Author: newsdesk

  • Pakistan’s inflation expected to drop to as low as 9% by September 2024: Finance Ministry

    Pakistan’s inflation expected to drop to as low as 9% by September 2024: Finance Ministry

    Pakistan’s headline inflation is expected to ease further in August 2024, settling between 9.5 per cent and 10.5 per cent, with a continued downward trend anticipated in the coming months, according to the Finance Division’s statement on Friday.

    The Ministry of Finance, in its ‘Monthly Economic Update and Outlook’, highlighted that the inflation rate could drop even further to between 9 per cent and 10 per cent by September 2024, attributed to the stabilisation of key economic indicators.

    July 2024 saw headline inflation at 11.1 per cent year-on-year, a decrease from 12.6 per cent in June 2024. This marks the lowest Consumer Price Index (CPI) figure since November 2021, when inflation was recorded at 11.5 per cent, as per data from the Pakistan Bureau of Statistics (PBS).

    The Finance Ministry’s report also pointed to positive trends in external indicators such as exports, imports, and workers’ remittances, which are on an upward trajectory.

    A brokerage house noted that August’s inflation figure is expected to dip into single digits for the first time in nearly three years.

    Read more: Exchange rates: PKR up by over 10 paisa against dollar

    Looking ahead, the report projects that exports will range between $2.5 billion and $3.2 billion, imports between $4.5 billion and $5 billion, and remittances between $2.6 billion and $3.3 billion in August 2024.

    The stable outlook for the external sector is contingent upon factors including a stable exchange rate, revived domestic economic activities, improved agricultural output, lower domestic and global commodity prices, and increased foreign demand.

    In the industrial sector, the Ministry of Finance anticipates that the Large Scale Manufacturing (LSM) sector will maintain its positive growth trajectory in FY2025, driven by improved external demand, a stable exchange rate, declining inflation, and a more accommodating monetary policy.

  • Exchange rates: PKR gains 10 paisa against US dollar, Rs2.35 versus Swiss Franc

    Exchange rates: PKR gains 10 paisa against US dollar, Rs2.35 versus Swiss Franc

    The Pakistani rupee (PKR) continued its trend of minimal fluctuations, appreciating by 10.44 paisa or 0.04 per cent against the US dollar (USD) during Friday’s interbank session.

    The PKR closed at 278.54 per USD, up from the previous close of 278.64 on Thursday.

    Interbank closing rate for August 30, 2024

    In the open market, exchange companies quoted the dollar at 279.15 for buying and 280 for selling. Throughout the day, the currency reached an intraday high (bid) of 279 and a low (ask) of 278.90.

    Over the week, the PKR recorded a total loss of 4 paisa against the greenback.

    Here’s how Pakistani currency performed on last trading day of the week against other currecnies:

    Currency Friday’s value Change Thursday’s value
    Saudi Riyal 74.23 -2.78 paisa 74.26
    UAE Dirham 75.86 +2.85 paisa 75.84
    Euro 308.8 -79.84 paisa 309.6
    Swiss Franc 328.41 -2.35 rupees 330.75
    British Pound 367.35 -72.28 paisa 368.07
    Japanese Yen 1.921 -0.5 paisa 1.926
    Chinese Yuan 39.29 +9.14 paisa 39.2
    Exchange rates for Friday

    Against major currencies, the Saudi Riyal closed at 74.23, losing 2.78 paisa from the previous day’s value of 74.26. The UAE Dirham decreased by 2.85 paisa, closing at 75.86, down from 75.84.

    Meanwhile, the PKR gained 79.84 paisa against the Euro, closing at 308.8 compared to the previous value of 309.6. The Swiss Franc dropped by 2.35 rupees, ending the session at 328.41, down from 330.75.

    The British Pound became cheaper by 72.28 paisa, closing at 367.35 compared to 368.07 the day before. Against the Japanese Yen, the PKR gained 0.5 paisa, closing at 1.921 versus 1.926 the previous day. The Chinese Yuan saw an increase of 9.14 paisa, closing at 39.29 compared to 39.2 in the previous session.

    In recent months, the domestic currency has remained in the range of 277-279, with traders closely monitoring the approval of a new $7-billion Extended Fund Facility by the International Monetary Fund’s (IMF) Executive Board.

    During the current financial year, the PKR has depreciated against the dollar by 19.67 paisa or 0.07 per cent. However, the currency has appreciated by 3.32 rupees or 1.19 per cent in the current calendar year.

  • Mehwish Hayat returns to TV with Ahsan Khan in upcoming drama

    Mehwish Hayat returns to TV with Ahsan Khan in upcoming drama

    Actress and model Mehwish Hayat, who has captivated audiences with her versatile TV and film performances, is returning to the TV screen after eight years with Ahsan Khan.

    Hayat has starred in dramas such as Massi Aur Malika, Shehr-e-Dil Ke Darwazay, Bin Tere and Dil Lagi. She has also worked in films like Na Maloom Afraad, Jawani Phir Nahi Ani, Actor in Law, Load Wedding, London Nhi Jaunga, Teri Meri Kahaniyaan and Daaghaz Dil, which was her latest film she did.

    Hayat was also featured in Hollywood in Ms. Marvel series in 2022.

    The drama ‘Meray Qatil Meray Dildaar’ has not been released yet, and the writer’s name has not been disclosed, but Siraj Ul Haq will direct it.

    Abdullah Kadwani and Asad Qureshi will produce the drama for Geo Entertainment.

    Ahsan Khan’s last drama was Sukoon, which aired on ARY digital.

    Fans now look forward to seeing Mehwish Hayat and Ahsan Khan together on Television screens.

  • Deadly Israeli raids in West Bank as Gaza genocide rages on

    Deadly Israeli raids in West Bank as Gaza genocide rages on

    Israel launched a large-scale operation Wednesday in the occupied West Bank, where the army said it killed Palestinian fighters, as the nearly 11-month-old Gaza genocide showed no signs of abating.

    The military said its forces killed nine fighters. At the same time, the Palestinian Red Crescent reported ten deaths in the West Bank, where violence has surged since October 7.

    The ongoing genocide has killed more than 40,000 people in Gaza, according to Gaza’s health ministry, and caused widespread destruction and displacement.

    Early Wednesday, Israel launched coordinated raids across four northern West Bank cities — Jenin, Nablus, Tubas and Tulkarem — where the military has focused much of its recent operations against armed groups.

    Columns of armoured vehicles entered two refugee camps, in Tulkarem and Tubas, as well as Jenin.

    By midday, they were blocking entrances to the towns and camps, AFP photographers said, with soldiers firing at the camps from which gunfire and explosions were heard.

    The Red Crescent said Israeli forces killed ten people and wounded 22 others in the raids.

    The Israeli military said it killed three Palestinians in an air strike on Friday, the third day of a major operation in the occupied West Bank, claiming they were fighters of Hamas.

    Witnesses told AFP the strike hit a car in the town of Zababdeh, southeast of the northern city of Jenin. An AFP journalist saw human remains being removed from the vehicle by paramedics.

    The medical organisation’s West Bank chief, Younes al-Khatib, said ambulances came under Israel fire, and “one of our staffers was hit”.

    Palestinian president Mahmud Abbas cut short a visit to Saudi Arabia and headed home to “follow up on the latest developments in light of the Israeli aggression”, Palestinian official media said.

    Jordan’s King Abdullah II told visiting US lawmakers a Gaza truce was needed “to stop the cycle of violence in the region”, according to a royal statement.

    Violence meanwhile raged in the Gaza Strip, where the civil defence agency reported at least 12 dead in Israeli strikes, and in Lebanon, where the Israeli military said it killed a “significant” Palestinian militant.

  • Punjab govt may refer Imran Khan’s cases to military court if necessary: Law Minister

    Punjab govt may refer Imran Khan’s cases to military court if necessary: Law Minister

    Federal Minister for Law and Justice Senator Azam Nazeer Tarar has said that, if necessary, the Punjab government may decide to refer former Prime Minister (PM) Imran Khan’s cases to a military court.

    Speaking to journalists at the Presidency, Tarar said, “The prosecution of May 9 cases is being done by the Punjab government and the provincial government will decide to refer the case to a military court.”

    Responding to a journalist’s question regarding the constitutional amendment in parliament, he said that no amendment is under consideration. “Media should avoid speculations and show responsibility.”

    He hinted that the upcoming joint sitting would consider a dozen bills that had been approved by the House of Parliament but not passed by the Senate.

    Commenting on Chief Justice Pakistan (CJP) Qazi Faez Isa’s retirement, he said, “It is not for me to decide whether the term of chief justice will be extended or not.”

  • FIA arrests two suspects over offensive posts about Maryam Nawaz

    FIA arrests two suspects over offensive posts about Maryam Nawaz

    Federal Investigation Agency (FIA) cybercrime circle has arrested Murtaza Khan and Ahmed Hassan over objectionable remarks against Chief Minister (CM) Punjab Maryam Nawaz Sharif, Samaa has reported.

    The FIA spokesperson claimed that the two suspects were included in a team that edited and shared derogatory posts about Maryam Nawaz and other senior officials on social media.

    The suspects have been charged under the Prevention of Electronic Crime Act (PECA).
    FIA stated that no one is beyond the law, and strict action will be taken against the suspects.

    In 2016, the then PML-N led government introduced the PECA law to “check extremist content, prosecute hate speech and curb online harassment of women.”

    The law has been criticised over the years as an instrument of stuffing free speech.

  • Saheefa Jabbar slams trolls for focusing on Amar Khan’s looks instead of her achievements

    Saheefa Jabbar slams trolls for focusing on Amar Khan’s looks instead of her achievements

    Taking a strong stance against social media trolls, actress Saheefa Jabbar Khattak has come out swinging to defend her colleague Amar Khan., whose looks turned into a debated topic on social media.

    The controversy started when Amar Khan posted a video on her Instagram account with the caption, “My dear friend @ushnashah is the new stellar host in K-town, Catch us tonight for a sizzling chat pouring our hearts out at “After hour” on @365digitaltvofficial 11pm.. ⚡
    Directed by @musaddiqmalek
    Makeup n hair @nabila_salon @goshi.makeupartist
    My suit by @munibnawaz”

    A fan replied to her, “Hair line.. line sy zada pechay nh hogae.”

    Replying to the comment, Amar good naturedly said, “@aroojsagheer35 arey jaanu hogaye honge agli bar nai kareinge.the gel back pony is done tightly.ab bachay ki jaan loge kya ”

    Saheefa took to Instagram and condemned the focus on Amar Khan’s appearance: “It’s unbelievable that my friend’s and colleague’s appearance is making headlines, not her craft, not her impressive achievements, but her looks (forehead). What a nation we are, progressing so much, right? @amarkhanlove has dedicated years to studying her craft and has achieved everything through sheer hard work. She writes, directs, and acts, yet none of this is considered ‘news.’ But her forehead? That’s what they focus on.”

    The Rafta Rafta actress criticized the media for spreading the controversy, “As much as the comment sections are filled with illiteracy and ignorance, publishing houses and media portals are no better. They should be more discerning about what they choose to report as news. There’s absolutely no need to add fuel to the fire”, Jabbar added.

    In the response to the Saheefa Jabbar story, Amar simply responded, “Lol but honestly saheefa I have absolutely no counter argument or reaction to this. Well craft and achievements are also a news but not a spicier one. Its only my work that shall speak and that has been speaking in my favour always Alhamdulillah. We make blunders we learn and move on. but these comments needs anything but my reaction. Hope you are enjoying a fantastic wheather in lahore, let them enjoy my tight hairline! ✌

  • PTI loses NA-79 to PML-N’s Zulfiqar Bhindar

    PTI loses NA-79 to PML-N’s Zulfiqar Bhindar

    In yet another setback to Pakistan Tehreek-e-Insaf (PTI), Pakistan Muslim League-Nawaz (PML-N) member Zulfiqar Bhindar has been declared the winner on a National Assembly seat during recounting of Gujranwala constituency NA-79.

    According to Returning Officer Shabbir Hussain Butt, Zulfiqar Bhindar secured 95,604 votes, while Pakistan Tehreek-e-Insaf (PTI)-backed Ehsan Virk secured 92,581 votes.

    In the general elections 2024, PTI-backed Ehsan Virk succeeded with 140,230 votes, while PML-N’s Zulfiqar Bhindar got 99,635 votes.

    However, following the orders of the Supreme Court, the Election Commission of Pakistan (ECP) ordered a recount in NA-79, as the PML-N leader had requested a recount of votes, which was granted.

  • Torrential rains in Balochistan damage gas pipeline, kill 29

    Torrential rains in Balochistan damage gas pipeline, kill 29

    Torrential rains are wreaking havoc across Balochistan, with at least 29 people killed and 15 injured in the province, ARY News reported, quoting the Provincial Disaster Management Authority (PDMA).

    The monsoon season, which started on July 1, has caused widespread damage to infrastructure and crops in Balochistan, says a PDMA report.

    Rainfall has caused damage to several houses, with 858 completely destroyed and 13896 partially damaged.

    In addition to the loss of life and property, the rains have also caused significant damage to 58799 acres of crops and 41 kilometres of roads.

    The PDMA report also stated that seven bridges have been damaged, while 373 animals have died due to the heavy rains.

    A gas pipeline also washed away due to flood in Mutch area of Balochistan after which gas supply was suspended in many areas including Quetta.

    An 18-inch gas pipeline in Mach has been affected by the flood, informed the spokesperson of Sui Southern Gas.

    The supply of gas to various areas including Quetta, Mastung, Kalat, Pishin and Ziarat has been suspended due to the gas pipeline being affected, reports Geo News.

    The spokesman said that the repair of the affected gas pipeline will be started after security clearance.

  • U-Turn? Khan tells undercover PTI leaders to stay hidden to avoid being ‘picked up’

    U-Turn? Khan tells undercover PTI leaders to stay hidden to avoid being ‘picked up’

    In his latest political U-turn, the founder of Pakistan Tehreek-e-Insaf (PTI), Imran Khan, has forbidden undercover PTI leaders from coming out and getting arrested, after he told them to “stop fearing” and get arrested just two days earlier.

    “The undercover leaders should come out and make arrests, face whatever charges are against them, get bails from courts,” he had said earlier in the week.

    However, the former Prime Minister has now told journalists in Adiala Jail, “If they come out now, they will be picked up, so they shouldn’t come out yet.”

    He criticised the government for accusing PTI of bringing Taliban back from Afghanistan to Pakistan, saying, “Is PTI responsible for the terrorism in Balochistan too?”

    Imran Khan further asked, “Whose responsibility is to stop terrorism in Kacha?”

    He stated that PTI condemns all kinds of terrorism and confirmed that the party will hold a rally on September 8 in Islamabad.