This is an updated copy of the version on BadHistory. I plan to update it in accordance with the feedback I got.
I'd like to thank two people who will remain anonymous for helping me greatly with this post (you know who you are)
Three years ago a festschrift for Binay Bhushan Chaudhuri was published by Shubhra Chakrabarti, a history teacher at the University of Delhi and Utsa Patnaik, a Marxist economist who taught at JNU until 2010.
One of the essays in the festschirt by Utsa Patnaik was an attempt to quantify the "drain" undergone by India during British Rule. Her conclusion? Britain robbed India of $45 trillion (or £9.2 trillion) during their 200 or so years of rule. This figure was immensely popular, and got republished in several major news outlets (here, here, here, here (they get the number wrong) and more recently here), got a mention from the Minister of External Affairs & returns 29,100 results on Google. There's also plenty of references to it here on Reddit.
Patnaik is not the first to calculate such a figure. Angus Maddison thought it was £100 million, Simon Digby said £1 billion, Javier Estaban said £40 million see Roy (2019). The huge range of figures should set off some alarm bells.
So how did Patnaik calculate this (shockingly large) figure? Well, even though I don't have access to the festschrift, she conveniently has written an article detailing her methodology here. Let's have a look.

How exactly did the British manage to diddle us and drain our wealth’ ? was the question that Basudev Chatterjee (later editor of a volume in the Towards Freedom project) had posed to me 50 years ago when we were fellow-students abroad.

This is begging the question.

After decades of research I find that using India’s commodity export surplus as the measure and applying an interest rate of 5%, the total drain from 1765 to 1938, compounded up to 2016, comes to £9.2 trillion; since $4.86 exchanged for £1 those days, this sum equals about $45 trillion.

This is completely meaningless. To understand why it's meaningless consider India's annual coconut exports. These are almost certainly a surplus but the surplus in trade is countered by the other country buying the product (indeed, by definition, trade surpluses contribute to the GDP of a nation which hardly plays into intuitive conceptualisations of drain).
Furthermore, Dewey (2019) critiques the 5% interest rate.

She [Patnaik] consistently adopts statistical assumptions (such as compound interest at a rate of 5% per annum over centuries) that exaggerate the magnitude of the drain

Moving on:

The exact mechanism of drain, or transfers from India to Britain was quite simple.

Convenient.

Drain theory possessed the political merit of being easily grasped by a nation of peasants. [...] No other idea could arouse people than the thought that they were being taxed so that others in far off lands might live in comfort. [...] It was, therefore, inevitable that the drain theory became the main staple of nationalist political agitation during the Gandhian era.

- Chandra et al. (1989)

The key factor was Britain’s control over our taxation revenues combined with control over India’s financial gold and forex earnings from its booming commodity export surplus with the world. Simply put, Britain used locally raised rupee tax revenues to pay for its net import of goods, a highly abnormal use of budgetary funds not seen in any sovereign country.

The issue with figures like these is they all make certain methodological assumptions that are impossible to prove. From Roy in Frankema et al. (2019):

the "drain theory" of Indian poverty cannot be tested with evidence, for several reasons. First, it rests on the counterfactual that any money saved on account of factor payments abroad would translate into domestic investment, which can never be proved. Second, it rests on "the primitive notion that all payments to foreigners are "drain"", that is, on the assumption that these payments did not contribute to domestic national income to the equivalent extent (Kumar 1985, 384; see also Chaudhuri 1968). Again, this cannot be tested. [...] Fourth, while British officers serving India did receive salaries that were many times that of the average income in India, a paper using cross-country data shows that colonies with better paid officers were governed better (Jones 2013).

Indeed, drain theory rests on some very weak foundations. This, in of itself, should be enough to dismiss any of the other figures that get thrown out. Nonetheless, I felt it would be a useful exercise to continue exploring Patnaik's take on drain theory.

The East India Company from 1765 onwards allocated every year up to one-third of Indian budgetary revenues net of collection costs, to buy a large volume of goods for direct import into Britain, far in excess of that country’s own needs.

So what's going on here? Well Roy (2019) explains it better:

Colonial India ran an export surplus, which, together with foreign investment, was used to pay for services purchased from Britain. These payments included interest on public debt, salaries, and pensions paid to government offcers who had come from Britain, salaries of managers and engineers, guaranteed profts paid to railway companies, and repatriated business profts. How do we know that any of these payments involved paying too much? The answer is we do not.

So what was really happening is the government was paying its workers for services (as well as guaranteeing profits - to promote investment - something the GoI does today Dalal (2019), and promoting business in India), and those workers were remitting some of that money to Britain. This is hardly a drain (unless, of course, Indian diaspora around the world today are "draining" it). In some cases, the remittances would take the form of goods (as described) see Chaudhuri (1983):

It is obvious that these debit items were financed through the export surplus on merchandise account, and later, when railway construction started on a large scale in India, through capital import. Until 1833 the East India Company followed a cumbersome method in remitting the annual home charges. This was to purchase export commodities in India out of revenue, which were then shipped to London and the proceeds from their sale handed over to the home treasury.

While Roy's earlier point argues better paid officers governed better, it is honestly impossible to say what part of the repatriated export surplus was a drain, and what was not. However calling all of it a drain is definitely misguided.
It's worth noting that Patnaik seems to make no attempt to quantify the benefits of the Raj either, Dewey (2019)'s 2nd criticism:

she [Patnaik] consistently ignores research that would tend to cut the economic impact of the drain down to size, such as the work on the sources of investment during the industrial revolution (which shows that industrialisation was financed by the ploughed-back profits of industrialists) or the costs of empire school (which stresses the high price of imperial defence)

Since tropical goods were highly prized in other cold temperate countries which could never produce them, in effect these free goods represented international purchasing power for Britain which kept a part for its own use and re-exported the balance to other countries in Europe and North America against import of food grains, iron and other goods in which it was deficient.

Re-exports necessarily adds value to goods when the goods are processed and when the goods are transported. The country with the largest navy at the time would presumably be in very good stead to do the latter.

The British historians Phyllis Deane and WA Cole presented an incorrect estimate of Britain’s 18th-19th century trade volume, by leaving out re-exports completely. I found that by 1800 Britain’s total trade was 62% higher than their estimate, on applying the correct definition of trade including re-exports, that is used by the United Nations and by all other international organisations.

While interesting, and certainly expected for such an old book, re-exporting necessarily adds value to goods.

When the Crown took over from the Company, from 1861 a clever system was developed under which all of India’s financial gold and forex earnings from its fast-rising commodity export surplus with the world, was intercepted and appropriated by Britain. As before up to a third of India’s rising budgetary revenues was not spent domestically but was set aside as ‘expenditure abroad’.

So, what does this mean? Britain appropriated all of India's earnings, and then spent a third of it aboard? Not exactly. She is describing home charges see Roy (2019) again:

Some of the expenditures on defense and administration were made in sterling and went out of the country. This payment by the government was known as the Home Charges. For example, interest payment on loans raised to finance construction of railways and irrigation works, pensions paid to retired officers, and purchase of stores, were payments in sterling. [...] almost all money that the government paid abroad corresponded to the purchase of a service from abroad. [...] The balance of payments system that emerged after 1800 was based on standard business principles. India bought something and paid for it. State revenues were used to pay for wages of people hired abroad, pay for interest on loans raised abroad, and repatriation of profits on foreign investments coming into India. These were legitimate market transactions.

Indeed, if paying for what you buy is drain, then several billions of us are drained every day.

The Secretary of State for India in Council, based in London, invited foreign importers to deposit with him the payment (in gold, sterling and their own currencies) for their net imports from India, and these gold and forex payments disappeared into the yawning maw of the SoS’s account in the Bank of England.

It should be noted that India having two heads was beneficial, and encouraged investment per Roy (2019):

The fact that the India Office in London managed a part of the monetary system made India creditworthy, stabilized its currency, and encouraged foreign savers to put money into railways and private enterprise in India. Current research on the history of public debt shows that stable and large colonies found it easier to borrow abroad than independent economies because the investors trusted the guarantee of the colonist powers.

Against India’s net foreign earnings he issued bills, termed Council bills (CBs), to an equivalent rupee value. The rate (between gold-linked sterling and silver rupee) at which the bills were issued, was carefully adjusted to the last farthing, so that foreigners would never find it more profitable to ship financial gold as payment directly to Indians, compared to using the CB route. Foreign importers then sent the CBs by post or by telegraph to the export houses in India, that via the exchange banks were paid out of the budgeted provision of sums under ‘expenditure abroad’, and the exporters in turn paid the producers (peasants and artisans) from whom they sourced the goods.

Sunderland (2013) argues CBs had two main roles (and neither were part of a grand plot to keep gold out of India):

Council bills had two roles. They firstly promoted trade by handing the IO some control of the rate of exchange and allowing the exchange banks to remit funds to India and to hedge currency transaction risks. They also enabled the Indian government to transfer cash to England for the payment of its UK commitments.

The United Nations (1962) historical data for 1900 to 1960, show that for three decades up to 1928 (and very likely earlier too) India posted the second highest merchandise export surplus in the world, with USA in the first position. Not only were Indians deprived of every bit of the enormous international purchasing power they had earned over 175 years, even its rupee equivalent was not issued to them since not even the colonial government was credited with any part of India’s net gold and forex earnings against which it could issue rupees. The sleight-of-hand employed, namely ‘paying’ producers out of their own taxes, made India’s export surplus unrequited and constituted a tax-financed drain to the metropolis, as had been correctly pointed out by those highly insightful classical writers, Dadabhai Naoroji and RCDutt.

It doesn't appear that others appreciate their insight Roy (2019):

K. N. Chaudhuri rightly calls such practice ‘confused’ economics ‘coloured by political feelings’.

Surplus budgets to effect such heavy tax-financed transfers had a severe employment–reducing and income-deflating effect: mass consumption was squeezed in order to release export goods. Per capita annual foodgrains absorption in British India declined from 210 kg. during the period 1904-09, to 157 kg. during 1937-41, and to only 137 kg by 1946.

Dewey (1978) points out reliability issues with Indian agriculutural statistics, however this calorie decline persists to this day. Some of it is attributed to less food being consumed at home Smith (2015), a lower infectious disease burden Duh & Spears (2016) and diversified diets Vankatesh et al. (2016).

If even a part of its enormous foreign earnings had been credited to it and not entirely siphoned off, India could have imported modern technology to build up an industrial structure as Japan was doing.

This is, unfortunately, impossible to prove. Had the British not arrived in India, there is no clear indication that India would've united (this is arguably more plausible than the given counterfactual¹). Had the British not arrived in India, there is no clear indication India would not have been nuked in WW2, much like Japan. Had the British not arrived in India, there is no clear indication India would not have been invaded by lizard people, ~~much like Japan.~~ The list continues eternally.
Nevertheless, I will charitably examine the given counterfactual anyway. Did pre-colonial India have industrial potential? The answer is a resounding no.
From Gupta (1980):

This article starts from the premise that while economic categories - the extent of commodity production, wage labour, monetarisation of the economy, etc - should be the basis for any analysis of the production relations of pre-British India, it is the nature of class struggles arising out of particular class alignments that finally gives the decisive twist to social change. Arguing on this premise, and analysing the available evidence, this article concludes that there was little potential for industrial revolution before the British arrived in India because, whatever might have been the character of economic categories of that period, the class relations had not sufficiently matured to develop productive forces and the required class struggle for a 'revolution' to take place.

A view echoed in Raychaudhuri (1983):

Yet all of this did not amount to an economic situation comparable to that of western Europe on the eve of the industrial revolution. Her technology - in agriculture as well as manufacturers - had by and large been stagnant for centuries. [...] The weakness of the Indian economy in the mid-eighteenth century, as compared to pre-industrial Europe was not simply a matter of technology and commercial and industrial organization. No scientific or geographical revolution formed part of the eighteenth-century Indian's historical experience. [...] Spontaneous movement towards industrialisation is unlikely in such a situation.

So now we've established India did not have industrial potential, was India similar to Japan just before the Meiji era? The answer, yet again, unsurprisingly, is no. Japan's economic situation was not comparable to India's, which allowed for Japan to finance its revolution. From Yasuba (1986):

All in all, the Japanese standard of living may not have been much below the English standard of living before industrialization, and both of them may have been considerably higher than the Indian standard of living. We can no longer say that Japan started from a pathetically low economic level and achieved a rapid or even "miraculous" economic growth. Japan's per capita income was almost as high as in Western Europe before industrialization, and it was possible for Japan to produce surplus in the Meiji Period to finance private and public capital formation.

The circumstances that led to Meiji Japan were extremely unique. See Tomlinson (1985):

Most modern comparisons between India and Japan, written by either Indianists or Japanese specialists, stress instead that industrial growth in Meiji Japan was the product of unique features that were not reproducible elsewhere. [...] it is undoubtably true that Japan's progress to industrialization has been unique and unrepeatable

So there you have it. Unsubstantiated statistical assumptions, calling any number you can a drain & assuming a counterfactual for no good reason gets you this $45 trillion number. Hopefully that's enough to bury it in the ground.
^{1. Several authors have affirmed that Indian identity is a colonial artefact. For example see} ^{Rajan 1969}^:

^{Perhaps the single greatest and most enduring impact of British rule over India is that it created an Indian nation, in the modern political sense. After centuries of rule by different dynasties overparts of the Indian sub-continent, and after about 100 years of British rule, Indians ceased to be merely Bengalis, Maharashtrians,or Tamils, linguistically and culturally.}

^{or see} ^{Bryant 2000}^:

^{But then, it would be anachronistic to condemn eighteenth-century Indians, who served the British, as collaborators, when the notion of 'democratic' nationalism or of an Indian 'nation' did not then exist.} ^[...] ^{Indians who fought for them, differed from the Europeans in having a primary attachment to a non-belligerent religion, family and local chief, which was stronger than any identity they might have with a more remote prince or 'nation'.}

Bibliography

Chakrabarti, Shubra & Patnaik, Utsa (2018). Agrarian and other histories: Essays for Binay Bhushan Chaudhuri. Colombia University Press
Hickel, Jason (2018). How the British stole $45 trillion from India. The Guardian
Bhuyan, Aroonim & Sharma, Krishan (2019). The Great Loot: How the British stole $45 trillion from India. Indiapost
Monbiot, George (2020). English Landowners have stolen our rights. It is time to reclaim them. The Guardian
Tsjeng, Zing (2020). How Britain Stole $45 trillion from India with trains | Empires of Dirt. Vice
Chaudhury, Dipanjan (2019). British looted $45 trillion from India in today’s value: Jaishankar. The Economic Times
Roy, Tirthankar (2019). How British rule changed India's economy: The Paradox of the Raj. Palgrave Macmillan
Patnaik, Utsa (2018). How the British impoverished India. Hindustan Times
Tuovila, Alicia (2019). Expenditure method. Investopedia
Dewey, Clive (2019). Changing the guard: The dissolution of the nationalist–Marxist orthodoxy in the agrarian and agricultural history of India. The Indian Economic & Social History Review
Chandra, Bipan et al. (1989). India's Struggle for Independence, 1857-1947. Penguin Books
Frankema, Ewout & Booth, Anne (2019). Fiscal Capacity and the Colonial State in Asia and Africa, c. 1850-1960. Cambridge University Press
Dalal, Sucheta (2019). IL&FS Controversy: Centre is Paying Up on Sovereign Guarantees to ADB, KfW for Group's Loan. TheWire
Chaudhuri, K.N. (1983). X - Foreign Trade and Balance of Payments (1757–1947). Cambridge University Press
Sunderland, David (2013). Financing the Raj: The City of London and Colonial India, 1858-1940. Boydell Press
Dewey, Clive (1978). Patwari and Chaukidar: Subordinate officials and the reliability of India’s agricultural statistics. Athlone Press
Smith, Lisa (2015). The great Indian calorie debate: Explaining rising undernourishment during India’s rapid economic growth. Food Policy
Duh, Josephine & Spears, Dean (2016). Health and Hunger: Disease, Energy Needs, and the Indian Calorie Consumption Puzzle. The Economic Journal
Vankatesh, P. et al. (2016). Relationship between Food Production and Consumption Diversity in India – Empirical Evidences from Cross Section Analysis. Agricultural Economics Research Review
Gupta, Shaibal (1980). Potential of Industrial Revolution in Pre-British India. Economic and Political Weekly
Raychaudhuri, Tapan (1983). I - The mid-eighteenth-century background. Cambridge University Press
Yasuba, Yasukichi (1986). Standard of Living in Japan Before Industrialization: From what Level did Japan Begin? A Comment. The Journal of Economic History
Tomblinson, B.R. (1985). Writing History Sideways: Lessons for Indian Economic Historians from Meiji Japan. Cambridge University Press
Rajan, M.S. (1969). The Impact of British Rule in India. Journal of Contemporary History
Bryant, G.J. (2000). Indigenous Mercenaries in the Service of European Imperialists: The Case of the Sepoys in the Early British Indian Army, 1750-1800. War in History

In 1947, India had just Rs 1500 crore cash. Today, we are about to cross $500 billion in foreign reserves. We have come a long way

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India should take this opportunity to hedge it's oil supply

Some news you may have missed out on part 134.

-Rupee continues to recover, gains Rs4.16 in four months
The Pakistani rupee has maintained a gradual uptrend against the US dollar since the beginning of current fiscal year in July and is anticipated to gain more ground in the remaining eight months amid expectations of increase in foreign currency inflows.
The rupee gradually strengthened Rs4.16 or 2.60% in the past around four months to Rs155.88 to the US dollar in the inter-bank market on Friday, according to the State Bank of Pakistan (SBP). “The rupee may recover to 145 to the greenback by June 30, 2020,” Forex Association of Pakistan (FAP) President Malik Bostan projected while talking to The Express Tribune.
Further: -In a positive development, Pakistani Rupee hits highest level of four months against US dollar
The Pakistani rupee has shown recovery against the US dollar as the US currency reached the lowest level in four months.
-ExxonMobil to help build LNG terminal in Pakistan
After getting a liquefied natural gas (LNG) supply contract from private-sector consumers, US energy giant ExxonMobil is planning to build the third LNG terminal in Karachi as a joint-venture partner.
Some time ago, ExxonMobil, in collaboration with Pakistan’s exploration and production companies, drilled an offshore well to search for hydrocarbon reserves in the Arabian Sea. However, the effort could not prove successful. Now, in a new venture with Energas consortium, the US firm is going to invest in setting up an LNG terminal in Pakistan.
-Pakistan's Hindu community celebrates Diwali today in a renovated temple reopened by the Pakistan government after 72 years
he country’s Hindu community is celebrating the annual religious festival of Diwali. The religious festivities are expected to take place in Shawala Teja Singh Temple, located in Sialkot, after 72 years.
All preparations for the upcoming festival have been completed. The festival of Diwali is being seen as more of a cultural than a religious one as people from other faiths will celebrate alongside members of the Hindu community.
The temple, where the festivities will take place, was closed down in 1947. The Evacuee Trust Property Board (ETPB) and certain members of the Hindu community decided to open the temple a few months ago, after which the renewal and renovation work had begun. Now, for the first time, this temple is going to celebrate a religious ceremony.
-Tax Returns Filed Per Day in 2019 Have Increased by 127 Percent: FBR Chairman
Federal Board of Revenue’s (FBR) Chairman Syed Shabbar Zaidi has announced that on average, tax returns filed per day in 2019 have risen by 127 percent compared to last year. In a Twitter post, Zaidi shared details of the tax returns filed so far. As per the records, the number of tax returns filed in 2019 till October 25 stands at 918,027, as compared to 585,209 tax returns filed in the same period last year.
Zaidi said that as of November, the FBR will impose strict measures against unauthorized interactions and harassement between its staff and the business community. The business community is suggested to report to FBR if any person contacts them through any manner without proper authorization.
-Pakistan, Nepal agree to enhance trade ties
President Dr. Arif Alvi on Saturday held a meeting with the Nepal’s Prime Minister Khadga Prasad Sharma Oli on the sidelines of 18th Non Aligned Movement Summit in Baku, ARY News reported.
According to a statement issued by the ministry, both the leaders affirmed to enhance trade ties between the two countries and expressed their desire to further strengthen the bonds of friendship. Matters of mutual interest, bilateral relations, regional peace, grave human rights violations and humanitarian crisis in occupied Kashmir and other issues were came under discussion in the meeting.
Speaking on the occasion, President Alvi briefed the Nepalese prime minister on Indian illegal actions in occupied Kashmir. He expressed hope that Nepal will play its role as SAARC chair, for strengthening peace and stability in the region.
-CPEC enters into 2nd phase: Poverty, agriculture, B2B initiatives prime focus: Khusro
Federal Minister for Planning, Development & Reform Makhdoom Khusro Bakhtyar Wednesday said the CPEC has now entered into its second phase with focus on poverty alleviation, agriculture and B2B industrial cooperation.
“The Pakistan Tehreek-e-Insaf (PTI) government's economic reform measures will strengthen the country's economy as the investors' confidence is rebounding due to corrective measures," the minister expressed these views while talking to Australian High Commissioner Dr Geoffrey Shaw who called on him on Wednesday. Secretary Planning Zafar Hasan was also present in the meeting.
While discussing bilateral relations and foreign investment in various sectors in Pakistan especially in Gwadar, the minister said that ongoing phase of CPEC will bring about socioeconomic benefits for the welfare of the people. He said that CPEC offers enormous potential to boost national economy and reduce poverty.
-Pakistan's Defence Exports have reached USD 212.6 MILLION IN 2018-2019
According to the Pakistan Ministry of Defence Production’s (MoDP) “First Year Performance Report,” the country had registered $212.6 million US in defence exports from August 2018 to August 2019.
Pakistan Aeronautical Complex (PAC) booked the highest value at $184.38 million US, which was followed by Pakistan Ordnance Factories (POF) at $7.13 million US and Heavy Industries Taxila (HIT) at $1.3 million US. In addition, private sector firms booked $19.36 million US in sales.
No additional breakdowns were provided by the MoDP. It is likely that PAC’s exports were fueled by co-production work for FC-1/JF-17 sales to Myanmar and/or Nigeria. Though an agreement was signed with Turkey for the sale of 52 Super Mushshak basic trainers, it is unclear if PAC has started manufacturing these aircraft.
-DRAP to launch countrywide drive against substandard, spurious medicines
The Drug Regulatory Authority of Pakistan (DRAP) is launching a countrywide campaign against substandard medicines, the PM’s Special Assistant on Health Dr. Zafar Mirza said while addressing the federal and provincial drug inspectors in Islamabad on Thursday.
He said a crackdown is being launched throughout the country to eradicate the menace of unregistered, spurious and sub-standard medicine. In addition to medicine quality, he added, DRAP will also take stern action against violation of fixed prices of medicines.
-Foreign exchange: SBP reserves increase $79m to $7.89b
The foreign exchange reserves held by the central bank increased 1.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves.
On October 18, the foreign currency reserves held by the SBP were recorded at $7,892.7 million, up $79 million compared with $7,813.7 million in the previous week. The report cited no reason for the increase in reserves, which stood below the $8-billion mark.
-Ease of business: Pakistan up 28 places on World Bank index
Pakistan has jumped up 28 places on the World Bank’s (WB) Ease of Doing Business Index and secured a place among the top 10 countries with the most improved business climate – a development that will greatly improve Islamabad’s image abroad,
Pakistan carried out six reforms that helped improving its ranking from 136 to 108, according to the WB’s annual flagship report, ‘Ease of Doing Business 2020’, released on Thursday. It turned out to be the sixth global reformer and first in South Asia that brought ease in doing business in the last one year.
The fewer are the regulations the better is the ranking on the index. The key to attain perfection is to cut the bureaucracy hindering business activities in the name of various regulations and procedures.
-CM approves Rs 500m for Punjab Housing & Town Planning Agency
Punjab Chief Minister Sardar Usman Buzdar has given approval of Rs 500 million for Punjab Housing & Town Planning Agency. He gave approval while presiding over a high-level meeting at CM Office here on Monday. During the meeting progress on Naya Pakistan Housing Project for low-income persons was reviewed and detailed briefing was also given to the participants on Naya Pakistan Housing strategy.
While addressing the meeting, Usman Buzdar said that obstacles should be removed in order to ensure completion of Naya Pakistan Housing Scheme and financial conditions of common man should be kept in mind while chalking out housing policy of the project. All out attention should be paid while constructing small houses in the province, he added. It has also been decided during the meeting to launch rural housing project in 17 model villages.
-KSE 100 gains 204 points amid improved sentiments
The benchmark KSE 100 Index depicted remarkable progress as it gained around 204 points and concluded at 33,861-level.It was a busy start to the week at the Pakistan Stock Exchange (PSX) with earnings season hitting its peak, while volumes remained at par with previous weeks’ average.
Biggest single day investment in treasury bills in the previous week of estimated US $87.5 million, increasing total investment to US$440 million since July 2019 was the major rally point in the market sentiments.
The bourse recorded an intraday low of 33,572.36 soon after the commencement of the session. However, after regaining the momentum, the index marked its day’s high at 34,008.35 adding 350.89 points. It settled higher by 204.13 points at 33,861.59. The KMI 30 Index accumulated 386.53 points to settle at 55,155.92, while the KSE All Share Index managed to gain 86.13 points, ending at 24,543.78.
-Sindh to reserve 0.5% job quota for transgender persons
The Sindh Cabinet on Wednesday agreed to reserve 0.5 per cent quota in government jobs for transgender persons. “I want to bring transgender people into the mainstream,” said Sindh Chief Minister Syed Murad Ali Shah during the cabinet meeting. “We want to make them an asset for our society.”
CM Murad congratulated the transgender community on behalf of the cabinet and advised them to improve their education. Around 41,000 positions are vacant in different government departments across Sindh out of which 206 will be given to transgender people.
A spokesperson from the chief minister’s house stated that out of the 41,000 available jobs 16,000 positions will be filled this fiscal year. Rest of the positions will be filled in the period of next three years.
-Malaysia's Mahathir stands by Kashmir comments despite India palm oil boycott
Malaysian Prime Minister Mahathir Mohamad said on Tuesday he would not retract his criticism of New Delhi’s actions in occupied Kashmir despite Indian traders calling for an unprecedented boycott of Malaysian palm oil.
The impasse could exacerbate what Mahathir described as a trade war between the world’s second biggest producer and exporter of the commodity and its biggest buyer so far this year.
India’s top vegetable oil trade body on Monday asked its members to stop buying Malaysian palm oil after Mahathir said at the United Nations General Assembly last month that India had “invaded and occupied” Kashmir.
-“World’s two major companies setting up solar panel plants in Pakistan”
Federal Minister for Science and Technology Fawad Chaudhry announced on Monday that the world’s two major solar panel firms will establish their plants in Pakistan. The minister tweeted saying “good news gets lost in political plays, yet I am very happy that the world’s two major companies are setting up solar panel’s plants in Pakistan.”
Chaudhry added that China’s second-largest Lithium battery producer will also set up its workshop in Pakistan. The Lithium battery-powered buses will also be manufactured in Pakistan, the tweet further said. The Minister for Science and Technology was recently on a visit to Beijing where he met various Chinese officials and the country’s business leaders.
-Pakistan Navy organizes free medical camp in Balochistan
Navy organized a free medical camp in the village Dam of Balochistan in collaboration with Sahil and Ulfat welfare foundations. According to the spokesperson of Pakistan Navy, specialist doctors of surgical, medical, skin, gynecology, child and general medically inspected patients at the camp. Over 700 patients were provided with free medical treatment, medicines and ordinary surgical facilities.
-Lahore to get Tram service soon
Citizens of Lahore are getting a modern-day tram service soon, based on the famous British-era tram service. In this regard, the Punjab Transport Department has inked an agreement with CRSC International, a Chinese company specializing in rail transportation control systems, and Inkon Group of the Czech Republic.
The development of the project is divided into several phases. In the first phase, a 35 km track will be constructed on Canal Road, Lahore. Up to 50 trams will run on this track. Once operational, the trams will be able to carry 35,000 passengers in 1 hour. The trams will be powered through electricity and batteries. A single tram will have a service life of around 40 years. 2 tram depots will be constructed at different locations as well.
-10 Pakistani Universities Ranked Among the World’s Best in ‘University Impact Rankings 2019’
Ten Pakistani universities have been ranked among the top universities in the world in the Times Higher Education (THE)’s list. THE is a weekly UK-based magazine that issues its annual list of world’s most influential universities.
The list called ‘University Impact Rankings 2019’ has included 10 Pakistani varsities in different categories, including Gender Equality, Good Health and Well-being, Quality Education, Decent Work, Economic Growth, and others. According to the magazine, the rankings assess universities against the United Nations’ Sustainable Development Goals.
-PM Imran Khan inaugurates China-Hub Power Generation Plant in Balochistan
Prime Minister (PM) Imran Khan has said that Pakistan is moving forward through China-Pakistan Economic Corridor (CPEC) projects. Addressing inaugural ceremony of China Hub Power Generation Plant in Balochistan, he said this is the first joint project under the CPEC umbrella and he is very happy after inaugurating it.
“The government will facilitate joint collaboration between Pakistani and Chinese businesses in various sectors.”, he said. PM Imran Khan said with the help of coal reserves in Thar, Pakistan can generate huge amount of electricity, which can be enough for at least 100 years.
-Punjab Forest Department develops ‘record keeping’ mechanism
Department of Forest Punjab is managing 1.6 million acres of forest land area – 67 per cent of the entire forest land area in Punjab – under the Geographic Information System (GIS), Pakistan Today learnt reliably on Friday. The program enabled the forests department to ensure sound management and introduce state of the art record-keeping and mapping methods.
‘Development of GIS-Based Forest Management Information System in Punjab’ was approved at PC-1 with a cost of Rs75 million and a gestation period of 36 months (2016-2019) has allowed for transfer of all forest resources and inventories into IT-based inventory systems and achieved extensive field surveys, rapid data collection and its processing for development of the forestry sector on efficient lines.
-Hutchison Port Holdings announces $240m investment in Pakistan
Prime Minister Imran Khan has welcomed $240 million foreign investment from Hutchison Port Holdings, a Hong Kong-based port operator. A delegation of Hutchison Port Holdings, led by its Group Managing Director Eric Ip, called on Prime Minister Imran Khan on Tuesday. Other delegation members included HPH Middle East & Africa Managing Director Andy Tsoi and Middle East & Africa Business Director Eric Ng.
Maritime Affairs Minister Syed Ali Haider Zaidi, Adviser to PM on Commerce Abdul Razzaq Dawood, Special Assistant to PM on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari, Ambassador-at-Large for Foreign Investment Ali Jehangir Siddiqui and Board of Investment Chairman Zubair Haider Gilani were also present on the occasion. Group Managing Director Eric Ip apprised the prime minister of Hutchison’s fresh investment into Pakistan approximating $240 million which will enhance the new container terminal capacity at the Karachi Port, and increase Hutchison Ports’ total investment in Pakistan to $1 billion.
-Punjab's tax collection jumps 44%
Punjab’s tax collection registered a 44% growth to Rs77 billion in first quarter of the ongoing fiscal year compared to the corresponding period of previous year, despite tough conditions of the federal government for the provinces to get a share in the federal divisible pool of resources. Punjab Finance Minister Makhdoom Hashim Jawan Bakht disclosed this at a review meeting of the Finance Department on Monday.
The meeting was briefed that despite the financial backlog left by the previous government, the current government gave a surplus budget of Rs233 billion in order to meet financial requirements of the federal government to comply with conditions of the International Monetary Fund (IMF) loan programme.
-‘SECP recognised as 7th most effective regulator in world’
The Securities and Exchange Commission of Pakistan (SECP) has been recognised as the “7th most effective regulator” by the World Economic Forum in its ‘Global Competitiveness Report-2019’.
“Pakistan was ranked as the 52nd most dynamic economy in the world. The country secured this by improving 15 points from last year, as it stood at 67th in 2018,” said a statement issued by Mishal Pakistan, Country Partner at WEF’s Institute of the Future of Economic Progress System Initiative, on Wednesday. “The progress of Pakistan’s competitiveness was due to the achievements made during the last 12 months.”
The most effective improvements were made due to the initiative and strategies adopted by the apex regulator for the corporate sector and the capital markets; supervision and regulation of insurance, non-banking financial companies and private pension schemes. The SECP improved Pakistan’s competitiveness rankings by improving the “number of days to start a business”, where Pakistan was ranked at the 90th position compared with 96th in 2018.
-Pakistan China bilateral trade crosses $19 billion, highest ever in history
Pakistan Ambassador to China , Naghmana Hashmi has said the bilateral trade volume between Pakistan and China has now touched US $ 19.08 billion and both countries aimed to raise it further.
“The bilateral trade volume between Pakistan and China has now touched US$ 19.08. We aim to raise it further,” Ambassador Hashmi said joint ventures in defence production have led to the manufacture of the MBT 2000 Al-Khalid Tank and JF-17 Thunder, a fighter aircraft. “On the diplomatic front, the two countries are committed to protecting and promoting multilateralism and upholding the United Nations (UN)Charter, while our cooperation has extended to science and technology, socioeconomic sectors and nuclear cooperation for peaceful purposes,” she added.
-Foreign Company Agrees to Drop $6 Billion Penalty, Re-Invest in Reko Diq: Reports
The International Center of Settlement of Investment Disputes (ICSID) had slapped the country with a $6 billion penalty for revoking the contract without prior knowledge back in 2009. Soon after the development, the Prime Minister had empowered his financial team to contact the executives of the Tethyan Copper Company (TCC) to reach an out-of-court settlement and avoid the penalty.
Reportedly, after the Pakistan authority’s approach, the company has not only agreed to take back the penalty but has also agreed to invest in the project again. As per media reports, PM Imran Khan contacted the TCC management and discussed the prospects of the matter. He assured the company his full support if they wanted to revise the investment plan for the project. The company will reportedly withdraw its appeal from the ICSID, while Pakistan will compensate for their damages due to the cancelation of the contract.
-Current account deficit shrinks massive 64pc
The country’s current account deficit (cad) in the first quarter of current fiscal year declined by a huge 64 per cent mainly on the back of a 21pc reduction in the imports bill.
The State Bank’s latest data issued on Friday showed the current account deficit for July-September FY20 clocked in at $1.548 billion compared to $4.287bn in the same period last fiscal year; a decline of $2.739bn.
The reduced current account deficit is a positive omen for the government, which is struggling with slow economic growth and high inflation. However, despite massive decline in rupee’s value, the country’s exports have failed to register any noticeable increase during the period.
-Food imports down 24pc, exports up 14pc in Q1 FY20
Food group imports into the country during the first quarter of the current financial year (July-Sept 2019-20) decreased considerably by 24.7pc, whereas exports increased by 13.98pc compared with the corresponding period of last year.
The import of food commodities into the country during the period under review came down from $1.45 billion to $1 billion, whereas the exports increased from $864 million to $984.7 million, according to latest data released by the Pakistan Bureau of Statistics (PBS).
-Chinese Smartphone Company Realme to build mobile phone manufacturing factory in Pakistan
Chinese company Realme's Director of Marketing in Pakistan Mr He Shunzi in an interview disclosed that Realme is planning to set up the mobile phone manufacturing factory in Pakistan. He told that company is inspecting locations in Islamabad, Peshawar, and Faisalabad Industrial Estate for suitable land. Pakistani mobile market offers guaranteed capital as Realme ranked top five android brands in Pakistan in less than nine months, capturing 8% of total market share, he added.
-Chinese Coal Giant Wants to Convert Thar’s Coal to Diesel
China’s Shenhua Ningxia Coal Industry Group will help convert Thar’s coal into oil and the talks between the two parties are underway. The Shenhua Ningxia Coal Industry Group is a subsidiary of China’s biggest coal producer, the Shenhua Group and the company already has the world’s largest plant for converting coal into diesel, with an annual production capacity of 4 million tons in Ningxia in its portfolio.
The agreement, if signed, will be a ‘game-changer’ for Pakistan, believes Adviser to Prime Minister on Petroleum Nadeem Babar, who accompanied Imran Khan on his recent visit to China. The Pakistani delegation held talks with the Shenhua Group during the trip:
-In a positive development, Pakistan projected among top 20 rising economic growth engines of the World
Pakistan projected among 20 top rising economic growth engines of the World that would dominate the global growth in next 5 years. Pakistan has been projected as one of 20 countries that will dominate global growth in five years time in 2024, an assessment made by Bloomberg using data from the International Monetary Fund (IMF).
-In a positive development, Pakistan textile exports register increase
Textile exports from the country increased by 2.95pc during the first quarter of the current fiscal year (July-Sept FY20) compared with the corresponding period of the last fiscal year. The textile exports during the period under review were recorded at $3,371.974 million as against the exports of $3,275.303 million during July-September 2018-19, according to latest data by the Pakistan Bureau of Statistics (PBS).
The textile commodities that contributed to the positive growth included raw cotton, exports of which grew by 53.65pc, from $7.047 million to $10.828 million. Similarly, the exports of yarn (other than cotton yarn) increased by 21.95pc, from $7.759 million last year to $9.462 million, while that of knitwear surged by 11.14pc, from $701.393 million to $779.548 million.
-Kartarpur Corridor will open to public on November 9: PM Imran
Prime Minister Imran Khan on Sunday announced that Pakistan will inaugurate the Kartarpur Corridor on November 9. The premier’s announcement came via a Facebook post in which he said that construction work on the Pakistani side had entered the final stage. “Pakistan is all set to open its doors for Sikhs from all across the globe,” he wrote. “World’s largest Gurdwara will be visited by Sikhs from across India and other parts of the world,” he said.
-'$1.2b penalty in Karkey case likely to be waived'
Pakistan Tehreek-e-Insaf (PTI) leader and senior lawyer Babar Awan has said that the $1.2 billion penalty that Pakistan has to pay to Turkey’s Karkey rental power plant is likely to be waived.
“International institutions, through high-level backdoor contacts, have agreed to waive off the penalty. This is very good news for Pakistan,” said Awan while addressing the media on Friday. “International institutions have shown their trust in Prime Minister Imran Khan,” he added.
-Punjab Govt to Introduce a Unified Tax Collection System
Punjab government is contemplating the introduction of a unified tax collection system in the province. The unified system will streamline the tax collection process and facilitate the taxpayers. At the moment, Punjab Revenue Department, Excise and Taxation Department, and local administrations collect taxes in Punjab. On Sunday, Finance Minister of Punjab, Makhdoom Hashim Jawan Bakht, headed a meeting of Punjab Revenue Authority (PRA). Bakht said that a special tax management unit will be set up at the Punjab finance department that will unify tax collection all across the country.
-PM To Launch Clean Green Pakistan Index for Multiple Cities
Prime Minister’s Adviser on Climate Change, Malik Amin Aslam, said that Imran Khan will launch the Clean Green Pakistan Index (CGPI) at a grand launching ceremony on October 30. The initiative is aimed at introducing competition among cities on various indicators, including public access to clean drinking water, safe sanitation, effective solid waste management, and tree plantation.
The prime minister will announce a six-month competition among 19 cities of Punjab and Khyber-Pakhtunkhwa provinces, he added. The adviser said that after six months, these cities will be ranked again and those with prominent progress will be rewarded with special federal and provincial government funds and more cities will be joining the competition.
-PM Khan Will Lay The Foundation of Baba Guru Nanak University on Oct. 28
Prime Minister Imran Khan is going to lay the foundation stone of Baba Guru Nanak University on October 28. The establishment of this university in Nankana Sahib was announced earlier this year when PM Khan was in the town for a Spring Tree Plantation Campaign.
-Sindh govt invites bids for Dhabeji SEZ
The Sindh government has launched the well-connected Dhabeji Special Economic Zone in district Thatta near Port Qasim, according to a statement issued on Monday. In this connection, the Sindh Economic Zones Management Company (SEZMC), being the provincial SEZ custodian, has invited proposals for the development and operation of Dhabeji project through an advertisement published in leading national and international newspapers.
Dhabeji SEZ was highlighted in the recent meeting of the China-Pakistan Economic Corridor (CPEC) Joint Working Group on Industrial Cooperation. The senior officials of China’s National Development Reforms Commission (NDRC) appreciated the Sindh government on the progress made so far. The Sindh government launched the project through an international competitive bidding process as a build-up to the upcoming 10th Joint Coordination Committee (JCC) meeting between China and Pakistan, which would be held next month.
-Rice exports surge 51pc in first quarter FY20
Rice exports from the country during the first quarter of the financial year 2019-20 grew by 50.76pc as compared to the corresponding period last year. During the July-September period, about 839,356 metric tonnes of rice, worth $470.584 million, were exported as compared the exports of 551.5,86 metric tonnes, valuing $312.147 million, during the same period of FY19.
According to data released by the Pakistan Bureau of Statistics, the exports of basmati rice increased by 47.29pc, as 212,873 metric tonnes of basmati rice ($194.669 million) were exported during the first quarter of FY20, as compared the 127,669 metric tonnes ($132.166 million) in the same period of last year. Meanwhile, 34,090 metric tonnes of fish and fish preparations worth $79.549 million were also exported in the period under review as compared to the exports of 25,859 metric tonnes valuing $67.294 million during the same period of last year.

Yes, China is Hoarding Gold: Is That Positive for Prices?

In mid-2015, China ended years of speculation over its gold reserves by announcing that it had 1,658 tons of gold. The People’s Bank of China (PBOC) had increased its official gold holdings by 60% since its last disclosure in 2009. China had 1,054 tons of gold in its reserves as of April 2009.
By 2015, the price of bullion had dipped to its lowest since the 2011 gold bull run that pushed the metal to highs of $1,900 per ounce. The East Asian economic giant had been accumulating gold as the USD strengthened, pushing the prices of bullion to some of the lowest levels of the decade.
China is an export powerhouse and is not only the world’s largest exporter but also the largest holder of foreign exchange (forex) reserves. The country has over $3.11 trillion worth of foreign exchange holdings, to shield it during economic emergencies.
These vast forex reserves also buoy its native currency and give it much-needed clout in international affairs. These immense reserves increase the footprint of the US dollar in international trade. Its dollar reserves have also been a significant contributor to the current global savings glut.
The Chinese manufacturing sector holds a lot of US government bonds, and these savings — plus those made by other Asian countries — have directed mass capital flows to US households.
Beijing has, however, clarified that it is diversifying its reserves away from the dollar.
Beijing is highly exposed to American currency. Its overdependence on the dollar has been behind its silent gold-buying spree that raised its reserves from 1,658 tons in 2015 to 1,848.31 tons by the fourth quarter of 2019.
Economists note that China’s bid to decouple from the dollar heightened with the China-US trade war. The US threatened not only Chinese stocks listed in the US with delisting, but slapped massive tariffs on their exports. China, on the other hand, used its dollar-pegged currency, the Yuan, to fight back against the US’s punitive measures.

China Diversifying its Forex Reserves

In August, the PBOC allowed the Yuan’s value to fall against the dollar to cheapen its exports. The move increased the prices of American goods, a move that not only caused a massive shockwave in the market but also angered the US president so much that he called China an outright currency manipulator.
Besides diversifying to other currencies, China has also accumulated “shadow reserves.” Diversification away from the USD will also give the Yuan a more significant role in global finance. It is this Chinese desire to counteract a highly US dollar-centric system that has seen the country buy up massive amounts of gold as part of its alternative investments.
One factor that has gone almost unnoticed is the massive accumulation of gold by Chinese citizens. They have collectively imported over 12,000 tons of gold into the country since 2009. Switzerland is the world’s largest importer of gold, buying about 22% of all global gold imports as per 2018 data.
It is closely followed by China, which raked in close to 16% of all gold imports in the same year. Hong Kong, India, and the United Kingdom are also part of the world’s biggest gold-buyer markets. Switzerland might be a global leader in gold imports, but it is also the largest exporter of the premier precious metal.
The central European country is a gold refinery hub, and it is home to four of the world’s largest gold refineries. The mountainous country is home to Newmont Mining’s Valcambi SA, which refines close to 1,400 metric tonnes of the precious metal every year.
Switzerland is such an exporter of gold that of the 3,100 tons of the yellow metal produced in the country in 2016, 2,716 tons went to exports.

China Keeps Most of its Gold

China is the world’s second-largest importer of gold, but unlike Switzerland, most of the gold China imports remain in China. As an illustration, China imported $64 billion worth of gold in 2016, and only exported a paltry $1.2 billion worth of it. In essence, China was $62.7 billion richer by the end of that year.
The East Asian nation not only stores its imports but also buys a large share from Hong Kong, the fifth most prolific importer of the precious metal. The Pearl of the Orient bought 842 tons or 8.7% of the world’s gold imports in 2016. In that year, Hong Kong sold 1,337 tons to China, dipping its hands into its reserves in its bid to meet the insatiable Chinese demand for gold.
The Chinese have not always had it easy with gold. Mao Zedong banned the individual purchase of gold, and the ban was enforced for decades afterward. The Chinese bank was the only buyer of gold in the country, and it only allocated its gold reserves to a small number of state-owned jewelers.
In the early 2000s, the ban on individual gold purchases was lifted, and the Chinese gold rush began in earnest. The world’s busiest physical gold exchange was launched and opened to the public, flourishing as the government put measures in place that encouraged the gold trade.
This excitement and clamor for gold moved a lot of gold from western vaults to the east as the most massive movement of gold recorded in recent history took place.
Since then, the Chinese demand for gold takes 14% of the world’s supply, yet the country has been the largest producer of the yellow metal since 2007. The nation consumes over two times more gold than it mines with a large percentage of its citizens spending massive amounts of cash on gold adornments.
Many Chinese millennials spend thousands of Yuan on fashionable jewelry. Their parents, on the other hand, buy 24-carat clunky gold jewelry, the perfect investment vehicle for that generation.
The jewelry — evocative of gold ingots — is easy to sell and the money recouped when the need arises. They also buy matt ranges of gold jewelry, shunning tacky pure gold adornments for creative and lower carat gold designs.

Gold is a Safer Investment in a Debt-Ridden Global Economy

China has been a net importer of gold since the 1990s, but its significant purchases have increased since the global economic recession. The Chinese central bank — the supervisors of the Shanghai Gold Exchange — has encouraged the gold trade in the country by enabling the commerce of fine gold at its lowest spreads.
Sun Zhaoxue, the China Gold Association president, has, in the past, said:
“Individual investment demand is an essential component of China’s gold reserve system, and we should encourage individual investment demand for gold. Practice shows that gold possession by citizens is a useful supplement to national reserves and is very important to national financial security …. We should advocate to ‘store gold among the people’ [“People’s Gold”] and guide a healthy, positive development in this segment … This is the aim of our gold strategy.”
She goes on to ask for a strategic national gold strategy to make China resilient against multiple economic occurrences. To this end, the Shanghai Gold Exchange has made tremendous steps in making the gold trade as easy as possible, even launching an app to aid it.
China’s centuries-old infatuation with gold has led them to accumulate over 20,000 tons of gold because the People’s Bank of China does not buy gold from the domestic market.
Consequently, all the gold that is purchased by the Chinese stays in the local market. Pundits also believe that the Chinese central bank holds more gold than its official reserve numbers portray. The economic giant underreports its gold holdings to enable it to accumulate more of the precious metal at lower prices.
As China slowly delinks from a USD that has already lost its value due to prevailing high debt to GDP ratios globally, it stands out as one nation prepping for an oncoming economic catastrophe that could inevitably lift prices.
The World Bank has already issued a warning that the current wave of debt is untenable. Global debt percentages now exceed 322% of GDP. Central banks have pushed the global economy to the brink due to easing policies meant to stimulate economic activity.
Unfortunately, they find themselves intertwined in a broadening circle of money printing activities, which will eventually lead to extreme inflation. The management of inflation means that real rates will keep falling, and gold values will keep rising.
In debt-ridden financial systems, he who holds the gold makes the rules. And China is ready to step up.

Some news you may have missed out on part 79.

-Pakistan to host ‘AdAsia – Asian Advertising Congress’ this year
In a logo unveiling ceremony held at Faletti’s Hotel Lahore, on Sunday, it was revealed that AdAsia 2019 —Asian Advertising Congress is going to be held in Pakistan this year. AdAsia is the largest and most prestigious advertising congress in Asia, organized bi-annually by the Asian Federation of Advertising Associations (AFAA). The AdAsia 2019 Congress will be held in Lahore at the Lahore International Expo Centre from December 3 to 5. The theme for the Congress is ‘Celebrasian: Celebration of Advertising and Creativity in Asia’.
-IDB to lend Pakistan oil worth $4.5 bn
The spokesperson for the Ministry of Finance on Saturday claimed that the Saudi-backed Islamic Development Bank (IsDB) will lend Pakistan oil worth $4.5 billion. “The IsDB will lend Pakistan oil worth $4.5 billion over three years. The oil will be lent in three installments of $1.5 billion each every year,” the spokesperson added. The Ministry of Finance spokesperson further said that in the first phase they have received oil worth $100 million and oil worth $270 million will be lent in the second phase. “We are also in talks with the IsDB regarding lending of liquefied natural gas (LNG),” the spokesperson added.
-Economic revival: PTI government relief package earns Rs 125 billion immediately
The federal government’s relief package for the stock market in the ‘Mini-budget’ on January 23 has brought positive impact. KSE-100 index settled at 40,254 points with a rise of 958 points within one week. The business-friendly concessions including abolition of the advance tax of 0.02pc on share trading under Presumptive Tax Regime and super tax in the mini-budget have been welcomed by the stockbrokers and industrialists altogether.
-69 women constables complete elite commando training in K-P
Over 7,000 personnel of the Khyber-Pakhtunkhwa (K-P) police, including 69 women constables, have successfully completed a grueling Elite Commando Training Course. As per a statement issued by K-P police’s public relations, the police personnel completed training in 15 basic courses conducted at different training centres. Most policemen, including the women constables, voluntarily opted for the tough four-month long course. The communique also said another batch of women commandos is currently being trained and shall soon be elevated to the rank of elite commandos.
-Karachi police chief makes surprise visits, suspends four police officials
In a surprise move, Additional Inspector General Police Dr Amir Shaikh on Saturday visited different areas of the city, disguising himself as a common citizen to witness the performance the police force. A police spokesperson said that the Karachi police chief suspended four police officials, including two ASIs over violation of duty rules and harassing public. He said that the police officials were found harassing people instead of controlling traffic at MT Khan Road in Sultanabad. The officials were from Jackson and Sultanabad police stations, said the spokesperson and added that the police chief had directed SP Traffic city and DSP to submit report over the issue. In-charges of Jackson and Sultanabad police stations along with record keepers were also summoned by the AIG Dr Amir Shaikh, said the spokesperson.
-In a historical move, Pakistan elected as Vice Chair of Asia Pacific Ministerial Forum
Pakistan was elected as the vice chair at the third UN Environment’s Forum of Ministers and Environment Authorities of Asia Pacific that was held in Singapore from January 23 till January 25. The newswas revealed in a tweet by Adviser to Prime Minister on Climate Change Malik Amin Aslam. He said Pakistan got elected to the position owing to the country’s ‘sincere and dedicated’ environment preservation endeavours.
-Pakistan Army achieves historic milestone on Pakistan Afghanistan border fencing
Director General of Inter-Services Public Relations (ISPR) Major General Asif Ghafoor Sunday said work on about 900 kilometer fence along the Pakistan-Afghanistan border had been completed. Briefing a team of journalists and anchor-persons at Ghulam Khan, a bordering village in North Waziristan Agency,he said the work on erection of about 1200 km chunk, the most sensitive portion out of the total 2600 km long border with the neighbouring country, had commenced last year. Zero Point is the entry and exit point of Pakistan from Afghanistan where a formal border post was constructed last year Major Gen Asif Ghafoor said the project would cost about Rs 70 billion, which also included the cost of gadgets and surveillance equipment to keep strict vigil on the illicit movement from across the border. He said the fence had amply helped check the movement of terrorists from across the border and it would further assist after completion of the project which was expected to culminate next year. The visit of media-persons was conducted for the first time in the country's history as no such activity could have happened as all the area had been “no go area” for the civilians or even by the security forces themselves.
-Foreign Media representatives visit North Waziristan, stunned with Pakistan Army successes against terrorism
Local and foreign media representatives on Sunday visited Peshawar, Miranshah, and Ghulam Khan Border terminals along with Director General ISPR Major General Asif Ghafoor for the first time after military operations. It was the first direct interaction of the media with local people, who while standing in Miranshah Bazar, talked to reporters about improved peace situation and administrative issues in the area. They lauded Pakistan Army for its efforts in restoring peace and development.
-Pakistan Cement Exports register significant rise in first half of FY 2018 - 19
The export of cement from the country witnessed increase of 32.4 percent during first half of current fiscal year as compared to same period of last year. The export of the commodity increased to $157 million in July-December (2018-19) against the export worth of $118.586 million in sameperiod of last year, a latest data released by Pakistan Bureau of Statistics (PBS) said. In term of quantity, the cement export recorded 55.52 percent increase to 3.671 million Metric Ton (MT) during the period under review as compared to export of 2.36 million MT cement during same period of previous year. On year-on-year basis, the cement export jumped by 78.02 percent to $25.89 million in December 2018 from $14.54 million of cement export during December 2017, the data revealed. The overall export of goods during first half of current fiscal year recorded an increase of 2.19 percent to $11.216 billion against the exports of $10.976 billion recorded during same period of last year.
-KP Tourism. Potential stuns audience at International Tourism Fair in Europe
A large number of visitors, tourists and investors thronged the stall of Tourism Corporation Khyber Pakhtunkhwa (TCKP) at the tourism trade fair at Feria de Madrid, Spain, and showed keen interest in the KP’s tourism potential. The TCKP team highlighted salient features of the cultural and tourist resorts through video documentaries, pictures, brochures and posters. The visitors were informed that 70 percent of tourist resorts were located in KP and the foreign tourists can now visit any place without any restriction and obtaining Non-Objection Certificate. The KP participation in fair encouraged the international tour operators to bring cultural and mountaineering expeditions to the province, which will highlight Pakistan as one of the best tourist destinations for international tourists.
-Foundation stone laid for $200 million knowledge city in Pakistan, first ever in County's history
Prime Minister Imran Khan Sunday inaugurated the first academic block of the NAMAL Knowledge City. The vision behind Namal Knowledge City is to create a hub of knowledge exchange and research in Mianwali. The Knowledge City will include academic blocks, a knowledge center, a sports complex, sports grounds, a hospital, technology parks, business centers, shopping malls, a dairy farm, a resort, software houses, hotels, a primary school, and a housing colony for the faculty. A total of US$ 200 million will be spent on the construction of the Knowledge City which will be built on the concept of a zero carbon foot print and completed by the year 2027. It will have a population of 11,000 with construction spread over 4 million square feet. It will accommodate 7,000 students with 600 faculty members.
-E Rozgar Programme launched, Click for Registration
The Punjab IT Board and Ministry of Youth Affairs has jointly launched a three-month free E-Rozgar Training Programe for the youth, aimed at imparting vocational training to the jobless, enabling them to earn their livelihood honourably. In this regard, the admission has started for enrollment in these technical courses and the last date for the on-line registration is the 9th of the next month. The requisites of getting admission include that the applicant should have an NCIC, his minimum age 16, maximum age 35 and should be jobless.
-Pakistan China ink deal worth billions of dollars today: Report
A Chinese company will invest billion of dollars in mineral exploration and processing projects in Khyber Pakhtunkhwa. A Memorandum of Understanding in this regard has been signed in China today. According to Khyber Pakhtunkhwa Minister for Mineral Development Dr. Amjad Ali, the Chinese company will setup mineral industrial park in Rashakai Special Economic Zone.
-Pakistan's NESPAK completes 3,900 mega projects in Pakistan and across 37 countries of World worth Rs 19,000 billions
National Engineering Services Pakistan (NESPAK) has successfully completed 3,900 development projects within Pakistan and 37 in other countries with an accumulative cost of Rs 19,000 billion since its establishment, 45 years ago. NESPAK Managing Director Dr. Tahir Masood told media here Saturday that foreign countries where NESPAK has extended engineering consultancy services were mostly located in the Middle East, Far East, Central Asia and Africa. In this way, he added, NESPAK had placed the country on the export map of the world and was committed to provide multi-disciplinary engineering consultancy services with the highest level of professionalism and dedication.
-Government launches Dominted Bank bond
PTI government is launching yet another economic initiative for overseas Pakistanis to attract billions of dollars for balance of payment and enhancing reserves. PTI government is launching dollar-denominated diaspora bond named Pakistan Banao Certificate (PBC) on January 31st. The diaspora bond is being launched to take advantage of international savings of overseas Pakistani’s and bolstering its foreign exchange reserves. According to details shared by the Finance Minister Asad Umar , the certificates would be of two types, one of three years offering 6.25% return and the other with five-year maturity offering 6.75% return. Mr Umar said four banks had been selected to complete the transactions.
-Rupee hits seven-week high at 138.78
Pakistani currency has recovered to a seven-week high at Rs138.78 against the US dollar in inter-bank market on Friday, according to the State Bank of Pakistan, after the country successfully mitigated the risk of default following receipt of $2 billion from friendly countries. Simultaneously, the rupee revived to a four-week high at retail market to 139 against the greenback on Saturday, according to a forex website. “The $2 billion inflows from the UAE and Saudi Arabia (on Thursday and Friday) has partially eased the panic at currency markets,” said a banker on condition of anonymity.
-PM Imran discusses major proposals to revive PIA
As Pakistan International Airlines (PIA) struggles to rein in mounting losses, Prime Minister Imran Khan discussed major proposals presented at a high-level meeting to turn around the financially troubled national flag carrier. The prime minister chaired the meeting at the PM Office earlier this month, which was attended by top cabinet members, civil bureaucracy and military officers. The premier directed the authorities to arrange additional guarantees of Rs15 billion as interim relief for PIA. A proposal was endorsed to freeze PIA’s outstanding dues, amounting to over Rs80 billion, which were payable to the Civil Aviation Authority (CAA) along with late payment surcharge, according to minutes of the meeting available with The Express Tribune.
-World Bank releases $58m for house financing
The World Bank has disbursed $58 million for house financing in Pakistan and the federal cabinet has approved the transfer of the fund to Pakistan Mortgage Refinance Company (PMRC). “It ($58 million – Rs7.8 billion) is a World Bank credit line for PMRC,” PMRC Managing Director and Chief Executive Officer Mudassir Hussain Khan told The Express Tribune. “The cabinet has approved the transfer of the fund. It will take around a week to 10 days before the money reaches PMRC account.”
-Talks between Pakistan, China for FTA to begin next month
Federal Secretary for Trade, Younus Dagha has said that the talks between Pakistan and China for a Free Trade Agreement (FTA) will commence next month. Talking to a delegation of the Trade Development Authority’s officials in Lahore, he expressed optimism that the new trade agreement with China will help thrive national economy and would be in the best interests of both the friendly countries.
“The trade deficit of Pakistan has decreased by five per cent during the incumbent government and our exports are increasing day by day.” He said the expansion of the trade volume with India depends on the decisions of the governments of both the countries. He informed that trade with Afghanistan is also improving.
-Amended finance bill to reduce cost of doing business: PEW
The Pakistan Economy Watch (PEW) on Sunday said the recently amended finance bill will reduce the cost of doing business which in turn, will reduce the prices of many items. The move will support businesses and help exporters regain ground in the international market as the government has reduced and abolished several taxes to lift economic activities, it said.
The government will lose almost seven billion rupees in revenue but it will gain more in the shape of foreign exchange, said PEW President Dr. Murtaza Mughal. He said the recommendations will be applicable from the next fiscal term but it has already elevated business sentiments as many leading business groups are planning to boost investments.
-Economic reforms help PSX gain 958 points in week
The benchmark KSE-100 index accelerated by 958 points in the outgoing week and settled at 40,265 points, providing a weekly return of 2.44pc, owing to improved sentiment on account of the economic reforms package announced by the government.
The Finance Supplementary (Second Amendment) Bill, 2019 was broadly focused on improving ease of doing business, incentivizing export-oriented/industrial sectors and elimination of domestic growth hampering impediments. A key demand from the stock market to abolish the advance tax of 0.02pc was accepted, while the government also allowed capital losses to be carried forward for three years, thereby impacting the investor sentiment positively.
-Govt to announce medium-term economic framework in coming week: Hammad Azhar
The Minister of State for Revenue Hammad Azhar on Friday said the government will announce a medium-term economic framework in the coming week. The forthcoming medium-term economic framework will bring measures that will enhance exports and investments, said Azhar while speaking at a seminar on “Economic Reforms: Way forward”, organised by the Sustainable Development Policy Institute (SDPI), reports an English daily.
He shared the government is moving towards execution a direct taxation regime whilst gradually restricting indirect taxes. Mr Azhar underlined that the supplementary budget which was announced on Wednesday didn’t target fiscal and monetary measures but was an economic reforms package to resuscitate and enhance growth and investment.
-Economic reforms package to help boost exports, trade and investment
State Minister for Revenue Hamad Azhar on Friday said that economic reforms package announced by the PTI government will help in boosting exports, trade and investment.
Talking to a private news channel, he said the economic reforms package will prove to be helpful in overcoming the trade and fiscal deficit. Mr Azhar said due to effective economic policies of the Pakistan Tehreek-e-Insaf (PTI) government, the international investors are desirous of investment in Pakistan. The government is taking many steps for the revival and betterment of the economy, he added.
-Tale as old as time: Labyrinth of tunnels discovered under Lahore Fort
A labyrinth of underground tunnels, as well as hidden basements, has been discovered under Lahore Fort. Immortalised in short stories, these passages have always been hidden from the naked eye. However, during excavation, the Walled City of Lahore Authority (WCLA) has discovered two underground tunnels and an arsenal which are currently under restoration.
A symbol of the opulence of the Mughals, Lahore Fort has kept many a secret for hundreds of years; secrets which are now slowly being revealed.
During excavation and restoration work, WCLA recently discovered a passage of underground tunnels which run underneath the fortress. This has caused tourists, hungry for information on the underground tunnels, to throng to the citadel and present their own theories on how the passages were used.
-Indonesia, Pakistan ties poised for a quantum leap, says envoy
Counsellor and head of cultural section Embassy of Republic of Indonesia Deny Tri Basuki has said Indonesia and Pakistan share strong socio-cultural and religious bond rooted in history. Pakistan and Indonesia stand proudly together as two of the largest Muslim populated countries and emerging economies of creative and talented people. He expressed these views on the occasion of a business gathering organised by tourism ministry of Indonesia in collaboration with the Indonesian embassy. A large number of stakeholders hailing from the travel and aviation industry of Pakistan attended the event.
-Japanese aircraft take part in pre Aman-19 exercise
The Pakistan Navy is hosting the 6th series of AMAN-19 – a Multinational Maritime Exercise – in February 2019 in Karachi, and two Japanese Naval P3C aircrafts of Deployed Maritime Force for Anti-Piracy Enforcement (DAPE) visited the PNS Mehran in Karachi for the pre-AMAN-19 exercise.
According to a press statement issued by the navy’s Director General Public Relations (DGPR) on Saturday, the Japanese aircrew participated in various events including search and rescue (SAR) and counter piracy (CP) exercises along with the navy aircrew. The Japanese contingent also visited maritime and Pakistan Air Force (PAF) museums to learn about the historic achievements of the two forces.
-‘Chinese, Russian firms keen to invest in PSM’
Adviser to Prime Minister on Commerce Abdul Razak Dawood revealed that three Chinese and three Russian firms have shown interest in investing in Pakistan Steel Mills (PSM).
Addressing a ceremony held for the inauguration of International Steels Limited’s new plant, he said that the committee tasked with revival of PSM has drafted its recommendations and the Economic Coordination Committee (ECC) will make a decision by March.
-China has given Pakistan additional access to its market: Dawood
Prime Minister’s Adviser for Trade and Industry Abdul Razzak Dawood on Saturday said the government is working to hammer out national industrial and tariff policies, ARY News reported. Dawood while talking to industrialists in Karachi, said that China has granted Pakistan an additional access to its market. “We are working to slash unnecessary imports and increase exports”.
He said unnecessary items will be removed from shelves of super markets and precious foreign exchange will not be spent on such imports. The adviser said the government has taken effective steps to facilitate business in mini budget, which will be approved in next seven day.
-Pakistani Teacher Shortlisted for Cambridge’s Most Dedicated Teacher Award
Cambridge University Press has shortlisted a Pakistani teacher, Ahmed Saya, for the ‘Most Dedicated Teacher’ award. Ahmed Saya, an A-level teacher from Karachi, is one of the six brilliant minds around the world to be shortlisted for the prize. The competition included entries of 3500+ teachers from over 140 countries for the prestigious award. Cambridge’s official Twitter handle said it was a tough call, but they shortlisted six teachers for this year’s Dedicated Teacher Awards.
-Swiss Investor to Open A Chain of Luxury Hotels in Pakistan
Swiss International Hotels & Resorts is mulling to open a chain of its luxury hotels in different cities of Khyber Pakhtunkhwa (KP). The President and CEO of Swiss International Hotels & Resorts, Henri (Hans) WR Kennedie informed this to Chief Minister KP Mahmood Khan during a meeting on Friday. During the meeting, Henri told CM Khan that they were already working on a plan to establish luxury hospitalities in various parts of the province.

How To Trade Forex

Don't buy into this rally. Just a warning. Explanation inside. (/Bitcoin/ banned me for posting this)

90% of people are still 90% down.
This market is not going anywhere, anytime soon.
Before you downvote me.... just for angst or hope against getting your money back. Hear me out.
I made 500% gains in January. Got out. Warned everyone. Tether. Manipulation.
I'll buy when the stops are broken and Eth flash crashes to $0.10 again
You have to consider. It's now September. Last November 2017, Roger Ver was calling for BCH to replace BTC within 6 months. Everyone's prospect about this market has been blinding and extreme, and for the most part upside down/misguided.
When its 9 months into 2018, and were every bi-weekly up/down 30% its unjustified for the current centralized system, to invest in a speculative asset that is becoming increasingly more volatile every month. We should be seeing less volatility. The chances now, of ETF's ever happening become presumibly worse. It's dangerous for regulators to also at this point announce an ETF, just for the simple nature that it will create another positive feedback bubble loop.
I don't know where some of you guys find the extra money under the cushions and couches... to catch what is essentially a falling knife.
God speed to you if Eth is $1000 next year... but...
The technicals are so manipulated, flawed, incoherent.
RSI, MACD, Bolingers, near meaningless, and that's whats scaring away everyone.
We've only had 10 years of track history in crypto, so Im hesitant in treating the system with accurate technicals.
The stock market indices have a track history of 100+ years. After time and stability, measurements, certain indicators were introduced. Bollinger Bands, etc. Do these measurements aid in predicting where BTC or your favorite coin is going? In my opinion, no. Now, its MOMO, Social Media, and #Yacht.
Long term, sure... were still up... or anyone that bought in prior to 2017 basically. So, I guess the moving average, over 10 years - is an okay indicator, but wait....
When AMD announced earnings a few weeks ago - they made a bold statement stating their 3rd/4th quarter revenue on GPU's for crypto would be near zero. Which is a very very bearish stance.
These huge price swings are freaking everyone out. Im not gonna use the "T" word yet..... as is the political climate -- and most politicians simply won't come out and say.... Tulip Mania.
The Dutch East India Company was the largest company of its time, valued at $7.1 adjusted for inflation. All because of... spice... opium... and most of all a bubble in tulips.
I'm more inclinced to study a bubble right now, so much so than the individual coins. But, the system as a whole intrigues me. Regardless if it goes up or down.
It's already been concluded that Tether was behind December's bubble. Academics have already proven this. It's pretty settled, like climate science. Going forward, with that conclusion in mind, put yourself in SEC regulators shoes now. There are too many questions, with not enough answers. There is no transparency. The exchanges, and the transfer of USDT is causing havoc in the system. If Bitfinex is the biggest exhcange in the world by volume, and they've basically had zero banking/shady banking since April of 2017, until "the largest exchange in the world" is put in its place - I honestly just have a fatalistic viewpoint on crypto.
Coinbene pulled off the same trickery. Can you explain the BitForex volume on this picture? This is now. How would one explain this to SEC regulators? https://imgur.com/a/SsNQjFW
The majority of the members in this group are going to be long term bullish on cryptocurrency. I cant untangle that or the get quick rich mentality. The goal is to make money, but also to have discussion; on the flaws of the current marketplace. There are no assurances it will go up.
This isn't the stock market.
This isn't even OTC assets. Not saying Bitcoin or Crypto overall will go to zero. I'm only trying to ascertain my perspective, and pass it onto some of the more bullish investors. I have money in, but more or less sitting on sidelines with majority posted gains. I want to atleast share the other side of the mirror.
Unlike previous, crashes, corrections, there are certainly more variables. In the old days, you didn't have this number of alt coins. You didn't have the type of manipulation, social media advocates (Dennis Rodman; Potcoin; John McCafe). You didn't have Tether. You didn't have exchanges locked out by banks. Or government regulations, or China saying no. You definately had exchanges collapse. Back then, people still looked at Bitcoin as a growth opportunities and this futurisitic way of paying for goods. When China backed out, it changed my perception of the future. Also, everyone thought the transfer of Bitcoin would be free. Turned out, thats a big fat lie. That's why the system was basically built.
The banks and governments have crypto by the balls. And when MJ is legalized in the USA, all the PotCoin whales are just going to dump via Eth. (Joking). The only winners right now, are the exchanges (and circa this post Dogecoin). I still have not seen or heard of any winners in the decentralized era. AuraDao was supposed to be that. It's not.
Anyways, Vitalik B. was quoted the other day as saying we'll never see the 1000x folds again in our lifetime.
Meaning, if we invest today in 60 years we won't be Warren Buffet Jr. I think the overall sentiment is, (Im just speaking for the majority of people) is, people saw a technology. Then saw how the technology was exploited. In an unregulated environement. The sentinment is, unregulated currencies are fatally flawed. So, while they might stick around I think Dec 2017 was a one time only. Bitcoin rose to fame like Rhonda Rhousey. Then she lost. Sure, shes still around.. I guess. :P
~$6200'ish is the break even point for mining BTC profitably (across generational AntMiners). Just thought I'd throw that tidbit out there. You might see some strange 'floors' and 'supports' that look unnatural in the coming days.
At thats the bottom line, cause Stone Cold said so. *Glass breaks*

DENT, making more than just a dent.

DENT is an absolutely revolutionary idea. The first ever Mobile Data Exchange!
Telecom, a multi-billion dollar market, highly competitive as well, yet DENT found a backdoor that might just allow them a giant piece of that ever-growing cake (yes 5G is just around the corner and the Internet-Of-Things becomes more tangible on a daily basis, it’s growing indeed). But not just DENT, YOU will have a taste as well! So you better start polishing those spoons of yours! The cake is real and it’s here!
Wow, that sounds like poor eccentric marketing, and yet, not a word untrue. Let’s just keep the hyped language for now, and see where it’ll take us.
DENT wishes to effectively liberate the mobile data market, enabling anyone to buy, sell and donate data through the Ethereum blockchain. But what does this mean? This means Telco customers will no longer be subordinates of the industry, force-fed high fees on data useage. No no, in a democratic way, by bidding on an exchange, data will be managed by the customers itself! DENT allows data-users to ‘unionize’, become an entity to be recognized by the Telco Moguls, ensuring fair pricing and high efficieny in data distribution.
The exchange will be run by a universal cryptocurrency, the DENT token; and pricing will be transparant and dynamic. Now you either pay for data you don’t use, or if you use more data than your data-plan you pay excessive fees. Moreover, using data abroad can increase your bill by... The amount that makes you look like lemonjuice just replaced your eye-fluid. Now, you’re drawing the short end of the stick regardless.
DENT however wishes to localize data much like wifi-hotspots today. There is no here and there, there is just everywhere. And you pay for what you use, not for what you don’t.
Sounds great, but you’re a little lost? No problem, in a nutshell DENT is this: it is a universal currency for mobile data between you (the customer) and Telco providers. This means you’re no longer subject to a single provider, but you pay as you go, and only for what you use. You always pay the best price available, directed by market supply- and demand, and you never have to think about borders again.
You are now free to roam, without scary roaming costs when abroad, between the many Telco providers in his world.
So that’s DENT and it will make most than just a dent in mobile data history.
If you wish to become part of this already, read on. But before you do, know that I’m not affiliated with DENT in any way. I’m just an enthusiast sharing his enthusiasm. Yes I will invest in DENT, but have nothing to gain from you doing so. I’m just happy to have you along for the ride.
It’s pretty clear, the ambitions of DENT are grand. So you need to question its possibility, its roots in reality.
For starters, DENT has quite a team working on it.
•Tero Katajainen (Founder and CEO) is a serial entrepreneur and an experienced software architect who founded the predecessor company of DENT Wireless in 2014 to create a trading platform for FOREX (foreign currency exchange trading) with AI components for the behavioral analysis of markets.
• Mikko Linnamäki, (Co-Founder) is also Co-Founder of DOVECOT Oy, the company behind the Open-Source IMAP Server DOVECOT which has an install base of over 4 million servers and a 72% global IMAP server market share. source: http://openemailsurvey.org
• Andee Vollmer (Co-Founder) is the Mobile specialist in the team with 12 years experience on Mobile Apps, starting with Symbian in 2005 and today on iOS and Android
• Michael Wirth (Director of Payment Systems and GM UK & Ireland) has 20 years of experience in large-scale transaction projects, amongst others he was Director of Products and Services at eNett International, a Travelport company and leading specialist for payment solutions in the travel industry.”
• Ville Sundell (Smart Contract Specialist), who has pioneered smart contract based legal entities, being the first to create companies solely on the Ethereum blockchain without any human intervention through Etherprises LLC.
• Dr. Rainer Deutschmann (Advisor) brings in 20 years of telco and tech senior executive experience in companies like McKinsey, Deutsche Telekom and Reliance. Most recently, as Chief Product & Innovation Officer, Rainer with his fellow leadership team launched Reliance Jio and acquired 100 million customers within six months. Jio disrupts the telco landscape to democratize mobile broadband for the 1.3 billion people in India.
So we’ve got experienced people proven to be succesful working on DENT. But we all know you can’t build a castle with dust, you need gold, silver, cirspy cash. And that’s where the ICO (Initial Coin Offering) comes in.
DENT will have an ICO soon starting July 12 15:00 GMT until July 26 15:00 GMT. Buying the DENT tokens will support their project which is doomed to succeed, and get you DENT tokens on the cheap.
The current ICO climate is the following, if a project is mildly interesting, mildly guaranteed to succeed, it’ll sell out long before the original ICO’s end. Here we have a revolutionary project, with quite the success factor, attached, meaning they will sell their maximum amount of tokens. These are 70.000.000.000 DENT tokens. The price is 400.000 tokens per 1 ETH (say currently +- 350 dollars). The people buying the first 14 billion tokes receive a 10% bonus and the next 7 billion 5%. I’ll let you calculate for yourself but this means DENT will have approximately 60 million dollars to achieve their goal!
For those familiar with the world of cryptocurrency, why not acquire 150 million like Bancor did? I think because they take what they need, and perhaps a little ‘then some’. This makes the project a lot more legit to me, and if you’re an investor a lot more interesting. Because the upswing the DENT tokens are bound to have in due time, are yours for the taking.
To sum it all up, I recognize DENT as a good investment for both a reasonably quick flip or a long hodl. But more importantly I recognize a project that has great practical value for mobile data consumers worldwide. The idea behind DENT isn’t something we’d all like to see become reality, it seems inevitable in the light of what blockchain tech offer. The boons of the blockchain are deep and wide, and are adopted more and more as it matures and its user base grows. And it has definitely reached a point where one can harvest the greater crops. This is what DENT does, with one big swoop it revolutionizes mobile data. Now that’s a big harvest!
I will have a tiny stake in this revolution, and if you wish to have too see the links below.
Wesbite: https://www.dentcoin.com
Bitcointalk announcement: https://bitcointalk.org/index.php? topic=1974825.msg19657136#msg19657136
Whitepaper: https://www.dentcoin.com/whitepaper

DENT, making more than just a dent!

Although it might seem easy to go onto your computer, open a forex account with a broker, deposit some money, and begin trading right away, it hasn't been so easy to do so in the past, as the ... In 2018, the forex market in India is quite vibrant. Even though it is not the market with the most daily volume, it is among the top ten markets in the world. As of 2017, the forex assets in India place it as the 8th best market in the world by forex reserves. The top asset in this market is the United States as represented by US institutional bonds and government bonds. The Indian forex ... HISTORY OF INDIAN FOREX MARKET. India’s exchange rate policy has evolved over time in line with the gradual opening up of the economy as part of the broader strategy of macroeconomic reforms and liberalization since the early 1990s. This change was also warranted by the consensus response of all major countries to excessive exchange rate fluctuations that accompanied the abolishment of fixed ... The history of forex market in India owes its origin to an important decision taken by the Reserve Bank of India (RBI) in the year 1978 which allows banks to undertake intra-day trading in foreign currency exchange. As a result of this step, the agreement of maintaining ‘square’ or ‘near square’ position was to be complied with only at the close of business every day. The history of ... Forex market has no geographical location, it is electronically linked network and is open 24 hours a day. The value for which one currency is exchanged for another or the value of one currency in terms of another currency is called exchange rate. For example, US dollar can be bought for 63 INR rupees. This is the exchange rate for Indian rupees in US dollars. The foreign exchange market in ... The history of forex markets since 1944 presents a classic example of a free market in action. Competitive forces have created a marketplace with unparalleled liquidity. History of Forex Market in India. Until the early seventies, given the fixed rate regime, the foreign exchange market was perceived as a mechanism merely to put through merchant transactions. With the collapse of the Breton Woods agreement and the floatation of major currencies, the conduct of exchange rate policy posed a great challenge to central banks as currency fluctuations opened up ...

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DENT, making more than just a dent.

DENT, making more than just a dent!

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