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KARACHI: The country’s Advance to Deposit Ratio (ADR) has been gradually contracting and stood at 37 per cent in June, down from 41pc in December.

This was revealed in the latest issue of A.F. Ferguson & Co’s PwC Banking Publication — Road to Sustainability. This year’s release features core themes like economy, credit penetration and digital transformation, carries insights from over 25 industry leaders, over 10 local and global surveys, snapshots of over 40 international banks and over 10 geographic regions.

“Investment to Deposit Ratio (IDR), on the other hand, has surged from 33pc in 2007 to 88pc in 2023 and 94pc in Jun-24,” the publication reported. These key benchmarks, relative to certain other economies, indicate an enormous potential for credit penetration in the country, it added. There was a sharp rise in profitability on the back of higher margins and non-funded income from different avenues. However, higher tax charges triggered disproportionate moderation in baseline profitability.

The publication offered suggestions for sustained, long-term economic growth. One of the core themes discussed with industry leaders and senior professionals was the country’s economic outlook. Experts underscored the importance of addressing structural deficiencies to improve GDP growth and other key economic indicators.

Only 3pc of SMEs borrow from banks; 75pc farmers rely on informal sources for credit

“Consistent economic policies and actionable long-term roadmap of interventions were also stressed upon,” said the Banking Publication. Experts see increasing imports and consumption as harmful for balance of payments and foreign exchange reserves, it added.

“Opportunities for export diversification and import substitution are enormous, especially in agriculture and tech sectors,” said the report.

Agriculture and SMEs

According to the report, SMEs and agriculture are the backbone of the nation’s progress. “Contributing 40pc of GDP, SMEs constitute nearly 90pc of all private enterprises in Pakistan, generate 30pc in export earnings and employ one-third of the country’s workforce,” said the report. “Out of five million enterprises, fewer than three per cent borrowed from banks,” it reported.

It said around 75pc of farmers still rely on informal sources of credit. Despite its historic importance, access to affordable growth capital remains restrictive.

“Financing for these critical sectors has been declining over the years and currently stands below eight per cent of total loans,” said the Banking Publication. Lending to the private sector is at 12pc of GDP, it added.

According to the publication, deposits grew significantly by 24pc to reach Rs29.1 trillion in 2023, with a further increase of 12pc in June this year, touching Rs32.5tr.

“Advances rose by four per cent to Rs13tr, much lower than 16pc growth rate of 2022, with no further increase till June 2024,” the report added. A significant expansion of 42pc was noted in investments, which reached Rs25.6tr last year and rose by 19pc to Rs30.4tr by June this year.

Borrowings were up by 51pc to Rs11.3tr last year, and by 12pc in Jun-24.

Published in Dawn, November 14th, 2024

MANSEHRA: Jamiat Ulema-i-Islam-Fazl provincial emir Maulana Attaur Rehman on Wednesday said that his party was going to launch a protest movement against Israel’s genocide in Gaza.

“I am here to invite you to our Dec 8 conference in Peshawar to demand an end to the killing of Palestinian men, women, and children by Israeli forces in Gaza,” Mr Rehman told a gathering here.

JUI-F district emir and former senator Hidayatullah Shah and provincial acting general secretary Maulana Nasir Mehmood also addressed the gathering.

Mr Rehman said JUI-F central emir Maulana Fazlur Rehman would address the Peshawar conference.

“We expect over one million people will attend the moot from across the country, especially Khyber Pakhtunkhwa, to show solidarity with Palestinians against Israeli brutalities,” he said.

Moot to be held in Peshawar to show solidarity with Palestinians

The JUI leader said his party was striving for the enforcement of Shariah in the country through peaceful and political means, hoping that the struggle would eventually succeed.

He said the party chief, Maulana Fazlur Rehman, helped steer the country out of constitutional and political crises and played a pivotal role in the enactment of 26th Constitutional Amendment, which carried a clause for the elimination of usury from the country.

Mr Rehman acknowledged rifts in the party’s Mansehra chapter and promised corrective measures.

DRIVE AGAINST ENCROACHMENT: The tehsil municipal administration on Wednesday launched a campaign against encroachments in Mansehra city and its suburbs.

“We have removed temporary and permanent illegal structures to ensure the smooth flow of traffic,” tehsil municipal officer Mazhar Muzzaffar Awan told reporters.

A joint team from the police and TMA cleared encroachments from along Abbottabad Road, Kashmir Road, and Shinkiari Road.

It also took away handcarts and goods placed outside shops and markets, and warned traders of strict legal action in case of road and pavement encroachments in the future.

“This anti-encroachment drive will be extended to the areas where traders have already been given notices to voluntarily remove structures obstructing traffic,” he said.

Mr Awan said handcarts and fruit and vegetable stalls outside the King Abdullah Teaching Hospital were also removed.

“We are also taking strict action against TMA’s officials who either remained absent or failed to attend to their duties regularly and a biometric system has been installed that verifies staff attendance using facial recognition,” he said.

The TMO said that officials still absent from duty were served with show-cause notices.

“We will terminate employees who remain absent and fail to respond to the notices,” he said.

The official said dumping sites were being relocated to protect people’s health and life.

“With the rainy season underway in the district, we have cleared all choked drains and sewage lines along the Karakoram Highway,” he said.

Published in Dawn, November 14th, 2024

QUETTA: Unknown armed men attacked the camp of a road construction company in Duki district on Wednesday, setting fire to machinery and kidnapping three labourers working at the site.

Police officials said the armed men stormed the camp, which was set up for the construction of a road linking Duki to the Chamalang coal mines field. The attackers cordoned off the camp, ransacked it and set fire to the construction machinery and other equipment.

“Machinery was completely gutted in the fire,” said a senior police officer, adding that the armed men, while fleeing the scene, also abducted three labourers at gunpoint. The kidnapped workers belong to Kuchlak.

The Duki region has been experiencing such incidents for several months. Last month, 21 coal miners were killed and six others injured when unknown armed men attacked the coal mine area in Duki. In addition, several trucks transporting coal to Punjab and other parts of the country were set on fire along the Duki-Loralai road and other areas.

Just last week, four coal-laden trucks were attacked and set on fire, and a truck driver was killed in the assault. Due to the ongoing violence, many mine owners in the area have been forced to close their mines for security reasons.

Published in Dawn, November 14th, 2024

ISLAMABAD: The Priv­atisation Commission’s board on Wednesday rejected a Rs10 billion bid submitted by the sole bidder for the divestment of 60 per cent shares in Pakistan International Airlines Corpo­ration Limited (PIACL), the privatisation ministry said in a statement.

The board decided to refer the issue of PIA’s privatisation to the Cabinet Committee on Privati­sation for further consideration.

Last month, the final bidding process for the privatisation of PIA attracted just one bid of Rs10bn for a 60pc stake in the national flag carrier.

Only real-estate development company Blue World City participated in the bidding process, placing a bid that was below the government-set minimum price of Rs85bn.

PC Board seeks improved offers for state-owned entities

The government had prequalified six groups in June, but only Blue World City participated in the final bidding process. Due to the huge difference between the expected and actual bids, the commission gave the consortium more time to reconsider its bid. However, Blue World City consortium chairman Saad Nazir kept the price unchanged.

On Wednesday, in a meeting chaired by Privatisation Mini­ster Abdul Aleem Khan, the board discussed advancing privatisation efforts for state-owned entities, including PIA and stressed the need to attract stronger bids in future transactions.

Mr Khan directed that the privatisation process should be carried forward without delay and underscored the importance of securing better offers for upcoming bids.

The board explored various options to expedite PIA’s divestment and reviewed the status of other ongoing privatisation transactions.

Mr Khan said that the framework given by the caretaker government for PIA’s privatisation was taken forward, but “now we have to keep in mind the concerns of the institutions involved in the privatisation”. He emphasised that “we have to learn from the privatisation process of PIA and have to be more active in future”.

The board decided to form a three-member committee to participate in the process of privatisation by members of the board. The meeting was briefed on various issues of privatisation and expressed satisfaction with the development so far.

During the meeting, various proposals were presented for PIA and the process of privatisation, and views were expressed on various issues and important decisions were taken. The minister extended the opportunity to all the Privatisation Comm­ission’s board members and heard their suggestions. Impor­tant issues related to the privatisation of other projects were also discussed.

“The privatisation issues will be completed in accordance with the laws and regulations and keeping in view the national interest before us because the final decision on the issues of privatisation of PIA and other institutions has to be taken by the cabinet committee,” Mr Khan said, according to the ministry’s statement.

In his briefing, the secretary of the Privatisation Commission noted that several international airlines, including Turkish Air­lines and Singapore Airlines, had expressed interest in PIA’s privatisation.

Published in Dawn, November 14th, 2024

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Nvidia, Oracle, Google, Dell and 13 other companies reported how long it takes their computers to train the key neural networks in use today. Among those results were the first glimpse of Nvidia’s next generation GPU, the B200, and Google’s upcoming accelerator, called Trillium. The B200 posted a doubling of performance on some tests versus today’s workhorse Nvidia chip, the H100. And Trillium delivered nearly a four-fold boost over the chip Google tested in 2023.

The benchmark tests, called MLPerf v4.1, consist of six tasks: recommendation, the pre-training of the large language models (LLM) GPT-3 and BERT-large, the fine tuning of the Llama 2 70B large language model, object detection, graph node classification, and image generation.

Training GPT-3 is such a mammoth task that it’d be impractical to do the whole thing just to deliver a benchmark. Instead, the test is to train it to a point that experts have determined means it is likely to reach the goal if you kept going. For Llama 2 70B, the goal is not to train the LLM from scratch, but to take an already trained model and fine-tune it so it’s specialized in a particular expertise—in this case, government documents. Graph node classification is a type of machine learning used in fraud detection and drug discovery.

As what’s important in AI has evolved, mostly toward using generative AI, the set of tests has changed. This latest version of MLPerf marks a complete changeover in what’s being tested since the benchmark effort began. “At this point all of the original benchmarks have been phased out,” says David Kanter, who leads the benchmark effort at MLCommons. In the previous round it was taking mere seconds to perform some of the benchmarks.

Performance of the best machine learning systems on various benchmarks has outpaced what would be expected if gains were solely from Moore’s Law [blue line]. Solid line represent current benchmarks. Dashed lines represent benchmarks that have now been retired, because they are no longer industrially relevant.MLCommons

According to MLPerf’s calculations, AI training on the new suite of benchmarks is improving at about twice the rate one would expect from Moore’s Law. As the years have gone on, results have plateaued more quickly than they did at the start of MLPerf’s reign. Kanter attributes this mostly to the fact that companies have figured out how to do the benchmark tests on very large systems. Over time, Nvidia, Google, and others have developed software and network technology that allows for near linear scaling—doubling the processors cuts training time roughly in half.

First Nvidia Blackwell training results

This round marked the first training tests for Nvidia’s next GPU architecture, called Blackwell. For the GPT-3 training and LLM fine-tuning, the Blackwell (B200) roughly doubled the performance of the H100 on a per-GPU basis. The gains were a little less robust but still substantial for recommender systems and image generation—64 percent and 62 percent, respectively.

The Blackwell architecture, embodied in the Nvidia B200 GPU, continues an ongoing trend toward using less and less precise numbers to speed up AI. For certain parts of transformer neural networks such as ChatGPT, Llama2, and Stable Diffusion, the Nvidia H100 and H200 use 8-bit floating point numbers. The B200 brings that down to just 4 bits.

Google debuts 6th gen hardware

Google showed the first results for its 6^th generation of TPU, called Trillium—which it unveiled only last month—and a second round of results for its 5^th generation variant, the Cloud TPU v5p. In the 2023 edition, the search giant entered a different variant of the 5^th generation TPU, v5e, designed more for efficiency than performance. Versus the latter, Trillium delivers as much as a 3.8-fold performance boost on the GPT-3 training task.

But versus everyone’s arch-rival Nvidia, things weren’t as rosy. A system made up of 6,144 TPU v5ps reached the GPT-3 training checkpoint in 11.77 minutes, placing a distant second to an 11,616-Nvidia H100 system, which accomplished the task in about 3.44 minutes. That top TPU system was only about 25 seconds faster than an H100 computer half its size.

A Dell Technologies computer fine-tuned the Llama 2 70B large language model using about 75 cents worth of electricity.

In the closest head-to-head comparison between v5p and Trillium, with each system made up of 2048 TPUs, the upcoming Trillium shaved a solid 2 minutes off of the GPT-3 training time, nearly an 8 percent improvement on v5p’s 29.6 minutes. Another difference between the Trillium and v5p entries is that Trillium is paired with AMD Epyc CPUs instead of the v5p’s Intel Xeons.

Google also trained the image generator, Stable Diffusion, with the Cloud TPU v5p. At 2.6 billion parameters, Stable Diffusion is a light enough lift that MLPerf contestants are asked to train it to convergence instead of just to a checkpoint, as with GPT-3. A 1024 TPU system ranked second, finishing the job in 2 minutes 26 seconds, about a minute behind the same size system made up of Nvidia H100s.

Training power is still opaque

The steep energy cost of training neural networks has long been a source of concern. MLPerf is only beginning to measure this. Dell Technologies was the sole entrant in the energy category, with an eight-server system containing 64 Nvidia H100 GPUs and 16 Intel Xeon Platinum CPUs. The only measurement made was in the LLM fine-tuning task (Llama2 70B). The system consumed 16.4 megajoules during its 5-minute run, for an average power of 5.4 kilowatts. That means about 75 cents of electricity at the average cost in the United States.

While it doesn’t say much on its own, the result does potentially provide a ballpark for the power consumption of similar systems. Oracle, for example, reported a close performance result—4 minutes 45 seconds—using the same number and types of CPUs and GPUs.

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1. 800 million diabetics worldwide and most aren't getting treatment, finds study  The Times of India
2. India has the highest number of diabetic people in the world, even more than China: Report  The Economic Times
3. Indians account for quarter of world’s adult diabetes patients: Lancet study  Hindustan Times
4. Why have diabetes rates doubled over the past 30 years – and what can be done about it?  The Guardian
5. One-fourth of people living with diabetes globally are in India, study estimates  The Hindu

1. ‘Cricket at crossroads. Keep egos in check…’: Afridi attacks India without taking names for Champions Trophy row  Hindustan Times
2. Should Men In Blue play in Pakistan?  The Times of India
3. Champions Trophy 2025: ‘Not BCCI’s Issue, It Is…’ – Former PCB Chairman Najam Sethi Makes Controversial Claim  News24
4. "Countries Once Divided...": Shahid Afridi's Big Appeal To BCCI Amid Champions Trophy Row  NDTV Sports
5. ‘ICC should snatch hosting rights from India and Pakistan for 8 years’: Rashid Latif to HT on Champions Trophy muddle  Hindustan Times