Pakistan to launch the 'Ease of Doing Business' initiative

Morning! The US has arrested two top leaders of Mexico's Sinaloa drug cartel, the biggest supplier of fentanyl to the US after tricking them onto a private plane headed to the US (the drug lords thought they were going to look at investment properties).

The fun part? One of the leaders was secretly working with US authorities to turn himself and his partner in. Much like the Osama-bin-Laden-arrest, Mexican officials, like Pakistani officials, were unaware of the operation until after the arrests.

Real-life thing that occurred recently or the leaked plot for Netflix’s Narcos next season? We’ll leave you to guess.

(Hint: Narcos’s last season aired in 2021)

In this week’s edition:

💰 2% for them = $250 billion for us

🤝 Launch of landmark Initiative to simplify business in Pakistan

🌌 What a $843 million retirement plan looks like

🌊 New subsea cable to make waves

- The Itla Squad 💼

Business

Global 🌎️

The breakthrough: The ultra-rich need to be taxed too

For the first time, finance leaders from every G20 country have reached an agreement to tax the world's billionaires. This historic decision, made during meetings in Brazil, aims to ensure fair taxation of ultra-high-net-worth individuals.

Key takeaways:

• Treasury ministers and central bankers from the G20 agreed to reference fair taxation of "ultra-high-net-worth individuals" in their joint statements.

• Billionaires currently pay an average of (salaried people, look away) 0.3% of their wealth in taxes; a proposed 2% tax could raise $250 billion annually for public services.

• Brazil's finance minister highlighted the issue of progressive taxation impacting the poor more than the rich. Also, the effects of global warming, driven by wealthy countries' fossil fuel consumption, disproportionately affect developing nations.

Moving ahead: There is a debate on whether the OECD (Organisation for Economic Co-operation and Development) or the United Nations should oversee the tax implementation. Further discussions are expected at the G20 summit in November.

TLDR: G20 finance leaders have agreed to tax billionaires for the first time, aiming for fair taxation of ultra-high-net-worth individuals. Currently, billionaires pay only 0.3% of their wealth in taxes, but a proposed 2% tax could raise $250 billion annually for public services. The debate continues over whether the OECD or the UN should manage the tax implementation, with discussions expected at the G20 summit in November. 

What else is new in news

✶ Who loves a good cheap deal? Everyone.

McDonald's new "$5 Meal Deal" - its response to rising inflation and higher food prices - is a hit as it has shown immediate success and will be extended through August in most U.S. markets. The $5 Meal Deal includes a McChicken or a McDouble, a four-piece McNuggets serving, fries, and a drink.

Local 🇵🇰

It might be time to call your friends to start that business idea

All those business ideas you talked about with friends over Chai at a dhaba? They might be easier to start now.

Prime Minister Shehbaz Sharif has started a major program to make it easier for businesses to operate in Pakistan. It is said to be the biggest effort ever made in the country to attract more business and investment.

• A key part of this is creating the first digital registry of Pakistani laws and rules related to business and investment. This new digital system will make it easier for people to find and understand the laws.

• One of the goals of this program is to remove the hurdles caused by bureaucracy. The digitization of processes will make it faster to register businesses and obtain necessary permits.

• The government has set up a special council to attract investment, especially from Gulf countries. This council focuses on key areas like energy, agriculture, mining, technology, and aviation.

Moving ahead: This reform program, supported by international partners and focused on simplifying business rules, is helping Pakistan move towards becoming an important trade and transit hub in the region. If you haven’t noticed, lately, Pakistan has been increasing its economic activities and investment talks with countries like Saudi Arabia, the UAE, China, and Central Asian states.

TLDR: Prime Minister Shehbaz Sharif has launched the biggest reform program in Pakistan's history to make it easier for businesses to operate. This includes creating a digital registry of laws to simplify business processes and reduce bureaucratic hurdles. The government is also focusing on attracting investment from Gulf countries, aiming to turn Pakistan into a key trade and transit hub in the region.

News Flash

✶ After sharing a chart claiming that Pakistan's salaried class pays up to 9.4 times more tax than India, the Pakistan Business Council (PBC) admitted their mistake. They clarified that the tax burden in Pakistan is actually three times higher than in India. Well, thanks?

Tech

Global 🌎️

What a $843 million retirement plan looks like

The biggest structure ever built off the planet is finally retiring.

NASA has teamed up with SpaceX to bring the International Space Station (ISS) - a floating laboratory in space - safely back to Earth by guiding it into the ocean after 32 years of service. NASA awarded SpaceX an $843 million contract for this mission (which isn’t too crazy of a number as ISS costs about $3 billion per year for NASA to operate)

Key takeaways:

• The ISS is about the size of a football field and weighs nearly 1 million pounds. It is made up of different sections called modules where astronauts live and perform experiments in space that help us learn about science and medicine.

• The ISS, which has been in space since 1998, is aging and will only last until about 2030 so now NASA wants private companies to build new space stations so it can focus on bigger missions because sky is literally not the limit.

• Currently, spacecraft regularly visit the ISS to boost its orbit and keep it from descending uncontrollably. For ISS’s retirement plan, NASA is planning a controlled reentry over a remote ocean area, using a special spacecraft to guide the ISS down safely. SpaceX's modified Dragon capsule will have extra engines and fuel to handle the job.

• Why bring it to the ocean? Taking the ISS apart in space and bringing pieces back is too risky and expensive. The ISS wasn't designed to be dismantled, and there are no spacecraft big enough to bring it all back safely.

Moving ahead: The capsule will be launched about 1.5 years before the ISS is brought down, with astronauts leaving six months before the deorbiting.

TLDR: NASA has teamed up with SpaceX to safely bring the International Space Station (ISS) back to Earth by guiding it into the ocean after 32 years of service. The ISS, the size of a football field and weighing nearly 1 million pounds, consists of modules where astronauts conduct experiments. NASA awarded SpaceX an $843 million contract for this mission, aiming for a controlled reentry over a remote ocean area.

What else is new in news

✶ Apple and the union for its Maryland store have reached a preliminary labor agreement, making it the first contract for any Apple store in the U.S. The deal includes better work schedules, a 10% pay raise over three years, and job protections. It still needs approval from the store's 85 workers.

Local 🇵🇰 

The new subsea cable to make waves

A deal by Transworld Associates (TWA) is set to make waves by bringing the world’s largest subsea cable system, 2Africa, to Karachi. This cable is already operational in parts of Africa, and its arrival in Pakistan is expected to greatly enhance the digital economy.

Main takeaways:

• The 2Africa cable is over 45,000 kilometers long and will connect 46 landing stations in 33 countries across Africa, Asia, and Europe.

• It has a capacity of 180 terabits per second (Tbps) on 16 fiber pairs to support the growing demand for internet and data services.

• TWA will build the landing station in Karachi and will take care of its maintenance.

Moving ahead: Karachi already has several other underwater cables, including SeaMeWe-3, 4, and 5, with more planned for the future, like SeaMeWe-6, which is set to launch in 2025. These existing cables will work together with the new 2Africa cable to enhance connectivity.

TLDR: Transworld Associates (TWA) has secured a deal to bring the 2Africa subsea cable to Karachi which will be over 45,000 kilometers long, connecting 46 stations in 33 countries and supporting internet demand with a capacity of 180 terabits per second. TWA will build and maintain the landing station in Karachi, complementing existing cables like SeaMeWe-3, 4, and 5, with more planned for the future.

Tech tour of news

✶ The Telecom Operators’ Association (TOA) is asking the government to speed up the move to a cashless economy. They proposed a plan to connect smartphones and digital wallets with Nadra’s services, which would allow citizens to easily verify their identities when making digital transactions - promoting financial inclusion for individuals who may not have traditional bank accounts.

More interesting Itla (اطلاع) we consumed:

📕 I recently read “101 Essays That Will Change the Way You Think”.

If you just rolled your eyes at the title and thought 'What a clickbait-y title,' then you definitely need to read it—because we did the same and now totally regret judging it.

💕 Watched One Day for some cute, cozy romance vibes but left with tears a new perspective on love, aging, and life.