Schools support group aids flood victims


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The Citizens Foundation (TCF), which supports a network of 660 schools in Pakistan, normally raises much of its annual funds during Ramadan, but this year things are different. The aid agency's budget has been battered by the floods that are ravaging parts of Pakistan, and some of its schools have been damaged or closed by the disaster.

The TCF operates in Dubai's Humanitarian City, along with other non-governmental charities and aid agencies. Around 10 per cent of its funding comes from donors in the UAE, according to Shahab Haider, the legal representative of TCF. The school project is still a priority but its staff and supporters in Pakistan plan to provide 20 million meals over 30 days to flood victims. Its immediate goal is to provide food packages, water purifying packs and basic medicines. The funding from the UAE will be combined with donors from Europe and the US.

TCF, which was set up in 1995, aims to create ration packs in Pakistan and distribute them through TCF staff and other agencies. The human impact of the recent floods has exceeded that of Pakistan's 2005 earthquake. The TCF sprang into action then and set up the first field hospital and helped provide 5,000 homes for those displaced by the earthquake. The UN has set a donation target of US$460 million (Dh1.7 billion) to aid the nearly 20 million people who have been affected nationwide by the floods. At least 1,500 have died in what the UN has described as the worst natural disaster in Pakistan's history.

The floods have left about six million people homeless from the mountains in the north to the southern plains. The floods are expected to begin draining into the Arabian Sea in the coming days. Much of the TCF donation money has been diverted to direct flood relief. "Of course a lot of our funding is done during Ramadan and it has dropped, but we rely on regular donors throughout the year. It peaks during Ramadan, but is also a year-long campaign for us," said Mr Haider.

Nevertheless, the group continues to push its education drive. "A number of schools are affected and closed down because of the flooding. The schools outside of the flooded areas are open," he said. He was unable to put a figure on the number of schools closed. Students are still enrolling in the ones not affected by the flooding. Sarah Sheeraz Siddiqui, business development manager at TCF, said that before the floods a number of Dubai-based volunteers went to Pakistan to work on the group's main objective of opening schools.

"We always have a lot of interest from people willing to spend their time volunteering," she said. About 92,000 students, with boys and girls split evenly, attend the 660 schools. All 4,800 teachers are female. "It is a real incentive for parents to send their daughters to school. It gives them more confidence in the school and they know who is looking after their children," said Mr Haider. Added Ms Siddiqui: "In total, 70 per cent of our students go on to third level education. A lot of our new teachers were educated in our schools too and are now starting out with us."

The students are means-tested by the school when they enrol. "The parents must pay but most of it is subsidised by the charity," said Mr Haider. The parents pay 15 per cent of their income, no matter how small it may be, as a school. "The schools have such a good reputation, there is a high demand to get in. Still, the majority of it is funded from our donors," said Mr Haider. The first phase of TCF students are in the process of finishing university, and it is not unusual for the charity to see some of its students study medicine or law.

Its schools rival the private schools not only in size, science labs and subjects on offer but also in national competitions. "Some of our pupils have won competitions in art and other subjects," said Mr Haider. @Email:eharnan@thenational.ae

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Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

UAE currency: the story behind the money in your pockets
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Kanguva
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Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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