Author: newsdesk

  • Prince William calls for an end to war on Gaza

    Prince William calls for an end to war on Gaza

    The British Prince William has said that the “sheer scale of human suffering” had brought home the need for peace in an enclave “where too many have been killed”, reports Al Jazeera.

    In a rare, direct intervention for a member of the royal family, William, the heir to the British throne, said it was critical that aid gets through to those who need it in Gaza.

    “Sometimes, it is only when faced with the sheer scale of human suffering that the importance of permanent peace is brought home,” he said in a statement.

    The 41-year-old visited the British Red Cross headquarters in London on Tuesday to hear about their work supporting people affected by war in the Middle East.

    “I, like so many others, want to see an end to the fighting as soon as possible,” he said. “There is a desperate need for increased humanitarian support to Gaza. It’s critical that aid gets in and the hostages are released.”

    Previously, the heir apparent of the British throne, Prince William, was reportedly set to commence a number of royal engagements in order to “recognise the human suffering” as a result of Israeli operations on Gaza and in the Middle East.

    Kensington Palace has said that the future King will also take into consideration increasing anti-Semitism around the world.

    He is set to meet with humanitarian workers in the region while also visiting a synagogue to listen to the youth countering anti-Semitism.

    “The prince and princess were profoundly concerned by events that unfolded in late 2023 and continue to hold all the victims, their family and friends in their hearts and minds,” his office said.

  • PML-N to hold parliamentary meeting today to form provincial government   

    PML-N to hold parliamentary meeting today to form provincial government   

    Pakistan Muslim League-Nawaz (PML-N) will hold the first meeting of its Punjab parliamentary board today to complete the formation of the provincial government.

    PML-N vice president, Maryam Nawaz, and candidate for chief minister, Punjab, will address the meeting at Jati Umra in Lahore at 2pm today.

    The PML-N scion will talk about her goals and plans as the next chief minister of the province, making her the first female to hold the position. Additionally, she will discuss strategies for electing the speaker and deputy speaker of the Punjab Assembly.

    PML-N nominated the scion of the Sharif family for the Punjab chief minister position after she won in the general elections held on February 8. She won one seat in the National Assembly and another in the provincial assembly—NA-119 and PP-159—both located in Lahore.

    According to insiders of PML-N, party supremo Nawaz Sharif will join the meeting via video link.

  • PSL 9: Multan Sultans defeats Islamabad United by 5 wickets in a thriller

    PSL 9: Multan Sultans defeats Islamabad United by 5 wickets in a thriller

    In the fifth match of HBL Pakistan Super League (PSL) 9, Multan Sultans defeated Islamabad United by 5 wickets in a thriller.

    Multan Sultans captain Muhammad Rizwan won the toss and decided to field first.

    Islamabad United’s innings

    On behalf of Islamabad United, Agha Salman scored 52 runs and Jordan Cox scored 41 runs. Apart from this, Azam Khan scored 13 runs, Shadab Khan 11, Colin Munro 8, Alex Hales 2, Nasim Shah 2 while Imad Wasim Safar, Faheem Ashraf scored one run each.

    The whole team could score 144 runs in 20 overs.

    For Multan Sultans, Muhammad Ali and Abbas Afridi took 3 wickets each, Usama Mir took 2 wickets and David Wiley dismissed one player.

    Multan Sultan’s inning

    From Multan Sultan’s Captain Rizwan scored 43 runs, Reza Handricks scored 58 runs and Iftikhar Ahmed scored 18 runs. Multan acheived the target in 19.5 overs.

    From Islamabad Nasim Shah took 2 wickets, Shadab Khan, Imad Wasim and Tymil Mills took one wicket each.

  • FBR collects Rs5.15 trillion in taxes in less than eight months

    FBR collects Rs5.15 trillion in taxes in less than eight months

    The Federal Board of Revenue (FBR) has revealed that it has achieved a remarkable milestone by collecting revenue amounting to Rs5.15 trillion from July 2023 to mid-February 2024.

    This represents a substantial 30 per cent increase compared to the same period in the previous fiscal year, according to an official press release.

    The report indicates that the growth in tax revenue is attributed to a comprehensive strategy employed by the FBR, with a keen focus on both domestic and import taxes.

    Tax refunds during this period witnessed a substantial 28 per cent growth, further contributing to the positive financial trajectory.

    A breakdown of the month-wise revenue collection for the period from July 2023 to January 2024 reveals that overall growth in domestic taxes reached an impressive 40 per cent. Concurrently, import duty and related taxes experienced a significant uptick of 16 per cent.

    The surge in revenue collection aligns with the revival of the Gross Domestic Product (GDP) and increased scrutiny of FBR’s collection processes.

    However, growth in import taxes faced challenges, primarily due to downward adjustments in import tariffs over the years and recent restrictions on import licences imposed by the State Bank of Pakistan to address balance of payments concerns amid foreign exchange constraints.

    The report acknowledges that revenue collection from imports incorporates the impact of improvements in import valuations, resulting in an additional Rs151 billion in collections.

    Additionally, the anti-smuggling drive witnessed a substantial 69 per cent growth in the fiscal year compared to the previous year (FY 22–23).

    Despite these achievements, concerns were raised regarding the decline in the growth of import taxes. This decline is attributed to two main factors: the gradual reduction in import tariffs and recent restrictions on import licenses.

    The need for continued efforts in anti-smuggling activities was emphasised, particularly in Baluchistan, where the customs force currently consists of only 378 personnel.

    Strengthening the enforcement efforts by increasing personnel in this region was suggested as a potential solution.

    The report concludes on a positive note, highlighting that the revenue mobilisation from domestic taxes now accounts for over 64 per cent of the total revenues collected in the current financial year.

    Simultaneously, the share of import taxes has decreased to 36 per cent, marking a significant shift from the 50 per cent share observed just three years ago. This indicates a positive trend in the diversification of revenue sources for the FBR.

  • Factors behind the continuous decline in car financing in Pakistan

    Factors behind the continuous decline in car financing in Pakistan

    In January 2024, the automobile financing sector in Pakistan witnessed a significant downturn, as car financing recorded a notable decrease to Rs246.26 billion.

    This marks a 25.82 per cent year-on-year (YoY) decrease and a 1.98 per cent month-on-month (MoM) decrease compared to Rs331.98 billion in January 2023 and Rs251.25 billion in December 2023, respectively. The latest data from the central bank provides these insights.

    This decline in automobile financing extends to the nineteenth consecutive month, with a total decrease of Rs114.29 billion over the past 19 months.

    Several factors contribute to this decline, including higher interest rates, increased car prices, regulatory restrictions on acquiring loans, and elevated taxes on the import of automobiles and their parts.

    According to the State Bank of Pakistan (SBP) data, consumer financing for house building amounted to Rs207.62 billion by the end of January 2024.

    This reflects a 3.44 per cent YoY decrease compared to Rs215 billion in the same month last year. Looking at monthly changes, financing for house building saw a marginal 0.26 per cent MoM decrease compared to the previous month’s Rs208.15 billion.

    Financing for personal use stood at Rs243.1 billion, showing a 4.47 per cent YoY decrease and a 0.54 per cent MoM decrease.

    Consequently, the overall credit disbursed to consumers declined to Rs813.96 billion during the review month, registering a fall of 9.04 per cent YoY and 0.52 per cent MoM.

    The outstanding credit to the private sector also experienced a decline, decreasing by 0.76 per cent YoY to Rs8.35 trillion in January 2024. On a monthly basis, this represents a 2.21 per cent decrease compared to the credit of Rs8.54 trillion in December 2023.

    Analysing credit distribution to the private sector, loans to the manufacturing sector amounted to Rs4.81 trillion in the review period, showing a slight 0.33 per cent YoY increase. However, on a monthly basis, there was an 0.89 per cent MoM decline, as December recorded loans to this sector at Rs4.85 trillion.

    Borrowing from the construction sector stood at Rs190.15 billion in January 2024, experiencing a 0.97 per cent YoY decrease and a 5.05 per cent MoM decrease compared to the previous month.

    Looking ahead, the data indicates that loans to the agriculture, forestry, and fishing sectors rose to Rs397.27 billion in the month under review, marking a significant 16.95 per cent YoY increase.

    However, on a sequential basis, loans to this sector recorded a fall of 4.82 per cent MoM.

  • Local market witnesses marginal gain in 24-karat gold prices

    Local market witnesses marginal gain in 24-karat gold prices

    On Tuesday, the 24-karat gold market demonstrated resilience, with a subtle uptick of Rs150 per tola, settling at Rs214,450 per tola.

    According to the Karachi Sarafa Association, the price for 10 grammes of 24-karat gold reached Rs183,856, reflecting a marginal gain of Rs128 compared to the preceding session.

    Simultaneously, the price of 10-gramme 22-karat gold experienced a modest rise, reaching Rs168,535.

    Contrary to the gold market’s movements, silver prices remained steadfast, exhibiting no change.

    The 24-karat silver maintained its position at Rs2,580 per tola, while the 10-gramme silver was traded at Rs2,211.93.

    It is noteworthy that the domestic gold market faced a downturn last week, attributed to a decline in international prices.

    International spot gold, on the other hand, hovered around $2,021, marking a 0.2 per cent change compared to the preceding session.

    As the market watches these fluctuations, all eyes are set on the forthcoming minutes from the Federal Reserve’s January policy meeting, scheduled for release on Wednesday.

    The outcome of this meeting is poised to have a considerable impact on the trajectory of both domestic and international precious metal markets.

  • I thought I was in love, but I was mistaken, says Nazish Jahangir

    I thought I was in love, but I was mistaken, says Nazish Jahangir

    Nazish Jahangir is a firm fan favourite and a popular actress but success has not shielded her from heartbreak. The actress opened up about her personal life in a recent interview.

    During the conversation, she confessed that she was once trapped in the illusions of love, which had blinded her.
    “When a person falls in love, even a rational person stops thinking with their mind. Everything about the other person seems perfect, but when the heart breaks, understanding dawns,” she said.
    She further explained, “I am someone who values truth, so I couldn’t stay in that past love for long. After that experience, I’ve become more practical. Now, I keep my mind and eyes open.”
    When asked what she would do if her past love were to return, she replied, “I have moved on and I am sure I won’t have any relationship with someone who has ever broken my heart.”
    Nazish Jahangir began her career in 2017 and quickly gained popularity in a short period. She showcased her acting skills in various hit dramas, including ,’Kam Zarf’, ‘Sarab’ and ‘Dil Tanha Tanha’.

    At one point, there were rumors about Nazish Jahangir’s relationship with actor and host Mohsin Abbas Haider, but neither of them has openly addressed the speculation.

  • Deepika expecting first child: Indian media reports

    Deepika expecting first child: Indian media reports

    Bollywood queen Deepika Padukone and husband Ranveer Singh are expecting their first child, The Week has reported.

    The actress is reportedly in her second trimester. Rumors about the actress being pregnant gained strength on February 19 when she appeared at the BAFTA awards in a dress that concealed her midriff.

    The actress, who married fellow A-lister Ranveer in 2018, has talked about becoming a mother in multiple interviews. In January this year, she was asked if she looked forward to becoming a mom, to which she replied, “Absolutely. Ranveer and I love children. We look forward to the day when we will start our own family.”

  • PTI’s Faisal Javed appears in court after ‘hiding’ for months

    PTI’s Faisal Javed appears in court after ‘hiding’ for months

    On Monday, Senator Faisal Javed of Pakistan Tehreek-e-Insaf (PTI) appeared in  Peshawar High Court (PHC) after “hiding” for months and and secured transit bail. 

    PHC Chief Justice Mohammad Ibrahim Khan granted transit bail to the PTI leader, who hasn’t been seen in public since several months.

    The court granted bail against bonds worth Rs100,000 and ordered the PTI senator to appear before the concerned court.

    Talking to journalists outside the court, Faisal expressed joy over being granted bail and noted that, “Everyone is going through testing times. I hope that all the oppressed return home.”

    The judge approved also Ali Amin Gandapur’s transit bail petition for a case against him in Islamabad. Gandapur is the PTI nominee for Khyber Pakhtunkhwa chief minister.

  • Mehwish Hayat, Ali Rehman’s ‘Daghabaz Dil’ teaser looks like a blast

    Mehwish Hayat, Ali Rehman’s ‘Daghabaz Dil’ teaser looks like a blast

    The teaser for the movie ‘Daghabaz Dil’, starring Mehwish Hayat and Ali Rehman Khan, is out. Directed by Wajahat Rauf and produced by Badar Ikram and Shazia Wajahat, the film features a stellar cast including Momin Saqib, Saleem Sheikh, Babar Ali, Beo Zafar Rana, Tazeen Hussain, Laila Wasti, Ayesha Khan, and Michelle Mumtaz. The teaser, released by Shazia Wajahat and Badar Ikram, introduces the characters and storyline. Mehwish Hayat and Ali Rehman Khan shine with their on-screen chemistry. Watch the teaser here:

    Network is the media partner for the film. The script, story, and dialogue are written by Mohsin Ali and Wajahat Rauf. Mehwish Hayat and Ali Rehman Khan have fantastic on-screen chemistry.