Tag: financial management

  • Judge postpones decision on Cher’s conservatorship request for son, Elijah Blue Allman

    Judge postpones decision on Cher’s conservatorship request for son, Elijah Blue Allman

    In a courtroom drama unfolding on Friday, Los Angeles Superior Court Judge Jessica A. Uzcategui deferred a ruling on the immediate establishment of a conservatorship for Elijah Blue Allman, son of iconic singer and actor Cher.

    The court is set to revisit the contentious issue on January 29, as attorneys representing both parties continue to spar over the necessity and urgency of the conservatorship.

    Cher, a recipient of Oscars and Grammys, filed a petition last week, seeking control over the finances of her 47-year-old son, Elijah Blue Allman. The legal move comes as Cher expressed concerns about Allman’s struggles with addiction and mental health, asserting that his inability to manage his finances could potentially jeopardise his life.

    During Friday’s hearing, Judge Uzcategui determined that Cher’s legal team had failed to provide Allman and his lawyers with the requisite documents, impeding their ability to present a comprehensive case. Consequently, she postponed a decision, setting the stage for a follow-up hearing later this month.

    Cher’s attorney, Gabrielle Vidal, emphasized the urgency of the conservatorship, highlighting a pending payment from a trust established by Allman’s late father, musician Gregg Allman. Vidal argued that the immediate establishment of the conservatorship was critical, describing it as a “life-and-death proposition.” However, Uzcategui remained unconvinced.

    The judge pointed to Cher’s legal team’s reluctance to share information directly with Allman’s attorneys, citing confidentiality concerns. Cher’s lawyers defended their decision, stating that they had shared the documents with Allman’s court-appointed lawyer instead.

    In a court filing preceding the hearing, Allman acknowledged his struggles with addiction and irresponsible spending but asserted that a conservatorship was unnecessary. He revealed that he is under the care of a doctor, has been sober for over three months, attends Alcoholics Anonymous meetings, and is willing to undergo regular drug tests.

    In the filing, Allman expressed gratitude for his mother’s love and support but made it clear that he does not require her “unsolicited help or support” at this time. Allman was present in court on Friday but offered only brief responses to the judge’s inquiries. His legal team opted not to comment after the hearing.

    Cher did not attend the hearing, and her attorneys did not immediately respond to requests for comment. As the legal battle unfolds, the fate of the conservatorship hangs in the balance, with both sides set to present their cases in the coming weeks.

  • Pakistan’s inflation soars to 29.2% in November, exceeding October figures

    Pakistan’s inflation soars to 29.2% in November, exceeding October figures

    In November, Pakistan’s headline inflation surged to 29.2 per cent year-on-year, as reported by the Pakistan Bureau of Statistics, surpassing the October figure of 26.9 per cent. 

    On a monthly basis, there was a 2.7 per cent increase. The average inflation for July-November reached 28.62 per cent, up from 25.14 per cent in the same period the previous year.

    CPI inflation in urban areas rose to 30.44 per cent in November 2023, compared to 25.5 per cent in the previous month and 21.6 per cent in November 2022. On a monthly basis, it increased to 4.34 per cent, reflecting a substantial jump from the previous month and November 2022.

    Conversely, rural CPI inflation stood at 27.53 per cent year-on-year in November 2023, showing a slight decrease from the previous month but an increase from November 2022.

    Anticipated by several brokerage houses, the November inflation spike, driven partly by a rise in gas tariffs, aligns with predictions. 

    JS Global and Arif Habib Limited had forecasted CPI-based inflation to be around 28.26 per cent and 28.2 per cent, respectively.

    Beyond inflation, Pakistan faces economic challenges. A recent staff-level agreement with the IMF, subject to board approval in December, will provide access to SDR 528 million. The International Monetary Fund (IMF) expects inflation to decrease in the coming months due to improved supply conditions.

    Despite maintaining a key policy rate of 22 per cent, the State Bank of Pakistan projects a downward trajectory for inflation, citing fiscal consolidation, commodity availability, and exchange rate alignment as offsetting factors against risks like global oil price volatility and increased gas tariffs.

    Caretaker Finance Minister Dr Shamshad Akhtar expressed optimism about gradual inflation reduction, attributing it to improved financial management. The government believes effective policies will contribute to an overall improvement in economic conditions.