Facebook to pay $5 billion

Facebook to pay $5 billion fine over privacy concerns

Famous social media network Facebook has to pay $5 billion over the breach of privacy right of the users.

Federal Trade Commission approved the settlement in a 3-2 vote, with the two Democratic members of the consumer protection agency dissenting.

Officials say that we are not sure that this fine will change the Facebook behavior and the privacy concerns of the users are entertained.

 

British Airways

British Airways restarted its services in Pakistan

It is a piece of good news for the people who have beloveds in United Kindom because they will not have to wait for the connecting flights to reach the UK or from the UK to rabwah, Because British Airways has resumed its operation in Pakistan which means people can  now travel direct non stop to Uk and they will not wait for the connecting flights.

The launch of the thrice-a-week service from London’s Heathrow Airport to Islamabad International Airport was welcomed by British and Pakistani officials, all saying it would boost tourism, trade, and business.

Some of the passengers who traveled in the flight said it was a pleasant journey and would prefer the airline when traveling to Islamabad. Another said that the resumption of the service will be “convincing for Pakistani expatriates”.

Eid Bazar

Eid Bazar for women has been introduced by Government.

Chenab Nagar, Every year government of Punjab set a special market for Ramazan in which basic food items and other things are sold at a discount price for Rabwah People.

But for the first time in Rabwah, the government has introduced special Eid Bazar for women of Rabwah.

In which women can do their eid shopping at very low cost and enjoy the happiness of Eid.

In the Eid Bazar, different stalls of things are set on which thing for Eid are selling.

Eid Bazar

Stall of women shoes in Eid Bazar.

 

World Bank projects 5.4 per cent growth rate for Pakistan in 2018

World Bank projects 5.4 per cent growth rate for Pakistan in 2018

Pakistan’s economy is set to grow by a robust 5.4 per cent by 2018 as Chinese investment from a multi-billion dollar infrastructure project flows into the country, the World Bank predicted in a new report Thursday.

Pakistan, South Asia’s second-biggest economy, is growing with security improving and the International Monetary Fund (IMF) claiming in October that it has emerged from economic crisis after completing a bailout programme, though it still faces major challenges.

Pakistan recorded a 4.7pc growth in gross domestic product (GDP) for the fiscal year ended June 2016, the highest rate in eight years, and Prime Minister Nawaz Sharif has set an ambitious target of 5.7pc for the current year.

Nawaz is banking on structural reforms, the improved energy sector, taxation — and China’s ambitious $46 billion infrastructure project, the China-Pakistan Economic Corridor (CPEC), linking its western province of Xinjiang to the Arabian Sea via Pakistan.

The World Bank report appeared optimistic about Nawaz’s plans, predicting even further growth in 2018.

“The pace of Pakistan’s economic growth will accelerate to 5.4pc in fiscal 2018,” the Bank report said, observing that a moderate increase in investment mainly related to CPEC projects is expected to contribute to an acceleration of growth.

The bank also noted Pakistan’s efforts to address grinding poverty, including with revised ways to measure it.

“Based on the revised poverty line, the percentage of people living below the poverty line decreased from 64.3pc in 2002 to 29.5pc in 2014,” the report said.

Illango Patchamutu, World Bank country director for Pakistan, said the country needs to push forward with deeper structural reforms, and that the World Bank stood ready to support such an agenda.

Currency market remains calm

Currency market remains calm

KARACHI: The dollar felt the jitters of the US presidential election outcome on Wednesday, which helped the pound and the euro gain against the greenback.

Dealers said major currencies in the international market remained vulnerable during the US presidential election. “The fate of the dollar may not be grim in the long run, but the pound and the euro found space to gain against the US currency as Donald Trump won the election,” said Forex Association of Pakistan President Malik Bostan.

The business community, which had been watching the US election keenly, found its outcome to be unexpected and shocking. They perceive the president-elect as a hardliner who can pursue the radical policy of protectionism.

“The euro and the pound gained 1 per cent to 1.5pc against the dollar at the early signs of a Trump victory as soon as voting started. The dollar bounced back when the likely result seemed to favour Hillary Clinton, but lost ground again after the race finished in Mr Trump’s victory,” said Bostan.

However, the local currency market did not respond to the unexpected result. “The currency market remained cool and calm. There was no panic buying or selling. The dollar was traded with a slight fluctuation, which was normal,” said Anwar Jamal, another currency dealer in the open market. He said the pound and the euro gained about 0.25pc to 0.5pc in the local market.

Another important development in the currency market was the announcement of the Indian government to do away with the banknotes of 500 and 1,000 Indian rupees. The Indian government has asked people to deposit these currency notes in banks before December 30.

Currency dealers said they have been receiving queries from the holders of Indian currency notes in Pakistan.

“We are not trading Indian banknotes. But we are being approached by people who wish to sell them,” said Mr Bostan. He added that the currency market is in touch with the Dubai international currency market for the future of these banknotes.

“Top currency dealers like Wall Street will provide us with the rates for the said currency notes on Thursday. This will be the line of action for us. We will trade the Indian banknotes that will cease to be legal tender by the end of 2016,” he said.

The total worth of Indian banknotes in Pakistan is not known, but currency dealers said Pakistanis who visit India tend to keep some Indian currency.

Published in Dawn November 10th, 2016

Cotton prices steady

Cotton prices steady

KARACHI: Prices stayed firm on the cotton market on Tuesday as spinners intensified buying of quality lint available in abundance thanks to higher phutti arrivals into ginneries.

There was a strong feeling that the quality of cotton would deteriorate after the completion of first phutti picking operations. Hence, spinners rushed to build up their stocks at the prevailing rates, brokers said.

The world markets remained mixed with slow demand for Indian cotton kept prices under pressure. The Pakistani spinners were marking time and want to see cotton prices in India to fall below 70 cents per lb, brokers said.

Meanwhile, textile industry was demanding an incentive package to help increase exports which had recorded over 7 per cent decline during first quarter of this fiscal year, brokers said.

The Karachi Cotton Association (KCA) maintained its spot rates at the overnight level.

The following major deals were reported to have transpired on the ready counter: 3,000 bales, Khairpur, at Rs5,975 to Rs5,985, 2,600 bales, Rohri, at Rs5,950 to Rs6,000, 2,400 bales, Saleh Pat, at Rs5,950 to Rs6,000, 1,000 bales, Mirpur Mathilo, at Rs6,175 to Rs6,200, 3,000 bales, Mianwali, at Rs5,900 to Rs5,950, 1,000 bales, Hasilpur, at Rs6,100 to Rs6,175, 3,000 bales, Sadiqabad, at Rs6,150 to Rs6,200, 4,000 bales, Rahimyar Khan, at Rs6,175 to Rs6,200 and 1,000 bales, Bahawalpur, at Rs6,175 to Rs6,200.

Published in Dawn November 9th, 2016

Misbah’s replacement still undecided: Shaharyar Khan

Misbah’s replacement still undecided: Shaharyar Khan

Pakistan Cricket Board (PCB) Chairman Shaharyar Khan has said that the replacement for Test Skipper Misbah-ul-Haq has not been decided yet.

While talking about who will replace Test captain Misbah-ul-Haq, who is expected to step down from the helm after the New Zealand and Australia tours, Shaharyar said that a successor hasn’t been decided yet.

“We haven’t decided who will lead the Test side once Misbah steps down,” he said.

“If the upcoming tours in Australia and New Zealand go well then we can even ask Misbah to continue leading the side for a while,” Shaharyar said in an exclusive interview with a local newspaper.

He further added, “Misbah and Younus Khan have been performing well for Pakistan and are in contention to remain in the side. However, they are nearing their retirements and for the future of the team we must make preparations from now.”

Speaking about Muhammad Hafeez, Shaharyar said Hafeez’s illegal bowling action led him to be stripped off the status of an all-rounder and he will play as a batsman if he ever got picked for the national side.

“Hafeez has requested to be tested in Loughborough, Cardiff and we obliged because he is a senior player of the team. However, if he fails to clear his test once again, it will be extremely difficult for the selection committee to include him in the national side,” Shaharyar said.

Commenting on the Pakistan Super League (PSL) enters its second edition in 2017 and PSL Chairman Najam Sethi had announced earlier that the T20 league would become an independent entity, separate from the PCB, Shaharyar said that the board itself gave permission for this to happen.

“The league authorities feel that they will enjoy more freedom as an independent company as they will be able to take administrative decisions on their own. They can certainly do that as long as there are no violations of PCB rules. This decision was made by the Board of Governors,” he said.

Death toll reaches 19 in Gadani shipbreaking yard fire, scores still missing

Death toll reaches 19 in Gadani shipbreaking yard fire, scores still missing

The death toll from an explosion and fire at Gadani shipbreaking yard has risen to 19, officials said Wednesday, as a search continued for more victims.

At least 58 others were wounded on Tuesday when a gas cylinder exploded and started a fire inside an oil tanker at the Gadani yard.

“It can take another 48 hours to control the fire, as the tanker still has a significant quantity of oil present in the ship,” said Commissioner Kalat Hashim Gulzai.

Local firefighters supported by the Pakistan Navy and coastguard were still battling to extinguish the fire Wednesday, Hashim said.

He said the contractor for the tanker work had been arrested and all shipbreaking at the yard has been banned while safety standards are reviewed.

A local government official, Zulfiqar Hashmi, said that four more bodies were found from the sea with minor burn injuries. He added that it could not be ascertained whether the workers died inside the oil tanker or as a result of jumping into the sea.

The fire has reportedly spread to the engine room of the ship which contains fuel and gas cylinders.

Industrial accidents are common in Pakistan, with workplaces often forgoing basic safety measures and equipment in the absence of legislation to protect labourers.

A devastating fire at a textile factory in Karachi killed 255 people in 2012.

 The Dawn News source

Meet the man who spent $9 million on a licence plate

Meet the man who spent $9 million on a licence plate

A Dubai property developer Balwinder Sahni has spent $9 million on a highly coveted plate bearing the number 5.

Inside the world’s most expensive hotel suite

Explaining why he bought the plate, Sahni said he sees the hefty licence plate purchases as his contribution to the public coffers since Dubai has no income tax. The property developer said he believes the money will go to charity and towards improving the city’s infrastructure. “I believe in giving back,” he said. “This city has given me a lot.”

“I always like to give myself a gift every year,” the billionaire futher told CNN Money. “When you work very hard, you need to present yourself with something,” he added.

30 months on, Saudi $1.5b gift to Pakistan unspent

This is not the first time Sahni has spent serious money on a licence plate. He secured a number 9 plate with a winning bid of $6.7 million at a government auction last year. His number plate has also given him a lot of attention. The billionaire said he can’t go out in public without people stopping him and asking to take a photo. Many accuse him of wasting his money, but he describes himself as “a simple man.”

“It’s hard, people giving comments without knowing the type of person I am,” Sahni told CNN Money.

Sahni bid $9 million for the number plates at a government auction earlier this month that now adorn two of his six Rolls Royce cars. He also has two more of the luxury vehicles on order. It was one of the largest sums ever spent on a licence plate, although still lower than the $14 million record set in 2008 by an Abu Dhabi businessman.

The auction is held every year, but Dubai’s Roads and Transport Authority has declined to comment on how the proceeds from the licence plate auctions are spent. Bids can start in millions of dirhams. Private companies in the UAE are also trying to cash in on the licence plate business. A secondary market where the more sought-after plates are traded has sprung up.

Bill Gates is no longer the world’s richest man

Abdulkerim Arsanov and his brother set up a website, numbers.ae, to link sellers with buyers. The biggest deal through their website so far was for a two-digit plate that sold for $735,000. “Number plates have become more luxurious than the cars themselves,” Arsanov said.

The brothers started their business two years ago after struggling to find ways to sell their own collection of unique plates. Their website isn’t making them any money yet, but Arsanov hopes to expand it into markets beyond the UAE, like the UK and Russia. They plan to start charging for the services at a later stage.

The site usually gets 500 to 800 visitors a day. but the auction where Sahni bid $9 million set off a wave of new interest. More than 8,000 views caused the site to crash and forced the brothers to upgrade their server.

This article originally appeared on CNN.

Old-design notes to be demonetized

Old-design notes to be demonetized

KARACHI:

As per federal government’s gazette notification dated June 4, 2015, the old design banknotes will cease to be legal tender with effect from Dec 1, 2016.

Global Islamic Finance Report: Survey reveals need for Islamic banking legislation

Therefore, it has now been decided to phase out all remaining old design banknotes of Rs10, 50, 100 and 1,000. The Rs5 banknote and the old design Rs500 banknote have already been demonetised. It is worth mentioning that the State Bank of Pakistan issued a new design banknote series which started with the issuance of Rs20 denomination banknote in 2005 to improve the security, durability and aesthetic quality of banknotes.

Exim Bank of US has renewed interest in Pakistan

The process of issuance of complete series of new design banknotes comprising eight denominations (Rs5, 10, 20, 50, 100, 500, 1,000 and 5,000) was completed in 2008. The commercial/microfinance banks will accept the old design banknotes of Rs10, 50, 100 and 1000 and exchange the same with the new design banknotes and coins of all denominations up to Nov 30, 2016 only.

The Nation Source