Tag: Pakistan

  • PSX asks companies to explain significant changes in share prices

    PSX asks companies to explain significant changes in share prices

    The compliance department of the Pakistan Stock Exchange (PSX) has contacted five listed companies seeking clarification on a “substantial” change in their share prices between March 16 and April 13. One of the companies contacted is Pakistan Services Ltd (PSEL), which owns and manages the chain of Pearl Continental hotels in Pakistan. PSEL has a free-float of 60 per cent, with the company’s sponsors controlling only 40 per cent of the shareholding while the rest is available to the public for trading.

    PSX Head of Listed Companies Compliance, Hafiz Maqsood Munshi, sent a letter to PSEL on April 20 stating that “The PSX has observed that the price in the shares of PSEL has decreased substantially during the period from March 16 and April 13”. According to the prevailing Securities Act, listed companies are required to promptly disclose any unusual movement in the price or volume of its traded securities to the general public. If the company observes any such matter or development, it must share the details with the public. Otherwise, the company should issue a statement of the fact that it’s not aware of any such matter or development.

    The share price of PSEL was Rs1,720.50 at the close of the March 15 session, dropping to Rs800.10 apiece by the end of the April 13 session, showing a decrease of 53.5 per cent in less than a month. The PSX has directed PSEL to provide, “at the earliest”, the reason or any material information that may have resulted in the substantial decrease in its price during the period under consideration.

    Capital market regulators across the world keep an eye on any sudden share price movements to protect small investors from fraud. Listed companies are required to share any new development that may have a material impact on its stock price with the public immediately. This regulatory requirement is aimed at preventing insider trading, which involves buying and selling of shares by someone with non-public but material information about the stock undergoing a sharp change in its price or trading volume.

    The PSX also contacted Tandlianwala Sugar Mills Ltd (TSML), a producer and seller of white crystalline sugar and ethanol with a free-float of only 5 per cent, to explain the substantial increase in its share price between March 16 and April 13. TSML had no trading on March 15 or 16, with a closing price of Rs67.03 apiece on March 17. Its share price rose 50.3 per cent to Rs100.79 a share by the end of April 13.

    According to Dawn, the PSX compliance department contacted Towellers Ltd, a manufacturer and exporter of textile make-ups, garments and towels, which saw its share price rise from Rs183 on March 15 to Rs291.16 on April 13, up 59.1 per cent in the period under review. The PSX asked Khairpur Sugar Mills Ltd, a seller of sugar and by-products with just 5 per cent of free-float, to explain why its share price rose from Rs46.22 on March 15 to Rs72 on April 13, reflecting an increase of 55.7 per cent in about a month.

    Lastly, the stock exchange sought an explanation for the substantial share price increase from Metropolitan Steel Corporation Ltd, which makes ribbed bars, wire rods, bailing hoops, wires, transmission towers and cold profiles. The steel maker’s share had no trading on March 15, with a closing rate of Rs22.19 on March 16. Its closing rate on April 12 was Rs35 apiece, which shows the increase in the stock rate was 57.7 per cent over the period under review. The shares of the company were not traded on April 13.

  • Hurried ‘Fairy Tale’ finale misses opportunity for feminist ending

    HUM’s drama ‘Fairy Tale’ cemented itself as a household name with a hilarious storyline, stellar performances by actors and a compelling love story. The series had audiences, especially young women, applauding the growing change in how drama’s are abandoning sexist tropes to make empowering stories where for once, the women are smart and men aren’t chauvinists.

    For a lot of women, ‘Fairy Tale’ provided relief that somewhere, some one was listening to them about what they wanted: a feminist rom-com where the male lead respected, cherished and catered to the woman he loves. Farjaad (played by the talented Hamza Sohail) was described by many as a benchmark in how women wanted men in dramas to be: supportive, caring and completely the anti-thesis of what typical male leads in Pakistani dramas are like. In some of the viral clips from the drama that were garnering applaud on social media, Farjaad was considerate of Umeed’s independence, empowering her and stepping up to help her rather than shoving her inside the four walls.

    Which is why discussing the finale is important because rather than following through with the expectations and ending with a bang, with Umeed finally accomplishing her dream by opening a chai cafe and being married to Farjaad, it took a U-turn.

    The drama followed Umeed’s desire to break her father’s restrictions, a feat she manages to accomplish by participating in a game show through which she wins Rs2 crore and becomes the breadwinner of the family. Through Umeed, a lot of Pakistani women found catharsis because finally, a female lead who is financially independent? One, who empowers the women in her life, and doesn’t think twice before schooling a man who tries to lecture her? Is passionate about making her own path and establishing her own business, when currently one of the leading dramas in Pakistan involves slaps and suicide attempts *cough cough Tere Bin*? Umeed was an anomaly, reminiscent of the kind of characters who led the dramas of the 90’s when Haseena Moin was alive, and she was quick to win the audiences over.

    However, these accomplishments were for naught when by the finale, Umeed decides immediately that she isn’t interested in making more money, and gives a speech about how she would rather become an obedient daughter and get married to Farjaad. Like, why bother taking us all for a ride? Why would you explore 30 episodes about a young woman discussing business initiatives, ending with her choosing to give up all of it, and settle to marry?

    Through Farjaad especially, it was rare to see a man in a Pakistani drama own up to his actions, and empower the women in his life (READ: extremely rare), but that finale was a double-take for many audience members because in the first part he threatens to break up with Umeed if she chooses to go on and participate in the game show, something that was unexpected from a guy who told his love interest that he would keep supporting her. Then, when Umeed arrives at his office to apologise to him (why?) he taunts her for being in love with AK (played by Ali Safina). Even though he does apologise for this as well and admits that he isn’t perfect, shouldn’t the finale have ended with Farjaad owning up to his promises by helping Umeed setting up her business?

    These lose threads dangling from the plot will keep fans of the drama anxious about whether asking for a feminist rom-com was too good to be true, or maybe since Season 2 has been announced, some hope is left.

    But had the show kept true to its promise and given women what they wanted, a drama about a woman rejecting patriarchal norms and her father’s strictness to make her own dreams come true, it would have been much nicer.

  • ‘Don’t give Pakistan any animals’: Nadia Jamil slams Sri Lanka’s offer to send elephants

    ‘Don’t give Pakistan any animals’: Nadia Jamil slams Sri Lanka’s offer to send elephants

    After the tragic death of Karachi Zoo’s ailing elephant Noor Jehan after years of neglect and abuse, Sri Lankan authorities announced that they were donating two elephants to Pakistan. According to Geo News, Sri Lankan Honorary Counsel Yasin Joya announced that one will be given to Karachi Zoo and the other one to Lahore Zoo.

    Celebrities like veteran actress Nadia Jamil spoke out against this decision, slamming the Pakistani government for providing poor facilities for the animals that had led to Noor Jehan’s death.

    “I beg Sri Lanka, DO NOT GIVE PAKISTAN ANY ELEPHANTS. NOT until Pakistan develops a policy to protect animals in its zoos and learns to take care of animals as they should be taken care of. Please. No more tragic deaths. Please spare more animals from suffering like Noorjehan.”

    Other celebrities like Anushay Ashraf and Ahmed Ali Butt mourned the loss of Noor Jehan, and slammed the Karachi authorities for their limited resources which had led to the neglected conditions of animals at Karachi Zoo. In a now-expired post on her Instagram stories, Ashraf pointed out how zoos are not safe places for animals, and should not be entertainment facilities for humans:

    “Another reminder for the govt that zoos are a place where animals are kept in captivity for our entertainment. This narrative cannot work in 2023. Am sure they tried their best with Nuri, but the concept is faulty to begin with. No one trusts the animals are getting the best possible care anyway. And chargingn money to see animals behind cages is a narrative the world has grown out of.”

    Singer and actor Ahmed Ali Butt slammed the decision to import elephants from Sri Lanka, because as he wrote:

    “We don’t deserve a zoo, just like everything else in this country, animals and their care is the least of our worries. This is just a feather in our incompetetnt cap.”

  • Saudi Arabia and UAE pledge $3 billion to Pakistan as IMF agreement nears

    Saudi Arabia and UAE pledge $3 billion to Pakistan as IMF agreement nears

    On Monday, Finance Minister Ishaq Dar stated that Pakistan has fulfilled all conditions set by the International Monetary Fund (IMF). He expressed hope that the IMF would soon sign the staff-level agreement, which would allow for the release of the $1.1 billion tranche.

    Since February, the two parties have been negotiating various conditions and external financing from friendly nations before signing the agreement. Speaking to Geo News, Dar stated that Saudi Arabia and the United Arab Emirates (UAE) have informed the IMF of their commitments to provide $3 billion to Pakistan.

    Riyadh has pledged $2 billion, while Abu Dhabi has promised $1 billion. The IMF has also been notified of this, according to Dar. The finance minister emphasized that all conditions for the staff-level agreement have been met, and he expressed optimism that the IMF’s Executive Board would approve it soon.

    The country’s foreign exchange reserves have dwindled to cover barely a month of imports since the IMF funding stalled in November. Pakistan must resume the bailout package, which was agreed upon in 2019 and is worth $6.5 billion, to avoid risking default on external payment obligations.

    Pakistan had to take several steps demanded by the IMF, including reversing subsidies in its power, export, and farming sectors, raising energy and fuel prices, imposing a permanent power surcharge, among other measures.

    These moves have pushed Pakistan’s inflation to its highest level ever, rising to over 35 per cent YoY in March. The IMF programme will disburse another tranche of $1.4 billion to Pakistan before it ends in June, and it will unlock other bilateral and multilateral financing for the cash-strapped country.

    In recent weeks, neighbouring China has rolled over $2 billion and refinanced another $1.3 billion.

  • Gen Bajwa advised me to dissolve assemblies: Khan

    Gen Bajwa advised me to dissolve assemblies: Khan

    Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan has admitted that he dissolved the provincial assemblies of Punjab and Khyber Pakhtunkhwa (KP) on advice from former Chief of Army Staff (COAS) General (retd) Qamar Javed Bajwa.

    “In a meeting with General Bajwa held in the presence of President Dr Arif Alvi, he [Gen Bajwa] said that if you want elections, dissolve your governments,” said Khan while talking on ARY News programme, ‘Sawal Yeh Hai’.

    Khan had earlier made multiple accusations against the former army chief, including the allegation that he had conspired to remove PTI government at the center.

    The former prime minister further said, “General Bajwa and the [premier intelligence] agency knew that the current rulers had stolen the money from the national kitty and taken it abroad. Despite knowing this, General Bajwa was willing to give them NRO as he had planned an extension [for himself].”

    “If you have an ideology, you can’t convince yourself to give NRO to these people,” added Khan.

    He also revealed that a leader from the Middle East had told him a year ago that Bajwa was not supporting him any longer.

    Khan went on to say that they [coalition government] are running away from elections.

    During the interview, Imran Khan also suggested that polls can take place in July if Prime Minister Shehbaz Sharif dissolves the National Assembly — the lower house of parliament.

    “Elections can be held in July if the prime minister dissolves the assembly,” the ousted premier said.

    He also stressed that caretaker governments in both Punjab and KP — the provinces where Khan’s party was in power before he decided to dissolve its two assemblies on January 14 and 18, respectively — are illegal after the lapse of their stipulated term.

    “The caretaker government’s tenure is over already, it has become illegal,” the deposed premier said. He demanded the caretaker government be abolished and a new “neutral” interim setup be instated.

    He added that the Supreme Court of Pakistan has given May 14 as the date for Punjab polls and his party won’t let the government extend polling day beyond that.

    “If they think they [incumbent government] will pressurise the Supreme Court, we will not let it happen. They will create scandals about the top court to run away from elections,” he said.

  • Best places to visit on Chand Raat for last minute Eid shopping

    Is it Eid the next day and you still haven’t managed to put together the perfect lewk? Our version of the Met Gala is on the nigh, so you need to know what are the best places to find something to add the extra spark. Whether you’re living in Lahore, Islamabad or Karachi, we have carefully selected a list of places you should definitely check out!

    Lahore

    Anarkali:

    Where will you find prettier jhumkay and bangles to give your look the spark it needs than a centuries old market? Located on Mall Road, its the perfect place to get mehndi, spend time with the family and also get some good food from nearby stalls.

    Liberty Market:

    Situated in Gulberg, it’s the perfect spot to find some good clothes at a low price or if you’re just looking for a place where the festivities for Eid have started. You’ll find good stores to purchase khussas, accessories or even mehndi stalls to get gorgeous henna patterns!

    Karachi

    Tariq Road: Featuring stores with some of the finest clothes, bags and shoes, this is the perfect spot to find a good last-minute addition to your Eid outfit.

    Dolmen Mall: Can’t find something because it is extremely expensive? Around Chand Raat, malls start introducing discounts on brands so this is the best time to find something to make your Eid look even better!

    Islamabad

    Centaurus Mall: On the day before Eid, a mela (fair) is set up at each famous mall, attracting large crowds of people looking for some fun places to celebrate the end of Ramadan and also find some good purchases at the last minute.

    F-10 Markaz:

    Best place to find any gifts you want to give your family members, and also rated by all Islamabadis as the best food spot in the city.

  • ‘Saddening’: Zulfiqar Bhutto tells international wildlife activists to stop the hate on Noor Jehan issue

    Ever since the poor condition of animals at Karachi Zoo, particularly the ailing elephant Noor Jehan, has gone viral on social media, local and international wildlife activists have slammed authorities for neglecting their charges.

    Several international activists have criticized Pakistani authorities for failing to care for Noor Jehan, sharing clips of the elephant lying on the ground. However, some tweets by international activists have ventured into the realm of racism.

    Wildlife activist and artist Zulfikar Ali Bhutto addressed international criticism in an Instagram post, reminding critics that despite government negligence, corruption and limited facilities, it was Pakistanis who stepped up to provide resources and raised calls to shut down the zoo and provide treatment for Noor Jehan.

    “In a country as poor as ours – many have poured their hearts and soul into caring for Noor Jehan. Doctors from Agha Khan are attending to her wounds as we speak. Their first non-human patient. Yes she was cruelly neglected like many of the animals in the zoo are now. But it was Pakistanis who highlighted their suffering. Form Paw Pakistan to local activists. It was Pakistanis who advocated for the animals in the zoo.

    Don’t blame the mahoots who are also victims of a cruel hierarchy. Don’t blame the volunteers staying up day in and day out – sacrificing the time they could be spending with their own families.”

  • ‘How could anyone be in favor of ending such a life’: Yashma Gill against euthanizing Noor Jehan

    Actor Yashma Gill shared a video clip of her visiting Karachi Zoo to see the facility’s ailing elephant Noor Jehan, whose condition is growing worse day by day.

    Karachi Zoo has been slammed by animal right activists for neglecting the animals under its care. Noor Jehan’s prolonged illness and mishandling of her ailment led to national outrage on social media.

    Gill discussed her experience of watching the elephant fight for her life:

    “As I stood before Noor Jehan, I couldn’t help but feel a deep sense of admiration for her unrelenting spirit. Despite her illness, she remains hopeful and determined, a true symbol of resilience. Her eyes hold a gentle yet unwavering gaze, a testament to her will to live. Her sheer strength and perseverance were truly inspiring, leaving me with a renewed sense of hope and optimism.”

    Gill rejected eeports that the elephant will be euthanized as her illness shows no improvement, asking authorities to keep fighting hard for Noor Jehan and give her the best possible chance at life:

    “For me, the answer is clear – we must do everything in our power to give her a chance to heal and recover. No matter how difficult the road ahead may be, we owe it to Noor Jehan to give her the best possible chance at life. After all, where there’s a will, there’s always a way.”

    Read her complete post here:

    Anoushay Ashraf had also joined the growing cry to shut down Karachi Zoo when she shared a clip of herself visiting elephant Noor Jehan and talking to the wildlife expert Maira over there.

    Celebrities like Hamza Ali Abbasi, Arooj Aftab and Ayesha Noor had joined the rallying cry to shut down zoos across Pakistan, by sharing how the animals suffering in cages are deprived of the natural habitat and are not given the proper facilities they need to survive:

    Arooj Aftab had re shared a clip of her interview with The Current, and in the caption she said that authorities could build much better entertainment facilities for children:

    The ‘Maula Jatt’ actor had shared pictures of the lions in Karachi Zoo, who were suffering from starvation and neglect, and demanded that authorities shut down the zoo and transport the animals to proper shelters.

  • Fear of operation at Zaman Park: Bushra Bibi writes letter to PM Shehbaz and interim CM Naqvi

    Former First Lady Bushra Bibi has written a letter to Prime Minister (PM) Shehbaz Sharif and interim Chief Minister (CM) of Punjab Mohsin Naqvi.

    It is being reported that Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s wife has sent the letter through her lawyers to the premier and caretaker CM due to fear of a government operation in Zaman Park on Eid.

    The letter states that a court order has been issued in the matter of the government conducting an operation at Imran’s Lahore residence. It further adds that a plan has been hatched to misinterpret the court order, while reminding the recipients that an operation has been conducted in the past despite court orders. The document warns that if an operation takes place in Zaman Park on Eid, then higher courts will be approached.

  • Nawaz Sharif, Maryam meet Saudi Crown Prince

    Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif along with his daughter Maryam Nawaz met Saudi Crown Prince Mohammed bin Salman to discuss bilateral relations and the current problems faced by Pakistan.

    The meeting was confirmed by Federal Minister for Information and Broadcasting Marriyum Aurangzeb, she said: “The leaders discussed further improving Saudi-Pak brotherly relations and solutions to the issues Pakistan is facing. Nawaz Sharif expressed his good wishes for the Saudi leadership.”

    Nawaz and his family are currently in Saudi Arabia, where they performed Umrah.

    The Sharif family reached Saudi Arabia on April 11 on the invitation of the royal family. The former Prime Minister (PM) is visiting Saudi Arabia after six years.

    According to media reports, Saudi’s King Salman bin Abdulaziz invited Nawaz — who is considered close to the royal family — and Prime Minister (PM) Shehbaz Sharif to the kingdom as a gesture of goodwill.

    It is also speculated that Nawaz may come to Pakistan after winding up the tour of Saudi, however, there has been no official confirmation yet.