In line with the continuous increase in global prices, the price of gold in Pakistan rose by another Rs750 per tola on Friday, hitting an all-time high of Rs163,500.
According to information provided by the All Pakistan Sarafa Gold and Jewellers Association (APSGJA), the price of gold for a tola settled at Rs163,500. The price per 10 grammes increased by Rs643 to reach Rs140,175.
Given that Pakistan imports the precious metal it needs to meet its demand, the rupee’s stability against the US dollar at a record high level is thought to be the main cause of the increase.
The stock market is currently experiencing selling pressure due to the economy’s overheating, therefore players are shifting their investments to gold, according to Geo.
Safe-haven investment is once again drawn to gold. Analysts contend that during times of inflation individuals typically invest in gold.
The cost of gold on international markets, the rupee-to-dollar exchange rate, and the supply and demand in domestic markets affect the price of gold on local markets. The latest price for local markets was determined considering the prices at which trade took place among buyers and sellers.
As cautious investors prepared for the release of US jobs data, the price of gold rose by $19 per ounce on the international market, finishing at $1,799, but safe-haven bullion was still expected to post a second consecutive weekly gain due to forecasts of a slowing in the rate of US rate hikes.
In Pakistan, gold is priced about Rs1,000 less than it would be in the Dubai market.
In the meantime, domestic silver prices increased by Rs10 per tola and Rs8.58 per 10 grammes, respectively, to settle at Rs1,780 per tola and Rs1,526.06 per 10 grammes.
Sales of Pakistan’s oil marketing companies (OMCs) dropped in November 2022 by 12 percent YoY and 7 percent MoM to 1.55 million metric tonnes (MT), down from 1.66 MT in October 2022 and 1.99 MT in November 2021. This decline was caused by higher petroleum prices, lower power generation, and a decline in car sales.
Product-wise, sales of Motor Spirit (MS) declined by 3 per cent YoY to reach 0.67 million tonnes, while sales of High Speed Diesel (HSD) decreased by 18 per cent YoY to reach 0.67 million in November 2022. In the meantime, FO sales volumes fell by 22 per cent YoY to 0.14 million tonnes.
Volumes of MS, HSD, and FO decreased on a monthly basis by 1 per cent, 6 per cent, and 33 per cent MoM, respectively.
Overall, OMC sales decreased by 20 per cent YoY to 7.70 MTs in 5MFY23 from 9.60 MTs in 5MFY22, a 20 per cent drop. When compared to the same period previous year, the sales of MS, HSD, and FO fell by 16 per cent YoY, 24 per cent YoY, and 26 per cent YoY, respectively.
As per company-level analysis, Attock Petroleum (APL) saw sales increase by 21 per cent YoY and 4 per cent MoM to 0.13MTs during the review period, while Pakistan State Oil (PSO) saw sales decline by 2 per cent YoY and 5 per cent MoM to 0.81MTs.
In the meantime, sales at Shell Pakistan (SHEL) fell by 10 per cent MoM and 21 per cent YoY during the review period, to 0.11MTs.
In November 2022, HASCOL’s sales plummeted by 30 per cent MoM and 16 per cent YoY, respectively, to reach 0.021MTs. PSO, APL, SHEL, and HASCOL’s combined sales for 5MFY23 were 4.02MT, 0.71MT, 0.57MT, and 0.13MT, respectively, representing declines of 18 per cent YoY, 21 per cent YoY, 23 per cent YoY, and 2 per cent YoY.
According to the most recent data released by the Pakistan Bureau of Statistics (PBS), Pakistan’s trade deficit for the month of November 2022 came in at $2.88 billion, up from $2.33 billion in October.
This represents a 23.59 per cent increase month over month, while the deficit decreased 42.46 per cent year over year from $4.99 billion during the same period in 2017.
The decrease in the trade imbalance is the result of a decrease in imports, as the import bill for the month of November was $5.25 billion, up 11.34 per cent month over month and down 33.60 per cent year over year.
In the meantime, exports saw a minor dip of 0.63 per cent MoM to $2.37 billion from $2.38 billion in October 2022. In contrast, on an annual basis, exports decreased by 18.34 per cent from $2.9 billion in November 2021.
Exports from Pakistan in terms of Rupees totaled Rs528 billion in November 2022 as opposed to Rs525.83 billion in October 2022 and Rs502 billion in November 2021, representing an increase of 0.41 per cent MoM and 5.18 per cent over the same period in the previous year.
Similarly, imports in November 2022 rose by 12.47 per cent MoM to Rs1.17 trillion from Rs1.04 trillion in October 2022, while on an annual basis, imports fell by 14.49 per cent from Rs1.37 trillion in November 2021.
The overall trade deficit for 5MFY23 was $14.41 billion, which was a reduction of 30.14 per cent YoY from the deficit experienced during the same time period in 2012.
The Chairman of Pakistan Tehreek-e-Insaf (PTI), Imran Khan, has offered the Pakistan Democratic Movement (PDM)-led government to discuss the possibility of early general elections.
However, the olive branch comes with a threat. “Give us a date for elections or we will dissolve Khyber-Pakhtunkhwa and Punjab assemblies,” Khan said in a video address to the PTI’s Punjab parliamentary party.
“We have the full backing of Pakistan Muslim League-Quaid (PML-Q),” Imran Khan said, adding that Chief Minister (CM) Punjab Chaudhry Pervaiz Elahi will disband the provincial assembly on his call.
“No elections, no political stability in the country,” Khan declared, adding that the coalition government was not willing to consider snap polls because they know they would be wiped out.
“The only plan they have is to somehow have me disqualified by filing cases against me and other party leaders,” he observed.
In response to Khan’s invitation to talks, Interior Minister Rana Sanaullah said Pakistan Democratic Movement (PDM) leadership will not refuse to hold dialogue.
“Discouraging dialogue is considered non-political and undemocratic by PDM. Its leadership will not refuse to sit and talk. We believe in resolving political matters in a political manner,” he said in a statement reacting to Khan’s invitation.
The Pakistani rupee (PKR) once again remained unchanged versus the US dollar in the interbank market during the final trading session of the week.
It is worth noting that this is the fourth time that the local currency has shown a 0.00 per cent change this week. The only change witnessed in the rupee’s value was reported by the State Bank of Pakistan (SBP) on December 1, when the rupee appreciated only 0.12 per cent to close at Rs223.69.
The rupee closed at Rs223.69 against the US dollar on Friday. On a weekly basis, the PKR registered an increase of 0.11 per cent against the greenback.
Additionally, the SBP’s foreign exchange reserves declined by $327 million every week, totaling $7.5 billion as of November 25, 2022.
For Pakistan, which has been frantically pursuing dollar inflows to meet its balance-of-payments needs, the reserve position is crucial. A low reserve level puts pressure on the currency, which has recently only experienced stability.
As data showing increased US consumer spending in October encouraged investor hopes that the peak in interest rates was on the horizon, the dollar held steady on Friday but was pinned down near 16-week lows against a basket of major currencies.
A stronger US dollar limited gains as oil prices, a major metric of currency parity, edged up in Asian trading on Friday on expectations for further easing of COVID controls in China, which might aid in the recovery of demand in the world’s second-largest economy.
American rapper Kanye West has been ordered to pay his former wife Kim Kardashian $200,000 (PKR 4.5 crore) per month in child support in a divorce settlement.
The former rapper and reality TV star will share joint custody of their four children.
Kardashian filed for divorce in 2021, after eight years with West, who has legally changed his name to Ye.
It comes after several companies cut ties with Ye over controversies including antisemitic comments.
Both parties were declared legally single in March, with Kardashian also dropping “West” from her last name.
Issues around the division of property and custody of their children were resolved in court documents filed on Tuesday.
The two parties should consult with each other on major decisions about their children’s welfare, the documents state.
Expenses for the children’s security, school, and college will be shared.
In addition, Ye is expected to pay $200,000 a month in child support – which the New York Post reported is because the children will spend the majority of their time with Kardashian.
The couple has four children: North, 9, Saint, 6, Chicago, 4, and Psalm, 3.
In several statements submitted earlier, Kardashian, 42, had said she “very much” wanted the marriage to be ended, adding that this would “help Kanye to accept” that the relationship was over.
Ye, 45, had previously fought against the separation.
He has faced controversy in recent months and has been dropped by several brands, including Adidas, Gap, and Balenciaga.
The rapper provoked widespread criticism earlier this year after attending Paris Fashion Week wearing a t-shirt bearing a “White Lives Matter” slogan – a phrase often used by white supremacists.
He then claimed his critics were being paid by a secret cabal of Jewish people, a common trope of antisemitism.
Earlier this week, Ye announced his intention to run for US president in 2024.
He previously ran in 2020 but gained just 70,000 votes.
The two married in a lavish wedding in Italy in the year 2014.
West has reportedly been living at their home in Wyoming, while Kardashian has stayed in California with their children.
The couple met in the early 2000s, but it would be years before they became romantically involved.
West interviewed his wife for Vogue Arabia and asked her about the first time they met.
“This was before you released your first album and you were known as a music producer. I was really shy. You thought I was (singer) Brandy’s assistant, which I wasn’t,” Kardashian West recalled. “Ever since you said that, it’s everywhere … like ‘Kim is Brandy’s assistant.’ I was her friend and stylist. I thought you were attractive, nice, very charming, really funny, powerful — I was in awe of you, but I was really shy, quiet, and a little nervous, to be honest.”
Both had high-profile relationships before they went public with their love in 2012.
West famously proposed to Kardashian by renting out a sports stadium and hiring an orchestra, as her family watched from nearby — all of which was documented and shared on the family’s popular E! reality series Keeping Up With the Kardashians.
The couple have four children together. Daughter North was born in 2013, followed by a son, Saint, in 2015, daughter, Chicago, in 2018, and son, Psalm, in 2019.
“Gratitude and happiness best describe what my wife means to me,” he wrote. “I’m deeply grateful and purely happy.”
Kardashian, for her part, has also often spoke out in defense of her husband, who has been open about his struggles with bipolar disorder and stirred controversy with his provocative tweets and political views.
Last summer, Kim sought understanding from the public in a social media post.
“I understand Kanye is subject to criticism because he is a public figure and his actions at times can cause strong opinions and emotions,” she wrote in a statement shared on social media.
“He is a brilliant but complicated person who on top of the pressures of being an artist and a black man, who experienced the painful loss of his mother, and has to deal with the pressure and isolation that is heightened by his bi-polar disorder. Those who are close with Kanye know his heart and understand his words some times do not align with his intentions.”
Earlier, the couple wanted to keep their split under the radar and were in settlement talks but now they are done.
Imran Khan, the Chairman of Pakistan Tehreek-e-Insaf (PTI), has said that Senator Azam Swati has been “taken away by the Quetta police” from Islamabad despite his health concerns.
In a tweet on Friday (today), the party chief stated, “Swati was moved to PIMS (Pakistan Institute of Medical Sciences) early morning after suffering severe chest pains and breathing issues.”
“While test results were awaited, Quetta police got him discharged and took him away endangering his life,” he further said.
Equally outrageous is what is being considered such a great crime would in entire civilised world be considered his democratic right to criticise. He must be released immediately. Sad to see our justice system unwilling to stop repeated violations of Swati’s basic human rights.
Terming the Quetta police act “a great crime”, Imran demanded the immediate release of his party’s senator.
Meanwhile, PTI leader Asad Umar said Swati was “handed over” to Balochistan police and taken to Quetta without waiting for medical reports from the hospital or waiting for the high court’s decision. He further blamed the “imported government” for “flouting fundamental rights and refusing to follow due process of law.”
Without waiting for medical reports from the hospital or waiting for the high court decision, azam swati handed over to balochistan police and taken to quetta. Shameful how the imported govt is flouting fundamental rights and refusing to follow due process of law
According to media reports, the arrest has been made over different cases registered against the senator across Balochistan. It is pertinent to mention that several First Information Reports (FIRs) had been registered within 24 hours against PTI leader Swati for his controversial tweets at different police stations in Karachi, Quetta, Jacobabad Qambar, Lasbela, Larkana, Sukkur, Khairpur, Shikarpur, Kandhkot, and other cities.
Earlier today, the Islamabad High Court (IHC) reserved its verdict on a plea filed by Swati seeking details of the FIRs registered against him.
The court, asking if the federal government has no administrative control, had reserved its verdict on the plea.
A day earlier, Swati approached the Supreme Court (SC) to request the transfer of all cases registered against him in Sindh and Balochistan to Islamabad. The same day, an Islamabad court sent the senator on 14-day judicial remand.
In a petition to the apex court, Swati has said that Federal Investigation Agency (FIA) arrested him in a false case, adding that multiple cases were registered against him in the country, and he faces a security threat when appearing in various courts.
Last Sunday, the Federal Investigation Agency (FIA) arrested Swati — for the second time in less than two months — for speaking against the army.
Veteran journalist Imran Aslam breathed his last on Friday morning at the age of 70 after a long battle with cancer. The newsman was also the president of Geo and Jang Group.
In his decades long career, Imran Aslam was a renowned as a scriptwriter, actor, voice actor, and president of a TV network. His son Taimur has said that his father’s funeral prayers will be offered after Asr on Saturday near their house and the burial will take place at a graveyard in DHA, Phase 8, Karachi.
People from all walks of life condoled Aslam’s death.
Prime Minister (PM) Shehbaz Sharif wrote in a tweet, “Saddened by the passing of veteran journalist and president of Geo TV Imran Aslam. He belonged to a breed of journalists who made eminent contribution to the development of Pakistani journalism. I extend my heartfelt condolences to his family, friends & colleagues.”
Saddened by the passing of veteran journalist and president of Geo TV Imran Aslam. He belonged to a breed of journalists who made eminent contribution to the development of Pakistani journalism. I extend my heartfelt condolences to his family, friends & colleagues.
Heartbroken to hear about the passing away of Imran Aslam An outstanding professional , a caring human being and a close friend. May Allah give him a place in Jannat. Ameen pic.twitter.com/nhAPyjyEyw
Deeply saddened to hear about Imran Aslam’s passing in Karachi. Describing what he was or what he excelled in is beyond this space. Tippu as he was known, was a polymath,as well as a dear friend from decades of journalism together. Pakistan’s cultural space lost a big creator.
Woke up to this sad news that #ImranAslam sahib is no more. Many journalists, including myself, owe our careers to him. May Almighty Allah rest his soul in eternal peace. pic.twitter.com/Q2oZx1gIqI
Shocking new. My old colleague and presently Group President GEO and Jang, Imran Aslam has passed away this morning. May Allah give his family strength to bear the loss. He was one of the finest person i came across since the days i first met him in 90s in daily The Star.
Pakistan Muslim League-Quaid (PML-Q) leader Moonis Elahi has revealed that former army chief General (retd) Qamar Javed Bajwa had advised his party to back Pakistan Tehreek-e-Insaf (PTI) when the no-confidence motion was moved against former Prime Minister Imran Khan.
Elahi further revealed that both PTI and Pakistan Democratic Movement (PDM) had made offers to PML-Q. However, Gen (retd) Bajwa asked them to support the Imran Khan-led party. “I had an inclination towards PTI, and everyone knows about it. So I discussed it with my father. And then my father said to side with [PTI]. If Bajwa was so bad, why did he ask us to side with PTI at such a crucial junction,” he asked during an interview with Meher Bokhari.
It was General Bajwa who asked us to side with Imran Khan and go against PDM, says Moonis Elahi dealing a blow to PTI’s foreign conspiracy narrative pic.twitter.com/GXG3fdHkcc
Moonis then criticized the social media campaign against General Bajwa, stating that, “Certain elements are busy on social media bashing Bajwa sahib without any reason. This is the same Bajwa who changed the course of rivers for the PTI. Back then he [Bajwa] was right, but now he is not. I have a total disagreement with those who are now talking against him.”
“When he was giving you all-out support, he was right,” the PML-Q leader said, wondering if Bajwa how had the retired military head now become a “traitor” to them.
Moonis said that there was no doubt that the former COAS fully supported PTI, but when he withdrew his support, he had become a bad person. “This is a bad example and I have a disagreement with them on it. He [Bajwa] was never against the PTI.”
“Had he [Bajwa] been against them [PTI] at that juncture, he just had to give a signal, and we would have been sitting with them [PDM],” Moonis said.
The PML-Q leader said when the establishment says that they have nothing to do with politics, he believes that because they have not influenced the Punjab government.
An emotionally charged trailer of the Duke and Duchess of Sussex’s forthcoming Netflix documentary series has been released, as Buckingham Palace reels from a racism incident and during a key visit to the US by the Prince and Princess of Wales.
In the 1 min 12 sec “teaser”, Harry and Meghan share previously unseen intimate photographs, some showing the duchess apparently crying, with one scene showing Harry with his head tilted back as his wife appears to wipe away her tears with both hands.
Calling the Sussexes ‘unpredictable’, Richard Fitzwilliams said that the trailer’s release was ‘obviously timed to take away from the Wales’ trip to Boston’, adding that Meghan and Harry ‘like control their narrative’.
In the teaser, an unseen interviewer asks: “Why did you want to make this documentary?” a montage of black and white photographs flashes up. One shows Meghan curled up on a chair, head in hands on the phone and seemingly distressed. Harry says: “No one sees what is happening behind closed doors.”
The trailer then cuts to a photograph of a stern-looking Kate, with William sitting beside her, and Meghan behind, taken at the Commonwealth Day service before the Sussexes left the UK.
Further photographs show Meghan sombre in a black hat, taken at the funeral of Queen Elizabeth, and another of a bank of press photographers, as Harry continues: “I had to do everything I could to protect my family.” A picture shows Meghan seated in a car seemingly wiping away tears.
Meghan tells the interviewer: “When the stakes were this high, doesn’t it make more sense to hear our story from us?”
Other, happier, personal photographs show Harry playing guitar for his wife, the couple hiking with him holding picked flowers, wading in a stream with their dogs, a pregnant Meghan in silhouette, dancing at their wedding, and sharing a kiss in their kitchen.
In an accompanying statement, Netflix described “Harry & Meghan” as a “never-before-seen look at one of the most discussed couples in history”.
The timing of the trailer is not the best for Buckingham Palace, which is still dealing with the aftermath of the resignation of Lady Susan Hussey, one of the late Queen’s ladies-in-waiting, after she questioned the charity founder Ngozi Fulani about where she was “really from” at a palace reception. The palace and William, her godson, described the comments as “deeply regrettable” and “unacceptable”.
