Lahore School of Economics

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Declining Oil Prices Unlikely to Impact Remittances Flows

Declining oil price may not impact remittance flows as the major oil producers have built-up high foreign-exchange reserves to deal with such eventualities. This was stated by Dr. Ishrat Hussain, former Governor of the State Bank and currently Dean, IBA Karachi at the inauguration of the Centre on International Migration, Remittances and Diaspora (CIMRAD) at the Lahore School of Economics on Tuesday 2 December, 2014.

Dr. Hussain went on to say that while other parts of the world from Europe to Japan are seeing a declining population, Pakistan’s youthful population may be an asset to the world if properly invested in. He alluded to the faulty notion of a “brain drain” and instead in the new globalized economy it is in fact a “brain circulation” which pays dividends to both sending and receiving countries. He encouraged graduates to get experiences to become the best professionals they can be—including gaining international exposure. He stressed the need for further studies using new data bases, for example BISP Score Card to analyze the impact of remittances on poverty, education, and health care.

Dr. Rashid Amjad, Director of the newly established Centre said that remittances are increasing at a 15% growth rate not just in Pakistan but globally. Pakistan received an amount of $16 billion as remittances in the year in the year 2013-14 which are equivalent to 6% of GDP. These are expected to reach US $18 billion in 2014-15. The Pakistani diaspora is estimated to be 7 million worldwide but could well be higher.

Enrico Ponziani, Chief of Mission International Organization for Migration (IOM), stressed how important it was for migrants to be able to protect themselves and their contributions to their home country should be acknowledged. He said additionally however, it should be realized that while first generation immigrants tend to send money back home future generations are more likely to invest in their new countries and are less likely to see themselves as Pakistanis. Mr. Ponzianisaid that while there are few countries where the Pakistani diaspora are concentrated, there are migrants in 140 different countries. He said a migration information center could help future migrants make informed decisions and curtail trafficking—which will allow for safeguarding of their rights and more remittances to their home countries.

Mr. Jose Lopez-Calix, Senior Economist at the World Bank stated how the Centre can help study how remittances can do better for the economy in terms of investment. He said an interesting area of study is whether they are truly able to help remove a family from poverty. Mr. Lopez-Calix also stated programs the World Bank is considering regarding remittances and growth includingissuing of diaspora bonds.

Dr. Naved Hamid, Director, Center for Research in Economics and Business (CREB) and Regional Director at the International Growth Center reflected on how remittances affect every aspect of the economy and how the actual rate remittances can be as high as 10%.

Dr. Shahid Amjad Chaudhry, Rector Lahore School of Economics, declared the Centre open while hoping that its work will highlight the problems, desires, and prejudices faced by the Pakistani diaspora. Dr. Chaudhry said that this will help migrants truly become citizens of the world while also allowing the Lahore School to serve the international community.

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posted by S A J Shirazi @ 12/05/2014 10:29:00 AM,

AD-MAD 2014

The Lahore School Marketing Society held their first advertising workshop on November 20, 2014 at SBS Library. Conducted by Dr. Aamir Khan and facilitated by Saad Shahid, Aliya Bushra, and Komal Sultan, the event was attended by more than 200 undergraduates and graduates (it was compulsory for the students to attend who wanted to participate in the advertising competition to be held next month in February).


The advertising workshop ‘AD-MAD 2014’ was an interactive session which aimed to provide a platform for students to practice and hone their marketing and social skills. Dr. Aamir Khan, shed light on the fact that advertisements are made to instill repurchase behavior in consumers. The ads shown during the session were aimed to highlight key factors that impact how concepts of advertisements. He emphasized that the Ads are directed towards certain consumers, the specific target market and convey the message in a novel way. Positioning strategy is the most important aspect when designing advertisements for eg the cultural aspects have played an instrumental role in advertising products worldwide.

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posted by S A J Shirazi @ 12/01/2014 12:36:00 PM,

Leadership

Mr. Farrukh Rasheed, head of Human Resource at Hubpower, visited The Lahore School of Economics to impart the knowledge from his experience on leadership and answer the questions of the MBA class of the organizational behavior and leadership course. His talk was stimulating and engaging, receiving a great response from the students.


Farrukh Rasheed emphasized upon three questions that contribute to the heart of leadership: what is leadership, why it is important to learn about it and how to implement? The speaker also elaborated upon the concept of managing people and reinstated the importance of fairness. He said, "people care about the decisions you make, they care more about the process you used along the way."

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posted by S A J Shirazi @ 11/28/2014 11:32:00 AM,

Lahore School Economics Society Orientation

The Lahore School Economics Society (LSES) organized its first orientation on November 17, 2014. Dr.Shahid Amjad Chaudhry, the Rector Lahore School was the guest of honour. Large number of students and faculty (including Dr. Azam Chaudhry, Dr. Theresa Chaudhry, Shamyla Chaudry and members of executive council) attended.


First, Dr. Waqar Wadho the Patron of Society thanked Dr. Shahid Amjad for providing this platform and addressed students that LSES aims to provide them with a platform to connect with fellow Economics students within and outside LSE (within and outside Pakistan), to connect with eminent economists (Pakistani and foreigners) and to connect with professionals (including LSE alumni) to form a vibrant economics community that is more informed, engaged and aware of the scope of opportunities and relevance of economics.
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posted by S A J Shirazi @ 11/25/2014 10:38:00 AM,

Success comes with positive mental attitude

Mr. Mir Mohammad Ali Khan visited Lahore School of Economics on November 11, 2014 to give an speech to the students. He was hosted by Dr. Shakil Faruqi, who happens to be the guest speaker’s university fellow at Rutgers, Princeton. The event was hosted at MCL Library. Over 300 students and aculty from the Finance and Extra Curricular Departments (Samra Chaudhry, Dr. Sohail Zafar, Dr. Farooq Chaudhry, Javed Qureshi, Arshia Azhar and Mawal Sara Saeed) attended the event.


Dr Shakil Faruqi opened the session, and introduced the speaker. Soon after, Mr Mir Mohammad Ali Khan delivered a speech based on “success and positive mental attitude’’. He presented the students his life story. The story of how a chain of events turned out to be good, bad, ugly and the ugliest in his life and pushed him into severe depression. How he overcame those problems of life and decided to move to Pakistan, because he believes that this country has the potential. He believes in the potential of youth of Pakistan to bear problems with patience. He said in his speech that a person could achieve anything if he or she believes in themselves and never stop trying. He urged students not to ever lose hope, and maintain mental tenacity that is required to be what they aspire to be.
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posted by S A J Shirazi @ 11/22/2014 09:45:00 AM,

Life of an Entrepreneur

An entrepreneur is someone who starts with nothing and builds an empire. What makes an entrepreneur unique was the first question Mr. Salim Ghauri, CEO NetSol Technologies asked while addressing the students on November 12, 2014. He told the students that leaders and entrepreneurs do not care about the consequences; they step forward and take actions. Giving examples of famous entrepreneurs he said the difference between them was only that some defined their lives like Richard Branson of Virgin Group and Lakshmi Mittal of Arcelor Mittal. While some changed the world, giving examples of Bill Gates and Steve Jobs, whereas some worked to change their countries.


His journey of being an entrepreneur was totally unplanned and the reason he was successful today was because he was a risk taker, a decision maker, one who followed his dreams, created opportunities and believed in himself. He said that one should never run after money. He told the students to be focused, have faith, work hard and success will eventually come to them. Mr. Ghauri said that money would never bring happiness but job satisfaction always would. Fear is the biggest fear of trying something new whereas there is no success without failing.

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posted by S A J Shirazi @ 11/20/2014 12:18:00 PM,

Lahore School Collaboration with Macquarie University, Sydney, Australia

The Lahore School of Economics has recently established a long term cooperative relationship with Macquarie University, Australia. The Lahore School of Economics has been given the highest rating by the HEC’s business school accreditation council and Macquarie University has been ranked as a 5 start university by the QS rating system.



Macquarie University comprises of 33 departments with five faculties and the university offers 87 undergraduate courses and 124 different postgraduate courses to students.

The areas covered in the joint agreement are Student Exchange Faculty Exchange, Joint Research, Joint conferences/meetings and Exchange of Academic Materials/information.

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posted by S A J Shirazi @ 11/18/2014 11:07:00 AM,

Strategic Management

“Academic education is integral in shaping individuals to be qualified practitioners but does not guarantee the development of effective strategists; for that something needs to come from within, an idea, an inspiration, an ideology, to absorb the external stimuli and develop an inception,” said Mr. Muhammad Abrar Ameen, CEO VRG Pvt Ltd while speaking to Lahore School students while giving a lecture on November 12, 2014.


Effective strategy is congruent with effective planning. With theory, there has to be some practice. Strategic management is neither purely an art nor a science; it is an amalgamation of both. A strategist is a realist, a revolutionist who would create a new line of thinking in a different space. Strategizing is versatile; one has to take both the external and internal factors into consideration before formulating a strategy. A strategy should be one which sets precedence, one which facilitates in premium exemplary offerings for rewriting textbooks. An example of this would be of how a local organization from within Pakistan took the order of massive production of FIFA world cup footballs when China was not able to meet the demand.
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posted by S A J Shirazi @ 11/18/2014 11:06:00 AM,

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