Author: newsdesk

  • US dollar surges by Rs1.90, closes at Rs279.80 against Pakistani rupee

    US dollar surges by Rs1.90, closes at Rs279.80 against Pakistani rupee

    According to the State Bank of Pakistan, the US dollar demonstrated further appreciation against the Pakistani rupee in the interbank market on Monday.

    The American currency gained Rs1.90 against the local currency, closing at a rate of Rs279.80, compared to the previous day’s closing rate of Rs277.90.

    Concurrently, in the open market, the dollar is being traded at Rs283. It is noteworthy that the Pakistani rupee had experienced a gain of Rs10.58 over the course of last week.

    Anticipating future trends, Malik Bostan, the President of the Exchange Companies Association of Pakistan (ECAP), expressed his belief that the value of the dollar will continue to decrease in the upcoming days.

    Furthermore, the price of gold in Pakistan also experienced a slight increase at the beginning of the week, corresponding to the devaluation of the rupee against the dollar.

    As per the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold rose by Rs800 per tola and Rs686 per 10 grammes, reaching Rs209,000 and Rs179,184 respectively.

  • Gold price increases to Rs209,000 per tola amid depreciation of Pakistani rupee

    Gold price increases to Rs209,000 per tola amid depreciation of Pakistani rupee

    The price of gold in Pakistan experienced a slight increase at the beginning of the week, corresponding to the devaluation of the rupee against the dollar.

    As per the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold rose by Rs800 per tola and Rs686 per 10 grammes, reaching Rs209,000 and Rs179,184 respectively.

    In contrast, the international market maintained a stable price for gold at $1,925 per ounce. The gold market in Pakistan has displayed volatility in recent times, influenced by ongoing political and economic uncertainties, as well as high inflation. Consequently, individuals tend to view gold as a secure investment and a hedge during such periods.

    Data provided by the association indicates that the price of silver remained unchanged at Rs2,480 per tola and Rs2,26.20 per 10 grammes. During the previous session on Saturday, the price of gold experienced a decrease of Rs200 per tola.

    Meanwhile, the local currency underwent a marginal depreciation of 0.68 per cent against the US dollar in the interbank market, as reported by the State Bank of Pakistan (SBP). The rupee concluded the day at Rs279.80 against the dollar.

  • Benazir Bhutto, Malala Yousafzai in the list of the most influential women’ in the world

    Benazir Bhutto, Malala Yousafzai in the list of the most influential women’ in the world

    Former Prime Minister of Pakistan, Benazir Bhutto, and education activist, Malala Yousafzai, have recently been added to the list of ‘most influential women in the world’.

    In the list published recently by Marie Claire, a renowned French magazine, the late Pakistani leader Benazir Bhutto and Malala Yousufzai were included in the list of 60 women.

    The women on the list belong to every walk of life, from women’s rights activists and pioneers of racial equality to inventors, scientists, actors, and world leaders.

    Succinctly expressing the achievements of the former Pakistani People’s Party (PPP) leader, the website wrote, “Bhutto became the first woman prime minister of Pakistan in 1988. After a military coup overthrew her father’s government, she inherited the leadership of the Pakistan People’s Party.”

    Moreover, describing Malala’s achievements, it added: “Yousafzai survived a gunshot wound to the face by the Taliban and has since become a spokesperson for human rights, education, and women’s rights. In 2014, she was awarded the Nobel Peace Prize.”

    Some other prominent names mentioned in the list include Oprah Winfrey, Meryl Streep, Gloria Steinem, Jane Austen, Maya Angelou, Queen Elizabeth II and Indira Gandhi.

  • Karachi Mayor warns of action against road defacers

    Karachi Mayor warns of action against road defacers

    The newly elected Mayor of Karachi, Murtaza Wahab, on Monday said that action will be taken against road defacers who put up banners and advertisements blocking the tidiness and beauty of the area.

    Murtaza Wahab pointed out that the posters culture, the ever popular ‘Mehboob apk Kadmoo may’ and such other ads written on the walls destroy the clean view, making the area look displeasing. He shared his thoughts during the foundation ceremony of beautification and restoration project of Shahrah-e-Faisal.

    Wahab asserted that the condition of Shahrah-e-Faisal was very bad until a few years ago and so the Pakistan People’s Party (PPP) government decided to improve the drainage with new drains installed at different places, rain water did not accumulate on road in the recent spells.

    Karachi Mayor said the beautification and improvement project of Shahrah-e-Faisal will cost about Rs20 crore and will be completed in one year.
    “You won’t find the flag of any political party on the Shahrah-e-Faisal,” he said and further warned of action against road defacers.

  • Birth of endangered Somali Wild Ass offers hope for the species

    Birth of endangered Somali Wild Ass offers hope for the species

    The birth of a Somali Wild Ass foal was celebrated by a zoo in Chile as a significant development for the conservation of a critically endangered species.

    The rare kind of baby donkey was born last week, as reported by Reuters. There are fewer than 200 mature individuals remaining worldwide, with drastic decline in populations attributed to habitat loss and hunting for consumption or traditional medicinal purposes.

    The Buin Zoo, located in the outskirts of Santiago, is actively participating in an international endeavor aimed at revitalizing the Somali Wild Ass population, which has been classified as critically endangered by the International Union for Conservation of Nature (IUCN).

    The founder and director of the Buin Zoo expressed immense joy in sharing the news. He remarked, “It’s great news for the conservation of a wild donkey that is vanishing from the face of the Earth, and we have the capability to breed it here, at the edge of the world, in Chile.”

    The recent arrival of the foal marks the fifth specimen of its kind at the zoo.

  • PM orders foolproof measures for possible flood conditions in eastern rivers

    PM orders foolproof measures for possible flood conditions in eastern rivers

    Prime Minister Shehbaz Sharif gave orders to related authorities on Monday to make foolproof arrangements to tackle any possible flood in eastern rivers, including Ravi, Chenab and Sutlej.

    He has also gave orders to related departments to create awareness among the people about the possibility of flooding.

    Appreciating the personnel of Rangers and Rescue 1122 for immediate evacuation and assistance for the people trapped in flood waters in the Shakargarh area, the Prime Minister said that their actions helped save several people, including women and children.  

    “I along with the whole nation pay tribute to the country’s dutiful personnel”, he remarked.

    On Sunday, India released 185,000 cusecs of water in the river Ravi, the National Disaster Management Authority (NDMA) confirmed. According to a report in Dunya News, the released water will reach the Shadra area of Lahore in the next 24 hours.

  • Remittances in June 2023 decline by 21.4%, hitting $2.2 billion: SBP

    Remittances in June 2023 decline by 21.4%, hitting $2.2 billion: SBP

    In June 2023, remittances experienced a year-on-year decrease of 21.4 per cent, falling to the $2.2 billion mark compared to $2.8 billion in June 2022, according to data released by the State Bank of Pakistan (SBP).

    Simultaneously, cumulative remittances sent by overseas Pakistanis for the 12-month period ending on June 30, 2023, diminished to $27 billion, reflecting a 14 per cent decline in the financial year 2022-23 when compared to the record-high inflows of $31 billion reported in the previous financial year.

    In terms of monthly trends, remittances received by the country from overseas Pakistanis increased by 3.85 per cent from $2.102 billion in May to $2.18 billion in June 2023.

    The primary sources of remittance inflows during June 2023 were Saudi Arabia ($515 million), the United Kingdom ($343 million), the United Arab Emirates ($325 million), and the United States ($272 million).

    Moreover, proceeds from expatriates residing in European Union countries showed an 11 per cent month-on-month increase in June 2023, amounting to $272 million. Similarly, remittances from other GCC countries (Bahrain, Kuwait, Qatar, and Oman) totaled $271.9 million.

    The decline in inflows reported for FY23 can be attributed to various austerity measures implemented by the coalition government and the banking regulator. These measures included high taxes on cash held in banks and exchange companies, aimed at increasing remittance collections.

    Import restrictions, coupled with unfavorable domestic economic conditions during FY23, had a detrimental impact on remittance inflows. These factors resulted in reduced demand and led to a diversion of a significant portion of expatriate inflows towards informal currency exchange channels.

    Fundamentally, the contraction in imports caused by policy measures, along with demand suppression, exchange rate depreciation, and the preference for undocumented channels to maximise profits, all contributed to curbing remittance inflows during FY23. As a consequence, the expatriate Pakistani community residing in various countries faced inadequate facilitation.

  • Khyber Pakhtunkhwa businessmen threaten industrial shutdown amidst worsening law and order situation

    Khyber Pakhtunkhwa businessmen threaten industrial shutdown amidst worsening law and order situation

    Khyber Pakhtunkhwa (KP) business community has expressed their concerns regarding the unfavorable law and order conditions, threatening a potential shutdown of industrial operations.

    Malik Imran Ishaq, President of Hayyatabad Industrial State, highlighted the persistent issue of extortion demands faced by industrialists. He further stated that unidentified individuals resort to grenade attacks on residences and offices when businessmen fail to comply with the extortion demands.

    In light of these circumstances, the president of the KP industrialists association has urged the government to ensure adequate security measures, emphasising that failure to do so would force them to halt their industrial activities.

    The deteriorating law and order situation in Khyber Pakhtunkhwa (KP) province has become a cause for concern among businessmen and residents alike.

    As per available records, a total of 411 incidents were reported in the province in the year 2022, out of which 342 cases were filed in relation to extortion.

    Additionally, the Counter Terrorism Department (CTD) registered First Information Reports (FIRs) for 69 extortion incidents and successfully apprehended 173 individuals involved in extortion activities during the same year.

  • ‘Nawaz Sharif is a good man’; Shehzad Akbar changes tune

    ‘Nawaz Sharif is a good man’; Shehzad Akbar changes tune

    In a surprising turn of events, accountability tsar in the previous government, Shehzad Akbar, has changed tune on political opponent, Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif, calling him a “good man”, Neo has reported.

    Talking informally to journalists in London, Akbar, who spent his time in government trying to prove corruption cases against leaders of PML-N, blamed former army chief General (retd) Qamar Javed Bajwa for the “destruction” of the country.

    “I knew beforehand that our government will be overthrown. General (retd) Bajwa is responsible for the present state of the country,” he stated, before targeting the Prime Minister.

    “He has become addicted to the Prime Minister post,” Akbar said.

  • Solar storm to illuminate Northern Lights in 17 US states, offering skygazers a rare spectacle

    Solar storm to illuminate Northern Lights in 17 US states, offering skygazers a rare spectacle

    A solar storm anticipated for Thursday is set to provide residents in 17 American states with an extraordinary opportunity to witness the Northern Lights, AP has reported.

    A stunning celestial phenomenon known as the Northern Lights or aurora borealis results from the interaction of solar wind with the Earth’s atmosphere. Northern Lights materialize when a magnetic solar wind collides with the Earth’s magnetic field, leading to the luminosity of atoms in the upper atmosphere. These lights manifest abruptly and vary in intensity.

    The phenomenon is typically observed in regions such as Alaska, Canada, and Scandinavia, but are now becoming visible in more southerly locations due to the culmination of an 11-year solar cycle projected to peak in 2024. Approximately three months ago, these captivating light displays were witnessed in Arizona, marking the occurrence of the third severe geomagnetic storm since the commencement of the current solar cycle in 2019.

    The Geophysical Institute at the University of Alaska in Fairbanks has predicted heightened auroral activity on Thursday in Alaska, Oregon, Washington, Idaho, Montana, Wyoming, North Dakota, South Dakota, Minnesota, Wisconsin, Michigan, New York, New Hampshire, Vermont, Indiana, Maine, and Maryland. Additionally, Canada, including Vancouver, has also been forecasted to experience auroral activity.

    Auroral activity is assessed using the Kp geomagnetic index, which ranges from zero to nine, with zero representing minimal activity and nine indicating a vibrant and active display.

    The Geophysical Institute has predicted a Kp 6 ranking for Thursday’s upcoming storm.