The researchers from the University of Southampton and the Sweden-based Flowminder Foundation found that by combining mobile data and geospatial data from satellites, they were able to produce poverty predictions which are comparable with those made from traditional sources, but with significant advantages.

“Census and household surveys are normally used as data sources to estimate rates of poverty. However, they aren’t regularly updated — for example, censuses only take place every ten years — and in low income countries, surveys can be patchy,” said Jessica Steele, lead author of the study.

Since the information on mobile phone is continually updated, it can be interrogated in various ways and can track changes on an ongoing basis.

“Paired with satellite data that has similar features, it can give a much more dynamic view of poverty and its geographic spread,” Steele added.

The researchers explained that every time a person uses a mobile it sends information to a receiving tower and gives an approximate location of where they are.

“It also contains information about levels of data usage, numbers of texts sent, times calls were made and their duration. It can reveal how much and how far people are travelling, as well as the type of phone they’re using. This kind of anonymised data helps build a picture of poverty,” the paper published in the Journal of the Royal Society Interface noted.

For example, monthly credit consumption on mobiles, and the proportion of people in an area using them, can indicate household access to financial resources. While movements of mobiles and their use of networks provide information on individuals’ economic opportunities.

“Satellite data can provide us with excellent information about living conditions in rural areas, but in tightly packed cities it’s more difficult. It’s the reverse for mobiles as more masts in cities means more information, contrasted with the countryside where mobile receiving towers can be thinly spread,” Steele said.

The researchers noted that some of the poorest in society may not own a mobile, but even taking this in to account, they were able to identify distinct differences between low income informal settlements and richer areas.—IANS

Image: Alamy

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The findings of the World Economic Forum Digital Transformation Initiative (DTI) found much of the value that digitalisation can potentially generate for society would remain trapped unless efforts are stepped up to align private sector investment incentives with long term public good.

“More than half of the value that digitalisation offers is in the form of societal benefits. These include net job creation and reduced income inequality, improved health outcomes and fewer accidents, reduced carbon emissions and time and cost savings for consumers,” it said.

Bruce Weinelt, Head of DTI at WEF, said majority of the benefits of digital would accrue to society, but only if collective action is taken to assess the potential, using consistent criteria to evaluate the outcomes of specific policy actions.

“Digital transformation across industries could save millions of lives and trillions of dollars in cost,” the report said, adding that digitalisation could benefit consumers more than businesses.

Among others, the report has emphasised the need for rapid re-skilling and greater alignment of education with the new demands of fast-changing markets.

While new technologies have the potential to increase economic growth, reduce inequality and promote inclusivity, the report said they could be jeopardised by retreat of globalisation, the rise of political populism and social instability.

There is also need for responsive and responsible leadership to proactively counter forces that would constrain innovation, trade and growth, it added.

The DTI project, in collaboration with Accenture, has completed value-at-stake analyses in 10 industries to help the private sector identify growth opportunities. This is complemented with a new societal value framework enabling the private and public sectors to understand and measure wider societal benefits in financial terms.

The new societal value model has been tried in India, the UK and Denmark to engage dialogue with policy-makers.

“In the Indian state of Telangana, the four digital initiative models demonstrated that value generated in the next decade could be equal to 40 per cent of India’s GDP in 2015.

“Of the benefits of digitalisation, 94 per cent could accrue to society and the environment, as opposed to industry,” the report said.—PTI

Image: weforum.org

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The death knell for “open outcry” trading in New York came in April when the CME Group announced it planned to close the physical trading floor at the end of 2016, saying volumes for the old-fashioned method represented just 0.3 percent of overall energy and metals trading.

“I can confirm that all open outcry options on futures trading pits in New York will be closed, as planned, at the end of trading today,” a spokesman for the Chicago Mercantile Exchange said Friday.

In truth, US markets have long been transitioning to electronic trading and the CME’s announcement was hardly news to many in the industry.

“The closing of the New York trading pits is largely a formality, which surprises the trading community, not for finally closing, but for still existing on the eve of 2017,” former pit trader Ryan Carlson said in an email message to AFP.

Carlson, who transitioned to electronic trading in 2005, has published a book to document the hundreds of hand signals used to communicate in the noisy chaotic trading pits. He professes “nostalgia” for an era that is quickly fading.

“Ever since I began as a clerk on the trading floor at the Kansas City Board of Trade in 1998, the inevitable closure of exchange floors was always thought to be imminent but like the scrappy occupants of the trading pits, means of survival were continually discovered,” he said.

Floor trading for commodities in New York already was diminished when the CME in February 2015 announced it would cease futures trading on the floor.

That move still allowed for the trading of options on West Texas Intermediate, the US oil benchmark, and leading metals contracts. But that too will end after Friday.

Floor trading for oil futures has a rich history as shown in the books of oil analyst and historian Daniel Yergin, who has recounted how the 1983 start of trade of the vaunted US benchmark WTI on the New York Mercantile Exchange changed the course of the oil industry.

CME sold the NYMEX building in 2013 to a real estate promoter, but indicated at the time that it would lease back part of the downtown building and that it “remains committed” to open outcry trading.

But floor trading is becoming more and more an endangered species in the US financial capital.

While the New York Stock Exchange still maintains a physical trading floor from its austere perch on Wall Street, investors now trade electronically on more than 20 other exchanges. The best known is the tech-dominant Nasdaq, which maintains a ceremonial floor near Times Square, but one dominated by computer screens.

The CME plans to maintain floor trading in Chicago for at least a bit longer for agricultural products and S&P 500 futures contracts, among other products.

Chicago, the city “which nurtured the modern derivatives industry,” makes sense as the last light “until the city also gives final closure to these physical venues,” Carlson said.

“Anyone who worked for even a short time on the trading floor is able to draw a lifetime of memories of such a surreal place filled with unforgettable characters beyond the imagination of fiction writers.”—AFP

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This came up at a meeting, held recently at SCCI, where the two sides discussed the chamber’s access to expertise and highly qualified faculty members from the university, especially in the field of research, economic studies, and surveys disseminated regularly by the chamber.

The attendees, included Abdullah Sultan Al Owais, Chairman of SCCI, Mohammed Ahmed Amin, Assistant Director-General for Communication and Business, Dr. Salah Taher AL Haj, Vice Chancellor for Community Affairs at the University of Sharjah, and Prof. Maamar Bettayeb, Vice Chancellor for Research and Graduate Studies.

They also discussed involving the university’s students in research and field surveys organised by chamber, giving them an opportunity to expand their practical experience under the supervision of academic staff.

Abdullah Al Owais highlighted the strong ties between the two parties, which form a cornerstone in Sharjah’s innovation and development efforts. The collaboration with the university, he added, is an opportunity for the chamber to enhance quality of its services to all member companies.

Dr. Salah Taher pointed out the excellent collaboration that joins Sharjah chamber and the university, especially in organising high level events and conferences, as well as seminars focused on international best practices in management and research.

The two parties reaffirmed their commitment to Sharjah’s vision in supporting innovation and creativity, and building a nurturing environment for scientific research and continuous education, in order to achieve the emirate’s ambitious developmental goals.—WAM

Image:

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This is a dangerous trend when the country still lacks proper infrastructure and legislation to fight against cyber criminals.

“While India is rapidly embracing a cashless consumer economy, payment technologies are growing in adoption faster than awareness of the risks involved,” Vishak Raman, Senior Regional Director for India and SAARC, told IANS.

“Many of these are running as startups without sufficient attention to security. The rapid shift to digital transactions will greatly increase our collective exposure to cyber security threats — essentially fraud and theft,” Raman added.

In a first, the Central Bureau of Investigation (CBI) on Friday registered a complaint against 15 people for allegedly claiming fraudulent refunds worth Rs 6.15 lakh from the leading payment gateway Paytm.

A Paytm spokesperson, however, said in a statement that the platform has robust risk management practices but the case has brought the risks to the fore.

According to Raman, in the absence of data breach notification laws and the mandate to publicly disclose attacks, Indian enterprises often do not know how vulnerable they are.

“This creates a false sense of security among CISOs/CIOs that their traditional defences are working fine and that they are immune from advanced attacks organisations elsewhere are facing,” Raman noted.

Paytm registered over seven million transactions worth Rs 1.2 billion in a day after the demonetisation drive began on November 8.

Another mobile wallet major, MobiKwik, which launched MobiKwik ‘Lite’ late last month, registered over two million downloads within the first two days of the ‘Lite’ offer.

Global payment solutions provider PayU has also observed a hike in average daily transactions from Rs 1.2 million to Rs 2.5 million post-demonetisation.

This is how hackers can attack your money in e-wallets: Create multiple fake accounts to collect money in small amounts; cheat people who are digital novices by psychological manipulation; and breach servers and steal data.

Even though most Indian organisations lack effective defences against ransomware, as threats become more pervasive and frequent in India, organisations are slowly becoming aware about the need for advanced protection.

“However, it takes a combination of technology, intelligence and expertise to effectively prevent, detect and respond to attacks,” Raman told IANS.

When asked where India stands when it comes to vulnerability in 2017, Raman said firms in Asia and particularly in India often struggle to discover that they have been breached.

For example, “the median time between compromise and the discovery of an attack was 520 days in Asia Pacific, compared with 146 days globally. That is a massive difference,” Raman contended.

In 2016, India faced a wave of cyber security incidents, ranging from targeted attacks on government organisations to ATM malware attacks.

“When coupled with its ill-preparedness to combat potential risks associated with cashless transactions and pushing hundreds of millions of citizens’ private information into the digital space, India stands quite vulnerable,” the FireEye executive cautioned.

The sophisticated, financially-motivated espionage actor groups focusing on critical systems and maturing businesses will be prevalent in 2017 as these enterprises are often vulnerable to compromise.—IANS

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The one-year programme will be conducted by CERT for Certificate in Engineering and Diploma in Process Technology. CERT will also assess candidates for selection.

The initiative is part of ENOC’s National Development Programme, designed to enhance the Emiratisation efforts across the Group by nurturing young talents and helping build a skilled and reliable workforce that contributes to the UAE’s economic progress.

Upon successful completion of the programme, students will be certified according to international City and Guilds standards and will be equipped with a wide range of skills and knowledge related to the industry, the Group’s requirements and the graduates’ role at ENOC.

“The development of a knowledge-based economy is a pillar of the UAE Vision 2021 National Agenda and ENOC is building a strong cadre of qualified and well-trained employees who will contribute to achieving this vision. We are committed to raising a generation of talent who are professionally trained as per international standards,” said Saif Humaid Al Falasi, Group CEO, ENOC.

“Our collaboration with the Centre of Excellence for Applied Research and Training to train high-school UAE nationals in vocational skills for the oil and gas sector is another step in this direction as we invest to meet the need for a strong talent pool that counters increasing challenges in this new energy era,” he said.

“Our collaboration with ENOC is driven by our support to the community and the Emiratisation drive,” said Dr. Hassan Al Jifri, CEO of CERT. “CERT has successfully delivered training to hundreds of highly qualified UAE nationals in the oil and gas sector across the UAE. The focus of CERT training is knowledge, awareness and skill levels,” he added.

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A report by Mercer has forecast a 10.8 per cent salary increase in India and 9.2 per cent in Vietnam in 2017.

Salary increases in Hong Kong and Singapore, Asia’s financial hubs, are forecast to see a 4.2 per cent and 4.1 per cent increase, respectively, said Mercer, in their report “Compensation Planning for 2017.”

Japan is forecast to receive the lowest increase of 2.2 per cent, followed by New Zealand 2.8 per cent and Australia 2.9 per cent, said the report based on Mercer’s Annual Total Remuneration Survey (TRS), and its bi-annual Market Pulse Surveys.

A closer look at pay parity, in terms of annual total cash, says that there are now several ‘tiers’ of countries across the region.

For example, starting salaries begin at USD 30,000 per annum in Australia, Japan and South Korea, and rise steeply as employees reach senior levels, often reaching USD 250,000 to USD 350,000 per annum.

Starting salaries are much lower, often just USD 5,000, in low-cost manufacturing bases, but again increase significantly at top management levels.

Puneet Swani, Partner and Growth Markets Talent Leader at Mercer said: “Hiring, retaining and engaging skilled talent will continue to be a top priority, especially for consumption-driven industries such as life sciences and consumer goods.”

“Changing business models and restructuring in the financial services has meant that the sector may not be hiring at rates seen in the last three years, but we continue to see highest level of pay increases as retaining high-performing talent has become even more critical,” he said.

“We also find companies deleveraging pay in the wake of increased regulatory scrutiny of bonus payouts, thereby reducing year-end bonuses and significantly increasing base pay instead to reduce excessive risk-taking and discretion,” he added.

Mercer, a global consulting leader in health, wealth and careers, is a subsidiary of New York-listed Marsh & McLennan Companies.—PTI

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The expansion of educational opportunities at all levels (from elementary to higher education) has contributed to accelerate economic growth by creating a more productive labour force endowed with enhanced knowledge and skills and promoting and encouraging modern attitudes among all the diverse segments of population, he said.

In his inaugural address on the occasion of 17th Annual Conference of the Indian Association of Social Sciences Institutions (IASSI), he said education is well recognised as an instrument of fast economic development and is key to the achievement of social and economic transformation.

IASSI is a federal body of Universities and research Institutions in India founded by Tarlok Singh, who through his work and writings left a lasting imprint on all areas of governance in this country.

Education, and particularly higher education has drawn attention in recent times as never before, to the advent of a knowledge society in which knowledge is not just a means of cultural advancement or skill improvement, but knowledge as mover of technology and innovation, itself has become an industry providing lead to economic growth, he said.

There is a close relationship between the generation of knowledge and innovations leading to higher productivity, he said.

“The adoption of innovations and absorptions of new technologies depends on spread of education in general and science education in particular. The fast growing economies in the 21st century are going to be knowledge dominated and largely service economies,” he said.

The expansion of education and its equitable access will determine largely the future of economic and social progress of India, he said.

The expansion of education determines not only the rate of economic progress but also the rate of social and economic transformation, he said.

“Whether the nature of this transformation and economic progress will be inclusive or exclusive depends on the equitable access and quality of education for all below the age of 25 years,” he said.

India has experienced an absolute decline in workforce engaged in agriculture as cultivators and agricultural labourers, he said.

As per NSS surveys, the percentage of workforce engaged in agriculture in 1999-2000 was 56.64 per cent which declined to 48.9 per cent in 2011-12, he said.

The workforce being released from agriculture is shifting to urban areas in search of work, he said.

It is through the education and employment that the common people can be empowered and made partners in economic and social transformation of the country, he said.

“By imparting universally accepted secular education the individuals can be empowered with human values which enable them to contribute in building a socially and culturally harmonious society,” he said.

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Boosting the role of agriculture is vital to tackling poverty and inequality and for fostering economic development in rural areas, the report adds.

Rural Development Report 2016: Fostering Inclusive Rural Transformation is a rallying call for policymakers and development practitioners to win the global war against rural poverty. This systematic and rigorous analysis of the rural sector gives a greater understanding of what key investments and policy reforms should be prioritised so that people and nations can benefit and transform rural areas in developing countries.

“Understanding how rural development can alleviate rural-urban poverty gaps is key. Inclusive rural transformation isn’t some abstract phenomenon – it’s a choice and governments and development partners need to come together to make it happen,”

said Perin Saint Ange, Associate Vice-President of IFAD. “We, at IFAD, are striving to make agriculture the real engine of growth within diversified economies.”

The report provides insight into the regional and country-specific challenges in the Near East, North Africa, Central Asia and Europe (NEN) and the varied pace of development in the region. State fragility and armed conflicts over the past three decades have displaced many people in the region. As a result, countries with chronic fragility may urbanise prematurely as people tend to seek both security and jobs in urban areas, thereby neglecting agriculture.

In the Near East and North Africa as a whole, youth unemployment, at 30 per cent, remains higher than in any other region in the world.

“The cost of lost opportunities for young people is compounded as today’s excluded youth become tomorrow’s poor,” said Khalida Bouzar, IFAD’s Director of the Near East, North Africa and Europe Division. “It is essential to raise awareness, especially among youth, that agriculture and agribusiness could significantly absorb the rapidly growing and young labour force into the formal economy. Our aim is to put all rural people in the driver’s seat of their own future,” she added.—WAM

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