Author: newsdesk

  • Seasonal demand: Gold price increases by Rs5,600 to Rs207,500 per tola

    Seasonal demand: Gold price increases by Rs5,600 to Rs207,500 per tola

    On Friday, gold prices in Pakistan experienced a significant increase due to seasonal demand and the rush to purchase the precious metal during Ramadan and the upcoming wedding season.

    According to data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold surged by Rs5,600 per tola and Rs4,801 per 10 grammes to settle at Rs207,500 and Rs177,898, respectively.

    In recent sessions, the price of gold had decreased due to a decline in international prices and the appreciation of the Pakistani rupee against the US dollar. However, the bullion sparkled once again on Friday as local markets reopened following a day off for Pakistan Day.

    The price of gold in Pakistan is strongly influenced by the rupee-dollar parity since almost all of the country’s gold demand is met through imports, with traders following international prices to set rates. The metal is imported by jewelers against the US dollar and UAE dirham before its price is converted into rupees.

    The APSGJA also noted that the price of gold in Pakistan was Rs12,000 per tola cheaper than in the Dubai market, indicating that the Pakistani gold market was currently less expensive than the global market.

    Meanwhile, in the international market, gold prices continued to rise on Friday, buoyed by a drop in Treasury yields after the US Federal Reserve hinted at a possible end to its monetary tightening cycle. The per-ounce price settled at $1,997 after a significant increase of $58.

    The longer-term prospects for gold remain positive due to expectations of a pause in US interest rate hikes. In addition, silver prices in the domestic market rose by Rs20 per tola and Rs17.15 per 10 grammes, settling at Rs2,220 per tola and Rs1,903.29 per 10 grammes, respectively.

  • All weapons recovered from Imran’s Zaman Park residence are illegal, says police

    The Lahore police has said that all the weapons that were recovered by the authorities from Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s residence in Zaman Park are “unlicensed and illegal”.

    On March 20, Punjab Police raided Khan’s Zaman Park home, taking apart the entrance gate with a crane and entering the house, stating that they had search warrants.

    At the time, Khan was on his way to Islamabad to appear before a court in the Toshkhana case. He said that his wife Bushra Bibi was alone at home.

    The police said at least 13 SMGs, 7 Kalashnikovs, and 340 bullets were recovered from Zaman Park.

    Earlier, Interior Minister Rana Sanaullah claimed that police found 16 rifles, arms, bombs and a bomb-making factory in Zaman Park.

  • ‘They don’t like being told what to do’: Imran Khan holds back from criticising Taliban ban on girls’ education

    Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan, in an interview with Matt Frei for Channel 4, talked about the rigid ban imposed by Afghanistan Taliban on girls’ education.

    When asked whether he will tell them to let the girls go to school, he responded by saying that he knows Afghan character much more than anyone else in the West. “They dont like being told what to do,” Imran Khan said.

    He then urged the world to engage with the Taliban, stressing that only then the group will listen to them.

    He said, “If the West wants to influence them, they must mainstream them. I kept telling them to engage. If you isolate them, what influence are you going to have on them.”

    “My advice is to get them involved, give them a stake in the international community so when you tell them to educate girls, they will listen to you.”

    According to him, right now they react when the world questions their policy toward women.

    We are heading toward martial law: Imran Khan

    In the interview, the deposed prime minister said that the postponement of elections by the Election Commission of Pakistan (ECP) is a violation of the constitution.

    He said that five judges of the Supreme Court categorically said that elections should be held on April 30.

    “The worry right now is that we are heading towards martial law”, said Khan.

  • Pakistan will boycott Asia Cup if it’s deprived from hosting

    Pakistan will boycott Asia Cup if it’s deprived from hosting

    Pakistan has threatened to boycott Asia Cup 2023 if it is deprived of hosting duties.

    Dealing with an aggressive Indian campaign to put the tournament out of the host country’s reach, Pakistan Cricket Board (PCB) has proposed to the Asian Cricket Council a hybrid model to ensure Indian team’s Participation.

    Under this proposed model, other teams would play their matches in Pakistan, while the Indiam team would play their matches in another country.
    The Board of Control for Cricket in India (BCCI) refused to play in UAE due to concerns about hot weather and instead suggested Sri Lanka as a potential host country.

    Meanwhile, Pakistan put forward Oman as an alternative option. England was also be considered as a possible venue, although it is in another continent. Talks are progressing rapidly and a final schedule is expected to be released within the next 4-5 days.

    The Pakistan Cricket Board (PCB) did not accept the suggestion of swapping the host country to another location. Taking a strong stance regarding the upcoming World Cup, PCB has insisted that if the Indian team does not participate in the Asia Cup, the Pakistan team will not travel to India for the World Cup.

    There have been discussions about potentially withdrawing Pakistan from hosting the Asia Cup and replacing it with Sri Lanka or Bangladesh, with the hope that in two years’ time, relations between India and Pakistan may have improved, and the Asia Cup could be held in Pakistan once again.
    However, in order to withdraw from hosting the Asia Cup and replacing it with Sri Lanka or Bangladesh, PCB officials strongly rejected the proposal and stated that if this were to be done, the event should be organized without Pakistan’s participation.

    Despite the potential financial loss, Pakistan emphasized the importance of taking care of the sentiments of their fans rather than the monetary aspect.

    Additionally, the country has already earned significant revenue from the Pakistan Super League (PSL) and would not agree to a complete shift of the Asia Cup to a neutral venue.

    During a meeting, the Pakistan Cricket Board (PCB) expressed their understanding of India’s concerns but urged for a solution to be found as important events such as the World Cup and Champions Trophy are approaching.

  • China approves rollover of $2 billion SAFE deposits for Pakistan

    China approves rollover of $2 billion SAFE deposits for Pakistan

    China has given approval for the rollover of $2 billion State Administration of Foreign Exchange (SAFE) deposits for a year. Pakistan’s Finance Minister, Ishaq Dar, confirmed, stating that the rollover was a requirement of the International Monetary Fund (IMF).

    The IMF had requested the rollover of Chinese SAFE deposits to fulfill external financing needs and move towards a staff-level agreement. The agreement involves filling nine tables under the Memorandum of Economic and Financial Policies (MEFP), including a table related to the Net International Reserves (NIR) as an indicative target.

    This target cannot be met without incorporating the external financing needs of the program period until the end of June 2023. The IMF has asked Pakistan to bridge the gap of $6 billion to ensure its credibility and avoid default. This condition was put forth largely because representatives of Gulf countries on the Executive Board had made commitments before the approval of the seventh and eighth reviews for providing financial assistance to Islamabad in various forms.

    Now, the IMF is seeking the support of Saudi Arabia, the UAE, and Qatar to help Pakistan’s struggling economy. The Fund has warned Islamabad that its credibility would be at stake if the staff-level agreement is finalised, and Pakistan fails to materialize its commitment from the bilateral partners, which could lead to default.

    The IMF is investigating why Pakistan’s bilateral partners are not fulfilling their earlier commitments. China is the only country that has come forward to rescue Islamabad by fulfilling its commitments on the re-financing of its commercial loans as well as the rollover of its SAFE deposits.

  • ‘Indian fans responded with more respect to my character in Tere Bin than Pakistanis did’: Sabeen Farooq

    ‘Indian fans responded with more respect to my character in Tere Bin than Pakistanis did’: Sabeen Farooq

    Sabeen Farooq is currently making waves for her role as the antagonist ‘Haya’ in the drama ‘Tere Bin’. But the actress addressed the feedback she was receiving including threats to her family. In an Instagram post, Farooq slammed the haters for not being able to tell the difference between what is real and what’s fake, as shown by Galaxy Lollywood.

    Farooq talked about the problem in an interview with BBC Urdu, stating that the threats she received from social media trolls were directly targeting her family:

    “If it was about my personality then it would be understandable, but these were personal attacks sent to my family. But thank Allah I don’t take these things personally or let my mental health get impacted by it. I don’t know how other people who have played negative characters on screen have dealt with this, but sending insults to my family and saying awful things is wrong. They did not mention my character, but would only talk about me.”

    Opening up about the popularity of ‘Tere Bin’ in India, Farooq revealed that she was astonished by how polite and respectful fans over there were:

    “These fans would like lovely letters to me where they would solely talk about Haya. And I’m shocked that the kind of praise I’m getting from them, it’s not how Pakistanis are reacting to my role. This is from a neighbouring country where the drama is trending. But over here, people are sending hateful messages.”

    Asked why she chose to play the antagonist, Haya, who plots ways to break apart the main leads Murtasim and Meerab, Farooq revealed that she fell in love with her character’s bluntness, and always had wanted an opportunity to work with Yumna Zaidi:

    “I lover her bluntness because she is not scared of anyone and can say anything she wants infront of everyone. She has the ‘pyaar kiya tou darna kya’ demeanor because she isn’t afraid to confess in front of everyone that she is in love with this man…Also. I learned that Yumna is there.. and I had always wanted to work with her. That is what made me think there is something good about this show other wise why would Yumna sign up for it?”

  • This Ramzan, Ayesha Omar wants Pakistanis to learn discipline and self-control

    This Ramzan, Ayesha Omar wants Pakistanis to learn discipline and self-control

    Ramzan is a month of restraint and patience, which, actress Ayesha Omar thinks is important for us to learn in order to refrain from being quick to pass judgement and hurting others.

    In an Instagram post, the ‘Bulbulay’ actress called this her favourite month because it helps her practice self-control and discipline, as well as purify the mind, body and soul:

    “My favourite month has started. Time to practice self-control and discipline, time to reset, to detox, to purify the body, mind and soul, time to find our centres and our ground, time to ponder over our being and our habits, time to practice compassion and kindness towards ourselves and others, time to pray and meditate and set a precedence for the rest of the year.”

    Read her complete caption here:

  • ‘Enough is enough’: Khan demands immediate release of PTI activist Azhar Mashwani

    ‘Enough is enough’: Khan demands immediate release of PTI activist Azhar Mashwani

    Pakistan Tehreek-e-Insaf (PTI) Social Media Activist Azhar Mashwani was picked up on Thursday, prompting party Chairman Imran Khan to condemn his arrest.

    Blaming the authorities for abducting Mashwani, Imran Khan took to Twitter and wrote: “Enough is enough. Police in Punjab and Islamabad are breaking all laws with impunity as they target PTI. Today Azhar Mashwani was abducted in the afternoon from Lahore and his whereabouts are unknown.” Khan demanded the immediate release of Mashwani.

    On March 18, Senator Shibli Faraz and Omar Sultan were “badly beaten” by Islamabad police, Khan said, insisting that they both had permission to be inside the Judicial Complex, where the PTI chief went to attend a hearing in the Toshakhana case day.

    Talking about his nephew, Khan said. “Hassaan Niazi was abducted immed after getting bail & later charged with sham FIRs to keep him lcoked up.”

    “I am sending pictures of IGs [inspectors generals] of Punjab and ICT [Islamabad Capital Territory] and of all officers indulging in this criminal behaviour” to international human rights organisations, he said, “so they can identify those working for the state and indulging in abductions, illegal break-ins into homes, custodial torture and violence against political leaders and unarmed workers of PTI.”

    Mashwani’s wife, Mahnoor, also tweeted about her husband’s disappearance, writing, “My husband @MashwaniAzhar is missing from 2.51 pm from home.. He went out for Zaman park And his last seen is 2.51 pm.. If Anyone knows anything.. Let me know..”

  • Toyota IMC announces shutdown of production plant once again due to parts shortage

    Toyota IMC announces shutdown of production plant once again due to parts shortage

    Indus Motor Company Limited (INDU), the company known for assembling and selling Toyota-brand vehicles in Pakistan, has announced the temporary shutdown of its production plant from March 24 to March 27 due to raw material and component shortages.

    In a notice to the Pakistan Stock Exchange (PSX), Indus Motor cited difficulties in opening Letters of Credit (LCs) for raw materials by banks, which have caused a disruption in the supply chain of the company and its vendors.

    As a result, the company is unable to continue its production activities due to insufficient inventory levels. This is the second time this year that Indus Motor has announced the shutdown of its plant, with the first being from February 1 to February 14 due to an inventory shortage.

    The CEO of Indus Motor, Ali Asghar Jamali, had previously acknowledged the challenges facing the local auto industry, including the restrictions on Completely Knocked Down (CKD) kits, which have resulted in manufacturers operating at only 40-45 per cent of their capacity.

    The auto industry in Pakistan is heavily reliant on imports and has been affected by the State Bank of Pakistan’s (SBP) restrictions on the opening of LCs, following a sharp depreciation of the rupee.

    The SBP has imposed restrictions on imports due to the country’s low foreign exchange reserves, which has resulted in operational hindrances for many industries, including the auto sector.

    Although the SBP withdrew import restrictions in January, many industries are still struggling due to the dollar shortage.

  • Young Pakistani squad all set to give Afghanistan a tough time in T20 series

    Young Pakistani squad all set to give Afghanistan a tough time in T20 series

    Pakistan Skipper for Afghanistan series Shadab khan believes that his new-look and much younger team will give Afghanistan a tough time in the T20 series in Sharjah from today.

    PCB has decided to rest senior players and also a top run scrorer in recent domestic league. Shadab khan replaces Babar Azam. Some other players who have a tremendous PSL season but are resting for this series include senior Muhammad Rizwan and Shaheen Shah Afridi, and Haris Rauf.

    “It is a great honour for me to be leading Pakistan,” Shadab said on Thursday. “As a player, this is the highest you can go in your career.
    “I am very excited for the upcoming three T20Is. We have a brilliant mix of youth and experience, which makes us a well-balanced side, and we have what it takes to win this series.”

    Shadab previously led Pakistan in a three-match T20I series in New Zealand when Babar was injured, losing 2-1.

    Batters Saim Ayub, Pacer Zaman Khan and Ihsan Ullah are uncapped while Imad Wasim, Azam Khan, Faheem Ashraf, Abdullah Shafique recalls for the National team.

    Afghanistan have also recalled former skipper Mohammad Nabi after leaving him out of the three-match T20 series against the United Arab Emirates that they won 2-1 last month.

    Rashid Khan will lead Afghanistan side after Afghan tigers replace Muhammad Nabi.

    Shadab said Afghanistan was a dangerous side “and they have some good T20 players in their side but I am very confident with the players that I have in my squad”.

    Pakistan has beaten Afghanistan in all three previous T20Is — a one-off match in 2013 in Sharjah, T20 World Cup 2021 and Asia Cup last year.

    Pakistan agreed to play the series — the first bilateral between the two countries — in place of three one-day Intern­ationals that Afghanistan were supposed to play against Australia this month.

    Cricket Australia pulled out of that series following an announcement from Afghanistan’s ruling Taliban that it was banning university education for girls and not forming a women’s cricket team.

    Afghanistan Cricket Board chief executive Naseeb Khan hoped fans will enjoy a good series.

    “Both nations have passionate fans that support their teams with enthusiasm and pride,” said Naseeb. “As neighbours, we have a special bond and we hope to showcase not only our cricketing skills but also the spirit of friendship and sportsmanship.”