Author: newsdesk

  • ECP approves Nawaz Sharif’s nomination papers from NA-130 Lahore

    ECP approves Nawaz Sharif’s nomination papers from NA-130 Lahore

    The Election Commission of Pakistan (ECP) accepted the nomination papers of former prime minister and Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif from NA-130 Lahore constituency.

    PML-N leader Bilal Yaseen submitted the nomination papers of the former prime minister.

    He also confirmed that ECP accepted the papers.

    Sharif has submitted nomination papers from Lahore and Mansehra constituencies.

    “By the grace of Allah, Nawaz Sharif’s nomination papers were accepted from NA-130,” said Bilal Yaseen, adding that ECP has raised no objections as yet.

    “Nawaz Sharif will succeed from this constituency in the February 8 elections. He will be elected prime minister of Pakistan for the fourth time,” he added.

    Nawaz Sharif’s lawyer, Amjad Parvez, also told the media that “the returning officer has said that everything is complete from your side.”

  • Haval HEV determined to keep its perch as the no. 1 hybrid vehicle in Pakistan!

    Haval HEV determined to keep its perch as the no. 1 hybrid vehicle in Pakistan!

    In a strategic alliance between Great Wall Motor (GWM) and SAZGAR Engineering Works Limited, the introduction of the Haval brand to Pakistan last year marked the commencement of a highly successful journey for the brand in the country.

    Standing out among Haval’s impressive vehicle lineup is the HEV (Hybrid), distinguished as Pakistan’s first locally assembled hybrid SUV. Achieving this milestone in November 2022 propelled the HEV to the forefront, making it the most sought-after SUV in the market.

    “Hybrid and Electric vehicles are the future… and we are very proud to be spearheading this EV revolution in Pakistan by bringing the first ever locally assembled hybrid to the country”, said Mian Ammar Hameed, Executive Director Marketing at SAZGAR.

    After enjoying almost a year of head start as the only locally assembled hybrid of Pakistan, Haval H6 HEV finally has some competition in Hyundai Sante Fe and recently launched hybrid of Toyota i.e. the Corolla Cross but neither of them has been able to knock the Haval HEV off its perch at the top of the hybrid summit in Pakistan. A comparison with recently launched Corolla Cross can be observed as follows:

    Haval has gone into the competition with initiative firmly on its side with recent unveiling of its absolutely stunning television commercial, showcasing a level of quality that can rival top-tier international productions, while maintaining a stark distinction of its own. This not only reflects the brand’s commitment to excellence but also reinforces its credibility.

    The visually stunning TV ad portrays the vehicle emerging from a dramatic lightning storm, symbolizing the harmonious blend of the vehicle’s raw electric power with its exquisite design and aesthetic. The CGI work done here has surely catapulted automotive advertisement in Pakistan to a brand new level.

    Take a moment to view the captivating video below and share your insights in the comments section!

  • 2023 review: Sports moments that made us go wow

    2023 review: Sports moments that made us go wow

    The year 2023 was full of memorable moments of sports but here are some best moments that made us go wow.

    1-Australia wins the men’s ODI World Cup

    The Australian cricket team won the ODI World Cup in the November, pulling off the ultimate upset after defeating hot favourites and hosts India. Australia won the title by six wickets, brushing off the mighty Indian lineup with ease.

    2-Spain wins women’s FIFA World Cup

    Spain defeated the in-form England in the final of the FIFA World Cup final with a lead of 1-0. This was Spain’s first ever women’s trophy.

    3-Pakistan became the No.1 ODI team

    On May 6, Pakistan became the number one team in the International Cricket Council (ICC) ODI ranking under the captaincy of Babar Azam, marking the first time when the green shirts topped the list.

    4- Pakistan qualify for FIFA World Cup qualifier’s round 2 for first time

    The Pakistan football team qualified for the first time in the history of FIFA World Cup qualifier’s second round. In the first round Pakistan defeated Cambodia by 1-0.

    5-Virat Kohli breaks Sachin Tendulkar 50-centuries record

    Indian star batsman Virat Kohli broke batting maestro Sachin Tendulkar’s record of 50 ODI centuries, achieving the feat in the ODI World Cup’s semi-final match against New Zealand in Mumbai.

    6- LeBron became all time highest scorer in NBA history

    LeBron James became the all time highest scorer in National Basketball Association (NBA) history. During a match between the Los Angeles Lakers and the Oklahoma City Thunders, LeBron James surpassed the record set by Kareem Abdul-Jabbar in 1989.

    Legend Kareem Abdul-Jabbar scored 38387 points in his career while LeBron James has scored 38390 points in his career.

  • Melbourne Test; Australia bowled out on 318, Pakistan’s batting continues

    Melbourne Test; Australia bowled out on 318, Pakistan’s batting continues

    Pakistani pacers stormed the Australian batting lineup during the Melbourne Test, dismissing the Australian team for 318 runs on the second day.

    Pakistani bowlers sent seven players to the pavilion in the first session. Aamir Jamal took three, Shaheen Afridi, Mir Hamza, and Hasan Ali took two wickets each while Salman Ali Agha took one wicket.

    At the end of the first day’s play in the second match of the three-match Test series, Australia scored 187 runs for the loss of three wickets after Pakistan won the toss and decided to field.

    On the second day, Australia started their first incomplete innings at 187 for three. The remaining seven batsmen could add only 131 runs to the team’s total.

    On behalf of the Kangaroos, Marnus Lubusahagne was the top scorer with 62 runs. Usman Khawaja scored 42, Mitchell Marsh 41, and David Warner scored 38 runs.

    When Pakistan started the first innings, Imam ul Haq failed once again and got out after scoring only 10 runs. His wicket was taken by Nathan Lyon. At the moment, Abdullah Shafiq is at the crease on 35 and captain Shan Masood with nine runs while the national team’s score is 56.

  • December inflation may surpass 30% due to gas price hike

    December inflation may surpass 30% due to gas price hike

    In December, inflation is expected to surpass the 30 per cent threshold, driven by the recent increase in gas prices and the persisting adverse base effect, which continues to impact the consumer price index (CPI).

    The headline inflation for December is projected to settle at approximately 30.11 per cent year-on-year (YoY) and 1.18 per cent month-on-month (MoM), in contrast to the previous month’s figures of 29.2 per cent YoY and 2.7 per cent MoM.

    This monthly inflation rate is significantly lower than the 12-month average of 2.17 per cent MoM.

    Consequently, the average yearly inflation for the first six months of FY24 is estimated to be 28.87 per cent YoY, compared to 25.05 per cent YoY in the same period of FY23.

    The surge in inflation can be attributed to the adverse base effect and the notable increase in gas prices, which were not fully realised in the previous month.

    Conversely, food inflation is expected to exhibit a marginal decrease of 0.29 per cent MoM, driven primarily by the decline in prices of tomatoes, potatoes, chicken, and oil.

    Additionally, the transport index is forecast to undergo a 4 per cent MoM decrease, mainly due to the relief in petrol and high-speed diesel (HSD) prices.

    Post-December, inflation is anticipated to decline at a relatively faster pace, supported by the favorable base effect, the delayed impact of monetary tightening, and other administrative measures.

    The December spike is attributed to the lingering effects of the overdue gas price hike. Notably, unforeseen climate events, volatility in global commodity prices, especially oil, and external account pressures pose significant upside risks to the inflation outlook.

    Global oil prices are on the rise amid challenges in Red Sea shipping, potentially threatening the inflation outlook.

    Moreover, the successful completion of the International Monetary Fund (IMF) review, coupled with additional loan programmes, remains crucial.

    The outstanding amount of $1.8 billion under the stand-by arrangement (SBA) is yet to be released.

    The accompanying chart illustrates the yearly inflation trajectory based on different MoM CPI scenarios. At 0.5 per cent and 1 per cent MoM CPI, yearly inflation is projected to fall below the 22 per cent policy rate by February–March 2024.

    By the end of FY24, with 0.5 per cent and 1 per cent MoM CPI, it is expected to decrease to 15.29 per cent and 19.37 per cent, respectively, a significant change from the previous month’s forecasts of 12.9 per cent and 17.5 per cent.

    Considering the last 12-month average of 2.17 per cent MoM, the real interest rate is anticipated to remain in negative territory by the end of FY24.

  • PTA reveals drop in mobile data users amid increasing complaints

    PTA reveals drop in mobile data users amid increasing complaints

    In November 2023, data from the Pakistan Telecommunication Authority (PTA) indicates a decline in various telecom metrics and an increase in user complaints compared to October 2023.

    The total number of cellular subscribers saw a decrease from 189.77 million at the end of October to 189.26 million at the end of November. Additionally, 3G and 4G users in Pakistan decreased from 126.92 million to 126.24 million during the same period.

    Cellular teledensity witnessed a decline from 79.32 per cent in October to 78.98 per cent in November, contributing to the overall teledensity drop from 80.4 per cent to 80.06 per cent.

    Furthermore, Next Generation Mobile Service (NGMS) penetration decreased from 53.05 per cent to 52.68 per cent.

    Provider-specific data reveals a decline in Jazz’s 3G users from 3.731 million to 3.569 million and 4G users from 43.172 million to 42.754 million between October and November.

    Zong experienced a decrease in 3G subscribers but an increase in 4G users. Telenor observed a decline in both 3G and 4G users, while Ufone’s 3G users decreased but 4G users increased.

    User complaints against telecom operators surged in November, with the PTA receiving 14,471 complaints. Notably, 98.9 per cent of these complaints were successfully resolved.

    The complaints spanned various telecom operators, including cellular mobile operators (CMOs), Pakistan Telecommunication Company Limited (PTCL), long-distance international (LDI) operators, wireless local loop (WLL) operators, and internet service providers (ISPs).

    Cellular mobile subscribers constituted the majority of complaints, reaching 13,857, of which 99.1 per cent were addressed. Jazz, Telenor, Zong, and Ufone faced specific complaints, with resolution rates ranging from 98.2 to 99.7 per cent.

    Complaints against basic telephony and ISPs were also received, with resolution rates of 93.2 per cent and 95.2 per cent, respectively.

  • PSX faces record single-day plunge, shedding 2,534 points 

    PSX faces record single-day plunge, shedding 2,534 points 

    On Tuesday, Pakistan Stock Exchange’s (PSX) KSE-100 index experienced a significant downturn, plummeting by 2,534 points, or 4.11 per cent, culminating in a closure at 59,171—a record for the largest single-day drop in absolute points. 

    Since its zenith on December 13, the index has incurred a substantial loss of 7,923 points, reflecting an 11.81 per cent decline.

    The market correction intensified during today’s session, attributed to pronounced selling pressures in the final week of the year, compounded by prevailing political uncertainty. 

    In the latest session, the index showcased a wide trading range of 2,607.74 points, registering an intraday high of 61,634.55 (down by 70.54 points) and a low of 59,026.81 (down by 2,678.28 points). The total volume of the KSE-100 index reached 396.481 million shares.

    Within Tuesday’s session, 5 out of the 100 index companies closed higher, 91 closed lower, 1 remained unchanged, and 3 were untraded. 

    The decline of the KSE-100 index was particularly influenced by sectors such as oil and gas exploration companies (-508.87 points), commercial banks (-386.15 points), power generation and distribution (-271.96 points), cement (-211.88 points), and fertiliser (-194.77 points).

  • PKR appreciates 15.82 paisa to close at Rs282.37 against USD

    PKR appreciates 15.82 paisa to close at Rs282.37 against USD

    In Tuesday’s interbank session, the Pakistani rupee (PKR) strengthened by 15.82 paisa against the US dollar (USD), concluding the trade at PKR 282.37 per USD—improved from the previous closing of PKR 282.53 per USD. 

    The Pakistani currency experienced intraday fluctuations, reaching a high bid of Rs282.8 and a low ask of Rs282.4.

    Within the open market, Exchange Companies quoted the dollar at Rs282 for buying and Rs284.8 for selling. 

    Against major currencies, the PKR depreciated by 46.13 paisa against the Euro, closing at Rs311.27, compared to the prior value of Rs310.81. 

    The British Pound became more affordable by 17.27 paisa, closing at Rs358.48, in contrast to Rs358.66 from the preceding day.

    The Swiss franc demonstrated gains of 4.63 paisa, concluding at Rs329.89, a slight increase from Rs329.84 in the previous session. 

    Against the Japanese Yen, the PKR gained 0.23 paisa, settling at Rs1.9841 as opposed to Rs1.9864 a day ago. 

    The Chinese Yuan experienced a decline of 3.37 paisa, closing at Rs39.52 compared to Rs39.55 in the previous session.

    The Saudi Riyal concluded at Rs75.27, indicating a loss of 4.32 paisa from its previous value of Rs75.31. 

    Simultaneously, the UAE Dirham decreased by 4.73 paisa, transitioning from Rs76.89 a day ago to Rs76.93.

  • Gold soars in Pakistani markets: Local rates surge despite stable global prices

    Gold soars in Pakistani markets: Local rates surge despite stable global prices

    On Tuesday, gold rates in Pakistan experienced an ascent, reaching Rs219,600 per tola in the domestic market, reflecting a gain of Rs300 throughout the day. 

    The 10-gramme gold price in Pakistan rose to Rs188,272, marking a Rs258 increase, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA). 

    In contrast, international gold prices maintained stability at $2,072 (with a premium of $20), as noted by the APGJSA. 

    Notably, silver retained its position at Rs2,650 per tola in the local market.

  • PML-N candidate courts controversy with oath on Holy Quran ahead of elections

    PML-N candidate courts controversy with oath on Holy Quran ahead of elections

    A video featuring Syed Basit Sultan, a Pakistan Muslim League Nawaz (PML-N) candidate from NA-177 and other constituencies, has sparked controversy on social media.

    The politician took oath from his supporters on the Holy Quran to swear allegiance to him ahead of the general elections scheduled for February 8.

    In a video that has now gone viral, Bukhari can be seen sitting with supporters who swore allegiance to him.

    The political journey of Sultan took a turn last year when he switched allegiances, leaving the Pakistan Tehreek-i-Insaf (PTI) to join the ruling coalition under the leadership of PML-N President Shehbaz Sharif.

    Recently, Sultan, accompanied by his wife and daughter, submitted nomination papers for NA-176, NA-177, PP-272, and PP-273.

    Responding to critics who questioned the unconventional oath-taking approach, Sultan defended his actions, stating that supporters, including former union council chairmen, voluntarily participated in the oath.

    He argued that the purpose was to dispel opposition propaganda suggesting a lack of support from constituents. Sultan explained that he initially resisted the idea of the oath but eventually yielded to the request of friends.