Author: newsdesk

  • Another PTI MNA resigns from core committee after Omar Ayub’s resignation

    Another PTI MNA resigns from core committee after Omar Ayub’s resignation

    After Pakistan Tehreek-e-Insaf (PTI) leader Omar Ayub, another lawmaker has resigned from party’s core committee, ARY News reported on Saturday.

    Member National Assembly (MNA) Junaid Akbar resigned from the party’s core commitee, articulating that he is not part of any group and will never be.

    The MNA criticized mystery individuals without naming them, stating that some people are using the party for their personal benefits, adding that only these folks can approach incarcerated former Prime Minister Imran Khan.

    “These individuals meet Imran Khan, and they don’t let us meet him,” Akbar added.

    Juniad Akbar also said that party leadership is not ready to listen to his concerns and they don’t involve him in decision-making.

  • PTI hits out at Khawaja Asif for Afghanistan remarks

    PTI hits out at Khawaja Asif for Afghanistan remarks

    The leadership of Pakistan Tehreek-e-Insaf (PTI) has strongly criticised recent remarks by Defence Minister Khawaja Asif about launching anti-terror cross-border attacks inside Afghanistan, saying, “We don’t allow any interference in our country, so we shouldn’t interfere in any other country.”

    In a recent interview, Khawaja Asif ruled out the possibility of “negotiations” with the banned terrorist outfit Tehreek-i-Taliban Pakistan (TTP), a policy undertaken by the PTI government previously.

    PTI leaders opined that such inflammatory statements can not only endanger “brotherly relations with Afghanistan” but regional peace as well.

    “Our ties with India are based on rivalry, and now we are trying to treat Afghanistan similarly. We cannot afford further escalation of the conflict and disorder,” remarked the former NA speaker Asad Qaiser outside the Assembly

    Leader of the Opposition in the NA, Omar Ayub, questioned the defence minister, “India is leading many terrorist attacks inside Pakistan. Why didn’t the defence minister remark about launching attacks inside India?”

    The PTI leaders emphasised that Pakistan shouldn’t be dragged into “someone else’s war.”

  • UK PM ‘hurt’ after being called ‘f***ing Paki’

    UK PM ‘hurt’ after being called ‘f***ing Paki’

    United Kingdom Prime Minister Rishi Sunak said he was hurt and angry that a supporter of the right-wing Reform UK party passed a racial slur about him.

    Sunak, Britain’s first ethnic-minority prime minister, currently campaigning for the July 4 national election that his Conservative Party is tipped to lose after 14 years in power, was responding to the comments broadcast by a man identified as Andrew Parker, calling Sunak a “f***ing Paki” – a British racial slur for people of South Asian descent.

    “My two daughters have to see and hear Reform people who campaign for Nigel Farage calling me an effing Paki. It hurts and it makes me angry, and I think he has some questions to answer,” Sunak told reporters.

    “I don’t repeat those words lightly, I do so deliberately because this is too important not to call out clearly for what it is,” he added.

    Nigel Farage, the leader of right wing Reform party initially said he was dismayed by the language when the comments were first broadcast on Thursday. But on Friday he suggested, without providing evidence, that Parker was an actor involved in “a political setup” to undermine Reform during the election.
    Asked during a television debate when he would accept some responsibility, Farage said: “I am not going to apologise […] it is a setup, a deliberate attempt to smear us.”

  • Prime Minister of Pakistan Shehbaz Sharif Honorary Appoints Muhammad Mustafa Bin Talha as Ambassador-at-Large

    Prime Minister of Pakistan Shehbaz Sharif Honorary Appoints Muhammad Mustafa Bin Talha as Ambassador-at-Large

    Prime Minister Shehbaz Sharif announced the honorary appointment of Mr. Muhammad Mustafa Bin Talha as Ambassador-at-Large. This prestigious recognition is a testament to Mustafa bin Talha’s exceptional dedication, hard work, and outstanding achievements in the business world at a remarkably young age.

    He is CEO in ACM group of companies and Director of Operations at Pakistan Accumulator Private Limited. Mustafa bin Talha’s remarkable accomplishments make him an excellent representative for Pakistan on the international stage.

    His unwavering commitment to promoting Pakistan’s exports and enhancing the nation’s image globally has been evident throughout his career. He has consistently prioritized national interests while striving to elevate Pakistan’s standing in the international business community. In addition to his impressive export of automotive and specialized batteries in more than 25 countries across the globe, Mustafa bin Talha has also played an exceptional role in the real estate business.

    His contributions have not gone unnoticed, earning him several Best Export Merit awards from reputed organizations in Pakistan, including the Federation of Pakistan Chambers of Commerce & Industry (FPCCI). He has also received the Highest Taxpayers Award in Pakistan from the Prime Minister in 2024 and has been nominated for the Best Battery Manufacturer award from FPCCI.

    Beyond his business achievements, Mustafa bin Talha is deeply involved in giving back to the community through Muhammad Talha Mahmood Foundation Corporate Social Responsibility (CSR) activities. His dedication to social causes demonstrates his commitment to improving the lives of others and contributing positively to society.

    The appointment of Muhammad Mustafa Bin Talha as Ambassador-at-Large is a commendable decision that underscores the importance of empowering young talent. His role will undoubtedly contribute to improving Pakistan’s image and fostering better export opportunities, benefiting the nation as a whole. This selection serves as an inspiring example of how young leaders can drive positive change and represent their country with distinction on the global stage.

  • No load shedding from 10pm to 6am in Sindh, Nasir Shah orders

    No load shedding from 10pm to 6am in Sindh, Nasir Shah orders

    Energy Minister in Sindh, Nasir Hussain Shah, has told K-Electric, Hyderabad-Electric, and Sukkhur-Electric that load shedding is unacceptable between 10pm and 6am in the province, adding that it will help citizens reduce their burden during crucial hours.

    He stressed that all power companies need to take initiatives to reduce load shedding.

    However, the minister said if load shedding is inescapable, the public must be informed in advance to avoid inconvenience.

  • Pakistan raises plane ticket prices for foreign trips

    Pakistan raises plane ticket prices for foreign trips

    Today, the National Assembly of Pakistan has approved the Finance Bill 2024-25, introducing significant changes to taxation on foreign travel.

    Effective July 1, 2024, travelers will encounter increased excise duties when purchasing international flight tickets.

    Under the new regulations, economy and economy plus class tickets will now incur an excise duty of Rs12,500. Business and club class tickets face higher taxation rates, particularly for destinations such as the United States and Canada, where travelers will pay Rs350,000 in excise duty.

    For European destinations, this duty rises to Rs210,000, marking an increase of Rs60,000. Similarly, flights to New Zealand, Australia, China, Malaysia, and Indonesia will also see a standard excise duty of Rs210,000 on business and club class tickets.

    Furthermore, flights to the Middle East and Africa, including popular routes like Dubai and Saudi Arabia, will experience a significant increase in excise duty, climbing from Rs30,000 to Rs105,000 for business and club class tickets.

    These taxes are part of the government’s efforts to boost revenue under the new fiscal year’s budget, which has been set at Rs18,870 billion.

    Minister for Finance and Revenue Muhammad Aurangzeb presented the Finance Bill, 2024 in the National Assembly, which was subsequently passed after thorough deliberation and voting. Amendments proposed by opposition members were not adopted, ensuring the bill’s passage in its original form.

    Travelers are advised to factor in these additional costs when planning their international trips starting July 1, 2024, as the excise duties will be levied at the time of ticket purchase.

  • Packaged milk prices set to rise with 18% GST implementation from July 1

    Packaged milk prices set to rise with 18% GST implementation from July 1

    The prices of packaged milk and other essential items in Pakistan are set to rise following the government’s decision to impose an 18 per cent General Sales Tax (GST) in the Budget 2024-25, effective from July 1.

    The National Assembly (NA) approved the Federal Budget for the fiscal year 2024-25 today, which includes this new tax measure.

    Along with packaged milk, the 18 per cent GST will also be applied to herbal and homeopathic medicines, and food items such as branded flour, packaged rice, and lentils. The sales tax will additionally extend to charitable and welfare hospitals.

    Despite the Senate Standing Committee on Finance rejecting the proposal, the government has moved forward with the decision. This move is anticipated to increase the cost of living, particularly affecting low-income families who rely on these essential goods.

    The approval of the Federal Budget comes amidst rising concerns over inflation. Reports indicate that the International Monetary Fund (IMF) has urged Pakistan to further reduce sales tax exemptions, which is likely to contribute to the inflationary trend in the coming fiscal year. Consequently, the prices of milk, tea, sugar, rice, and flour are expected to rise.

    The National Assembly passed the Finance Bill, 2024, following a clause-by-clause reading and amendments process.

    All amendments proposed by opposition members were rejected. Minister for Finance and Revenue Muhammad Aurangzeb presented the motion for the consideration of the Finance Bill, which was passed by a majority vote.

    The budget has a total outlay of Rs18,870 billion and aims to address various economic challenges facing the country.

    However, the imposition of the 18 per cent GST on essential items is likely to put additional financial pressure on the population, raising concerns about the affordability of basic necessities for many Pakistanis.

  • Pakistan stock market posts largest annual gain since 2003

    Pakistan stock market posts largest annual gain since 2003

    The Pakistan Stock Exchange (PSX) has reported its most impressive annual return in over twenty years, driven by optimism over improved economic conditions, attractive valuations, and a shift to monetary easing by the central bank.

    The KSE-100 Index surged by 89.2 per cent, adding 36,992 points to reach 78,444.9 in the fiscal year ending June 2024. This represents the largest yearly gain since FY 2003. In USD terms, the index rose by 94.4 per cent, the highest increase since FY 2003.

    According to Mettis Global, this historic bull run commenced when Pakistan narrowly avoided a sovereign debt default, thanks to a rescue package from the International Monetary Fund (IMF) towards the end of the last fiscal year.

    The IMF’s $3 billion loan programme also facilitated additional multilateral and bilateral funding, boosting the country’s foreign exchange reserves by 99 per cent to $8.9 billion.

    The benchmark index reached its first record high in seven years in November 2023 and continued to set new highs throughout the year without significant pullbacks.

    Market participation remained robust in FY24, with the average traded volume on the PSX surging by 140 per cent to 272.5 million shares.

    Traded value in PKR terms increased by 154 per cent to 15.6 billion. In USD terms, the volume was recorded at $55.2 million, a gain of 118 per cent compared to the previous year.

    The strong performance of the PSX reflects investor confidence in Pakistan’s economic recovery and the positive impact of the IMF’s support programme.

  • Gold price increases by Rs700 to Rs241,700 per tola

    Gold price increases by Rs700 to Rs241,700 per tola

    Gold prices in Pakistan have risen for the second consecutive session, mirroring an upward trend in the international market.

    On Friday, the price of gold per tola reached Rs241,700, marking a single-day increase of Rs700.

    Similarly, the price of 10-gram gold rose by Rs600, bringing it to Rs207,219, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    This follows a Rs400 increase on Thursday, when the price per tola reached Rs241,000.

    Internationally, gold prices climbed on Friday. According to the APGJSA, the international rate stood at $2,326 per ounce, including a $20 premium, after a $22 increase during the day.

    Meanwhile, silver prices remained stable at Rs2,850 per tola.

    In April, gold prices in the local market hit an all-time high of Rs252,200 per tola.

  • Install two ACs instead of one, Nawaz Sharif says about Khan’s jail condition

    Install two ACs instead of one, Nawaz Sharif says about Khan’s jail condition

    Chief Minister of Punjab, Maryam Nawaz Sharif, addressed a budget session in the provincial assembly today, saying, “Pakistan Tehreek-e-Insaf’s (PTI) government was busy setting records of incompetence; they were busy removing people’s air conditioners.”

    She clarified, “The Punjab government has never done anything to remove the facilities of opposition, and neither have we used power against them.”

    The opposition shouted slogans against Maryam Nawaz, to which she responded with assertiveness, “Sit down, don’t be too loud or your throats will be damaged.”

    She also stated, “Nawaz Sharif has said to provide him [Imran Khan] with two ACs instead of one.”

    The Chief Minister addressed the assembly saying, “For the first time, a tax-free budget has been created in Punjab.”