Author: newsdesk

  • Pakistan Stock Exchange surpasses 49,000 points, reaches new high since 2017

    Pakistan Stock Exchange surpasses 49,000 points, reaches new high since 2017

    The Pakistan Stock Exchange (PSX) witnessed a remarkable surge on Thursday as it extended its bullish momentum, crossing the 49,000 level and reaching its highest point in six years. This impressive rally was fueled by positive economic data and a series of favourable factors contributing to investor confidence.

    During the intraday trade, the PSX’s benchmark KSE 100-share Index experienced a significant gain of 560.20 points, amounting to a 1.15 per cent increase, ultimately settling at an impressive 49,324.50 points. This milestone represents the index’s highest level since June 9, 2017, marking a notable achievement for Pakistan’s financial markets.

    The impressive growth of the benchmark index has been sustained since Pakistan signed a staff-level agreement with the International Monetary Fund (IMF) for a substantial $3 billion Standby Agreement. Since the agreement’s signing, the market has witnessed an extraordinary upswing, with the benchmark index having gained an impressive 7,871 points.

    Market analysts and experts have identified multiple reasons behind the consistent surge in the market. Among these factors is the State Bank of Pakistan’s (SBP) decision to maintain the policy rate, effectively keeping the status quo. The SBP’s prudent approach to monetary policy has contributed to stability and encouraged investors to take bullish positions in the market.

    Furthermore, the positive economic data, both from domestic and international sources, has also played a pivotal role in bolstering investor confidence. With indicators pointing towards a strengthening economy, investors have been encouraged to increase their stakes in the market, resulting in the record-breaking performance of the Pakistan Stock Exchange.

    As the market continues to show resilience and upward momentum, financial experts and policymakers are cautiously optimistic about the future outlook. They emphasise the importance of sustaining a positive economic trajectory through sound policy measures and a vigilant approach to market dynamics.

    Market participants and investors are closely monitoring the developments and will likely adjust their strategies in response to any shifts in economic indicators and policy decisions. The surge in the Pakistan Stock Exchange serves as a testament to the country’s economic potential and its ability to attract local and foreign investors to participate in its thriving financial markets.

  • Central leader Iftikhar Durrani ‘abducted’, PTI claims

    Central leader Iftikhar Durrani ‘abducted’, PTI claims

    The Pakistan Tehreek-e-Insaf (PTI) has said that a central leader of the party, Iftikhar Durrani, went “missing” from Islamabad on Thursday.
    PTI said in a statement that the core member of the party was “kidnapped” from the capital city of the country.

    Iftikhar Durrani, a former special assistant on media to former Prime Minister Imran Khan, was considered a close aide of the PTI chairman.

    Despite the passage of multiple hours, as yet there is still no information about the PTI leader’s whereabouts.

    PTI leader Zulfi Bukhari strongly condemned the “abduction” of Iftikhar Durrani.

  • PTI may be considered ineligible for election symbol, warns ECP

    PTI may be considered ineligible for election symbol, warns ECP

    The Election Commission of Pakistan (ECP) has cautioned Pakistan Tehreek-e-Insaf (PTI) that it may be found ineligible to receive an election symbol due to its failure to hold intra-party elections.

    ECP summoned PTI Chairman Imran Khan to appear before it on August 4 (Friday) at 10 am, “failing which the Commission under Section 215 (5) of the Elections Act, 2017, may declare your political party ineligible to obtain election symbol for future election(s)”.

    According to previous notices, the PTI’s intra-party elections were scheduled for June 13, 2021, according to the party’s constitution. PTI was informed/reminded to hold intra-party elections within the timeframe specified in sections 208, 209, and 215 of the Elections Act of 2017, but the party failed to “provide the requisite certificate to this effect.”

    The ECP had instructed parties to include a list of symbols they prioritize with their applications, as well as the signature of the party head.

    “Every application must include the address of the head office of the political party,” the election commission said.

  • ‘Sirf Tum’ is a love story about obsession and the limits of madness

    ‘Sirf Tum’ is a love story about obsession and the limits of madness

    Geo TV’s new drama serial has quickly gathered a lot of eyeballs. The series is about two main leads who are poles apart in their personalities, family background and lifestyles.

    Starring Anmol Baloch and Hamza Sohail, written by Seema Munaf and directed by Mazhar Moin, ‘Sirf Tum’ is a production of 7th Sky Entertainment.

    Love and jealousy are the cornerstone of the story. Hanan (played by Hamza Sohail) and Abeer (played by Anmol Baloch) are the main characters. Abeer lives abroad with her mother and stepfather. At the beginning , we see that Abeer and Hanan are close friends while Hamza (played by Mohsin Abbass) falls in love with Abeer.

    The drama is a showcase for the acting skills of both the main leads and Mohsin. Supporting cast is also engaging.

    We can expect the drama to go further into exploring the jealousy and obsession angles as the story progresses.

  • Banks will now pay 10% super tax if their earnings exceed Rs30 crore

    Banks will now pay 10% super tax if their earnings exceed Rs30 crore

    The Federal Board of Revenue (FBR) has announced important amendments to the Income Tax Ordinance, 2001 through Finance Act 2023, bringing significant changes to the Super Tax structure. According to the latest income tax circular (2 of 2023), banks will now be required to pay a 10 per cent Super Tax if their income exceeds Rs300 million.

    The Super Tax was initially introduced through the Finance Act of 2022, imposing graduated tax rates ranging from 1 per cent to 4 per cent on income slabs starting from Rs150 million to Rs300 million and above. Certain specified business sectors were subject to a higher Super Tax rate of 10 per cent if their income surpassed Rs300 million.

    New Super Tax slabs

    To enhance the scope of the Super Tax and ensure progressivity and uniformity in the tax rate structure, the Finance Act 2023 has introduced additional income slabs. These new slabs are as follows: Rs350 million to Rs400 million, Rs400 million to Rs500 million, and Rs500 million and above, with corresponding Super Tax rates of 6 per cent, 8 per cent, and 10 per cent, respectively. These new Super Tax rates will apply to all taxpayers across the board for the Tax Year 2023 and beyond.

    Addressing a significant concern, the Finance Act 2023 has also clarified the payment procedure for the Super Tax. The ambiguity surrounding whether the Super Tax under section 4C of the Ordinance should be paid as a lump sum at the time of filing income tax returns or in monthly/quarterly installments of advance tax under section 147 of the Ordinance has been resolved.

    The introduction of a new sub-section (5A) in section 4C now requires Super Tax liability to be paid in conjunction with monthly/quarterly advance tax installments, depending on the taxpayer’s circumstances. Corresponding amendments have been made in section 147 of the Ordinance to facilitate this process.

    This move is aimed at broadening the scope of the Super Tax and making it a more progressive and comprehensive tax measure. The FBR expects these changes to contribute significantly to the country’s revenue collection efforts while ensuring a fair and equitable tax system for all taxpayers.

  • 7 horses worth Rs10 lacs each die under mysterious circumstances

    7 valuable horses in a Gujrat camp have sadly died, leaving both the owner and officials perplexed, while the status of fifteen others remains critical, Samaa has reported.
    According to the authorities, preliminary investigation indicate that the horses died as a result of “consuming something poisonous.”

    The owner of the horses, well known in the are for competing in prestigious javelin events, took great care of the horses, each of which was worth an astounding Rs10 lacs.
    A thorough investigation is under way after local authorities opened a case in relation to the event.

  • Trump indicted for third time for trying to overturn 2020 US election

    Trump indicted for third time for trying to overturn 2020 US election

    Former US President Donald Trump has been indicted for the third time in a case pertaining to attempts at overturning the results of the 2020 election which Joe Biden won. Since he began his 2024 Republican primary campaign, he has been the first former US president to face three felony indictments in history. No other president, living or dead, has ever faced criminal charges.

    In a previous post on his Truth Social platform, Trump stated his expectations clearly and said that special counsel Jack Smith intended to bring forth another “Fake Indictment” against him.

    “I hear that Deranged Jack Smith, in order to interfere with the Presidential Election of 2024, will be putting out yet another Fake Indictment of your favourite President, me, at 5:00 P.M. Why didn’t they do this 2.5 years ago? Why did they wait so long? Because they wanted to put it right in the middle of my campaign. Prosecutorial Misconduct!”

    The allegations are part of a larger probe into what Trump did as president and afterwards. The investigation, which also includes claims of improper handling of top-secret government records while Trump was in office, is being overseen by special counsel Jack Smith.
    In connection with alleged attempts to hide these documents from the government, Trump was slammed with 37 counts earlier this year. Last week, he was also charged with additional counts for allegedly attempting to remove surveillance footage from his Mar-a-Lago resort.

  • Actor Imran Khan hints at Bollywood comeback

    Actor Imran Khan hints at Bollywood comeback

    We all remember Bollywood actor Imran Khan’s biggest hits like ‘Jaane Tu Jaane Na’, ‘I hate Luv Stories’, and how his bowing out of the big screen broke the hearts of millions of women around the world.

    But now, after decades, the actor has hinted that he might make a comeback. Under an Instagram post by actress Zeenat Aman, a fan Aditi tagged Imran Khan asking him when he would be making his return to the big screen. To which, Khan responded: “Chalo Aditi, let’s leave this to the internet… 1M likes, and I’ll make it happen.”

    Previously, speaking to NDTV, the actor spoke about his difficulty in dealing with the spotlight as well as the struggle to draw a balance between professional and personal affairs. As he revealed:

    “My main struggle is to balance the personal and professional. My issue is that I need to find time for myself, and take that step back from my stardom. I am a person first who has family and friends, and this personal side of my life is of utmost importance to me.”

  • TikTok introduces text posts to compete with Threads and X

    TikTok introduces text posts to compete with Threads and X

    In an unexpected twist, TikTok, the leading platform for short videos, is stepping up to compete with Meta’s Threads and X (previously known as Twitter) with its latest addition: text posts. This innovative new format breaks through conventional boundaries, offering TikTok’s dynamic community an exciting new medium to flaunt their stories, poems, recipes, and a treasure trove of written content.

    TikTok has always been at the forefront of nurturing creativity in all its forms. With a diverse array of content formats, such as videos, photos, Duets, and Stitch, the introduction of text posts adds yet another dimension to the content options, enabling creators to effortlessly share their written brilliance and captivate audiences.

    Creating and sharing text-based content on TikTok has never been simpler. Users now have the option of three choices on the Camera page: photo, video, and text. Opting for text opens the text creation page, providing creators with a user-friendly interface to pen their thoughts and ideas.

    Once on the Post page, users will find a suite of familiar customization options, ensuring that their text posts are just as dynamic and engaging as any video or photo. TikTok continues to stand out from the crowd by enabling sound addition, tagging locations, enabling comments, and inviting duets, all contributing to an immersive experience for users.

    The introduction of text posts comes with exciting features that aim to amplify creativity and captivate audiences like never before. One such feature is the collection of expressive stickers that complement the content and add an extra dash of personality to text posts, giving creators even more tools to make their posts stand out.

    As the platform evolves and adapts to the needs of its community, TikTok’s commitment to empowering creators remains steadfast. The addition of text posts demonstrates TikTok’s dedication to providing innovative tools that inspire self-expression and ensure that the TikTok experience continues to be engaging and exciting for users worldwide.

    Creators and TikTok enthusiasts alike are eagerly anticipating the release of text posts, ready to explore this new frontier of content creation and see how it sparks creativity within the community. With the power of written words combined with TikTok’s dynamic features, the possibilities for expression are limitless.

  • Another burka-clad woman sexually assaulted in daylight in Karachi

    Another burka-clad woman sexually assaulted in daylight in Karachi

    Another case of sexual harassment in Karachi has emerged after a video showing a burqa-clad woman being caught and molested by a man before she quickly escaped. The incident occurred at a street in a neighborhood near Madina Masjid.

    We feel it is necessary to mention that the woman was burqa-clad; she was not wearing any type of clothing that is categorised by men as ‘tempting’. Prominent figures in our country, including our leaders, have said that women provoke men to harass them when they wear revealing clothes.

    According to GEO, the incident was recorded at around 10:55 am in the morning.

    The news publication reported the police were unsuccessful in catching the culprit. They had also not been contacted by anyone to pursue this case, and the survivor has not been identified.

    This is the second incidence in Karachi of public assault of a woman who is covered in a burqa. Previously in July, a man was caught on camera stripping down on a street and trying to sexually assault a woman who was passing him by.

    READ MORE: Sindh CM orders immediate arrest of Karachi harasser caught stripping on video