Tech

Fitch Ratings Upgraded Pakistan’s Credit Rating to ‘CCC+’.

Published

4 months ago

2024-07-29

Fitch ratings

(VOR News) – Pakistan’s Fitch Ratings Long-Term Foreign-Currency Issuer Default Rating (IDR) has been upgraded from ‘CCC’ to ‘CCC+’, according to an announcement made by Fitch Ratings.

A recent deal with the International Monetary Fund (IMF) is the primary factor that has led to this development, which indicates that Pakistan’s external liquidity and financial conditions have improved from their previous state.

Pakistan demonstrated impressive performance under a previous International Monetary Fund (IMF) program, which led to the current 37-month Extended Fund Facility (EFF) arrangement worth $7 billion.

The nation was successful in reducing its budget deficits and re-establishing its foreign exchange reserves, which contributed to the establishment of a more stable economic environment.

Pakistan’s staff-level agreement with the International Monetary Fund (IMF) is largely responsible for the rating upgrade.

Fitch Ratings has a high rating because external support is a given.

Pakistan plans to solve the ongoing structural difficulties that have been plaguing its tax system, energy sector, and state-owned firms through the implementation of the new program.

The government has committed to preserving the flexibility of the exchange rate and improving the framework through which monetary policy is implemented.

Depending on Pakistan collecting further finance commitments from bilateral partners such as Saudi Arabia, the United Arab Emirates, and China, Fitch Ratings anticipates that the International Monetary Fund board will approve the program by the end of August. These pledges are expected to total to around $4-5 billion over the course of the EFF’s tenure.

Pakistan has shown fiscal discipline during the course of the past year by increasing taxes, decreasing spending, and increasing the costs of goods and services such as petrol, electricity.

The government has also made considerable initiatives to close the difference between exchange rates on the parallel market and those on the interbank market.

A crackdown on the black market is included in Fitch Ratings actions.

In the fiscal year 25 (FY25), Fitch Ratings forecasts that Pakistan’s current account deficit (CAD) would be contained at roughly $4 billion, which is equivalent to approximately 1% of GDP. This comes after a significant drop to approximately $700 million in the fiscal year 24. The tightening of financing conditions and the general decrease in domestic demand are to blame for this.

As a result of the State Bank of Pakistan (SBP) rebuilding its foreign exchange reserves in the midst of new finance inflows and limited Canadian dollars, Pakistan’s foreign exchange reserves have showed significant signs of recovery.

By June 2024, official gross reserves, which include gold, had climbed to more than $15 billion. It is anticipated that these reserves will increase to about $22 billion by the end of the fiscal year, which will bring them closer to their peak in 2021.

In the fiscal year 25 (FY25), Fitch Ratings anticipates a primary surplus of 0.8% of GDP and an overall fiscal deficit of 6.9% of GDP. By fiscal year 26 (FY26), the deficit is expected to decrease to 1.3% and 6.9% of GDP, respectively. Developed in conjunction with officials from the International Monetary Fund, these projections are based on the partial implementation of the revenue initiatives that are stated in the budget for the fiscal year 25.

Here’s what Fitch Ratings thinks about Pakistan’s upheaval.

Fitch Ratings highlighted potential weaknesses due to Pakistan’s large finance needs and the demand for onerous reforms, despite the fact that these economic indicators are encouraging. The agency issued a warning that the failure to execute these measures might put the performance of the program as well as the stability of the funding at risk.

Fitch Ratings voiced concerns about the political environment in the wake of the close results of the elections that took place in February. These elections resulted in a mandate for Prime Minister Shehbaz Sharif’s PMLN party that was weaker than anything that was anticipated.

Following a verdict by the Supreme Court that re-allocated reserved seats in favour of independents linked with the PTI party, which is the party of former Prime Minister Imran Khan, the Pakistan Muslim League-Nawaz (PMLN) and its allies hold only a slender majority in the National Assembly.

SOURCE: MMN

Tech

Huawei Technologies of China Pursues Dismissal of Criminal Charges in the United States

Published

3 days ago

2024-11-11

Salman Ahmad

Reuters

(VOR News) – A court in the United States dismissed a federal indictment that accused Huawei Technologies of attempting to steal technology secrets from its competitors in the United States and of deceiving banks about its operations in Iran.

The accusation included allegations that Huawei Technologies had misrepresented its operations in Iran. The United States of America was the initial location where the complaint against Huawei Technologies was submitted.

Huawei Technologies convinced the judge to dismiss many of the complaint’s claims.

In a document that was handed over to a federal court in Brooklyn on Friday evening, Huawei argued that there was no evidence to support the assumption that there was a conspiracy. The document has been presented to the court for consideration. In addition, the corporation stated that the accusation was part of the Department of Justice’s “ill-founded” China Initiative. The purpose of this campaign is to impose sanctions on individuals and companies that have ties to China.

In a case that was unrelated to the one that was accused of conducting, the Supreme Court of the United States rejected a theory of fraud known as the “right to control” doctrine.

This idea formed the basis for the counts of bank fraud that were brought against Huawei. It was asserted that a lot of the allegations were connected to actions that took place in nations other than the United States of America.

“The government has approached Huawei as a prosecutorial target in search of a crime,” Huawei stated, despite the fact that the company has entered a plea of not guilty as part of its defense. A criminal investigation is currently underway. It has been decided that the trial will take place on January 5th, 2026. This date has officially been set.

Around 207,000 people are employed by the corporation Huawei, which has its headquarters in Shenzhen and business operations in more than 170 countries.

Huawei is responsible for the employment of these workers.

During the course of the day on Monday, a representative for United States Attorney Breon Peace in Brooklyn declined to comment on the subject. Peace is based in Brooklyn. A response from legal team was not provided in a timely manner in response to requests for comment that were made.

In 2018, the investigation was initiated, which ultimately resulted in the arrest of Meng Wanzhou, who was working as the Chief Financial Officer of Huawei at the time of the arrest. The firm was initially formed by Wanzhou’s father, who was also the founding member. During the year 2022, the claims that had been filed against her were thrown out of court.

The China Initiative was initiated in 2018, during the first administration of President-elect Donald Trump, with the intention of reaching a resolution to allegations that Beijing had stolen intellectual property. This action was taken with the purpose of responding to the charges.

The program was terminated by the administration of Vice President Joe Biden four years after it had been put into effect. The charges that the program constituted racial profiling and that it generated an atmosphere of dread that hampered scientific study led to the termination of the program.

Beginning in 2019, the United States government imposed limits on Huawei’s access to American technology. The government of the United States has cited worries about the nation’s national security as the rationale for these restrictions. Huawei has refuted claims that it poses a danger to the United States of America.

The case that is now being heard in the United States District Court for the Eastern District of New York is titled United States of America v. Huawei Technologies Co. et al. Case number 18-cr-00457 is assigned to this particular proceeding in the court system.

SOUREC: USN

Tech

Elon Musk Predicts Justin Trudeau’s Political Downfall

Published

5 days ago

2024-11-10

Kiara Grace

Musk stated "Trudeau will be gone in the upcoming election"

Tech Billionaire Musk, who supported President Donald Trump’s second presidential attempt, predicts that Canadian Prime Minister Justin Trudeau will lose the next election. Musk made his prediction while speaking with a Swedish journalist on his X social media site.

The journalist updated the German government, writing, “The German Socialist government had COLLAPSED, and there are now talks about a snap election.”

Musk then reposted the Swedish journalist’s message, describing German Chancellor Olaf Scholz as ‘stupid’. “Olaf ist ein Narr” translates to “Olaf is a fool.”

Another X user commented on the tweet, writing, “Elon Musk, we need your help in Canada to get rid of Trudeau.” Elon responded to his comment, writing, “He will be gone in the upcoming election.”

Olaf ist ein Narr https://t.co/Yye3DIeA17

— Elon Musk (@elonmusk) November 7, 2024

This wasn’t the first time the tech tycoon has criticized Justin Trudeau. Previously, he criticized the Trudeau government for ‘destroying free expression’ in Canada.

His recent remark came following the Canadian government’s decision that online streaming firms must register for regulatory restrictions.

Musk, a Canadian citizen, subsequently tweeted on X, calling it shameful and adding, “Trudeau is attempting to crush free speech in Canada.” Shameful.”

The forthcoming Canadian election in October 2025 will be critical for Trudeau, who has headed the Liberal Party since 2013. Trudeau is seeking his fourth election victory in a row, a feat no prime leader has accomplished since Wilfried Laurier in 1908.

Others have tried, notably Trudeau’s father, who came close, but Canadians tend to tire of a leader by the fourth election.

While early elections in Canada are possible, the ruling Liberals and Prime Minister Justin Trudeau are not eager to meet with people anytime soon. Next year, Trudeau’s party will compete with other major parties, including Pierre Poilievre’s Conservative Party and Jagmeet Singh’s New Democratic Party.

Other contenders include the Green Party and the Bloc Quebecois.

Kiara Grace

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics. Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Tech

Apple Launches The IPhone Into The AI Era With Free Software Update

Published

2 weeks ago

2024-10-29

Kiara Grace

Apple is delivering a free software update that will include its first dosage of artificial intelligence in its iPhone 16 series as the trendsetting business attempts to keep up with technology’s current fad.

The iOS 18 operating system update arrives on Monday, more than a month after four iPhone 16 models outfitted with the unique computer chip required to enable the AI features went on sale for $800 to $1,200. Last year’s premium models, the iPhone 15 Pro and iPhone 15 Pro Max, also have processors that will enable AI technology once the software update is loaded.

The software is also compatible with recent versions of Apple’s iPad and Mac computers.

Countries outside the United States will not receive the AI software for their iPhones until next year, at an undetermined date. Apple spent the last five weeks testing the AI program with a group of iPhone owners who agreed to help the corporation fine-tune the technology.

Apple Launches The IPhone Into The AI Era With Free Software Update

The AI injection is intended to transform Apple’s frequently bumbling virtual assistant Siri into a more chatty, adaptable, and colorful buddy, whose presence will be indicated by a glowing light surrounding the iPhone screen as requests are handled.

While Apple promises Siri will be able to accomplish more jobs and get less confused, it will be unable to engage with other iPhone apps until another software update is released at an indeterminate date.

This software upgrade also includes AI tools that will handle a variety of writing and editing chores, as well as summarize the content of emails and other documents. The AI will also have various editing options for changing the appearance of photos and making it easier to find old ones.

Other AI tricks to come in future software upgrades include the capacity to generate personalized emojis on the fly or conjure other creative imagery on demand. Apple also intends to someday enable its AI suite to seek assistance from OpenAI’s ChatGPT as needed.

Most of the AI technologies Apple unveiled on Monday are already available on Android-powered handsets released by Samsung and Google earlier this year.

The iPhone’s suite of new technology is advertised as “Apple Intelligence” to distance itself from the early leaders in AI. Apple also promises that its AI features will do much better to preserve iPhone owners’ privacy by executing the technology on the device or in a fortress-like data center when some requests must be completed remotely.

Because the majority of iPhones in use across the world lack the computer chip required for Apple’s AI, the technology is likely to drive high demand for the new models during the holiday season and into next year. That is why Apple’s stock has risen 18% since the Cupertino, California, company unveiled its AI strategy at a conference in early June. The run-up has lifted Apple’s market value by approximately $500 billion, bringing it closer to being the first US firm worth $4 trillion.

Apple will provide investors with their first look at how the iPhone 16 is performing Thursday when the firm releases quarterly financial data for the July-September quarter, which covers the first few days the new models were on sale.

Apple Launches The IPhone Into The AI Era With Free Software Update

According to a smartphone market assessment by research firm International Data Corp. for the most recent quarter, demand for high-end iPhone 15 models increased as costs plummeted and enthusiasm over Apple’s entry into the AI industry grew.

According to IDC, Apple’s iPhone shipments increased 3.5 percent yearly to 56 million worldwide between July and September, trailing only Samsung. The question now is whether Apple’s progressive rollout of additional AI will entice owners of earlier iPhones to upgrade to the new models over the holidays, “future-proofing their purchases for the long term,” according to IDC analyst Nabila Popal.

Also, on Monday, Apple said that with a software update, some AirPods wireless headphones can be used as hearing aids.

An estimated 30 million people—one in every eight Americans over 12—have hearing loss in both ears. According to the National Institute on Deafness and Other Communication Disorders, millions of people could benefit from hearing aids, but most have never tried them.

SOURCE | AP

Kiara Grace

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