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“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair,” wrote Charles Dickens in A Tale of Two Cities. Two speeches delivered an hour and many oceans apart last week vividly brought back images from Dickens’ world. Those speeches underlined the opposing approaches that the heavyweights and Pakistan’s largest trading…
Economic growth and development bring progress and prosperity, but at the same time, they tend to create imbalances in the growth of various sectors of the economy. If an economic model does not provide a mechanism for timely remedial measures to manage emerging macroeconomic imbalances, this raises the risk of an economic crisis. So, stability has to be blended with economic growth and development. And without social development, economic growth remains sluggish. It is only a high rate of economic growth that can generate enough jobs. The social exclusion widens the disconnect between the people and the government. Similarly, the…
The fashion industry is notorious for its carbon footprint, responsible for around 10 per cent of global emissions according to the United Nations Environment Programme. For years, the fashion industry has made grand promises about sustainability. Brands tout their commitments to net-zero emissions, circular fashion, and ethical supply chains, yet the reality remains unchanged: overproduction is accelerating and emissions are rising. Now artificial intelligence (AI) has entered the conversation, heralded as a game-changer for sustainable fashion. The narrative is seductive: AI can fine-tune production, minimise overstock, and streamline demand. However, this argument ignores a critical issue: AI’s role in fueling…
Economic growth and development bring progress and prosperity, but at the same time, they tend to create imbalances in the growth of various sectors of the economy. If an economic model does not provide a mechanism for timely remedial measures to manage emerging macroeconomic imbalances, this raises the risk of an economic crisis. So, stability has to be blended with economic growth and development. And without social development, economic growth remains sluggish. It is only a high rate of economic growth that can generate enough jobs. The social exclusion widens the disconnect between the people and the government. Similarly, the…
Source: PBS via Karandaz Note: Prices are annual averages of WPI In every kitchen, there is a special recipe for pakoras — one perfected over time, passed down through generations, and adapted to individual tastes. Yet, at its core, the price of a batch of pakoras boils down to just the basics: a kilogram of pulse gram (taken as a proxy for besan), a kilogram of onions, and a kilogram of potatoes. The chatpatta mix of spices and the vat of oil (which, in true household efficiency, later fries the samosas) have been omitted for this conservative estimate since 2013.…
The fashion industry is notorious for its carbon footprint, responsible for around 10 per cent of global emissions according to the United Nations Environment Programme. For years, the fashion industry has made grand promises about sustainability. Brands tout their commitments to net-zero emissions, circular fashion, and ethical supply chains, yet the reality remains unchanged: overproduction is accelerating and emissions are rising. Now artificial intelligence (AI) has entered the conversation, heralded as a game-changer for sustainable fashion. The narrative is seductive: AI can fine-tune production, minimise overstock, and streamline demand. However, this argument ignores a critical issue: AI’s role in fueling…
Pakistan is likely to receive $1 billion as the second tranche of the $7bn Extended Fund Facility (EFF) before June. Reports indicate that the ongoing International Monetary Fund (IMF) review acknowledges the government’s efforts to stay on the agreed stabilisation path. While the IMF’s validation provides some economic comfort, lasting political stability in Pakistan remains elusive until promised economic gains materialise and translate into tangible relief for the public. The majority of citizens, struggling under prolonged economic strain, cannot be expected to wait indefinitely for the benefits of what Finance Minister Muhammad Aurangzeb calls a policy of “inclusive sustainable growth”.…
In an era where digital transformation is reshaping economies worldwide, Pakistan stands at a critical juncture. The digital sector has long been recognised as a key segment for foreign direct investment (FDI), yet Pakistan has struggled to attract substantial digital FDI compared to regional peers like India or Indonesia. Over the past decade, Pakistan’s digital FDI has experienced volatility, with a brief peak in 2020 due to Covid-19-driven investments. However, by the fiscal year 2022, the information technology (IT) and telecommunication sector’s contribution to total FDI had fallen to just six per cent, a stark decline from 25pc in 2020.…
• Reject ‘Take or Pay’ clause, say it benefits refineries at their expense• Move comes as fuel prices expected to see major cut this weekend• Under new rule, OMCs must buy assigned fuel quotas from refineries or pay penalties• Clause aimed at reducing imports, protecting local refining capacity ISLAMABAD: Indicating a substantial cut in prices of petroleum prices by this weekend, the oil marketing companies (OMCs) have opposed the forced signing of ‘Take or Pay’ agreements with local refineries, arguing that the clause would unfairly burden them with financial risks. The dispute comes amid reports that price of petrol could…
China’s securities association has published new draft guidelines that will penalise companies whose staff flaunt their wealth and privilege, as Beijing continues its drive to remould an industry once known for its lavish lifestyle.In the proposed revisions to its rules, the Securities Association of China has added tougher points deductions for firms that “offer questionable pay incentives”, or whose staff “flaunt wealth” and indulge in “excessive luxury”, Chinese financial media outlet Cailian Press reported on Friday.The revised guidelines are currently open for industry feedback. If passed, they will affect the way the association assesses securities’ firms corporate culture, with each…