Tag: Pakistan

  • Sri Lanka defeats Pakistan in second Test to end the series 1-1

    Sri Lanka defeats Pakistan in second Test to end the series 1-1

    After losing the second Test match against Sri Lanka, Pakistan dropped to fifth place in the most recent World Test Championship points standings.

    Both sides won one match each in the two-Test series between the two countries, which has been entertaining. With a four-wicket victory in the first Test, Pakistan took a 1-0 lead in the series. By chasing 342, the visitors improved their hopes of competing in the World Test Championship final the following year, moving up to third place in the standings, while Sri Lanka fell to No. 6.

    After their victory over the Men in Green to tie the series, Sri Lanka rose from sixth to third place. Australia holds down the coveted second slot in the league while South Africa continues at the top.

    Pakistan’s heroics from the first Test were not repeated as they lost in the second innings despite attempting to reach a record-breaking 508-run mark. The Men in Green gave Sri Lanka a 147-run lead going into the second innings by being dismissed for 231 in their first innings.

    In the second innings, Sri Lanka made the most of their advantage by completely dominating Pakistan’s bowling attack. In the last innings, Pakistan was given a target of 508 after Dhananjaya de Silva’s brilliant century.

    Despite having a strong beginning to their innings, Pakistani hitters lost their way halfway through. Before Pakistan’s mini-collapse stopped them and secured a draw, captain Babar Azam produced yet another half-century. Sri Lanka destroyed the batsmen as they defeated their opponent by 246 runs.

  • Gold prices hit an all-time high of Rs152,000 per tola

    Gold prices hit an all-time high of Rs152,000 per tola

    On Wednesday, the price of gold in Pakistan rose to an all-time high, reaching Rs152,000 per tola, primarily as a result of increased demand and the weakening of Pakistani rupee (PKR).

    Just on Wednesday, gold prices increased by Rs2,500. The price per tola has climbed by a total of Rs10,900 since July 1 with the most recent hike.

    Pakistan often follows the trajectory of the global market for bullion and other precious metals. A declining rupee, however, has altered the situation.

    According to Akhtar Tesori, chairman of the Pakistan Gems Jewellery Traders and Exporters Association (PGJTEA), demand for gold jewelry was significantly decreased in the country during the past several months.

    In the interbank market on Wednesday, the rupee finished at Rs236.02. This is a new record low for the rupee versus the US dollar.

    The cost of silver in the domestic market remained steady at Rs1,600 for a tola and Rs1,371.74 for a gramme.

  • ‘If I am stopped from entering Punjab, this will be the beginning of Governor Raj,’ threatens Rana Sanaullah

    ‘If I am stopped from entering Punjab, this will be the beginning of Governor Raj,’ threatens Rana Sanaullah

    Interior Minister Rana Sanaullah warned that if he is stopped from entering Punjab, it will be the beginning of Governor Raj.

    “The summary to impose Governor’s Rule is being drafted, and I — personally — have started work on it,” said Rana while addressing a press conference in Islamabad.

    PTI leaders had suggested banning Rana Sanaullah’s entry into Punjab after winning Punjab by-elections.

    Rana Sanaullah also said that the political situation has worsened due to the decision of the Supreme Court.

    Sanaullah added that after the no-confidence motion against former prime minister Imran Khan was successful, the PML-N proposed moving towards early elections, indicating that the coalition partners did not agree.

    He also added that once the general elections are announced, PML-N supremo Nawaz Sharif will come back to the country and lead the election campaign.

    “But now, the federal government is a government of coalition partners, and this coalition has formed governments in Sindh and Balochistan. The federal government has its own significance,” he said.

  • ‘Pakistan is not going to default’: Miftah Ismail

    ‘Pakistan is not going to default’: Miftah Ismail

    The pressure on the Pakistani rupee will “vanish” in a few weeks, according to Finance Minister Miftah Ismail, who also stated that Pakistan is not going to default.

    He predicted that dollar inflows into Pakistan will exceed dollar outflows soon, creating a “stable exchange rate”. Additionally, he said that within three months, imports will “organically” decline, and exports will soar as a result of the government’s impending strategic plan.

    “It’s no fun going to the world, to the International Monetary Fund (IMF), to the Chinese, to the Saudis, asking for money,” said Miftah Ismail in an interview with Mosharraf Zaidi, CEO of advisory services firm Tabadlab.

    According to Miftah, the IMF loan influx will be completed within weeks.

    “The only thing is that from August 1 to August 15, the directors of the IMF are on vacation. That’s why the meeting is starting a little later than I’d prefer,” he added.

    The finance minister defended the government’s policy of limiting imports to stop the dollar from leaving the country during the discussion. “Nobody is happy with the surgery, but sometimes it’s necessary,” he added.

    Without mentioning the country, Miftah stated that Pakistani authorities had requested a “friendly country” to shore up foreign exchange reserves through dollar-denominated deposits but it turned down Islamabad’s request, saying the latter never returned the deposits.

    The friendly nation subsequently expressed interest in purchasing shares of publicly traded government-owned companies under a buyback arrangement, giving Islamabad the option — but not the obligation — to repurchase the same ownership at a 5 per cent higher price.

    In addition to stating that “there’s not even (a question of) price discovery,” the minister stated that the country “tried to help Pakistan and is giving a great deal”.

    =Earlier today, the Pakistani rupee again fell to a record low versus the US dollar. During intraday trading on Wednesday at 1:00pm, the US dollar reached Rs239.

  • Hyundai sedan prices raised up to Rs830,010 amid rupee devaluation

    Hyundai sedan prices raised up to Rs830,010 amid rupee devaluation

    Hyundai Nishat, like other automakers, has announced a major hike in costs for the Elantra and Sonata variants as a result of the unstable local currency and increased tax rates.

    The updated price for the Hyundai Elantra 2.0 is Rs5,499,000 (including CVT) compared to the old rate of Rs4,998,490 after an increase of Rs500,510. The new price for the Hyundai Elantra 1.6 in Pakistan is Rs5,099,000 (including CVT) compared to the old rate of Rs4,341,9900 after an increase of Rs757,010.

    The revised price of the Hyundai Sonata 2.0 is Rs7,899,000 (with CVT) in Pakistan, up Rs830,010 from the previous rate of Rs7,068,990, while the updated price of the Hyundai Sonata 2.5 is Rs5,499,000 (including CVT), down Rs571,510 from the previous rate of Rs7,927,490.

    Due to local currency devaluation, logistical expenses, tax rate increases, and overall economic uncertainty in the nation, Pakistan’s auto sector is struggling.

    During intraday trade today, the Pakistani Rupee (PKR) lost value against the US Dollar (USD) and fell below the Rs238 mark. The local currency was trading at Rs238.50 in the open market at noon after losing more than Rs5.57 in relation to the dollar.

    Major automakers have been compelled by these problems to lower their production goals in Pakistan. While Honda Atlas Cars Limited (HACL) and Kia Lucky Motor Corporation Limited (KLMCL) are switching to single-shift manufacturing schedules, Toyota Indus Motor Company (IMC) has ceased production for an unknown length of time.

  • Missing girl presented before court

    Missing girl presented before court

    Missing girl was presented before the judicial magistrate in the city court today (July 27) in Karachi. The court said that the order to produce the minor today was to ensure that she is in a comfortable situation in the shelter home. The court also said that she should not be presented again until other court orders are issued.

    The application was filed by Zaheer Ahmed before Judicial Magistrate (East) Aftab Ahmed Bughio.

    The court ordered that the minor should be presented in court by the Child Protection Officer.

    The court said that no one will be allowed to meet the girl. As per the court orders, no one should be present at the time of minor’s appearance except the lawyers of the parties.

  • Early appointment of new army chief is not a bad idea, says President Alvi

    Early appointment of new army chief is not a bad idea, says President Alvi

    President Dr Arif Alvi was asked about an early appointment of the next army chief, which is due this November, in a meeting with journalists today.

    “It’s not such a bad idea,” Alvi said in response.

    According to reports, President Alvi said that this matter can be resolved through dialogue.

    President Alvi said that it has been suggested that he “plays his part” after meeting the army, naval, or air chiefs, which he “cannot do”. Elaborating further, Alvi said that as the president of Pakistan, he does not have the constitutional authority to ask parties to have a dialogue.

    He said that a dialogue is possible only when all the stakeholders agree. “The President House can play its role only in this case.”

    Neutrals need to remain neutral 

    “The neutrals need to remain neutral always,” the president said.

    “The elephant in the room has not yet appeared but it has been there for 50 years,” he said, adding that the matter is a ground reality and that it can be solved through dialogue.

    On relations with Shehbaz Sharif

    Alvi said that he has had many meetings with Prime Minister Shehbaz Sharif and this impression is wrong that his relationship with the prime minister is not so good. Since this government took power, the government has sent the president 74 summaries.

    Since the coalition government has come into the office, 69 out of 74 summaries have been signed on the day of receiving them, said Alvi.

    “I held back the summaries regarding NAB amendment Ordinance, electronic voting machines, and the Punjab governor but this was not due to any pressure,” he said.

    On talking with Imran Khan

    When asked, President Alvi said that he didn’t have any communication with PTI Chairman Imran Khan on the matter of EVMs and NAB amendment ordinance and the last time they spoke was when there was an issue regarding the Punjab governor.

  • Monsoon rains likely to continue during the week: Pakistan Meteorological Department

    Monsoon rains likely to continue during the week: Pakistan Meteorological Department

    The Pakistan Meteorological Department (PMD) on Tuesday said that monsoon rains will continue this week.

    The PMD warned that the ongoing monsoon system may trigger further urban flooding in Rawalpindi, Islamabad, Peshawar, Nowshera, Mardan, Faisalabad, Lahore and Gujranwala.

    As per the PMD, flash flooding is also expected in local nullahs of Islamabad, Rawalpindi, Shakargarh, Sialkot, Narowal, Abbottabad, Mansehra, Dir, Karak, Lakki Marwat, Bannu and Kashmir from July 27 to July 31.

    Read more- Heavy rains, flash flooding in Balochistan kills at least 102 people

    “Rainfall may trigger landslides in Kashmir, Galiyat, Murree, Chillas, Diamir, Gilgit, Hunza, Astore, Ghizer and Skardu during the forecast period.”

    The Met Department advised travellers and tourists to observe caution during the forecast period.

  • PML-N won’t accept early elections without the return of Nawaz Sharif: report

    PML-N won’t accept early elections without the return of Nawaz Sharif: report

    Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif is currently reviewing the political situation in Pakistan and it is likely that the PML-N chief may return to Pakistan, reports Ansar Abbasi for The News.

    It is also being reported that Nawaz Sharif should restart his interaction, both with the media and the public.  The PML-N did not want the government and were eager to go for fresh elections in May this year but were told to continue in the best interest of the country, stated the report.

    “We won’t accept it without the return of Mian Nawaz Sharif and in the absence of a level-playing field and clear rules of [the] game for all political parties,” revealed a PML-N insider.

    The PML-N wants to see the court decide the appeals against Sharif to give him and the party a fair opportunity to contest the elections.

    It is pertinent to mention here that Shehbaz Sharif-led coalition government will complete it’s constitutional term in August 2023.

    Last week, Ansar Abbasi revealed that the establishment is considering holding elections in October.

    Read more: ‘Soft intervention’ by the Establishment due to political crisis: report

    “A soft intervention by the establishment between the government and the Opposition has raised the prospect of early talks and general elections in the country in October,” said Abbasi.

    Abbasi further said that after the unconditional intervention of the establishment between the government and the Opposition, talks between the political parties are likely to begin soon and the prospect of general elections in October seems imminent.

  • Heavy rains, flash flooding in Balochistan kills at least 102 people

    Heavy rains, flash flooding in Balochistan kills at least 102 people

    At least 102 people have died due to the torrential rains and flash floods in Balochistan.

    “Thirty-two children and 28 women are among the dead so far,” said Naseer Ahmed Nasar, the director-general of the Provincial Disaster Management Authority (PDMA).

    Nasar further added that most of the children drowned in flash floods that were triggered by heavy rainfall in different parts of the province.

    The spokesperson of the Balochistan government, Farah Azeem Shah, said that the rains have damaged 580 kilometres of roads, 11 bridges and five dams in the province. Besides, 706 cattle have also died due to floods.

    “Chief Minister Balochistan Mir Abdul Quddus Bizenjo released an amount of 92.4 million rupees for the families of rain victims and deceased persons,”she added.

    The Balochistan government imposed Section 144 in the province amid forecasts of more heavy rain.