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World Economic Forum leads creation of fintech cybersecurity consortium

NEW YORK: The World Economic Forum has led the creation of an industry consortium focused on improving the cybersecurity of financial technology companies, as collaboration between fintechs and financial institutions grows. The consortium’s founding members include Citigroup Inc, online lender Kabbage, the Depository Trust & Clearing Corporation, Zurich Insurance Group and Hewlett Packard Enterprise, the companies said on Tuesday. The group will create a framework to assess the security level of fintech companies…

America First does not mean America alone: President Trump

DAVOS: United States President Donald Trump told the world’s business elite that America First does not mean America alone, and that the US is open for business and more competitive than ever. “I believe in America. As President of the United States, I will always put America First. Just like the leaders of other countries should put their countries first,” he said while addressing the annual meeting of the World Economic Forum in Davos. “America First does not mean America alone.” Trump said he is here to represent the…

‘Uber should not be shut down’

DAVOS: British Prime Minister Theresa May said on Thursday that taxi company Uber should not be shut down but instead should comply better with labour and safety standards. “We need to make sure that our employment law keeps pace with the way that technology is shaping modern working practices,” May told business leaders meeting at the Swiss ski resort of Davos. “Take the example of Uber ... a company that has got things wrong along the way, with safety issues and concerns over protections for its workers,” she…

Women should never listen to anyone who tells them how to dress: Malala

Nobel Peace Prize laureate and education activist Malala Yousafzai on Thursday said that women should never listen to anyone who tells them how to dress or how to act or walk or talk. “It should not be the decision of anyone else to tell women how to dress, how to speak, how to act, how to walk or how to talk. As long it’s the women’s decision, as long as it’s her choice, it is okay. There is no standard that defines women to dress like this way or talk this way," she said during a session of the World Economic Forum…

CPEC made Pakistan most visible part of BRI: PM Abbasi

DAVOS: Prime Minister Shahid Khaqan Abbasi on Wednesday said that China's Belt and Road Initiative would link together a number of countries, regions and civilizations and will result in shared prosperity. Speaking during the  'Belt and Road Impact' debate of the World Economic Forum in Davos, the Prime Minister said BRI is physical manifestation of the bonds between countries that existed through history and Pakistan today is most visible part of the BRI because of China-Pakistan Economic Corridor. The premier…

Pakistan ranks 47th on WEF’s Inclusive Development Index – much better than India

Pakistan was ranked at the 47th place among emerging economies on an Inclusive Development Index, while India is behind Pakistan at the 62nd rank, according to World Economic Forum. (WEF) Norway remains the world's most inclusive advanced economy, while Lithuania again tops the list of emerging economies, the World Economic Forum (WEF) said while releasing the yearly index here before the start of its annual meeting, to be attended by several world leaders including  US President Donald Trump. The index takes into…

Pakistan could become the world’s 20th largest economy by 2030: report

Pakistan is expected to be among the world’s most powerful economies by 2030, said a report carried by World Economic Forum on its website. The report, titled "The long view: how will the global economic order change by 2050?" ranked 32 countries by their projected global gross domestic product by Purchasing Power Parity (PPP). It was prepared by PricewaterhouseCoopers, one of the world's largest professional-services firms. PPP is used by macroeconomists to determine the economic productivity and standards of living…

Pakistan climbs up in WEF’s global travel & tourism ranking

Pakistan has increased its ranking by one point - currently at 124 out of 136 countries – according to the Travel and Tourism Competitiveness Index 2017 released by the World Economic Forum. In 2016, Pakistan witnessed less than a million international tourists, with an average receipt per arrival estimated  at $328.3. The total receipts from international tourism amounted to $317 million. The travel and tourism industry in Pakistan has a share of 2.8 percent of GDP and is worth $7.362 billion. It employs slight less…

Davos: 5 key themes this year

DAVOS, SWITZERLAND: The global elite wraps up its talkathon in the Swiss ski resort of Davos on Friday -- around the same time as Donald Trump enters the White House on a wave of anti-elitist anger. Here are five key themes from this year's World Economic Forum, which gathers movers and shakers from business, politics, academia and showbiz every year for a week of earnest debate and extravagant partying. China: globalisation's new saviour? China's President Xi Jinping emerged as an unlikely capitalist hero as Davos…