Category: Uncategorized

  • Pakistan’s forex reserves surge to $8.02 billion, SBP data shows

    Pakistan’s forex reserves surge to $8.02 billion, SBP data shows

    The latest data released on Thursday revealed a noteworthy surge in the foreign exchange reserves held by the State Bank of Pakistan (SBP), marking an increase of $105 million over the course of a week, reaching a total of $8.02 billion as of March 15.

    In addition to the SBP’s reserves, the total liquid foreign reserves for the country now stand at $13.4 billion, with commercial banks accounting for $5.38 billion of this amount.

    Despite the significant boost, the central bank did not provide specific details regarding the reason behind this increase.

    However, it did report that during the week ending on March 15, SBP’s reserves climbed by $105 million to reach $8,017.9 million, indicating a positive trend.

    The previous week had also witnessed an increase in Pakistan’s central bank reserves, albeit a smaller one, amounting to $17 million.

    In a pivotal development, Pakistani authorities successfully concluded negotiations with the International Monetary Fund (IMF) on the second and final review of the $3 billion Stand-By Arrangement (SBA).

    As per the agreement reached, pending approval by the IMF’s Executive Board, an additional access of $1.1 billion under the SBA will become available.

    This anticipated inflow from the IMF is expected to further bolster the country’s reserves and serve as a promising sign for its struggling economy.

  • Gold price increases by Rs4,600 to Rs232,400 per tola

    Gold price increases by Rs4,600 to Rs232,400 per tola

    Gold prices in Pakistan experienced a massive surge on Thursday, following cues from the Federal Reserve indicating its intention to proceed with three interest-rate cuts within the year.

    The price of 24-karat gold rose by Rs4,600 per tola, reaching Rs232,400. The Karachi Sarafa Association noted a similar trend, reporting a price increase of Rs3,943 for 24-karat gold per 10-gramme, now priced at Rs199,245.

    Correspondingly, 22-karat gold witnessed a rise, reaching Rs182,642 per 10-gramme.

    Furthermore, silver prices also saw an uptick in Pakistan. 24-karat silver was traded at Rs2,600 per tola and Rs2,229.08 per 10-gramme, marking an increase of Rs20 per tola and Rs17.15 per 10-gramme.

    Internationally, spot gold prices surged above $2,200 an ounce for the first time, following the US Federal Reserve’s decision and a dovish stance from Jerome Powell.

    The Federal Reserve opted to maintain interest rates at 5.25 per cent-5.5 per cent but upheld their forecast for three quarter-point rate reductions throughout the year.

    This announcement propelled the price of gold, reaching as high as 1.6 per cent to $2,220.89 an ounce during early trading, although it slightly retreated while still maintaining levels above $2,220.

  • Gaza ceasefire deal close, says Blinken

    Gaza ceasefire deal close, says Blinken

    US Secretary of State Antony Blinken has announced that the parties involved in the Israel assault on Gaza are close to reaching an agreement on a ceasefire in the besieged strip.

    In remarks given to Arab media outlets, Blinken emphasised the importance of putting a stop to the dire situation to pave the way for a better future for Gaza.

    Addressing Israel’s current offensive, Blinken stated that the US opposes Tel Aviv’s intention to carry out a large-scale ground assault on Rafah.

  • PTI hired lobbyists to malign Pakistan, alleges Attaullah Tarar

    PTI hired lobbyists to malign Pakistan, alleges Attaullah Tarar

    Minister for Information and Broadcasting Attaullah Tarar on Wednesday denounced Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan for allegedly masterminding the cipher conspiracy for his own gains. He said that the party hired a lobbying firm for the recent US Congress hearing involving Donald Lu, Assistant Secretary of State.

    Testifying before a Congressional panel yesterday, the top US diplomat said: “I wanna be very clear on this point [that] this conspiracy theory is a lie [and] it is a complete falsehood.”
    The federal information minister condemned PTI for its anti-state narrative, including recent protests that took place outside the headquarters of International Monetary Fund (IMF). He said the sole purpose of the protests were to derail the debt agreement talks currently being finalized.

    “The PTI hired lobbyists in the United States for a congress hearing on the so-called regime change conspiracy, but their leader could not evade divine justice,” he said citing a proverb “man proposes and God disposes”.

    He pointed out that historically Pakistan had rarely witnessed an instance where a person would jeopardize national interests for his own ego, pointing towards Imran Khan.

    PTI chairman Barrister Gohar Khan talked with the media outside the High Court and said that the protests outside the IMF’S headquarters in the US were organized by overseas Pakistanis and that the party did not send anyone from Pakistan to organize it.

  • Afghan schools restart, with girls barred for third year running

    Afghan schools restart, with girls barred for third year running

    Kabul, Afghanistan – Schools in Afghanistan opened for the new academic year on Wednesday, with girls lamenting being banned from joining secondary-level classes for a third year in a row.

    Taliban authorities barred girls from secondary school in March 2022, after surging back to power in 2021 and imposing an austere vision of Islam with curbs the United Nations labels “gender apartheid”.

    On Wednesday morning, uniformed boys carried black and white Taliban flags as they lined the entrance of Kabul’s Amani school, where local officials arrived for the ceremonial start of the school year.

    But 18-year-old Kabul resident Zuhal Shirzad had to stay home when the school bell rang.

    “Every year when my brother went to school, I felt very disappointed,” she told AFP.

    “I was happy for him and sad for myself,” she said.

    “This winter, my brother was studying and preparing for the university entrance exam,” she added.

    “I looked at him desperately and said that if I had been allowed to go to school, I would also be preparing for the university entrance exam now.”

    Afghanistan is the only country where girls’ education has been banned after elementary school.

    “None of the girls like me can continue our education and studies, and it is excruciating that boys can continue,” said 18-year-old Asma Alkozai, from the western city of Herat.

    “When there are barriers to education in society, such societies can never progress,” she told AFP.

    Online classes have sprung up in response to restrictions but a dearth of computers and internet, as well as the isolation of learning via screen, makes them a poor substitute for in-person learning, students and teachers say.

    Education ‘essential’

    The education ministry announced the new school year on Tuesday, a day before the start of the Afghan calendar’s new year, in a media invitation that expressly forbade women journalists from covering the ceremony at the Amani school.

    At the ceremony, Taliban government Deputy Prime Minister Abdul Salam Hanafi praised education, saying, “A nation without education will always be dependent on others”, local media reported.

    Universities also recently started the new academic year, but women have been blocked from attending since December 2022.

    Under the Taliban authorities, women have been excluded from many spheres of public life. Beauty salons have been shuttered and women have been barred from parks, funfairs and gyms.

    Women’s rights remain a key obstacle to international recognition of the Taliban government, which has not yet been recognised by any country.

    The United Nations mission in Afghanistan (UNAMA) called on the authorities to “end this unjustifiable and damaging ban”.

    “Education for all is essential for peace & prosperity,” the agency said in a post on social media platform X.

    ‘Half of society’

    Taliban authorities have insisted since girls were barred from secondary school that they are working on establishing a system that aligns with their interpretation of Islamic law.

    Thirteen-year-old Mudasir in eastern Khost province said girls and women should be given their rights to education “in the Islamic framework”.

    “They can go to school wearing Islamic hijab (covering),” he told AFP.

    “They must be given their rights, because if a sister is educated, she can be the reason for the whole family to be educated.”

    Faiz Ahmad Nohmani, who started secondary school at a private institution in Herat on Wednesday, was excited to start the new academic year but said he was “very sorry” that girls were not also returning.

    “Today, when I came to school, I wanted our sisters to come as well because they are half of society,” the 15-year-old told AFP. “They should study like us.”

    Ali Ahmad Mohammadi, an 18-year-old student in his final year of secondary school, also in Herat, said he’s aware of the chance he has to study.

    “Literacy helps us progress, it saves society,” said the teenager, who hopes to go on to university.  “An illiterate society will always face stagnation.”

    qb-sw/ssy

    © Agence France-Presse

  • Ranveer Singh to take break from work for birth of his child

    Ranveer Singh to take break from work for birth of his child

    Bollywood power couple Ranveer Singh and Deepika Padukone are going to have their first baby in September.

    As per a report from Indian media outlet Zoom, Ranveer Singh has decided to take a break from acting to welcome their baby. He won’t be signing any new movies until he finishes his current projects like ‘Dhoom 3,’ ‘Shakti Maan,’ and ‘Aditiya Dhur.’ Instead, he’ll focus on the movie ‘Parental Leave,’ which is set to release later this year.

    Both Ranveer Singh and Deepika Padukone are excited about spending time with their new family member. They announced the news of the pregnancy on February 29 through social media, setting off a media frenzy.

    As they wait for their baby, fans worldwide are sending their best wishes and eagerly waiting for the new addition to the family.

  • Ex-Army Chief Bajwa threatens PML-N’s Khawaja Asif

    Ex-Army Chief Bajwa threatens PML-N’s Khawaja Asif

    Pakistan’s Defence Minister Khawaja Asif revealed on Shahzeb Khanzada’s show last night that former Chief of Army Staff (COAS) Qamar Javed Bajwa threatened him that he would hold a press conference against him after the minister’s criticism about the previous army chief’s policy of rehabilitating Tehreek Taliban Pakistan (TTP) militants back into the country.

    Khawaja Asif pointed out that when the former army chief previously gave a briefing to the parliament,
    “A rosy picture was painted that if the Taliban were to return to Pakistan, it would usher in a new era of peace and brotherhood.”
    He further said “Its not wrong or blasphemous of me to suggest that they return to the same forum and explain.”

    Asif said that he did not insult anyone by asking that Bajwa and Gen (ret.) Faiz Hameed be summoned before the national parliament to give a briefing about their flawed policy. He reiterated, “What Pakistan is currently going through is basically a ‘continuity’ of that infamous briefing that the ex-generals gave us.”

    When the anchor asked him whether he received any advice from his party to stay away from this topic, he replied that they did not, and it is a matter of principle for him.

  • Canada FM confirms halting arms shipments to Israel

    Canada FM confirms halting arms shipments to Israel

    OTTAWA: Canada will halt all arms shipments to Israel, Foreign Minister Melanie Joly’s office confirmed Wednesday, a decision that has drawn the ire of Israeli leaders facing growing international scrutiny over the war in the Gaza Strip.

    The besieged Palestinian territory is facing a mounting humanitarian crisis, and months of war have pushed hundreds of thousands of Gazans to the brink of famine.

    Canada, a key ally of the United States, which provides Israel with billions of dollars a year in military aid, had already reduced its shipments to Israel to only include non-lethal equipment, such as radios, following the October 7 Hamas attack.

    “Since January 8th, the government has not approved new arms export permits to Israel and this will continue until we can ensure full compliance with our export regime,” said a statement from Joly’s office.

    “There are no open permits for exports of lethal goods to Israel,” it added.

    Export permits approved prior to January 8, however, would “remain in effect,” Joly’s office said, explaining that canceling them risked “important implications for both Canada and its allies,” including NATO and the Five Eyes intelligence alliance.

    A senior Canadian official had on Tuesday told AFP that “the situation on the ground makes it so that we can’t” export any equipment that could have a potential military use.

    Israel slammed the decision, with foreign minister Israel Katz saying it “undermines Israel’s right to self-defense against Hamas terrorists.”

    “History will judge Canada’s current action harshly,” he said in a post on social media platform X.

    US Senator Bernie Sanders welcomed the move, saying in his own post on social media: “Given the humanitarian catastrophe in Gaza, including widespread and growing starvation, the US should not provide another nickel for (Prime Minister Benjamin) Netanyahu’s war machine.”

    The issue of arms deliveries to Israel has triggered legal proceedings in several countries around the world.

    In Canada, a coalition of lawyers and citizens of Palestinian origin filed a complaint against the government in early March to suspend arms exports to Israel, accusing Ottawa of violating both international and domestic law.

    Israel has historically been a top receiver of Canadian arms exports, with Can$21 million worth of military materiel exported to Israel in 2022, according to government data, following Can$26 million in shipments in 2021.

    That places Israel among the top 10 recipients of Canadian arms exports.

    Israel offensive in Gaza has killed at least 31,923 people, most of them women and children, according to Gaza’s health ministry.

    While affirming Israel’s right to defend itself, Canadian Prime Minister Justin Trudeau has taken an increasingly critical stance toward Israel as civilian deaths have mounted in Gaza.

    On Monday, the Canadian Parliament passed a nonbinding resolution calling for the international community to work toward a two-state solution between Israel and the Palestinians.

  • Seven BLA militants killed storming Gwadar port: officials

    Seven BLA militants killed storming Gwadar port: officials

    Security forces killed at least seven militants on Wednesday as they tried to storm the offices of a Pakistan port considered a cornerstone of China’s investment in the nation, officials said.

    Pakistan has for decades battled a simmering insurgency in southwestern Balochistan province, where separatists hostile to Islamabad have often targeted foreign investment projects.

    Local official Saeed Ahmed Umrani told AFP seven militants had been killed in an attempt to “infiltrate” the compound of Balochistan’s Gwadar Port Authority.

    Gwadar Port, which sits on the Arabian Sea, is managed by a Chinese firm and considered the crown jewel of Beijing’s investment in Pakistan under its gargantuan Belt and Road infrastructure project.

    An army source who asked to remain anonymous also said seven militants had been killed, alongside four soldiers defending law-enforcement posts inside the compound.

    “The terrorists attacked with grenades, rocket launchers and Kalashnikovs,” he said. “The area is cleared now.”

    Chief minister of Balochistan province Sarfraz Bugti said on social media platform X that eight militants had been killed.

    The attack was claimed by separatist group the Baloch Liberation Army (BLA) in an email statement, and spokesman Jeeyand Baloch said military intelligence offices had been targeted.

    “The operation was launched at 3:30 pm (1030 GMT) and is still underway”, he said in a message sent early Wednesday evening.

    Last August, the BLA also claimed an attack on a convoy carrying Chinese engineers to the port.

    Ethnic Baloch separatists have long claimed their communities are not getting a fair share of wealth from the region, which sits atop huge reserves of natural resources.

    They have frequently targeted Pakistani security forces protecting foreign investment projects.

    China has inked over two trillion dollars in contracts around the world under its Belt and Road scheme, but projects in Pakistan have been plagued by security concerns.

    In 2022, a BLA suicide bomber killed four people, including three Chinese language teachers, in Karachi city.

    A year earlier, a bus carrying engineers to a construction site near a dam in northwestern Pakistan was hit by a bomb, killing 13 people including nine Chinese workers.

    Islamabad has been accused of committing abductions and extrajudicial murder of Baloch citizens in retaliation for their campaign of separatism.

    bur-jts/sco

    © Agence France-Presse

  • Saudi opens first alcohol store for diplomats in move seen as necessary for societal change: BBC report

    Saudi opens first alcohol store for diplomats in move seen as necessary for societal change: BBC report

    Saudi Arabia has taken a major step with the opening of an alcohol store catering to diplomats – breaking of a 70-year-long national ban on alcohol.

    BBC spoke to Kristian Ulrichsen, who explores economic trends in the Middle East and works for Rice University’s Baker Institute for Public Policy in Texas, in the U.S.

    “Key elements of Vision 2030 are tourism, entertainment, and hospitality. And Mohammed bin Salman, the Crown Prince, has set very ambitious targets of attracting more than 100 million visits a year by 2030.” he says.

    Ulrichsen points at the necessity of societal shifts to accommodate the influx of visitors and residents essential for the success of Saudi Arabia’s ambitious development projects.

    Moreover, Saudi Arabia is in competition with Dubai, which is why this latest move mirrors similar actions taken by UAE to maintain an advantage in the region.

    “The Saudi move is very controlled,” Ulrichsen adds.

    Starting with controlled enclaves before possibly expanding access to alcohol in designated areas or larger projects over time, he explains.

    While access in larger society remains limited for now, future developments, such as the planned mid-2020s offshore island projects in the Red Sea, may see increased availability as public acceptance grows.