PSX achieves 6-year high, crossing the 50,000 points mark

Morning! Winter is coming so it means things as horrowing as white-walkers are coming too: gas load shedding, depression blues, and drinking Joshanda amid flu season. So, winter is definitely not our least favorite season..

In this week’s edition:

⚡ Watt is up?

📈 6-year high

⏰ Tick-tock on the clock for tech giants

💲 SadaPay doing not so sada things

- The Itla Squad 💼

Business

Global 🌎️

What’s up? Watt is up

Our electricity grids need a facelift.

The International Energy Agency (IEA) says that the world’s electricity grids need a serious makeover. With the rapid rise of clean energy tech like solar and electric cars, our current grids will not keep up and might missing climate goals and reliable energy supplies.

Big changes, bigger grids: IEA's research says that we need to add or replace 80 million kilometers of power lines by 2040, equivalent to the entire existing global grid. To make it happen, we've got to double our yearly grid investments to over USD 600 billion by 2030.

Powering up: Electricity is taking over from fossil fuels, thanks to innovations like electric cars. We need flexible grids and better interconnections between countries to handle this shift.

Urgent steps: IEA lays it out: we must strengthen grid connections, and support large-scale projects. If we don't, we will have bad news: higher carbon emissions that would be way beyond the Paris Agreement's limit (which is 1.5˚C).

TLDR: Our electricity grids need a major upgrade to keep up with clean energy tech like solar and electric cars. The International Energy Agency (IEA) says we must add or replace 80 million kilometers of power lines by 2040, doubling yearly investments to over USD 600 billion by 2030. Without these changes, we risk exceeding Paris Agreement limits on carbon emissions.

What else is new in news

✶ The EU Tax Observatory suggests that governments should target tax evasion by imposing a global minimum tax on billionaires. This move could generate $250 billion annually, which represents just 2% of the $13 trillion wealth owned by 2,700 billionaires worldwide.

Local 🇵🇰

The rollercoaster ride that ended on a high

Last week, the Pakistan Stock Exchange (PSX) had a good run, gaining 2.5% and settling at 50,732 (something that hasn’t happened in over 6 years). Investors were feeling positive due to better-than-expected corporate results, a stronger rupee, and the hope for lower interest rates from the State Bank.

Bumpy ride, but we bounced back: While there were some ups and downs earlier in the week because of the weakening rupee and global tensions, the market bounced back. On Thursday, the main KSE-100 index surged by over 900 points, crossing the significant 50,000 mark.

What kept us strong: Lots of things contributed to our market staying strong. Companies were doing well, manufacturing and trade were looking up, and the State Bank's increased reserves and a reduced current account deficit added to the market's confidence.

Looking ahead: Despite occasional profit-taking, investors are optimistic. They see potential in the government's economic focus, the strengthening Pakistani rupee, and possible IMF support. Successful IMF reviews and the upcoming elections made investors feel pretty good about things.

TLDR: Last week, Pakistan Stock Exchange (PSX) gained 2.5%, hitting a six-year high. Despite initial fluctuations, the market surged over 900 points on Thursday, due to positive company performances, growth in manufacturing, and State Bank's boosted reserves. Investors are optimistic, eyeing government efforts, a stronger rupee, and possible IMF support.

News Flash

✶The U.S. has put sanctions on three Chinese companies for supplying missile-related items to Pakistan. A statement by the US said that this action reflects the US’s commitment to curb the spread of weapons of mass destruction.

Tech

Global 🌎️

Tick tock on the clock for Meta and TikTok

Last week, the EU Commissioner called out Meta and TikTok, urging them to step up their game on content moderation amid the Israel-Hamas news. Both companies were asked to show how they're handling misinformation and hate speech on their platforms.

The big players answered: Meta, the parent company of Facebook and Instagram, took swift action by establishing a specialized center and removing 795,000 violating posts and implementing stricter policies. Meanwhile, TikTok shared measures like a command center for global safety professionals and improved real-time content detection software.

The EU gave 0 marks to their answers: The EU wasn’t satisfied with their answers and gave the tech giants until October 25 to respond with more details or face hefty fines of up to 6% of their annual global revenue.

What's next for Meta and TikTok: Depending on their responses, the EU might take formal action against Meta and TikTok. It's a major moment for tech giants as they navigate the EU's digital landscape and it’s not as forgiving as the US.

TLDR: EU pressed Meta and TikTok on content moderation post-Israel-Hamas news. Meta removed posts, but EU wasn't satisfied, giving both until Oct 25 to comply with regulations or face fines under the Digital Services Act (DSA).

What else is new in news

✶A study connected to Microsoft revealed that OpenAI’s GPT-4 is too good for its own good. It says that GPT-4's tendency to strictly follow prompts can lead to generating toxic content. Even though it means well, this feature can sometimes backfire, producing unintended biased text.

Local 🇵🇰 

SadaPay doing not so Sada things

In a nation where PayPal was a distant dream, SadaPay stepped up as the true 'pay-pal,' revolutionizing international payments for freelancers.

The SadaBiz: Earlier this year, SadaPay, the Pakistani Fintech company, introduced SadaBiz, a business account tailored for freelancers aimed at facilitating global payments without hidden fees. The company now announced that users of SadaBiz can receive payments via Apple Pay and Google Pay.

What it means: This integration means Pakistani freelancers who work for foreign clients through platforms like Fivver and Upwork can now receive payments faster and more conveniently, bridging the gap left by traditional banking hurdles and the absence of international payment solutions like PayPal.

How it works: The SadaBiz app simplifies the payment process, allowing freelancers to create business accounts on Sadapay, and allowing them to receive payments through Apple Pay and Google Pay. They can generate a payment link, and send it to their clients, who can then click on the link, enter their details, and complete the transaction within seconds.

SadaPay ain’t done yet: SadaPay also launched SadaSchool, a platform that offers Masterclasses designed to equip freelancers with essential skills and a Discord community for peer support and mentorship.

Zooming out: Apple Pay and Google Pay aren’t a bad alternative to PayPal and Apple Pay as they surpass PayPal in user base and payment volume. In the last year, Apple Pay processed $6 trillion in payments with 550 million users, surpassing PayPal's $1.4 trillion transactions from 450 million users. The future looks bright for Pakistani freelancers.

TLDR: SadaPay revolutionized international payments for Pakistani freelancers by integrating with Apple Pay and Google Pay. SadaPay simplified the process, enabling seamless transactions through generated payment links. Additionally, SadaPay launched SadaSchool, offering essential skills through Masterclasses and peer support via Discord.

Tech tour of news

✶Pakistan has partnered with China for a big project: building a research station on the moon's south pole. According to the China National Space Administration, the partnership will focus on various aspects of the Chinese lunar base program, including engineering and operations.

More interesting Itla (اطلاع) we consumed:

🎥 Watching this SNL's (Saturday Night Live) sketch called Protective Mom 2 featuring Pedro Pascal and Bad Bunny made us realize how similar Puerto Rican and Pakistani cultures are! Plus, they nailed that classic moment when biscuit tins become sewing kit containers in our homes (you should watch it for this scene alone).