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IT Sector Faces Heavy Losses Due to Government Policies: Anokey CEO

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CEO of Anokey Limited Awais Shahzad

MULTAN,SEPTEMBER 14: Pakistan’s IT sector is grappling with significant challenges due to unfavorable government policies, leading to substantial foreign exchange losses in recent months, according to CEO of Anokey Limited Awais Shehzad Talking exclusively to Daily Manifest Journal, Shehzad noted that political instability has compounded economic difficulties, resulting in a 70-80% decline in IT-related activities.

He further observed that the closure of industries has directly impacted IT professionals, while persistent internet disruptions and reduced speeds are severely hampering freelancers’ ability to operate. “In the current scenario, freelancers are working tirelessly without any government support, yet they continue to bring in vital foreign exchange, playing a critical role in stabilizing the national economy,” Shehzad stated.

The CEO urged the government to extend financial relief, such as interest-free loans, to struggling software houses, many of which are under immense financial pressure. Additionally, the rising cost of electricity has strained operational budgets, leading to widespread job losses. “The absence of a clear IT policy has already caused significant damage, resulting in the loss of valuable talent and opportunities in the sector,” he warned.

In celebration of Anokey Limited’s 7th anniversary, Shehzad announced plans to train 10,000 young individuals in IT skills, with the goal of fostering self-reliance and responsible citizenship. He also revealed that his company would soon propose measures to the government aimed at creating employment opportunities for the youth in the tech sector.

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A billion laser points helped bring Notre Dame back to life

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After a catastrophic fire five years ago, the Notre Dame Cathedral de Paris reopened this month looking almost the same as it did when it was first constructed in 1163.

The massive reconstruction project was a testament not just to the hard work of the French people – but also to the lasers, drones and other advanced technology that gave rebuilders a window into the building’s past.

“The time frame wouldn’t have been possible without the record of what existed,” Amy Bunszel, executive vice president of architecture, engineering and construction at 3D-software company Autodesk, told CNN. Her company was a major part of creating a model of the building as it existed before the fire, giving the reconstruction effort a sort of guide for what to do. “It would’ve required a lot more guesswork. Imagine taking millions of tourist photographs (as a reference point) versus having one consolidated perfect representation.”

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Inflation was the cause, not the result, of the ‘hot’ labor market, research shows

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Back in 2022, when the labor market was so hot that Beyoncé even released a song about it, Americans were job hopping in large numbers, boosting their salary in the process.

The Great Resignation was in full swing.

That fueled fears of a “wage-price spiral” — where wages and prices perpetually rise and feed off each other.

But what appeared to be a hot job market was actually a symptom — not the cause — of the recent bout of inflation, according to new research that explored the consequences of unexpected rising prices on the labor market.

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The Container Store files for bankruptcy

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The Container Store has filed for bankruptcy. It is the latest well-known retailer to fall victim to customers cutting back on discretionary spending.

The 46-year-old company said in a statement late Sunday that filing for Chapter 11 bankruptcy protection will help it “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.” The Container Store revealed in court documents that it has about $230 million in debt and just $11.8 million in cash on hand, but will receive $40 million in fresh financing.

The chain’s 102 locations and website will remain open for orders during the process, which is expected to take 35 days to complete.

“The Container Store is here to stay,” said CEO Satish Malhotra in a statement. “Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities.”

Payments to vendors and suppliers will be made as normal and all customer deposits and orders will be honored and delivered, the company said. The Container Store plans to emerge as a private company when the Chapter 11 process is complete.

The company’s Sweden-based Elfa brand, described as a “premium customizable storage system,” isn’t included in the bankruptcy.

The filing comes a few weeks after a deal with Beyond, the parent company of Bed Bath & Beyond and Overstock.com. The Container Store was expected bring Bed Bath & Beyond-branded products to some stores, but that deal appears to be in jeopardy. Beyond previously said that the financing deal was in doubt because the Container Store was struggling to reach an agreement with its lenders.

The Container Store’s stock has already been delisted by the New York Stock Exchange because it failed to meet the exchange’s financial standards.

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