Author: newsdesk

  • Weekly inflation drops 1.39% as onion and chicken prices ease

    Weekly inflation drops 1.39% as onion and chicken prices ease

    The latest report from the Pakistan Bureau of Statistics (PBS) reveals that the Weekly Sensitive Price Indicator (SPI) for the Combined Group dropped by 1.39 per cent week-on-week for the period ending May 09, 2024.

    However, when compared to the same period last year, the SPI has risen by 22.32 per cent.

    The Combined Index, which measures price changes for essential items, stood at 312.56 at the end of the week, down from 316.95 the previous week. A year ago, the index was at 255.53.

    Among the 51 items tracked by the SPI, 12 (23.53 per cent) showed price increases, 13 (25.49 per cent) saw price decreases, and 26 (50.98 per cent) remained stable.

    Notable price decreases during the week included onions, which dropped by 19.22 per cent, chicken by 18.83 per cent, wheat flour by 4.00 per cent, LPG by 3.67 per cent, and wheat by 3.49 per cent.

    In contrast, the most significant price increases were recorded for tomatoes, which rose by 19.24 per cent, eggs by 4.73 per cent, potatoes by 4.38 per cent, pulse gram by 0.91 per cent, and cooking oil (5-litre packs) by 0.89 per cent.

    The SPI’s weekly percentage change by income groups indicates that all income brackets experienced a decline in the SPI, ranging from -0.99 per cent to -1.53 per cent.

    The lowest income group saw a drop of 0.99 per cent, while the highest income group experienced a more significant decrease of 1.53 per cent.

    However, over the year, the SPI has increased across all income groups, with the percentage change varying between 15.95 per cent and 25.88 per cent.

    The lowest income group recorded a 15.95 per cent increase, while the highest income group saw a rise of 19.99 per cent.

    In other market trends, the average price for a 50 kg bag of Sona urea stood at Rs4,836, which is 1.80 per cent lower than the previous week but 57.36 per cent higher than a year earlier.

    Meanwhile, the average price for a 50 kg bag of cement was Rs1,204, showing a slight decrease of 0.95 per cent from the previous week, but still 7.58 per cent higher than the corresponding period last year.

  • Gold price surges by Rs4,600 to Rs243,800 per tola

    Gold price surges by Rs4,600 to Rs243,800 per tola

    Gold prices in Pakistan experienced a substantial rise on Friday, reflecting a similar surge in the international market. The price of 24-karat gold increased by Rs4,600, bringing the cost to Rs243,800 per tola.

    Despite the sharp increase, the Karachi Sarafa Association has kept the price Rs3,000 below its actual cost.

    According to the association, this decision was made to accommodate the reduced purchasing power among consumers.

    “In view of the significant reduction in purchasing power, the price of gold today has been kept under cost by Rs3,000,” stated a spokesperson for the association.

    In recent weeks, the price of 24-karat gold has shown considerable fluctuations. Last week, it dropped by Rs6,400 per tola, leading to a cumulative loss of Rs14,200 per tola or 5.63 per cent over the past two weeks.

    Alongside the increase in 24-karat gold prices, other precious metals also experienced a boost.

    The Karachi Sarafa Association reported the price of 24-karat gold at Rs209,019 per 10-gramme, marking a gain of Rs3,944. Similarly, the price of 22-karat gold rose to Rs191,601 per 10-gramme.

    Silver prices followed the upward trend, with 24-karat silver priced at Rs2,650 per tola, up by Rs30. The price for 10-gramme 24-karat silver also rose, reaching Rs2,271.94, a gain of Rs25.72.

  • PSX surges to record high as KSE-100 closes above 73,000 points

    PSX surges to record high as KSE-100 closes above 73,000 points

    After a series of subdued sessions, the Pakistan Stock Exchange (PSX) saw a resurgence of buying on Friday, propelling its benchmark KSE-100 index above the 73,000 mark for the first time in history.

    The positive momentum reflected renewed investor confidence amid signs of economic stability.

    The KSE-100 index opened on a bullish note, reaching an intra-day high of 73,449.37 before settling at 73,085.50, a gain of 427.45 points or 0.59 per cent by the close of trading.

    Despite some sporadic selling during the day, the bulls largely controlled the market, resulting in a robust session.

    Industries driving the surge

    Key sectors that drove the surge included cement, chemical, oil and gas exploration companies, and oil marketing companies (OMCs). Index-heavy stocks such as Lucky Cement (LUCK), Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO), Sui Northern Gas Pipelines Limited (SNGPL), and Sui Southern Gas Company (SSGC) closed in the green, contributing significantly to the overall upward trend.

    Market experts attribute the surge to a combination of improved economic indicators and investor expectations.

    Pakistan’s foreign exchange reserves and remittances have shown positive growth, suggesting a stabilising economy.

    Additionally, there is anticipation of a potential policy rate cut in the upcoming Monetary Policy Committee (MPC) meeting on June 10, following a recent decline in the inflation rate.

    On Thursday, the KSE-100 index had a marginal increase in a largely range-bound session, closing at 72,658.05, a gain of 56.24 points, or 0.08 per cent.

    The strong close on Friday underscores a more optimistic outlook for the market as investors continue to monitor key economic developments and policy changes.

  • Pakistani researcher killed in Portugal

    Pakistani researcher killed in Portugal

     A young researcher from Lahore has been killed in Porto, Portugal, when he resisted a robbery attempt, Geo reported on Friday.

    Family members of the victim, Anthony Shoukat, said he went to Portugal for a research project of Shaukat Khanum Memorial Hospital.

    They appealed the government to help them bring the victim’s body at the earliest and bring the culprits to justice.

    The victim’s family said Anthony had done his masters from Sweden and his PhD from Germany.

    In March, Fahimuddin, a Pakistani-German, was murdered and his family attacked with a knife in Germany. Fahimuddin had moved from Karachi’s Azizabad neighbourhood to Germany and made it his permanent home.

  • Want to help Gaza? Stream Macklemore’s song as many times as you can

    Want to help Gaza? Stream Macklemore’s song as many times as you can

    With his most recent song Hind’s Hall, rapper, Macklemore has once again entered the political sphere, endorsing rallies by American college students in favour of Gaza. The Seattle native shared the explosive song on social media and pledged to donate all streaming service profits to the United Nations Relief and Works Agency (UNRWA), which supports Palestinian refugees.

    Previously, the song was not available on big platforms like YouTube and Spotify but is now streaming on all platforms, ironically, with a warning that it may be inappropriate for some users. However, the description highlights that all the proceeds will go to the UN agency for relief work in Gaza.

    The song’s title originates from Columbia University student protestors who changed Hamilton Hall’s name to Hind’s Hall in honour of six-year-old Hind Rajab, who was cruelly slain by Israeli forces in Gaza. The song’s images combine video of police aggression against student demonstrators with tragic blasts in Gaza, a moving show of solidarity with the Palestinian people.

    He said, “When I was seven, I learned a lesson from Cube and Eazy-E. What was it again? Oh yeah, f**k the police.”

    The musician continues, criticising US diplomatic backing for Israel and President Joe Biden. He also states that he will not be voting for the incumbent in the next election.
    “Where do you draw the line for genocide? Destroying every college in Gaza and every mosque,” as well as “Forcing everyone into Rafah and dropping bombs.”
    He squarely blames Biden for the bloodshed, stating, “The blood is on your hands, Biden, we can see it all.”
    With over 2,000 students detained nationwide during a wave of pro-Palestinian demonstrations, including over 100 at Columbia University alone, the song’s release coincides with the protests. Last week, pro-Palestinian demonstrators took over a Columbia University building, intensifying a conflict with authorities who have started penalising students for failing to take down tents erected on the New York campus.

    One protestor screamed from within, “This building is liberated in honor of Hind, a six-year-old Palestinian child murdered in Gaza by the Israeli occupation forces funded by Columbia University,” and others outside repeated him.
    Minutes after the protesters gained access to the building, New York City police officers arrived outside the school gates in unmarked cars, the Columbia Spectator newspaper reported. It said police told the paper they would only enter school grounds if someone was injured.

  • Laptop scheme phir shoroo?

    Laptop scheme phir shoroo?

    Chief Minister Punjab Maryam Nawaz on Friday gave the green signal to restart her party’s laptop scheme for students after a gap of seven years.

    Punjab government announced that laptops will be given to students, it was decided in a meeting presided by Maryam about higher education sector reforms, wherein a detailed briefing was also given on promotion of laptop and transport facility for students.

    Punjab has almost 0.65 million students, 44 per cent of whom are boys and 56 per cent are girls.

    Senior Provincial Minister Marriyum Aurangzeb, Provincial Education Minister Rana Sikandar Hayat, Information Minister Azma Zahid Bukhari, the chief secretary, secretary higher education and other officials also attended the meeting.

  • Celebs ignoring Gaza genocide have karma coming their way with #blockout2024

    Celebs ignoring Gaza genocide have karma coming their way with #blockout2024

    The 50th Met Gala took place this week — also known as the “Superbowl of Fashion”. Every year, celebrity outfits make headlines. But this year, it was different.

    The event coincided with Israel’s genocide taking place in Gaza — particularly the invasion of Rafah. Public, as well as residential areas have been targeted, 110,000 Palestinians have fled, while aid has been halted into the city.

    People, including staunch celebrity fans, are now calling for not only unfollowing but also blocking singers, actors, and other members of the entertainment industry on social media.

    We the People.Resist has compiled a list of celebrities who participated in The Met Gala and need to be “digitally guillotined” which they referred to as “Digitine”.

    People are calling out the celebrities for choosing to remain silent on the on-going genocide and ignorantly attending a mega event which often acts as a distraction from real-life issues demanding attention.

    Celebs ignoring Gaza genocide have karma coming their way with #blockout2024

    Celebs ignoring Gaza genocide have karma coming their way with #blockout2024

    Celebs ignoring Gaza genocide have karma coming their way with #blockout2024

    Celebs ignoring Gaza genocide have karma coming their way with #blockout2024

    Celebs ignoring Gaza genocide have karma coming their way with #blockout2024

    Celebs ignoring Gaza genocide have karma coming their way with #blockout2024

  • Ranveer Singh addresses divorce rumors after deleting wedding picture

    Ranveer Singh addresses divorce rumors after deleting wedding picture

    Ranveer Singh has dismissed rumors of divorce with his wife Deepika Padukone, just days after he removed their wedding photos from his Instagram account.
    The Bollywood action star, who recently wiped out all posts on his Instagram before January 2023, including those with Padukone, addressed the resultant speculation during a fancy jewelry store’s opening in Mumbai. He showed everyone his favorite jewelry- his wedding and engagement rings.
    “One of the rings that are very dear to me is this one it’s my wedding ring, presented to me by my wife. The other one is a platinum engagement ring,” he said while showing the jewellery pieces to the camera.
    “And then there are my mother’s diamond earrings and my grandmother’s pearls,” he added. “These are my favorite pieces because they have a lot of personal and sentimental value to me.”

    Ranveer Singh and Indian superstar Deepika Padukone got married in Lake Como, Italy in 2018. They had been dating for almost six years.
    This year, in February, the couple shared the news of their first pregnancy. They made the announcement on Instagram. They said they’re expecting their baby to arrive in September.

  • Militants blow up first private school in North Waziristan

    Militants blow up first private school in North Waziristan

    A private girls’ school called Afia Islamic Girls Public School was blown up by unidentified militants in Tehsil Shewa of North Waziristan district on Wednesday night, reports Dawn.

    The police said the militants first assaulted the school watchman and later blew up two rooms of the school. There was, however, no loss of life in the explosion.

    Locals say that it was the only private girls’ school in the area and its administration had received multiple threat letters in the past.

    Journalist Iftikhar Firdous wrote on X (formerly Twitter) that he was contacted by the owner of the school and was told how the school was formed after going against the tide and now it is destroyed. Firdous wrote, “He was emotional so I asked him to share what he felt in his own words.”

    As government schools are “non-functional”, private schools are playing their part in promoting education. “In North Waziristan, the private sector plays an important role in promoting boys’ education, but there was no private girls’ school present in the area”.

    The owner deliberated with the elders of the region because he was determined to promote girls’ education. “For the construction of a private school for girls in Tehsil Shewa, we contacted different people, but no one was ready to build a school for girls because they said that the Taliban would destroy it since they are against female education, and we are not ready to invest in girls’ education in our area.”

    The owner convinced his friend, working as a laborer in the UAE, to invest Rs 10 lacs into the construction of a girls’ school in Tehsil Shewa, North Waziristan, as it would help promote girls’ education in the area. “He readily agreed with our advice and was ready to invest money in the girls’ school.” The owner related that the funds were not enough and so it took three years for completion. It was inaugurated on May 19, 2023. “In less than one year, 100 girls got admission to Afia School, and with every passing day, the strength of the school increased,” he told Firdous in an emotional tone.

    On May 9, 2024, at midnight 1 PM, unknown persons destroyed the school with a bomb, while also breaking chairs and whiteboards.

    Firdous shared how he ended the note determined to promote the cause he believes in.“In this way, they stopped our girls from education, but we will continue our struggle for the promotion of girls’ education until death”.

  • Punjab government decides not to buy wheat from farmers

    Punjab government decides not to buy wheat from farmers

    The government of Punjab has decided not to buy wheat from farmers, Daily Jung has reported.

    According to sources in Punjab Food Department, 22 lakh 70 thousand tons of wheat is lying in warehouses, while loans of 350 billion have to be returned. Punjab has one year’s worth of wheat, so how can it buy more? Every year, 125 billion rupees is given as markup on the purchase of wheat, while storing and handling wheat costs more than one billion rupees.

    Sources in the Food Department have claimed that 95% of farmers’ wheat has been sold, the middlemen have raised noise by taking the name of farmers.

    On the other hand Chief Minister Khyber Pakhtunkhwa Ali Amin Gandapur has said that this year they are not buying wheat from PASSCO (Pakistan Agricultural Storage and Services Corporation), they will buy wheat directly from Punjab’s farmers.