Explore Ali Jahangir Siddiqui’s vision for enhancing cross-border trade & economic connectivity between Pakistan and Central Asia through strategic initiatives. Pakistan, with a globalized economy, highly requires cross border trade, especially in this era, as Pakistan is to accelerate its economic interface with its neighboring regions. Ali Jahangir Siddiqui, while holding different leadership positions, has been vocal about the fact that Pakistan requires it to develop better ties for trade, especially resource-rich Central Asia. Involvement in forums like WEF speaks volumes of the strategic efforts needed to be done to strengthen Pakistan’s position as a regional trading hub and attract…
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Written By Grace Chang Chief Executive Officer, Kintsugi Japan has long suffered from a culture of overwork and in extreme cases people have been at risk of ‘karoshi’ meaning ‘death by overwork’. Consequently, the country is now taking critical steps to change its culture of extreme work pressure. Here’s how innovation and technology are helping to drive this transformation and support workers’ wellbeing and mental health. In 1969, a 29-year-old man died of a stroke while working in the delivery department of Japan’s largest newspaper. As the tragic details of his death emerged, it became clear that gruelling work conditions had…
Written By Samuel J. White, York St John University and Philippe B. Wilson, York St John University With the popularity of CleanTok on social media, we’re constantly being reminded about how dirty everything around us is. But while you might feel you should disinfect every surface in your home or send your child off to school with antibacterial gels so their hands stay clean, science actually shows us that being exposed to a bit of dirt can be good for kids’ health. Evidence suggests that exposure to the microbes in dirt might actually help children develop stronger immune systems –…
Written By Caterina Sarfatti Managing Director, C40 Cities Climate Leadership Group Emma Blunt Senior Business Manager, Inclusive Climate Action, C40 Cities Climate Leadership Group This article is part of:Centre for Urban Transformation Globally, a shortage of green skills is delaying climate action, especially in cities. Climate action can create a third more jobs than business-as-usual approaches but green jobs must be accessible to those in most need. By prioritizing partnerships with businesses, unions and communities, we can close the skills gap and deliver decent jobs. There are many reasons for delays in climate action. One of them, especially in our cities,…
Written By Stefanie Broszeit, Plymouth Marine Laboratory Nature protection, conservation and restoration is “not a trivial matter but key to human survival,” according to scientists quoted in a 2005 UN report. To demonstrate this, they developed the concept of “ecosystem services” – the benefits that people derive from nature. Over the next 20 years, this concept has been in constant development to reflect our growing understanding of how ecosystems work and how we benefit from them. For many people, it feels wrong to take a human-centred view on nature. But for governments and conservation organisations, this concept is a useful…
Written By Abdulaziz Almaslukh Senior Researcher, Saudi Information Technology Company (SITE) Social engineering cyber attacks are characterized by being automated, adaptive and tailored to their targets. AI has been used to carry out social engineering cyber attacks to defraud people and companies of millions of dollars. Countering this requires a coordinated approach with cooperation across sectors at its heart. Generative AI (GenAI) and Large Language Models (LLM) in particular, have taken the world by storm. The technology has shown tremendous potential to automate various day-to-day tasks, ranging from basic IT helpdesk requests to sophisticated user behaviour analysis. This task automation is…
Written By Alessandro Valentini Lead, Innovative Finance for Nature, World Economic Forum This article is part of: Centre for Nature and Climate The annual biodiversity funding gap to protect nature is estimated at $700 billion. A new report from the World Economic Forum offer businesses guidance on how to approach nature finance. Innovative nature financing instruments like biodiversity credits are gaining in popularity. Since the adoption of the Global Biodiversity Framework (GBF) in 2022, increasing resources from the private sector have been allocated to bridge the $700 billion annual financing gap on nature. This is an encouraging trend, which should come in addition…
Written By James Leather Director, Transport Sector Office, Asian Development Bank Sudhir Gota Co-Team Lead, Asian Transport Outlook, Asia Development Bank (ADB) As the climate crisis worsens, Asia and the Pacific must tackle rapidly rising transport emissions, which is the second-fastest growing source of emissions in the region. The current status of Asian transport creates a good opportunity for the region’s countries to leapfrog older technologies to create more sustainable transport options. There are six steps Asian countries could take to embed sustainable transport into their Nationally Determined Contributions to improve the world’s chances of beating climate change. Time is…
Written By Dorit Dor Chief Technology Officer, Check Point Software Technologies Complexity in cybersecurity reduces visibility and increases vulnerability to human error and attacks. Consolidating security tools into a unified platform is crucial for eliminating blind spots and improving efficiency. AI enhances threat detection and remediation but transparency and clear policies are essential for harnessing its power effectively. Complexity has fascinated me throughout my career. From algorithms in computer science to the threat landscape in cybersecurity, complexity and its resulting variance create fascinating challenges. But the reality is complexity is the enemy of security. Fundamentally, complexity in cybersecurity means a lack…
Published in Reuters, on Oct 24th, 2024, By John Irish and Maya Gebeily PARIS, Oct 24 (Reuters) – World powers raised $1 billion to ease the humanitarian crisis in Lebanon and support its army at a conference in Paris on Thursday, with France’s foreign minister urging Israel to heed the message to cease fire and focus on diplomacy. Some 70 government delegations and 15 international organisations met in Paris to help Lebanon, but a low-level U.S. presence and its looming election dimmed prospects for a swift halt to fighting. “The message (for Israel) is simple: Cease fire!” France’s Foreign Minister Jean-Noel Barrot told…
Published in Geo News, on Oct 23rd, 2024, By AFP “Saudi Arabia has asked that we organise joint exercises in Red Sea,” says Iranian navy commander Saudi Arabia has not confirmed whether it will hold exercises with Iran. Delegations from both countries to hold consultations: Iranian commander. Both countries resume relations after severed diplomatic ties in 2016. Iran and Saudi Arabia are planning to conduct joint military exercises in the Red Sea, according to an Iranian report not confirmed by Riyadh, in what would be a first for the regional heavyweights. The two countries, which have long backed opposing sides…
Published in AlJazeera, on Oct 23rd, 2024, Hezbollah confirms death of Hashem Safieddine, who had been widely expected to be chosen as the group’s next leader. Israeli warplanes have attacked multiple buildings in Lebanon’s southern coastal city of Tyre, sending up large clouds of black smoke, as the Lebanese armed group Hezbollah confirmed that a top official widely expected to be the group’s next leader had been killed in an Israeli strike. There were no reports of casualties in Tyre, where the Israeli military had issued evacuation warnings ahead of the strikes. The Lebanese state-run National News Agency reported on…
Published in The Guardian, on Oct 20th, 2024, By Raf Nicholson New Zealand secured a maiden T20 World Cup title, defeating South Africa by 32 runs after a mammoth effort from the all-rounder Melie Kerr, who was named player of the tournament. After top-scoring with 43 from 38 balls, Kerr was rendered barely able to walk because of cramp brought on by the Dubai heat, but nevertheless she snatched the wickets of Laura Wolvaardt and Anneke Bosch at both ends of the 10th over, turning the match on its head. It is New Zealand’s first global trophy since 2000, and…
Published in Reuters, on Oct 23rd, 2024, By Krishn Kaushik and Ethan Wang NEW DELHI/BEIJING, Oct 23 (Reuters) – Chinese President Xi Jinping and Indian Prime Minister Narendra Modi agreed on Wednesday to boost communication and cooperation between their countries and resolve conflicts to help improve ties that were damaged by a deadly military clash in 2020. The two leaders met on the sidelines of the BRICS summit in Russia for their first formal talks in five years, signalling that ties between the Asian giants have begun to recover from the diplomatic rift caused by the clash along their disputed Himalayan frontier. India and China,…
Published in Aljazeera, on Oct 24th, 2024, Turkey says it hit targets linked to the Kurdistan Workers’ Party, which it blames for the attack on aerospace and defence company TUSAS. Turkey’s Air Force has struck Kurdish targets in Iraq and Syria in apparent retaliation for an attack on a key state-run defence company that killed five people and wounded more than 20. On Thursday, the Ministry of National Defence said 47 targets were “destroyed” in the aerial offensive on Wednesday, without providing details on the locations that were hit. It said “all kinds of precautions” were taken to prevent civilian harm. end…
Published in Saudi Gazette, on Oct 24th, 2024, By Steve Rosenberg KAZAN — There aren’t many world leaders who’ve been in power for 30 years. Alexander Lukashenko of Belarus has been accused of stealing elections, crushing dissent and dismantling democracy. The UK, the EU and the US do not recognize him as the legitimate president of Belarus. There’s something else you should know about him: if there’s any leader who knows Vladimir Putin inside out, it is Lukashenko. The two men have known each other for years and meet regularly. Alexander Lukashenko met me on the sidelines of the Brics…
Published in Geo News, on Oct 22nd, 2024, By Web Desk Ibrahim earns pro card in Men’s Physique category in global tournament organised by World Fitness Federation Pakistani bodybuilder Rameez Ibrahim brought home the gold he earned in the Mr Universe 2024 competition organised by the World Fitness Federation in Las Vegas, USA. It is worth noting that, alongside Pakistan, 44 other countries participated in the global event. The other countries included Australia, South Africa, Zimbabwe, Canada, Argentina, UK, USA, Philippines, Japan, Korea, China, India, Iran, Afghanistan, Iraq, Malaysia, Singapore, Thailand, Vietnam, Myanmar, New Zealand, Spain, Italy, Germany, France, Malta Greece,…
by Anna Fleck 47 media professionals have been killed in 2024 so far due to their journalistic activities, according to the Reporters Without Borders (RSF) database. By far the deadliest place for journalists last year was in the Palestinian territories, where 14 deaths have already been counted in the first ten months of the year. Following some way behind are Pakistan with six deaths currently reported there, five in Bangladesh, four in Mexico, three in each of Sudan, Myanmar and Iraq, as well as two deaths in Ukraine and Colombia, respectively. A single journalist was also killed in each of the following…
by Felix Richter, When leaders of the newly expanded BRICS group meet in Kazan, Russia, this week, one of the talking points will be Russia’s push for an alternative international payment platform that would reduce the U.S. dollar’s dominance in global trade and international payments and better shield countries like Russia from sanctions in the future. In reaction to Russia’s invasion of Ukraine in February 2022, a number of Russian banks were banned from SWIFT as part of the wide-ranging international sanctions imposed against the country, making it harder but not impossible for Russia to take part in international trade and…
by Anna Fleck, Global growth is expected to remain “stable yet underwhelming” in 2024 and 2025, at a steady 3.2 percent, according to the International Monetary Fund (IMF) October World Economic Outlook, published Tuesday. As the following chart shows, India, China, Russia and the United States are forecast to see contractions in their economic output between 2024 and 2025. In Russia, this change is expected to be most pronounced, dropping 2.3 percentage points. Meanwhile, 2025 is forecast to be an improved year for growth in the United Kingdom, Japan and Germany. There have been several notable revisions since the July 2024 World…
by Katharina Buchholz, In the year 2030, Millennials or even Gen Z members are expected to be contributing the largest share of consumer spending in many countries in Africa, Asia and also some in Latin America. This is according to a report by World Data lab, Nielsen and GfK. By 2030, Gen Z will be the biggest-spending generation in much of Sub-Saharan Africa, India and Pakistan as well as Indonesia, the Philippines, Mexico and Peru, among others. Millennials meanwhile will be the largest spenders, for example, in China, Russia, much of North Africa and the Middle East as well as South Africa, Australia, New…
This clarification is being issued in context to the installation charges of Conical Baffles in consumers’ gas bills. Pursuant to the meeting chaired by Prime Minister of Pakistan on the progress of energy conservation measures on January 05, 2023, Government of Pakistan through Ministry of Energy (Petroleum Division) advised both Sui Companies to install conical baffles in the existing geysers at the customer premises and declared this as MANDATORY. Accordingly, petition was filed to OGRA for amendment in domestic and commercial consumer’s contract for installation of conical baffle. OGRA after due process and public consultation approved the amendment in contract…
In Pakistan’s economy, Saudi Arabia to invest $2bn Saudi investment minister Khalid Al Falih said bilateral trade with Pakistan has surged by 80 percent to $5.4 billion from $3 billion in 2019 Saudi Arabia and Pakistan have signed 27 memorandums of understanding totalling $2 billion. The investments will target industry, agriculture, information technology, food, education, mining and minerals, health, petroleum and energy, Dawn newspaper reported. The MoUs were signed in the presence of Pakistan’s prime minister Shehbaz Sharif, chief of army staff general Asim Munir and Saudi Arabia’s investment minister Khalid Al Falih. Sharif assured the Saudi investors that the…
Poultry farmers seek help Poultry farmers across Pakistan are facing hard times as rising input costs, especially poultry feed, are becoming unbearable for them. Many farmers, particularly those engaged in small-scale farming, are bound to shut down their businesses, which will impact not only their livelihood but also the local economy in their areas. “While the poultry industry holds tremendous potential, it faces several hurdles that hinder its progress,” said Waseem Malik, a medium-scale poultry farmer from central Punjab. Rising prices of poultry feed, largely driven by volatile international markets for soybean and maize, have increased the production cost for…
Hatem Bamatraf Unveils Expansion of PTCL’s Women Empowerment Program at GITEX: At GITEX Technology Week in Dubai, Hatem Bamatraf, President and Group CEO of Pakistan Telecommunication Company Limited (PTCL), shared new details about the company’s ongoing program aimed at empowering women entrepreneurs in underserved areas of Pakistan.During the event, Bamatraf visited the GITEX stall set up by PTCL for two women who participated in the BaIkhtiyar program. The stall showcased the success stories of Marium Hussain and Farhat al-Ain, highlighting how the initiative has transformed their lives and enabled them to become self-reliant entrepreneurs. Two Pakistani Startups Join Google’s First…
First in Pakistan: Dr. Ruth Pfau Hospital Wins SafeCare Award The Dr. Ruth Pfau Civil Hospital in Karachi has made history as the first public sector institution in Pakistan to be awarded the prestigious international SafeCare certification for its Children’s Emergency Room. This landmark achievement highlights the Government of Sindh’s unwavering commitment to enhancing healthcare standards and providing top-notch medical services for the children of the province. The Children’s Emergency Room, managed by ChildLife Foundation, has achieved Level 5 status, reflecting the highest quality standards as per SafeCare’s rigorous evaluation criteria. This certification serves as a testament to the dedication…
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 17.34 17.84 2 – Week 17.30 17.80 1 – Month 17.02 17.52 3 – Month 15.23 15.48 6 – Month 14.26 14.51 9 – Month 13.98 14.48 1 – Year 13.42 13.92 Last Updated on 21st Oct 2024 Source: SBP
by Katharina Buchholz, A world map showing the most common origins of immigrants by country reveals some prolific immigrant nations as well as the influence that conflict and economic collapse can have on migration patterns. This is based on data from the United Nations Population Division. The most common pattern around the world is neighbors providing the most immigrants to one another. This is for example the case in the U.S. and Mexico, which are the biggest source of immigrants to each other. It is the same between Albania and Greece or Honduras and El Salvador, for example. This pattern is disrupted however, when many…
by Felix Richter Child poverty continues to be most prevalent in Sub-Saharan Africa, as the region accounted for more than 70 percent of the world’s children in extreme poverty in 2022. A joint paper from the World Bank and UNICEF estimates that the share of children living on less than $2.15 per day stood at 40 percent in the region in 2022, which is four times as high as it is for South Asia, the region home to the second highest number of children in extremely poor households. According to the paper, extreme child poverty is increasingly concentrated in Sub-Saharan Africa, as the…
by Katharina Buchholz, According to the United Nations, global food systems as well as food packaging and distribution are responsible for more than a third of greenhouse gas emissions in the world. In order to limit the impact on the environment, the UN recommends consuming more foods of plant origin, which are less resource-intensive than those of animal origin, and to buy products produced locally to restrict emissions linked to transportation. According to a survey carried out by Statista Consumer Insights between July 2023 and June 2024 in 21 countries, around one in four consumers cited the regionality of products among…
Pakistan Telecommunication Company Limited (PTCL), the leading telecom and ICT services provider in the country, has announced its financial results for the quarter ending Sep 30, 2024. The announcement was made during a Board of Directors meeting held in Islamabad. In 2024, PTCL Group upheld its momentum and strengthened its position as a major telecom service provider in Pakistan. PTCL Group Key Highlights PTCL Group’s revenue has increased by 15.3% YoY to Rs 160.6 billion, mainly driven by strong performance in the consumer segment led by fixed broadband, mobile data, and wholesale & Business Solutions. The Group has reported an…
Spotify is once again bringing together record-breaking legends from the worlds of music and football, through its first-of-its-kind partnership with FC Barcelona. This time, the shirt of FC Barcelona will feature the logo of Coldplay, that is inspired by their 10th album Moon Music released October 4th which debuted at number 1 on Spotify’s weekly global charts. This month, Coldplay has also made history by breaking the record for the most songs, by one group, to surpass a billion streams on Spotify. To honor this accomplishment, Spotify featuring Coldplay on the FC Barcelona shirt swap is a nod to their…
Published in AlJazeera, on Oct 15th, 2024, Exercises raise regional tension warns Taipei; US slams war games as it launches drills with Philippines. Taiwan detected 153 aircraft surrounding its territory as China carried out massive military exercises, according to the self-ruled island’s defence ministry. The “surge in warplane activity” saw a record number of aircraft spotted in the 25 hours to 6am on Tuesday (22:00 GMT, Monday), the Ministry of National Defense said in a statement. China’s war games have once more raised tensions with the island and across the region, it noted. end of list Beijing deployed fighter jets,…
Published in Dawn, on Oct 15th, 2024, AFP Canada’s Prime Minister Justin Trudeau accused India on Monday of making a “fundamental error”, as an escalating row over the killing of a Sikh separatist on Canadian soil last year saw both countries expel each other’s ambassadors. A grave Trudeau branded New Delhi’s actions as “unacceptable” during a press conference in Ottawa on the diplomatic expulsions, which saw tensions reach a new height after the 2023 murder of Canadian citizen Hardeep Singh Nijjar. Trudeau has previously said there were “credible allegations” linking Indian intelligence services to the killing. Both countries have traded barbs since then, culminating with the expulsions Monday…
Published in AlJazeera, on Oct 15th, 2024, European Council says 14 individuals and entities subject to asset freeze and travel ban. The European Union has announced sanctions against more than a dozen Iranian individuals and firms, including the country’s deputy defence minister and national airline, over the alleged transfer of missiles and drones to Russia. The European Council said on Monday that seven individuals and as many entities in total would be subject to an asset freeze and travel ban over their involvement in transferring weapons and equipment to Moscow for use in its war against Ukraine. end of list…
Published in Reuters, on Oct 15th, 2024, By Hyunsu Yim and Hyonhee Shin SEOUL, Oct 15 (Reuters) – North Korea blew up sections of inter-Korean roads and rail lines on its side of the heavily fortified border between the two Koreas on Tuesday, prompting South Korea’s military to fire warning shots. Tensions have been rising on the Korean peninsula, with Pyongyang saying last week it would cut off the inter-Korean roads and railways entirely and further fortify the areas on its side of the border as part of its push for a “two-state” system scrapping its longstanding goal of unification. At around midday on Tuesday,…
Published in Saudigazette, on Oct 15th, 2024, NEW YORK — The UN Security Council expressed “strong concern” on Monday over Israel’s attacks on UN peacekeepers in southern Lebanon, known as UNIFIL. Israeli strikes have reportedly injured at least five members of UNIFIL in separate attacks, a move that has drawn international condemnation, with Italy, the UK, France and Germany releasing a joint statement reminding Israel that deliberate attacks on peacekeepers are against international law. Israeli Prime Minister Benjamin Netanyahu has demanded UNIFIL “temporarily leave the combat zone,” insisting that “the charge that Israel deliberately attacked UNIFIL personnel is completely false.”…
Published in Reuters, on Oct 15th, 2024, By Nidal Al-Mughrabi CAIRO, Oct 15 (Reuters) – Israeli military strikes killed at least 40 Palestinians across the Gaza Strip as Israeli forces tightened their squeeze around Jabalia in the north of the enclave on Tuesday, amid fierce battles with Hamas-led fighters. Palestinian health officials said at least 11 people were killed by Israeli fire near Al-Falouja in Jabalia, the largest of Gaza’s eight historic refugee camps, while 10 others were killed in Bani Suhaila in eastern Khan Younis in the south when an Israeli missile struck a house. Earlier on Tuesday, an Israeli…
Tax return filings increased, possibility of a mini-budget decreased. The Chairman of the FPCCI Advisory Board and National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, as well as former provincial minister Mian Zahid Hussain, said on Monday that the possibility of a mini-budget is decreasing due to tax reforms. He claimed that fully digitising the FBR would double revenue collection and free taxpayers from harassment. Mian Zahid Hussain said that the finance minister is not in favour of the mini budget, but it depends on the cooperation of the tax bureaucracy. The veteran…
The American Business Council of Pakistan (ABC) is delighted to announce its new Executive Committee for the term 2024-2026. This dynamic group of industry leaders will play a pivotal role in fostering strong bilateral trade and investment ties between the United States and Pakistan. Mr. Kamran Ataullah Khan, CEO & Country Manager of DuPont Pakistan Operations (Pvt) Ltd, has been elected as the President of ABC. Mr. Khan brings a wealth of experience and expertise to the role, having served the organization in various capacities. Joining him, Mr. Sami Wahid, Managing Director of Mondelēz Pakistan Limited, has been elected as…
Karachi International Container Terminal (KICT) wishes to clarify its position regarding recent media reports concerning theft of confiscated goods at the Terminal. KICT categorically denies any involvement in this matter. KICT strictly adheres to all rules, regulations, and compliance standards governing port operations. All consignment deliveries are subject to strict compliance with relevant rules and clearance instructions. The terminal maintains a firm commitment to upholding the highest standards of security and operational integrity at all times and continues to cooperate fully with authorities. As a responsible organization, KICT is dedicated to ensuring transparent and secure port operations, taking any necessary…
Engro Fertilizers has launched “UgAi”, the first integrated agri e-commerce platform of Pakistan, to offer farmers relief by enabling direct purchase of fertilizers at official prices from the Company. In the first phase, the free UgAi app has been launched for farmers in Sindh, with plans for a nationwide rollout in the near future. With the UgAi app, Engro Fertilizers will deliver fertilizers straight from its warehouses to farmers, tailored to their farms’ size and specific needs. As a result, farmers will benefit from uninterrupted availability of fertilizers, reliable product quality, and convenient delivery. In addition to its direct purchasing…
Inflation in GCC states rises by 1.4pc The prices of goods and consumer services in the Gulf states rose by 1.4 percent in July 2024, compared to a year earlier, according to data released by the GCC Statistical Centre on Wednesday. The latest inflation is driven by the housing category, which posted a 5.8 percent growth, while restaurants and hotels registered a 2 percent increase and the culture and entertainment group posted a 1.7 percent uptick. The food and beverage category witnessed a 1 percent increase, while prices in other categories, including health, clothing and footwear, tobacco, communications, transportation, furniture…
State Bank of Pakistan: geopolitical tensions a concern The State Bank of Pakistan (SBP) has voiced serious concern over the continuity of safe banking in the country at a time of fast rising geopolitical tensions as around 20 financial institutions including the central bank itself are using the core banking systems of a top global banking software company, Temenos, which is operating from a foreign country. Speaking at a conference titled “Bank of the Future Forum 2024”, hosted by Systems Limited and Temenos, SBP Governor Jameel Ahmad asked the European IT firm to establish a support centre in Pakistan instead…
Here’s When Xiaomi 15 and Honor Magic 7 Will be Released: Xiaomi and Honor, two leading brands in the smartphone market, are expected to unveil their latest flagship devices, the Xiaomi 15 and Honor Magic 7. The two phones will come packed with the latest hardware such as the Snapdragon 8 Gen 4 or the the Mediatek Dimensity 9400 chips. The two companies are waiting for the flagship SoCs to be released. Both of these processors are confirmed to roll out in the following few days.Xiaomi will release the Xiaomi 15 on October 17, while reports indicate that Honor will launch the…
Mr. Waqas Ahmad, Chief Executive Officer of Pak-Qatar Family Takaful Limited Elected as Member, Executive Committee of the Insurance Association of Pakistan Pak-Qatar Family Takaful Limited (PQFTL), a leading provider of Family Takaful solutions and part of Pak-Qatar Group, is pleased to announce that their Chief Executive Officer, Mr. Waqas Ahmad, has been elected as a member of the Executive Committee of the Insurance Association of Pakistan (IAP) for the year 2024-26. This appointment marks a significant milestone for the Takaful industry in Pakistan, as it provides a platform for greater representation and growth opportunities within the insurance sector. Mr.…
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 17.26 17.76 2 – Week 17.26 17.76 1 – Month 17.17 17.67 3 – Month 15.64 15.89 6 – Month 14.46 14.71 9 – Month 14.09 14.59 1 – Year 13.53 14.03 Last Updated on 8th Oct 2024 Source: SBP
by Anna Fleck Four in ten people in India follow either a vegetarian or a vegan diet, according to data by a Statista Consumer Insights survey. In all other countries polled, the figure is far lower, ranging between just five percent in Mexico and 11 percent in South Africa. In the United States, six percent of respondents said that they were vegetarian and four percent said that they were vegan. World Vegetarian Day takes place on October 1, raising awareness about the health and environmental benefits of vegetarianism. You will find more infographics at Statista
by Anna Fleck, Digital audio streaming has taken off in a big way in the past ten years. According to Statista’s Digital Music Outlook, the music streaming market size increased to US$25.84 billion in 2023, reaching a total of around 900 million users. The pandemic years saw particular growth in the podcast industry, as people forced to stay home searched out entertainment, driving up listenership and advertiser investment. According to Megaphone, a podcast technology company owned by Spotify, where 2021 was a story of “content explosion”, 2022 became one of “diversification”, as the most significant jumps in podcast downloads came from markets newer to the medium,…
by Katharina Buchholz, World leaders frequently rub shoulders with the rich and famous, but does that mean they themselves can be counted among this category of people? Data taken from the website PoliticalSalaries.com shows that it depends. Among current world leaders is one income millionaire: Lawrence Wong, the prime minister of Singapore. He brings in an annual salary of the equivalent of almost $1.69 million, which makes him the best-earning world leader. His remuneration places him far ahead of second-ranked Viola Amherd, president of Switzerland, who earns upwards of a converted $570,000 per year. Year is indeed singular for Amherd, who started her…
by Anna Fleck, Around 13 percent of global food is estimated to be lost each year from the farm up to before it is sold, according to data from the UN’s Food and Agriculture Organization. Food loss impacts global food insecurity and food availability, in turn driving up food costs. At the same time its large greenhouse gas footprint exacerbates the climate change crisis, for example, when food decomposes in landfill and produces methane. September 29 is International Day of Awareness of Food Loss and Waste, a day dedicated by the UN to raising awareness around the topic. The UN categorizes food waste and food…
by Florian Zandt Despite recent jumps in valuation for generative artificial intelligence company OpenAI and Elon Musk’s aerospace company SpaceX, ByteDance is still the highest-valued unicorn worldwide according to CB Insights’ The Complete List of Unicorn Companies tracker with a valuation of $225 billion. In January 2024, OpenAI ranked tenth on the list and has since more than doubled its internal valuation, while the rest of the top 8 saw only minor movement since the beginning of the year. The remainder of the top list is made up of corporations from the apparel (Shein and Fanatics), fintech (Stripe and Revolut) and software (Databricks)…
by Florian Zandt, Between 2014 and September 25, 2024, more than 30,000 people either died or went missing in the Western, Central and Eastern Mediterranean according to data by the International Organization for Migration (IOM). Even with the numbers of missing and dead migrants increasing across major migration routes in Africa and Asia between 2022 and 2023, the Mediterranean is still by far the most dangerous region for refugees fleeing from conflict, persecution and economic hardship in their home countries. This large number can be attributed to widespread migration movements in 2015 and 2016. Those two years alone were responsible for 30…
by Katharina Buchholz, Established financial centers have lost some of their shine in the past decade according to the Global Financial Centres Index by UK research initiative Long Finance, which has been ranking cities for the competitiveness of their financial industries since 2007. Especially London, whose competitiveness was impacted by Brexit, has lost points, but so have New York and Hong Kong. Shanghai and Shenzhen are among the world’s top 10 financial centers. Chinese locations have been on a bit of a roller coaster ride in the past 10 years, which is about as long as they have established themselves among the top financial centers in the…
Mashreq sets new standards in high-altitude environmental conservation with 1.727 tons (1,727 kilograms) of waste removed from16 mountain sites including K2, Broad Peak base camp, Concordia, Goro II. Expedition includes one of the highest clean-ups ever recorded at Camp 3 on K2, 23,800 feet above sea level. 47 local businesses and over 100 community members benefited directly from expedition, reinforcing Mashreq’s commitment to tangible social impact in addition to environmental results. Mashreq, a leading financial institution in the MENA region, has announced the successful conclusion of its mountain clean-up expeditions in Pakistan. The completion of the expedition in Pakistan is…
Islamic banking growth to outpace conventional banks in GCC: Moody’s Islamic finance is set to outpace conventional banking growth across the Gulf Cooperation Council (GCC) region, driven by sustained economic expansion and rising demand for Shariah-compliant products, according to a report from Moody’s Ratings. Saudi Arabia leads the region with an 85 percent market penetration in Islamic banking, while the UAE, Oman, Kuwait and Qatar also show strong potential for growth. The report highlights Saudi Arabia as a major beneficiary, with Islamic financing supporting the kingdom’s Vision 2030 programme. Moody’s forecasts that Islamic banks in the GCC will maintain strong…
Stakeholders decry 18pc GST on EVs against EDB strategy To promote the Electric Vehicle (EV) revolution in Pakistan, the Ministry of Industries and Production (MoIP) plans to write a letter to the federal cabinet, providing a clear explanation about the General Sales Tax (GST) applicable to EV motorcycles, scooters, and other two-wheelers. This move aims to dispel the “concocted confusion” regarding the 18 percent GST being applied instead of the 1 percent imposed under the government’s EV policy. Auto sector analysts, experts, assemblers, and dealers expressed concerns to source stating that the confusion began when the Federal Board of Revenue…
The AI Revolution: Transforming the Future of Smartphones: Artificial Intelligence (AI) has completely transformed the world of technology, becoming the driving force behind many of today’s most innovative advancements. From self-driving cars to personalized online experiences, AI has seamlessly integrated into our daily lives. But perhaps nowhere is its influence more apparent than in smartphones.AI isn’t just a buzzword; it has become the cornerstone of innovation, taking our daily devices beyond their original capabilities. Smartphones are no longer just communication tools—they’ve evolved into powerful, multi-functional gadgets capable of learning from our behaviors, predicting our needs, and elevating user experiences to…
Sri Lanka Hosts Fortune-U.S. Department of State Global Women’s Mentoring Partnership Regional Gathering 2024 Sri Lanka proudly hosted the 2024 Fortune-U.S. Department of State Global Women’s Mentoring Partnership Regional Gathering, bringing together a distinguished group of women business leaders and entrepreneurs from South and Central Asia. This inspiring event marked the first time in six years that the regional gathering took place in this part of the world. Held in Colombo, the gathering created a unique platform for visionary and strategic women leaders to connect, network, and elevate their leadership capabilities. Among the participants, was a Karachi based Industrialist, Farah…
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 17.34 17.84 2 – Week 17.36 17.86 1 – Month 17.28 17.78 3 – Month 16.67 16.92 6 – Month 15.96 16.21 9 – Month 15.52 16.02 1 – Year 15.09 15.59 Last Updated on 24th Sep 2024 Source: SBP
Pakistan has no other option but IMF. Rhetoric against the lender is economic suicide. The Chairman of the FPCCI Advisory Board and National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Wednesday that the IMF has not come to Pakistan itself but has been invited. He said Pakistan has no option but to enter the IMF program to avoid looming bankruptcy. Mian Zahid Hussain said that negative remarks by some personalities against the lender are a sure way to economic suicide; therefore,…
Written By Nasim Pour Lead, Carbon Removals and Market Innovation, World Economic Forum Leila Toplic Chief Communications and Trust Officer, Carbonfuture This article is part of:Centre for Nature and Climate The voluntary carbon market (VCM) is one of the few transitional finance options that addresses the urgent need for large-scale CO2 removal. Lack of guidance, transparency, and risk within the VCM have discouraged corporate participation in carbon dioxide removal. A robust trust infrastructure and incentives are essential to strengthen the credibility of the VCM and help deliver net-zero. The urgency to cut emissions, protect ecosystems, and deploy scalable carbon removal…
Written By Alan Collins, University of Adelaide Using information from inside the rocks on Earth’s surface, we have reconstructed the plate tectonics of the planet over the last 1.8 billion years. It is the first time Earth’s geological record has been used like this, looking so far back in time. This has enabled us to make an attempt at mapping the planet over the last 40% of its history, which you can see in the animation below. The work, led by Xianzhi Cao from the Ocean University in China, is now published in the open-access journal Geoscience Frontiers. Plate tectonics…
Written By Louise Axon Research Fellow, Global Cyber Security Capacity Centre, University of Oxford Joanna Bouckaert Community Lead, Centre for Cybersecurity, World Economic Forum This article is part of:Centre for Cybersecurity AI is a hot topic in boardrooms and C-suites around the world. Business leaders are often unaware of the cyber risks their organizations face when adopting AI systems. To maximize the benefit of adopting or using AI technologies, business leaders need to encourage robust systems of cyber risk governance. As AI dominates board discussions on global investment decisions, business leaders are often unaware of the cyber and digital risks…
Increased exports are essential to achieve IMF targets. Power cost cut by 9 cents, markup by 4 percent can help: The Chairman of the FPCCI Advisory Board and National Business Group Pakistan, the President of Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Monday that revenue has decreased substantially due to the slowdown in the economy and the decrease in imports. He said the government would have to bring a mini-budget to bridge the shortfall and please the IMF. Mian Zahid Hussain said that the mini-budget will further affect…
Written By Mansour AlMulla Deputy Group Chief Executive Officer, ADQ One third of all global greenhouse gas emissions are related to the global food industry. There is a $15.2 billion funding gap for the food system innovation required to cut emissions and ensure food security. Only together, with cooperation from the private sector, public sector and individuals, can we build a sustainable and secure global food system. Global food systems are facing unprecedented challenges, ranging from the impact of climate change to disruptions to supply chains that are felt globally. At the same time, the food system accounts for approximately one-third of…
Written By Ratnakar Adhikari Executive Director, Enhanced Integrated Framework (EIF) Rupa Chanda Director, Trade, Investment and Innovation Division, United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) Digitalized supply chains can address sustainability concerns in the least developed countries (LDCs). Technologies like AI, blockchain, and IoT can improve efficiency and reduce waste, but it’s crucial to ensure these technologies benefit the LDCs. We examine successful initiatives in countries like Bhutan, Bangladesh, Cambodia, Ethiopia, Nepal, Rwanda, Timor-Leste and Vanuatu. Digitalization has the potential to transform the way businesses achieve a triple bottom line – economic, social and environmental…
Written By Wolfgang Gründinger Chief Evangelist, Enpal Renewable energy sources like solar are volatile, meaning there is not enough energy production to meet demand when the sun doesn’t shine. However, when the sun does shine, solar panels can feed so much electricity into the grid that the electricity becomes worthless at market. Virtual power plants – decentralized battery networks of sources such as EVs – can help achieve 100% renewable energy systems. Renewable energy sources are volatile. When the sun doesn’t shine and the wind doesn’t blow in winter, there is not enough energy production to meet the demand. This is…
Published in AlJazeera, on Sep 5th, 2024, Moscow claims new measures against the media network’s top editors are part of an ‘information campaign’ before US presidential vote. Russia has said it will take retaliatory measures after the United States announced sanctions against its state-funded media network RT, threatening they will make “everyone shudder”. Washington’s actions against state broadcaster RT’s editor-in-chief Margarita Simonyan and her deputy Elizaveta Brodskaia was “an information campaign” ahead of the US presidential elections in November, Russia’s Ministry of Foreign Affairs said. end of list “When the authorities resort to such primitive ways of influencing their voters,…
Published in Geo News, on Sep 5th, 2024, By Reuters Trudeau forced to attempt new alliances to govern as party keeping his govt in power withdrew automatic support Trudeau forced to attempt new alliances to continue govt. NDP had agreed to keep Trudeau in power until mid-2025. House of Commons resumes work on September 16. Canadian Prime Minister Justin Trudeau suffered an unexpected blow on Wednesday when the small party helping keep his minority Liberal government in power withdrew its automatic support, forcing him to attempt new alliances to govern. Promising to continue governing and pushing through social programs,…
Published in Reuters, on Sep 4th, 2024, By James Mackenzie and Emily Rose JERUSALEM, Sept 4 (Reuters) – Israeli Prime Minister Benjamin Netanyahu said on Wednesday that Israel will only agree to a permanent ceasefire in Gaza that guarantees the border area between southern Gaza and Egypt could never be used as a lifeline for the Islamist movement Hamas. “Until that happens, we’re there,” he told a news conference in Jerusalem. Netanyahu repeated his outright rejection of a withdrawal from the so-called Philadelphi corridor in the first phase of a deal, expected to last 42 days, saying international pressure would make it effectively…
Published in AlJazeera, on Sep 4th, 2024 Dozens of people have been killed after suspected fighters from the Boko Haram hardline group attacked a village in northeastern Nigeria, setting fire to shops and homes. The attack took place on Sunday afternoon. end of list “Around 150 suspected Boko Haram terrorists armed with rifles and RPGs (rocket-propelled grenades) attacked Mafa ward on more than 50 motorcycles,” said Dungus Abdulkarim, a police spokesman in Yobe State where the village is located. “They killed many people and burned many shops and houses. We are yet to ascertain the actual number of those killed…
Published in Saudi Gazette, on Sep 04th 2024, LVIV, Ukraine — At least seven people, including three children, were killed, and 64 others were injured in a Russian airstrike on the western Ukrainian city of Lviv overnight, officials said on Wednesday. Lviv Governor Maksym Kozytskyi described the incident as a “terrible tragedy,” adding that the strike damaged a regional sports and rehabilitation center and seven architectural monuments in the city. Lviv Mayor Andriy Sadovyi reported fires near the city’s main rail station and damage to residential buildings, with window panes shattered in many areas. Two schools will remain closed due to…
Published in AlJazeera, on Sep 03rd, 2024, The group said the blast targeted the Taliban’s prosecution service to ‘avenge Muslims’ held in its prisons. The ISIS (ISIL) group has claimed responsibility for a deadly suicide bombing in Kabul that killed at least six people. In a Telegram post on Tuesday, ISIL said one of its members detonated an explosive vest in the Afghan capital the previous day, targeting the Taliban government’s prosecution service. end of list The bomber waited until government employees finished their shifts and then detonated the explosive in the middle of a crowd, the post said. Thirteen…
Published in Geo News, on Sep 05th, 2024, By Reuters Real have a total of seven players nominated, including Kylian Mbappe who recently signed from Paris St Germain For the first time since 2003 neither Cristiano Ronaldo nor Lionel Messi have been included in the nominees for the men’s Ballon d’Or award, which were announced on Wednesday, with England’s Jude Bellingham among the 30 players named. Portugal’s Ronaldo, who has won the award five times, also failed to receive a nomination last year, while Messi, who won for a record eighth time in 2023 and has been nominated 16 times, misses…
Published in Dawn News, on Sep 05th, 2024, AFP KARACHI: Pakistan fell to their worst Test ranking in nearly six decades on Wednesday, the International Cricket Council said, after their shock 2-0 series defeat to low-ranked Bangladesh. Bangladesh inflicted a six-wicket defeat on Pakistan in the second Test in Rawalpindi on Tuesday, their first series win against Pakistan. “Pakistan dropped two places — from sixth to eighth — n the Test rankings after suffering a shock series loss at home to Bangladesh,” the International Cricket Council (ICC) said. The ICC said it was “their lowest rankings since 1965” in the 12-team table,…
by Katharina Buchholz, Megaprojects have been growing larger globally and many of them have recently centered on the Arab Gulf Region. Construction software company 1Build estimates that before the end of the decade, the world will see the first construction megaproject with a cost estimation exceeding $1 trillion. Right now, there are several projects underway that exceed the size of $100 billion – despite the fact that $10 billion construction proposals were considered to be megaproject just some years ago. Out of all nine ongoing megaprojects identified by 1Build, International Construction Magazine and Construction Review to cost $100 billion or more, four were being built in Arab Gulf…
by Anna Fleck, Saudi Arabia is planning to build a two-kilometer-high skyscraper on a site north of the capital city of Riyadh. If completed, it will be the world’s highest building. According to architecture and design magazine Dezeen, UK studio Foster + Partners is the primary architecture firm on the proposal. As it stands, the Burj Khalifa is the tallest building worldwide at 828 meters (2,717ft). Based in Dubai, the UAE, the 163-stored building was completed in 2010. In second place comes the Merdeka 118 in Kuala Lumpur, Malaysia at 679 m (2,227 ft), followed by the Shanghai Tower in Shanghai, China…
by Anna Fleck, Rights for women are fast deteriorating in Afghanistan. In the latest major setback, a new set of vice and virtue laws have been laid out by the ruling Taliban, including rules prohibiting women from being heard or showing their faces in public in order to avoid leading men “into temptation”. Not only must women be fully veiled whenever leaving their homes, but they are not allowed to look directly at men who they are not related to. The UN and human rights groups have condemned the new laws, which also include a ban on the possession of photographs…
by Anna Fleck, The first time a nuclear weapon was used in war was August 6, 1945, when the United States detonated an atomic bomb above Hiroshima, Japan. By year’s end, an estimated 140,000 people had been killed, the majority of whom were civilians. Three days later, the U.S. detonated a second nuclear bomb over Nagasaki, killing tens of thousands more. While these were the first – and so far only – uses of nuclear weapons in war, the production, deployment and stockpiling of them hasn’t stopped. Currently, there are estimated to be 9,585 nuclear warheads in military stockpiles for potential use across…
by Katharina Buchholz More than half of people in European countries like the United Kingdom, Germany, Austria, Italy, Sweden and the Czech Republic are at least semi-frequent users of their local rail services. This is according to a survey by Statista Consumer Insights. The highest share of people saying that they had ridden local trains in the 12 months prior to the survey was detected in Switzerland at 67 percent. Local rail use was also high in Asian locations like Singapore (56 percent), India (53 percent), Taiwan (50 percent) and Japan (47 percent) as well as in Australia (49 percent). Many of these…
by Anna Fleck Hong Kong is the city with the most skyscrapers measuring over 150 meters tall in the world, according to data from the Council on Tall Buildings and Urban Habitat. The city’s first two serious high-rises (Hopewell Centre and Sun Hung Kai Centre) – each at over 200 meters tall – were built in the early 1980s, followed by a sea of 556 additional skyscrapers, each above the 150 meter mark, in the years since. In second and third place, with 414 and 318 buildings over 150 meters high, respectively, are the Chinese metropolis of Shenzhen and the economic capital of the United…
by Katharina Buchholz, China is a world leader for many things and that includes high-speed trains. While it’s regular long-distance trains reach maximum operating speeds of 350 km/h (217 mph), the world’s fastest train currently is the Shanghai Maglev, which can operate at 460 km/h (286 mph) on short routes using German-made magnetic levitation technology that was rejected in its origin country for its high price tag. However, since 2021, it has operated at speeds of 300 km/h (186 mph). Germany meanwhile has matched China’s regular high-speed rail prowess with its newest Intercity-Express 3. Both the ICE 3 and China Rail’s…
Simpaisa is proud to announce a strategic partnership with Eastnets, marking a significant milestone in its ongoing commitment to enhanced fraud protection and compliance. Through the integration of Eastnets’ cutting-edge Safewatch Screening (SWS) and Safewatch AML (Anti-Money Laundering) products, Simpaisa is elevating the security and integrity of its payment ecosystem to new heights. Kamil Shaikh, COO of Simpaisa, remarked, “The addition of Eastnets’ Safewatch Screening and AML technology boosts our security and compliance across digital payments. This upgrade enhances our fraud and cybersecurity defences, solidifying our role as a trusted leader in emerging markets.” This collaboration reinforces Simpaisa’s dedication to…
Soft Launch of 12TH Edition of International Defence Exhibition And Seminar – IDEAS-2024 “It is indeed a matter of great pleasure to see the IDEAS gaining prominence with every passing year, over a span of twenty-four years”, Federal Minister for Trade and Commerce Mr Jam Kamal Khan stated during Soft Launch Ceremony for International Defence Exhibition and Seminar IDEAS-2024, held at Local Hotel. He further expressed, “I wish the organizers of this event great success in the conduct of IDEAS and look forward to an overwhelming participation from defence industries from inland and abroad”. Towards the end of his address,…
GCC chambers federation to organize Gulf-Azerbaijan economic forum The Federation of Gulf Cooperation Council (GCC) Chambers is scheduled to organize the second edition of the Gulf-Azerbaijan Economic Forum on September 25, under the theme “Sustainability, Investments, Partnerships,” in Baku. The two-day forum aims to boost economic relations between the two sides in several promising economic sectors. It is organized in collaboration with the Azerbaijan Export and Investment Promotion Agency (AZPROMO), with support from the Ministry of Economy of Azerbaijan and the GCC General Secretariat. President of the Federation of GCC Chambers Faisal bin Abdullah Al-Rawwas noted that the forum reflects…
EX-SBP: Chief fear of debt restructuring needs to be overcome Rescuing countries from disorderly defaults “hinges on increasing fiscal space by restructuring their debt”, Murtaza Syed, a former acting governor of the State Bank of Pakistan (SBP), wrote in The Economist yesterday, recalling his previous article where he said the International Monetary Fund (IMF) and Pakistani policymakers were “flirting with disaster by pretending that the country’s public debt was sustainable”. Pakistan and the IMF signed a 37-month staff-level agreement in July for $7 billion with the approval of the new loan tied to firm commitments from China, Saudi Arabia, and…
Oppo Has a Tri-Fold Phone Concept Too: Foldable smartphones have come a long way since their inception over half a decade ago. As the technology matures, the industry anticipates the next evolutionary leap: tri-fold devices.Major players like Huawei and Tecno have already offered glimpses of their tri-fold prototypes, and now Oppo is stepping into the spotlight to showcase its take on this cutting-edge form factor. Oppo is offering a sneak peek into the future of foldable smartphones with a render of its upcoming tri-fold device. Zhou Yibao, product manager for the Oppo Find series, shared an image showcasing the device’s innovative design, featuring two…
EFU General partners with Easypaisa to introduce transactional insurance combo product EFU General and EFU Life have partnered with Easypaisa — Pakistan’s leading digital financial services platform to introduce transactional insurance. This unique product offering, integrated within the Easypaisa app, combines the benefits of both general and life insurance, addressing the pressing need for comprehensive financial protection for Easypaisa customers and providing them with enhanced convenience and autonomy. The introduction of transactional insurance offers an enhanced level of protection for financial transactions, surpassing traditional customer indemnity. Alongside this, accidental death benefits are provided, ensuring comprehensive financial security for customers. This…
Kibor rate is the average interest rate at which term deposits are offered between prime banks in the Pakistani wholesale money market or interbank market. KIBOR as a benchmark, to encourage transparency and improve management of the market risk undertaken by banks. Kibor Rates In Pakistan TENOR BID OFFER 1 – Week 19.43 19.93 2 – Week 19.43 19.93 1 – Month 19.42 19.92 3 – Month 18.79 19.04 6 – Month 18.45 18.70 9 – Month 17.91 18.41 1 – Year 17.35 17.85 Last Updated on 16th Aug 2024 Source: SBP