Author: newsdesk

  • Gold price falls Rs1,000 from historic high, now at Rs263,000 per tola

    Gold price falls Rs1,000 from historic high, now at Rs263,000 per tola

    On Thursday, the 24-karat gold rate in Pakistan dropped Rs1,000 per tola from the record high peak witnessed on the last trading day.

    According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of yellow metal was recorded today at Rs263,000 per tola as compared to the historic high of Rs264,000 per tola on Wednesday.

    Bullion rates shared by the APGJSA showed that the price of ten grammes of gold was also down by Rs857 to Rs225,480.

    The price of silver in Pakistani market remained unchanged at Rs2,900 per tola

    A price drop was also witnessed internationally, with the per ounce gold rate decreasing by $8 to $2,515. This rate includes a premium of $20.

    The previous all-time high price of gold was seen in August, when the precious metal’s per tola rate surged to Rs263,700 in Pakistan.

    The latest price of gold in Pakistan is about Rs700 per tola lower than August’s high and Rs1,000 per tola below September’s peak.

  • State Bank cuts policy rate by 200 bps to 17.5%

    State Bank cuts policy rate by 200 bps to 17.5%

    The State Bank of Pakistan (SBP) has reduced the interest rate by 200 basis points, bringing it down to 17.5 per cent.

    The decision regarding reduction in policy rate was made after the inflation rate slowed in the country.

    The Monetary Policy Committee (MPC) observed that the continued ease in inflationary pressures and the policy rate cuts will support the growth in Pakistan’s key sectors.

    Interestingly, this marks the third consecutive reduction in key policy rate, followed by a 150 bps cut in June and another 100 bps reduction in July.

    “At its meeting today, the MPC decided to cut the policy rate by 200bps to 17.5 per cent, effective from September 13, 2024,” the central bank said in a statement.

    “Both headline and core inflation fell sharply over the past two months. The pace of this disinflation has somewhat exceeded the MPC’s earlier expectations, mainly due to the delay in the implementation of planned increases in administered energy prices and favourable movement in global oil and food prices.”

    The MPC was of the view that the global macroeconomic environment has turned favourable amid the substantial softening of crude oil prices.

  • Arrested PTI MNAs presented in parliament

    Arrested PTI MNAs presented in parliament

    Ten Pakistan Tehreek-e-Insaf (PTI) lawmakers have been produced in the parliament on Thursday to participate in the National Assembly (NA) session.

    Under the watch of a heavy squad, federal capital police handed over Members of the National Assembly (MNA) Sher Afzal Marwat, Malik Owais Jhakar, Malik Amar Dogar, Zain Qureshi, Ahmad Chatha, Zubair Khan Wazir, Syed Ahmad Shah, Syed Naseem Ali Shah, Yousaf Khan, and Shiekh Waqas Akram to Sergeant-at-Arms.

    Earlier, Speaker NA Ayaz Sadiq had ordered the production of lawmakers who were apprehended from parliament premises.

    Sadiq had also suspended five officials after the MNAs were arrested from parliament.

    Meanwhile, the Islamabad High Court (IHC) has suspended the order for the physical remand of Pakistan Tehreek-e-Insaf (PTI) leaders.

    Yesterday, an Anti-Terrorism Court (ATC) approved the physical remand of six PTI leaders and 30 others for violating a new public protest law.

  • Swiss model murdered, pureed in blender by husband

    Swiss model murdered, pureed in blender by husband

    A former model and finalist in the Miss Switzerland beauty pageant was murdered and ‘pureed’ in a blender by her husband, Sky News has reported.

    38-year-old Kristina Joksimovic was found dead in her home in February this year.

    Main suspect, Thomas, had an appeal for release from custody, which was denied by the Federal Court on Wednesday, after which he reportedly confessed to killing his wife, Kristina. 41-year-old Thomas had two children with the victim.

    Sky News quotead a local news outlet that reported Thomas had admitted to the killing during a crime reconstruction in March and defended himself by claiming that it was done in self-defence after she attacked him with a knife.

    The report highlighted that the ruling from the court suggested Kristina was strangled to death. The autopsy report submitted in the court said that her body was dismembered in a laundry room with a jigsaw, knife and garden shears. Her body parts were then chopped up with a hand blender, “pureed” and dissolved in a chemical solution.

    Her husband was arrested the day after Kristina’s body was found. He initially told the investigating team that he had found her dead and dismembered her body in their laundry room in panic.

    The remains were reportedly found by a “third party”.

    Kristina was crowned Miss Northwest Switzerland and, in 2007, became a finalist for Miss Switzerland.

    She later became a catwalk coach and mentored models.

  • Actress Shagufta Ejaz’s husband passes away

    Actress Shagufta Ejaz’s husband passes away

    Yahya Siddiqui, husband of senior actress Shagufta Ejaz, passed away after a prolonged illness.

    Shagufta shared the news of her husband’s passing through a photo she posted on Instagram on Thursday.

    “My husband Yahya Siddiqui has passed away. Kindly recite surah Fatiha for his maghfirat. JazakAllah.”

    Yahya Siddiqui has been suffering from cancer since five years. He had been under treatment in a hospital for the past several days. The actress said in her recent vlog that her husband’s condition is not good.

  • India Earns $1.39 billion from ODI World Cup, Pakistan’s share remains low

    India Earns $1.39 billion from ODI World Cup, Pakistan’s share remains low

    The International Cricket Council (ICC) has revealed in its recent report that last year’s 50-over World Cup benefited the Indian economy to the tune of one billion 39 million dollars (38 thousand 628 crore Pakistani rupees). However, Dawn has reported that the details of the financial benefit from the Pak-India match have not been provided yet.

    The main source of the ICC income in the World Cup comes from the big matches between Pakistan and India, but in return, India gets 38.5 percent of the ICC’s income, while Pakistan’s share is limited to only 5.75 percent.

    ICC derives most of its revenue from broadcasting contracts, gate money (money from match ticket sales), title sponsorships, and other sources. Last year, the Indian broadcaster reportedly acquired the broadcasting rights for exclusive coverage of World Cup matches between Pakistan and India for a whopping $3 billion from 2023 to 2027.

    India receives 230 million dollars annually out of the total revenue of 600 million dollars of the ICC. At the same time, in other important countries, England gets 40.13 million dollars, Australia 37.5 million dollars and Pakistan 34.5 million dollars.

    India accounts for a significant share of the ICC’s overall revenue as the sport’s governing body receives more from India’s sponsorship. Still, Pakistan-India matches are also a major source of income for the ICC, so Pakistan should get at least more share than England and Australia.

    The bilateral series with India’s central member nations, Australia and England, will bring financial benefits to the boards of both countries.

    According to a report by the Indian Chambers of Commerce and Industry, the total revenue generated from Pakistan-India matches has been about $1.3 billion in the last twenty years.

    The World Cup was held in India last year from October 5 to November 19 in 10 cities, Ahmedabad, Bengaluru, Chennai, Delhi, Dharamshala, Hyderabad, Kolkata, Lucknow, Mumbai, and Pune, which brought together various sectors of the country played an important role in promoting the development of the economy.

    Additionally, due to the direct investment in hosting the event by the ICC and the Board for Control for Cricket in India (BCCI) and plans to upgrade stadiums by state cricket associations in various sectors, Indian businesses have directly benefited.

  • ‘Dam fund’ is back; Govt asks Supreme Court to release dam fund

    ‘Dam fund’ is back; Govt asks Supreme Court to release dam fund

    The federal government has asked the Supreme Court to transfer the dam fund to the public account.

    A case related to advertisement published by UBL and HBL for raising of funds for Diamar Bhasha and Mohmand Dam was heard by a four-member bench of the Supreme Court headed by the Chief Justice of Pakistan, Justice Qazi Faez Isa. The bench included Justice Naeem Akhtar Afghan, Justice Irfan Saadat and Justice Shahid Bilal.

    During the hearing, Additional Attorney General Aamir Rehman said, “We have filed a miscellaneous application seeking the release of the money of dams funds from the account that was opened by the State Bank under the supervision of the Supreme Court.” He argued that under law, money received by or deposited with the Supreme Court or any other court established under the authority of the federation shall be credited to the Public Account of the federation. Thus, this amount should be transferred to the federal government and WAPDA (Water and Power Development Authority).

    Chief Justice Qazi Faiz Isa inquired how much money is in dams funds, to which lawyer WAPDA Saad Rasool said that total money collected are Rs18.64 billion, out of that Rs9.56 billion were generated locally, while overseas Pakistanis contributed Rs1.9 billion, and profit earned on it is Rs7.1 billion.

    Chief Justice also inquired about how the case was initiated.

    The lawyer replied that the fund was initiated in 2018 following a suo motu notice taken by the then Chief Justice Saqib Nisar for the dams’ construction.

    The lawyer also said that Supreme Court’s implementation bench had held 17 hearings on the matter, and the progress reports on dams’ construction had been submitted in all of them.

    The Chief Justice asked as to why was this done because the main authorities responsible for the construction of dams are either Parliament or federal government.

    He told the court that this was done as per the order of the Supreme Court and the undertaking of WAPDA chairman.

    The Chief Justice of Pakistan asked WAPDA’s lawyer that there will be many other projects of WAPDA, does the Supreme Court supervise every project of WAPDA?

    The counsel then told the court that there were disputes between the private parties on the issue of dam construction. Thus the top court assigned the case to itself to hear the disputes of the private parties instead of the relevant courts.

    However, WAPDA’s lawyer requested that the disputes of all the private parties be referred to the relevant courts.

    Chief Justice wrote in the court order that in this case they will decide that the amount of dams funds should be kept in the account of the Supreme Court or not? Where is the power of the execution bench written in the constitution to decide the case?

    The Supreme Court has no power to enforce its order.

    The case was adjourned for three weeks. Additionally, the court remarked that it is appropriate to call former Attorney General Khalid Javed and Anwar Mansoor for Supreme Court’s assistance.

  • Rahat Fateh Ali Khan reveals unique nickname given to Nusrat Fateh Ali Khan by the West

    Rahat Fateh Ali Khan reveals unique nickname given to Nusrat Fateh Ali Khan by the West

    It was not just a loss for Pakistan but for the entire world when Qawali maestro Nusrat Fateh Ali Khan died at the peak of his career in 1997.

    His nephew, renowned singer Rahat Fateh Ali Khan has now revealed that Ustad Nusrat Fateh Ali Khan’s qawwali ‘Allah Hoo Allah Hoo’ was so loved by Westerners that they started calling him ‘Mr. Allah Hoo.’

    Recently, he spoke to the media in Canada and said, “Toronto is my second home because Ustad Nusrat Fateh Ali Khan’s wife used to live here and I used to come and stay at her house, my memories are associated with this city.”

    He further added, “My son Shah Zaman is performing on the big stage at a young age, he has learned by listening and singing along with Ustad Nusrat Fateh Ali Khan from the age of six.”

    He said, “Qawwali is my favorite genre in the art of music, there is freedom in Qawwali in which there is an opportunity to sing openly.”

    “We come abroad with the smell of the soil of our country,” he added
    He said that like the West, “I also liked Ustad Nusrat Fateh Ali Khan’s ‘Allah Ho Allah Ho’ the most.”

    Now he is doing shows in North America with his son Shah Zaman Ali Khan.

  • Taylor Swift endorses Kamala, internet reminds her of silence on Gaza genocide

    Taylor Swift endorses Kamala, internet reminds her of silence on Gaza genocide

    Taylor Swift on Wednesday repeated her call for fans to register to vote in the US presidential election as she accepted MTV’s top Video Music Award.

    Swift won the Video of the Year for “Fortnight,” which also featured Post Malone, and thanked her loyal Swifties for bestowing her with the fan-chosen award, which she took home for the third straight year.

    “To the fans, I’m always trying to figure out a way to say thank you to you for making my life what it is,” Swift, who directed the video, said onstage.

    “If you are over 18 please register to vote for something else that is very important,” she added.

    The 34-year-old international megastar’s call follows her endorsement of Kamala Harris in the minutes after the previous evening’s presidential debate between the Democratic hopeful and Republican Donald Trump.

    “I’m voting for @kamalaharris because she fights for the rights and causes I believe need a warrior to champion them,” Swift said in a lengthy Instagram post in throwing her support behind the Democratic nominee.

    Criticism by the Internet

    However, netizens lambasted her for not criticizing Israel for the past year despite her activism against oppression all around the world and especially against government policies. Some reminded her of supporting a candidate who is pro-genocide, implying Kamala’s pro-Israel stance.

    Here are the reactions X (formerly Twitter)

  • ‘Imran Khan to be eliminated in Morsi style,’ claims Aleema Khan

    ‘Imran Khan to be eliminated in Morsi style,’ claims Aleema Khan

    Founder of Pakistan Tehreek-e-Insaf (PTI) Imran Khan’s sister, Aleema Khan, has shared a message from her brother pertaining to the September 10 arrests of PTI lawmakers from parliament premises.

    She claimed in the tweet that Khan received information from credible and reliable sources, which disclosed, “A decision has been taken to eliminate Imran Khan.”

    The former Prime Minister claimed that a plan had been made to finish him in the style of former Egyptian President Mohammad Morsi.

    While lambasting the country’s premier intelligence agency, Khan claims, “Inter-Service Intelligence (ISI) controls Adiala jail Rawalpindi.”

    Aleema Khan stated that all concocted cases have been cleared against Khan, but he is still in prison.

    On Tuesday at midnight 3 AM, plain clothes men entered the parliament, cut the electricity supply, and arrested at least six PTI legislators.

    Chairman PTI Barrister Gohar Khan, Sher Afzal Marwat, Advocate Shoaib Shaheen, and Zain Qureshi were also arrested. Gohar was released after a brief detention.

    Speaking at parliament yesterday, Gohar clarified that the rally was delayed amid road blockages, which prevented the Chief Minister (CM) of Khyber Pakhtunkhwa (KP), Ali Amin Gandapur, from reaching the Sangjani area for the rally.