We Live in the Age of Information, We Know so Much But We Feel so Little

A red strip was flashing on the TV screen. It read, “Bomb blast in Karachi, 27 dead 30 injured.” Charred, disfigured bodies lying in a pool of red; were on the screen. It was utter chaos. With moans, groans, shouts of injured, hooter of ambulances, it could rightly have been described as a tragedy, a dilemma. “The authorities say it was a suicide attack. Viewers let me remind you that it was our channel that first broke the news of this blast.” Hell no!!! What I am hearing. Are my ears betraying me or is this true!!!!! Standing at a place fouled with the blood of innocent, dead eyes staring at you, limbs scattered all around, a mound of corpses around you, and this reporter is publicizing his channel. How could this reporter muster the courage to use this human tragedy as a tool of to publicize his channel? Perhaps, he didn’t feel the pain of those having burns on their arms and legs.

20th century brought many changes in our lifestyle. The world turned into a GLOBAL VILLAGE with the introduction of internet and mass media. Population increased and with it came sky scrappers built out of concrete. But alas! All this came at a price. Cities may now be marvelous concrete structures but so are we. Our hearts are concrete like our houses. We may look like humans but we are devoid of what really distinguishes us from animals i.e. feelings and emotions. We are machines, robots, which are here in the world just to work round the clock. We may have all the information on our finger tips but we don’t have the sensitivity to care about the hunger of the hungry and the thirst of the thirsty.

I am a student. I have many important things to do. I have to complete the assignment given by his teacher by surfing the poverty rate and per capita income in Pakistan on net.` “Oh my God! About 40% of Pakistan population earns less than $2 a day. How can they survive in such inflationary times?” But this is the most he feels because he can’t give Rs. 2/= to the boy looking for something to eat in the waste. But then why should he feel? If he starts to feel for every one, how would he complete his assignments? “Shut your eyes to the sufferings of people, they are not your responsibility!!”

Get the most expensive and the fastest DSL connection available in the market. Use the high speed net to watch a new video but don’t feel the pain of the body lying unattended on the road because it’s a police case. You will waste a lot of time in the formal police procedures and your time is important! You have to watch a new video.

Don’t look at the frail legs, slender arms and hungry eyes of African children on National Geographic channel. They are not related to you and especially why when you have the pizza hut chef teaching you how to make pizza on another channel. Go out in your latest Honda civic to dine outside and scold the little child when he tries to clean your wind screen. Don’t give him Rs. 5/= after all, you collected all these rupees to buy yourself the civic. And when you come out after having pizza, don’t buy the old man bread for his family tell him, “Begging is prohibited in Islam. You should work to earn money. “After all, you also worked hard to earn yourself the pizza.

And the saga doesn’t stop here. Look at the politicians for instance. When Seth Sahab or Chodhry sahab drives his Land Cruiser through the streets of Bahawalnagar, it takes a lot of courage. Courage to ignore the hunger, poverty, and disease widespread in the area.

Does he not know about the suffering of the people of his constituency? Of course he does. The 55 inch plasma shows it all. But why should he care. When he can afford to host lavish Aftar parties when the poor are queuing up for a sack of flour, he should forget about their feelings. It’s not his job. His job is to cut ribbons, take hefty salary as minister and go on “official” tours abroad. Oh I forgot! He distributes Rs.100/= among poor kids on Eid in the presence of news reporters. Such a noble gesture indeed!!

Barrack Obama has proved himself as a champion peace-maker by winning Nobel Peace Prize just within 10 months of becoming US President. Perhaps because the children of Palestine are getting clean water daily or maybe maiming and killing in Iraq has stopped.If that’s not the case then surely Afghanistan has become a peace haven or the drone strikes on Pakistani civilians have stopped. If none of this happened then why did Obama get the Nobel Peace???? Perhaps because the jury could not hear the pangs of sorrow of Kashmir and Palestine women. Or perhaps they think that killing Muslim is peace. If this is the case, then surely Obama is the best choice. What is more worrisome is the attitude of world leaders towards this development. No Muslim leader has condemned this “justified’ award of the Nobel to Obama. Perhaps because living in fairytale palaces has turned their heats into stone which cannot be melted no matter how intense is the pain of others.

What has made us so cold?? It is because we are too selfish and obsessed with ourselves. The only thing we care about is ourselves. How much we earn? Where we get in our life?? Its money that is important. For this we are ready to work like machines and repel anything that tries to enter our heart. Its “US” we must think about.

As I continued to think about the “courageous” news reporter, I heard my elder brother say, “Hurrah! Bomb blast, holiday tomorrow!!” Really, we live in age of information. We know so much but we feel so little.

Above essay is written by Mr. Hassan Hamid - 1st Winner for the Writing Skills Competition 2009 conducted by Institue of Chartered Accountants of Pakistan (ICAP) having CRN 57170 - Tabani’s School of Accountancy, Karachi

Monetary Policy - November To December, 2009

A cursory look at key macroeconomic indicators shows substantial improvements on multiple fronts. Inflation (YoY) has fallen to 8.9 percent in October 2009 and is expected to remain in the vicinity of 11 percent by the end of current fiscal year. External current account has improved considerably, positively altering its projected trajectory. With government borrowings from the SBP remaining within the quarterly limits, the broad money (M2) has also remained contained along the projected path. The real sector is also showing signs of improvement as the large scale manufacturing (LSM) stage a recovery after a protracted declining phase. However, a close inspection of these encouraging developments together with a pragmatic assessment of prevailing security situation in the country and fiscal uncertainties invite caution and further analysis.

Recent month-on-month inflation changes in headline and core measures continue to be volatile and on the higher side, oscillating between 0.5 and 1.7 percent in case of the former and remaining stuck at 0.8 percent in case of the later. A reassuring fact is that the number of items in the CPI basket showing higher monthly increases relative to an historical benchmark has come down significantly. However, at the same time, the number of items displaying significant inflation persistence has also increased, which indicates the probable entrenchment of second round effects of inflationary process. The poor administration in the supply chain of some food items is not helpful either in positively altering inflation expectations. A higher than projected fiscal deficit for FY09 has also changed some underlying assumptions for inflation outlook in FY10. In addition, the full impact of electricity and gas price adjustments, a necessary part of fiscal consolidation measures, and recent resurgence of international commodity prices, on the back of early signs of global economic recovery, remains a source of uncertainty for inflation outlook.

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IFRS: Blessing or Curse For USA

United States of America is going to adopt International Financial Reporting Standards. Major advantages include

• It would make the financial statements of U.S. companies more comparable to those in other countries.

• It would help capital from investors and banks flow more smoothly around the world.

• American filers would be able to use more judgment in preparing financial information.

• It would provide substantial benefit to some companies and, despite considerable expense, little or none to others.

• It helps more freely move accounting staff from country to country and business to business.

Credit Card - Faclity or Enigma

In past few days there is lot of happenings in Credit Card Industry. You may have heard about this on the news or read about it online, but I'd like to go into some detail about what this means for you as a consumer. First, let me remind you that good spending practices and budgeting are ways to avoid financial pitfalls, especially in the state that the economy is in. Avoid buying solely on credit, as your credit score will reflect negatively. Good credit will make future purchases less expensive, so it acts as a reward to those who are responsible.

Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD) Act is making a significant difference in the way credit card issuers carry out their businesses. The Act is likely to come into play from February 2010 unless the government decides an earlier effective date.

The new rules make it mandatory for the credit card companies to give consumers a warning of at least 45 days as against the current 15 days before increasing the interest rates. Again all statements need to be mailed 21 days before the due date as against the current norm of 14 days. Credit card users have been granted the option to cancel their accounts if they opt out of the interest rate hikes and pay off their remaining balances at old rates. Some more rules are likely to take effect in February and August, respectively. At last some relief for the credit card consumers who are fed up of unexpected rate increases.

RBS Pakistan Acquisition Case - Who Will Win Among MCB and SBP

MCB that signed an agreement on 12th August 2009 with the Royal Bank of Scotland Group plc to acquire 99.37% of the ordinary shares in RBS Pakistan at the cost of USD 85 mn (PkR 7.2 bn) has moved to Supreme Court against State Bank’s decision. State Bank has not yet given regulatory approval to MCB to acquire local operations of RBS.

As per the SBP's sponsor shares circular, sponsors of banks are required to deposit their shares in a blocked account with CDC in order to ensure continued stake/ownership of sponsors/major shareholders in the bank. However, the MCB Bank has not fulfilled the said requirement and sponsor shares of MCB Bank have not been deposited in a blocked account.

Therefore, the central bank has withheld an NOC for the purchase of RBS shares by MCB Bank. However, the SBP did not raise any objection at the time of granting due diligence approval to MCB Bank, after which MCB Bank went into negotiations with the RBS management for the purchase of local operations. The SBP raised objection just after the two parties had finalised the deal. The MCB management had several correspondences with the central bank for the purpose of an NOC.

Normally, in such acquisitions, deal-seeking regulatory approval is the obligation of the acquirer and the seller seeks damages (which in this case is said to be around one billion rupees) upon failure of the acquirer to close the deal. It is believed that December 31 is the deadline provided to MCB Bank to conclude the transaction, which includes an approval from the SBP and the SECP and a mandatory offer from other mandatory shareholders, who hold only 8 percent shares in the bank.

Eight Lies of Mother

1. The story began when I was a child; I was born as a son of a poor family. Even for eating, we often got lack of food. Whenever the time for eating, mother often gave me her portion of rice. While she was removing her rice into my bowl, she would say "Eat this rice, son. I'm not hungry". That was Mother's First Lie

2. When I was getting to grow up, the persevering mother gave her spare time for fishing in a river near our house, she hoped that from the fishes she got, she could gave me a little bit nutritious food for my growth. After fishing, she would cook the fishes to be a fresh fish soup, which raised my appetite. While I was eating the soup, mother would sit beside me and eat the rest meat of fish, which was still on the bone of the fish I ate. My heart was touched when I saw it. I then used my chopstick and gave the other fish to her. But she immediately refused it and said "Eat this fish, son. I don't really like fish." That was Mother's Second Lie.

3. Then, when I was in Junior High School, to fund my study, mother went to an economic enterprise to bring some used-matches boxes that would be stuck in. It gave her some money for covering our needs. As the winter came, I woke up from my sleep and looked at my mother who was still awoke, supported by a little candlelight and within her perseverance she continued the work of sticking some used-matches box. I said, "Mother, go to sleep, it's late, tomorrow morning you still have to go for work." Mother smiled and said "Go to sleep, dear. I'm not tired." That was Mother's Third Lie.

4. At the time of final term, mother asked for a leave from her work in order to accompany me. While the daytime was coming and the heat of the sun was starting to shine, the strong and persevering mother waited for me under the heat of the sun's shine for several hours. As the bell rang, which indicated that the final exam had finished, mother immediately welcomed me and poured me a glass of tea that she had prepared before in a cold bottle. The very thick tea was not as thick as my mother's love, which was much thicker. Seeing my mother covering with perspiration, I at once gave her my glass and asked her to drink too. Mother said "Drink, son. I'm not thirsty!". That was Mother's Fourth Lie.

5. After the death of my father because of illness, my poor mother had to play her role as a single parent. By held on her former job, she had to fund our needs alone. Our family's life was more complicated. No days without sufferance. Seeing our family's condition that was getting worse, there was a nice uncle who lived near my house came to help us, either in a big problem and a small problem.
Our other neighbors who lived next to us saw that our family's life was so unfortunate, they often advised my mother to marry again. But mother, who was stubborn, didn't care to their advice, she said "I don't need love." That was Mother's Fifth Lie.

6. After I had finished my study and then got a job, it was the time for my old mother to retire. But she didn't want to; she was sincere to go to the marketplace every morning, just to sell some vegetable for fulfilling her needs. I, who worked in the other city, often sent her some money to help her in fulfilling her needs, but she was stubborn for not accepting the money. She even sent the money back to me. She said "I have enough money." That was Mother's Sixth Lie.

7. After graduated from Bachelor Degree, I then continued my study to Master Degree. I took the degree, which was funded by a company through a scholarship program, from a famous University in America. I finally worked in the company. Within a quite high salary, I intended to take my mother to enjoy her life in America. But my lovely mother didn't want to bother her son, she said to me "I'm not used to."
That was Mother's Seventh Lie.

8. After entering her old age, mother got a flank cancer and had to be hospitalized. I, who lived in miles away and across the ocean, directly went home to visit my dearest mother. She lied down in weakness on her bed after having an operation. Mother, who looked so old, was staring at me in deep yearn. She tried to spread her smile on her face; even it looked so stiff because of the disease she held out. It was clear enough to see how the disease broke my mother's body, thus she looked so weak and thin. I stared at my mother within tears flowing on my face. My heart was hurt, so hurt, seeing my mother on that condition. But mother, with her strength, said "Don't cry, my dear. I'm not in pain." That was Mother's Eight Lie.


After saying her eighth lie, my dearest mother closed her eyes forever!

Who Let the Dog Out

Corruption always threatens global economic recovery, greatly challenges countries in conflict.Just have a look at the rank and name of countries which are issued by Transparency International Corruption Perception Index (CPI) 2009. Most Corrupted country in this planet is Somalia as per this report got 180th position in tranparency and New Zealand has been ranked as the cleanest country. Check out your country where it is ranked.

1 New Zealand
2 Denmark
3 Singapore
4 Sweden
5 Switzerland
6 Finland
7 Netherlands
8 Australia
9 Canada
10 Iceland
11 Norway
12 Hong Kong
13 Luxembourg
14 Germany
14 Ireland
16 Austria
17 Japan
17 United Kingdom
19 United States
20 Barbados
21 Belgium
22 Qatar
22 Saint Lucia
24 France
25 Chile
25 Uruguay
27 Cyprus
27 Estonia
27 Slovenia
30 United Arab Emirates
31 Saint Vincent and the Grenadines
32 Israel
32 Spain
34 Dominica
35 Portugal
35 Puerto Rico
37 Botswana
37 Taiwan
39 Brunei Darussalam
40 Oman
39 Korea (South)
42 Mauritius
43 Costa Rica
44 Macau
45 Malta
46 Bahrain
46 Cape Verde
46 Hungary
49 Bhutan
50 Jordan
49 Poland
52 Czech Republic
52 Lithuania
54 Seychelles
55 South Africa
56 Latvia
56 Malaysia
56 Namibia
56 Samoa
56 Slovakia
61 Cuba
61 Turkey
63 Italy
63 Saudi Arabia
65 Tunisia
66 Croatia
66 Georgia
66 Kuwait
69 Ghana
69 Montenegro
71 Bulgaria
71 FYR Macedonia
71 Greece
71 Romania
75 Brazil
75 Colombia
75 Peru
75 Suriname
79 Burkina Faso
79 China
79 Swaziland
79 Trinidad and Tobago
83 Serbia
84 El Salvador
84 Guatemala
84 India
84 Panama
84 Thailand
89 Lesotho
89 Malawi
89 Mexico
89 Moldova
89 Morocco
89 Rwanda
95 Albania
95 Vanuatu
97 Liberia
97 Sri Lanka
99 Bosnia and Herzegovina
99 Dominican Republic
99 Jamaica
99 Madagascar
99 Senegal
99 Tonga
99 Zambia
106 Argentina
106 Benin
106 Gabon
106 Gambia
106 Niger
111 Algeria
111 Djibouti
111 Egypt
111 Indonesia
111 Kiribati
111 Mali
111 Sao Tome and Principe
111 Solomon Islands
111 Togo
120 Armenia
120 Bolivia
120 Ethiopia
120 Kazakhstan
120 Mongolia
120 Vietnam
126 Eritrea
126 Guyana
126 Syria
126 Tanzania
130 Honduras
130 Lebanon
130 Libya
130 Maldives
130 Mauritania
130 Mozambique
130 Nicaragua
130 Nigeria
130 Uganda
139 Bangladesh
139 Belarus
139 Pakistan
139 Philippines
143 Azerbaijan
143 Comoros
143 Nepal
146 Cameroon
146 Ecuador
146 Kenya
146 Russia
146 Sierra Leone
146 Timor-Leste
146 Ukraine
146 Zimbabwe
154 Côte d´Ivoire
154 Papua New Guinea
154 Paraguay
154 Yemen
158 Cambodia
158 Central African Republic
158 Laos
158 Tajikistan
162 Angola
162 Congo Brazzaville
162 Democratic Republic of Congo
162 Guinea-Bissau
162 Kyrgyzstan
162 Venezuela
168 Burundi
168 Equatorial Guinea
168 Guinea
168 Haiti
168 Iran
168 Turkmenistan
174 Uzbekistan
175 Chad
176 Iraq
176 Sudan
178 Myanmar
179 Afghanistan
180 Somalia