Author: newsdesk

  • What did Bilawal and Zardari talk about before he left for Dubai?

    What did Bilawal and Zardari talk about before he left for Dubai?

    Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto-Zardari called his father, party’s co-chairman Asif Ali Zardari, soon after a controversial interview he gave to Hamid Mir aired on Geo News.

    The former president of Pakistan and Bilawal’s father, Asif Ali Zardari, during an exclusive interview with Hamid Mir on Geo News’ program “Capital Talk”, said that Bilawal is “inexperienced” and that it would take some time for him to gain more exposure, on Thursday.

    “Bilawal is much more talented than I am, but he isn’t experienced,” he said.

    Talking to Geo News’ Shahzeb Khanzada on Friday, Hamid Mir said that soon after the interview, Bilawal called Zardari to explain his narrative.

    “Now, after giving the interview, when he sat in his room, Bilawal called him in front of me. Bilawal tried explaining it to him — and just like a father would talk to his son — Zardari told Bilawal that you don’t need to explain yourself to me,” Mir added.

    He further explained that Zardari told his son the questions were very tough, and he needed to answer them. “Bilawal tried to explain that his narrative wasn’t targeting him and that he was talking about the politics that’s been going on for the past 70 years.”

    According to Mir, Zardari responded with a yes and further said, “But you don’t need to clarify yourself.”

    Bilawal then told Zardari that he would not be able to watch his interview completely because he was boarding a plane to Dubai, Mir said, adding that the former foreign minister said he would watch the interview later.

    Mir asked Zardari why Bilawal was leaving for Dubai. He explained that Sanam Bhutto was coming to Dubai and that he would also leave for Dubai. He said that it was a family gathering and it was pre-planned. Zardari and Bilawal are set to come back soon.

    Bilawal Bhutto Zardari has been campaigning across the country, touting his party as the solution to Pakistan’s ills, while also asking “old politicians (babay)” to sit back and allow the new generation to lead from the front in the elections slated to take place on February 8 next year.

    “Several PPP old-aged leaders, I got to know, also asked Bilawal whether he wanted them to leave. But Bilawal told them that he did not want them to leave. He told them that he wasn’t talking about them.”

    Mir, however, also said that there is no doubt that several questions have been raised after this interview. “But because I’ve known Zardari for years, his actual message wasn’t about Bilawal. But since he’s his son, it became the headlines.”

  • Cold rainy weekend ahead for Sindh and Balochistan

    Cold rainy weekend ahead for Sindh and Balochistan

    The Metrological Department has predicted rain in areas of Sindh and Balochistan.

    Punjab is to have overcast conditions in the plain regions but it will largely be covered with smog and fog earlier in the day.

    Tharparker, Umarkot, Badeen, Mirpurkhas, and Thatta will face heavy rain with thunderstorms. Light rain is possible in Karachi and Jamshoro as well.

    The Meteorological Department has said that a system of winds has entered the country from the west which will cause gales in the western and southern regions of Balochistan along with thunderstorms.

  • Pakistan to receive $1.5 billion from international lenders following IMF approval

    Pakistan to receive $1.5 billion from international lenders following IMF approval

    Pakistan is poised to secure funds amounting to $1.5 billion from global lenders, contingent on the approval of the loan tranche under the $3 billion Stand-By Arrangement (SBA) by the International Monetary Fund (IMF), as highlighted by Dr Shamshad Akhtar, the caretaker finance minister, in a recent interview with a local news channel.

    It’s noteworthy that the IMF granted preliminary approval on November 15, 2023, for the disbursement of the upcoming loan tranche within the programme.

    Upon receiving approval, Pakistan will gain access to SDR 528 million, equivalent to approximately $700 million. This will contribute to the cumulative disbursements under the program reaching almost $1.9 billion.

    The agreement underscores the authorities’ commitment to advancing planned fiscal consolidation, expediting cost-reducing reforms in the energy sector, completing the transition to a market-determined exchange rate, and pursuing reforms in state-owned enterprises and governance.

    These measures aim to attract investment, support job creation, and simultaneously enhance social assistance.

    Nathan Porter remarked, “Anchored by the stabilization policies under the SBA, a nascent recovery is underway, supported by international partners and indications of improved confidence.”

    He added that the steadfast execution of the FY24 budget, ongoing adjustments of energy prices, and renewed inflows into the foreign exchange (FX) market have alleviated fiscal and external pressures.

  • SBP data reveals 23.5% YoY decline in auto loans

    SBP data reveals 23.5% YoY decline in auto loans

    In October, auto loans faced a decline for the 16th consecutive month due to high interest rates and inflation, as per data released by the State Bank of Pakistan (SBP).

    According to the SBP, auto loans witnessed a year-on-year drop of 23.5 per cent, amounting to Rs264 billion, and a month-on-month decrease of 3 per cent, down from Rs272 billion in September.

    While auto loans had peaked at Rs368 billion in June 2022, a subsequent decrease of Rs104 billion, or 28 per cent, occurred. This decline followed the SBP’s implementation of tighter monetary policies to address inflation and external imbalances.

    Financial analysts attribute this trend to the SBP’s measures, including elevated interest rates and the rupee’s significant depreciation against the dollar.

    These factors have led to increased costs in car financing and higher car prices, rendering them unaffordable for many consumers. The surge in inflation has further diminished consumer purchasing power.

    An analyst stated, “The auto sector bears the brunt of high interest rates and currency devaluation, rendering car financing and prices prohibitively expensive.”

    Despite recent price reductions by some car manufacturers, the anticipated boost in demand has not materialized. Consumers continue to grapple with high inflation and limited disposable income.

    Data from the Pakistan Automotive Manufacturers Association (PAMA) reveals a 44 per cent decline in car sales, totaling 27,163 units in the first four months of the current fiscal year, commencing in July.

    The SBP has aggressively increased its policy rate by a cumulative 15 percentage points to 22 per cent since September 2021, marking one of the world’s highest rates.

    Speculation suggests that the SBP will initiate a monetary policy easing in the first half of 2024, anticipating a relief in inflationary pressures and an improvement in foreign inflows to enhance the country’s external position.

    SBP data indicates a 0.8 per cent decrease in bank loans to the private sector, amounting to Rs8.10 trillion in October.

    Consumer loans, including an 8 per cent drop to Rs829 billion, witnessed personal loans declining by 4 per cent to Rs246 billion and housing loans falling by 2.7 per cent to Rs207 billion.

    Analysts predict an upswing in credit to the private sector in the coming months, as decreasing interest rates, fiscal consolidation, reducing crowding out, and improved foreign inflows are expected to alleviate liquidity constraints.

  • PSX hits historic high: KSE-100 index surpasses 59,000 mark for the first time

    PSX hits historic high: KSE-100 index surpasses 59,000 mark for the first time

    The Pakistan Stock Exchange (PSX) extended its impressive performance, achieving a historic milestone as the benchmark KSE-100 Index surpassed the 59,000 mark for the first time ever on Friday.

    At the close of the session, the benchmark index concluded at 59,086.35, registering a gain of 186.51 points, or 0.32 per cent. This marks its highest closing level to date.

    Earlier in the day, the KSE-100 index reached an intra-day peak of 59,502.28. However, profit-taking activities in the second half of the trading session led to a partial retreat from these gains.

    The trading session commenced with widespread buying, particularly in key sectors such as automobile assemblers, cement, chemicals, commercial banks, oil and gas exploration companies, OMCs, and technology and communication, all contributing to a positive market trend.

    In the preceding session on Thursday, bulls maintained control of the bourse, with the benchmark index settling at 58,899.84, marking a substantial increase of 701.08 points, or 1.20 per cent.

    The bullish momentum in the stock market follows the recent staff-level agreement between Pakistani authorities and the International Monetary Fund (IMF) on the first review under the nine-month $3 billion Stand-By Arrangement (SBA).

    Market experts anticipate increased inflows in the coming weeks due to this agreement. However, data released on Thursday revealed a decrease of $217 million in foreign exchange reserves held by the State Bank of Pakistan (SBP) on a weekly basis, reaching $7.2 billion as of November 17.

  • Jemima Khan shares joyful news of son launching app

    Film screenwriter Jemima Khan took to her X (formerly Twitter) account to share the happy news that her son Kasim Khan, has finally launched his own app Mifu, which will help influencers connect with marketing brands.

    “So proud of my son,” Jemima tweeted.

    Many tweets congratulated Jemima while others were heartbroken at how his father, former prime minister Imran Khan, was not able to attend the joyous occasion because of imprisonment.

    Journalist Fifi Haroon congratulated Jemima by writing: “

    Hey very cool Jemima. Best of luck to the young man (who looks so much like you BTW) for every success!”

  • FIR filed against Australian batsman Mitchel Marsh in India

    FIR filed against Australian batsman Mitchel Marsh in India

    An FIR has been filed against Australian opener Mitchel Marsh in Uttar Pradesh, India, by RTI activist Keshav Pandit.

    After Australia won the World Cup, a picture of Mitchell Marsh resting his legs on the trophy went viral on social media. He later removed the picture from social media but Indians are still on his case.

    The FIR was filed by RTI activist Pandit Keshu in Aligarh, Uttar Pradesh, India. The prosecution has also sent a copy of the FIR to Indian Prime Minister Narendra Modi, in which he has demanded a ban on Mitchell Marsh from participating in any cricket activity.

    The FIR against Mitchell Marsh has been filed after the complaint of former Indian player Irfan Pathan, who said that he was hurt by Mitchell’s action.

    This is not the first time that a case has been filed against a foreign cricketer in India. In October, an Indian lawyer filed a complaint in the ICC against Pakistani wicketkeeper-batsman Mohammad Rizwan, asking that he be stopped from offering prayers on the ground during the match.

  • Imad Wasim has announced retirement from international cricket

    Imad Wasim has announced retirement from international cricket

    Pakistan cricket team’s all-rounder Imad Wasim has announced his retirement from international cricket on the social media platform ‘X’.

    Imad Wasim wrote that ‘representing Pakistan in T20 and ODI matches was a dream come true, it is the beginning of a good time for Pakistan cricket with new leadership and coaches’.

    All-rounder Imad Wasim said, “Recently I have been thinking about my international career, I have come to the conclusion that it is the right time to announce my retirement.”

    Imad Wasim said, “I thank PCB and fans for their support, I wish them all the best, now I will focus on the next step away from my international career”.

    Imad played 55 ODIs and 66 T20Is for Pakistan as a left-arm spinner and a lower-order batter. He last represented Pakistan in April in a T20I against New Zealand. In all, he took 44 wickets and scored 986 runs in ODIs. In T20Is, he took 65 wickets and scored 486 runs. His best performance with the ball, incidentally, is the same in both formats – 5 for 14.

  • Does the ex-head of Drug Regulatory Authority have a fake PhD?

    Federal Investigation Authority (FIA) has lodged a complaint against the ex-CEO of the Drug Regulatory Authority of Pakistan (DRAP) for acquiring the position on the basis of a fake PhD degree, reports Geo.

    Sheikh Akhtar Hussain remained CEO DRAP from 2018 till 2019. FIA has begun searching for Hussain to investigate the matter

    The findings were discovered by the anti-corruption circle in FIA.

  • Defence Phase 7 car collision: Deputy Investigation Officer suspended on request of head of deceased family

    Defence Phase 7 car collision: Deputy Investigation Officer suspended on request of head of deceased family

    In an interview with Urdu Point, the head of the family whose six members were killed in an accident after being hit by an underage driver, Rafaqat Ali, has said that he’s facing difficulty in seeking justice.

    Calling the incident “target killing”, Rafaqat recounts the accident and the harassment his family faced by the teenager driving the car. He clarified that nobody has threatened him but the cold behaviour of the police is repulsive. Earlier, in an interview which was conducted a day after the incident, he claimed that he had been receiving threats.

    He went on to explain his dejection seeing police siding with the accused as in the court hearing, Afnan was brought late and was also given a mobile phone(iPhone) by his relatives. He added that he was not even shown the reason for remand by the police even though he is the petitioner. Rafaqat Ali relayed that the investigation officer requested the judge to issue a judicial remand as both the alleged culprit and his car are in possession of the police. The deputy of the investigation officer also misbehaved with him when he asked for the digital copy of the judicial remand, saying, “Mein ap kay baap ka naukar hoon.”

    This repelled the father so much that he even thought of “withdrawing” altogether since nothing is in his favour and the opposite party seemed stronger than him. He took the matter to DIG Investigation Imran Kishore who called the Investigation Officer Umar and asked him about the case who said that the judicial remand had been issued by the judge to Kishore and asked how is this possible when it was a case registered under section 302(a constitutional clause that governs punishment for murder).

    Kishore brought up the matter of misbehaviour with him and suspended him instantly, stating that the job of the investigation officer is to serve the petitioner, not the suspect. He also reprimanded another officer for negligence. Now the matter of investigation lies with DSP Kahna Police Station.

    The bail plea of the suspect has been rejected.

    To read more: Teenager friend present in underage driver’s car also arrested