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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

ATHENS: Greece’s state intelligence agency on Wednesday said it had declassified a set of archival documents for the first time in its history, covering the period of the Turkish invasion of Cyprus in 1974.

Turkiye invaded the island of Cyprus in 1974 in response to a coup against the government led by a military dictatorship in Athens. Cyprus has since been divided between the Greek-speaking UN-recognised republic in the south and the Turkish Cypriot north, which unilaterally declared independence in 1983.

Evanthis Hatzivassiliou, a professor of postwar history at the National University of Athens, in a statement said the archives cover the period of the invasion from July to August 1974.

One conclusion that can be drawn from the documents is that the intelligence agency EYP was “not informed” of the attempted coup organised by the Greek dictatorship against Archbishop Makarios, the president of Cyprus, Hatzivassiliou said. “The (dictatorship) … informed only those absolutely necessary,” he said.

After the coup, the agency was “quite accurate” in describing Turkish preparations for war, but the warnings were ignored in Athens, he said.

The failure to defend Cyprus led to the fall of the Greek dictatorship in July 1974. A second Turkish invasion followed weeks later in August.

EYP director-general Themistoklis Demiris on Wednesday said that the agency would go on to declassify additional documents referring to “dark” periods of Greek history, without elaborating.

Published in Dawn, November 14th, 2024

Some Democrats are not prepared to accept Vice President Kamala Harris' election loss as legitimate

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The panic set in just before midnight last Tuesday. "She's in trouble," one U.S. intelligence officer fretted as Kamala Harris's blue wall looked ready to crumble, all but ensuring that Donald Trump would head back to the White House. "This is a disaster," said another, who is retired but served during the first Trump administration and bears the scars.

The future president of the United States has announced a new era for the nation. I propose 10 goals that will make the next Trump administration as solid

As Americans voted decisively for a candidate who explicitly rejects nearly everything that Bernie Sanders advocates, Vermont's senior senator insists that the Democratic Party just wasn't liberal enough. The mindset of the far left seems to be that the working class just needs more of what they just voted against. For Bernie, the answer is always, "more cowbell."

Last week's election showed that urban voters want sane, smart policies that address the issues they care most about.

Trump has shattered the Dems' blinkered assumption that racial minorities are defined by their race.

At 8:30 p.m. on 16 May 1916, John J. Carty banged his gavel at the Engineering Societies Building in New York City to call to order a meeting of the American Institute of Electrical Engineers. This was no ordinary gathering. The AIEE had decided to conduct a live national meeting connecting more than 5,000 attendees in eight cities across four time zones. More than a century before Zoom made virtual meetings a pedestrian experience, telephone lines linked auditoriums from coast to coast. AIEE members and guests in Atlanta, Boston, Chicago, Denver, New York, Philadelphia, Salt Lake City, and San Francisco had telephone receivers at their seats so they could listen in.

The AIEE, a predecessor to the IEEE, orchestrated this event to commemorate recent achievements in communications, transportation, light, and power. The meeting was a triumph of engineering, covered in newspapers in many of the host cities. The Atlanta Constitution heralded it as “a feat never before accomplished in the history of the world.” According to the Philadelphia Evening Ledger, the telephone connections involved traversed about 6,500 kilometers (about 4,000 miles) across 20 states, held up by more than 150,000 poles running through 5,000 switches. It’s worth noting that the first transcontinental phone call had been achieved only a year earlier.

Carty, president of the AIEE, led the meeting from New York, while section chairmen directed the proceedings in the other cities. First up: roll call. Each city read off the number of members and guests in attendance—from 40 in Denver, the newest section of the institute, to 1,100 at AIEE headquarters in New York. In all, more than 5,100 members attended.

Due to limited seating in New York and Philadelphia, members were allowed only a single admission ticket, and ladies were explicitly not invited. (Boo.) In Atlanta, Boston, and Chicago, members received two tickets each, and in San Francisco members received three; women were allowed to attend in all of these cities. (The AIEE didn’t admit its first woman until 1922, and only as an associate member; Edith Clarke was the first woman to publish a paper in an AIEE journal, in 1926.)

These six cities were the only ones officially participating in the meeting. But because the telephone lines ran directly through both Denver and Salt Lake City, AIEE sections in those cities opted to listen in, although they were kept muted; during the meeting, they sent telegrams to headquarters with their attendance and greetings. In a modern-day Zoom call, these notes would have been posted in the chat.

The first virtual meeting had breakout sessions

Once everyone had checked in and confirmed that they all could hear, Carty read a telegram from U.S. President Woodrow Wilson, congratulating the members on this unique meeting: “a most interesting evidence of the inventive genius and engineering ability represented by the Institute.”

Alexander Graham Bell then gave a few words in greeting and remarked that he was glad to see how far the telephone had gone beyond his initial idea. Theodore Vail, first president of AT&T and one of the men who was instrumental in establishing telephone service as a public utility, offered his own congratulations. Charles Le Maistre, a British engineer who happened to be in New York to attend the AIEE Standards Committee, spoke on behalf of his country’s engineering societies. Finally, Thomas Watson, who as Bell’s assistant was the first person to hear words spoken over a telephone, welcomed all of the electrical engineers scattered across the country.

At precisely 9:00 p.m., the telephone portion of the meeting was suspended for 30 minutes so that each city could have its own local address by an invited guest. Let’s call them breakout sessions. These speakers reflected on the work and accomplishments of engineers. Overall, they conveyed an unrelentingly positive attitude toward engineering progress, with a few nuances.

In Boston, Lawrence Lowell, president of Harvard University, said the discovery and harnessing of electricity was the greatest single advancement in human history. However, he admonished engineers for failing to foresee the subordination of the individual to the factory system.

In Philadelphia, Edgar Smith, provost of the University of Pennsylvania, noted that World War I was limiting the availability of certain materials and supplies, and he urged more investment in developing the United States’ natural resources.

Charles Ferris, dean of engineering at the University of Tennessee, praised the development of long-distance power distribution and the positive effects it had on rural life, but worried about the use of fossil fuels. His chief concern was running out of coal, gas, and oil, not their negative impacts on the environment.

More than a century before Zoom made virtual meetings a pedestrian experience, telephone lines linked auditoriums from coast to coast for the AIEE’s national meeting.

On the West Coast, Ray Wilbur, president of Stanford, argued for the value of dissatisfaction, struggle, and unrest on campus as spurs to growth and innovation. I suspect many university presidents then and now would disagree, but student protests remain a force for change.

After the city breakout sessions, everyone reconnected by telephone, and the host cities took turns calling out their greetings, along with some engineering boasts.

“Atlanta, located in the Piedmont section of the southern Appalachians, among their racing rivers and roaring falls, whose energy has been dragged forth and laid at her doors through high-tension transmission and in whose phenomenal development no factor has been more potent than the electrical engineers, sends greetings.”

“Boston sends warmest greetings to her sister cities. The telephone was born here and here it first spoke, but its sound has gone out into all lands and its words unto the ends of the world.”

“San Francisco hails its fellow members of the Institute…. California has by the pioneer spirit of domination created needs which the world has followed—the snow-crowned Sierras opened up the path of gold to the path of energy, which tonight makes it possible for us on the western rim of the continent of peace to be in instant touch with men who have harnessed rivers, bridled precipices, drawn from the ether that silent and unseen energy that has leveled distance and created force to move the world along lines of greater civilization by closer contacts.”

That last sentence, my editor notes, is 86 words long, but we included it for its sheer exuberance.

Maybe all tech meetings should have musical interludes

The meeting then paused for a musical interlude. I find this idea delightfully weird, like the ballet dream sequence in the middle of the Broadway musical Oklahoma! Each city played a song of their choosing on a phonograph, to be transmitted through the telephone. From the south came strains of “Dixie,” countered by “Yankee Doodle” in New England. New York and San Francisco opted for two variations on the patriotic symbolism of Columbia: “Hail Columbia” and “Columbia the Gem of the Ocean,” respectively. Philadelphia offered up the “Star-Spangled Banner,” and although it wasn’t yet the national anthem, audience members in all auditoriums stood up while it played.

For the record, the AIEE in those days took entertainment very seriously. Almost all of their conferences included a formal dinner dance, less-formal smokers, sporting competitions, and inspection field trips to local sites of engineering interest. There were even women’s committees to organize events specifically for the ladies.

I suspect no one in attendance would have predicted that in the 21st century, people groan at the thought of another virtual meeting.

After the music, Michael Pupin delivered an address on “The Engineering Profession,” a topic that was commonly discussed in the Proceedings of the AIEE in those days. Remember that electrical engineering was still a fairly new academic discipline, only a few decades old, and working engineers were looking to more established professions, such as medical doctors, to see how they might fit into society. Pupin had made a number of advancements in the efficiency of transmission over long-distance telephone, and in 1925 he served as the president of the AIEE.

The meeting concluded with resolutions, amendments, acceptances, and seconding, following Robert’s Rules of Order. (IEEE meetings still adhere to the rules.) In the last resolution, the participants patted themselves on the back for hosting this first-of-its-kind meeting and acknowledging their own genius that made it possible.

The Proceedings of the AIEE covered the meeting in great detail. Local press accounts offered less detail. I’ve found no evidence that they ever tried to replicate the meeting. They did try another experiment in which a member read the same paper at meetings in three different cities so that there could be a joint discussion about the contents. But it seems they returned to their normal schedule of annual and section meetings with technical paper sessions and discussion.

And nowhere have I found answers to some of the basic questions that I, as a historian 100 years later, have about the 1916 event. First, how much did this meeting cost in long-distance fees and who paid for it? Second, what receivers did the audience members use and did they work? And finally, what did the members and guests think of this grand experiment? (My editor would also like to know why no one took a photo of the event.)

But in the moment, rarely do people think about what later historians may want to know. And I suspect no one in attendance would have predicted that in the 21st century, people groan at the thought of another virtual meeting.

Tech billionaire Elon Musk is increasing his political footprint as he joins the Trump orbit for days at Mar-a-Lago and traveled with President-elect Trump to Washington, D.C.