Author: newsdesk

  • Petroleum prices expected to decline as rupee gains ground against US dollar 

    Petroleum prices expected to decline as rupee gains ground against US dollar 

    As reported by Geo News on Saturday, there’s an expectation that starting on October 1st, petroleum prices will see a decrease due to the stability of the Pakistani rupee (PKR) against the US dollar (USD). This shift is also attributed to a decline in international market prices. 

    The final decision on these petroleum prices will be made by the Ministry of Finance following consultations with interim Prime Minister Anwaar-ul-Haq Kakar. 

    In recent news, the Oil and Gas Regulatory Authority (OGRA) cautioned against prematurely speculating about petroleum product pricing. This comes after federal ministers suggested that rates for petroleum, oil, and lubricants (POL) might decrease in the next fortnightly review. 

    Earlier statements by Caretaker Federal Commerce and Industries Minister Gohar Ejaz and Interim Federal Minister for Information and Broadcasting Murtaza Solangi hinted at a potential drop in POL prices, thanks to the recent strengthening of the Pakistani rupee against the US dollar. 

    Over the past two weeks, the Pakistani rupee has gained about Rs19 against the US dollar. This is significant because Pakistan, as a net importer of POL products, conducts transactions in US dollars. 

    In the previous fortnightly review, the caretaker government had raised petrol prices by more than Rs26 per litre and diesel prices by over Rs17 per litre, reaching record highs at Rs331.38 and Rs329.18 per litre, respectively. 

    OGRA emphasised that the pricing of petroleum products in Pakistan depends on international market trends and the exchange rate between the US dollar and the Pakistani rupee. While international petroleum prices have risen recently, the exchange rate between the US dollar and the Pakistani rupee has improved. 

    However, OGRA pointed out that there’s still one week left before the official announcement of new prices. So, any speculations about price changes during this period are speculative and could disrupt the smooth operation of the oil supply chain. 

  • FIA submits challan against PTI leaders in cipher case

    FIA submits challan against PTI leaders in cipher case

    The Federal Investigation Agency (FIA) has filed a challan against Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan and Vice Chairman Shah Mahmood Qureshi in the cipher case on Saturday.

    The agency asked the court to hold the two at trial and sentence them, claiming that the former prime minister and vice chairman were found guilty in the matter.

    According to Geo’s sources, Asad Umar, former PTI secretary-general, was not included on the list of suspects. Azam Khan, formerly Imran Khan’s principal secretary, has been referred to as a “strong witness” in the case.

    The FIA also included Azam Khan’s confessions made under Sections 161 and 164 with the challan that Imran Khan keep the cipher to himself and used against the state.
    Last month, FIA booked Imran Khan and Shah Mahmood Qureshi under official secret act for misusing and misplacing classified document for their political interests.

    “Consequent upon the conclusion of the enquiry No. 111/2023 dated 05.10.2022, registered in the CTW, FIA Islamabad, it transpired that former prime minister namely Imran Ahmad Khan Niazi, former foreign minister namely Shah Mahmood Qureshi and their other associates are involved in communications of information contained in the secret classified document (Cipher Telegram received from Parep. Washington dated 7th March, 2022 to Secretary Ministry of Foreign Affairs) to the unauthorised person (i.e. public at large) by twisting the facts to achieve their ulterior motives and personal gains in a manner prejudicial to the interests of state security,” read the first information report (FIR) registered against the PTI leaders.

  • Film about Titanic submersible tragedy is in development

    Film about Titanic submersible tragedy is in development

    The Ocean Gate Titanic submersible tragedy shocked the world as multiple countries worked frantically to save five billionaires trapped under the sea. The effort ended in tragedy, as all aboard the sun died, including the founder Stockton Rush.

    Now, there is a film in development which will explore the incident, according to Deadline.

    The film’s title is ‘Salvaged’ and the producer is E. Brian Dobbins, who is also working with his company MindRiot Entertainment to produce a docuseries about Kyle Bingham, the former director of Ocean Gate.

    “The Titan tragedy is reminiscent of the space shuttle Challenger disaster of 1986: it’s a tragedy I’ll never forget,” said Justin MacGregor, the group’s head of European content

    James Cameron,the director behind the 1997 romantic thriller ‘Titanic’ criticised the idea of making a film on the Oceangate tragedy, saying, “It doesn’t respond to offensive rumors in the media usually but I need to now.”

    “I’m NOT in talks about an OceanGate film, nor will I ever be,” the Avatar director said.

  • Death in the family; major blow for Shadab Khan before WC

    Death in the family; major blow for Shadab Khan before WC

    A few days before the start of World Cup 2023, vice-captain Shadab Khan’s phupho (paternal aunt) passed away.

    The Pakistani team is now in India to play the World Cup with the first warm-up match against New Zealand played on Friday, in which New Zealand defeated Pakistan by 5 wickets.

    Pakistan will play their first World Cup match against the Netherlands on October 6, but before the start of the mega event, Shadab Khan’s phupo passed away.

    In a message on social media, Shadab Khan said “Just heard that Phuphu has passed away, and everyone is requested to pray for her forgiveness”.

    Read More: How much will the cricket team earn under new contract?

  • Who hasn’t paid house rent for the last 12 years?

    Who hasn’t paid house rent for the last 12 years?

    Janay kab hongay kum, PTI leadership ki zindagi kay gham

    The owner of ‘Insaf House’, PTI headquarters in Karachi, who rented the place to PTI leadership, has approached a court to seek unpaid rent worth more than Rs 10 million accumulated over the past 12 years, as per Geo News.

    Dues calculated till July 2023 are Rs 13.9 million. The rent agreement was signed between the landlord and PTI’s late leader Naeem ul Haque, President Arif Alvi, and former Sindh governor Imran Ismail. Meanwhile, Firdous Shamim Naqvi and Samar Ali Khan signed the agreement as ‘guarantors’.

    Under the rental agreement, PTI leaders including Alvi, Ismail and Haque had agreed to pay Rs100,000 in rent each month.
    Party leaders, including President Arif Alvi, might face legal consequences after the owner filed a case under section 15 of the Sindh Rental Ordinance Act 1969.

    As per the documents, PTI leadership not only faces legal consequences due to unpaid rent but also might face charges for violating the agreement’s clause that prohibited any political activities at the premises.

    If the case is decided in favor of the landlord, Alvi, Ismail, and the guarantors might even face disqualification.

    PTI had moved the court to de-seal the Insaf House after it was cordoned off following the May 9 riots. The court directed authorities to de-seal the party’s office and barred any gathering of more than five people at the premises.

  • Govt hints at major taxation system overhaul in economic revival drive

    Govt hints at major taxation system overhaul in economic revival drive

    The federal government is contemplating significant changes to the tax structure in its economic revitalisation plan, with a particular focus on sectors like retail, agriculture, and real estate. Additionally, the plan includes the introduction of a wealth tax on movable assets. These proposed revisions were outlined in the Ministry of Finance’s September 2023 Economic Update and Outlook report. 

    Underpinning the economic recovery efforts are strategies aimed at enhancing revenue, which include not only tax adjustments but also the restriction of tax exemptions to essential sectors such as food and medicine. To streamline government expenses, the plan also incorporates austerity measures and a review of subsidies and grants. 

    Furthermore, the government is set to scrutinise the development plan and promote public-private partnership (PPP) initiatives. Compliance with quarterly budget targets and agreements with the International Monetary Fund (IMF), encompassing aspects like tax collection and debt management, will be a priority. 

    The plan adopts a 5Es framework—exports, equity, empowerment, environment, and energy—to address socio-economic challenges and stimulate export growth and business facilitation. The digitization of the economy and an expanded tax base through information technology are also on the agenda. 

    According to Business Recorder, state-owned enterprise (SOE) reforms, including the enactment of an SOE policy, are part of the plan. It involves the establishment of a Central Monitoring Unit (CMU) and the preparation of SOE performance reports. The implementation of a Treasury single account (TSA), remittance incentives, energy conservation, and price controls are among the planned actions. 

    Additionally, the Privatisation Commission aims to privatise select public sector enterprises through various methods, including assessing privatisation options for distribution companies (DISCOs) and restructuring options for PIA-CL while conducting unbundling studies for SNGPL and SNGPL. 

    To bolster non-bank finance and promote the capital market, corporate taxes will be reduced. Short-term measures for export enhancement include the implementation of the Weighted Average Cost of Gas (WACOG), the operationalization of the EXIM bank, and expedited sales tax refund processes. 

    Business facilitation and investment promotion will be addressed by the Board of Investment, with initiatives like the Asaan Karobar plan, which involves the establishment of a central e-registry and the development of the Pakistan Business Portal. 

    The plan also outlines measures to boost IT exports, stimulate telecommunications growth with a focus on 5G technology, and revitalise the maritime, railway, and highway sectors. Price reforms, attracting foreign investment, and combating theft are key objectives in the energy sector. 

    Recent administrative actions have already begun to yield positive results in curbing illegal activities in the foreign exchange market and improving the availability of essential food items. The outlook for inflation has improved, albeit with ongoing concerns related to international oil prices and energy costs. 

    On the fiscal front, the fiscal deficit has remained stable, while the primary balance surplus has improved. Notably, federal revenues have seen significant growth, driven by higher non-tax collections and import-related taxes. Reductions in non-markup spending have contributed to this positive fiscal development. 

    The current account deficit has narrowed, primarily due to improvements in the trade balance. Overall, the government’s strategic measures, coupled with prudent economic policies, are expected to attract new investments and stimulate economic growth for fiscal year 2024 and beyond, following the initial steps towards recovery at the beginning of FY2024. 

  • Historic first: man booked for torturing birds

    For the first time, a case has been registered against a man in Lahore for keeping birds hungry and thirsty.

    According to the police, a case of animal cruelty has been registered in Township police station.

    Incharge Police Animal Rescue Center, Aroosa Hussain, has said that Shakeel kept birds on a rooftop, however, they were found starving and thirsty.

    There were bones and remains of dead animals on the roof which the hungry birds were forced to eat.

    The police have rescued eight partridges, 12 chickens and two ducks. The birds were then transferred to the Police Animal Rescue Center.

  • Pakistan and Gulf Cooperation Council sign historic free trade agreement 

    Pakistan and Gulf Cooperation Council sign historic free trade agreement 

    Pakistan and the Gulf Cooperation Council (GCC) have officially initiated a comprehensive free trade agreement, as announced by the GCC through its communication platform, X. 

    The formal signing ceremony was conducted with the participation of GCC Secretary-General Jasem al-Budaiwi and Pakistan’s Minister of Trade, Gohar Ejaz. 

    In his remarks, Secretary-General Al-Budaiwi underscored the historic significance of this economic accord, characterising it as a pivotal moment in bilateral cooperation. He emphasised that this agreement would play a vital role in fostering mutual growth and prosperity, aligning with the shared interests of both parties, as conveyed in the GCC’s official statement. 

    Additionally, Al-Budaiwi highlighted the GCC’s commitment to advancing the cause of free trade by actively pursuing similar agreements with other nations, as indicated in the statement. 

    Both leaders expressed optimism about the agreement’s potential to significantly enhance trade relations between Pakistan and the Arab nations. 

    It’s worth noting that Pakistan and the GCC initially laid the groundwork for discussions on a free trade agreement back in August 2004. However, progress had been limited to only a few rounds of talks. The negotiations were reignited in 2021, leading to the formalisation of this momentous trade pact. 

  • PIA’s Boeing 777 planes encounter more technical issues due to lack of maintenance 

    PIA’s Boeing 777 planes encounter more technical issues due to lack of maintenance 

    Due to a serious lack of maintenance and repair work, numerous Boeing 777 aircraft operated by Pakistan International Airlines (PIA), the country’s national flag carrier, have experienced technical problems during international flights, according to reliable sources. 

    These technical issues within PIA’s aircraft have been steadily increasing due to the neglect of essential maintenance and repair tasks by the airline’s engineering department, as disclosed by insiders interviewed by ARY News. This unfortunate trend not only puts the safety of PIA flights at risk but also causes significant inconveniences for passengers and financial difficulties for the airline. 

    Sources have revealed that several Boeing 777 aircraft faced technical problems during flights to Saudi Arabia, resulting in substantial expenses for their repair and upkeep. In a recent incident, during the boarding process for Jeddah-Lahore flight PK-760, the auxiliary power unit (APU) exhaust malfunctioned, requiring the pilot to activate an emergency brake and initiate a fire control procedure. 

    The consequences of this incident were significant, leading to a delay of over a day for the affected flight as the aircraft had to be grounded due to the fault. Interestingly, this was the second such incident reported in a single day. Prior to this incident, another PIA plane flying from Sialkot to Jeddah experienced smog warnings within the cockpit. 

    In response to these events, the PIA spokesperson issued a statement reassuring passengers aboard the grounded plane that arrangements were being made for their prompt departure from Lahore to Jeddah. 

  • Japanese researchers discover microplastics in clouds

    Japanese researchers discover microplastics in clouds

    Researchers in Japan have claimed they have discovered the presence of microplastics in clouds. These small particles of plastic are believed to be affecting the climate in ways that scientists still do not fully understand.

    According to Al Jazeera’s report, a study published in the journal ‘Environmental Chemistry Letters’ details that Japanses scientists researched the collection of water from the fog covering Mount Fuji and Mount Aoyama.

    The research team found nine different types of polymers and one type of rubber in the samples, with particles ranging in size from 7.1 to 94.6 micrometers.

    The amount of plastic particles found in each liter (0.26 gallon) of cloud water ranged from 6.7 to 13.9.

    Lead author of the study from Waseda University, Hiroshi Okuchi, has warned that if the issue is not taken into account, climate change and environmental threats could cause serious environmental damage in the future.

    What is microplastic?
    Microplastics are small plastic particles measuring less than 5 mm which come from industrial waste, textiles, synthetic car tires, and similar products.

    These microplastics have also been found inside fish in the Arctic Ocean and in frozen snow in the Pyrenees mountains between France and Spain.

    In the research report, the author said that “according to our knowledge, this is the first report of the presence of microplastics in clouds.”

    Researchers have stated that humans and animals are ingesting and/or inhaling microplastics, and these small particles of plastic have been found in various human organs, including the lungs, heart, blood and faeces.

    One million tonnes of tiny plastic particles accumulate in the ocean which are often released into the air and then into the atmosphere. Hence, microplastics have also seemingly become an integral part of clouds, potentially contaminating several things including our food and drink.

    Recent findings also show that microplastics are linked to health problems, including effects on heart and lung, as well as cancer.