Pakistan's digital landscape falls short: Report

Morning! Last Friday, the World Health Organization declared an end to Covid-19 being a global public health emergency. It's been a long battle, with the virus claiming nearly 7 million lives worldwide and wreaking havoc on economies and mental health, plunging many into depression and loneliness.

Covid-19 - you will not be missed.

In this week’s edition:

🍽️ Buffet’s buffet

🌐 TrENDs that should end

🔒 ‘Pass’ to passwords

📡 Sour bites by Bytes

- The Itla Squad 💼

Business

Global 🌎️

A buffet of knowledge by Warren Buffet

While we were busy binge-watching Netflix and stuffing ourselves with pizza last Saturday, the 92-year-old billionaire Warren Buffet and his partner Charlie Munger were busy dropping knowledge at Berkshire Hathaway's annual meeting inside a packed Omaha arena. The knowledge was on various topics:

1. Buffett compares artificial intelligence to the atomic bomb, saying ‘we won’t be able to un-invent it’. He further says "When something can do all kinds of things, I get a little bit worried,".

2. Regarding the banking crisis engulfing the US, Buffet emphasized the importance of proper messaging and communication from both government agencies and the press, stating that "if you have people worried about their money in the bank, you can't run an economy."

3. The dollar may not be as reliable as we think as Buffet said that the amount of debt carried by the US is a cause for concern as it's difficult to determine how much more the country can take on without putting the world's reserve currency at risk and devaluing the dollar.

4. Both investors want the US and China to kiss and make up. They said that both countries have a shared interest in working together and should put their differences aside. “Everything that increases the tension between these two countries is stupid, stupid, stupid,” Munger said.

5. Munger's life advice: Invest less than you earn, avoid toxic people, and keep learning throughout life. (Munger, invest in this economy??)

TLDR: At Berkshire Hathaway's annual meeting, Warren Buffet and Charlie Munger covered a lot of ground, discussing AI, the need for effective messaging during a banking crisis, concerns over the reliability of the dollar, the importance of US-China cooperation, and general life advice.

What else is new in news

✶ US, Saudi, Emirati, and Indian security advisers are discussing a joint infrastructure project linking Gulf and Arab countries via railways and shipping lanes. The project aims to counter China's influence in the Middle East, a crucial region for China's Belt and Road initiative (someone tell Munger).

Local 🇵🇰

Some trENDs in Pakistan should end..

Ipsos, the international insights firm, just released the results of the largest Global Trends survey. Ipsos interviewed over 48,000 people between September and November 2022 and we've got some interesting (read: disappointing) insights on how Pakistanis responded.

1. Brand image matters in Pakistan, with 70% of Pakistanis willing to spend more on well-known brands, resulting in brand growth across categories.

2. Ispos low-key shaded Pakistan by calling it “nation of idlers?” as it is ranked the lowest among 50 countries in their consumption of various art forms and engagement in leisure activities.

3. Physical health takes precedence over mental well-being in Pakistan, making it one of only 11 out of 50 countries prioritizing physical health over mental well-being.

4. Pakistanis believe in traditional gender roles (how surprising). Attitudes towards gender in Pakistan differ significantly from the global average, with 85% of Pakistanis believing that women's role is to be good mothers and wives.

5. Business leaders are trusted more than the government in Pakistan, reflecting a broader trend in emerging markets.

6. In contrast to our previous editions, it seems like Pakistan’s government was overreacting when it comes to data-privacy concerns as Pakistanis don’t seem to care about it. They are reported to be indifferent toward their privacy or the government/organization tracking them.

TLDR: Ipsos released results of their largest global trends survey with some interesting insights on Pakistanis. Pakistanis prioritize physical over mental health, trust business leaders more than the government, and care more about brand image. They also have traditional gender roles and are ranked lowest in engagement with leisure activities. They are also indifferent about data privacy concerns.

News Flash

✶Fitch Ratings just dropped some bad news for Pakistan - the country is facing a debt payment of $3.7 billion in May-June and this comes at a time when the government is struggling to secure a bailout from the IMF.

Tech

Global 🌎️

Google says “pass” to passwords

If you are tired of your mom asking you for the password to her Gmail account, you are in luck because Google will not require a password to log in anymore as it is introducing passkeys.

What are passkeys? Passkeys are a secure way to log in without ever typing in a password or code. Instead, passkeys work behind the scenes to communicate directly with your trusted device like your phone or computer to log you in. Plus, they work on a variety of devices including iPhones, Macs, Windows computers, and Google's Android phones.

How will it work? Once you enable passkeys for your Google account, logging in will become much simpler. All you need to enter is your email address. If you have set up passkeys correctly, a message will be sent to your trusted device, such as your phone or computer, asking you to verify your identity with your fingerprint, face, or a PIN.

TLDR: Google is introducing passkeys that will allow users to log in without entering a password. Passkeys work behind the scenes to communicate with your trusted device to log you in. Once you enable passkeys, logging in will become much simpler as you only need to enter your email address.

What else is new in news

✶Apple's revenue decreased in its latest fiscal quarter, but iPhone sales were strong, beating Wall Street's expectations and causing a rise in after-hours trading.

Local 🇵🇰 

Sour bites on Pak’s digital landscape we don’t wanna chew

The results are in: Pakistan needs to step up its tech game.

Bytes For All, a human rights and advocacy organization, recently released a report that sheds light on Pakistan's struggles with internet access and digital governance. The report highlights that Pakistan is one of the worst-performing countries globally, even within Asia, when it comes to these issues.

Who’s the culprit? If you're looking for someone to blame for Pakistan's internet struggles, you've got plenty of options. Inclusivity and digital literacy are in short supply, there's a big gender gap in access, and staying online is a constant battle against load shedding and blackouts caused by energy crises and floods.

It wasn’t all bad.. Despite the gloomy outlook presented in the report, there was a bright spot to be found: the use of digital financial services in Pakistan is on the up and up. The report noted that Internet banking transactions saw a sharp increase of 51.7% in the fiscal year 2022, and the number of internet banking users surged by nearly 60%, reaching a total of 3.1 million over the past year.

TLDR: Pakistan struggles with internet access and digital governance, says a report by Bytes For All. Inclusivity, digital literacy, gender gap in access, and energy crises are major challenges. On the bright side, digital financial services are on the rise.

Tech tour of news

✶ Mobilink Bank (MMBL) has weathered the economic storm and come out on top, as evidenced by its Q1 2023 financial results which show a remarkable 48% surge in revenue.

More interesting Itla (اطلاع) we consumed:

💵 If you have just stepped into professional life and recently started earning money but are clueless as f*ck about all things finance, reading about Katie’s relatable personal finance journey made us feel not so alone. Katie also runs a newsletter “Money with Katie” which is full of gems of money knowledge that are actually fun to read.

🌃 We never thought we would see all the late-night hosts in a skit. In the final episode of The Late Late Show with James Corden, six of the biggest names in late-night Kimmel, Meyers, Colbert, Fallon, Letterman and Noah all teamed up for probably one of our favorite bits in all late-night shows.