A powerful earthquake in Morocco has killed more than 1,000 people

 The devastating earthquake that struck Morocco has left a trail of unimaginable destruction, claiming the lives of over 1,000 people. It's heart-wrenching to comprehend the magnitude of this tragedy that has shattered families and communities.

The earthquake not only resulted in a significant loss of life but also caused extensive damage to historic buildings in Marrakech, robbing the world of its precious heritage. The aftermath of this natural disaster will undoubtedly leave scars that will take years, if not decades, to heal.

In times like these, it's essential for nations and communities to come together in solidarity to provide immediate relief and support for the affected population. The resilience and strength of the Moroccan people will shine through as they rebuild their lives and restore their cultural treasures.

Our thoughts and prayers go out to the victims and their families as they face this challenging journey towards recovery. Let this tragic event serve as a reminder of the importance of preparedness and global cooperation in the face of natural disasters.

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 Aldar Properties announces the launch of wellness-inspired property in Abu Dhabi

The Source, an Abu Dhabi residential community offering wellness-inspired living in the center of Saadiyat Island, has announced the opening of its second building, according to Aldar Properties.

Source II is the follow-up to Source I, a community that was specially created with residents' holistic health and welfare at its core.

All 204 units of the initial offering were sold within days of debut due to the intense interest from foreign bidders.

The Source II in Abu Dhabi

The most recent construction consists of 148 contemporary residential apartments created to blend in with Saadiyat Island's cultural and natural surroundings.

With views of the Zayed National Museum, access to Mamsha Al Saadiyat, Soul Beach, and teamLab Phenomena Abu Dhabi, the second building will offer upscale living.

Residents will also have the chance to visit important cultural institutions including the Natural History Museum, the Abrahamic Family House, the Guggenheim Abu Dhabi, and the Louvre Abu Dhabi.

Source II provides residents with various amenities and activities to foster social bonds and improve physical and mental health.

According to Aldar, Source II combines comfort, luxury, and sustainability in keeping with its commitment to Net Zero and helping to ensure the environmental sustainability of its communities.

With sophisticated space planning, spa-inspired bathrooms, and cutting-edge appliances and amenities throughout, the development is created following low-carbon guidelines. It will be constructed with smart infrastructure to ensure improved energy efficiency, cleaner, and healthier air, and the ability for residents to enjoy a clean and holistic way of living.

"The tremendous response we received following the launch of The Source earlier this year further underlines the growing demand for homes that present a haven for residents to focus on their physical, mental, and emotional wellbeing," said Rashed Al Omaira, Chief Commercial Officer at Aldar Development. "Aldar continues its commitment to investing in the development of communities that prioritize wellness. With the addition of the second building, our aim is to offer clients environments that foster holistic health and well-being. Aldar continues its commitment to investing in the development of communities that prioritize wellness. With the addition of the second building, our aim is to offer clients environments that foster holistic health and well-being. make wellness a natural part of daily life. The Source II at Saadiyat Grove offers the ideal fusion of culture, coastal tranquility, and community life that will appeal to owners and investors alike. Abu Dhabi continues to be a top investment destination. All facets of the development are integrated with social and environmental sustainability measures by The Source II. The development includes sustainable design ideas and green building technology to save water and lower carbon emissions, aiming for a 2 Pearl Estidama rating and LEED certification. According to ASHRAE 2010, an international benchmark that sets minimum standards for energy efficiency in buildings, the building is intended to increase energy efficiency with a target energy use reduction of at least 18%. Construction on The Source II in Saadiyat Grove is scheduled to start in Q4 2023, and handovers are anticipated to start in Q4 2026.

Meta CEO Mark Zuckerberg takes a dig at Apple's ' Vision Pro'.

 

Watch Here

Google Launches Extensive AI Course for Free

The world's largest search engine, Google has unveiled seven free, generative AI courses. These courses aim to "advance your cloud career" and cover a wide range of subjects, such as machine learning and others.

These courses are broken down into fresh training materials, courses at the beginner, intermediate, and advanced levels. Most of these may be completed in a day or at least a few hours.

The Courses

Generative AI, large language models, transformer models, image generation, machine learning, TensorFlow on Google Cloud, advanced machine learning courses, natural language processing, and many others are covered.

The blog post from Google says:

We are excited to announce a fresh collection of generative AI training materials that are free to use. Consequently, read on to learn how to rise to your ideal position, regardless of whether you are just starting out or already have a more advanced role.

See the blog article for further information. On this page, you may also register for Google Cloud Next, a flagship event that will take place from August 29 to 31.

Embracing AI revolution: Gear up before AI gets you out of job

 

A technology known as artificial intelligence (AI) can carry out tasks that are usually completed by people. 

Some people fear that AI will eliminate jobs, but it's more likely that it will alter the labor market by eliminating monotonous activities and generating new opportunities. In the same way that employment was lost due to automation in the past, such as automated switching in the telecom industry, new jobs were also created.

According to experts, we should welcome AI and benefit from it rather than be afraid of it. AI can deliver real-time data analysis and increase the efficiency of our work. It can aid managers and professionals by taking over tedious activities and offering specialized assistance in areas like customer segmentation and decision-making.

Even while AI can do many things, some abilities, such as creativity, empathy, and critical thinking, are still unique to humans. AI cannot replace these abilities and will always be in demand. Therefore, it's crucial to concentrate on honing these talents and figuring out how to add value on top of outputs produced by AI.

The ability to learn and adapt will be necessary for professionals to prosper in an AI-driven future. They ought to be aware of AI's potential and how to use it in their careers. It's not always required to have deep technical knowledge; instead, they should use commercially available AI tools to increase their productivity.

Although it is difficult to forecast precisely which talents will be most useful as AI develops, it is evident that the capacity for adaptation and learning will always be crucial. Creativity and ongoing learning can set people apart in a world dominated by AI.

Instead of being used for reproduction, AI can be a potent tool for augmentation. We can ensure that our skills remain relevant and in demand by using them to improve our capabilities and bring value above and beyond what AI can achieve.

AI will alter the work market by replacing some duties and generating new opportunities. To increase their performance, professionals should embrace AI, concentrate on building specialized abilities that AI cannot duplicate, and use AI as a tool. By doing this, they may prosper in the changing AI environment and maintain their value in the labor market.

What happens if Pakistan defaults on debt?

 ISLAMABAD: In the event of a sovereign default, Pakistanis face catastrophic economic and social problems that might lead to a lack of fuel, food, medicine, and other necessities as well as the money required to import and buy them.

There is not much time left for Prime Minister Shehbaz Sharif to decide quickly whether Pakistan move forward with his intentions to present a well-liked budget that would further irritate international creditors. Finding a long-term, sustainable economic revival framework should be his second and final alternative because doing so is now necessary to stop the impending default.

Our fingers are crossed that the government can guide the economy out of the current crisis and prevent a default. People won't have enough money to buy consumables in the event of a sovereign failure, and the government and private importers will need hard currency to bring in everything from beans to medications and from crude oil to cooking oil.

In addition to high prices and interest payments, a sovereign default will cause hyperinflation, which will reduce the purchasing power of the average person's salary.

Although Pakistan's officials proudly assert that their country has never defaulted save for one instance, Pakistan is not exceptional.

In April of last year, Sri Lanka made its first default in history due to severe political and economic hardships. Pakistan is currently being pushed towards default by similar causes that are present there.

Approximately 147 nations have missed payments on their sovereign debt since 1961. Argentina, Sri Lanka, Russia, and Lebanon are recent instances, according to KTrade, a research tool of KASB.

The nation's capital, Colombo, is a hive of activity with crowded eateries and filled markets. In February, the Financial Times published an article by Zeinab Badawi stated, "Travels across the central mountain region and the small settlements are equally deceiving.

In Islamabad, where decision-makers and urban elites believe that the nation won't default, a similar false situation exists.

Pakistan should have enough external cash, according to JP Morgan Chase Bank's research on May 19, to satisfy its financing needs through June. The fiscal year 2023–24, however, sees a major increase in default threats. In addition, the report stated that "at some point in the second half of 2023, Pakistan faces the material risk of running out of usable reserves to meet foreign obligations."

Ishaq Dar, the finance minister, disputes that Pakistan faces a significant risk of default.

For many, Sri Lanka has evolved into a stark illustration of the negative effects that excessive borrowing may have on weaker nations. The circumstance in Pakistan is the same.

Similar to Sri Lankans who, according to the Finance Times, "now seethe with anger," Pakistanis are reportedly resilient.

The loan payments due in June alone would be covered by Pakistan's meager $4.1 billion in foreign exchange reserves, which is perilously low.

Pakistanis may anticipate disaster.

The people of Pakistan would live in a way they have never known if the government doesn't come up with acceptable plans to pay off the $25 billion debt in the upcoming fiscal year, with or without the assistance of the International Monetary Fund (IMF).

A decline in living conditions will affect 250 million individuals. Due to import limitations put in place by the Sharif government to prolong default, shortages of food, fuel, and medications—which are already scarce—will get worse. The rupee's value will keep declining, which would trigger hyperinflation brought on by the fluctuating exchange rate. Import restrictions could be imposed by the government, which would hurt businesses that rely on imported raw materials.

According to a report released last week by Arif Habib Research, sovereign default causes major economic instability, erodes investor trust, and restricts access to global financial markets. A sovereign default is more likely if there is no progress with the IMF, whose approval frequently decides backing from ally nations.

Financial crisis.

The rupee, which has already dropped to as low as Rs313 to the dollar in the open market, will be the biggest victim of a default.

The value of the rupee to the US dollar will fluctuate as people rush to buy up any leftover foreign money.

No bank will open credit accounts, and all purchases made abroad must be made with cash.

The Sri Lankan rupee traded at about 200 to the dollar before the default. Before the official default announcement on April 12, it dropped to 322, then dropped to 370 a dollar. However, after receiving a bailout from the IMF in March of this year, it has progressively increased to 298 a dollar.

Given how strongly its economy depends on imports, Pakistan would be seriously impacted. 

Hyperinflation will be brought on by the currency's devaluation. The cost of everything will increase as a result of the exchange-rate shock, including imported petroleum, pulses, and pharmaceuticals.

trade limitations.

According to reports, Pakistan's GDP expanded by only 0.3% during the current fiscal year despite significant irregularities. Import restrictions implemented by the government to avoid default are one of the causes of this flat growth rate.

Previously $6.5 billion, the average monthly import cost has recently dropped to as little as $3 billion in April. Although this has avoided default, it has resulted in production closures and product shortages.

The nation won't have the luxury of importing even $3 billion worth of products on credit if there is a default.

It will be extremely difficult for Pakistan to import necessities like fuel, machinery, and medicines if it defaults on its debt. 80% of Pakistan's imports, according to estimates from the World Bank, are made up of raw materials, intermediate goods, and necessities.

Consider the effects on day-to-day living when someone wishes to import a product but the bank requires upfront payment. Money will become a rare resource.

According to Arif Habib's research, exports will also suffer from a lack of raw materials, energy constraints, and the cancellation or transfer of export orders to more reliable competitors.

Hyperinflation.

Currency devaluation is one of the causes behind Pakistan's record 36.4% inflation rate, which is the highest it has been in 59 years. In the event of a default, price hikes will happen more quickly and there will be a rush to buy the few products that are still on the market.

Pakistan will be excluded from banks and international markets.

The government's failure to obtain sufficient foreign loans to appease the lender is one of the factors contributing to the delay in obtaining a staff-level agreement with the IMF. Foreign commercial banks will either refuse to lend in the case of failure or demand interest rates that would be challenging for any government to accept.

Multilateral banks including the World Bank, the Asian Development Bank, and the Asian Infrastructure Investment Bank may decide not to give Pakistan financial support loans if Pakistan considers reaching a debt restructuring arrangement with lenders.

Domestic banks will also be impacted by sovereign default because they currently have more than 60% of their balance sheets invested in government debt. The face value of their loans to the government will also be at risk of loss.

The economy will decline.

Even before default, there have been reports of information sources and data anomalies suggesting that Pakistan's economy shrank by at least 0.5% compared to the growth rate of 0.3% approved by the National Accounts Committee.

In the case of a default, the economy will contract more severely, resulting in increased unemployment and poverty across all economic sectors. This can exacerbate existing political turmoil and possibly lead to social upheaval.

Pakistan still has time to avert disaster.

Restructuring decisions should be made as soon as possible, both for local and international debt. A Chinese rescue may only postpone the inevitable; it won't deal with the underlying problem.

Only after Colombo and its international creditors agreed to restructure Sri Lanka's foreign debt due to China, India, Japan, and commercial bondholders, did the IMF agree to offer a $3 billion loan to the island nation.

In reaction to the suggestion made by economist Atif Mian on Saturday, the Ministry of Finance, in a statement, rejected the idea of debt restructuring.

Atif Mian concluded that Pakistan should "take decisive actions, aggressively restructure and take courageous actions" after contrasting the experiences of Ghana and Sri Lanka. This is a covert call to declare a default, according to the finance ministry. The statement went on to say that this is an unfair criticism made from a strictly theoretical standpoint.

Published on May 30th, 2023.

 

The Board of Executive Directors approves funding to strengthen risk protection and improve vital services and livelihoods in communities affected by floods in 2022.

                                             

On Thursday, the Board of Executive Directors of the World Bank approved $213 million in financing for Balochistan to boost risk protection, enhance basic services, and improve livelihoods in communities impacted by the 2022 floods.

The money will be a key component of the plan developed in conjunction with the government to address the terrible floods that hit Pakistan this summer and promote a climate-resilient Pakistan. The Balochistan administration will continue to work closely with the World Bank to provide aid to the impacted populations, according to Najy Benhassine, the country director for Pakistan. The main goals of this help will be to support livelihoods, restore irrigation systems, and rebuild flood defenses.                                                                                                                                                                                  By enhancing the population's resilience against future natural disasters and emergencies related to climate change, this project will not only help to restore livelihoods but also put the protection of the populace first. The complete post-flood rehabilitation and resilient-reconstruction program that was agreed upon with the authorities includes this project.

Geneva climate moot: There’s ‘full clarity’ about $10.9bn foreign aid pledges: minister

 

In Pakistan, a country of 220 million people, record monsoon rains in the south and southwest combined with glacier melt in the north caused flooding that affected up to 33 million people last year. Over 1,700 people died as a result of the flooding, which also destroyed homes, crops, bridges, highways, and livestock. 

World Bank says Pakistan in want of 10mn houses

   

World Bank says Pakistan in want of 10mn houses

ISLAMABAD: According to the World Bank, Pakistan now has a housing shortfall of roughly 10 million units, with about half of those units located in metropolitan areas.

According to research by the bank titled "Towards a More Nuanced Approach to Measuring Housing Affordability Evidence from Pakistan," 47 percent of households in urban areas reside in overcrowded dwelling units in informal settlements (katchi abadis) with poor infrastructure and amenities.

The Residual Expenditure Method (REM) was used to calculate the housing affordability for households in metropolitan areas of Pakistan using data from the Pakistan Household Integrated Economic Survey (HIES) 2018–19.

The data imply that around 25 percent of households are unable to meet their basic food and non-food, non-housing expenses after accounting for housing prices, with the lowest sector suffering the biggest affordability difficulty (94 percent).

It went on to say that, in contrast, the expenditure-to-income ratio (EIR) approach suggests that only 44% of households are unable to afford housing and that the highest quintile has the lowest housing affordability, with close to 60% of households spending more than 30% of their household income on housing.

The REM approach emphasizes the demand for a significantly more precise technique to enable a comprehensive understanding of affordability in the Pakistani housing industry.

After taking into account a household's ability to cover its necessities outside of the housing, the RIM calculates housing affordability. The RIM technique classifies households as suffering unaffordable housing conditions if they lack the resources to cover these remaining fundamental necessities by establishing a minimum threshold of non-housing expenditure.

To determine a minimal requirement for non-housing (food and non-food) expenditure, poverty estimating approaches can be modified in the absence of easily accessible budget criteria.

In particular, the methodology used to establish the poverty line can also be used to establish a non-housing poverty line or a spending cap for residual needs other than housing. This consists of fundamental dietary requirements, to which a basic non-housing and non-food requirement is added.