Author: newsdesk

  • ‘Elections either in three months or two years’; Raja Riaz sets alarm bells ringing

    ‘Elections either in three months or two years’; Raja Riaz sets alarm bells ringing

    Opposition leader in the National Assembly, Raja Riaz, has set alarm bells ringing with his prediction that if elections are not held within three months, they will be delayed for two years.

    “I can see two scenarios. I have told you about them both,” he told Dawn News in an interview. When prompted if he had been told this by someone, Riaz clarified that it was what he can foresee based on his political experience.

    “There are two positions. One, if you look at democracy and constitution, general elections should take place within 90 days,” he said. However, he added that considering the severe economic challenges the country is facing, “a decision in the nation’s interest should be taken.”

    He also expressed the opinion that a caretaker setup should be given at least one year to fix the economic problems.

    Raja Riaz is scheduled to meet Prime Minister Shehbaz Sharif on Wednesday to give names for his nominees of caretaker Prime Minister.

  • Pakistan’s stock market crosses 48,000 mark after two years

    Pakistan’s stock market crosses 48,000 mark after two years

    The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index soared past the 48,000 mark, reaching a 24-month high, on Monday, as investors responded to recent positive economic developments in the country. Analysts predict that the prevailing positive sentiment is likely to continue in the coming days.

    The bullish trend in the market gained momentum after Pakistan reached a deal with the International Monetary Fund (IMF). The agreement with the IMF has provided investors with renewed confidence in the country’s economic prospects, leading to a surge in market activity.

    Additionally, news on Pakistan’s mineral sector contributed significantly to the market’s gains. The announcement of favorable developments in the country’s mineral sector further boosted investor optimism and drove the benchmark index to reach new heights.

    During intra-day trade, the KSE-100 index saw a significant increase of 1,010.72 points or 2.15 per cent, culminating at 48,062.56 points. This remarkable rise marks a notable increase from the previous close of 47,076.9 points, which itself was a 21-month high.

    The impressive growth of the market has been sustained over time, as evidenced by a remarkable overall gain of more than 6,600 points (+15.9 per cent) since the staff-level agreement was reached with the IMF. The deal, which amounted to a $3 billion Standby Agreement, has been instrumental in driving investor confidence and attracting more capital to the market.

    Financial experts and market observers are optimistic about the future trajectory of the Pakistan Stock Exchange, given the positive economic indicators and recent developments in the country.

    The confidence in the market has sparked interest from both local and international investors, resulting in increased trading volumes and a positive impact on the overall economy.

  • Nawaz will face the law after return to the country, Shehbaz confirms

    Nawaz will face the law after return to the country, Shehbaz confirms

    According to Prime Minister Shehbaz Sharif, the chief of the Pakistan Muslim League-Nawaz (PML-N), Nawaz Sharif, will face the law after his return to Pakistan.

    In an interview on Geo News’ ‘Jirga’, Shehbaz Sharif said that his brother, the former prime minister who has been living in London since 2019, will come back to his homeland in the next few weeks.

    Shahbaz Sharif further said that “Nawaz Sharif will return home and face the courts and he is not like Imran Khan who is not respecting the law while living in this country”

    In a response to a question, PM Shehbaz called the May 9 riots, which were started by the arrest of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan in a corruption case, a conspiracy against Pakistan.

    The Prime Minister further said, “Those involved in the May 9 incidents wanted to overthrow the military leadership”.

    Shehbaz Sharif also said that the people involved in the May 9 riots as well as the planners of this incident wanted “anarchy” and “civil war”.

    To another question, the prime minister said that his government struggled hard to bring the country back from default risk and restore the lost dignity of Pakistan.

  • FBR imposes 400% tax increase on payments to non-residents via debit and credit cards

    The Federal Board of Revenue (FBR) has taken a significant step to discourage the outflow of foreign exchange reserves by raising the withholding tax (WHT) on payments to non-resident individuals through debit and credit cards. The move aims to curtail the substantial impact of such payments on the country’s foreign exchange reserves.

    The FBR recently issued Circular Number 2 of 2023, which outlines the amendments to the Finance Act 2023. As per the circular, the Finance Act 2022 had introduced section 236Y, subjecting payments to non-residents through debit/credit cards to a 1 per cent withholding tax rate for Active Taxpayer List (ATL) persons and 2 per cent for Non-ATL persons.

    However, considering the considerable foreign exchange outflows resulting from these transactions, the FBR has implemented a drastic increase in withholding tax rates through the Finance Act 2023. According to The News, for ATL persons, the withholding tax rate has been elevated from 1 per cent to 5 per cent, and for Non-ATL persons, it has been raised from 2 per cent to 10 per cent. This means a fourfold increase in tax rates for both categories of taxpayers as well as non-filers.

    According to estimates shared by the State Bank of Pakistan (SBP) with parliamentarians before the 2023-24 budget, monthly payments made through credit cards or debit cards amounted to approximately $70 to $100 million, resulting in an annual outflow of around $1 billion.

    In line with the Finance Bill, the FBR has been granted powers under Section 236Y to levy advance tax on individuals remitting amounts abroad through credit, debit, or prepaid cards. As per the Finance Bill 2022, the proposed advance tax rate on such remittances was set at 1 per cent of the gross amount remitted abroad.

    The implementation of the increased withholding tax is expected to have a considerable impact on curbing unnecessary foreign exchange outflows and strengthening the country’s forex reserves. It also serves as a measure to encourage individuals to transact responsibly and ensure the stability of the country’s economic landscape.

    As the FBR takes these steps to address forex challenges, stakeholders and taxpayers await the outcomes and potential adjustments in the overall economic landscape. The move also highlights the government’s efforts to strike a balance between promoting foreign investments and managing capital outflows to ensure sustainable economic growth in the country.

  • New study reveals more than 50% of marketers are using AI to boost content creation

    New study reveals more than 50% of marketers are using AI to boost content creation

    A comprehensive study conducted by Bynder, a leading digital asset management platform, sheds light on the numerous ways the marketing industry is leveraging AI technology to enhance efficiency in day-to-day tasks and explores the potential for further advancements in this domain.

    The study, which delved deep into Bynder’s customer base, comprising prominent global brands such as Spotify, Puma, and Five Guys, revealed that more than half (55 per cent) of respondents are currently employing AI tools in their content production processes. These AI integrations are primarily focused on automating repetitive and time-consuming tasks, including generating initial draughts (54 per cent), content optimisation (43 per cent), and ensuring correct spelling and grammar (42 per cent), among others.

    The marketing industry has been quick to integrate AI into various daily operations, encompassing brainstorming ideas, drafting engaging social media posts and landing page copy, crafting attention-grabbing headlines, establishing tone of voice guidelines, and conducting research tasks. Additionally, AI has proven valuable in reducing the time spent on laborious SEO activities such as generating meta-descriptions and translations. The most common tasks involving AI in this regard include content re-use (30 per cent), creating tone of voice guidelines (27 per cent), content governance (25 per cent), and translation tasks (25 per cent).

    Looking forward, the study’s respondents emphasised the need for businesses to consider how AI technology can enhance and streamline content production processes rather than simply replacing human input. To add even more value to content operations, the potential applications of AI suggested by respondents include personalising website content based on individual browsing history and preferences, developing chatbots to improve user navigation, and providing content recommendations derived from user behavior and sentiment analysis. Moreover, AI could simplify content creation by generating initial drafts that can later be refined by human teams.

    Respondents noted that training AI to comprehend a company’s intended tone of voice and speaker style could be beneficial. Furthermore, having AI make recommendations or automatically create and update timelines and revision histories could be advantageous from a broader perspective.

    However, while embracing AI technology, marketers emphasised that its primary purpose should be to improve the quality of content rather than solely focus on cost-cutting measures. They stressed the importance of striking the right balance between human expertise and AI capabilities to achieve optimal results.

    Warren Daniels, the CMO of Bynder, expressed satisfaction with how customers and marketers are leveraging AI to drive innovation and efficiency. At Bynder, the focus has been on developing AI and automation capabilities to empower marketers to maximise the value of their creative and editorial content. He emphasised that in today’s competitive landscape, creating exceptional content experiences is crucial for standing out, and responsible adoption of AI technology plays a pivotal role in enabling this.

    However, Daniels cautioned against replacing human creativity with AI. Instead, he advocated for integrating AI into existing processes in a way that frees up time for teams to concentrate on more creative endeavours. The creation of high-quality content demands thorough research, a genuine understanding of a brand’s core messages and tone of voice, and a touch of human empathy. AI should be harnessed in a managed or controlled manner to complement human creativity rather than hinder it.

  • 44 killed, 200 injured in suicide blast at JUI-F workers’ convention

    44 killed, 200 injured in suicide blast at JUI-F workers’ convention

    Almost 44 people have been killed in a suicide in a Jamiat Ulema Islam-Fazl (JUI-F) worker’s convention In Bajaur on Sunday. The caretaker Information Minister, Feroze Jamal Shah Kakakhel, told Geo News that the explosion occurred during a JUI-F leader’s address, resulting in more than 200 injuries.
    According to the district emergency officer, the injured are being transported to Timergara and Peshawar.

    Samiullah, a cameraman for Geo News, is one of the injured and has been taken to the Lower Dir district headquarter hospital as reports emerged that he is reportedly in severe condition.

    Inspector General of Police (IGP) of Khyber Pakhtunkhwa, Akhtar Hayat has confirmed that the first investigation indicated that the attack was a suicide bombing.
    Prime Minister Shehbaz Sharif directed officials to investigate the attack and identify those who are responsible for it.

  • Ye KP mein kya ho raha hai: Mexican woman flies to Pakistan to marry Facebook lover

    Ye KP mein kya ho raha hai: Mexican woman flies to Pakistan to marry Facebook lover

    Rosa, a 49-year-old woman from Mexico, has flown to Khyber Pakhtunkhwa (KP) to marry 18-year-old Izaz Ali, a young man she met on Facebook.

    According to Geo, a police official has confirmed that Rosa arrived in KP on June 17 with complete documentation to marry Ali, a resident of Buner.

    The two have married in a lavish ceremony, with Rosa changing her name to Ayesha after embracing Islam.

    According to DPO Shah Hassan, Ayesha flew back to Mexico on July 19. Ali is currently completing his Matric exams and will fly to Mexico once his results are out.

    This is the fourth case in recent weeks of a foreign woman flying to KPK to marry a local man. On Saturday it was revealed that 36-year-old Nicola from Chile flew to Upper Dir to marry Ikramullah, whom she had met on TikTok.

    READ MORE: Humaray paani mein kuch hai? In third love story this month, Chile woman flies to marry Pakistani lover

  • Cryptocurrency millionaire found dead: Dismembered body parts found in suitcase

    Cryptocurrency millionaire found dead: Dismembered body parts found in suitcase

    Trigger Warning: The following content contains discussions of violence, crime, and death.

    Argentinian cryptocurrency influencer Fernando Perez Algaba, who had been reported missing for more than a week, was tragically discovered deceased on Wednesday. According to a report by the New York Post, his remains were found inside a suitcase near a stream in Buenos Aires. The disturbing incident came to light when a group of children found the red suitcase containing body parts while playing by the stream on Sunday.

    Upon being informed by the children’s parents, the authorities initiated an investigation. The suitcase contained Algaba’s legs and forearms, while one of his arms was found in the stream. Subsequently, on Wednesday, the police located the missing head and torso. The dismemberment appeared to have been skillfully performed, indicating the involvement of someone with expertise in such matters.

    Autopsy results revealed that Algaba had suffered three gunshot wounds before his body was dismembered. The police were able to identify him through his fingerprints and distinctive tattoos on the body parts.

    Fernando Perez Algaba was a self-made millionaire based in Barcelona, known for showcasing his opulent lifestyle to nearly one million Instagram followers. He accumulated his wealth through luxury vehicle rentals and cryptocurrency sales. Algaba had been in Argentina for a week before his disappearance and alleged murder.

    The circumstances surrounding Algaba’s death led to the arrest of one individual, and the authorities are currently investigating the motive behind the crime. While they suspect that financial debts may have played a role in the tragedy, a comprehensive investigation is still underway.

  • Jewish group demands Prime remove ‘Bawaal’ over insensitive portrayal of Holocaust

    Jewish group demands Prime remove ‘Bawaal’ over insensitive portrayal of Holocaust

    The Bollywood film ‘Bawal’ has been slammed on social media for using the trauma of the Holocaust ss the backdrop of a domestic spat between a couple. Starring Jhanwi Kapoor and Varun Dhavan, the film revolves around a couple who travel around Europe to visit places central to World War II.

    The film had been met with intense scrutiny, with many calling out the film makers because of several dialogues. “Every couple goes through their Auschwitz” and “We all too are a little like Hitler, aren’t we? We aren’t satisfied with what we have. We want what others have,” are two of the objectionable lines in the film.

    READ MORE: Bawaal’s cringey comparison of Holocaust with relationships will give you second-hand embarrassment

    The Simon Wiesenthal Center (SWC), which preserves the history of the victims of the Holocaust, has now issued a public statement where they called for the streaming giant Amazon Prime to remove the film from its service for “outlandish abuse of the Nazi Holocaust as a plot device”.

    “Auschwitz is not a metaphor. It is the quintessential example of Man’s capacity for Evil,” spoke SWC Associate Dean and Director of Global Social Action, Rabbi Abraham Cooper.

    By having the protagonist in this movie declare that ‘Every relationship goes through their Auschwitz,’ Nitesh Tiwari, trivializes and demeans the memory of 6 million murdered Jews and millions of others who suffered at the hands of Hitler’s genocidal regime.

    If the filmmaker’s goal was to gain PR for their movie by reportedly filming a fantasy sequence at the Nazi death camp, he has succeeded. Amazon Prime should stop monetizing Bawaal by immediately removing this banal trivialization of the suffering and systematic murder of millions of victims of the Nazi Holocaust,” Rabbi Cooper concluded. 

  • ‘I was provoked by women who slipped into my dms’: Amir Khan

    ‘I was provoked by women who slipped into my dms’: Amir Khan

    British-Pakistani boxer Amir Khan, who has been alleged with infidelity and cheating on his wife Faryal Makhdoom, has offered an explanation for his behaviour.

    The Sun published an interview with Sumaira, a bridal model, who revealed incriminating text messages between the two with the boxer requesting her to send nudes.

    READ MORE: Amir Khan going to therapy to ‘stop sexting women’ apologises to wife

    The boxer has now offered a public apology to his wife, stating that he was provoked into cheating after many women contacted him on his Instagram account:

    Khan said on his Instagram, adding that his wife is not to blame. “I thank her for the help she got me. I like to apologise to those who I may have hurt. I made a mistake and I was provoked when they slip into my DMs.”

    Faryal had fuelled separation rumors by posting a cryptic note on her Instagram stories on Friday: “Fall in love with someone who doesn’t make you think love is hard.”

    According to Daily Mail, sources have that revealed the couple, who have been married for 10 years, had separated while Faryal decides if she wishes to end their marriage or not.

    ‘Faryal is taking time to think about whether or not to walk away. She’s going through a very difficult time and choosing to focus on her children while she and Amir continue to co-parent.’