Author: newsdesk

  • Pakistan receives $3 billion in remittances, highest in history

    Pakistan receives $3 billion in remittances, highest in history

    The State Bank of Pakistan (SBP) announced on Friday that remittances from Pakistani employees overseas have surpassed $3 billion for the first time, with Saudi Arabia and the United Arab Emirates contributing the most.

    Saudi Arabia ($707 million), the United Arab Emirates ($614 million), the United Kingdom ($484 million), and the United States of America ($346 million) were the largest sources of remittances in April 2022.

    “Remittances crossed the monthly mark of US $3 billion for the first time. Cumulatively, at $26.1 billion, remittances grew by 7.6 % in the ten months of FY22 compared to last year,” says a statement issued by the SBP.

    In terms of growth, remittances have been increased by 11.2 per cent on a month-on-month basis, and 11.9 per cent on a yearly basis

  • Pakistan may receive $2.5 billion loan from Asian Development Bank

    Pakistan may receive $2.5 billion loan from Asian Development Bank

    The Asian Development Bank (ADB) has hinted at providing $2.5 billion in additional loans to Pakistan. However, the government must obtain a good economic health certificate from the International Monetary Fund (IMF) in order to receive the loan. Following a meeting between Minister of State for Finance and Revenue Dr Aisha Ghous Pasha and ADB Country Director Yong Ye, a statement was released.

    “The ADB indicated the additional support of $2.5 billion for the next fiscal year, from which $1.5 billion to $2 billion can be available in the ongoing calendar year,” said the Ministry of Finance in a statement.

    The ADB has suggested that it could lend $1.5 billion under the Counter Cyclical Finance Facility and another $400 million via energy sector policy loans, according to sources in the finance ministry.

    On May 3, the ADB board of directors authorised the Counter Cyclical Finance Facility with Pakistan receiving a combination of concessional and commercial financing. However, the ADB board’s approval of the $1.5 billion loan will be conditional on Pakistan’s debt burden being manageable and the country’s fiscal policies not being reckless – two factors that will necessitate frantic efforts to meet.

  • ‘Martay dum tak jhoota, meray naam pe TRP kamana nahi chor sakta, evil, lowlife’: Ayyan Ali lambasts Imran Khan

    ‘Martay dum tak jhoota, meray naam pe TRP kamana nahi chor sakta, evil, lowlife’: Ayyan Ali lambasts Imran Khan

    Supermodel Ayyan Ali took to her official Twitter handle to respond to former PM Imran Khan’s allegations about her case. Khan recently claimed that the custom officer in the supermodel’s case was killed to facilitate her.

    However, Ali in a detailed thread on Twitter denied the accusation with ‘proofs’. The controversial celebrity called Imran Khan a liar and added that he can’t stop making false accusations against her despite being the PM for four years.

    In a series of controversial tweets, the Earthquake diva stated that Imran cannot stop taking her name to stay relevant and also can’t get rid of his habit of lying.

    Ayyan was arrested from Islamabad airport on the allegations of foreign currency smuggling in 2015.

  • ‘Stablecoin’ crashes, bitcoin set for a record losing run

    ‘Stablecoin’ crashes, bitcoin set for a record losing run

    Following the collapse of TerraUSD, a so-called stablecoin, resonated across markets, cryptocurrencies suffered significant losses on Friday, with bitcoin trapped below $30,000 and on track for a record losing streak.

    Concerns about high inflation and rising interest rates have prompted widespread dumping of hazardous investments, including crypto assets.

    However, sentiment is particularly shaky, as tokens that were intended to be tethered to the dollar have failed.

    Bitcoin, the most valuable cryptocurrency by market capitalization, attempted a recovery early in the Asian session, rising 2 per cent to $29,500, a recovery from a 16-month low of roughly $25,400 on Thursday.

    It is still trading well below week-ago levels of around $40,000 and is on track for a record sixth consecutive weekly loss unless weekend activity improves.

    “I don’t believe the worst is gone,” Scottie Siu, investment director at Axion Global Asset Management, a Hong Kong-based firm that manages a crypto index fund, said. “I believe there will be further decline in the days ahead”.

    “I believe what we need to see is a significant drop in open interest, so that speculators are forced out, and then the market will stabilise”.

    Read more: Pakistan’s cement exports fell by 82.15 per cent in April 2022

    This week, TerraUSD (USDT) lost its 1:1 peg to the dollar, as its method for maintaining stability, which relied on another virtual token, failed under selling pressure.

  • Hangout in London: PML-N leaders show off pictures from their trip

    Hangout in London: PML-N leaders show off pictures from their trip

    Prime Minister (PM) Shehbaz Sharif and his party members have gone to London to meet Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif.

    PM Shehbaz’s 10-member delegation includes Defence Minister Khawaja Asif, Information Minister Marriyum Aurangzeb, Planning Minister Ahsan Iqbal, Power Minister Khurram Dastagir, Finance Minister Miftah Ismail, and Railways Minister Khawaja Saad Rafique, among others.

    The PML-N leaders shared some special moments from their London trip with their followers on social media platforms.

    PML-N leaders who are currently in London remained tight-lipped about their discussions with the party’s supreme leader Nawaz Sharif.

    It is being said that the PML-N delegation took an oath “not just once but twice” to ensure that the issues that came under discussion before Mian Nawaz Sharif would not be revealed outside under any circumstances.

    The delegation did not share what policy direction was given by the Nawaz during the meeting at Stanhope House in London and stressed that any decision taken would only be announced after consultation with the government’s coalition partners.

  • One killed, at least nine injured in Karachi’s Saddar blast

    One killed, at least nine injured in Karachi’s Saddar blast

    One person was killed and at least nine were injured in a blast that rocked the Saddar area of Karachi late Thursday night when a a vehicle of Pakistan Coast Guards was passing by. Sindhudesh Revolutionary Army (SRA), an outlawed nationalist party, claimed the responsibility of the blast through social media. It said that the target was Pakistan Coast Guards.

    According to the initial report submitted to Chief Minister (CM) Sindh Murad Ali Shah by the DIG South, an improvised explosive device (IED) was planted in a bicycle. The blast occurred near the United Bakery.

    According to the Bomb Disposal Squad (BDS) officials, explosive material was planted in the carrier of the bicycle that was detonated using a time device.

    “The bomb was made locally and about 2 to 2.5-kilogrammes of explosive material was used in it,” said BDS, adding that “ball-bearings were used in the explosive material”.

    Sindh Information Minister Sharjeel Memon has said that those responsible for the incident will not be spared.

    He said there was no threat of a blast at any particular place. Replying to a question, he said that the blast at the University of Karachi was a suicide bomb blast; however, it is too early to comment whether the two had any links.

    Administrator Karachi Murtaza Wahab said that the police and other law enforcement agencies were assessing the situation.

    Prime Minister (PM) Shehbaz Sharif expressed deep sorrow after the terror attack.

    https://twitter.com/PMO_PK/status/1524832321492373522

    Federal Minister for Foreign Affairs Bilawal Bhutto-Zardari expressed his sorrow and sent heartfelt condolences to the family of the deceased. He directed authorities concerned to conduct a comprehensive investigation into the incident.

    Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan also condemned the blast and also sent his condolences.

  • Parents sue son for money they spent on raising him, having no grandchild

    Parents sue son for money they spent on raising him, having no grandchild

    In India, an elderly couple is suing their son and his wife for failing to provide them with a grandchild.

    Sanjeev and Sadhana Prasad claim to have spent all of their savings on their pilot son’s education and an extravagant wedding. They now seek retribution.

    “My son has been married for six years but they are still not planning a baby,” the parents said in their petition filed with a court in Haridwar last week. “At least if we have a grandchild to spend time with, our pain will become bearable.”

    Thy are seeking a compensation of more than Rs one crore, twenty five lakh from the couple if they are unable to have a child within the next year.

    The parents spent $65,000 (12532734.50 PKR) to get their son trained as a pilot in the US only for him to return to India unemployed. Mr Prasad claims that he is suing his son because he married in 2016 with the “hopes of having a grandchild.” He also claims that his daughter-in-law and her family have financial control over his son and have prohibited them from having a kid.

    “We also had to take a loan to build our house and now we are going through a lot of financial hardships,” the couple said in their petition. “Mentally too we are quite disturbed because we are living alone.”

    Mr Prasad and his wife are seeking compensation for financial and emotional losses, according to AK Srivastava, the lawyer representing them.

    “The couple has the freedom to not give birth to a child, which is why we are asking to be compensated. The amount is the money Mr Prasad has spent on his son’s upbringing,” said their lawyer.

  • PML-N leaders take oath twice, vow issues discussed with Nawaz to remain secret

    PML-N leaders take oath twice, vow issues discussed with Nawaz to remain secret

    Pakistan Muslim League-Nawaz (PML-N) leaders who are currently in London remained tight-lipped about their discussions with the party’s supreme leader Nawaz Sharif.

    It is being said that the PML-N delegation took an oath “not just once but twice” to ensure that the issues that came under discussion before Mian Nawaz Sharif would not be revealed outside under any circumstances, reports Dawn.

    After the meeting, the delegation talked to the media outside Hasan Nawaz’s office. They did not share what policy direction was given by the Nawaz during the meeting at Stanhope House in London and stressed that any decision taken would only be announced after consultation with the government’s coalition partners.

    Interior Minister Rana Sanaullah said that electronic voting machines (EVMs) will not be used in the next general elections.

    When asked to comment on the DG ISPR’s presser on the army’s role in politics, Rana Sana said, “Our position on this is exactly the same that institutions should not be involved in politics or be dragged into politics. It is very inspiring that courts and other institutions have at this moment played a role that is not political.”

    When asked if former Prime Minister (PM) Imran Khan would be arrested, the interior minister said there would be no arbitrary arrest, but anyone found involved in illegal activities would be arrested and dealt with an iron hand after all legal requirements are met.

    Meanwhile, federal Minister for Planning and Development Ahsan Iqbal said the basic purpose of the visit was to take stock of the real existing situation of the country and seek guidance from Nawaz Sharif as he is the most senior statesman of Pakistan. He said the party wanted to consult him so that in the coming days the government could steer the country out of crises at a fast pace. “Pakistan’s economy is in really bad shape and Pakistan Tehreek-e-Insaf (PTI) has left it in a complete mess.”

    “We will take our partners in confidence on everything that we discussed with Nawaz Sharif. The national leadership will play its role to bring the country out of crises”.

  • Rescue 1122 service to officially launch in Karachi this month

    Rescue 1122 service to officially launch in Karachi this month

    On May 30, the Sindh government will finally launch the Rescue 1122 service in Karachi, which would provide emergency aid to those in need.

    The approval was announced at a briefing held on Thursday at the Sindh Secretariat, with Sindh Chief Secretary Dr Muhammad Sohail Rajput in the chair. The initiative to open the trauma center and Rescue 1122 service in Larkana would also be finished by May 30, according to relevant officials.

    Later on, the service would be expanded to include the province’s other divisions. The meeting resolved that on the motorway and the Indus Highway, fire engines and ambulances would be available every 50 kilometers.

    Once the ambulance service is established under the Rescue 1122 service, the fire department would follow suit. Barrister Murtaza Wahab, the Administrator of the Karachi Metropolitan Corporation (KMC) and Adviser to the Sindh Chief Minister on Law, said that a fleet of 50 ambulances will begin operating in Karachi on May 30 as part of the Rescue 1122 service.

    According to him, the Sindh government chose to introduce the rescue service in Karachi after improving the city’s civic infrastructure and transportation amenities. Under the rescue plan, he said, a quick response centre would be constructed in the city every 10 kilometres.

    Read more: Met department predicts torrential rains starting next week

    Meanwhile, another meeting, chaired by the Sindh chief secretary, resolved to enlist the help of the Sindh police and Rangers to combat wheat hoarding and smuggling in the state.

  • Taliban imposes new ban, men and women cannot eat out together

    Taliban imposes new ban, men and women cannot eat out together

    Taliban officials have barred men and women in the western Afghan city of Herat, from dining together and attending parks at the same time, according to an official.

    Herat is considered a liberal city in comparison to other cities of the country.

    Riazullah Seerat, a Taliban official at the Ministry for Promotion of Virtue and Prevention of Vice in Herat, said authorities “have instructed that men and women be segregated in restaurants”.

    He told AFP that owners have been verbally warned that the rule applies “even if they are husband and wife”. One Afghan woman who did not wish to be identified said the manager told her and her husband to sit separately at a Herat restaurant on Wednesday.

    Driving instructors in Herat have been told to stop granting licenses to female drivers. Women have been prohibited from traveling alone across the country, and officials have instructed women to cover up completely in public, preferably with a burqa.