Author: newsdesk

  • Pakistan Stock Exchange crashes after 2,200 points wipe off KSE-100 index

    The stock market on Monday crashed during the early trading hours as confusion and uncertainty surrounded potential investors due to the decline in international oil prices by about 30 per cent — the worst since the Gulf War in the 1990s.

    As per the details, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-Share Index tumbled 2,291.69 points or 6 per cent around 10 am, before recovering to 36,862.34 in the afternoon. The apex of the day remained 38,219.67 (the previous close) and 35,917.34, the lowest.

    The crash was triggered amid a global sell-off on coronavirus fears as well as a crude oil price war between Saudi Arabia and Russia. 

    Trading floors were a sea of red across Asia, with Tokyo, Sydney and Manila plunging around 6 per cent, while Hong Kong shed 3.5 per cent by lunch.

    Mumbai, Singapore, Seoul, Jakarta and Wellington were more than 3 per cent down, Shanghai and Taipei shed at least 2 per cent and Bangkok gave up 5 per cent. The losses tracked sharp falls in Europe and Wall Street on Friday.

    “PSX has triggered a market halt at 9:37 am which will last for 45 minutes,” the management wrote in a press release. “The market halt is triggered as a standard protocol for risk management purposes.”

  • Army colonel martyred in anti-terror operation

    An officer of the Pakistan Army on Monday embraced martyrdom as security forces foiled a terrorist attack in Dera Ismail Khan, the Inter-Services Public Relations (ISPR) said in a statement. 

    The martyred officer, identified as Colonel Mujeebur Rehman, was a resident of Bunji in District Astore of Gilgit Baltistan. He is survived by a widow, three sons and a daughter. 

    According to the military’s media-wing, the operation was launched against terrorists who were hiding out near Tank area of the city. The operation was conducted on confirmed intelligence reports, the ISPR added.

    “As soon as troops cordoned the area, terrorists opened fire. During operation, two terrorists were killed. In intense exchange of fire, Col Mujeebur Rehman embraced martyrdom,” the ISPR said, adding that during sanitisation operation, a large cache of arms and ammunition was recovered from the terrorist hideout.

    Since the September 11, 2001 attacks on the United States (US) and the world super power’s retaliatory “War Against Terror,” thousands of Pakistani military personnel — ranging from brilliant high-ranking officers to gallant soldiers on the frontline — have lost lives defending their homeland, which has also borne economic losses worth over hundreds of billion till date.

  • VIDEO: ‘Hor koi saday laiq?’ asks Ben Dunk after match-winning 99 for Lahore

    With Lahore Qalandars star Ben Dunk racking up match-winning 99 runs off just 40 balls as the team played Karachi Kings at the Gaddafi Stadium on Sunday, the Australian cricketer has released a video message for fans, asking in Punjabi if there’s anything else he can do for them.

    “Hor koi saday laiq [anything else you want done]?” Dunk, who sent the ball flying a massive 12 times, including the final shot of the match, has said in the video message released after Qalandars chased down the 188-run target set by the Kings.

    Skipper Sohail Akhtar was the other big hitter who scored 68 off 46 deliveries.

    Both the Qalandars’ batsmen remained standing till the end of the innings, which came at 19.1 overs.

    The sole two wickets claimed by the Karachi Kings were those of Fakhar Zaman, bowled out by Mohammad Amir for a duck, and Mohammad Hafeez (16 runs off 24 balls) caught by Cameron Delport off Umer Khan’s delivery.

    The outcome has given both sides a decent chance to qualify for the top four. Karachi Kings are placed at the fourth spot with seven points while Lahore Qalandars are in the fifth place with six points.

  • Kate and William highlight the Pakistani women who inspired them

    Kate and William highlight the Pakistani women who inspired them

    Prince William and Kate Middleton marked International Women’s Day, celebrated on March 8, by sharing a list of “remarkable” women who inspired them in the past year. And it turns out that the women of the SOS Children’s Village in Lahore are among those who inspired the royal couple.

    The Duke and Duchess of Cambridge’s official Instagram account shared a picture of the couple at the SOS Village with which they wrote, “The women of the SOS Children’s Village in Lahore, Pakistan: where staff provide children, deprived of their natural parents, with an environment which is as close as possible to a natural home, along with loving care, security, higher education and job-training.”

    https://www.instagram.com/p/B9d9e5FlDG5/

    Kate and William visited Pakistan last year in October and their five-day trip included a visit to the SOS orphanage in Lahore. Kate was reportedly so moved with the visit that when an unexpected thunderstorm forced them to spend the night in Lahore, the next day the couple made a secret visit back to the orphanage where they spent time with the children there and played cricket with them.

    The Duchess’ first-ever Instagram post, shared through the Kensington Royal account, was also about her visit to the SOS Village.

    https://www.instagram.com/p/B30URB0lk3d/?utm_source=ig_embed

    William was also touched when a little girl presented him with a handmade bracelet. He wore the blue design for the rest of the day at his following engagements.

    Check out some more pictures from their secret visit:

  • QUIZ: Which Aurat March Poster Are You?

    Take the quiz to find out which poster suits your personality the most:

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  • Turkish film ‘7. Koğuştaki Mucize’ is coming to Pakistani cinemas

    Turkish film ‘7. Koğuştaki Mucize’ is coming to Pakistani cinemas

    Turkish film Miracle In Cell No 7 – 7. Koğuştaki Mucize in the local language – is coming to Pakistani cinemas on March 13.

    HKC Entertainment, an entertainment company primarily involved in acquiring and distributing Bollywood and Hollywood movies in Pakistan, shared the news on social media.

    https://www.facebook.com/191451790986144/photos/a.200084666789523/1905907899540516/?type=3&theater

    The Legend of Maula Jatt producer Ammara Hikmat also confirmed the news. Though Hikmat said that the film will be the first Turkish film to release in Pakistani cinemas, a quick Google search revealed that Muhabbat Ek Ittefaq was released in Urdu earlier in 2013.

    The film based on the 2013 Korean movie Miracle in Cell No 7 is “a heartwarming story” about the love between a mentally-ill father, Mehmet, who is wrongly accused of murder, and his young daughter. Mehmat is sentenced to death for a crime he didn’t commit and is innocent. He needs a miracle so that he can be reunited with his daughter.

    7. Koğuştaki Mucize has a rating of 8.3 on IMDb and was reportedly the most watched Turkish film in 2019.

    The film will be releasing in Turkish with English subtitles. It starres Aras Bulut Iynemli, Nisa Sofiya Aksongur and Deniz Baysal.

    Aras Bulut Iynemli
    Deniz Baysal
    Nisa Sofiya Aksongur

    Watch the trailer here:

    https://www.facebook.com/191451790986144/videos/1394205980780954/
  • PTA warns people to beware of thumb impression forging mafia

    PTA warns people to beware of thumb impression forging mafia

    The Pakistan Telecommunications Authority (PTA) has warned people to be careful of a gang that has been forging thumb impressions to issue SIM cards used in grey trafficking.

    A report submitted during a meeting of the Senate’s Standing Committee on Information Technology and Communication showed that more than 15,000 SIM cards were used for grey trafficking in 2020.

    Grey trafficking is a route that is legal for one country but illegal for the alternative end.

    The PTA spokesperson said, the mafia steals people’s identities, even their thumb impressions, to commit crimes.

    He added that it is suspected that data is being stolen from NADRA and an investigation is being initiated to look into the matter.

    All the complaints received by the authority this year have been sent to the Federal Investigation Authority (FIA) for further investigation.

  • Tributes pour in for Amanullah from across the border

    Tributes pour in for Amanullah from across the border

    Rich tributes poured in from Pakistan and across the border for veteran comedian and stage actor Amanullah, who passed away on Friday at the age of 70 after prolonged illness.

    Comedians Kapil Sharma and Johnny Lever were among those who expressed their grief over the comedian’s death. While Sharma tweeted his condolences, Lever while speaking to a Pakistani TV channel expressed his grief and praised Amanullah for being “a great stand-up comedian”. He shared that the two would often correspond over the phone.

    Amanullah was part of an Indian television show, Great Indian Laughter Challenge, and has apparently trained many art students who credit their acting to him.

    Meanwhile, politicians, actors, sportsmen and audiences from Pakistan expressed their grief over Amanullah’s death.

  • Judge summons buffalo to court

    A senior civil judge has summoned a buffalo into the court after two persons claimed ownership of the dairy animal in Chiniot.

    A case was being heard by a senior civil judge in the suburban area of Punjab’s Chiniot city after the theft of the buffalo that was stolen from Sambha and was found from a house in Kakkay Tibbay village.

    A local of Moza Samundar village, Nazir, had filed the complaint to the Chiniot local court where he claimed that he owns the buffalo recovered from Kakkay Tibbay village.

    Following his claims, the judge directed authorities to summon the dairy animal in the court. The person accused of stealing the buffalo kept insisting that the animal belongs to him. 

    The civil judge ordered police not to hand over the buffalo to any party until ownership of the animal is proved with evidence and witnesses.

  • Coronavirus can cause $5 billion loss to Pakistani economy

    Coronavirus can cause $5 billion loss to Pakistani economy

    The Asian Development Bank (ADB) has given a “hypothetical worst-case scenario” that shows Pakistan’s economy sustaining a whopping $5 billion loss due to the outbreak of the new coronavirus, in which case Pakistan’s GDP will go down by 1.57% and 946,000 people will be unemployed, The Express Tribune reported.

    According to the report published Friday, the global GDP will also be affected from $77 billion in the best-case scenario to $347 billion in the worst-case scenario, with China affected the most.

    ADB projected that Pakistan’s economy may face $16 to $61 million losses due to the spread of COVID-19, while in a one-page paper issued by Tola Associate — tax and corporate advisors — it was also claimed that the economy of the country will sustain a $5 billion loss due to coronavirus.

    The firm based its claim on an ADB publication.

    According to the estimates published by the ADB the impact of the coronavirus, in terms of the global GDP ranges from $77 billion in best case scenario to $347 billion in worst-case scenario, or 0.1% to 0.4% of the global GDP.

    The report said the total losses likely to be sustained by Pakistan will be only $16.23 million in best case scenario. It projected that in best case scenario, Pakistan’s agriculture and mining sector could sustain a loss of $5.5 million; business trade, personal and public service $5.54 million; hotels and restaurants $0.67 million;  light and heavy manufacturing $3.6 million and transport services $0.92 million.

    In moderate case scenario, the projected losses to be faced by Pakistan are $34.2 million. In worst case scenario, the projected losses to be faced by Pakistan are $60.8 million.

    In the worst case scenario, Pakistan’s agriculture and mining sector will face $21.7 million losses; business and trade $18.8 million losses; hotel and restaurants $2.4 million losses; light and heavy engineering $14.6 million losses; and transport services $3.4 million.

    While discussing the hypothetical worst case scenario, the ADB projected that Pakistan’s economy will lose $5 billion. There will be $1.5 billion loss to agriculture and mining; $1.94 billion to business and trade; $253.7 million in hotel and restaurants; $671 million to light and heavy engineering and $565.6 million loss to transport services.

    In addition to the global slowdown, the fear caused by the COVID-19 is going to cause an estimated loss of $1.5 trillion across the globe in hypothetical worst case scenario. The lockdown has slowed down the pace of the Chinese economy, if compared to the last 30 years.

    Coronavirus losses will depend on the magnitude of the problem and the scale of the underlying uncertainties in countries which have strong trade and production linkages with China, according to the Tola Associate.

    According to the ADB estimates, around 946,000 people will be unemployed in Pakistan in hypothetical worst case scenario.  The net effect of the drop in oil prices due to coronavirus is neutral, yet alarmingly negative for the economy of Pakistan.

    If this crisis prolongs, it will eventually lead to a significant increase in expenditures; a further slowdown in tax collection; a rise in inflation; and an increase in the fiscal deficit.