Pakistani pacers stormed the Australian batting lineup during the Melbourne Test, dismissing the Australian team for 318 runs on the second day.
Pakistani bowlers sent seven players to the pavilion in the first session. Aamir Jamal took three, Shaheen Afridi, Mir Hamza, and Hasan Ali took two wickets each while Salman Ali Agha took one wicket.
At the end of the first day’s play in the second match of the three-match Test series, Australia scored 187 runs for the loss of three wickets after Pakistan won the toss and decided to field.
On the second day, Australia started their first incomplete innings at 187 for three. The remaining seven batsmen could add only 131 runs to the team’s total.
On behalf of the Kangaroos, Marnus Lubusahagne was the top scorer with 62 runs. Usman Khawaja scored 42, Mitchell Marsh 41, and David Warner scored 38 runs.
When Pakistan started the first innings, Imam ul Haq failed once again and got out after scoring only 10 runs. His wicket was taken by Nathan Lyon. At the moment, Abdullah Shafiq is at the crease on 35 and captain Shan Masood with nine runs while the national team’s score is 56.
In December, inflation is expected to surpass the 30 per cent threshold, driven by the recent increase in gas prices and the persisting adverse base effect, which continues to impact the consumer price index (CPI).
The headline inflation for December is projected to settle at approximately 30.11 per cent year-on-year (YoY) and 1.18 per cent month-on-month (MoM), in contrast to the previous month’s figures of 29.2 per cent YoY and 2.7 per cent MoM.
This monthly inflation rate is significantly lower than the 12-month average of 2.17 per cent MoM.
Consequently, the average yearly inflation for the first six months of FY24 is estimated to be 28.87 per cent YoY, compared to 25.05 per cent YoY in the same period of FY23.
The surge in inflation can be attributed to the adverse base effect and the notable increase in gas prices, which were not fully realised in the previous month.
Conversely, food inflation is expected to exhibit a marginal decrease of 0.29 per cent MoM, driven primarily by the decline in prices of tomatoes, potatoes, chicken, and oil.
Additionally, the transport index is forecast to undergo a 4 per cent MoM decrease, mainly due to the relief in petrol and high-speed diesel (HSD) prices.
Post-December, inflation is anticipated to decline at a relatively faster pace, supported by the favorable base effect, the delayed impact of monetary tightening, and other administrative measures.
The December spike is attributed to the lingering effects of the overdue gas price hike. Notably, unforeseen climate events, volatility in global commodity prices, especially oil, and external account pressures pose significant upside risks to the inflation outlook.
Global oil prices are on the rise amid challenges in Red Sea shipping, potentially threatening the inflation outlook.
Moreover, the successful completion of the International Monetary Fund (IMF) review, coupled with additional loan programmes, remains crucial.
The outstanding amount of $1.8 billion under the stand-by arrangement (SBA) is yet to be released.
The accompanying chart illustrates the yearly inflation trajectory based on different MoM CPI scenarios. At 0.5 per cent and 1 per cent MoM CPI, yearly inflation is projected to fall below the 22 per cent policy rate by February–March 2024.
By the end of FY24, with 0.5 per cent and 1 per cent MoM CPI, it is expected to decrease to 15.29 per cent and 19.37 per cent, respectively, a significant change from the previous month’s forecasts of 12.9 per cent and 17.5 per cent.
Considering the last 12-month average of 2.17 per cent MoM, the real interest rate is anticipated to remain in negative territory by the end of FY24.
In November 2023, data from the Pakistan Telecommunication Authority (PTA) indicates a decline in various telecom metrics and an increase in user complaints compared to October 2023.
The total number of cellular subscribers saw a decrease from 189.77 million at the end of October to 189.26 million at the end of November. Additionally, 3G and 4G users in Pakistan decreased from 126.92 million to 126.24 million during the same period.
Cellular teledensity witnessed a decline from 79.32 per cent in October to 78.98 per cent in November, contributing to the overall teledensity drop from 80.4 per cent to 80.06 per cent.
Furthermore, Next Generation Mobile Service (NGMS) penetration decreased from 53.05 per cent to 52.68 per cent.
Provider-specific data reveals a decline in Jazz’s 3G users from 3.731 million to 3.569 million and 4G users from 43.172 million to 42.754 million between October and November.
Zong experienced a decrease in 3G subscribers but an increase in 4G users. Telenor observed a decline in both 3G and 4G users, while Ufone’s 3G users decreased but 4G users increased.
User complaints against telecom operators surged in November, with the PTA receiving 14,471 complaints. Notably, 98.9 per cent of these complaints were successfully resolved.
The complaints spanned various telecom operators, including cellular mobile operators (CMOs), Pakistan Telecommunication Company Limited (PTCL), long-distance international (LDI) operators, wireless local loop (WLL) operators, and internet service providers (ISPs).
Cellular mobile subscribers constituted the majority of complaints, reaching 13,857, of which 99.1 per cent were addressed. Jazz, Telenor, Zong, and Ufone faced specific complaints, with resolution rates ranging from 98.2 to 99.7 per cent.
Complaints against basic telephony and ISPs were also received, with resolution rates of 93.2 per cent and 95.2 per cent, respectively.
On Tuesday, Pakistan Stock Exchange’s (PSX) KSE-100 index experienced a significant downturn, plummeting by 2,534 points, or 4.11 per cent, culminating in a closure at 59,171—a record for the largest single-day drop in absolute points.
Since its zenith on December 13, the index has incurred a substantial loss of 7,923 points, reflecting an 11.81 per cent decline.
The market correction intensified during today’s session, attributed to pronounced selling pressures in the final week of the year, compounded by prevailing political uncertainty.
In the latest session, the index showcased a wide trading range of 2,607.74 points, registering an intraday high of 61,634.55 (down by 70.54 points) and a low of 59,026.81 (down by 2,678.28 points). The total volume of the KSE-100 index reached 396.481 million shares.
Within Tuesday’s session, 5 out of the 100 index companies closed higher, 91 closed lower, 1 remained unchanged, and 3 were untraded.
The decline of the KSE-100 index was particularly influenced by sectors such as oil and gas exploration companies (-508.87 points), commercial banks (-386.15 points), power generation and distribution (-271.96 points), cement (-211.88 points), and fertiliser (-194.77 points).
A US import ban on certain Apple smartwatch models came into effect Tuesday, after the Biden administration opted not to veto a ruling on patent infringements.
The United States International Trade Commission (ITC) decided in October to ban Apple Watch models over a patented technology for detecting blood-oxygen levels.
Apple contends that the ITC finding was in error and should be reversed, but last week paused its US sales of Apple Watch Series 9 and Apple Watch Ultra 2.
The order stemmed from a complaint made to the commission in mid-2021 accusing Apple of infringing on medical device maker company Masimo Corp’s “light-based oximetry functionality.”
“After careful consultations, Ambassador (Katherine) Tai decided not to reverse the… determination and the ITC’s decision became final on December 26, 2023,” the president’s executive office said in a statement on Tuesday.
Apple has been steadily ramping up fitness and health features with each generation of its Apple Watch, which dominates the smartwatch category.
In September, Apple released its Apple Watch Series 9, touting increased performance along with features such as the ability to access and log health data.
“Our teams work tirelessly to create products and services that empower users with industry-leading health, wellness and safety features,” Apple said when the ITC ban was issued.
“Masimo has wrongly attempted to use the ITC to keep a potentially lifesaving product from millions of US consumers while making way for their own watch that copies Apple.”
In May, a trial of Masimo’s allegations ended in a mistrial after jurors failed to reach a unanimous verdict.
Late last year, Apple filed two patent infringement lawsuits accusing Masimo of copying Apple Watch technology.
The Airbus A340 initially had been bound for Nicaragua when it was detained last Thursday at Vatry airport, east of Paris, where it had stopped for refuelling. A donkey flight is an illegal immigration used for unauthorized entry into foreign countries like the USA, UK, Canada etc.
It had arrived from the United Arab Emirates and was halted after an anonymous tip-off that it was carrying potential victims of human trafficking.
Of the original 303 people on the passenger list, 276 were on the plane that arrived in Mumbai before dawn on Tuesday.
Passengers began walking out onto the concourse four hours later but refused to speak to a large crowd of waiting journalists and covered their faces to shield their identities.
It was unclear whether the arrivals were questioned by authorities and India’s government has yet to issue a statement on their return.
Among those staying behind in France were two people questioned by police there over suspected people trafficking.
A judicial source said they were released after it was established the passengers had boarded the plane of their own free will.
French authorities are continuing to investigate the case for a potential violation of immigration laws, but no longer for people trafficking, judicial sources said.
Another 25 passengers sought asylum in France including five minors, local officials said.
A source close to the inquiry told AFP that those aboard were likely workers in the UAE bound for Nicaragua, which they intended to use as a staging post for journeys to the United States or Canada.
Authorisation for the plane to leave France came after a court ruled that any further detention of three of its passengers would be illegal.
The passengers of the flight, operated by Romanian company Legend Airlines, were put up at Vatry airport during the investigation.
Beds, toilets and showers were installed, the local prefecture said, while police prevented press and outsiders from entering the airport.
The passengers included 11 unaccompanied minors, according to Paris prosecutors.
The Indian embassy in Paris posted on X, formerly Twitter, on Monday that it was grateful for the “quick resolution” of the incident.
The 30 crew members were not detained. Some had handled the Dubai-Vatry leg while others were to take over for the flight to Nicaragua.
‘Mutual benefit’
The use of charter flights to aid migrants “is a relatively new phenomenon”, Manuel Orozco, director of migration issues at the Washington-based Inter-American Dialogue, told AFP last month.
Orozco said he believed that airline operators and Nicaraguan airport authorities made “an economic calculation” for their “mutual benefit”.
Indian deputy foreign minister V. Muraleedharan this month told parliament that close to 100,000 illegal Indian migrants had attempted to enter the United States this year, citing US Customs and Border Protection data.
Last year the issue caught public attention when four Indians froze to death while trying to cross into the United States on foot from the Canadian border.
They were among a group of 11 people attempting the journey, with the remaining seven detained by US authorities.
Many Indian migrants seek passage to the United States for economic reasons.
But human rights experts say there are several other factors at play, including the oppression of minority communities in India and extreme visa backlogs.
Unlawful Indian migration abroad is such an established phenomenon that it forms the backdrop of the Bollywood comedy-drama “Dunki”, released in cinemas last week.
Starring Shah Rukh Khan, one of India’s most bankable film stars, “Dunki” delves into the various means by which Indians attempt the perilous journey to the West with the help of unscrupulous agents and corrupt border officials.
In Tuesday’s interbank session, the Pakistani rupee (PKR) strengthened by 15.82 paisa against the US dollar (USD), concluding the trade at PKR 282.37 per USD—improved from the previous closing of PKR 282.53 per USD.
The Pakistani currency experienced intraday fluctuations, reaching a high bid of Rs282.8 and a low ask of Rs282.4.
Within the open market, Exchange Companies quoted the dollar at Rs282 for buying and Rs284.8 for selling.
Against major currencies, the PKR depreciated by 46.13 paisa against the Euro, closing at Rs311.27, compared to the prior value of Rs310.81.
The British Pound became more affordable by 17.27 paisa, closing at Rs358.48, in contrast to Rs358.66 from the preceding day.
The Swiss franc demonstrated gains of 4.63 paisa, concluding at Rs329.89, a slight increase from Rs329.84 in the previous session.
Against the Japanese Yen, the PKR gained 0.23 paisa, settling at Rs1.9841 as opposed to Rs1.9864 a day ago.
The Chinese Yuan experienced a decline of 3.37 paisa, closing at Rs39.52 compared to Rs39.55 in the previous session.
The Saudi Riyal concluded at Rs75.27, indicating a loss of 4.32 paisa from its previous value of Rs75.31.
Simultaneously, the UAE Dirham decreased by 4.73 paisa, transitioning from Rs76.89 a day ago to Rs76.93.
On Tuesday, gold rates in Pakistan experienced an ascent, reaching Rs219,600 per tola in the domestic market, reflecting a gain of Rs300 throughout the day.
The 10-gramme gold price in Pakistan rose to Rs188,272, marking a Rs258 increase, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
In contrast, international gold prices maintained stability at $2,072 (with a premium of $20), as noted by the APGJSA.
Notably, silver retained its position at Rs2,650 per tola in the local market.
A video featuring Syed Basit Sultan, a Pakistan Muslim League Nawaz (PML-N) candidate from NA-177 and other constituencies, has sparked controversy on social media.
The politician took oath from his supporters on the Holy Quran to swear allegiance to him ahead of the general elections scheduled for February 8.
In a video that has now gone viral, Bukhari can be seen sitting with supporters who swore allegiance to him.
The political journey of Sultan took a turn last year when he switched allegiances, leaving the Pakistan Tehreek-i-Insaf (PTI) to join the ruling coalition under the leadership of PML-N President Shehbaz Sharif.
Recently, Sultan, accompanied by his wife and daughter, submitted nomination papers for NA-176, NA-177, PP-272, and PP-273.
Responding to critics who questioned the unconventional oath-taking approach, Sultan defended his actions, stating that supporters, including former union council chairmen, voluntarily participated in the oath.
He argued that the purpose was to dispel opposition propaganda suggesting a lack of support from constituents. Sultan explained that he initially resisted the idea of the oath but eventually yielded to the request of friends.
The caretaker government of Sindh on Tuesday announced a public holiday on December 27 (tomorrow) on account of the 16th death anniversary of former prime minister Benazir Bhutto.
Sindh Caretaker Chief Minister Justice (Retd) Maqbool Baqar’s spokesperson made the announcement, declaring a public holiday across the province tomorrow.
“The Government of Sindh has been pleased to declare 27th December 2023 (Wednesday) as a Public Holiday throughout the Province of Sindh on the occasion of Shahadat of Mohtarma Benazir Bhutto Shaheed for all offices, Autonomous, Semi-Autonomous Bodies, Corporations and Local Councils under the Administrative control of Government of Sindh, except the essential services,” said the notification issued today.
