Author: newsdesk

  • Intraday update: Pakistani rupee drops to historic low of Rs278.67 against US dollar

    Intraday update: Pakistani rupee drops to historic low of Rs278.67 against US dollar

    After Finance Minister Ishaq Dar authorised a proposal for charity groups to help raise almost $2 billion from overseas Pakistanis, the Pakistani rupee (PKR) fell by over 2.5 per cent against the dollar during intraday trade on Friday, falling as low as Rs278 against the dollar.

    The rupee was trading at Rs278.67 versus the dollar in intraday trade on the interbank market around 12:50 pm, according to the Exchange Companies Association of Pakistan (ECAP).

    The local currency fell by Rs7.32 from its previous day’s closing rate of Rs271.35 to the US dollar.

    The PKR has lost Rs7 or more versus the US Dollar during intraday trade for the third time in a week.

    Bloomberg reports that Pakistani rupee and dollar bonds fell after Prime Minister Shehbaz Sharif said that the International Monetary Fund (IMF) is making life difficult for the country in the ongoing loan negotiations.

    According to information gathered by the US publication, USD/PKR increases 1.8 per cent to a record 275.0250. Bonds that are due in April 2024 were priced at 56.94 cents on the dollar, down 0.3 cents.

    Experts claim that the market is responding to news stories about the demands put forward by the IMF. In the coming days, rupee losses will intensify if Pakistan is unable to reach a staff-level agreement with the Fund.

  • Commissioner in the day, rock star at night: here are some fun facts about North Nazimabad’s new Assistant Commissioner

    Commissioner in the day, rock star at night: here are some fun facts about North Nazimabad’s new Assistant Commissioner

    North Nazimabad’s new Assistant Commissioner Hazim Bangwar is creating a storm on social media which has yet to see a government officer who is also a model, singer and a philanthropist. Take a deep dive along with us all about this trendy dude’s background.

    1. Bangwar’s mother is from Iraqi descent and is an architect, while his father, Ali Akbar Bangwar, has served as the Police General D.I.G of Pakistan.

    2. Bangwar moved to New York at the age of six where he finished high school from Midwood High School. He later got his Bachelors in Fashion Design and Marketing from AIU London, and then his LLB from University of London.

    3. He spent his academic years producing music, and signed a two year deal with Interscope Records. Bangwar’s first mix tape ‘One Man Army’ was promoted in both US and UK. He was later offered a deal by Dwayne Michael Carter Jr. under Young Money Entertainment as a singer/songwriter. He released many tracks like ‘Hell Ya’ and the Urdu track ‘Tujko Bhulaya’.

    4. Aside from his singing career, Bangwar is a philanthropist and has founded the Hamza Bangwar Foundation, and doesn’t shy away from having the best lewks as we can see from his insta page!

  • First-generation Apple iPhone 2G set to sell for Rs1.36 crore at auction

    First-generation Apple iPhone 2G set to sell for Rs1.36 crore at auction

    Apple fans have the chance to own an original 2007 first-generation iPhone – if they are willing to pay the price.

    According to LCG Auctions, where the item is offered for sale, the original 2007 factory iPhone is likely to fetch an amazing $50,000 or more. It is still sealed and unopened in its factory packaging.

    The iPhone had a 3.5-inch screen, a 2-megapixel camera, and 4 or 8 GB of storage when it was originally manufactured. According to CNN, the initial phone was only offered by AT&T on a 2G network and did not have an app store. Time Magazine awarded it the Invention of the Year for 2007.

    The particular iPhone up for grabs is being consigned by its owner, Karen Green, who was gifted the Apple product when it was first released. In a 2019 appearance on “The Doctor & The Diva,” the proud owner said she was gifted the phone but never opened the package as she was happy with her current device.

    She said she held onto it hoping it would come in handy one day. On the air, her 8 GB phone was appraised at $5,000 by Ph.D. Antiques Appraiser Dr Lori.

  • Man sues woman for friend-zoning him, demands $3 million for ’emotional trauma’

    A man has sued a woman in Singapore for being friend-zoned to the tune of $ 3 million. The man, identified as Kawshigan, is seeking three million dollars, for “emotional trauma.”

    Kawshigan is taking Nora Tan to court for not reciprocating his feelings and for the “trauma” he felt when he found out she considered him just a friend.

    The two first met in 2016.

    Kawshigan started to develop romantic feelings for Nora Tan who had always thought of them as friends.

    After Nora consented to go to counseling with him, he decided to postpone filing a lawsuit against her. After receiving counseling for one and a half years, he was still unable to understand that she was not interested in dating him.
    He then filed the law-suit against him.

  • Illegal screening of ‘Pathaan’ in Karachi cancelled

    Illegal screening of ‘Pathaan’ in Karachi cancelled

    A film screening of Bollywood’s smash hit Pathaan organized by Firework Events in DHA, Karachi has been cancelled.
    The event was gaining traction on social media with many lining up to buy tickets.

    However, the Sindh Board of Film Censors issued a statement calling for the screening to be banned, stating that only films approved by the board are allowed to be played in public or private cinemas.
    “No person shall make or arrange a public or private exhibition of a film by means of cinematograph unless the film has been duly certified for public exhibition by the Board.”
    The Censor Board also cited laws that include imprisonment of up to 3 years along with a fine of up to Rs 100,000. SBFC demanded that Firework Events cancel the screening of the film.

  • Ahmadi Ibadatgah vandalised in Karachi

    Ahmadi Ibadatgah vandalised in Karachi

    An Ahmadiyya Ibadatgah in Karachi was vandalised by a mob on Thursday, Dawn has reported. The news was confirmed by police and the spokesperson of the community.

    A police officer who requested anonymity reported that the spokesman, Mr. Mehmood, said that 10 to 12 masked men attacked and damaged the minaret of the place of worship in Saddar in an attack similar to the one that occurred in the Martin Quarters neighbourhood on January 18.

    The incident happened around 03:30 pm, the spokesman told local police. Although there were several officers there, he said that they were helpless to stop the assailants.
    The Supreme Court of Pakistan in a landmark judgment on minorities’ rights issued in 2014, had asked the government to form a special task force for the protection of minorities’ places of worship.

  • US restricts visa for Taliban for anti-women policies

    US restricts visa for Taliban for anti-women policies

    United States (US) Secretary of State Antony Blinken announced new visa restrictions against the Taliban on Wednesday in response to the Afghan administration’s prohibitions on women’s employment and education.

    “I am taking action today to impose additional visa restrictions on certain current or former Taliban members, members of non-state security groups, and other individuals believed to be responsible for, or complicit in, repressing women and girls in Afghanistan,” Blinken said in a statement.

    The Taliban have put several limitations on Afghan women since regaining power in August 2021, including prohibiting them from holding public office, going to secondary and higher education institutions, or visiting parks.

    They forbade NGOs from working with Afghan women towards the end of December, causing a number of organisations to halt their operations.

  • Male student faints seeing an examination hall full of girls

    Male student faints seeing an examination hall full of girls

    A 17-year-old male student studying in Grade 12 in Bihar, India, fainted after seeing an examination hall full of 500 girls.

    According to Indian news outlets, the student, Shankar, entered the exam center and started writing. However, Shankar got nervous and fainted. He also suffered a fracture in his arm after falling from his chair.

    Shankar has said that he was nervous because he was the only boy in the examination room while the remaining 500 were female students.

    He said that he felt nervous and fainted at the thought of finishing the exam as the lone male among hundreds of female students.

  • SBP-held foreign exchange reserves now stand at only $3.09 billion

    SBP-held foreign exchange reserves now stand at only $3.09 billion

    According to figures issued on Thursday, the State Bank of Pakistan’s (SBP) foreign reserves fell precipitously by $592 million to just $3.09 billion. This is the lowest level of central bank reserves since February 2014.

    The nation’s total holdings of liquid foreign exchange were $8.74 billion. There were $5.65 billion in net foreign reserves held by commercial banks.

    “During the week ended January 27, 2023, SBP’s reserves decreased by $592 million to $3,086.2 million due to external debt repayments,” the SBP said in a statement.

    The SBP’s foreign exchange reserves decreased sharply last week, falling by a whopping $923 million to only $3.7 billion.

    The central bank reserves, which were around $18 billion at the beginning of 2022 but have significantly decreased, highlight the pressing need for Pakistan to finish the next assessment of the International Monetary Fund (IMF) programme.

  • Gold bounces back by Rs2,200 to Rs207,200 per tola

    Gold bounces back by Rs2,200 to Rs207,200 per tola

    As the international precious metal markets rose Thursday in response to a hawkish US Federal Reserve, investors were also drawn to gold as their available saving choices remained constrained. Pakistan’s gold price likewise maintained its impressive run.

    The price of gold (24 karats) climbed by Rs2,200 per tola and Rs1,887 per 10 grammes to settle at Rs207,200 and Rs177,641, respectively, according to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

    A stagnant International Monetary Fund (IMF), declining foreign exchange reserves, and a weak rupee have all contributed to the precious metal’s advances over the past two sessions. These factors will increase the price of importing gold.

    However, investors were only buying gold bars, not jewellery, which had lowered goldsmiths’ profit margins and put the labour force at risk of losing jobs as jewellery manufacturers turned to other careers in the absence of work.

    As investors continued to believe that the US Federal Reserve will end its rate-hiking cycle soon after announcing a 25-basis-point hike, gold reached a nine-month high on the international market due to a weak dollar.

    Having earlier in the day reached its highest level since April 2022, spot gold was up $31 at $1,955 per ounce.

    After a year of bigger rate hikes, the US central bank on Wednesday reduced the rate rise to a quarter percentage point. It said that the battle against high inflation had reached a turning point, but that “winning” would still require raising rates and keeping them there at least through 2023.

    Moreover, local silver prices rose by Rs50 per tola and Rs42.88 per 10 grammes to settle at Rs2,300 and Rs1,971.88, respectively.