Author: newsdesk

  • Pakistan’s forex reserves decline by $63.3 million to $9.09 billion

    Pakistan’s forex reserves decline by $63.3 million to $9.09 billion

    The State Bank of Pakistan (SBP) has reported a marginal decline in the nation’s foreign exchange reserves, indicating a decrease of $63.3 million or 0.69 per cent week over week (WoW) to $9.09 billion, according to data released on Thursday.

    The central bank attributed this downturn primarily to debt repayments. In a statement issued by the SBP, it was highlighted that during the week ending May 24, 2024, SBP reserves experienced a $63 million decrease to reach $9.09 billion, primarily due to external debt repayments.

    Similarly, Pakistan’s overall reserves witnessed a decrease of $270 million or 1.85 per cent WoW, amounting to $14.32 billion. Furthermore, commercial banks saw a decline in reserves by $206.7 million or 3.81 per cent WoW, totaling $5.22 billion.

    Despite these fluctuations, the current fiscal year has seen a remarkable increase in SBP-held reserves, amounting to $4.63 billion or 103.6 per cent.

    This surge follows Pakistan’s attainment of the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA) of approximately $3 billion by the end of June last year.

    This arrangement not only bolstered the nation’s reserves but also facilitated access to additional multilateral and bilateral funding.

    Furthermore, the ongoing calendar year has witnessed a notable increase of $872.5 million or 10.61 per cent in reserves, reflecting continued efforts to stabilise and strengthen Pakistan’s economic position.

  • 24-karat gold price drops by Rs1,500 to Rs241,200 per tola

    24-karat gold price drops by Rs1,500 to Rs241,200 per tola

    On Thursday, gold prices in Pakistan saw a significant decline, with the cost of 24-karat gold dropping by Rs1,500 to settle at Rs241,200 per tola.

    This decrease is noteworthy as the current price is kept Rs3,000 below its actual value, reflecting reduced purchasing power among consumers.

    The Karachi Sarafa Association reported that the price of 24-karat gold per 10 grammes fell by Rs1,286 to Rs206,790. Similarly, the price of 22-karat gold decreased, now quoted at Rs189,558 per 10 grammes.

    In contrast, silver prices remained stable. The price for 24-karat silver was unchanged at Rs2,900 per tola and Rs2,486.28 per 10 grammes.

    On the international market, spot gold was trading near $2,333 an ounce, marking a 0.22 per cent decline from the previous session. This downturn is largely influenced by investor sentiments regarding the potential for U.S. interest rate cuts.

    A key inflation report due later in the week has added to the market’s cautious outlook.

    Recent minutes from the Federal Reserve’s policy meeting indicated a commitment to maintaining higher interest rates for an extended period to combat persistent inflation.

    This policy stance is seen as bearish for gold, as higher interest rates increase the opportunity cost of holding non-yielding assets like gold, reducing its appeal.

    As economic conditions remain volatile, both local and international gold markets continue to respond to shifts in monetary policy and consumer demand.

  • Samar Jaffri, Aashir Wajahat star in ‘Na Baligh Afraad,’ coming this Eid ul Azha

    Samar Jaffri, Aashir Wajahat star in ‘Na Baligh Afraad,’ coming this Eid ul Azha

    Eid-ul-Azha 2024 is getting more exciting as another prominent film is set to release on the festive occasion. Director Nabeel Qureshi took to social media to release the official poster of his next feature titled ‘Na Baligh Afraad’.
    Actor Samar Jafri, who has been passionately pursuing his love for music, is prepared to enter the film industry. He is about to make his big screen debut in a film directed and produced by Nabeel Qureshi and Izzaim Alfareeza

    The upcoming film is expected to follow the success path of Nabeel’s previous films ‘Na Maloom Afraad 1’ and ‘Na Maloom Afraad 2,’ and recently his last film was ‘Quaid –e- Azam Zindabad. The film stars Samar Jafri, Ashir Wajahat, and Rimha Ahmad, who are all excited to bring a fresh and exciting energy to the screen.

  • Chahat’s hit ‘Bado Badi’ gets a fresh twist with Abrarul Haq’s version

    Pakistani social media sensation and singer Chahat Fateh Ali Khan’s latest song, ‘Bado Badi,’ has taken the internet by storm. Renowned Pakistani bhangra and pop singer Abrarul Haq has joined the trend.

    Released just last month, Chahat’s cover of the classic has quickly gained 21 million views on YouTube, becoming a viral hit in South Asia and beyond. ‘Bado Badi’ has connected with audiences in India, Pakistan, Bangladesh, and other countries, making it a cross-border success.

    Adding to the song’s fame, Abrarul Haq has released his version of ‘Bado Badi’ after popular TikTok personality Sid Mr. Rapper asked the ‘Billo’ singer to lend his voice to the hit track. Abrar’s rendition has been well-received, adding even more popularity to the beloved song.

    Interestingly, ‘Bado Badi’ is not a completely new song. The legendary Madam Noor Jahan originally performed it for the 1973 film ‘Banarsi Thug,’ starring Firdous, Ejaz, and Munawar Zarif, with music composed by Bakhshi Wazeer Sahib. Chahat Fateh Ali Khan’s version has breathed new life into the classic, making it enjoyable for a new generation of listeners.

    The viral success of ‘Bado Badi’ shows the power of music and social media in bringing people together. As celebrities like Abrar join the trend, the song continues to win hearts and entertain millions across borders.

  • Prolonged load shedding continues across country in extreme heat

    Prolonged load shedding continues across country in extreme heat

    With record breaking temperatures, hours of load shedding of electricity have caused inconvenience for people in a number of cities across Pakistan.

    In many areas of Hyderabad, the duration of load shedding has reached up to 12 hours.

    Spokesperson of HESCO said that load shedding is happening on the basis of line losses. He also claims that load shedding is not interrupting examination hours.

    Meanwhile, urban areas of Sukkur are experiencing six to eight hours of load shedding while Jacobabad, Shikarpur and Kashmore undergoing 12 to 14 hours.

    Thatta city and its surroundings are subjected to 14 to 16 hours load shedding, six hours in Kamalia city, and eight hours in rural areas.

    Wahari stands at four to six hours of load shedding while 10 hours in rural areas.

    More than 10 hours of load shedding is taking place in Mingora city, more than 16 hours in suburban areas, while Bannu is experiencing 18 to 20 hours of load shedding.

    Citizens say that business activities and life are being affected due to load shedding.

  • ‘Wednesday’ star Jenna Ortega, others outraged by Rafah air strike

    ‘Wednesday’ star Jenna Ortega, others outraged by Rafah air strike

    After a deadly Israeli air strike in Rafah on Monday, resulted in 45 Palestinian refugees being burnt alive and at least one child beheaded, celebrities worldwide are using social media to express their anger and demand an urgent ceasefire.

    Pakistani actor Faysal Quraishi shared his sorrow and support for the victims on Instagram, “All eyes on Rafah. All hearts for Rafah. All thoughts with Rafah. All prayers include Rafah.”

    Imran Abbas made a strong appeal on Instagram: “Ceasefire now… What are we waiting for? Even the UK is speaking up, so why are we Muslims staying silent? You don’t need to belong to any religion to feel the pain of burning children and humans alive. There’s no excuse for this terrible brutality.”

    Hollywood actor Jenna Ortega, known for starring her role in the Netflix series ‘Wednesday,’ focused on the ongoing suffering of children in the genocide. In a post highlighting the harsh reality, she said, “People are arguing about a ceasefire while many children are still being killed. Where is the humanity?”

    Model and actor Saheefa Jabbar Khattak, who often speaks out on social media about important issues, shared her thoughts on Instagram. She criticized people who compare Israel’s treatment of Palestinians to Pakistan’s treatment of its minorities. Saheefa mentioned Kim Kardashian’s recent comment of “All lives matter” in response to a call for Palestinian liberation.

    Saheefa disagreed with the idea and said, “To those who say I should focus on problems in my own country first, I say: please learn about ethnic cleansing and genocide. The terrible things happening to minorities in our country are also wrong and should be condemned.”

    “But please, don’t say that one should condemn one wrong but not the other. To the people in power in the government of Pakistan, I ask you, as a taxpayer, and as a citizen of your country, to stop the genocide in our country. No one deserves this cruelty. We must remember that our flag is incomplete without the color white, which represents our minorities who are also contributing to Pakistan’s growth and economy.”

    Saheefa’s message continued to urge for better education and activism: “Stop justifying genocide, unlawful killings, rapes, assaults, and violence. When the Black Lives Matter movement started, some people responded with ‘all lives matter,’ not because they believed it, but to distract from the main focus of the movement.”

    Her passionate plea also included a call for targeted boycotting and a deeper understanding of the situation. She said, “Boycotting every company on the list isn’t practical. Many influencers, like myself, have stopped supporting various brands. Remember, the list is long, with hundreds of products from big companies. There’s a reason for focusing on specific boycotts.”

    According to Saheefa, a broad, untargeted boycott is “easier said than done” and might be harmful or impossible for “a third-world country with limited resources.” “Don’t boycott all 200 products. Learn why we’re targeting Coke, Starbucks, and McDonald’s. They were the first to publicly fund and support genocides. They fed IDF soldiers while children in the Gaza Strip were brutally killed, raped, and left hungry in the streets. Please, I urge each of you to educate yourselves,” she pleaded.

    The collective voices of these celebrities reflect a growing global demand for Palestinian liberation and an end to Israel’s apartheid regime that continues to claim Palestinian lives. Their heartfelt messages have resonated widely, shedding light on the human cost of the genocide and urging immediate action to prevent further loss of Palestinian lives.

  • What musical advice did Shani Arshad give to Ali Sethi?

    What musical advice did Shani Arshad give to Ali Sethi?

    Singer, music director and composer Shani Arshad was recently invited as guest in Ahmed Ali Butt’s podcast. He discussed his musical journey. He also gave advice to Pakistani singers including Ali Sehti, Atif Aslam, Asim Azhar.

    While giving advice to Ali Sethi, Shani Arshad said, “Ali Sethi should sing a song in English.”
    While offering advice to Atif Aslam, Shani said, “He should be more humble and not think too highly of himself.”

    He expressed concern about the future of Pakistani singers, saying, “Our music scene is lacking because singers aren’t consistently releasing hit songs. For instance, Kaifi Khalil released a new song after ‘Kahani Suno’, but it didn’t gain popularity, even though it was a great song.”

  • Murtaza Solangi calls Imran Khan’s claims about prison conditions complete lies

    Murtaza Solangi calls Imran Khan’s claims about prison conditions complete lies

    Former Caretaker Minister for Information and Parliamentary Affairs Murtaza Solangi took to Twitter to criticise Imran Khan’s recent interview with journalist Mehdi Hasan, calling it a lie.

    “The biggest lie is that the disgraced and sacked former PM is in solitary confinement. Far from it,” wrote the ex-caretaker minister.

    He said, “Imran is staying in a complex of 7 rooms with access to all of them. Yes, he doesn’t have an AC but does have a room cooler. He can walk in the corridor whenever he wants. He is provided with a Bike Machine to keep him fit.”

    Solangi stated that the former Prime Minister “Gets three meals cooked by a special cook for him. Each meal is inspected by the doctor who also checks him three times a day. He also has a TV and a Refrigerator in his room and is also provided books.”

  • There are no black sheep in supreme court, Justice Minallah tells PM

    There are no black sheep in supreme court, Justice Minallah tells PM

    Supreme Court Judge Justice Athar Minallah while talking to the Attorney General of Pakistan (AGP), advised the AG to tell the Prime Minister Shehbaz Sharif that there are no black sheep in the SC.

    A five member bench headed by Chief Justice of Pakistan Qazi Faiz Isa heard the government’s appeals against the nullification of the NAB amendments in the top court today.

    Justice Minallah further said, “Ask the Prime Minister if there are any black sheep in the Supreme Court then file a reference against them.”

    The comment by Justice Athar came just two days after PM Shehbaz while addressing the PML-N General Workers’ Council said, “Majority of judges agree on the country’s prosperity, but a few black sheep in the judiciary are bent on giving relief to Imran Khan.”

  • Who does Affan Waheed think is the most talented actress in Pakistan?

    Who does Affan Waheed think is the most talented actress in Pakistan?

    Actor and model Affan Waheed was invited as a guest on Showtime with Ramiz Raja. A video clip of him is going viral on Instagram. He declared Sajal Ali the best actress in the Pakistani industry

    The host of the program asked Affan Waheed to choose the best actress among five different actresses, and he chose Sajal Ali. When asked to choose between Sajal Ali and Saba Qamar, Affan Waheed was hesitant and said, “This is a very difficult question. Can I take both names?” However, when the host refused, he said “I chose Sajal Ali as the best actress.”