Author: newsdesk

  • State Bank of Pakistan maintains policy rate at 22% despite inflation concerns 

    State Bank of Pakistan maintains policy rate at 22% despite inflation concerns 

    The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) convened today to deliberate on the prevailing economic conditions and has resolved to maintain the policy rate at 22 per cent for the fourth consecutive meeting. 

    This decision aligns with market expectations, as a majority of market participants were in agreement regarding the rate remaining unchanged. 

    The Monetary Policy Statement issued by the central bank indicates that the decision takes into consideration the impact of the recent increase in gas prices on November’s inflation, which exceeded the MPC’s earlier projections.  

    The Committee acknowledged the potential implications of this on the inflation outlook while also noting offsetting factors such as the recent decline in international oil prices and the improved availability of agricultural produce. 

    Additionally, the Committee conducted an assessment indicating that the real interest rate remains positive over a 12-month forward-looking horizon and anticipates a downward trajectory for inflation. 

    Key developments since the October meeting were considered by the MPC. Firstly, the successful completion of the staff-level agreement for the first review under the IMF SBA programme, which is expected to unlock financial inflows and enhance the SBP’s foreign exchange serves, 

    Secondly, the quarterly GDP growth for Q1–FY24 met the MPC’s expectations for a moderate economic recovery. 

    Lastly, consumer and business confidence surveys reflected positive sentiment improvements. Lastly, core inflation persists at elevated levels, showing a gradual reduction. 

    Considering these developments, the Committee determined that the existing monetary policy stance is conducive to achieving the inflation target of 5-7 per cent by the end of FY25. 

    The Committee emphasised that this assessment is contingent on the sustained implementation of targeted fiscal consolidation and the timely realisation of planned external inflows. 

  • Tiktokers Maaz Safder, Kanwal Aftab slam Fahad Mustafa

    Tiktokers Maaz Safder, Kanwal Aftab slam Fahad Mustafa

    Popular TikTokers Maaz Safder and Kanwal Aftab have hit back at Fahad Mustafa’s recent criticism of YouTubers and lifestyle vloggers.

    In a recent episode of the “Nonstop Podcast,” Maaz Safder, joined by Kanwal Aftab and Jalal Karim, addressed Fahad Mustafa’s comments. Maaz Safder choose not to react immediately and highlighted the similarity in their work. He mentioned that everyone, including actors in films, have to support their families.

    Kanwal Aftab questioned the difference between selling something on social media and on television, pointing out that people on TV are also selling something. Host Jalal Karim added that family vlogging is usually watched by families, indicating its relatability.
    Maaz Safder further emphasized that normalizing slapping on television is not acceptable. It’s great to see influencers and vloggers standing up for themselves and expressing their perspectives.

  • NAWAZ IS FREE in Al Azizia Steel Mills Case

    NAWAZ IS FREE in Al Azizia Steel Mills Case

    The Islamabad High Court (IHC) on Tuesday acquitted former prime minister and Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif in the Al-Azizia reference, the biggest hurdle in the way of him contesting in the general elections.
    The only obstacle now for the former prime minister to contest an election is his lifetime disqualification as a parliamentarian.

    “It is unfortunate that if a former prime minister is facing such sham cases, then [we can’t imagine] what is happening to a common man,” senior lawyer Irfan Qadir told Geo News, calling upon the judges who convicted Nawaz to apologise to the nation.

    He also stated that, in response to the contentious Panama verdict, the Supreme Court had directed the National Accountability Bureau (NAB) to initiate legal proceedings against Nawaz by filing references.

  • 23 soldiers martyred in a terrorist attack in DI Khan: ISPR

    23 soldiers martyred in a terrorist attack in DI Khan: ISPR

    At least 23 soldiers of the Pakistan army were martyred after militants attacked a checkpost with an explosive-laden truck in Khyber-Paktunkhwa’s Dera Ismail Khan district, the Inter-Services Public Relations (ISPR) said on Tuesday.

    The ISPR added that the terrorists rammed the truck after their attempts to gain entry were “effectively thwarted”.
    “The attempt to enter the post was effectively thwarted which forced the terrorists to ram an explosive laden vehicle into the post, followed by a suicide bombing attack.

    “The resulting blasts led to the collapse of the building, causing multiple casualties; 23 brave soldiers embraced shahadat, while all six terrorists were effectively engaged and sent to hell,” the ISPR said.

    It added that sanitisation operations were being conducted to eliminate any other terrorists present in the area. “Security forces of Pakistan are determined to wipe out the menace of terrorism from the country and such sacrifices of our brave soldiers further strengthens our resolve,” the ISPR said.
    Separately, 17 terrorists were killed in an intelligence-based operation in the Darazinda area of Dera Ismail Khan.

    “During the conduct of the operation, terrorists’ hideout was busted and 17 terrorists were sent to hell,” the military’s media affairs wing said.

    ️ The ISPR further stated that two soldiers embraced martyrdom while four more terrorists were neutralised in another IBO in the Kulachi area.

    “️ The killed terrorists were actively involved in numerous terrorist activities against security forces as well as killing of innocent civilians. Weapons, ammunition and explosives were also recovered during the operations,” it added.

    This is the military’s highest single-day death toll from terrorist attacks reported this year. Before this, 12 soldiers were martyred in separate military operations in the Zhob and Sui areas of Balochistan in July.

  • Yemenis turn captured Israeli-linked cargo ship into tourist attraction for locals

    Yemen’s Houthi movement has lately attacked and captured a number of Israeli-linked ships crossing through the Red Sea and Bab al-Mandab Strait — a pathway for the world’s oil shipment.

    Among the captured ships was an Israeli-linked cargo ship known as Galaxy Leader.

    Yemenis are now utilising the ship as a tourist spot for the locals.

    Visitors can be seen enjoying themselves as they dance, make videos and take pictures.

    Houthis have been targeting Israeli-linked ships following the failure of the international community to ensure a ceasefire in Gaza where more than 18,000 people have been killed because of heavy Israeli attacks and blockade of humanitarian aid.

  • Zara issues clarification over controversial photoshoot, Faryal Makhdoom calls it ‘utter b/s’

    Zara issues clarification over controversial photoshoot, Faryal Makhdoom calls it ‘utter b/s’

    Spanish fashion label Zara has removed all the pictures of their latest campaign which took the internet by storm for its glaring similarity with the ongoing siege of Gaza. “Zara regrets that misunderstanding and we reaffirm our deep respect towards everyone,” states the statement of the brand.

    The statement says that the idea was purely artistic and it was conceived and executed way before October 7.

    Netizens are commenting and criticising Zara without having any qualms as a fashion blogger and YouTuber Faryal Makhdoom commented, “whatever, utter b/s”.

    Blogger Sana Khader posted, “How easy for you to come and gaslight us. We all know it was intentional. What do you have to tell us about the Map of Palestine in the background of your pictures? Was it also planned before? Don’t be ridiculous. You’re done.”

    Model Romi Allata, commented, “Boycott Zara FOREVER , Now the whole world can know the true you we don’t need a toxic apology.”

    Previously, fashion label Zara ignited a new wave of controversy with its recently launched ad campaign, with model Kristen McMenamy standing in a room with mannequins covered in white shrouds surrounded by rubble.

    The caption however suggests that Zara’s latest is a “limited edition collection” to celebrate the label’s “commitment to craftsmanship and passion for artistic expression”. However, internet users are alleging that the ad bears a striking resemblance to images of Gaza under Israeli airstrikes.

    Zara has not offered any official statement addressing the claims. However, the most controversial picture from the ad campaign, featuring the model holding a ‘body’ wrapped in white sheets appears to have been removed from the label’s Instagram and Twitter.

    “And the award for the most tone-deaf brand of the year goes to Zara. Using imagery of Israel’s genocide of Palestinians to sell their fast fashion brand of clothing,” criticised a Twitter user.

    Pro-Palestinian accounts took to Twitter to start the campaign against the Spanish retailer for it to be banned altogether for using genocide in Gaza to promote their new collection. #boycottzara has been trending on Twitter ever since.

    Some were reminded of the heart-wrenching picture of a mother holding her dead child in funerary shrouds, almost similar to the one posted by Zara.

    Others demanded the brand be boycotted for hitting a new low.

    In 2021, the company experienced a similar backlash after its head designer, Vanessa Perilman, made anti-Palestinian comments on social media.
    “Maybe if your people were educated then they wouldn’t blow up the hospitals and schools that Israel helped to pay for in Gaza,” Perilman had told Palestinian model Qaher Harhash on Instagram.

    Actor Ushna Shah laments the world we live in where they are openly killing and openly mocking.

    Zara’s branches in occupied territories reportedly suffered significant financial losses due to the previous boycott, estimated at tens of millions of shekels within a short period.

    Since October 7, many have joined the boycott campaign against several multinational brands for their links to Israel and in some cases their support for them.

    The brands include McDonalds, KFC, Starbucks, and H&M, among others.

  • PSX bounces back with gain of nearly 500 points

    PSX bounces back with gain of nearly 500 points

    The Pakistan Stock Exchange (PSX) welcomed a resurgence of bullish activity as the KSE-100 Index marked a substantial gain of nearly 500 points in Tuesday’s trading session.

    At 1:55 pm, the benchmark index stood at 66,496.21, reflecting a noteworthy increase of 483.89 points, or 0.73 per cent. 

    The positive momentum was evident in key sectors such as cement, fertiliser, oil and gas exploration, OMCs, refineries, and power generation. However, a mixed trend characterised the automobile and commercial bank sectors.

    In contrast to the previous session, where profit-taking led to a 211-point dip in the KSE-100 Index, today’s bullish trend is attributed to favourable economic indicators. 

    Investors are keenly observing the upcoming International Monetary Fund (IMF) executive board meeting on January 11, 2024.

    Simultaneously, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) is convening today, with market expectations leaning towards a maintenance of the key interest rate—a rate that reached an unprecedented 22 per cent in June and has remained unchanged for the past three meetings.

    Analysts note that investors have factored in the pinnacle of Pakistan’s interest rates, and optimism surrounds the anticipated successful conclusion of the IMF programme, contributing to the positive sentiment in both the stock markets and the currency.

  • Fakhar Zaman will be part of Lahore Qalandars for PSL 9

    Fakhar Zaman will be part of Lahore Qalandars for PSL 9

    Pakistani cricketer Fakhar Zaman will be part of Lahore Qalandars for Pakistan Super League (PSL) season nine.

    Lahore Qalandars chief executive officer (CEO) Atif Rana, while talking to Geo News, said, “Fakhar Zaman became the pride of Pakistan from Lahore Qalandars, and how can it be that he is not a part of the Qalandars family? He will play for Lahore Qalandars.”

    Stressing that he’s excited about the PSL draft, Rana said player development works all year long and now it’s time to announce the names of players for the player development program. “We have good options, two-time champions Lahore Qalandars will give a tough time this time too.”

    Observing that some of the big names have not played in PSL before, Rana said the famous cricketers who joined were at the end of their careers, including AB de Villiers, Brendon McCullum, and Chris Gayle.

    According to CEO Lahore Qalandars, Shaheen Afridi, Haris Rauf, Fakhar Zaman, Muhammad Rizwan, and Babar Azam are the big names of the world who are in action in PSL.

  • Are Ahmed Ali Akbar and Yumna Zaidi getting married? Ahmed addresses rumours

    Are Ahmed Ali Akbar and Yumna Zaidi getting married? Ahmed addresses rumours

    Ahmed Ali Akbar and Yumna Zaidi are one of the on-screen couples having a huge fanbase all over the world and like many other celebrity on-screen pairs audiences root for them to turn into real-life couples. It was Gauzarish which put the two on the map but their scintillating chemistry caught the attention of fans in Yeh Raha Dil as Zaki and Hayat and in Parizad where Ahmed was playing the titular character and Yumna was his ultimate love interest, Annie.

    Ahmed has been promoting his film Gunjal nowadays and in every other interview he is asked about his chemistry with the leading actress Zaidi. While giving an interview he expressed his desire to do a full-blown romantic drama with Yumna for the fans.

    On ARY Zindagi’s talk show, the actor was asked by the host Ayaz Samo with which colleague he would like the rumours to be spread, to which Ahmed instantly replied with Yumna. Later on, he elaborated that thanks to propaganda YouTubers, the rumours of their marriage were already circulating.

    He revealed that he received congratulatory calls from people who believed in the speculated marriage between him and Yumna. However, he promptly debunked the misinformation, asserting that the news of their alleged marriage was entirely false, crushing the hopes of fans who longed to witness their favourite on-screen couple tie the knot in real life.

    Despite refuting the marriage rumour, Ahmed Ali Akbar left room for playful speculations with Yumna Zaidi, hinting that he ‘wouldn’t mind’ such rumours circulating about them.

  • Zardari accuses Jemima of paying UK bloggers to support Khan

    Zardari accuses Jemima of paying UK bloggers to support Khan

    Pakistan People’s Party (PPP) co-chairman and former president of Pakistan Asif Ali Zardari has accused Jemima Goldsmith, the ex-wife of former Prime Minister Imran Khan, of paying vloggers while sitting abroad.

    In an interview on Aaj News with Asma Shirazi, the former president stated that a lobby with “multiple interests” has been funding and backing vloggers.

    The former president further added that it was a conspiracy to bring Pakistan Tehreek-e-Insaf’s (PTI) ex-Chairman Imran Khan into power, adding that some people wanted to extend his rule until 2035.

    “He [Khan] would have sold Pakistan, and the country would have defaulted if I had not ousted that person… Sometimes a puppet does not know what its handler is doing to it.”

    Asif Ali Zardari also said that “I can be a candidate for prime ministership and Bilawal too. Even Khursheed Shah can be the candidate.”

    On the other hand, PTI supporters are showing support to Jemima on X (previously Twitter), with #StayStrongJemimaKhan trending on the platform.