Visa study finds that 91% of Pakistani consumers are prone to falling for scams

Morning! Remember when we said to get ready for the ‘adrenaline rush, potential heartbreak, and those after-work detours’ for the Asia Cup 2023 🏏..well, we should've really highlighted "heartbreak" with red underline 💔

In this week’s edition:

🎢 A less exciting rollercoaster

💕 Romance 101

🍎 Favorite fruit in the fruit basket

⚠️ You don’t know better

- The Itla Squad 💼

Business

Global 🌎️

Economic rollercoaster ahead for 2024

According to a survey by the World Economic Forum, top economists expect geopolitics to shake things up. But it's not all doom and gloom; there are some silver linings, like lower inflation and slower interest rate hikes.

What do they say? Here are the takeaways:

• Around 61% of the surveyed top economists say the global economy will take a hit in the next year. Why? Well, it's all about uncertainties about China's economic situation, and geopolitical tensions.

• Economic growth prospects aren't the same everywhere. Asia, especially South Asia, looks set to boom. But China, Latin America, the Caribbean, and sub-Saharan Africa have more mixed forecasts.

• Around 86% of economists are crossing their fingers for some relief from global inflation in the next year, and they expect interest rate hikes to slow down, especially in places where inflation has crushed people’s souls (Pakistan 👀)

• Our dream for a world with less poverty, more food security, and climate action might have to wait as geopolitical tensions and tighter finances might bring bad news for the works of the UN's Sustainable Development Goals (SDGs).

TLDR: A World Economic Forum survey reveals top economists' concerns about global economic challenges due to geopolitical uncertainties, primarily related to China. However, there are some positive aspects, such as lower inflation and slower interest rate hikes. Key takeaways include expected economic setbacks, varying growth prospects across regions, hopes for reduced global inflation, and potential obstacles to achieving UN Sustainable Development Goals.

What else is new in news

✶ Americans are scaling back their spending, and this trend is expected to continue during the upcoming holidays, according to a CNBC-Morning Consult survey. It also found that 92% of respondents have been lessening their expenses over the past six months.

Local 🇵🇰

Taxpaying: A crash course in romance 💕

Getting people to pay more taxes can be a bit like maintaining a loving relationship – it takes trust, transparency, and a little appreciation.

Insights from taxpayers: An FBR report (Stakeholder Engagement Plan) issued under the World Bank-funded Pakistan Raises Revenue Project (PRRP) on taxpayer survey revealed what the general public is talking about when it comes to the tax scene and the Federal Board of Revenue (FBR).

• In Pakistan, many are reluctant to pay taxes, except for those in big corporations or the government. When the government tried to get more people on the tax train, they faced some resistance from folks who weren't too keen on the idea.

• People hesitate to pay taxes due to trust, or rather, the lack of it. People are skeptical about where their money goes once it lands in the government's hands like keeping the taxpayer money for themselves.

• Transparency is another big deal. People want to know where their money ends up. They're especially curious about the Goods and Services Tax (GST) they pay on everyday items and the income tax they hand over based on what they earn. Plus, the whole tax system can be confusing with its different types of taxes and who's supposed to pay what.

• Some people feel like the FBR is more interested in getting more people into the tax system than showing a bit of appreciation to those who've been paying their taxes faithfully.

TLDR: A tax survey from the Federal Board of Revenue (FBR) highlights that few people in Pakistan are enthusiastic about paying taxes, mainly due to mistrust in where their money goes. Transparency is crucial, especially concerning Goods and Services Tax (GST) and income tax. The FBR's focus on expanding the tax base has left some wanting more recognition for loyal taxpayers.

News Flash

✶Pakistan's currency crisis saw licensed forex traders welcoming the military's involvement, while black market traders had to shut down, resulting in a significant influx of funds into official markets and a 10% surge in the Pakistan rupee's value.

Tech

Global 🌎️

Wonders of ‘Wonderlust’

If the tech world is a fruit basket, Apple is everyone’s favorite fruit. During its September keynote event ‘Wonderlust’, Apple is not just taking a bite of innovation, they are making a whole meal of it (we’re gonna stop with the puns now).

Insights that made us wonder in Wonderlust: During the event, Apple introduced their iPhone 15 lineup and unveiled updates that will make you think ‘technology is so cool, man’:

1. Apple is launching Emergency Roadside Service for iPhone users which connects to Roadside Assistance via satellite, even without Wi-Fi or cellular coverage

2. Apple is taking greener steps as it’s switching from planes to ships for shipping stuff from China and India, using recycled materials for iPhone 15 and Apple Watches, and swapping out leather for eco-friendly options to cut carbon emissions.

3. The new iPhone 15 models are making a switch to USB-C charging, complying with European Union rules. This means you can use the same charger for your iPhone, iPad, and Mac, reducing cable clutter.

4. Apple's rolling out iOS 17, with:

• Live Voicemail that transcribes messages in real-time

• NameDrop which lets you share information by holding two iPhones together.

• AirPods Pro gets adaptive audio, adjusting noise cancellation and volume based on your surroundings. And there's a new conversation mode that tailors your sound experience when you chat with someone nearby.

TLDR: At Apple's 'Wonderlust' event, they introduced Emergency Roadside Service for iPhones, embraced eco-friendly practices, shifted to USB-C charging for iPhone 15, launched iOS 17 with new features, and enhanced AirPods Pro for better audio experiences.

What else is new in news

✶A Chinese government representative stated on Wednesday that there are no existing laws or regulations in China that prohibit the use of iPhones or any other foreign phone brands.

Local 🇵🇰 

Visa to Pakistanis: You think you know better, but you don’t

Are you a scam-savvy superhero or simply riding the wave of confidence? Conducted by Wakefield Research in countries across Central and Eastern Europe, the Middle East, and Africa (CEMEA), Visa’s 2023 Stay Secure Study finds that most of us don’t know better:

• 52% of people in Pakistan have been a victim of a scam at least once. It also reveals that many people in Pakistan might be too confident about spotting scams, with 91% ignoring warning signs, even though 56% believe they're scam-savvy.

• Oddly, those who think they're scam experts are more likely to fall for scams. For instance, 80% of these "knowledgeable" folks might click on scammy positive news, while 65% could be lured by urgent actions.

• People are most suspicious of requests for passwords, but less so for shipping updates or marketing messages. Only about half check for valid email addresses, company logos, order numbers, or correct spelling in messages.

• Scammers use tactics like creating a sense of urgency, offering positive news, or asking for action. For instance, 41% fall for security risk messages, while 67% respond to action-required phrases.

TLDR: Visa's 2023 Stay Secure Study in Central and Eastern Europe, the Middle East, and Africa found that 52% of Pakistanis have been scammed, despite 56% believing they're scam-savvy. Scammers use urgency and action prompts to deceive.

Tech tour of news

✶Jazz, Pakistan's top digital player, is firing back at Sui Northern Gas Pipelines Limited (SNGPL) over what they call "baseless" gas theft allegations. According to Jazz, they're not using natural gas at any of their sites.

More interesting Itla (اطلاع) we consumed:

🎥 If you are looking for content with a dose of career, productivity, and life wisdom with satisfying aesthetics? Dive into Ali Abdaal's YouTube channel. Interestingly, it is the channel that inspired us to start Itla. So, if you're loving Itla, give it a watch.