Author: newsdesk

  • Finance Minister envisions Pakistan’s economy soaring to $2 trillion by 2047 

    Finance Minister envisions Pakistan’s economy soaring to $2 trillion by 2047 

    Dr Shamshad Akhtar, the Caretaker Finance Minister, emphasised Pakistan’s significant economic potential, stating that the country could achieve a $2 trillion economy by 2047, as per a World Bank report.  

    Addressing the Future Summit in Karachi, she underscored the importance of adopting robust economic and sector-specific policies, coupled with a resolute commitment to implementing challenging structural reforms. 

    Dr Akhtar highlighted the need for increased innovation and diversification within the economic framework to ensure sustainable growth.  

    Emphasising the role of Development Finance Institutions (DFIs), she noted that institutions with expertise, efficiency, and flexibility could serve as crucial drivers for the growth and development of the capital market. 

    In a recent meeting with the Chairman of the Securities and Exchange Commission of Pakistan (SECP) and heads of DFIs, Dr Akhtar discussed the progress of establishing a private equity and venture capital (PE and VC) fund.  

    While the DFIs reaffirmed their commitment, they also provided insights into the progress made and challenges encountered in the process. 

    Notably, Pakistan, currently under a caretaker government, successfully reached a staff-level agreement with the International Monetary Fund on the first review of a short-term bailout program.  

    This agreement clears the path for unlocking $700 million, a crucial step in mitigating the looming economic crisis.  

    The caretaker government has implemented various fiscal measures, including an increase in the petrol levy, additional taxes, and significant reforms in the power sector, to address the economic challenges effectively. 

  • World Cup semi-final: Australia defeats South Africa by three wickets

    World Cup semi-final: Australia defeats South Africa by three wickets

    In the second semi-final of the ICC ODI World Cup, 5-time world champions Australia defeated South Africa by 3 wickets after a sensational match and qualified for the final for the 8th time.

    South African team captain Tamba Bavuma won the toss and decided to bat first against Australia.

    South Africa’s inning:

    Four players of South Africa were dismissed for 24 runs, however, due to rain the match was stopped for some time but then the game started again. In such a situation, Henrik Klaasen and David Miller took over the team and made a partnership of 95 runs, but then Klaasen got out after scoring 47 runs.

    David Miller scored a brilliant century while batting responsibly and he also returned to the pavilion after playing an innings of 101 runs in the final overs. Apart from this, Coetzee was dismissed for 19, Maharaj for f,our and Rabada for 10.

    Thus, the entire South African team got out after scoring 212 runs in 49.4 overs.

    For Australia, Mitchell Starc and Pat Cummins took three wickets each while Hazlewood and Travis Head took two wickets each.

    Australia’s inning:

    Australia’s pursuit of South Africa’s target got off to an aggressive start, with openers Travis Head and David Warner putting on a 60-run partnership in seven overs, but then Warner was dismissed for 29 runs.

    Australia suffered another loss in the form of Mitchell Marsh who was out for zero, Travis Head scored 62, Marence Labuchin 18, Steve Smith 30, and Josh Ingles scored 28 and returned to the pavilion.

    After losing 7 wickets at a total score of 193, Starc and Cummins faced the South African bowlers vigorously and remained at the crease with responsible batting and took their team to the final by winning the match.

    Mitchell Starc scored 19 off 38 balls and Cummins remained unbeaten on 14 off 29 balls.

    On behalf of South Africa, Tabriz Shamsi and Coetzee dismissed two players each while Rabada, Eden Markram, and Maharaj took one wicket each.

  • Caretaker cabinet: Kiskay pass kitna paisa

    According to a report published by Geo News, caretaker prime minister Anwarul Haq Kakar owns assets worth 4 crore, 81 lakh, 82 thousand, and 580 rupees, while also owning a share of 50 thousand in Chagai Mining Limited (CML).

    The caretaker Premier has disclosed the value of 10 tola gold at 80 thousand rupees; he also has more than 22 million rupees in two banks. The caretaker prime minister has disclosed the value of his house furniture at four lakh rupees.

    The caretaker finance minister, Shamshad Akhtar, has revealed the price of a house in Karachi DHA Phase 6 as four million and a plot in DHA worth Rs25,000.

    Shamshad Akhtar has shares worth more than three lakh rupees in Pakistan State Oil (PSO).

    The caretaker finance minister has 39 lakh 24 thousand rupees in banks, while his furniture is worth two lakh rupees.

    According to the details of the assets revealed by caretaker interior minister Sarfaraz Bugti, he owns a two-kanal house in Multan worth one crore, while he also owns a flat worth Rs 2.5 million in Multan United Mall. The caretaker interior minister has a house worth three crore and 12 lakh in Islamabad and a plot worth one crore in Quetta.
    Sarfaraz Bugti has Rs 67 lakh 98 thousand in cash, while his account has Rs 635,000. The value of his furniture is Rs 68 lakh. Sarfaraz Bugti has also declared 90 camels, 8,870 sheep, 4060 goats, 400 cows, 80 calves, and 86 buffaloes among his assets; his livestock is worth six crore and 97 lakhs.

    According to the document, the caretaker federal minister of information, Murtaza Solangi, is the owner of assets worth two crore and 32 lakh rupees. Solangi has one crore, 27 lakh rupees, while his wife owns two houses in Islamabad worth 31 lakh rupees besides 18 lakh cash.

  • Pakistan football team faces Saudi Arabia today

    Pakistan football team faces Saudi Arabia today

    Today is an important day in the history of Pakistan football, as the national team faces off against Saudi Arabia in FIFA World Cup Qualifier round two.

    Pakistan has reached the second round of FIFA World Cup Qualifier AFC for the first time in history. The first match of the national football team is against the 57th-ranked team in the world, Saudi Arabia. The match will start at 9:30 PM at Prince Abdullah Bin Jalavi Stadium in Al-Hassa.

    It should be noted that Pakistan defeated Cambodia in round one. The national team has practiced extensively in Saudi Arabia for about a week. The team includes seven players living in different countries, but captain Esa Suleman is not available for the match due to injury.

    The team’s foreign coach Stephen Constantine has said that the players are confident of a good performance.

  • India adopts Pakistan’s policies to achieve success, says Nawaz Sharif

    Pakistan Muslim League-Nawaz (PML-N) head Nawaz Sharif said to the  Lahore Chamber of Commerce and Industry (LCCI) on Thursday that India achieved success by adopting Pakistan’s policies.

    In his address, Nawaz Sharif said that PML-N was aware of the economic challenges faced by the country. He also promised the business community that PML-N would surely take their advice, as it has done before.

    “The business community of Pakistan implemented our policies, and India adopted our policies and achieved economic success,” said Nawaz, who is leading his party’s campaign after returning to the country.

    This was his first interaction with traders since his return after a four-year-long self-imposed exile. The former prime minister mentioned that during his tenure in 2013–2017, Pakistan’s had the 24th-best economy in the world. He also said that at that time, the dollar was at 104.

    “If our development [model] and policies were continued, then the dollar would have been at 40 or 50,” claimed the three-time prime minister.

    Nawaz Sharif also said that Islamic countries began to see us as their protectors when we conducted a nuclear test in 1998.

  • Palestinian content leaves Israel miles behind on social media

    Palestinian content leaves Israel miles behind on social media

    While activists and civilians flood the streets across the world protesting for Palestine, social media is actively reflecting the changing tides. Currently, the hashtag #FreePalestine has over 2 billion views on TikTok, while in contrast the hashtag #standwithIsrael has over 162.8 million views.

    In a statement posted on Monday, the social media platform responded to US Representative (R) Mike Gallagher’s allegations that TikTok was “controlled by America’s s foremost adversary, one that does not share our interests or our values: the Chinese Communist Party (CCP)”, calling for America to ban the app.

    TikTok said the overwhelming support teens have for Palestine is dominating the app’s algorithm.

    “Support for Israel (as compared to sympathy for Palestine) has been lower among younger Americans for some time. This is evidenced by looking at Gallup polling data of millennials dating as far back as 2010, long before TikTok even existed. A March 2023 Gallup poll, before the war, shows young adults have rapidly shifting attitudes towards the Israeli/Palestinian conflict. While an Echelon poll from October 26, 2023 shows that US TikTok users under 40 are more likely to support Israel (33% vs 28% for Palestine), and the proportions broadly reflect the split in the general under 40 population (32% for Israel, 23% for Palestine).”

    Other social media platforms like Facebook and Instagram show more audiences engage with the pro-Palestinian content than with Israel’s. Instagram shows that the hashtag #FreePalestine has over 6 million views, while in comparison #IstandwithIsrael has gained only 233,000 views.

    Instagram was being taken to task by users for censoring and shadow banning prominent pro-Palestinian voices who were reporting on the ongoing genocide in Gaza. Freelance journalist Plestia Alaqad reported her Instagram account was hacked.

    Furthermore, journalist Ahmed reported he was locked out of his Instagram account and was warned it would be shut down for violating the company’s guideline.

    On Facebook, the #FreePalestine hashtag has over 11 million views while in comparison the #IstandwithIsrael hashtag has over 323,000 views.

  • Israel raids Gaza’s al-Shifa Hospital: Day two

    Israel raids Gaza’s al-Shifa Hospital: Day two

    Al Jazeera reports that a building for specialised surgeries at al-Shifa Hopital in Gaza has been fully wrecked from the inside while Israeli forces bombed a warehouse containing medicine and medical equipment inside the hospital.

    Reportedly the Israeli military “literally tore it apart – all the partitions, walls between the rooms, and all the medical equipment inside the building have been completely destroyed”, writes Al Jazeera.

    It has also been revealed that 200 people were “blindfolded and interrogated and taken to unknown areas; their fate is unknown.”

    Witnesses present inside the hospital informed Al Jazeera that Israeli soldiers stripped 30 people, leading them to the courtyard of the hospital.

    Al-Shifa hospital was surrounded by Israeli armed forces for the past few days, and is now being raided by Israeli soldiers.

    Israeli bulldozers have also fully knocked down the southern entrance to al-Shifa Hospital and all vehicles in its courtyard.

    Yesterday, BBC spoke to a journalist inside Al Shifa hospital who said that Israeli soldiers are checking through all the areas and interrogating people.

    Al Jazeera also reported that the Israeli military has stormed into the hospital’s main buildings “under the cover of heavy gunfire and tank shells”. They are reportedly inside the emergency department, the specialised surgeries department and the maternity ward.

  • Two Pakistanis arrested for smuggling drugs in onion sacks to Malaysia

    Two Pakistanis arrested for smuggling drugs in onion sacks to Malaysia

    Malaysian authorities have seized a consignment of onions shipped from Pakistan that contained drugs worth Rs. 5 billion, including 100 kgs of cocaine and 411 kgs of methamphetamine, reports The Express Tribune.

    Malaysian Authorities shared the information via a letter to the Trade Development Authority of Pakistan (TDAP), confirming the recovery of 500 kgs of drugs from a container loaded with Pakistani onions.

    The operation was carried out by the Malaysian Narcotics Crime Investigation Department on October 27, 2023. They have arrested five locals, all aged between 21 and 53, under Section 39B of the Dangerous Drugs Act.

    Two Pakistanis have been arrested on charges of drug trafficking. Suspect Chaudhry Nadeem has been detained at the Karachi airport while leaving for Thailand. Clearing agent Amir Ali Khan has also been arrested.

    The company in whose name the Goods Declaration (GD) was filed was the second GD of this company.

  • Council of Islamic Ideology gives ‘conditional permission’ for women to perform Hajj without mehram

    Council of Islamic Ideology gives ‘conditional permission’ for women to perform Hajj without mehram

    In response to a query from the Ministry of Religious Affairs, the Council of Islamic Ideology (CII) has given conditional permission to women to perform Umrah without mehram, The News has reported.

    The detailed response from the CII states that Jafria, Maliki, and Shafi’i schools of thought allow women to perform Hajj or Umrah without a mehram while Hanbali and Hanafi schools of thought do not consider Hajj and Umrah an obligation for women if their mehram is not available.

    Last year in October, the Saudi government allowed women from across the world to perform Haj and Umrah without a male relative.

    The CII, however, has said the performance of Hajj for a woman without a mehram should be in the company of trustworthy women in a group. It also asserted that the Ministry of Religious Affairs should properly scrutinise a Haj group in which a woman wants to perform Haj without a Mehram.

  • Wahab Riaz likely to become chief selector of Pakistan Cricket Board

    Wahab Riaz likely to become chief selector of Pakistan Cricket Board

    Caretaker Chief Minister of Punjab, Mohsin Naqvi, has given clearance to Sports Minister and former fast bowler Wahab Riaz to assume the post of Chief Selector of the Pakistan Cricket Board (PCB).

    According to sources, Wahab Riaz will remain a part of the caretaker cabinet even after assuming the post of chief selector. PCB will soon issue a contract to appoint Wahab Riaz the Chief Selector.

    Former national cricketer Muhammad Hafeez has already been appointed as the Director of the Pakistan Cricket Board (PCB). On the other hand, Naveed Akram Cheema, is likely to be made the manager of the Pakistan team.

    Naveed Akram Cheema has been the manager of the team in the past as well. Meanwhile, Muhammad Hafeez has started contacting domestic cricketers for coaching staff.

    The counseling process for the selection committee members is also going on.