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  • Elon Musk threatens to terminate Twitter deal once again

    Elon Musk threatens to terminate Twitter deal once again

    Tesla’s CEO Elon Musk warned Twitter in a statement on Monday that if it fails to give him with data on spam and bogus accounts, he may back out of his $44 billion offer to buy the social media company.

    This isn’t the first time Musk has hinted that his takeover of Twitter might not go through. However, the warning, which came in the form of a letter from Musk’s lawyers to Twitter’s chief legal officer, Vijaya Gadde, signified a significant step forward. It accused Twitter of “materially breaching” its contract commitments.

    Musk’s warnings to rip up the contract have coincided with a drop in many technology equities, including Tesla Inc, the electric vehicle company he runs, as investors worry about an economic downturn and higher interest rates in the face of soaring inflation.

    On Monday, Twitter shares fell 1.5 per cent to $39.57, a significant discount to the planned $52.20 purchase price, as investors wagered Musk will either persuade Twitter to accept a lower deal price or walk away from the deal.

    Musk’s attorneys reaffirmed their request for facts on bot accounts in a letter to Twitter, saying he reserved all rights to cancel the transaction because the business had failed to meet its duties in a “clear material violation”.

    Twitter responded by stating that it intended to enforce the deal’s completion on the agreed-upon conditions. “In order to complete the acquisition in accordance with the terms of the merger agreement, Twitter has and will continue to cooperatively exchange information with Musk,” the firm stated in a statement.

    Musk, a self-proclaimed free-speech absolutist, has stated that removing “spam bots” from the platform will be one of his top goals.

    In mid-May, he announced that the Twitter transaction was “temporarily on hold,” stating that he will not forward with the offer unless the firm can prove that spam bots make up less than 5 per cent of its overall users. He has stated that spam bots account for at least 20 per cent of the user base.

    According to independent analysts, 9 per cent to 15 per cent of the millions of Twitter profiles could be bots.

    Musk wrote in his letter that he needs the information to perform his own analysis of Twitter users because he doesn’t trust the company’s “loose testing techniques.” Twitter has stated that it stands by its forecasts and that it is unable to reveal private information on how they are generated.

    “He’s trying to back out of the Twitter transaction, and this is the first shot across the bow,” according to Wedbush analyst Dan Ives.

    The caveats Twitter employed in its forecasts on spam accounts, according to legal experts, give it some protection against prospective lawsuits, whether from Musk over the transaction or shareholders over the integrity of the company’s regulatory representations.

    Even if Twitter’s estimate is incorrect, Musk would have to establish that the San Francisco-based business was attempting to deceive with the intent to deceive – a high legal bar.

    “It’s quite evident that Musk has buyer’s remorse, and he’s doing all he can to get a price reduction, and I believe he’ll succeed,” Dennis Dick, a proprietary trader at Bright Trading LLC, said.

    To be sure, Musk may be able to walk away or renegotiate the deal even if the law is on Twitter’s side.

    This is because any litigation is likely to be protracted, and Twitter may decide it makes more sense to agree to a lower price or receive compensation from Musk rather than try to force him to complete the transaction in court.

    Several companies renegotiated or walked away from agreed acquisitions when the COVID-19 pandemic broke out in 2020 and delivered a global economic shock.

    In one instance, French retailer LVMH threatened to walk away from a deal with Tiffany & Co. The U.S. jewelry retailer agreed to lower the acquisition price by $425 million to $15.8 billion.

    Musk is contractually forced to pay a $1 billion breakup fee if he cannot complete the sale because the loan financing falls apart or authorities stop it, according to Forbes, a sliver of his $219 billion fortune.

    Last Monday, antitrust officials in the United States opted not to investigate Musk’s acquisition of Twitter any further, indicating that it is unlikely to face regulatory challenges. The deal is still being reviewed by the European Union.

    Attorney General Ken Paxton of Texas stated on Monday that he has launched an investigation against Twitter for “possibly fraudulent reporting regarding its bogus bot accounts,” which he described as a possible violation of state law.

    As part of the investigation, Paxton requested that Twitter provide over documents. “I have a responsibility to safeguard Texans if Twitter is misrepresenting how many accounts are fraudulent to increase their revenue,” Paxton said in a statement.

    Twitter’s filings with the Securities and Exchange Commission, according to a spokeswoman, are accurate.

  • After fleeing from Iran, Zara Amir Embrahimi wins ‘Best Actress Award’ at Cannes

    After fleeing from Iran, Zara Amir Embrahimi wins ‘Best Actress Award’ at Cannes

    Iranian actor Zar Amir Ebrahimi, who lives in exile following a smear campaign about her love life, wept with joy as she won the Best Actress Award at the Cannes Film Festival.

    Iranian actress Zar Amir Ebrahimi poses with her trophy during a photocall after she won the best actress prize for her part in

    Ebrahimi, 41, won for the film Holy Spider, in which she plays a journalist trying to solve the serial murders of prostitutes in Iran’s holy city of Mashhad.

    “I have come a long way to be on this stage tonight. It was not an easy story. It was humiliation but there was cinema,” she told the audience in her acceptance speech.

    Directed by Danish-Iranian Ali Abbasi, Holy Spider was inspired by the true story of a working-class man who killed prostitutes in the early 2000s and became known as the “Spider Killer”.

    The film was not permitted to shoot in Iran and instead was made in Jordan.

    Ebrahimi became a star in Iran in her early 20s for her supporting role in one of its longest-running soap operas, Nargess.

  • Apple unveils all-new MacBook Air, powered by new M2 chip

    Apple unveils all-new MacBook Air, powered by new M2 chip

    At Apple’s Worldwide Developers Conference (WWDC), on May 6, the tech giant unveiled a new MacBook Air model.

    The MacBook Air is Apple’s most popular notebook, and the new design is expected to improve Mac sales in the coming quarters.

    As per Canalys, the Mac product line has been growing substantially in recent years, with shipments increasing by nearly 28 per cent in 2021 vs just under 15 per cent for the total market.

    Apple’s Mac lineup has witnessed increasing sales, owing to the pandemic forcing people to buy laptops to work or go to school from home, as well as Apple’s decision to using its own CPUs rather than Intel’s, which has considerably extended battery life.

    The new MacBook Air is still a slim and light laptop, weighing in at 2.7 pounds, but it has a new style that includes a continuous thickness rather than the tapering wedge form that has been popular in recent years.

    The M2 chip, which was revealed Monday and would be quicker and more power-efficient than Apple’s previous chip, is at its heart. It comes with two USB-C Thunderbolt ports for connecting monitors and peripherals, as well as a headphone jack and a MagSafe magnetic charging connector.

    The 13.6-inch screen has been somewhat increased, but there is now a cutout around the camera, similar to the notch on iPhones. The videoconferencing camera has been improved to provide better colour and quality.

    Apple’s conventional silver, grey, and gold tones, as well as a new matte black called Midnight, are all available on the new model.

    Pricing

    The new MacBook Air costs more than the previous model, starting at Rs242,000 ($1,199) vs Rs200,000 ($999)  for the previous model, which is still on sale. The most powerful configuration costs Rs503,000 ($2,499).

    In recent weeks, the company has had difficulty maintaining Macs in stock due to substantial production disruptions caused by Covid lockdowns in Shanghai, China.

    A 13-inch MacBook Pro was also unveiled, but it was not ready for testing on Monday. Both new MacBooks will be available in July, according to Apple.

  • 200 officials to reportedly fly for Hajj on govt expenses, PM takes notice

    200 officials to reportedly fly for Hajj on govt expenses, PM takes notice

    Prime Minister Shehbaz Sharif has taken notice of a media report about government officials performing Hajj this year on government expense. A list of 200 officials/officers from the Ministry of Religious Affairs and Interfaith Harmony has been finalised by the government for Hajj this year. Religious Affairs Minister Mufti Abdul Shakoor will also be performing Hajj this year apart from 35 members of the minister’s office, which includes five drivers, four gunmen, one cook and 11 personal secretaries and assistants, reports Kasim Abbasi for The News.

    Pakistan International Airlines (PIA) commenced Hajj flight operations on Monday (June 6) and1,080 pilgrims left for Hajj. Two flights left from Islamabad and one each from Lahore and Quetta.

    Hajj pilgrims are also being informed about their flight schedules through the website and SMS on their mobile number.

    A spokesperson of the Ministry of Religious Affairs said that at least 32,000 pilgrims will be flown to Saudi Arabia through 106 Hajj flights under the government’s Hajj scheme. He further added that 42 flights will be operated from Islamabad under the “Road to Makkah” project.

    Saudi Arabia has launched the “Road to Makkah” initiative in five countries, including Pakistan, Malaysia, Indonesia, Morocco and Bangladesh for the fourth consecutive year since its launch in 2019.

    Saudi Arabia’s Interior Ministry in a statement said the “Road to Makkah” initiative aims to receive the pilgrims and complete their procedures from their countries with ease.

  • Phadda between PML-Q’s Moonis Elahi, PTI’s Ejaz Chaudhry, exchange heated tweets

    Pakistan Tehreek-e-Insaf (PTI) leader and Senator Ejaz Chaudhry and Pakistan Muslim League-Quaid (PML-Q) leader and former Minister for Water Resources Moonis Elahi exchanged some heated tweets when Chaudhry took a jibe at PML-Q’s Salik Hussain and Shafay Hussain, both of whom are Moonis’ cousins.

    According to a report by ARY News both Salik and Shafay met the incumbent Chief Minister (CM) Punjab Hamza Shehbaz and promised to support him. Chaudhry taunted them of being two-faced on Twitter.

    Moonis called out Chaudhry and said, “Just like during the Azadi March when some leaders went to the police station and presented themselves for arrests”.

    To this, Chaudhry clarified that he was not talking about Moonis as [Moonis] knows the difference between right and wrong. He further clarified that Moonis misinterpreted his tweet.

    Taking to Twitter, Moonis said, “Let’s not swing at each other. Our combined opponent is PML-N. Let’s stay focused.” He further apologised to the PTI leader.

    It is pertinent to mention that PTI and PML-Q have a real test ahead, in which they will have to fight the Pakistan Muslim League-Nawaz (PML-N) for vacant seats of the Punjab Assembly (PA).

  • Gold gains Rs2,800, reaching Rs142,000 per tola

    Gold gains Rs2,800, reaching Rs142,000 per tola

    Keeping in view the rates maintained by the All Sindh Sarafa Jewelers Association, the price of gold per tola jumped Rs2,800 in the local market on Monday, bringing it to Rs142,000.

    Today, at 4 pm, the precious yellow metal was trading at $1,854 per ounce on the international market.

    Pakistan, as a price-taker, follows the trend in the world market for gold and other precious metals. Gold and other precious metals, such as silver, are priced in ounces around the world.

    Chairman of the Pakistan Gems Jewelry Traders and Exporters Association (PGJTEA), Akhtar Tesori, said the gold jewellery market has suffered as gold prices have risen in the country.

    According to him, the country’s commodities prices have reached new highs in recent years due to devaluation of the local currency against the green back and increases in the price of international gold.

  • What to expect from the upcoming budget 2022-23

    What to expect from the upcoming budget 2022-23

    Pakistan is escalating efforts in order to revive the stalled loan from International Monetary Fund (IMF) programme, as the prerequisites are steadily being completed.

    The revival of the bailout will provide much-needed relief in order to keep Pakistan’s economy afloat and avoid default as Pakistani currency has plummeted 9 per cent in the last month, recording the poorest performance among Asian currencies.

    According to Geo, the key policy rate was recently raised by 150 basis points to 13.75 per cent, while the price of fuel has now risen by Rs60 a litre in less than a month and is being sold at from Rs209 to Rs212 (depending on the area).

    In an interview with a private channel, the finance minister discussed the government’s decision to raise petroleum product pricing, saying that despite the difficult decision, the government is still losing money on gasoline and diesel.

    These moves are highly affecting the masses, but they are essential as the IMF programme is crucial to fix the country’s economy. Also, petroleum prices are projected to continue to rise along with power tariff.

    Increase in income tax

    An increase in income tax is a major policy recommendation from the international lender in the approaching budget for the fiscal year 2022-23.

    All suggestions are expected to enhance Pakistan’s tax income.

    The IMF issued the following rules for Personal Income Tax (PIT) in its February conditions:

    1. Lower the number of tax bands.
    2. Cut tax credits and allowances (excluding disabled and old persons, as well as Zakat receipts).
    3. Implement special tax processes for very small taxpayers.
    4. Increase the number of people who pay taxes. As the change maintains the present PIT threshold, low-income households will be safeguarded (almost three times income per capita).

    If these policy recommendations for the forthcoming budget are enacted, the tax system will be simplified and the income tax regime will be more progressive.

    These recommendations are anticipated to increase the country’s tax revenue. It will also make the system more progressive, as people with higher incomes will be required to pay more.

    Salaried class

    The burden on the salaried class, which is already heavily under pressure, may be increased. It will make working less appealing because a large portion of the wage will be devoted to direct personal income tax.

    The IMF proposed taxing the upper-middle class and wealthy individuals with monthly incomes ranging from Rs104,000 to Rs1 million at a uniform rate of 30 per cent.

    The idea demonstrates inequality in taxation, and if approved, it might leave the majority of salaried workers worse off in the face of double-digit inflation.

    On the other hand, Federal Minister for Finance and Revenues Miftah Ismail categorically stated last month that the government would not add to the burden on the salaried class and pensioners in the coming budget. 

    According to sources, the maximum rate of 30 to 35 per cent for salaried and business class individuals earning Rs20 million per year could be increased.

    Special tax proposal for small taxpayers

    Imposing a tax on small taxpayers can overcome the long-term structural problems and correct internal and external imbalances. Our tax-to-GDP ratio has remained below 11 per cent, which is lower than regional standards.

    Two-thirds of our overall taxation is made up of indirect taxation. This level of indirect taxation is not only excessive, but it also makes the system less progressive.

    Currently, a labourer pays the same amount of GST as the country’s richest man.

    Agriculturalists and real estate barons are the most important import consumers. As a result, the lack of taxation in agricultural and real estate contributes to the underlying imbalances in the external sector.

    Low-income households

    Low-income households are expected to be protected from policy interventions after the government publishes the upcoming budget, as the Personal Income Tax (PIT) threshold of three times per capita income would stay in place.

    Genuine taxpayers can also decrease their tax payments by clever investments under the Income Tax Ordinance 2001, taking into account all of the foregoing.

    In the fiscal year 2022-23, policymakers must aim to increase the tax net and the tax-to-GDP ratio as there is no chance for the country to progress without it.

    Pakistan must pay $21 billion in foreign debt payments by next year, according to the Finance Minister, while the current account deficit is $10-12 billion.

    He said, “We will also try to tilt away from the wealthy elite towards to low incoming masses, I will impose more taxes on the wealthy, but no taxes will be levied on the salaried class”.

    The wealthy and capable must prepare to pay their fair share of taxes, or the country will soon be back on the IMF’s doorstep.

  • West Indies cricket players reach Multan for ODI series against Pakistan

    West Indies cricket players reach Multan for ODI series against Pakistan

    The West Indies Cricket Team arrived in Multan on Monday and received a warm welcome. They will play three International Cricket Council (ICC) World Cup Super League One Day International (ODI) matches against Pakistan.

    The visiting squad is likely to have a training session today (Tuesday). The two teams will lock horns on June 8, 10, and 12 in Multan.

    The West Indies team just finished their series in the Netherlands, whitewashing the home side 3-0. However, Pakistan, who won their last ODI series by 2-1 at home against Kangaroos reportedly started their training on Monday.

    Under the captaincy of Babar Azam, Shaheens currently stand at tenth position with six wins out of 12. Whereas, West Indies stands at fourth position with eight wins in 18 matches.

    Earlier, the entire series was moved from Rawalpindi to Multan due to the critical political situation in Islamabad.

  • ‘Refrain from commenting on Pakistan’s nuclear programme’: Gen Nadeem Raza responds to Khan’s comment

    ‘Refrain from commenting on Pakistan’s nuclear programme’: Gen Nadeem Raza responds to Khan’s comment

    Chairman Joint Chiefs of Staff Committee (CJCSC) General Nadeem Raza on Monday asked people to refrain from commenting on Pakistan’s nuclear programme.

    “In nuclear countries, only the National Command Authority has the right to comment on strategic programmes,” said General Nadeem Raza.

    The military’s response comes a week after Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan in an interview said that if Pakistan goes bankrupt, then the country will have to face denuclearisation, predicting that the country would then be divided into three parts.

    Khan during the interview said that the establishment needs to make the right decisions and if they don’t, “the army will be destroyed”.

    Read more: Khan says Pakistan ke teen hissay hongay, Shehbaz warns him not to cross limits

    General Nadeem Raza Monday stressed that people should avoid making baseless and unnecessary comments about Pakistan’s nuclear programme.

    “Pakistan is a responsible and confident nuclear country,” the deputy chairman of the National Command Authority said during a seminar at the National University of Sciences & Technology (NUST).

    Read more: ’Threat to national security’, PEMRA bans Bol show after Khan’s interview

    “Pakistan will not compromise on its nuclear programme. Pakistan’s nuclear capability guarantees the defence of the homeland as well as its integrity; it also has the complete support of the political parties and the masses,” said Gen Raza.