Connect with us

News

Joint Statement for the visit of the Prime Minister of the Islamic Republic of Pakistan to the Kingdom of Saudi Arabia

Published

on

On the kind invitation, extended by His Royal Highness, Crown Prince, Deputy Prime Minister and Minister of Defence, the Prime Minister of the Islamic Republic of Pakistan, His Excellency Mr. Imran Khan paid an official visit to the Kingdom of Saudi Arabia on 7-9 May 2021, corresponding to 25-27 Ramadan 1442/AH. His Royal Highness, the Crown Prince, warmly welcomed the Prime Minister of Pakistan.

2.The two leaders reaffirmed the historical and fraternal ties between the Kingdom of Saudi Arabia and the Islamic Republic of Pakistan, reviewed all facets of bilateral cooperation and discussed regional and international issues of mutual interest. The two sides discussed ways to strengthen relations of the two brotherly countries in all fields, and agreed to intensify contacts and cooperation between government officials and the private sector in the two countries with the aim of promoting bilateral relations to the benefit of both countries.

3.His Excellency Prime Minister Imran Khan praised the leadership role of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud in promoting Islamic unity, and the positive role of the Kingdom in resolving the issues facing the Islamic world, as well as its endeavours for regional and international peace and security.

4.The Prime Minister recalled his visits to the Kingdom in 2018 and 2019, as well as the historic visit of His Royal Highness, the Crown Prince, Deputy Prime Minister, Minister of Defence to Pakistan in February 2019, during which the two leaders jointly announced the launch of the Saudi-Pakistan Supreme Coordination Council, to further enhance bilateral cooperation based on mutual trust, benefits and common interests of the two countries. The Crown Prince assured the Prime Minister of the Kingdom’s continued support to Prime Minister’s vision to transform Pakistan into a modern developed and welfare state.

5.The two sides discussed ways to strengthen and enhance economic and trade relations by exploring areas of investment and opportunities available in light of the Kingdom’s 2030 vision and Pakistan’s development priorities emanating from a shift from geo-politics to geo-economics. The discussions also focused on increasing cooperation in other fields, including energy, science, technology, agriculture and culture. Both sides expressed satisfaction at existing cooperation in bilateral military and security relations, and agreed to further augment collaboration and cooperation to achieve mutually agreed goals.

6.The two leaders also discussed issues pertaining to the Islamic world. They stressed the need for concerted efforts by the Muslim countries to confront extremism and violence, reject sectarianism, and strive to achieve international peace and security. They also stressed the importance of continuing joint efforts to combat terrorism, in all its forms and manifestations. They reaffirmed that terrorism cannot and should not be associated with any religion, nationality, civilization, or ethnic group.

7.In the constructive spirit of discussions, the two sides reaffirmed their full support for all the legitimate rights of the Palestinian people, especially, their right to self determination and establishment of their independent state with pre-1967 borders and East Jerusalem as its capital, in accordance with the Arab Peace Initiative and relevant UN resolutions. They also expressed their support for political solutions in Syria and Libya, as well as the efforts of the United Nations and its envoys in this regard.

8.The two sides also stressed the importance of supporting efforts to reach a comprehensive political solution to the conflict in Yemen based on the Gulf Initiative and its implementation mechanism, the outcomes of the comprehensive national dialogue, and the relevant Security Council resolutions, including Resolution (2216). They condemned the attacks of terrorist groups and militias, including Houthi militias, by ballistic missiles and drones on the territory of the Kingdom of Saudi Arabia against vital installations and civilian objects. They expressed serious concern at the threats posed to the security of oil exports and the stability of energy supplies, which was vital for the progress and development of the region and its peoples. The Prime Minister praised the role of Kingdom of Saudi Arabia for the resolution of crisis in Yemen which aims at achieving peace and security in Yemen which will result in prosperity and development of the region and its people.

9.Discussing the situation in Afghanistan, the Crown Prince acknowledged Pakistan’s facilitative role in the Afghan peace process. The two sides, underlining that an inclusive, broad-based and comprehensive political settlement is the only way forward, urged the Afghan parties to realize the historic opportunity for achieving a political settlement in Afghanistan. The two leaders agreed to continue mutual consultations on the Afghan peace process.

10.Pakistan and Saudi Arabia agreed to continue supporting each other at multilateral fora. They agreed to further deepen coordination and cooperation to safeguard mutual interests and uphold the principles of fairness and justice. The two sides also stressed the importance of the commitment by all States to the United Nations Charter, the principles and decisions of international legitimacy, as well as adherence to the principles of good neighbourly relations, respect for the unity and sovereignty of states, non-interference in their internal affairs, and the endeavour to resolve disputes by peaceful means.

11.His Royal Highness, the Crown Prince, welcomed the recent understanding reached between the military authorities of Pakistan and India regarding ceasefire at the Line of Control (LoC), which is based on a 2003 understanding between Pakistan and India. The two sides emphasized the importance of dialogue between Pakistan and India to resolve the outstanding issues between the two countries, especially Jammu and Kashmir dispute, to ensure peace and stability in the region.

12.The Prime Minister congratulated the government of the Kingdom of Saudi Arabia for successfully organizing and holding the G20 summit meetings and the positive decisions that resulted from it in economic, developmental, environmental, health, energy and other fields.

13.Acknowledging the leading role of the Kingdom in addressing international issues, in particular the challenge posed by climate change, the Prime Minister welcomed “the Saudi Green and Middle East Green Initiatives” launched by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud and hoped that the initiatives will have a positive impact on the region, its inhabitants and beyond. The Crown Prince appreciated the Prime Minister’s “Clean and Green Pakistan” initiative, as well as the successful “10 Billion Tree Tsunami” initiative.

14.The Prime Minister appreciated the efforts of the Kingdom and its leadership in serving the Two Holy Mosques, their pilgrims, Umrah performers and visitors, especially in organizing the Hajj season for the past year 1441 AH, despite the challenges posed by the Corona pandemic.

15.In order to further strengthen and diversify bilateral relations, the following agreements and Memoranda of Understanding were signed; i. Agreement on Establishment of Saudi-Pakistan Supreme Coordination Council (SPSCC); ii. MoU in Combating Illicit Traffic in Narcotics, Drugs, Psychotropic Substances and Presursor Chemicals; iii. Framework MoU between SFD and Islamic Republic of Pakistan for financing projects in Energy, Hydropower Generation, Infrastructure, Transport & Communication and Water Resource Development; iiii. Cooperation Agreement in the Field of Combating Crimes; and v. Agreement on Transfer of Convicted Prisoners.

16.The Prime Minister expressed gratitude and offered his best wishes to His Majesty King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques, His Royal Highness Crown Prince Muhammad bin Salman bin Abdulaziz Al Saud, Deputy Prime Minister and Minister of Defence, and the brotherly people of the Kingdom of Saudi Arabia. His Royal Highness the Crown Prince warmly reciprocated with best wishes for the health and wellbeing of the Prime Minister, and prayers for the progress and prosperity of the brotherly people of the Islamic Republic of Pakistan.

AI

Navigating the Waves: How Big Tech’s AI Boom Impacts Water Consumption

Published

on

bionic hand and human hand finger pointing

Introduction

In the era of rapid technological advancement, the rise of Artificial Intelligence (AI) has brought about a wave of innovation and transformation across various industries. However, behind the scenes of this AI boom lies a concerning issue – the significant water consumption by Big Tech companies to power their AI systems. This article delves into the environmental impact of AI on water resources, exploring the challenges and potential solutions in mitigating this growing concern.

1: The Growing Demand for AI and Its Environmental Impact
As AI technologies become more integrated into our daily lives, the demand for computing power has surged exponentially. Big Tech giants like Google, Amazon, and Microsoft rely heavily on data centres that consume vast amounts of water for cooling purposes. This surge in water usage raises questions about sustainability and environmental responsibility in the tech industry.

2: Unveiling the Water-Intensive Nature of Data Centers
Data centres are the backbone of AI infrastructure, housing servers that process and store massive amounts of data. These data centres require constant cooling to prevent overheating, leading to high water consumption. The cooling systems used in data centres contribute significantly to their water-intensive operations, exacerbating concerns over water scarcity and environmental impact.

3: The Environmental Consequences of Big Tech’s Water Consumption
The excessive water usage by Big Tech companies not only strains local water sources but also contributes to water pollution through runoff and discharge. This has far-reaching consequences on ecosystems, biodiversity, and communities that rely on these water resources for their livelihoods. The environmental footprint of AI-driven technologies extends beyond digital realms, highlighting the urgent need for sustainable practices in tech development.

4: Addressing the Water Consumption Dilemma: Sustainable Solutions
To tackle the water consumption dilemma associated with AI development, industry leaders and policymakers are exploring sustainable solutions. Implementing innovative cooling technologies, optimizing data centre efficiency, and investing in renewable energy sources are key strategies to reduce water usage and minimize environmental impact. Collaboration between stakeholders is crucial in driving meaningful change towards a more sustainable future for AI technologies.

5: Balancing Innovation with Environmental Responsibility
As we navigate the complexities of technological advancement, Big Tech companies must prioritize environmental responsibility alongside innovation. By adopting sustainable practices, investing in green technologies, and promoting transparency in water usage metrics, tech giants can lead by example in mitigating the environmental impact of AI development.

Conclusion:
The AI boom presents unprecedented opportunities for innovation and progress, but it also raises critical concerns about its environmental footprint. By shedding light on Big Tech’s water consumption practices and advocating for sustainable solutions, we can pave the way towards a more environmentally conscious approach to AI development. As we strive for technological advancement, let us not forget our responsibility to safeguard our planet’s precious resources for future generations.

Continue Reading

Business

Crypto Crisis: $100 Billion Meltdown as Fed Warning Triggers Bitcoin and ETF Avalanche

Published

on

ripple etehereum and bitcoin and micro sdhc card

Introduction

The crypto world just experienced a tremor and not a mild one. A sudden price crash, fueled by a stern warning from the Federal Reserve, wiped out a staggering $100 billion from the global cryptocurrency market on Friday, sending Bitcoin and ETFs plunging, and dragging down Ethereum, XRP, and Solana in their wake.

Fed Unleashes a Shockwave:

The catalyst for this crypto carnage was a much-anticipated speech by Jerome Powell, Chair of the Federal Reserve. While his tone remained relatively dovish on interest rates, his remarks included a strong, clear message: cryptocurrencies “pose unique risks and vulnerabilities” and require heightened regulatory scrutiny. This unexpected emphasis on potential dangers, alongside calls for stricter oversight, sent shockwaves through the crypto ecosystem.

Bitcoin Leads the Tumble:

Bitcoin, the undisputed king of crypto, bore the brunt of the bearish onslaught. Prices plummeted 10% within hours, falling from a precarious $45,000 perch to below $40,000 for the first time since November 2023. This triggered a domino effect, cascading across the broader crypto market.

Crypto ETFs Experience Ripple Effect:

Bitcoin ETFs, once heralded as a gateway to mainstream adoption, became collateral damage in the crash. The ProShares Bitcoin Strategy ETF (BITO), the largest by volume, fell over 12%, mirroring the downward trajectory of its underlying asset. Other popular ETFs like Grayscale Bitcoin Trust (GBTC) and Valkyrie Bitcoin Strategy ETF (BTF) also suffered significant losses.

Altcoins Join the Descent:

Ethereum, the programmable blockchain platform often dubbed “the silver to Bitcoin’s gold,” wasn’t spared. Its price dipped below $3,000, shedding over 7% in value. Other major altcoins like XRP and Solana experienced similar downward spirals, reflecting the interconnectedness of the crypto market.

Unpacking the Panic:

Several factors converged to create this perfect storm:

  • Fed’s Cautious Optimism: While Powell’s speech didn’t announce any immediate policy changes, the underlying message of concern regarding crypto risks was enough to spook investors.
  • Overleveraged Positions: The recent surge in Bitcoin prices attracted leveraged investors, amplifying the volatility on both the upside and downside.
  • Technical Indicators: Technical analysis suggests Bitcoin was already facing bearish pressure, making it particularly vulnerable to a negative catalyst.

Beyond the Immediate Crisis:

The long-term implications of this crash remain uncertain. Some analysts believe it’s a mere correction after a rapid run-up in prices, while others fear it signifies a deeper bearish trend. This event could potentially have several wider repercussions:

  • Regulatory Crackdown: The Fed’s concerns might ignite increased regulatory scrutiny, hindering the nascent crypto industry’s growth.
  • Investor Confidence Shaken: The sharp and sudden losses could dent investor confidence, leading to further withdrawals and price erosion.
  • Market Consolidation: The shakeout might weed out weaker players, leaving the landscape dominated by established projects.

Navigating the Crypto Crossroads:

For investors navigating this turbulent time, caution and prudence are paramount. Diversification across asset classes, avoiding leverage, and adopting a long-term perspective can help mitigate risk. Understanding the underlying factors impacting the market and staying informed about regulatory developments are also crucial for informed decision-making.

The Future of Crypto: Uncertain, Yet Enduring

While the recent events cast a shadow on the crypto world, it’s important to remember that this is an industry accustomed to volatility. Previous booms and busts haven’t extinguished the underlying technological innovation and potential of blockchain technology. Whether this marks a temporary setback or a more significant shift in the crypto landscape remains to be seen. However, one thing is certain: the digital asset revolution is far from over, and its future trajectory will depend on the adaptability and resilience of both technology and investors alike.

Continue Reading

Business

Saudi Arabia Raises $2.81 Billion Through December Sukuk Issuance

Published

on

The National Debt Management Center (NDMC) of Saudi Arabia successfully concluded its December riyal-denominated sukuk issuance, raising a total of $2.81 billion (SR10.53 billion). This marks a significant increase compared to previous months, showcasing investor confidence in the Kingdom’s economy and its financial management.

Strong Investor Appetite:

The December sukuk issuance attracted strong investor appetite, with total bids reaching $3.77 billion (SR14.12 billion). This exceeded the initial target amount, indicating confidence in the Saudi Arabian government’s financial stability and prospects.

Issuance Structure:

The Sukuk issuance was divided into two tranches:

  • First Tranche: This tranche, valued at $1.39 billion (SR5.27 billion), matures in 2030.
  • Second Tranche: This larger tranche, valued at $1.42 billion (SR7.97 billion), matures in 2035.

Positive Sign for the Economy:

The successful sukuk issuance is seen as a positive sign for the Saudi Arabian economy. It demonstrates the Kingdom’s continued access to international capital markets and its ability to raise funds at competitive rates. This is particularly important as the country implements its Vision 2030 economic diversification plan.

“Saudi Arabia raised $2.81 billion through its December sukuk issuance.The issuance attracted strong investor appetite, exceeding the initial target amount.The success of the issuance is seen as a positive sign for the Saudi Arabian economy.The NDMC reiterated its commitment to sound financial management and diversifying its funding sources.”

NDMC Statement:

Commenting on the issuance, the NDMC stated: “The strong investor participation in the December sukuk issuance reflects confidence in the Kingdom’s economy and its commitment to sound financial management. We are committed to diversifying our funding sources and managing our debt portfolio responsibly to support the Kingdom’s continued economic growth and development.”

Looking Ahead:

The successful December sukuk issuance is expected to further boost investor confidence in Saudi Arabia and position the country well for future fundraising activities. With its ambitious economic diversification plans and strong financial management, the Kingdom is well-placed to weather any potential economic challenges in the years to come.

Continue Reading

Trending

Copyright © 2022-2023 AllBusiness,Inc . All Rights Reserved