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Digital alternatives in the trade of sacrificial animals for Eidul Azha 2024

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LAHORE: The nation’s sales and purchases of sacrificial animals have already started in anticipation of Eidul Azha.

Over the years, the religious festival’s financial aspects have changed, with animal trade now being accessible with a single click.

The days of spending time and money at the old-fashioned livestock markets and swarming roadside sale locations several days before to Eid are long gone. Additionally, compared to a few years ago, the traders don’t seem to be as enthralled with the possibility of making a quick cash.

In spite of the conveniences that come with modern technology, many people observe that the practice of offering animals as sacrifices in order to obtain the benefits of a higher power appears to have lost its appeal and vitality.

Today, most individuals choose to use technology tools to purchase sacrificial animals while remaining in the comfort of their own homes, saving time and money and avoiding the inconvenience of haggling and pain points.

Let’s examine the possibilities available to prospective buyers of sacrificial animals, given that online shopping has become the norm.

Animal trade QR code

The first instant payment service in Pakistan, Raast, allows end-to-end digital payments between individuals and businesses nationwide. The State Bank of Pakistan (SBP) has launched a digital initiative to facilitate transactions between buyers and sellers of sacrificial animals.

In order to enable QR code payment at 50 livestock markets nationwide, the SBP is reportedly collaborating with 25 banks. An official estimates that the trades might bring in at least Rs 550 billion.

An online payment method is the QR (Quick Response) code. It’s a scannable barcode with dots, patterns, and lines in both vertical and horizontal directions.

Recently, a top officer stated that the SBP was collaborating with banks to let farmers and livestock markets to do transactions via QR codes this Eid.

“At cattle markets during Eid, the SBP will make it simple for purchasers of sacrifice animals to make payments via a QR code technique. “It is a component of the Raast Instant Payment System payment application,” the officer clarified.

He stated that markets had been found in fifteen cities, including as Hyderabad, Islamabad, Rawalpindi, Karachi, Lahore, and Faisalabad.

“This Eid, which falls in the middle of June 2024, we are covering six cattle markets in Karachi.”

The banker claimed that because installing POS equipment at vending locations is expensive and has its restrictions, the use of QR codes will completely transform the way people make payments.

web portal

Along with the Central Bank effort, the Punjab government has opened its first official internet platform so that residents can easily buy sacrificial animals.

As a result of the increasing trend of contemporary technology, reports state that it will enable individuals to purchase sacrificial animals online before Eid and speed the procedure.

The portal lists animals in great detail, complete with images, breed, species, age, weight, price, and other pertinent details.

By requesting ID card numbers from both buyers and sellers, representatives from the Punjab Cattle Market Management have made sure that the portal is safe for transactions.

After registering, anyone can also sell their animals using the platform, which will be operational even after Eid.

Other internet choices

Many for-profit businesses, meat suppliers, and religious organizations also provide an internet option for people to purchase sacrifice animals and participate in the ceremonies.

When the online animal trade surged and the Covid epidemic was at its worst, the trend gained momentum.

Owners of cattle farms and meat companies also use websites to run their businesses and provide customers with the option to purchase the sacrifice animals online.

Customary livestock auctions

A considerable number of individuals continue to frequent the customary cow markets, where commercial activity picks up in the final few days leading up to the sacrifice day.

The merchants’ outrageous demands for animal prices are a source of complaint for the tourists. Conversely, the sellers justify their high costs with a variety of reasons, including the expense of feeding, transporting, and animal raising.

The vendors claim that they travel hundreds of kilometers to reach a major city, such as Lahore, at their own expense and through hardships.

the willingness to make sacrifices

Eidul Azha honors Hazrat Ibrahim (Peace be upon him), who demonstrated extraordinary patience and persistence while genuinely fulfilling the “vision.” It also honors the ultimate sacrifice he made.

This unmatched demonstration of faith and unwavering surrender to Allah’s will created an unbreakable source of inspiration for all eternity.

When should Eidul Azha occur?

According to Pakistan Meteorological Department predictions, the celebration day is scheduled to occur on June 17.

The Climate Data Processing Centre states that the moon of Zilhajj is most likely to be seen on Friday, June 7, and that Monday, June 17, is Eidul Azha.

As per the center, on June 6, the moon will rise around 5:38 pm and set at around 7:20 pm. After sunset, the moon should be visible for about 72 minutes.

When the sun sets in Karachi, the moon will have been visible for 19 hours, and at that point, it will be 26 hours and 8 minutes old.

Business

The PSX has resumed operations, achieving a gain of 970 points.

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The optimistic close at the PSX was propelled by rumors preceding the International Monetary Fund (IMF) executive board meeting on September 25, at which the approval of a $7 billion Extended Fund Facility (EFF) is expected, stated Ahsan Mehanti of Arif Habib Commodities.

Strong economic indicators, such as increasing remittances, escalating exports, and a declining trade deficit, further bolstered investor confidence. Furthermore, the Asian Development Bank’s (ADB) commitment to a $2 billion yearly concessional loan until 2027, along with a robust rupee, significantly contributed to the market’s favorable performance, he stated.

Widespread purchasing at the PSX was noted among blue-chip stocks, with major players like Mari Petroleum (MARI), Engro Fertilizers (EFERT), United Bank Limited (UBL), Meezan Bank Limited (MEBL), and Fauji Fertilizer Company (FFC) recording substantial increases. According to Topline Securities, these stocks collectively resulted in a significant 682-point increase in the index.

Pioneer Cement Limited (PIOC) announced its fiscal year 2024 results, revealing a profits per share (EPS) of Rs 22.79 and a cash dividend of Rs 10 per share. This announcement contributed to the favorable sentiment in the market.

Trading volume surpassed 400.2 million shares, resulting in a total turnover of Rs15.9 billion. Worldcall Telecom Limited (WTL) topped the volume chart, transacting more than 32.2 million shares.

The Large Scale Manufacturing Index (LSMI) demonstrated a year-on-year (YoY) gain of 2.4% in July 2024. This expansion was propelled by multiple critical areas.

Tobacco experienced a significant increase of 90.2%, establishing it as the foremost contributor to the LSMI growth. Conversely, the automotive sector witnessed a substantial increase of 72.0%, indicating robust demand and output.

The transport equipment category experienced an 11.7% increase, signifying robust growth in the manufacturing of transport-related machinery and equipment. The other manufacturing sector experienced a gain of 10.7%, positively impacting the overall LSMI.

Nevertheless, not all industries exhibited strong performance. The leading decliner was the fabricated metal sector, which experienced an 18.4% decrease, signifying a contraction in metal product manufacturing. The electrical equipment industry experienced a substantial decline of 19.4%, indicative of reduced output levels.

In July 2024, the LSMI decreased by 2.1% on a month-on-month (MoM) basis. This fall signifies a minor contraction in manufacturing operations relative to the preceding month, although the favorable year-on-year growth.

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Microsoft and BlackRock are set to establish a $30 billion fund for artificial intelligence infrastructure.

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AI models, particularly those employed in deep learning and extensive data processing, necessitate considerable computer power, resulting in increased energy usage.

The computational demands of AI have compelled technology firms to interconnect thousands of chips in clusters to attain the requisite data processing capacity, resulting in a significant increase in the demand for specialized data centers.

The investment entity, termed Global AI Infrastructure Investment Partnership, seeks to improve AI supply chains and energy procurement, according to BlackRock and Microsoft.

MGX, the investment firm supported by Abu Dhabi, will serve as a general partner in the fund, while Nvidia (NVDA.O), a manufacturer of AI chips, will provide its expertise.

The collaboration is expected to generate a total investment potential of up to $100 billion, inclusive of loan funding, according to the corporations.

The investments will primarily be in the United States, with the remainder allocated to partner countries, as stated by the firms.

The Financial Times initially reported on the development.

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Pakistan ascends 14 positions in the UN E-Government Index 2024.

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This significant breakthrough signifies Pakistan’s shift from the “Middle EGDI category” to the “High EGDI category” for the first time, indicating considerable improvements in digital government capabilities.

The nation’s E-Government Development Index has risen to 0.5095, an increase from 0.42380 in 2022. Although Pakistan remains behind global leaders such as Denmark (0.9847) and regional leaders like Singapore (0.969) and the Maldives (0.6745), this enhancement is a significant accomplishment.

Minister of State for Information Technology Shaza Fatima Khawaja has reaffirmed the government’s dedication to establishing a digital Pakistan.

During an event in Islamabad on Wednesday, she underscored the necessity for collaborative endeavors to promote innovation among the youth.

She asserted that the private sector ought to have a pivotal role in realizing a digital Pakistan. Shaza Fatima said that the administration is endeavoring to deliver exceptional stable and rapid internet connectivity.

She emphasized that Pakistan’s position in the UN’s e-governance development index had ascended by fourteen points. She stated that we are one of two Asian countries that have advanced from the medium tier to the top tier of digital e-governance, characterizing this as a notable accomplishment.

The Minister of State further asserted that Pakistan has made significant advancements in cyber security, attaining a premier rank in this field.

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