Pakistan Auto Industry to Witness an Unprecedented Annual Rise in Car Sales in FY21

The Pakistani automotive industry is currently at an interesting spot, having seen more newcomers this year than it has in a long time. Experts foresee a sixty percent rise in the sales of cars in the financial year (FY) 2021, which includes the sales of the new entrants.

According to a senior research analyst at Topline Securities Limited, Syed Fawad Basir, the “faster than expected economic recovery” and “low interest rates” shall be the two key drivers of the increase in sales of vehicles across the country.

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“After taking into account the higher-than-expected unit sales in the first four months (July-Oct) of FY21 and an upward revision in margin assumptions, we are revising our earnings forecasts for the Pakistani automobiles universe for the next two years by up to fifty-three percent,” Basir said.

“We are raising our earlier FY 21 and FY 22 auto car and light commercial vehicle sales assumptions by nineteen percent (to 201,000 units) and five percent (to 228,000 units), respectively,” he added.

Details shared by the State Bank of Pakistan (SBP) reveal that automobile loans increased from Rs. 251 billion in March 2020 to Rs. 270 billion in October, depicting an increase of eight percent. However, as reported by Basir, the sales will still be forty percent less than the highest level Pakistan has ever reached in FY18 when auto sales were at 329,000 units.

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Basir further stated that Toyota Indus Motor Company Limited (IMC) is likely to experience a four to fifteen percent growth in earnings during FY21-FY22, largely due to the success of the new Yaris.

He added that Honda Atlas Cars (HCAR) will probably see an increase of three to fifty-three percent in earnings, mainly due to a higher than expected result in the 1st half of FY 2020-21, coupled with an upward revision of the combined industry estimates.

Basir also forecasted that the sales of Pak Suzuki Motor Company Limited (PSMC) will rise at a steady pace owing to the increased operational costs that came with the introduction of new models when the economy was struggling.

The auto industry is in for a major paradigm shift as there are numerous new entrants waiting for the opportunity to grab the lion’s share in the car market. Although it is too early to make any assumptions, it is safe to say that 2021 will be a very interesting year for the auto industry.

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Chris Hemsworth Wife | 10 Lovely Pictures

Hemsworth is not a strange name and face. He is instantly recognizable. He comes from a star studded family. The Thor actor has an equally talented wife, Elsa Pataky. The couple has been married for a decade. Scroll down to know a few incredible facts about Mrs. Hemsworth.

Elsa Patakay

Elsa Pataky, 43, is an actress, model and film producer. She was born in Madrid, Spain.

Before venturing into entertainment industry, Elsa studied journalism at the University CEU San Pablo. Alongside her studies she started taking acting classes.

Multi talented girl

Elsa is undoubtedly multi talented girl she is an actor, model and producer. She can also speak six languages! The multilingual star speaks Spanish, English, French, Italian, Portuguese and Romanian. She was highest-paid model in 2017.

Elsa’s career

She worked for many magazines. She has even graced the runway in major cities such as Milan, Paris and New York City. She has appeared in Fast and the Furious franchise, Snakes on a Plane and Thor: The Dark World, among others.

Fitness lover

Elsa is a fitness lover. She is very fond of doing workout during her spare time to keep the body in an amazing shape. She is also a huge advocate for martial arts. She loves horseback riding, snowboarding, skiing, surfing and so many more!

How and when they got married

Chris Hemsworth and Elsa Pataky had passionate affair that happened very quickly. They met in early 2010 and by the end of the year, they were married!

This beautiful couple got married on 26 December. This couple hadn’t share much details and pictures of their wedding. They like to keep their personal life away from spotlight.

Enjoying life with kids

The couple is blessed with three beautiful kids: daughter India Rose, seven, and twin sons Tristan and Sasha, five. Elsa shared her experience of motherhood in these words:

“Being a mother changes you much. It is a crazy trip being a mum. It is the best experience ever.”

Where does the couple live?

After living in Los Angeles for many years the couple migrated to the coastal town of Byron Bay in New South Wales. They moved there in 2014.

It’s not as perfect as it looks

Elsa reveals that they also have got some issues and conflicts in their marriage just like a normal couple. She stated:

“Nothing is as easy and perfect as it looks… There are those moments where you fight. You have to put a lot of effort into [your marriage]. We have those moments where we shout at the kids and then we feel like horrible parents and we have to work at being a couple like everyone else. As much effort as you put into your work, you have to put into your marriage and into being a dad and a mum. And it’s constant work.”

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Supergirl Cast In Real Life

In this article, we will give you an insight into Supergirl cast in real life.

Released in 2015, Supergirl is a superhero, action, fiction television series that was aired in America. The story revolves around Kara Denver who is the biological cousin-sister of superman. Supergirl has to divulge her powers to save the people of National City when an unforeseen holocaust hits the city.

With the ratings of 88% on Rotten Tomatoes and 7/10 on TV.com Supergirl is considered to be a successful American television series. Till now 5 seasons of Supergirl have been aired.

In this article, we will provide you with in-depth information about the Supergirl cast in real life.

Following cast members of Supergirl will be our topic of discussion in today’s article:

Melissa Benoist (Kara Zor-El)
Melissa Benoist played the character of Kara Zor-El in the action, fiction, superhero television series Supergirl. Melissa Benoist hails from America and she has worked in movies, television series and on stage as well. Besides being an actress she is a singer as well. Melissa Benoist has work in a limited number of movies and television series including Whiplash, Lowriders, Danny Collins, Billy Boy, Band of Robbers, the Longest Ride, Patriots Day, Sun Doss, Tennessee, The Stew, Jay and Silent Bob Reboot and a few others.

Melissa Benoist married actor Blake Jenner in 2015 the couple got divorced in 2017. Melissa Benoist got married to Chris Wood in 2019.

Chyler Leigh (Alex Danvers)
Chyler Leigh played the character of Alex Danvers in the action, fiction, superhero television series Supergirl. Chyler Leigh hails from America, she isn’t just an actress but a singer and a model as well. Chyler Leigh has worked in a very limited number of movies including Not Another Teen Movie, Kickboxing Academy, The 19th Wife, Brake, Hall Pass, Saving Graces, Wilder Days, The 80’s Show, Rocky Point, Arrow, Legends of Tomorrow and a few others.

Chyler Leigh married American actor Nathan West in 2002. Together they are spending a blissful life together.

Katie McGrath (Lena Luthor)
Katie McGrath played the character of Lena Luthor in the action, fiction, superhero television series Supergirl. Katie McGrath hails from Irland. Katie McGrath has worked in both movies and television series, but the number of projects she has appeared in are very limited. Some of her notable projects include Princess for Christmas, Jurassic World, Freakdog, Leading Lady, The Throwaways, W.E., Buttons: A Christmas Tale, Through the Storm, Eden, Jurassic World Fallen Kingdom and a few others.

David Harewood (Martian Manhunter, Hank Henshaw)
David Harewood played the character of Martian Manhunter in the action, fiction, superhero television series Supergirl. David Harewood belongs to England. David Harewood has been a part of a number of movies and television series including Homeland, Blood Diamond, The Night Manager, The Vice, Robin Hood, Spooks: The Greater Good, The Merchant of Venice, The Brothers Grimbsy, Free in Deed, The Last Enemy, Tulip Fever, the Hot Potato and many others.

David Harewood married Kirsty Handy who was his long-term girlfriend in 2013.

Mehcad Brooks (Jimmy Olsen)
Mehcad Brooks played the character of Jimmy Olsen in the action, fiction, superhero television series Supergirl. Mehcad Brooks belongs to America and has formerly worked as a fashion model and currently, he is working as an actor. Mehcad Brooks has been a part of a number of movies and television series including A Fall from Grace, Glory Road, Nobody’s Fool, Just Wright, Adulterers, Mortal Kombat, In the Valley of Elah, Tiger Cruise, Creature, About Last Night, Magic: The Gathering: The Musical and plenty of others.

Jeremy Jordan (Winn Schott)
Jeremy Jordan played the character of Winn Schott in the action, fiction, superhero television series Supergirl. Jeremy Jordan hails from America and besides being an actor he is a singer. Jeremy Jordan has worked in a very limited number of movies and dramas including Joyful Noise, The Last Five Years, Big Cheat, Emily & Tim, Newsies: The Broadway Musical, American Son, Spinning Gold, Holly & Ivy Crisis on Earth-X and a few others.

In 2012 Jeremy Jordan married Ashley Spencer, who is an actress as well as a singer and dancer. Together they have a daughter.

Chris Wood (Lar Gand)
Chris Wood played the character of Lar Gand in the action, fiction, superhero television series Supergirl. Chris Wood hails from America. 32 years old actor has been a part of a very limited number of movies and television series including The Stew, Jay and Silent Bob Reboot, Supergirl 2, Thirtysomething, The Carrie Diaries, Mercy Street, The Magazine Girl, Love in Store, Browsers and a couple of others.

Chris Wood married his supergirl co-star Melissa Benoist in 2019.

Nicole Maines (Nia Nal)
Nicole Maines played the character of Nia Nal in the action, fiction, superhero television series Supergirl. Nicole Maines hails from America. Nicole Maines is known for her work as a transgender rights activist. 23 years old Nicole Maines has worked in a calculable number of movies including Royal Pains, The Trans List, Not Your Skin, Supergirl, Bit, Legends of Tomorrow and a couple of others.

Jesse Rath (Brainiac 5)
Jesse Rath Played the character of Brainiac 5 in the action, fiction, superhero television series Supergirl. Jesse Rath hails from Canada. Jesse Rath has worked in both movies and television series. Jesse Rath has worked in a limited number of movies and television series including Prom Wars, The Greatest Game Ever Played, The Howling: Reborn, The Trotsky, Web of Lies, The Good Lie, Hero by Nature, 18 to Life, Bring Human, Picture This and a few others.

Jesse Rath’s sister Meaghan Rath is also an actress. She has also worked in both films and movies.

Calista Flockhart (Cat Grant)
Calista Flockhart played the character of Cat Grant in the action, fiction, superhero television series Supergirl. Calista Flockhart hails from America. Calista Flockhart has worked in a number of movies and television series including The Birdcage, Fragile, The Last Shot, Telling Lies in America, Drunks, Quiz Show, Getting In, Milk and Monkey, Darrow, Jane Doe and plenty of others.

Calista Flockhart got married to Harrison Ford in 2010.

Have you guys read the article? Who is your favorite character from Supergirl? Share your views with us through the comments section!

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The Cabin in the Woods Cast In Real Life

Some people like horror movies and some like comedy. The Cabin in the Woods is a treat for both as it is an American horror-comedy movie written by Drew Goddard and Joss Whedon. As a director, this movie is a debut of Drew Goddard. The duo wrote the screenplay of the movie in just three days. The special effects, monster costumes, special makeup, and prosthetic makeup for the movie were done by the AFX Studios. The film was released in the United States on April 13, 2010. It grossed over $ 66 Million worldwide against a $ 30 Million budget. The ingenious cast of The Cabin in the Woods has played a great role in earning heights of fame for the movie. The film received generally positive reviews from critics, who praised its screenplay, tone, and performances. Rotten Tomatoes, a review aggregator website, gave the movie a rating of 92%, with an average rating of 7.88/10. Hence, it was a critical as well as a commercial success, loved by the masses.

The story shows a teenage group that heads off at a secluded cabin in the woods. When they arrive at the cabin, they find themselves isolated, a complete cut-off from the outer world with no communication. They find the cabin very mysterious and out of their curiosity, they went inside to investigate the truth behind the strange events happening. One of the teenagers, Dana, reads from a book and accidentally awakens a family of deadly zombie killers, “Ancient Ones”. The final mystery behind all the happenings is revealed in the end of the movie. The film was highly appreciated by the viewers.

In this article, we will learn more about the real lives of the cast of The Cabin in the Woods. What these celebs are like in their real lives, their hobbies and career stories. Stay with us and enjoy the ride!

Kristen Connolly (Dana Polk)
Kristen Nora Connolly is a 40-year-old American actress who was born on July 12, 1980, in New Jersey. She gained fame through her unconventional roles in several movies and series like, The Cabin in the Woods, Zoo, House of Cards, The Happening and The Revolutionary Road. Her role of Dana Polk in The Cabin in the Woods, was the start of her worldwide recognition. She studied drama at Middlebury College in Vermont and the Yale School of Drama, where she did a lot of Shakespeare dramas and made her mind of adapting acting as a career. She married Stephen O’Reilly with whom she has two children.

Chris Hemsworth (Curt Vaughan)
Christopher Hemsworth is a very handsome and good-looking Australian actor. He was born on August 11, 1983, in Melbourne, Victoria, Australia. He is widely admired for his deep magical voice and Bold Light Blue eyes. Before jumping into Hollywood, he made his name in Australia by playing Kim Hyde in an Australian television series Home and Away. His first Hollywood appearance was in Star Trek but his title role in Thor earned him worldwide prominence. He gained extra 20 pounds of muscles for the role of Thor. He appeared in eight Marvel Cinematic Universe films starting from Thor until his recent appearance in Avengers: Endgame. He is now one of the leading and highest-paid actors of the world. Hemsworth married a Spanish actress Elsa Pataky in December 2010. The couple have three children, one daughter and twin sons. They moved from Los Angeles to Brayon Bay. His net worth is $ 130 Million.

Jesse Williams (Holden McCrea)
Jesse Williams is an American actor, director, producer and an activist. He was born on August 5, 1981 in Chicago. He graduated from Moses Brown School, in 1998. He has appeared in a number of television series, films and theater productions. farWord is his production company that he established in 2012. Before adapting the field of acting, he worked as a model while in college. He never intended to pursue modelling as a career. He also did voice-work for videogames. He has written articles for CNN and The Huffington Post. He won the humanitarian award at the 2016 BET Awards, delivering a speech highlighting racial injustice, police brutality, and the invention of whiteness, in June 2016. He married Aryn Drake-Lee in 2012 but the couple was divorced in 2020. They have two children.

Anna Hutchison (Jules Louden)
Anna Hutchison is a gorgeous New Zealand actress and producer, born on February 8, 1986. 34-years-old this beauty began her career on the New Zealand soap opera Shortland Street and continued in the American series Power Rangers Jungle Fury. She played Sasha in Anger Management and Kim in The Right Girl and won the hearts of many. She married Mike Gillespie in 2018. She gave birth to her first child, a daughter named Joanie Pearl Gillespie, on August 12, 2019.

Fran Kranz (Marty Mikalski)
Francis Elliott “Fran” Kranz is an American film, television and Broadway actor. He was born on July 13, 1981 in Los Angeles, California. He is well known and appreciated by portraying Topher Brink in the science fiction drama series Dollhouse. He began his career on Broadway by playing Bernard in Death of a Salesman, in 2012 and You Can’t Take it with You in 2014. He started acting at a very early age, when he was in grade 3 or 4. He was determined to become an actor from a very young age. He graduated from Harvard-Westlake School in 2000 and from Yale University in 2004. He married actress Spencer Margaret Richmond in 2015 and now he is blessed with 2 daughters.

Bradley Whitford (Steve Hadley)
Bradley Whitford was born on October 10. 1959, in Madison, Wisconsin. He is a fine American actor known for The West Wing. This role earned him three consecutive Primetime Emmy Awards nominations, winning one in 2001 and three consecutive Golden Globe Award nominations. Billy Madison, Get Out, The Mentalist and Transparent are another reason of his wide popularity. Whitford married actress Jane Kaczmarek in August 1992 ad they had three children together. However, they couldn’t get along well and parted their ways in October 2010 after 16 years of marriage. Afterwards, he married his Transparent co-star Amy Landecker on July 17, 2019.

Richard Jenkins (Gary Sitterson)
Richard Dale Jenkins was born on May 4, 1947 in DeKalb, Illinois, USA. He is an American actor who began his acting career in theater and made his film debut in 1974. For his performance in the fantasy drama film The Shape of Water, Jenkins received Academy Award, Golden Globe and Screen Actors Guild Award nominations for Best Supporting Actor. He was nominated for the Academy Award for Best Actor for the drama film The Visitor. Jenkins is married to choreographer Sharon R. Friedrick, with whom he has two children. They received the Pell Award for Lifetime Achievement from Trinity Repertory Company in Providence.

Amy Acker (Wendy Lin)
Amy Louise Acker is a pretty American actress. She was born on December 5, 1967. Gaining fame by appearing in Angels, Alias, Person of Interest and The Gifted, she made her mark in the industry. She studied ballet and modern dance for 14 years. Her ballet career ended when she went through a knee surgery. In March 2014, Acker was cast as Audrey, a former lover to Phil Coulson in an episode of Agents of S.H.I.E.L.D. She wed actor James Carpinello on April 25, 2003, in California. They have a son and a daughter.

Brian J. White (Alex Truman)
Brian Joseph White is an American actor, born on April 21, 1975. He has done a great number of works in films and on television. The Family Stone, The Game Plan, 12 Rounds, Good Deeds and The Cabin in the Woods are some of his remarkable films. He also appeared in television series notably Men of a Certain Age, Beauty and the Beast and Ambitions. White graduated from Newton South High School and Dartmouth College. He married Paula Da Silva on August 28, 2010 and they have a daughter.

Jodelle Ferland (Patience Buckner)
Jodelle Micah Ferland is a beautiful Canadian actress, born on, October 9, 1994. This young lady is widely known for Tideland, Silent Hill, Good Luck Chuck, Case 39, The Twilight Saga: Eclipse and The Tall Man. She made her debut with a television movie, Mermaid, at the age of four. She started her career in commercials at the age of two. When not performing, Jodelle spends her time in gymnastics and art. She played violin when she was younger but now is learning guitar. She also loves to hang out with her family and friends.

Wrapping up our article, we hope that you have enjoyed reading about the cast of The Cabin in the Woods. Who is your favorite? Share your thoughts in the comment section!

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Taxpayers Will Now Be Able to File Appeals Electronically

Taking a major step to bring transparency in the appeal system, the business community and individuals will now electronically file appeals with the Commissioner Inland Revenue (Appeals) against the Federal Board of Revenue (FBR) through ‘Iris web portal’ from January 1, 2021.

The FBR has notified SRO.1612(I)/2020 on Thursday for draft amendments in the Income Tax Ordinance 2001.

When asked about the rationale behind introducing an electronic appeal filing system, FBR officials informed ProPakistani that the Commissioner Inland Revenue (Appeals) is the first stage of appeal available to the taxpayers for filing appeals against the assessments made by the FBR or refunds related issues.

“There are serious concerns of the taxpayers while filing appeals with the forum of Commissioner Appeals. The new system of filing appeals through the electronic system will have a very positive impact on the whole appeal system of the taxpayers,” added the officials.

The electronic appeal filing system will end direct interaction between the aggrieved taxpayers and Commissioner Appeals. The new system will maintain electronic records of all Appeals orders. It will bring transparency in the process of appeals filed by the taxpayers against the FBR, added the officials.

They further said that the new system is in line with the FBR’s policy of automation and electronic integration of data. This will eliminate physical interaction between the taxpayers and tax adjudicators.

“The electronic maintenance of records of appeals will ensure exact trends of appeals orders and the nature of decisions issued by the Commissioner Appeals,” said the officials.

Most importantly the speedy disposal of cases and hearing of appeals will be possible through the new electronic appeal filing system. This will also end the manual maintenance of records at the level of Commissioner Appeals averting any possibility of loss of documents or tampering of records, officials added.

For the first time, the Commissioner Appeals will be able to hear cases without delays during the Covid situation.

The FBR stated that the appeal shall also be electronically transmitted to the respondent through Iris. Where an appeal is not filed electronically in the manner specified, an electronic notice shall be issued within three days requiring the appellant or his authorized representative to bring the appeal in conformity with the rules, within the time limitation.

The Commissioner (Appeals) shall issue notices electronically to both the parties to the appeal informing them about the date and place of hearing of appeal or the stay application as the case may be.

The Commissioner Inland Revenue (Appeals) shall issue notices electronically to both parties for providing them a reasonable opportunity to present their stance in case of an increase in the amount of any assessment order or decrease in the amount of any refund.

He shall make sure that orders/decisions received from the Tribunal or Higher Courts and all other documents which have been received manually from quarters other than the appellant are immediately uploaded in Iris in a soft form with the relevant case on web portal.

The order passed electronically on the Iris web portal shall not require any seal or signature of the Commissioner (Appeals). The date of the order shall be the date as mentioned on the order generated by the system.

No case pertaining to the Tax Year 2014 onwards, shall be filed manually from January 1, 2021, and the cases already filed manually before the said date shall be proceeded as per the SRO 279(1)/2018. All such cases shall be finalized as per law but not later than June 30, 2021.

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Designated Survivors Cast In Real Life

Designated Survivor, a political thriller series produced by David Guggenheim starring Kiefer Sutherland in lead role who suddenly becomes President of United States. In the series, Kiefer Sutherland starred as Tom Kirkman who has to keep his family and country from falling apart and at the same time his mission is to find the person behind the attack. Its first two seasons aired on ABC and the third season aired on Netflix.

The three seasons aired between 2016-2019 and it has been confirmed that there will not be fourth season as the last season had satisfactory ending. Let’s take you inside the lives of your favorite characters from Designated Survivor in this article.

Kiefer Sutherland (Tom Kirkman)
Kiefer Sutherland starred as Tom Kirkman, the President of the United States. He is award winning actor known for his promising roles in Young Guns, The Lost Boys, The Three Musketeers, A Time to Kill, Dark City and many more. His name has been inducted to the Hollywood Walk of Fame and in Canada’s Walk of Fame. Along with this, he is recipient of a Lifetime Achievement Award at the Zurich Film Festival.

Italia Ricci (Emily Rhodes)
Italia Ricci appeared as Emily Rhodes, White House Chief of Staff and Special Advisor in Designated Survivor. She has made her appearance in popular projects like How I Met Your Mother, House, Secret Girlfriend and Greek. In 2008, Ricci started dating actor Robbie Amell and later tied the knot in 2016. They were blessed with a child in 2019.

Maggie Q (Hannah Wells)
Maggie Q appeared as Hannah Wells, the FBI Agent in Designated Survivor series. She has worked in several films including Live Free or Die Hard, Priest, Fantasy Island, Divergent, Allegiant, and Mission: Impossible III. Apart from being a model and actress, she is quite vocal about animal rights and famously known as animal rights activist.

Adan Canto (Aaron Shore)
Adan Canto is a well known star known for his work in Sunspot, The Following, Blood and Oil, Narcos, and X-Men: Days of Future Past and many more. His short film named The Shot won Best Narrative Short Film. He met his wife Stephanie Lindquist while filming The Following and they are blessed with a child, Roman Alder Canto.

Kal Penn (Seth Wright)
As an actor, Kal Penn has starred in House, Harold and Kumar, The Namesake, How I Met Your Mother, Sunnyside and many more. He has served as the former White House Staff member during the Obama administration. Apart from this, he has also served as a visiting lecturer at the University of Pennsylvania.

Here are pictures of Kal Penn, have a look!

Natascha McElhone (Alex Kirkman)
Natascha McElhone starred as First Lady Alex Mirk in Designated Survivor series. Her other projects include Ronin, Solaris, Californication, The Fist and many more. She married Martin Hirigoyen Kelly and they lived with their three children, Otis, Theodore and Rex. However, her husband passed away which was great loss for their family. She kept on writing letters to him and those letters became basis for her book After You: Letters of Love and Loss, to a Husband and Father.

LaMonica Garrett (Mike Ritter)
LaMonica Garrett starred as Secret Service agent Mike Ritter and his character was loved by the audience. He remained part of the show till second season but later he revealed that due to budget constraints he can’t return to the show. Garrett dated Mina Ivanova for seven years and later they tied the knot.

Here are the pictures of LaMonica Garrett, check out!

Paulo Costanzo (Lyon Boone)
Lyon Boone’s role was played by Paulo Costanzo in the political thriller series, Designated Survivor. Apart from this he has starred in projects like Road Trip, Joey, Royal Pains, Animorphs and many more.

Tanner Buchanan (Leo Kirkman)
Tanner Buchanan played the role of Leo Kirkman, the son of Tom and Alex and older brother of Penny. In the series, Leo Kirkman was responsible for taking care and supporting his sister while his parents were busy in their work. He has played the role of Robby Keene in series Cobra Kai and also starred as Mason Kendall in series Game Shakers.

Zoe McLellan (Kendra Daynes)
Zoe McLellan is an American star known for her work in JAG, Dirty Sexy Money, and NCIS: New Orleans. McLellan tied the knot with J. P. Gillain and they had a baby, Sebastian but the couple got separated in 2014 and their divorce was finalized in 2016.

Have you watched Designated Survivor series? If not, then you can follow all three seasons on Netflix. Don’t forget to share with us about your favorite character from the show.

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Pakistan Can Become a Service and Software Powerhouse in The Region: Report

Launched at the ‘Accelerating a Sustainable Digital Economy’ summit held this week by SAMENA Council, a new report from Huawei and Arthur D. Little focusses on recommended policy actions for Middle East countries to realize their digital visions for a sustained economic recovery from the pandemic and enhanced resilience.

The new study focuses specifically on the Middle East and builds on an earlier collaborative report by Huawei and Arthur D. Little this summer titled “Think Digital. Think Archetype. Your Digital economy model.”

Pakistan is currently defined as an “ICT Novice” archetype, owing to the low adoption of ICT products and services and limited ICT infrastructure. That said, the report shows that with the right policies, it can leverage its low-cost base and large workforce to become a service and software powerhouse.

Arthur D. Little suggests this can be achieved by uplifting the supply and demand sides of the digital economy in tandem, improving digital infrastructure, access, and capabilities, while fostering a strong ecosystem around clusters of strategic industries such as software and entertainment. In all, the consultancy group has estimated gains in excess of US$1.9 billion and thousands of high-quality jobs can be created.

The digital economy is estimated to account for 4.5 to 15.5 percent of world GDP today, depending on the definition. In its broadest definition, this equates to US$11.5 trillion and is growing at around 3x the rate of overall GDP.

In the Middle East, Arthur D. Little estimates the digital economy’s contribution to GDP ranges from 6.4 percent in Saudi Arabia, 4.3 percent in UAE, 2.1 percent in Oman, and 1 percent in Pakistan, compared to 9 percent in the USA and 7.7 percent in the UK. This illustrates the scale of the digital gap to be unlocked in the region if the correct policies are implemented.

Accelerating digitalization will boost industrial growth and productivity, improve societal well-being, and benefit consumers via cost and time savings. “Successful digital economies require a whole range of infrastructure and capabilities, but countries often have scarce resources and finite funds. Choosing and prioritizing focus areas is therefore key,” said Rajesh Duneja, Partner at Arthur D. Little.

“As the digital economy becomes a key driving force behind economic development in the Middle East, we must continue to measure the true impact of its development, and the best practices that are helping countries to succeed today. At Huawei, working collectively with global institutions and think tanks in the areas of theory and research are incredibly important to achieving this end,” noted a Huawei executive.

The report details the gaps in the digital economy holding back achievement of their respective digital visions, and the recommendations to lead to value-creating outcomes.

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SBP Reserves Increased by $484 Million in One Week

Foreign exchange reserves held by the State Bank have continued to see consistent inflows which recorded an increase of $484 million or 3.74% during the week ending on November 20.

According to the State Bank of Pakistan, overall liquid foreign currency reserves held by the country surged to a quite comfortable position of $20.5 billion.

SBP’s reserves saw an increase of $484 million to $13.415 billion as compared to $12.931 billion due to official inflows from the Government of Pakistan on the account of loans.

Also, the foreign exchange reserves maintained in the account of commercial banks stood at $7.137 billion by the end of November-20.

Foreign exchange inflows continued to maintain a positive trend in the last few weeks. The government not only received loans from various agencies but inflows of foreign exchange also came from overseas Pakistan through Roshan Digital Account wherein handsome value of investments were received from expatriate Pakistanis.

The consistent upsurge of foreign exchange level also strengthened the value of the Rupee against the Dollar.

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