TikTok allows US users to debunk misinformation
Footnotes, a feature that the popular video-sharing app began testing in April, allows vetted users to suggest written context for content that might be wrong or misleading - similar to Community Notes on Meta and X.
"Footnotes draws on the collective knowledge of the TikTok community by allowing people to add relevant information to content," Adam Presser, the platform's head of operations and trust and safety, said in a blog post.
"Starting today, US users in the Footnotes pilot program can start to write and rate footnotes on short videos, and our US community will begin to see the ones rated as helpful - and rate them, too," he added.
TikTok said nearly 80,000 US-based users, who have maintained an account for at least six months, have qualified as Footnotes contributors. The video-sharing app has some 170 million US users.
TikTok said the feature will augment the platform's existing integrity measures such as labeling content that cannot be verified and partnering with fact-checking organisations, such as AFP, to assess the accuracy of posts on the platform.
Just like X
The crowd-sourced verification system was popularised by Elon Musk's platform X, but researchers have repeatedly questioned its effectiveness in combating falsehoods.
Earlier this month, a study found more than 90 per cent of X's Community Notes are never published, highlighting major limits in its efficacy.
The Digital Democracy Institute of the Americas (DDIA) study analysed the entire public dataset of 1.76 million notes published by X between January 2021 and March 2025. As with Footnotes on TikTok, X's community-driven moderation model allows volunteers to contribute notes that add context or corrections to posts.
??Other users then rate the proposed notes as "helpful" or "not helpful." If the notes get "helpful" ratings from enough users with diverse perspectives, they are published on X, appearing right below the challenged posts.
"The vast majority of submitted notes — more than 90 per cent — never reach the public," DDIA's study said. "For a program marketed as fast, scalable, and transparent, these figures should raise serious concerns."
A vast number of notes remain unpublished due to lack of consensus among users during rating.
Thousands of notes also go unrated, possibly never seen and never assessed, according to the report.
When it comes to TikTok, the platform cautioned it may take some time for a footnote to become public, as contributors get started and become more familiar with the feature.
"The more footnotes get written and rated on different topics, the smarter and more effective the system becomes," Presser said.
As with X, tech platforms increasingly view the community-driven model as an alternative to professional fact-checking.
Earlier this year, Meta ended its third-party fact-checking program in the United States, with chief executive Mark Zuckerberg saying it had led to "too much censorship."
The decision was widely seen as an attempt to appease President Donald Trump, whose conservative base has long complained that fact-checking on tech platforms serves to curtail free speech and censor right-wing content.
Professional fact-checkers vehemently reject the claim.
As an alternative, Zuckerberg said Meta's platforms, Facebook and Instagram, would use "Community Notes."
Studies have shown Community Notes can work to dispel some falsehoods, like vaccine misinformation, but researchers have long cautioned that it works best for topics where there is broad consensus.
Some researchers have also cautioned that Community Notes users can be motivated to target political opponents by partisan beliefs.
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Express Tribune
10 minutes ago
- Express Tribune
Recalibrating economic diplomacy
Listen to article Pakistan's recent tariff agreement with the United States represents a strategic economic reprieve, offering both immediate relief and new diplomatic complexity. Concluded on July 31, 2025, the deal reduces average US import tariffs on Pakistani goods to 19%, sparing the country from facing duties as high as 29% under the sweeping "Liberation Day" tariff regime. In public statements, President Donald Trump praised Pakistan for concluding the agreement and linked the arrangement to potential US-led investment in Pakistan's oil reserves described as "massive" and awaiting development by an American energy firm. This link between trade relief and resource cooperation is not merely economic; it is deeply strategic and reshapes how Islamabad must now balance its external relations. The lowered tariffs provide necessary support for Pakistan's export-heavy industries, especially textile and agriculture. These sectors are particularly vulnerable to shifts in international market access and the trade deal ensures they keep a foothold in a critical market. The United States accounts for more than 18% of Pakistan's total exports, with textile forming the largest share. According to the Pakistan Bureau of Statistics and Comtrade data, Pakistan's exports to the US totaled $6.8 billion in 2024, where garments, home textiles and Basmati rice dominated the basket. Without the tariff deal, these exports would have suffered a blow to competitiveness amid rising global trade friction and a high-cost domestic environment. While the 19% tariff is lower than the expected punitive rate, it remains significant and still puts Pakistani goods at a disadvantage compared to nations with free trade arrangements. Moreover, as noted in recent US Trade Representative and World Trade Organisation (WTO) policy reviews, Pakistan's limited value-added export base and low integration into global value chains compound this vulnerability. Reliance on a small range of low-tech exports leaves the country exposed to even minor regulatory or tariff shifts in destination markets. Consequently, while the tariff reprieve helps to maintain the status quo access, it does little to elevate long-term competitiveness unless paired with structural reforms and diversification. In the agreement, the US interest in oil exploration adds an additional layer of economic opportunity wrapped in political complexity. Trump's announcement that the US is selecting a company to explore Pakistan's underutilised hydrocarbon reserves reflects Islamabad's long-standing ambition to improve domestic energy security. The country imports over 85% of its oil needs, straining foreign exchange reserves. Development of indigenous resources could reduce the oil import bill, which has hovered around $16-18 billion annually, according to the State Bank of Pakistan's (SBP) balance of payments reports. However, the actual scale and viability of these reserves remain uncertain, with decades-old geological surveys offering mixed assessments. Operationalising such projects would also require massive infrastructure, political stability in energy-rich provinces like Balochistan and a long-term framework for investor protection where Pakistan has historically underperformed. The trade deal and broader foreign inflows have helped boost foreign reserves in the near term. SBP data showed reserves at $17.1 billion in late July 2025, a notable improvement from the $11.7 billion recorded in early June. This level, while modest, provides coverage for roughly two months' worth of imports, a widely accepted threshold for external stability in emerging markets. However, this uptick was not solely due to the US deal. A combination of IMF tranches, World Bank support and Chinese refinancing also contributed. In April 2025, the World Bank approved a $20 billion 10-year financing plan aimed at supporting structural reforms and development spending, according to official press releases. These multilateral disbursements are conditional on Pakistan meeting governance and fiscal performance criteria, including tax reform, energy pricing rationalisation and public sector enterprise restructuring. The real test now is whether Pakistan uses this improved position to break from a cycle of dependency and move towards structural transformation. Previous instances of relief from China, the IMF or Saudi Arabia have been absorbed without addressing core economic bottlenecks. The World Bank has repeatedly noted Pakistan's narrow tax base, inefficient energy sector and bloated public sector as critical constraints on long-term resilience. Tariff concessions and resource development deals may plug short-term gaps, but without institutional reform, they fail to build foundations for self-sustaining growth. Export competitiveness must come from productivity, innovation and scale, not merely diplomatic accommodations. The diplomatic implications of this pivot towards the US must be carefully managed. China remains Pakistan's largest bilateral creditor, with outstanding loans exceeding $29 billion, much of which is tied to the China-Pakistan Economic Corridor (CPEC). Increased US presence in Pakistan's strategic sectors, particularly energy, may be perceived by Beijing as a dilution of its regional influence. That said, the diversification of economic partnerships can be beneficial, if handled with transparency and strategic foresight. Pakistan must avoid falling into a pattern of transactional diplomacy, where short-term economic gains compromise long-term geopolitical stability. The United States' overt linkage of economic relief with strategic energy cooperation is not unprecedented. It places pressure on Pakistan to deliver both policy continuity and project viability in a highly sensitive sector. American investors and companies will likely demand regulatory clarity, security guarantees and swift bureaucratic facilitation; areas where Pakistan's record is mixed at best. Failing to deliver could stall progress and sour diplomatic momentum. On the other hand, fulfilling these expectations could catalyse institutional improvements and signal a new direction for foreign investment governance. Pakistan's US tariff deal is a welcome development that buys time and space for reform. But it does not alter fundamentals of the economy, which still suffers from a narrow export capacity, underdeveloped institutions and unsustainable external financing models. If treated as an opportunity rather than a solution, the deal can serve as a bridge to broader transformation. But if viewed merely as a relief, it risks becoming another milestone in a recurring pattern of short-term fixes. The challenge for Islamabad is not in securing the next loan, concession or headline agreement. The real challenge lies in building an economy that no longer needs them. The writer is a member of PEC and holds a Master's in Engineering
Business Recorder
an hour ago
- Business Recorder
KSE-100 Index hits record 141,035 points
KARACHI: The Pakistan Stock Exchange capped off a historic week, with the benchmark KSE-100 Index closing at an all-time high of 141,035 points, up 1.3 percent on a weekly basis. The index also touched a new intraday record of 141,161 points, underscoring a remarkable reversal in market sentiment that was largely driven by an unexpected breakthrough in trade relations with the United States and renewed investor confidence in Pakistan's macroeconomic trajectory. BRIndex100 increased by 114.82 points last week, closing at 14,422.25 points. This is up from 14,307.43 points the previous week. On average, 423.720 million shares were traded daily for BRIndex100. BRIndex30 also rose by 107.86 points over the week, ending at 14,307.43 points while it ended up the previous week at 14,199.57 points. The average daily trading volume for BRIndex30 during the week remains 457,672 million shares. After beginning the week on a tepid note, with the market largely range-bound amid anticipation surrounding June quarter corporate earnings, a sharp rebound was triggered in the final two sessions. Investors returned in force following the announcement of a landmark US-Pakistan trade agreement aimed at exploiting Pakistan's untapped oil reserves. The development, widely viewed as a strategic economic lifeline, unleashed a rally in exploration and production (E&P) and oil marketing companies (OMCs), which outperformed all other sectors by week's end. Equity analysts said the market was not just reacting to the symbolism of the trade pact but also to the tangible implications of reduced trade barriers. The United States revised its tariff regime for Pakistani exports, slashing duties from 29 percent to 19 percent, effective August 2025—a decision that market participants interpreted as a game-changing shift in bilateral economic ties. 'This is a defining moment for Pakistan's external trade framework. The tariff revision and energy cooperation framework offer both short-term relief and long-term structural opportunity,' remarked Syed Amir Hussain, senior analyst. Simultaneously, monetary policy played a reinforcing role. The State Bank of Pakistan, in a move that defied market expectations of a 50–100 basis point rate cut, opted to maintain the policy rate kept at 11 percent. The decision signalled confidence in the central bank's inflation management framework, especially as headline inflation rose to 4.1 percent in July from 3.2 percent in June—largely due to a fading base effect rather than structural inflationary pressures. According to analysts, the central bank's neutral stance helped anchor financial sector expectations and encouraged longer-term positioning in equities. Fiscal performance also provided a tailwind, with the Federal Board of Revenue exceeding its tax collection target for July by Rs7 billion, reaching a total of Rs755 billion. However, concerns persisted over the government's reversal of the Rs 7.41/unit power tariff relief announced earlier this year, a move seen as backtracking on fiscal support measures amid a fragile energy landscape. However, despite the bullish close, foreign exchange reserves declined by $153 million to $14.3 billion, underscoring the vulnerability of the external account to debt repayments and highlighting the delicate balance policymakers must maintain. Even with these mixed signals, investor appetite remained robust. The average daily traded volume for the week stood at 562 million shares, slightly lower by 11.6 percent compared to the previous week's 625 million shares. However, traded value surged significantly to Rs 36 billion, up 25.3 percent, reflecting selective accumulation in heavyweight stocks. Sector performance was led by oil and gas, where E&Ps rallied 8.1 percent and OMCs advanced 5.2 percent. The tech and communications sector also posted solid gains of 3.9 percent, while cement and pharmaceuticals added 3.1 and 2.6 percent respectively. Among the week's top-performing stocks were Bestway Cement, up 14.2 percent, OGDC gaining 13.2 percent, and Systems Ltd rising 11.3 percent. Other notable gainers included Pakistan Petroleum Ltd, Pakistan State Oil, and POL, all benefitting from the energy-driven momentum. On the downside, Engro Polymer saw the steepest loss, shedding 11.4 percent, followed by notable declines in (Bannu Woollen Mills Limited) BNWM, Javedan Corporation, and Mughal Steel. The textile and engineering sectors underperformed overall, reflecting ongoing uncertainty around energy costs and export competitiveness. The broader market capitalization also advanced by 1.3 percent in tandem, reaching Rs16.9 trillion, with the dollar-based value touching $59.8 billion as compared to Rs16.68 trillion at the end of the previous week. Looking ahead, analysts see room for continued upside, provided macroeconomic and geopolitical stability endures. With second-quarter corporate earnings expected to peak in the coming weeks and the implementation of the US trade deal on the horizon, institutional interest is likely to deepen, especially in export-oriented and energy-linked counters. In summary, the week marked a critical inflection point for the PSX, where trade diplomacy, policy restraint, and sectoral strength combined to deliver a record-setting performance. Investors are now closely watching for consistency in fiscal support, smooth execution of trade benefits, and resilience in corporate earnings to validate this upward trajectory. Copyright Business Recorder, 2025
Business Recorder
an hour ago
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From Dubai to Pakistan: Mashreq well on its way to $100m expansion in digital banking sector
KARACHI: Mashreq, a global digital bank headquartered in Dubai, is looking to transform the banking landscape in Pakistan by transitioning from physical branches to digital transactions. At the core of its extended operations to the South Asian country is a key project to digitalize inflows of workers' remittances from UAE and other parts of the world, as it aims to connect overseas Pakistanis with their families and friends in the homeland. 'Mashreq has a big focus on bringing workers' remittances into Pakistan,' Mashreq Pakistan CEO Muhammad Hamayun Sajjad said in an exclusive interview with Business Recorder. Pakistanis living in Dubai and other parts of the UAE send around $6.25 billion to $6.50 billion a year to their relatives back home. Mashreq already facilitates a significant volume of these remittances in collaboration with other financial entities. 'We are building a fast, convenient, and transparent financial link between Mashreq Dubai and Mashreq Pakistan to ensure that remittances are received instantly. Currently, remittances are being processed by Mashreq Dubai, and our first goal is to shift this flow onto our Pakistan-based platform,' Sajjad said. 'Our second objective is to identify and address the pain points in the remittance process within Pakistan. By learning from these challenges, we aim to enhance the overall user experience. We see a significant opportunity in streamlining remittances—one of the most vital financial lifelines for the country.' Mashreq has six decades of experience serving people and businesses in major markets around the globe, including the Middle East, US,UK and Europe. It is currently running a pilot project in Pakistan aimed at launching a full-fledged retail digital bank in the country by end of December 2025. Mashreq Dubai operates three entities in Pakistan: Mashreq Bank (in its pilot phase), Mashreq Global Network (hiring and managing employees) and a branch office of Mashreq Financial Institutions Group (providing banking solutions to other financial institutions). It has made a combined investment of over $70 million in Pakistan in the past four years. This is expected to reach $100 million by the end of this year. Trade finance In addition to remittances, the bank is engaged in trade finance, Sajjad said. 'While our Pakistan license does not yet permit trade transactions, Mashreq Dubai continues to handle trade flows with Pakistani banks. The bank is among the top six financial institutions globally for US dollar clearing and operates as a trade hub across 14 countries.' Once licensed fully in Pakistan, Mashreq plans to extend its trade services locally within three to five years. In the meantime, it is focused on establishing fast, reliable financial corridors between the UAE and Pakistan, he added. Separate portals for SME and youth Most banks currently serve SME clients through individual or corporate platforms, which often overlook the specific needs of small businesses. To address this gap, Sajjad said, Mashreq is launching Mashreq Neo Business — a dedicated app and portal designed exclusively for SMEs. For individuals, Mashreq will also offer digital joint accounts, eliminating the need to visit branches. Additionally, the bank is introducing Mashreq Neo NXT, a separate digital platform for youth under 18. While minors cannot open full bank accounts, Neo NXT will enable supervised banking for savings and spending, managed by parents—promoting financial literacy from an early age, the CEO said. Cybersecurity, AI keys to success Mashreq emphasizes a robust cybersecurity framework supported by advanced AI-driven monitoring and fraud detection. The bank aligns its systems with State Bank of Pakistan (SBP) regulations for digital banking, including controls for unusual transactions: automated alerts — such as calls on transfers exceeding Rs2 million — enhance customer safety. Leveraging its digital infrastructure from the UAE, Mashreq plans to replicate this model in Pakistan to build trust and institutional credibility in the evolving digital banking sector. Sajjad said that Mashreq sees a massive opportunity in Pakistan's digital banking gap. According to SBP data there are 90–100 million account holders in Pakistan, out of which only 20 million use online banking. That leaves 70 million largely untapped. Existing banks face high costs and limited digital efficiency, while users still struggle with fraud, access, and reliability. A modern, digital-only bank like Mashreq can fill this gap efficiently and cost-effectively. Nearly 500 Pakistan-based professionals — including 43% senior staff — work remotely for Mashreq Dubai across 18 cities without a local office. Mashreq Pakistan operates with 250-300 staff compared to thousands at conventional banks. Operating remotely — without physical branches — and with a lower number of employees cut banking costs significantly. Mashreq also acknowledges rapid growth in Pakistan's e-commerce landscape over the past 12 to 15 years. Consumer behavior shows a strong shift toward digital purchases over physical retail. The bank sees opportunity in this trend, expecting that increased digitization of payments will eventually help grow e-commerce. Mashreq's infrastructure and partnerships can support the evolving ecosystem of e-commerce payments, logistics, banks, and platforms to ensure smooth consumer adoption, Sajjad added. Copyright Business Recorder, 2025
