NEPRA discloses that millions of Pakistanis experienced overcharges on their electricity bills

Morning! What’s common about these five things? (Hint: A lot of people give a shit about them)

1. The Last Of Us

2. Damar Hamlin

3. Shakira

4. Barbie

5. Bones by Imagine Dragons

Answer: These are the hottest searches globally in 2023 for TV shows, athletes, musicians, movies, and ‘hum to search’ songs, according to Google.

But we don’t know if we should trust Pakistan’s results since in cricket, 'Pakistan Vs India' didn't even make the top 5, and when it comes to recipes, Pakistanis searched ‘samosa recipe’ like we don’t know how to make the best samosas ever…

In this week’s edition:

🗺️ Biggest threat to world economy in 2024

⚡ The culprit behind those high bills

🍔 McDonald’s: I’m Lovin’ AI

🏍️ Tis’ the season for electric bikes

- The Itla Squad 💼

Business

Global 🌎️

Biggest threat to world economy in 2024? (it’s not climate change)

According to a recent survey by Natixis, 500 institutional investors are most worried about geopolitical issues affecting the economy next year. This concern ranks higher than worries about central bank policies, consumer spending changes, or China's economic situation.

• In the post-COVID world, global relationships are shifting. Last year, the survey pointed out that war was the top economic risk, showing how concerns have evolved from worries about supply chain issues when emerging from COVID-related shutdowns.

• This concern is not limited to Natixis. In Bank of America's survey, 89% of fund managers see geopolitical risks as higher than usual.

More about the concerns: The survey, conducted during rising tensions, highlighted events like a terror attack by Hamas on Israel (the survey conveniently forgot to mention Israel's attack on Palestinians) and increased alliances between Iran, North Korea, and Russia.

US elections: Looking ahead to the U.S. elections, 72% worry that a messy campaign could make financial markets more unpredictable.

Zooming out: While everyone acknowledges these geopolitical risks, investors find it tricky to plan around these unpredictable factors.

TLDR: In a recent Natixis survey, 500 institutional investors identified geopolitical issues as their top concern for the economy next year. This aligns with broader sentiment, as 89% of Bank of America's fund managers express heightened concerns about geopolitical risks. Despite recognizing these risks, investors find it challenging to plan around these unpredictable factors.

What else is new in news

✶ McDonald's is introducing a spinoff, CosMc's, with a focus on beverages, opening its first location near Chicago in Bolingbrook, Illinois. This small-format concept aims to boost afternoon sales and tap into the growing specialty coffee market, according to McDonald's CEO Chris Kempczinski.

Local 🇵🇰

We finally have an answer for those high electricity bills in the summer..

That moment when you hit "send" on an email asking someone to check the attached file, only to realize you forgot to attach it and then stare at the email for the next 10 minutes hoping the attachment to just magically appear? Cut yourself some slack because apparently, people sitting in big offices mess up big time and show no remorse whatsoever.

What’s up? Many Pakistanis got hit with crazy high electricity bills in July and August. Who is to blame? An inquiry report from the National Electric Power Regulatory Authority (NEPRA) points fingers at various distribution companies (Discos), including MEPCO, GEPCO, FESCO, LESCO, and HESCO.

Key points:

• The billing cycles conducted by Discos went beyond the standard 30-day period, violating tariff terms and conditions, with some lasting over 40 days.

• NEPRA also highlighted the failure of Discos to implement the required percentage checking, as outlined in the Consumer Service Manual (CSM). Detection bills were also charged in violation of CSM Clause 9.1 and 9.2, revealing operational shortcomings.

• The report concluded that no Disco in the country is charging bills correctly, emphasizing the need for a widespread rectification of billing practices across all distribution companies.

Moving on: NEPRA wants to take legal action against these companies, and even big player K-Electric Limited (KEL) is in the spotlight. NEPRA is demanding fixes in 30 days.

KE's stand: In response to the inquiry report, KE defended its practices, highlighting the use of handheld devices for meter reading, ensuring transparency. KE maintained that its monthly billing cycles align with regulator guidelines and clarified no customers suffered due to errors in meter readings.

TLDR: Power distribution companies (Discos) in Pakistan were found overcharging consumers for electricity during July and August, violating the standard 30-day billing cycle. NEPRA's report highlights billing irregularities, proposing legal action and giving a 30-day window for corrections. KE defends its practices, asserting no adverse impact on customers due to meter reading errors.

News Flash

✶On Sunday, a delegation comprising 20 members from various segments of Pakistan's export sector is set to depart for China. This initiative is part of the country's broader goal to boost exports to $100 billion and mitigate the trade deficit with its neighboring ally.

Tech

Global 🌎️

McDonald’s: I’m Lovin’ AI

The famous fast-food chain is teaming up with Google to bring some cool AI magic to thousands of its stores, starting in 2024. So, what’s cooking?

McDonald’s just ordered AI: McDonald's is bringing in generative AI, a fancy term for smart tech, to make things run smoother. This tech will work its wonders both in the stores and through Google Cloud services. The goal? To make things more efficient behind the scenes and, as they say, serve "hotter, fresher food" to you.

The How: But how AI be used to serve me my hot fresh regular fries? While they're not giving all the details, McDonald's plans to use both in-store upgrades and Google Cloud services. The idea is to help managers quickly fix any issues and keep things running smoothly.

Everyone's doing it: McDonald’s is not alone in this tech journey. Many restaurants planning to automate more than half of their tasks by 2025. Wendy’s announced earlier this year that it was working with Google Cloud to use the latter’s generative AI to automate the drive-thru ordering process.

The dreaded question: The McDonald’s statement avoids the dreaded question of AI replacing human workers, mentioning only that the system should “reduce complexity” for store crews. So, the next time it messes up your order, you know who to blame..

TLDR: McDonald's is partnering with Google to introduce generative AI in its stores from 2024. This smart tech aims to improve efficiency, ensuring fresher food. This aligns with a broader trend in the industry, with Wendy’s also using generative AI to automate drive-thru orders. The statement doesn't directly address concerns about AI replacing human workers, focusing on simplifying tasks for store crews.

What else is new in news

✶Earlier this week, TikTok and CreatorIQ collaboratively published recent research and looked into what makes ads from influencers connect well with people on the platform.

Local 🇵🇰 

Tis’ the season for.. electric bikes

Get ready for over 100 new electric bike makers zooming into Pakistan by mid-2024. Why? Well, turns out, everyone's buzzing about electric bikes. From uni students to daily commuters, people are ditching the traditional petrol bikes, with a rise in demand for feature-rich electric models.

EV bikes are fashionably late to the party: Muhammad Sabir Sheikh, Chief Coordinator of Electric Two Wheelers Manufacturing Group, attributes the delayed entry of assemblers to the winter season in Punjab and China. Despite the delay, there is strong enthusiasm for electric bikes, especially original designs.

Keep it original: The market will love electric bikes that are designed from the ground up, not converted from petrol bikes. Converted bikes might not have a future in the market.

Meet the players: Key players like Yadea, Eiffel Industries, Metro, and others are actively participating, fostering healthy competition. Quality improvements in batteries, motors, and controllers are enhancing the overall customer experience.

Zooming out: Industry insiders the electric bike scene is set for some solid growth. They also think we might see more than 200 new players by 2024, but that depends on things staying chill politically and economically.

TLDR: Over 100 electric bike makers are rolling into Pakistan by mid-2024, riding the wave of soaring popularity. Enthusiasm is high, especially for original designs, as people ditch traditional petrol bikes. Key players like Yadea and Eiffel Industries are in the mix, improving quality. Insiders predict steady growth, with expectations of 200+ players by 2024, pending political and economic stability.

Tech tour of news

✶EduFi, founded by MIT graduate Aleena Nadeem, is changing the game in Pakistan's limited credit landscape, particularly in student loans. Using the "study now, pay later" model, the company recently secured $6.1 million in funding after two years of tech development.

More interesting Itla (اطلاع) we consumed:

🌈 Just like TIME has its Person of the Year, there's also a Color of the Year. This year, Pantone chose a soft shade of pink called "Peach Fuzz," described as "gentle," "warm and cozy," and "heartfelt."