NOT-BY- PROFIT The STaTe of Global economieS: experiencinG GrowTh, decline or a combinaTion of boTh?

ISLAMABAD neWs DesK dESPITEa sharp decline in the US business group's Leading Economic Index, which some economists argue indicates an impending recession, not all companies are feeling the pressure. For example, Groundworks, a residential foundation and water management company, is still seeing strong sales, a need to fill several hundred open jobs, and a willingness of consumers to spend. While many are confused by mixed signals in the economy, three years after the onset of a pandemic and a year and a half into a still-developing inflation surge, some businesses continue to thrive. Despite central banks raising interest rates at a faster pace than expected, demand for goods and services remains strong, and the US unemployment rate is the lowest it has been since 1969. While some

Fed officials are concerned about labor hoarding, they remain less worried about a potential recession than the modest rise in unemployment they believe is necessary to reduce inflation.

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Pakistan's cost-cutting measures: A band-aid solution to deep economic issues

ISLAMABAD neWs DesK

Prime Minister Shehbaz Sharif's recent cost-cutting measures have been hailed as a positive signal during these times of financial crisis and may help the coalition government improve its standing with the public and move closer to a deal with the IMF. However, it is unlikely that these measures will address the structural issues that force the country to repeatedly seek IMF assistance. These "band-aid" measures are unlikely to address fiscal problems or the collapsing energy sector, and at best will only cover weaknesses in expenditure management for a few months.

While the government must cut its expenditures, including those related to the excessive luxuries enjoyed by ministers and advisers, it would be foolish to expect such measures to solve the underlying problems that lead to frequent boom-and-bust cy-

CPEC plays pivotal role in promoting green development in Pakistan: experts

ISLAMABAD

Xinhua

China-Pakistan Economic Corridor (CPEC), a flagship project under the Belt and Road Initiative (BRI), has been playing a pivotal role in promoting green development in Pakistan, highlighting China’s commitment to the harmonious coexistence of human beings and nature, officials and experts said.

Talking to Xinhua, convener of the National Parliamentary Task Force on Sustainable Development Goals, Romina Khurshid Alam, said the cooperation between Pakistan and China under the CPEC in the fields of energy, transport, agriculture and industrial production has helped Pakistan boost green, low-carbon sustainable development.

Besides assisting Pakistan in overcoming the energy crisis and infrastructure upgrading through the CPEC, Chinese companies in Pakistan have been strictly following international and local standards on safety and environmental protection, Alam said.

In implementing infrastructure projects, ecological factors have been fully considered and a number of green and clean energy projects including solar, wind and hydropower have been completed across the country over the past several years, reducing carbon emissions and contributing to economic development, environment protection and improvement of living standards of the locals, said the official.

Citing the example of the recently completed 720-megawatt Karot hydropower project, Alam said that a comprehensive biodiversity management plan was developed for the construction and operation stages of the project to protect environ- ment and wildlife around the project site.

Pakistan and China have further stepped up their cooperation in green energy for the benefit of the region under the CPEC, helping Pakistan mitigate the adverse impacts of climate change, said Hassan Daud Butt, senior advisor at the China Study Center of the Sustainable Development Policy Institute (SDPI), an Islamabad-based think tank.

“Pakistan is one of the most vulnerable countries to climate change, with the country facing the worst climate-induced catastrophic floods recently. As the CPEC is making progress, it can help the country to tackle the climate change issue by increasing investment in renewable energy, green building construction, decreasing energy loss, and innovative practices such as green finance and other measures,” Butt told Xinhua.

Calling the CPEC a game changer and a green corridor, Shakeel Ahmad Ramay, chief executive officer of the Asian Institute of Eco-civilization Research and Development, said that the flagship project of the BRI is a people-centric, environmentally friendly, inclusive and green and sustainable initiative.

China has been utilizing new technologies and making investments in BRI partner countries to support green development. Pakistan can learn from the Chinese experience and technology to realize its vision of high-quality green and sustainable development, Ramay told Xinhua.

“The CPEC has changed the landscape of Pakistan and has accelerated growth while bringing about socio-economic benefits for the people of Pakistan […] China’s commitment to promoting a carbon-free global economy is commendable,” he said.

99pc water still standing in flood-hit areas of Sindh: SHC informed

and flood.

“Where were you earlier,” court questioned the rehabilitation in-charge. “Our 26 ambulances have been engaged in relief work in all flood affected areas,” he replied.

“Where your ambulances are working today, tell the court,” the bench further questioned. “All ambulances are working in different areas,” the official said and submitted a report in the court.

“Assistant Commissioners and Mukhtiarkar should check whereabouts of 26 ambulances in areas and submit their reports,” the court ordered.

cles. Instead, experts suggest the government should focus on extensive tax and tariff reforms, privatization of state-owned enterprises, fixing the power sector, and incentivizing non-debt creating foreign investment. These are long-term measures that require the government to address the real problems facing the economy, rather than relying on cosmetic actions that are unlikely to have a lasting impact.

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Karachi: Rameez Rashid, known as Vampire yt �� received Best Performance Youngest YouTuber/PUBG player Shield from Zaid Tessori, son of Kamran Tessori, Governor of Sindh. Vampire is a very famous YouTuber and has more than 700k subscribers.He has international recognization. pR

Pink Bus Service to start operations on two new routes in Karachi today

Karachi: The Transport Department government of Sindh has anounced the launch People's Pink bus service on two new routes of Karachi from March 1. The fleet of pink buses on existing Model ColonyTower Route will also be increased from Wednesday. This announcement was made in a meeting chaired by Minister for Information Transport and Mass Transit sharjeel Inam Memon regarding regarding People's Bus Service. Secretary Transport Abdul Haleem Sheikh, Managing Director Sindh Mass Transit Authority Zubair Chana, Project Dirextor NRTC Sohaib Shafiq, Operations Manager Abdul Shakoor and others attended the meeting. Talking in meeting, the Provincial Minister for Information, Transport and Mass Transit Sharjeel Inam Memon said that two new routes of pink bus service between power Chowrangi and Indus Hospital and Numaish Chowrangi to Sea View will be started from 1st March. pR

SUKKUR staff RepoRt

A PDMA official on Tuesday told Sindh High Court bench on Tuesday that 99 percent floodwater was still standing in flood hit areas of the province.

Sindh High Court’s Sukkur bench was hearing a petition on rehabilitation of flood victims and drainage of floodwater in Sukkur, Khairpur, Ghotki and Naushehro Feroz districts.

The bench observed that the rehabilitation department was not seen during and after rains

“Flood affected people of Sindh are equal to the people of Somalia and Ethiopia,” the bench remarked. The court asked about drainage of floodwater from affected areas.

“Water still is standing in most of the affected areas,” the petitioner replied.

A committee constituted by the court submitted its detailed review report of the affected areas. “The district administrations became active but facing fuel shortage,” a lawyer told the court.

Deputy Director Provincial Disaster Management Authority told the court that only one percent work has been performed, while 99 pct has been pending as floodwater standing in affected areas.

Italian migrant shipwreck death toll rises to 64, including 5 Pakistanis

CROTONE ReuteRs

Rescuers pulled the body of a man out of the sea on Tuesday, raising the death toll from a migrant shipwreck near the southern Italian coast to at least 64, including about 14 children.

“We will carry on searching the surface of the sea until we are certain that we have found everyone,” said Rocco Mortato, a member of the underwater diving team of the fire brigade.

80 people have been rescued since the sailboat sank early on Sunday in heavy seas near Steccato di Cutro, a seaside resort on the eastern coast of Calabria. The boat had set sail from the port of Izmir in western Turkey. Rescuers said most of the migrants came from Afghanistan, as well as from countries includ-

Inflationary pressure, rising electricity prices impair KE’s profitability for H1-FY-2023

Karachi: Challenging sociopolitical and macroeconomic factors have had a cascading impact on multiple sectors including KE which grapples with immense challenges during the first half of FY23. Surging inflation, policy rate hike and reduction in economic activity had a significant impact on the Company’s operations and profitability.

The Company observed a reduction in units sent-out by 5.7% on account of reduction in economic activity and an increase in impairment loss against doubtful debts due to high inflation, increase in consumer tariff and current economic conditions impacting customers propensity to pay. pR

Standard Chartered launches internship programme for differently-abled persons

ing Iran, Somalia and Syria.

The Foreign Office said 20 Pakistani citizens had been on the boat, and 16 of them had survived but four were missing.

The tragedy has fuelled a debate on migration in Europe and Italy, where the recently elected right-wing government’s tough new laws for migrant rescue charities have drawn criticism from the United Nations and others.

Italian Prime Minister Giorgia Meloni said in an interview on Monday that she had written to European Union institutions calling for immediate action by the bloc to stop migrant boat trips so as to prevent more deaths.

“The more people depart, the more risk dying,” she told RAI public television. “The only way to tackle this issue seriously, with humanity, is to stop the departures.”

Karachi: Standard Chartered Bank Pakistan Limited (SCBPL), continuing with its contribution towards economic empowerment and financial inclusion of the masses, has launched an internship programme for differently-abled persons, with the aim to create a diverse pipeline of candidates as potential workforce for the banking industry, simultaneously supporting them to elevate their quality of life.

This initiative was launched in presence of Rehan Sheikh, Chief Executive Officer of SCBPL, Millicent Clarke, Regional Head of Human Resources, Africa and Middle East, and Muhammad Umer, Country Head of HR SCBPL and was attended by our existing differently-abled colleagues who also shared their journey and experiences at the Bank. pR