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  • SBP raises policy rate to 14-year-high of 15 per cent

    SBP raises policy rate to 14-year-high of 15 per cent

    In an attempt to calm the economy, control inflation, and support the beleaguered rupee, the State Bank of Pakistan’s Monetary Policy Committee (MPC) decided to raise the policy rate by 125 basis points (bps) to 15 per cent on Thursday.

    The previous policy rate at the same level was in 2008, so the current policy rate is at a level that is 14 years higher. The committee also disclosed that, in order to improve the transmission of monetary policy, interest rates on EFS and LTFF loans are now tied to the policy rate.

    Following the MPC meeting on Thursday, SBP Acting Governor Dr Murtaza Syed gave a virtual press conference where he announced the monetary policy decision. He told the media that the rate of inflation has been rising at its highest rate since 1970.

    “Globally, inflation is at multi-decade highs in most countries, and central banks are acting aggressively, putting pressure on most emerging market currencies to depreciate,” he continued.

    He praised recent government decisions, such as ending petroleum subsidies, and claimed that these actions had made it possible to finish the IMF loan programme. Pakistan’s external financing requirements for FY23 will be met thanks to significant additional funding from external sources, which will be stimulated by the anticipated conclusion of the ongoing IMF review.

    Then, during the course of FY23, rupee pressures should ease and the SBP’s FX reserves should gradually resume their prior upward trajectory.

    According to him, monetary tightening and fiscal consolidation will cause GDP growth to moderate to 3–4 per cent in FY23, helping to close the positive output gap and lessen demand-side pressures on inflation.

    The acting governor SBP stated that, according to the MPC’s baseline outlook, headline inflation is likely to remain high in FY23, hovering around 19–20 per cent, before dropping sharply to the target range of 5–7 per cent by the end of FY24, driven by stringent policies, a normalisation of global commodity prices, and advantageous base effects.

  • ‘Ghalat keeya Afridi ne’: Fawad Chaudhry says case against Rana Sanaullah was baseless

    ‘Ghalat keeya Afridi ne’: Fawad Chaudhry says case against Rana Sanaullah was baseless

    Former Information Minister Fawad Chaudhry said on Thursday that the drug case against sitting Interior Minister Rana Sanaullah was baseless and neither the Pakistan Tehreek-e-Insaf (PTI) nor Bani Gala had any role in lodging the cases against him.

    Speaking on Express News‘ programme, Chaudhry said that Shehryar Afridi ‘ne ghalat keeya’ [had done wrong] when he stated on oath that 15kg of heroin was recovered from Rana Sana’s car.

    “I said it when the case was brought to the cabinet by the Anti-Narcotics Force (ANF) officer that it was baseless,” said Fawad.

    It is to be noted that Rana Sana was arrested in July 2019 under the previous government by the ANF that claimed to have recovered 15kg of heroin from his vehicle.

  • Pakistan and India to reportedly play against each other on August 28

    Pakistan and India to reportedly play against each other on August 28

    India and Pakistan will likely play against each other in the Asia Cup 2022 on August 28, as per a Sri Lankan journalist.

    According to the journalist, India and Pakistan will be paired in one group in the Asia Cup while Sri Lanka, Bangladesh and Afghanistan will play in another group.

    Asia Cup is scheduled to be played in the T20 format between August 27 and September 11.

    Both teams last played against each other in 2021 T20 World Cup where Pakistan had beaten India by ten wickets.

  • Rafael Nadal withdraws from Wimbledon semifinal due to abdominal injury

    Rafael Nadal withdraws from Wimbledon semifinal due to abdominal injury

    For the eighth time in his illustrious career, Rafael Nadal defeated Taylor Fritz in a thrilling five-set match to reach the Wimbledon semifinals.

    After winning, the Spaniard will not be competing in the tournament. Before his semifinal matchup with Nick Kyrgios, Nadal has announced his withdrawal from Wimbledon, according to Stuart Fraser of The Times.

    As a result, Kyrgios may receive a victory by default, enabling the Australian to play in his first Grand Slam final.

    Nadal said at a press conference: “Unfortunately as you can imagine I am here because I have to pull out from the tournament.

    “As everyone saw yesterday I have been suffering with a pain in the abdominal and something was not OK there. That is confirmed, I have a tear in the muscle and the communication is too late.

    During the match against Fritz, Nadal was dealing with an abdominal injury. The 36-year-old said that although the discomfort he was feeling on Wednesday almost forced him to leave the game, the injury had first surfaced a week earlier.

    “For a lot of moments,” Nadal said, per ESPN, “I was thinking, ‘Maybe I will not be able to finish the match.”

    Nadal, innately, prevailed in the lengthy, five-set match, which took place over the course of more than four hours, and won 3-6, 7-5, 3-6, 7-5, 7-6 (10-4). That guaranteed him the opportunity to face Kyrgios, though Nadal wasn’t certain he would be able to.

    On Thursday, Nadal underwent testing for the injury that grew worse over the course of his protracted struggle with Fritz. He later withdrew from the competition, so clearly they didn’t go well.

    For Nadal, dealing with injuries is nothing new. Due to a rare foot condition called Mueller-Weiss syndrome, which wears down the bones in the feet, he has previously had to miss events or be forced to retire. After suffering a foot injury that hindered him during his French Open victory, he wasn’t even sure if he would participate in Wimbledon.

    However, the abdominal problem is uncharted territory, and Nadal seems to have realised he couldn’t win another match while still experiencing its aftereffects.

    “It’s difficult,” Nadal said of playing through the injury. “Nothing can be fixed when you have a thing like this. That’s it.”

  • Update: Sami Khan, Nazish Jahangir starrer ‘Lafangey’ gets clearance from censor board

    Update: Sami Khan, Nazish Jahangir starrer ‘Lafangey’ gets clearance from censor board

    On July 5th, the Central Board of Film Sensors (CBFC) of Pakistan refused to clear Lafangey for release which was slated to hit screens on Eid-ul-Azha.

    CBFC deemed it ‘unfit for screening in Pakistani theatres’.

    Senior journalist Hasan Kazmi took to his Twitter handle to announce this update.

    CBFC Chairman Arshad Munir told: “All the present members unanimously decided that the film was not capable of screening in Pakistani theatres. The film uses very vulgar language and phrases with double meanings which are quite indecent.”

    However now according to our sources, Lafangey has received clearance after a full board review at Islamabad. It has also been cleared by the Sindh and Punjab censor boards. The film is releasing as per schedule on Eid-ul-Adha, alongside other biggies such as Quaid-e-Azam Zindabad and London Nahi Jaunga.

    Given the flippant and unpredictability of censorship, this is, undoubtedly, a positive step, that is perhaps reflective of the fact that a situation can perhaps be resolved through compromise. It will definitely be interesting to see how this decision impacts the final cut of Lafangey.

    Sami Khan And Nazish Jahangir's Film “Lafangey” - Trailer Out Now | Reviewit.pk
  • Ons Jabeur becomes first Arab woman to reach Grand Slam final

    Ons Jabeur becomes first Arab woman to reach Grand Slam final

    Ons Jabeur defeated close friend Tatjana Maria in the Wimbledon semifinals on Thursday, making history as the first Arab woman to compete in a Grand Slam singles final.

    After winning 6-2, 3-6, 6-1, Tunisia’s world number two, 27, will play either Simona Halep or Elena Rybakina in the title match on Saturday.

    Jabeur, the first Arab player to reach a Slam semifinal, said, “I’m a proud Tunisian woman standing here.”

    Irene Bowder Peacock from South Africa and Renee Schuurman from Australia in 1959 were the only African women to have advanced to a Slam singles final before Thursday.

    “It’s a dream come true from years of work and sacrifice. I’m happy that’s paid off and I’ll continue for one more match,” said Jabeur.

    “Physically, Tatjana is a beast, she doesn’t give up, I thought she would give up — her touch, her serve and everything on the court is impressive. I hope she’s continues this way. Let’s not play again I’m good for now.

    “I know in Tunisia they are going crazy right now. I want to see more Arab and African players on the tour. I love the game and I want to share the experience with them.”

    With breaks in the third and seventh games, Jabeur easily defeated mother-of-two Maria in the first set. In the opening set, the Tunisian had 15 winners to her opponent’s six, and she did not encounter a single break point.

    On the strength of a sequence of deft slices, Maria, who Jabeur referred to as her “barbecue buddy,” did manage to ultimately breakthrough for 3-1 in the second set.

    The more precise German levelled the match with six unforced errors to Jabeur’s 17 in the second set.

    However, there would be no unexpected victory when the 103rd-ranked Maria’s challenge was rejected. Jabeur earned a double break for a 5-0 lead before saving a second match point to go down in history.

  • Pak army rescues mountaineers Shehroze and Fazal

    Pak army rescues mountaineers Shehroze and Fazal

    The Pakistan Army rescued two mountaineers who were stranded at Nanga Parbat. According to the Inter-Services Public Relations (ISPR), army aviation helicopters and pilots took in the rescue mission on Thursday.

    Both Shehroze Kashif and Fazal Ali are fit and sound, the ISPR said.

    Shehroze Kashif hails from Lahore and Fazal Ali from Shimshal of Gilgit-Baltistan’s Hunza district.

    The ninth-highest peak in the world, Nanga Parbat, was successfully ascended by the duo on Tuesday. Shehroze took the honour of being the youngest mountaineer in the world to ascend Nanga Parbat, a mountain that is regarded as being the deadliest and fiercest.

  • Pakistan Railway offers 30 per cent fare discount for Eid-ul-Azha

    Pakistan Railway offers 30 per cent fare discount for Eid-ul-Azha

    To assist travellers on the occasion of Eid-ul-Azha, Pakistan Railways has offered a 30 per cent discount on train tickets.

    A notice posted states that all customers travelling by train during the three days of Eid-ul-Azha would be eligible for the reduced tickets. The notification stated that the PR had begun accepting reservations for Eid at discounted rates.

    In a separate announcement, Pakistan Railways stated that three special trains would run on the occasion of Eid-ul-Azha.

    Before Eid-ul-Azha, three special trains would run on various routes, according to the PR department. A spokeswoman for the Railway stated that on July 8, the first special train would leave at 10 am. It would pass via Multan, Sahiwal, and Lahore from Quetta to Peshawar.

    He added that the second special train would depart Karachi for Lahore at 6:45 pm on July 8 and take a route through Multan and Faisalabad.

    On July 13 at 11:30 am, the third special train for Eid would depart from Lahore and travel via Faisalabad and Multan to arrive in Karachi.

  • Edible oil and ghee prices may decrease soon: Miftah Ismail

    Edible oil and ghee prices may decrease soon: Miftah Ismail

    The price of edible oil and ghee has decreased, according to Finance Minister Miftah Ismail, who expressed hope that the reduced costs will result in a reduction of Rs100 to Rs150 in the price of edible oil in the local market.

    The finance minister expressed optimism about lower petroleum product prices in the near future while speaking at a press conference alongside Bilal Kayani, a member of the Ministry of Finance’s Privatization Committee.

    He claimed that because the price of crude on the international market had dropped to $100, Pakistan’s citizens would “benefit” from lower prices at the “right time.”

    Miftah noted that lower pricing will also result in lower import costs for Pakistan.

    The finance minister continued to criticise the Pakistan Tehreek-e-Insaf (PTI) administration, stating that the previous administration had left an economic minefield but that despite difficulties, the economy was now stabilising and foreign exchange reserves were increasing.

    Imran’s administration left behind a “record trade deficit,” Miftah continued. The finance minister explained the $6 billion loan package for Pakistan from the International Monetary Fund (IMF) and expressed optimism that any outstanding concerns will be handled quickly so that the nation may get the next instalment.

    Additionally, he stated that because wheat prices were stabilising on the global market and that tenders will soon be opened, flour prices would decrease on the local market.

    Due to the fact that Russia and Ukraine are two of the world’s top producers of wheat, wheat prices reached historic highs at the commencement of the Russo-Ukrainian War in February of this year.

    The country’s persistent power shortage was also brought up by the finance minister, who noted that current generation levels are below the necessary 30,000, but expressed optimism that the problem would be resolved in the upcoming weeks.

    He claimed that the PTI government failed to release LNG tenders in a timely manner, which is why there is currently a shortage of liquified gas, and blamed the Imran-led government for the power problem.

    Major LNG producers throughout the world are now supplying Europe with LNG as a result of the continent’s reduction in its reliance on Russian gas, and fuel is in short supply for other consumers.

    The government is vigorously supporting the use of solar energy, Miftah continued, and a nuclear power plant will soon be put into operation.

  • Boris Johnson resigns as British Prime Minister

    Boris Johnson resigns as British Prime Minister

    Following the resignation of dozens of cabinet members, Boris Johnson will step down as the leader of the Conservative Party on Thursday, according to BBC. This will make room for a new prime minister of the United Kingdom.

    At 1 pm, he is scheduled to address the country and lay out his agenda for the coming few weeks.

    Although it is not yet known when the selection process to succeed him would start, Attorney General Suella Braverman has already entered the race. It took six weeks to hold the last Tory leadership contest.

    Since the initial Cabinet walkouts on Tuesday, the PM has come under great pressure to resign. On Wednesday, he declared his intention to “keep going” in the position, but it now seems that the pressure may have been too much.

    According to a government source, he thought about it overnight and decided to quit when he awoke “with a clarity of thinking.” Today, he will call with President Volodymyr Zelenskyy to ensure that the UK will continue to help Ukraine.

    As a courtesy, he also informed the Queen of his plans this morning.

    Just 24 hours after accepting the position left empty by Rishi Sunak’s departure, the new chancellor, Nadhim Zahawi, made the extraordinary decision to urge his employer to leave, making it very evident that the end was near.

    Less than a day after accepting Mr Zahawi’s position as education secretary, Michelle Donelan, who may have held the record for the shortest tenure in UK history, announced her resignation.

    Sajid Javid’s departure as health secretary on Tuesday evening set off a wave of resignations in the cabinet, which was swiftly followed by Mr Sunak’s resignation as chancellor and Sajid Javid’s resignation as health minister.

    Although there have been 56 resignations overall, it seems like that number is continually rising.

    Nearly all of those who resigned cited Mr Johnson’s integrity as a reason for their actions, citing scandals like Partygate and the more recent Chris Pincher affair; some, however, also highlighted problems with the government’s LGBT+ policy.

    The way Mr Johnson handled the charges of sexual misbehaviour against Mr Pincher, who quit after allegedly “groping” two men last week, seems to have been the tipping point for many.

    After Mr Javid and Mr Sunak left, Mr Johnson apologised for appointing Mr Pincher as deputy chief whip while being aware of the allegations made against him on Tuesday.

    On Wednesday during PMQs, he apologised once more, but by that point, the crowd seemed to have fully turned against him.

    The prime minister responded to a Tory MP’s question about whether there was ever a situation in which he would resign by saying: “The role of a prime minister in tough circumstances when he has been awarded a massive mandate is to keep going and that’s what I’m going to do.”

    UPDATE: Boris Johnson’s nearly three-year term as prime minister of the United Kingdom ended abruptly on Thursday due to scandal and controversies.

    Addressing outside Downing Street, Johnson argued that the selection process for the new Conservative Party leader should start right away, with a timeline to be revealed the following week. He declared that he would continue in that position until a new Tory leader was chosen.

    Despite a glaring lack of support from his own party and mounting pressure from across the political spectrum to resign immediately, he has decided to stay in office.

    Johnson acknowledged that “no one is remotely indispensable” in politics but expressed sadness at leaving “the best job in the world.”

    At Westminster, the herd instinct is strong, and when the herd moves, it moves, Johnson observed in reference to members of his own ruling party who turned against him.

    He tried to end his approximately six-minute speech on a positive note. “Our future together is golden, even though things often seem gloomy now.”

    There are a tonne of tweets mocking PM Boris Johnson’s resignation on social media.