’s latest flagship models, the iPhone 13 Pro and iPhone 13 Pro…
Quality and healthy meat carefully packed in modern slaughterhouses: Nasib Ahmad Saifi The Halal meat of Pakistan is famous all over the world for its unique taste and quality and the name of Pakistan in the Halal market is the guarantee, said Chairman All Pakistan Halal Meat Processors and Exporters Association of Pakistan, Convener Standing Committee for Halal Food Export and Import Lahore Chamber and former executive committee member of Lahore Chamber of Commerce & Industry (LCCI), Nasib Ahmad Saifi while talking to the media persons recently. “We understand the world’s concern about the quality and safety of Halal meat,…
GFS Builders and Developers organized a grand dealers’ convention at Multan that was presided over by Irfan Wahid, CEO of GFS Builders and Developers. Addressing the dealers’ convention, Irfan Wahid, CEO of GFS Builders and Developers said that GFS has been founded here in Multan 2 months ago and today the work is going on at very fast speed. We have opened the site to public within 2 months. Nature of our work and commitment pave way for a person of middle and lower middle class to have his own house in this period of inflation. Irfan Wahid said that…
Taliban chief spokesman Zabihullah Mujahid rejects accusation that security in the country has deteriorated since the armed group retook power in August 2021 [stringer/EPA-EFE] Published in Aljazeera, on June 19th, 2023, Anadolu Taliban spokesman Zabihullah Mujahid says the country is enjoying its greatest stability of the past 40 years. The Taliban has rejected a United States watchdog’s report saying foreign armed groups and domestic security threats have increased in Afghanistan since the group took over the country in a blitzkrieg in August 2021. “We strongly reject SIGAR’s propaganda,” the Taliban’s chief spokesman, Zabihullah Mujahid, said in a statement late on Sunday, referring…
Published in The Nation, on June 19th, 2023, Anadolu The US is “deeply troubled” by the Israeli government’s announcement of plans to approve over 4,000 new settlement units in the West Bank, State Department spokesman Matthew Miller said on Sunday. “The US is deeply troubled by the Israeli government’s announcement of plans to advance over 4,000 new settlement units in the West Bank & the changes to its planning system that may expedite approvals. Settlement expansion is an obstacle to peace,” Miller said on Twitter. He added that the US opposes such unilateral actions that make a two-state solution more difficult to achieve.…
North Korean leader Kim Jong Un (centre) at the party meeting [KCNA via Reuters] Published in AlJazeera, on June 19th, 2023 Workers Party officials pledge to successfully launch a spy satellite soon after ‘heavily criticising’ those in charge of the first failed attempt. Top North Korean officials have promised to try a second time to launch a military spy satellite, calling their country’s first and botched launch last month their “gravest failure” this year, according to state media. The pledge came at a ruling Worker’s Party of Korea meeting held between Friday and Sunday, the Korean Central News Agency (KCNA) reported on…
Published in The Nation, on June 18th, 2023, News Desk MOSCOW-Russia has already stationed a first batch of tactical nuclear weapons in Belarus, Vladimir Putin says.Russia’s president told a forum they would only be used if Russia’s territory or state was threatened.The US government says there is no indication the Kremlin plans to use nuclear weapons to attack Ukraine. “We don’t see any indications that Russia is preparing to use a nuclear weapon,” US Secretary of State Antony Blinken said after Mr Putin’s comments. Belarus is a key Russian ally and served as a launchpad for Mr Putin’s full-scale invasion…
Published in Dawn News, on June 18th, 2023, Reuters SEOUL: US Secretary of State Antony Blinken said he supports South Korea’s efforts to develop a “healthy and mature” cooperative relationship with China, South Korea’s foreign ministry said on Saturday. Blinken, who arrives in Beijing on Sunday for the highest-level visit by an official of President Joe Biden’s administration, discussed bilateral relations, relations between China and South Korea, and North Korea in a call with South Korean Foreign Minister Park Jin on Saturday, the ministry said in a statement. Blinken and Park condemned what they consider North Korea’s repeated provocations, the…
Published in Dawn News, on June 18th, 2023, Agencies MOSCOW: Exports of Ukrainian grain under a deal ensuring its safe passage through the Black Sea are not helping to resolve Africa’s problems with high global food prices as only three per cent have gone to the poorest countries, Russian President Vladimir Putin told African leaders on Saturday. The leaders from South Africa, Senegal, Egypt, Zambia, Uganda, Congo Republic and the Comoro islands met the Russian leader at the government’s 18th-century Konstantinovsky Palace in the hope of mediating in the conflict with Ukraine, after visiting Kyiv on Friday. Putin said the…
OPEC emphasises UAE’s ‘capability to withstand global economic challenges’ The UAE’s non-oil sector is expected to continue its robust growth in 2023, building on the solid growth momentum of 2022, according to OPEC’s Monthly Oil Market Report – June 2023. The global organisation hailed the progress of the the UAE’s travel and tourism sector, noting that it’s “recovering robustly, with a 55.8 percent y-o-y increase in passengers at Dubai International Airport in 1Q23, reaching 95.6 percent of its pre-pandemic levels. ” It is anticipated, continues the report, that passenger figures will surpass those of 2019 this year. “This revival in…
SECP accepts first P2P lending platform The Securities and Exchange Commission of Pakistan (SECP) has taken a significant step towards fostering innovation and safeguarding investors and consumers by granting approval to the country’s first Peer-to-Peer (P2P) lending service provider. In a press release, SECP highlighted the emergence of “Finja Invest” as Pakistan’s inaugural P2P service provider platform, marking a milestone in the country’s digital transformation and the sustainable development of its financial sector. Finja Lending Services Limited (FLSL) underwent rigorous testing in SECP’s Regulatory Sandbox to obtain approval. The evaluation process scrutinised the service provider’s compliance with regulatory guidelines, risk…
Zong 4G & PBM Celebrate First Cohort of Graduates from Digital Lab & Women Empowerment Initiative: Zong 4G, in collaboration with Pakistan Bait ul Mal (PBM) and with the support of the Ministry of Poverty Alleviation and Social Safety (MOPASS), held a momentous Graduation Ceremony at Zong headquarters, celebrating the achievements of the first graduates of the centre’s Digital Program. These talented individuals successfully completed the comprehensive training program, gaining valuable skills in various digital domains. Zong 4G proudly inaugurated the state-of-the-art digital lab at PBM’s women empowerment center in Islamabad in December 2022. This initiative aims to provide women…
SLIC extends life, health insurance solutions to Bahria Foundation employees and retired navy personnel State Life Insurance Corporation of Pakistan (SLIC) signed an agreement with Bahria Foundation to provide group life and health insurance to over six thousand employees of Bahria Foundation and retired personnel of Pakistan Navy. Shoaib Javed Hussain, Chairman (SLIC) and V/Adm Khan Hasham Bin Saddique HI(M) witnessed the event where, executives from both organizations were also present. This partnership is yet another step towards making life and health insurance accessible to every Pakistani. “As part of our mission of extending the benefits of insurance to all…
Kibor rate is the average interest rate at which term deposits are offered between prime banks in the Pakistani wholesale money market or interbank market. KIBOR as a benchmark, to encourage transparency and improve management of the market risk undertaken by banks. Kibor Rates In Pakistan TENOR BID OFFER 1 – Week 20.82 21.32 2 – Week 20.93 21.43 1 – Month 21.08 21.58 3 – Month 21.82 22.07 6 – Month 21.87 22.12 9 – Month 21.84 22.34 1 – Year 21.86 22.36 Last Updated on 15th June 2023 Source: SBP
by Katharina Buchholz, Jun 21, 2023 The latest release of the World Economic Forum Gender Gap Report shows that the devastating effects of the Covid-19 pandemic on gender parity are lingering on. While the organization put the years left to close the worldwide gender gap at 100 in 2020, that estimate rose to 136 years in 2021 and is only slightly down to 132 years in 2022 and 131 years in 2023. According to the makers of the report, the cost-of-living crisis as well as the climate emergency, conflict and displacement are hindering recovery from the giant setback the pandemic has been for women. As…
by Katharina Buchholz, Jun 20, 2023 In the post-COVID period, global remittance flows to low- and middle-income countries have been growing more slowly. Out of the ten biggest remittance recipients around the world, incoming payments have decreased in five. Overall, remittances to low- and middle-income countries rose by 8 percent between 2021 and 2022 after having increased by 10.6 percent between 2020 and 2021, the World Bank estimates. Global remittances are expected to total $647 billion in 2022, up from $599 billion last year and $542 billion in 2020. While total remittance inflow was up, some countries actually saw it decrease quite substantially. Among them…
by Felix Richter, Jun 20, 2023 This year’s World Competitiveness Ranking, published by the International Institute for Management Development (IMD) evaluates 64 economies based on more than 300 indicators across four broad categories: economic performance, government efficiency, business efficiency and infrastructure. The indicators are a mix of hard data, which accounts for two thirds of the final ranking, and survey results, which account for the remaining third of the results. As the following chart shows, the ranking covers large parts of Europe as well as North America, while leaving some white spots in South America, Asia and, most notably, Africa with just two…
by Anna Fleck, Jun 19, 2023 According to Forbes’ Real-Time Billionaires List, as of June 19, Mukesh Ambani is the richest man in Asia, with a net worth of $91.4 billion. Ambani is the chairman of Reliance Industries Limited, a conglomerate that focuses not only on petrochemicals, but also textiles and telecommunications. He ranks 11th on Forbes’ worldwide list, which is headed by Elon Musk (Tesla, SpaceX, Twitter) with $236.9 billion, Bernard Arnault & family (LVMH) with $231.9 billion and Larry Ellison (Oracle) with $156.2 billion. In second place – and some 27 billion dollars behind – comes 68-year-old Zhong Shanshan, with a…
by Katharina Buchholz, Jun 15, 2023 Newly published data by Henley & Partners shows that while China and India are losing the most millionaires (or billionaires) to emigration, the United Kingdom and Russia are also expected to be left behind by a substantial number of their very wealthy residents in the years 2022 and 2023. The study covered only individuals with an investable wealth of at least $1 million, who took up residency in a new country and spent at least half of the year there. After migration of the wealthy slumped during the pandemic years, it was estimated at a net 84,000 millionaires…
by Anna Fleck, Jun 14, 2023 World Blood Donor Day is organized every June 14 by the World Health Organization with the aim of raising public awareness about the need for safe blood, plasma and platelets as well as to celebrate the many people who save lives through their blood donations. There are four different types of blood: A, B, O and AB. Each of these can either be positive or negative, depending on whether a protein known as the “Rh factor” is present in the red blood cells. Each blood type has slightly different qualities. For instance, those with type O-…
Written By Saemoon Yoon Lead, Innovator Communities, World Economic Forum Geneva Amara Amadiegwu Community Specialist, Innovator Communities, World Economic Forum New technologies are key to achieving arguably one of the greatest challenges for humankind, the transition to net zero. As the World Economic Forum launches the 2023 cohort of Technology Pioneers, we asked selectees the following question: What are some of the innovations that could become game changers in achieving net zero? The transition to net zero is arguably one of the greatest challenges for the world. This not only calls for an overhaul of the ways we produce, consume and…
Written By “Arm” Piyachart Isarabhakdee Chief Executive Officer, BRANDi and Companies This article is part of: Annual Meeting of the New Champions Unexpected risks, such as COVID-19, are proof that all economies are tied and the integration among markets creates more resilience in times of crises. As countries are now finding their way back into the global market, this presents an opportunity to rejuvenate global trade for the better and to create a major paradigm shift towards sustainability. Integrating the Triple Bottom Line into trade conditions will create a fairer advantage for those driving with purpose and incentivize others to follow…
Written By Mongabay Communities in Africa are finding creative ways to protect their forests. Communities in Gabon and Kenya are organizing to prevent logging. In Cameroon, a local council is working to restore a degraded forest by planting moabi and sapelli trees . Farmers in Tanzania are using mushroom cultivation to create a sustainable source of income that does not require them to clear the forest. Gabon community forest marks ten years of zero logging There is no logging in the forest managed by residents of Ebieng-Edzua, in northeastern Gabon. For the past decade, this village has been the only…
Written By Meirav Oren Chief Executive Officer and Co-Founder, Versatile This article is part of: Annual Meeting of the New Champions Despite many technological advancements, the construction process is still largely unstructured and reactive. However, in addition to gathering information with sensors, construction companies are beginning to use AI to unlock valuable insights previously buried in their data. By leveraging AI in their construction workflows, companies can vastly improve their organization, pace and efficiency. Even in today’s modern world, the construction process is mostly fractured and low-tech. It’s nearly indistinguishable from building sites in the 1990s. Site leaders still rely on…
Written By Yali Du, King’s College London Microsoft and Google have recently made big investments in two of the most valuable companies in artificial intelligence (AI). OpenAI, which developed ChatGPT, has received a staggering investment of US$10 billion (£7.8 billion) from Microsoft, while Google has invested US$300 million in Anthropic. The companies’ financial support for AI has pushed an ongoing rivalry in to the public spotlight. Google’s struggle for dominance with Microsoft is increasingly at the forefront of discussions about AI’s future success. Google has made enormous contributions to the field of AI development, including the invention of transformers –…