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.
New Zealand Prime Minister (PM) Jacinda Ardern shuts down a male journalist for asking a misogynist question.
Arden was hosting Finnish Prime Minister Sanna Marin at Auckland’s Government House on Wednesday during the first visit by a Premier from the European country to New Zealand.
However, a male reporter zoomed in on what he seemed to think was the most important thing Ardern, 42, and Marin, 37, have in common.
He asked, “A lot of people will be wondering: ‘Are you two meeting just because you’re similar in age and have got a lot of common stuff there — when you got into politics and stuff — or can Kiwis actually expect to see more deals between our two countries down the line?”
Ardern interrupted the question to say that she wondered “whether or not anyone ever asked Barack Obama and John Key if they met because they were of similar age.”
Watch NZ Prime Minister Jacinda Ardern pick apart this reporter’s question during a joint press conference with Finnish PM Sanna Marin. He asked the pair ‘are you two meeting because you’re similar in age and got a lot of common stuff there?’ Read more: https://t.co/eTtJEqJoFZpic.twitter.com/UBEZs1kzvF
With a smile on her face, she added: “We, of course, have a higher proportion of men in politics, it’s a reality. Because two women meet, it is not simply because of their gender.”
She then schooled the reporter on the important trade relations between the countries. “It’s our job to further it, regardless of our gender,” Arden concluded.
Meanwhile, Marin said: “We are meeting because we are prime ministers, of course … we have a lot of things in common, but also a lot of things where we can do much more together.”
The question about age and gender drew criticism in local media outlets, where it was described as “not-so-subtle sexism” and “casual sexism”.
The viral clip rapidly gained the attention of Twitterati who applauded the female leaders.
This is masterful from @jacindaardernShe just Called out and shut down the misogyny that showed she was way more intelligent and sophisticated than that silly petty reporter. Bravo
Will sexism ever end? Women are the majority. We must use our power to end this blatant, harmful and juvenile discrimination. I’ve been fighting stereotypes that are sexism’s foundation for 60 years and it’s not amusing anymore. Actually it never was! https://t.co/0edk6aSnHo
— Jill Wine-Banks (now on Threads as jillwinebanks) (@JillWineBanks) December 1, 2022
These women are crystal clear. Can we have more of these conjunctions everywhere please? What I love is the absolute trampling of the reporters ridiculous question whilst demonstrating policy and trade…Bravo. @JacindaArden@MarinSanna thank you @SBSNews@QueenCorihttps://t.co/wBl89Lgeqf
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.
Chairman of the Pakistan Cricket Board (PCB), Ramiz Raja, has said that the Asia Cup will not be held at a neutral venue.
“India is not coming, I can understand. But to take the Asia Cup away from us is not right. There’s no reason why India can’t c
ome to Pakistan and Pakistan go to India,” he said.
Raja also urged the International Cricket Council (ICC) and other top cricket nations to adopt a fair stance rather than staying quiet on important matters.
“I think the ICC have got to think more out of the box. I’m not just looking at India and Pakistan, but the England Cricket Board and Australian Cricket Board, neutral boards who have held important positions who can be fair regarding an issue. But when they keep quiet it frustrates me completely,” he stated.
“You have to be emotionally engaged in our concerns. If somebody crosses the line they need to be told and not brushed under the carpet,” he stressed. Earlier, Ramiz said Pakistan will boycott the ICC World Cup 2023 if India refuses to visit Pakistan for the upcoming Asia Cup.
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.
Prime Minister (PM) Shehbaz Sharif has approved Bahawalpur Corps Lieutenant General Faiz Hameed’s application seeking early retirement.
He was in the running for the top slot for army chief and was scheduled to retire in April 2023.
Earlier, Lt Gen Hameed sent his application to General Headquarters (GHQ), from where it was forwarded to the Prime Minister’s Office for approval via the Ministry of Defence.
The development comes days after the federal government appointed General Asim Munir as the Chief of Army Staff (COAS) and Gen Sahir Shamshad Mirza as Chairman of the Joint Chiefs of Staff Committee (CJCSC).
Previously, Lt Gen Hameed served as the Director-General (DG) of Inter-Services Intelligence (ISI) while Imran Khan was the Prime Minister. He had been criticised by former Premier Nawaz Sharif and his daughter Maryam Nawaz for allegedly playing an unconstitutional role in their convictions and for backing the previous set-up under PTI.
Just a day after the appointment of Lt Gen Asim Munir as the new army chief of Pakistan, the media had reported that Lt General Hameed was considering an early appointment.
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.
Luxury watchmaker Rolex SA will start issuing certificates of authenticity to authorised dealers selling pre-owned Rolex watches.
According to the report, Bucherer, a Swiss retailer, will be the first to start offering pre-owned Rolex watches that have been certified as authentic by the brand at its retail locations across Europe.
The report also stated that other authorised Rolex dealers can start taking part in the initiative in the spring of 2023.
In an effort to deter market flippers who sell recently released watches above retail, Rolex stated that it will only certify timepieces that have been purchased at least three years prior.
Rolex, a luxury brand whose timepieces predominate in secondhand sales through dealers and online, is making a dramatic turn by authenticating its own used watches. Deloitte predicts that the market for high-end used watches would reach $35 billion by 2030.
Prior to this, Rolex did not play a part in authenticating or monitoring the products it supplied to its dealer network. Additionally, the action will help to strengthen its brand and weed out fakes.
Auction houses and unlicensed sellers of used watches both offline and online will not be permitted to take part in the programme.
Secondhand watches have already been certified by other Swiss watchmakers. The majority of pre-owned timepieces sold are Rolex watches.
Independent brands like H. Moser & Cie and MB&F, as well as smaller rival brands like Vacheron Constantin and Zenith, sell pre-owned watches in their own boutiques. Richemont, which owns Vacheron as well as a stable of brands like Jaeger-LeCoultre, IWC, and A. Lange & Sohne, purchased online retailer Watchfinder in 2018.
Authorized dealers may occasionally sell certified pre-owned timepieces through the programme at a premium to those offered at retail rates for new watches in rare circumstances. These models include enduringly well-liked categories like the Rolex Submariner, Daytona, and GMT that frequently sell above retail pricing because retail demand outpaces supply.
It was previously believed that the demand for luxury watches increased as a result of many wealthy customers learning about Swiss brands like Rolex, Omega, Audemars Piguet, and Patek Philippe while confined to their houses during the pandemic.
According to estimates from Morgan Stanley, Rolex is the largest Swiss watch brand, producing over 1 million watches annually, with annual sales of roughly 8 billion Swiss francs ($8.5 billion) and a market share of close to 29 per cent.
As demand for Rolex, Omega, and Vacheron Constantin timepieces continued to soar, Swiss watch exports hit record highs in July, with prices rising to their highest levels in eight years, according to a report from Bloomberg in August.
