Author: newsdesk

  • PTI leader Salman Akram Raja arrested in Lahore

    PTI leader Salman Akram Raja arrested in Lahore

    Pakistan Tehreek e Insaf (PTI) leader and lawyer Salman Akram Raja has been arrested by the police near PTI’s Jail Road office, for participating in the party’s call for nationwide protest against electoral rigging. Salman participated as a PTI backed independent candidate in general elections

    “They’re arrested me illegally, and I’m with the public, we will continue raising my voice for truth” he said while being arrested

    PTI yesterday had called for nationwide protests against electoral rigging.

  • Commissioner Rawalpindi claims serious rigging in elections, resigns from post

    Commissioner Rawalpindi claims serious rigging in elections, resigns from post

    Commissioner Rawalpindi Liaqat Ali Chattha has announced his resignation after claiming that the general elections 2024 were rigged in his division.

    While holding a press conference at Rawalpindi Cricket Stadium Liaqat Ali Chattha said, “I did injustice in Rawalpindi Division during the elections. We changed the losing margins to 50 thousand leads, 13 MNAs of Rawalpindi Division were losing, they got 70 thousand leads and toyed with the country.”

    Accepting responsibility of election rigging in Rawalpindi Division and handing himself over to the police, he announced resigning from my post. “I should be given the death penalty in Rawalpindi’s Kachehri Chowk,” he remarked.

    He said that Election Commission of Pakistan, Chief Election Commissioner and Chief Justice of Pakistan are also involved in the rigging of the election. “These people should also resign from their positions.”

    He said “I was under pressure from social media and overseas Pakistanis, I tried to commit suicide this morning after Fajr prayer, then I thought why not? Let me put all the things in front of the people, why should I die a forbidden death, I am going through grief and political people are going around to become ministers after wearing a sherwani, the stabbing in the back of the country does not let me sleep, I want to remove the burden of my grief. I want a peaceful death.”

    However Caretaker Information Minister Punjab Aamir Mir vehemently denied the allegations of Commissioner Rawalpindi Liaquat Ali Chatta and called it a political stunt.

    The Commissioner was due for retirement in just three weeks.

  • PTI to hold countrywide protests over alleged rigging

    PTI to hold countrywide protests over alleged rigging

    The Pakistan Tehreek-e-Insaf (PTI) will hit the streets today at 12pm across the country to protest against what they claim is rigging and tampering with election results from February 8th.

    Major parties that won the most seats have been looking for allies and making alliances to form the next governments at both the national and provincial levels.

    The PTI expressed disappointment with the election results, where its affiliated candidates won over 90 National Assembly seats, making them the largest group. They announced plans to hold peaceful protests countrywide against what they called “record-high rigging” in the recent general elections.

    “The PTI has called for country-wide protests against the unprecedented, massive, brazen rigging in general elections 2024, where PTI’s win of 180 National Assembly seats and a two-thirds majority in the parliament, was cut down to half,” the party said in a statement.

  • Yearly basis: Weekly inflation stays above 34%

    Yearly basis: Weekly inflation stays above 34%

    In the week concluding on February 15, 2024, the Weekly Sensitive Price Indicator (SPI) for the Combined Group exhibited a slight decrease of 0.78 per cent week-over-week (WoW).

    However, compared to the same period last year, the SPI surged by 34.25 per cent YoY, according to data released by the Pakistan Bureau of Statistics (PBS).

    The combined index, standing at 315.18, marked a slight dip from 317.65 recorded on February 8, 2024. A year ago, on February 16, 2023, the index was substantially lower at 234.77.

    Analysing the data further, out of the 51 items monitored, the average price of 22 items increased, 11 items witnessed a decrease, and 18 items remained stable.

    Notably, PBS did not release SPI data last week, following a 0.28 per cent WoW decline in the preceding week.

    During the week under review, significant decreases were noted in the prices of eggs (28.82 per cent), chicken (4.23 per cent), onions (3.48 per cent), LPG (2.85 per cent), and gur (1.13 per cent).

    Conversely, notable increases were observed in the prices of bananas (4.64 per cent), potatoes (2.80 per cent), match boxes (1.31 per cent), long cloth (1.29 per cent), and cooked daal (0.77 per cent).

    Analysing the SPI percentage change by income groups, a uniform decline of -0.82 per cent to -0.72 per cent was witnessed across all quantiles.

    The lowest-income group experienced a weekly decline of 0.78 per cent, while the highest-income group recorded a decrease of 0.77 per cent.

    On a yearly basis, SPI increased across all quantiles, ranging between 28.68 per cent and 38.54 per cent. The lowest-income group saw a 28.68 per cent increase, while the highest-income group recorded a 32.08 per cent rise.

    The average price of Sona urea fell to Rs4,513 per 50 kg bag, marking a 0.50 per cent decrease from last week and a significant 54.84 per cent increase from the previous year.

    Meanwhile, the average cement price recorded at Rs1,234 per 50 kg bag marked a 2.05 per cent increase from the previous week and a 14.27 per cent hike from the prices recorded last year.

    In a volatile market environment, these fluctuations in the SPI indicate the dynamic nature of the economic landscape, impacting consumers across various income groups.

  • Political instability, IMF loan conditions threaten Pakistan’s economic growth

    Political instability, IMF loan conditions threaten Pakistan’s economic growth

    In January, Pakistan experienced a boost in economic activity, thanks to the financial aid provided by the International Monetary Fund (IMF), as reported by Bloomberg Economics Tracker.

    However, there are three key developments that may impact future economic conditions.

    Firstly, the aftermath of the inconclusive February 8 election has resulted in persistent political instability, presenting a potential obstacle to new investments.

    Secondly, there is a likelihood of more stringent conditions associated with additional IMF loans. Lastly, there is an increasing probability that the State Bank of Pakistan will delay rate cuts.

    Despite the challenges, January saw a positive trend with a 0.9 per cent increase in economic activity compared to December, breaking a four-month contraction streak.

    The injection of IMF loans and eased trade restrictions contributed to this improvement, enabling increased purchases of essential import supplies.

    Looking ahead, the unresolved election outcome may prolong political uncertainty, affecting potential investments.

    The recent hike in gas prices on February 15 will likely drive inflation higher, further reducing the chances of a March rate cut.

    Considering these developments, Bloomberg Economics is considering revising its growth outlook.

    While Bloomberg currently predicts 2.1 per cent GDP growth through June 2024 (up from a 0.2 per cent contraction in the previous fiscal year), the consensus estimate is 2.5 per cent, and the IMF forecasts 2 per cent.

    It’s essential to note that the Bloomberg Economics monthly tracker assesses inflation-adjusted indicators of activity.

  • 24-karat gold price increases by Rs1,300 per tola

    24-karat gold price increases by Rs1,300 per tola

    In a persistent upward trend, the domestic bullion market showcased further gains, particularly in the value of 24-karat gold, which surged by Rs1,300 per tola to reach Rs212,400 on Friday.

    According to the latest report from the Karachi Sarafa Association, the price of 10-gram 24-karat gold experienced a notable increase, reaching Rs182,099 and reflecting a gain of Rs1,115 compared to the previous session.

    Simultaneously, the price of 10-gram 22-karat gold saw an uptick, settling at Rs166,924.

    Despite the positive momentum in the gold market, silver prices remained steady, with 24-karat silver holding at Rs2,580 per tola and 10-gram silver trading at Rs2,211.93.

    Interestingly, despite today’s substantial rise in gold prices and the prevailing political instability in the country, local gold is on track to record a weekly loss.

    This comes on the heels of hotter-than-anticipated US inflation data released on Wednesday, causing gold to dip below the $2,000 mark for the first time in two months.

    Bloomberg reported that the American Consumer Price Index (CPI) data disappointed investors, reversing recent declines in price pressures and dampening expectations for rate cuts this year.

    However, the international spot gold has rebounded strongly since Wednesday’s decline, currently trading at $2,007.61, reflecting a gain of over $3 day-over-day.

    Amidst these global dynamics, the fluctuation in the domestic currency plays a crucial role in determining the domestic gold rate.

    It’s noteworthy that the Pakistani Rupee (PKR) snapped its 13-week-long and historic winning streak against the US Dollar, experiencing a marginal drop of 8 paisa.

    Given that gold is denominated in US dollars, a depreciation of the PKR against the dollar contributes to the rise in the value of PKR-denominated gold.

    The bullion market’s resilience in the face of global challenges highlights its sensitivity to both local and international economic factors, providing a nuanced perspective for investors and stakeholders.

  • ‘PPP will stay in Parliament for constructive criticism,’ says Faisal Karim Kundi

    ‘PPP will stay in Parliament for constructive criticism,’ says Faisal Karim Kundi

    As confusion around the formation of the government rages, Pakistan Peoples Party (PPP) leader Faisal Karim Kundi has said that if his party had chosen to sit in opposition, the country would’ve gone towards another election.”The PPP will stay in Parliament for constructive criticism,” he stated.

    While addressing a press conference in Islamabad today, Kundi said PPP will contest the seats of Senate Chairman and Speaker of the National Assembly (NA), adding that PPP will also help Pakistan Muslim League-Nawaz (PML-N) form a government in the centre.

    The politician also urged all political parties to work together for political stability in Pakistan.

  • ‘Main petrol nahin peeta’; Asif Ali takes U-turn

    National cricketer Asif Ali took a U-turn on a previous statement where he had said that he practices 300 sixes daily.

    Ehile talking to the media, Asif Ali said, “Recently I said that I don’t drink petrol to hit 300 sixes a day? During the camp at the National Cricket Academy (NCA) I practiced hitting sixes, but I was wrong about this statement.”

    Morover, he said “Babar Azam tries to guide all the players on the field, his greatness is that he trusted me and made me a part of his team.

    In August 2022, Asif Ali said that he tries to hit 300 sixes during daily practice so that he can hit sixes during the match. He faced a lot of criticism for his statement after his poor performance in the Asia Cup.

  • First-year students with low scores to be given additional marks

    First-year students with low scores to be given additional marks

    Caretaker Chief Minister Justice (retd) Maqbool Baqar has directed the Board of Intermediate Education Karachi (BIEK) to give the students of Pre-Engineering, Pre-Medical, and General Science Part-I up to 15 percent additional marks in their exams, reports Geo News.

    The Sindh caretaker CM approved recommendations of a fact-finding committee formed to investigate Intermediate Part-I students’ getting unusually low marks this year.

    The committee submitted its report to the chief minister, following which BIEK’s IT in-charge was removed from his post.

    The CM said it had been decided on the committee’s recommendation that the students of pre-engineering, pre-medical, and general science would be given 15 percent extra marks.

    The committee advised forming paper patterns and a scheme for giving marks before the beginning of the educational year. It also said that the paper pattern and marking scheme would be implemented for three years. The Sindh CM ordered the relevant departments to increase the number of paper inspection centres to 10 in the city. He added that the MCQs papers should be checked with an optical marks recognition system so that there is no mistake.

    CM Baqar ordered that employees including head examiners, examiners, and invigilators should be trained, adding that the rules and regulations of BIEK should be strictly implemented.

    “The controller of examinations, all deputy controllers, and the IT manager are responsible for conducting the examinations in 2023,” he said.
    He also mentioned that notices should be issued against the board officers who do not follow the rules and regulations.

    Background

    On January 23, the BIEK released the results for Part I (first year) of the examination, revealing a concerning decline in the students’ performance.
    The statistics indicated that 80% of candidates failed in Arts (Regular), 72% failed in Arts (Private) and 63% failed in Commerce (Private) groups.
    Earlier in the results released, only 36.51% of candidates were successful in Pre-Medical, 34.79% in Pre-Engineering, and 38.69% in computer science groups.

    Most students who passed their matriculation exams with lower marks faced potential challenges in securing admissions to professional universities and colleges, given that admissions are typically based on Inter Part-I marks.

  • No meetha for people at health ministry in Pakistan

    No meetha for people at health ministry in Pakistan

    The Federal Ministry of Health has imposed a ban on eating sweet items in its subordinate institutions, reports Samaa News.

    According to the spokesman of the Ministry of Health, many diseases are caused by sweet drinks so the Federal Ministry of Health has banned the use of sweet items in its subsidiaries. Eating and drinking sweets are no longer allowed in all institutions affiliated with the Ministry of Health.

    An advisory has been issued by the Caretaker Health Minister Dr. Nadeem Jan that sugary drinks cause communicable and non-communicable diseases and that is why confectionery of all sorts will not be served in official meetings or functions.