US company to invest $200 million in Pakistani pink himalayan salt industry

Morning! Being a Google Maps girlie was all fun and games until I desperately had to call my boss for directions to the office- thanks to the internet ban last week all over the country 🙃. 

In this week’s edition:

🚗 American’s love for old cars

🧂 $70 million into $12 billion

📢 All about Google’s I/O Keynote 2023

💱 A first for Pak’s fintech world

- The Itla Squad 💼

Business

Global 🌎️

‘Till Rust Do Us Part’?

Americans are embracing a new trend: developing long-term relationships with their vehicles. According to a study by S&P Global Mobility, the average age of cars and light trucks in the U.S. has skyrocketed to 12.5 years -meaning, they are holding on to their vehicles longer than ever.

Old is gold? It is when it’s the only gold you can afford. The reason? Supply constraints on new vehicles faced by dealers in 2022 and decreased consumer demand due to the impact of higher inflation and interest rates resulted in Americans staying with their vehicles for longer periods of time.

But not for long: The study also reveals that Americans’ love for their old rusty cars might not stand the test of time as despite experiencing a steady rise for the past six years, the average age of vehicles is expected to decrease in the upcoming year. The S&P research suggests that this reversal is due to improved availability and a renewed demand that will propel new vehicle sales to exceed 14.5 million in 2023.

TLDR: Americans are keeping their vehicles longer than ever, with the average age hitting 12.5 years. Supply constraints and reduced consumer demand play a role. However, a change is expected as the average age is predicted to decrease, with improved availability and renewed demand driving new vehicle sales.

What else is new in news

✶ According to a recent report by The Wall Street Journal, Netflix is set to reduce its spending by a significant $300 million this year. The decision to cut costs is partly influenced by the delay in implementing measures to tackle password sharing in the U.S. and other regions.

Local 🇵🇰

Turning $70 million into $12 billion

According to officials, a prominent American company is getting ready to pour approximately $200 million into the curation, processing, distribution, and importation of pink Himalayan salt from Pakistan.

Some numbers for perspective: Pakistan has a massive amount of pink salt reserves capable of generating a whopping $12 billion each year, as highlighted in an embassy press release. The country is sitting on roughly 22.22 billion tonnes of this natural resource, mostly concentrated in the Salt Range regions, including Kala Baga, Khewra, and Bahadur Khel. However, due to the lack of a clear policy framework and adequate facilities for processing, packaging, and distribution, Pakistan presently only earns a modest $70 million annually from this extraordinary resource.

TLDR: An American company is investing $200 million in Pakistan's pink Himalayan salt industry. Despite having huge reserves, Pakistan currently earns only $70 million annually from pink salt due to policy and infrastructure limitations. Pakistan took action a year ago to register its pink rock salt, preventing misleading marketing by Indian traders.

News Flash

✶ Pak’s government planning to hit the brakes on rising fuel prices as it is to cut petrol prices by up to Rs17 per litre and diesel by Rs27 per litre.

Tech

Global 🌎️

From personalized AI DJ to writing sidekick: All about Google’s I/O Keynote 2023

On Google I/O keynote day, the tech giant unleashed a barrage of announcements on new products to recent developments. You can go ahead and watch the 2-hour presentation of Google’s conference… or just keep reading since we’ve done the boring bit and have the summary ready for you.

Saving your 2 hours:

🗺️ Google Maps: With the new Immersive View feature for routes, you can get a bird's eye view of your journey, whether you're walking, cycling, or driving. You can also access information about air quality, traffic, and weather.

👨🏻‍💻 Workspace: Say hello to Duet AI, the new generative AI tool from Google Workspace that can do everything from generating images based on text descriptions in Slides to helping with data analysis in Sheets and even assisting with writing in Docs and Gmail via “Help me write”.

🎶 MusicLM: MusicLM is like having a personal DJ who can read your mind (or at least your text). Just type in what kind of vibe you want, like "Punjabi songs for a wedding" and the tool will generate multiple versions of that tune.

🔎 Search: Search Generative Experience (SGE), a new AI-based search tool that can provide a conversational search experience, make shopping suggestions, and give additional sources. SGE is based on PaLM 2 and features a "Generative AI is experimental" disclaimer.

💭 Sidekick: Google unveiled a new tool called Sidekick for Docs that sits in a side panel in docs while you write and reads through your entire document, constantly processing and offering suggestions that are specifically relevant to what you're writing about.

TLDR: Google I/O announced new products and updates including a bird's eye view of routes on Google Maps, Duet AI in Google Workspace, MusicLM, SGE AI-based search tool, and Sidekick for Docs with contextual suggestions.

What else is new in news

✶Elon Musk is shaking things up at Twitter, and not just with his controversial tweets. The billionaire CEO of Tesla has appointed Linda Yaccarino, a veteran ad executive, as the new CEO of the social media giant, now rebranded as X Corp.

Local 🇵🇰 

From dry to high: ABHI's Sukuk bond raises the bar for Pakistani fintechs

Pakistan's startup world can now say “bye’ to its dry season with Abhi's groundbreaking move. The fintech platform raised the first-ever Sukuk bond for a MENAP fintech, worth a whopping Rs2 billion ($7.1 million).

Why is that a big deal? Because no other fintech in the region has achieved this before. Also, ABHI received high credit ratings from a respected rating agency (PACRA) in Pakistan, which made it possible for them to issue Islamic bonds. As these bonds comply with Islamic principles, it makes them appealing to investors who want to support businesses aligned with their Islamic values. ABHI's successful issuance of these bonds is a significant achievement for the company and the financial industry in Pakistan, paving the way for financial innovation and a positive impact on the economy.

TLDR: Abhi, a Pakistani fintech platform, raised PKR 2 billion through the first-ever Sukuk bond for a fintech in the MENAP region. The bond's success is due to its compliance with Islamic principles, making it appealing to investors who want to support businesses that align with their values.

Tech tour of news

✶ Digital payment systems in Pakistan took a big hit, with a 50% drop in point-of-sale transactions following the arrest of former Prime Minister Imran Khan and the resulting nationwide protests.

More interesting Itla (اطلاع) we consumed:

❤️ Swipe right on wisdom by watching this video by Ali Abdaal on lessons from online dating if you are looking for love - the modern way.

👑 Queen Charlotte: A Bridgerton Story (we totally watched it for the plot.. )