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  • Global oil prices drop more than 3% as fears of supply disruptions ease

    Global oil prices drop more than 3% as fears of supply disruptions ease

    Global oil prices dropped more than 3 per cent as the surge driven by increasing geopolitical tensions paused, with the market anticipating a response from Israel against Iran.

    Tamas Varga, an analyst at oil broker PVM, remarked in a Tuesday report, “Oil can only continue to rise for so long based on perceptions rather than actual disruptions in supply.”

    Following Iran’s launch of approximately 180 ballistic missiles at Israel last week, oil prices had climbed nearly 13 per cent by Monday’s close, sparking concerns that Israel could retaliate by targeting Iran’s oil sector.

    President Joe Biden has openly advised Israel against targeting Iran’s oil infrastructure. According to officials speaking to The New York Times, Israel is anticipated to prioritise strikes on military and intelligence sites in Iran.

    Similarly, The Jerusalem Post has reported that Israel’s efforts will likely concentrate on these military and intelligence facilities.

    Israeli Defense Minister Yoav Gallant is set to meet with US Secretary of Defense Lloyd Austin at the Pentagon on Wednesday to discuss ongoing security developments in the Middle East, as stated by press secretary Maj. Gen. Pat Ryder during a briefing on Monday.

  • Inside the government meeting with Maulana Fazl-ur-Rehman

    Inside the government meeting with Maulana Fazl-ur-Rehman

    A high-profile meeting took place yesterday at the President’s House in Islamabad between the government and Chief Jamiat-e-Ulema Islam Fazl (JUI-F) Maulana Fazl-ur-Rehman, in which the proposed constitutional amendments were the focus.

    After the All Parties Conference (APC) held at the President’s house to show solidarity with Palestine, In a meeting with government officials, Chief JUI-F reportedly said that since the central leadership of his party was not present in the meeting, except for him and Senator Abdul Ghafoor Haidri, no decisions could be made.

    Maulana Fazl-ur-Rehman claimed that his party had prepared an 80 per cent draft of the constitutional amendments and would soon hand it over to the government’s negotiated team.

    It was stressed that a draft with common proposed constitutional amendments would be preferred.

    The Pakistan Muslim League Nawaz (PML-N) and Pakistan People Party (PPP) negotiated team would again engage with the JUI-F team in the upcoming week.

    President Asif Ali Zardari and former Prime Minister (PM) Nawaz Sharif assured their support to Maulana Fazl-ur-Rehman and praised his efforts in promoting democracy.

  • Exchange rates: PKR drops over two paisa against US dollar

    Exchange rates: PKR drops over two paisa against US dollar

    The Pakistani rupee (PKR), on second trading day of the week, dropped by 2.78 paisa against the US dollar (USD) in Tuesday’s interbank session to settle the trade at Rs277.67 against the greenback.

    Today’s closing takes PKR 0.01 per cent higher compared to Monday’s closing rate of Rs277.64.

    PKR, during the trading session, saw an intraday high of Rs277.80 and a low of Rs277.70 per dollar.

    Exchange companies were buying the American dollar for Rs278.3 and selling it at Rs279.69.

    It is worth mentioning that, in the current financial year, Pakistani currency has gained against the US dollar about 67.11 paisa or 0.24 per cent. The current calendar year has witnessed rupee rise by Rs4.19 or 1.51 per cent.

    Here’s a comparison of the closing rates for today and those from the previous session:

    CurrencyChangeToday’s closingPrevious rate
    Euro72.47 paisa305.20304.48
    British Pound40.78 paisa363.48363.89
    Swiss FrancRs1.43325.12323.69
    Japanese Yen0.8 paisa1.88071.8727
    UAE Dirham1.17 paisa75.5975.60
    Chinese Yuan17.39 paisa39.3839.56
    Saudi Riyal2.51 paisa73.9473.92
    Exchange rates for today

    As compared to other foreign currencies, PKR lost 72.47 paisa against the Euro, closing at Rs305.2 compared to the Monday’s rate of Rs304.48.

    The British Pound became cheaper by 40.78 paisa closing at Rs363.48 compared to Rs363.89 from a day ago.

    The Swiss franc saw a gain of Rs1.43, closing at Rs325.12 compared to 323.69 from the previous session.

    Against the Japanese Yen, PKR lost 0.8 paisa, closing at Rs1.8807.

    The UAE Dirham increased by 1.17 paisa from Rs75.6 a day ago to Rs75.59.

    The Chinese Yuan lost 17.39 paisa, closing at Rs39.38.

    Lastly, the Saudi Riyal closed at Rs73.94 with a gain of 2.51 paisa from its value of Rs73.92 a day ago.

  • Pakistani rice exports: A booming sector that needs government support

    Pakistani rice exports: A booming sector that needs government support

    Pakistani rice is serving a purpose far greater than tasting good in Biryani: it’s turning into a lifeline for the country’s economy, bringing in nearly $4 billion annually.

    In July and August alone, exporters managed to export a staggering 620,000 metric tons of rice. That’s a huge deal, especially considering they did it without enjoying government perks like minimum support prices or energy subsidies.

    What’s even more impressive is how Pakistani rice is standing out globally. Compared to its counterpart India, Pakistan had 74 alerts, while India had a staggering 264 alerts. The result is that Pakistan is building a reputation for quality rice, especially in Europe.

    And with production ramping up significantly in the past year, Pakistan has been able to beat India in price, too. As such, Pakistan now has a 25 per cent share of Europe’s rice market while India is behind with 17 per cent. However, India isn’t sitting quietly – they’ve come out firing by lifting bans on certain rice varieties to regain their market share.

    Rice exports could be the key to pulling Pakistan out of its economic troubles. At the close of FY 2023, Pakistan’s current account deficit was a worrying $3.275 billion.

    But the Minister of Commerce, Jam Kamal Khan’s new vision might change that.

    He wants to boost rice exports by $3 billion, which could nearly wipe out the deficit and inject much-needed dollars into the economy. Moreover, the minister expressed interest in educating farmers to improve the quality of rice harvests to reduce the chances of getting flagged with a health alert by foreign authorities.

    However, the catch is that to jump from $4 billion in exports to $7 billion, a 75% increase, Pakistan’s rice industry needs help. But what could be the solution here? The solution: Government subsidies to rice exporters.

    While exporters are doing well, they could meet the minister of commerce’s goal with the right support. Access to state-of-the-art rice milling machines and government-improved irrigation systems is necessary. Rice is a water intensive crop, and any disruption in water supply wipes out a year’s worth of yields.

    But even low-cost milling machines can cost small farmers around PKR 3 million – a price many can’t afford on their own.

    If Jam Kamal wants to take rice exports to the next level, the government needs to step in. Supporting farmers and exporters with subsidies could be the difference between a negative and positive balance of trade in the coming years.

    Is rice the new saviour of the economy? Time will tell.

  • ‘Who are we to judge someone else’s career choices’: Sadiq Saleem defends Fawad Khan

    ‘Who are we to judge someone else’s career choices’: Sadiq Saleem defends Fawad Khan


     
     Working across borders in South Asia always leads to heated debates. Despite his bonafide superstar status, Fawad Khan too is not immune to criticism on working in rival industries.
     
     
    Entertainment journalist Khaleej Time, Sadiq Saleem, defended Fawad Khan, who has faced criticism for taking on an international project.
     
     
     Saleem took to his Instagram account to support Fawad, emphasizing the bigger picture of artistic growth and global opportunities:


     “To everyone saying Fawad Khan chose an international project over Pakistan’s A-list offerings, maybe check in with your siblings working abroad. Who are we to judge someone else’s career choices? We preach about freedom and art having no boundaries, yet we complain when a major Indian banner decides to cast our star. Despite the risks, Fawad still holds major appeal in India, and the makers think that he is truly worth the risk. And let’s be real, what masterpieces have we produced lately?”
     
     
     Sadiq Saleem pointed out that while many have criticized the choice to work on Heeramandi under an Indian filmmaker, we must reflect on what our own industry has achieved over the years, “Actors can’t just sit around collecting dust. Forget him, if you were offered an international opportunity at work, wouldn’t you take it? Would you really think that if you left, your country would lose your taxes?”
     
     
    “You’d consider the bigger picture. And no one creates a ‘bigger picture’ better than YRF. Let our boy be and do his magic. We have Neelofar and Jo Bichad Gaye… if you’re craving his presence so much”, Saleem wrote.
     
    Fawad Khan is making a comeback in Bollywood projects, starring opposite Vaani Kapoor in a new film tilted ‘Abir Gulaal.’ The film is directed by Aarti S. Bagdi and produced by Indian Stories, A Richer Lens, and Aarjay Pictures.

  • Samsung issues rare apology for poor results in tech ‘crisis’

    Samsung issues rare apology for poor results in tech ‘crisis’

    Samsung Electronics issued a rare apology and acknowledged on Tuesday it was facing a “crisis” over its technological competitiveness, reflected in a disappointing profit guidance, despite a global AI boom.

    Samsung said it expected third-quarter profits to rise to 9.1 trillion won ($6.8 billion), up 274.5 per cent from a year earlier, falling short of market expectations as the company struggles to leverage robust demand for the chips used in artificial intelligence servers.

    “Today, we, the management of Samsung Electronics, would like to first say sorry to you,” Samsung said in a statement signed by Jun Young-hyun, the vice chairman of its device solutions division.

    It said “concerns have arisen about our fundamental technological competitiveness and the future of the company” because of the results.

    “Our management will take the lead in overcoming the crisis […] We will make the serious situation we are currently facing an opportunity for a resurgence.”

    The results are up around three-fold from the same period last year but down nearly 13pc from the previous quarter.

    The rare apology came about a week after the tech giant said it intended to reduce staff in some of its operations in Asia, describing the move as “routine workforce adjustments”.

    Bloomberg reported that the layoffs could affect about 10pc of the workforce in those markets, while other reports claimed the planned move could affect up to 30pc of overseas employees at some operations.

    Samsung has been lagging behind South Korea’s SK hynix when it comes to high bandwidth memory (HBM) chips used in AI chipsets, which could be one of the biggest causes of the profit estimate released on Tuesday, said Kim Dae-jong at Sejong University in Seoul.

    “Given the circumstances, it appears that Samsung has also lost a significant number of (HBM-related) employees to SK hynix,” Kim told AFP.

    The company was facing a “grave situation”, he said.

    Shares in Samsung fell 1.31pc in afternoon trading in Seoul, with its stock down almost 30pc over the past six months.

    ‘Expected decline’

    The Samsung statement said management would “quickly assess and make any necessary adjustments to our workplace culture”.

    The firm is the flagship subsidiary of South Korean giant Samsung Group, by far the largest of the family-controlled conglomerates known as “chaebol” that dominate business in Asia’s fourth-largest economy.

    Jene Park, a senior analyst at Counterpoint Research, said there had been “an expected decline” in Samsung’s memory sector, with delays in supply of the newest chips and general reductions in memory demand.

    Even so, a sharp profit or sales decline was unlikely in the near future, he said. “Samsung plays a significant role in the global supply chain,” Park said.

    The company’s estimate for its sales for the third quarter was seen increasing 17.2pc on-year to 79 trillion won.

    Samsung is expected to release its final earnings report at the end of this month.

  • Aleema Khan reveals details of how she was arrested

    Aleema Khan reveals details of how she was arrested

    Aleema Khan, the sister of the founder Pakistan Tehreek-e-Insaf (PTI) Imran Khan, has revealed details of how, along with her sister Uzma Khan, was arrested during the Islamabad protest.

    Sardar Qadeer Advocate posted a video on X (formerly Twitter) in which Aleema Khan said that federal capital police arrested her following an interview she gave to a journalist, stressing, “We were not committing any violation at that time.”

    She said, “Section 144 was imposed, not a curfew; I could have been arrested only if the curfew was imposed.”

    Aleema Khan revealed that many elderly women around 60 to 80 years of age were detained by federal police in the same cell as her, and the police didn’t provide them medicine for two days.

    Imran Khan’s sister said that they were deceived when the police shifted them to the I-H police line instead of presenting them before the court, and added, “We were apprehended, not even served food or medicines for multiple hours on the last day. The next morning, we did not have cash; police collected money to buy food and then served us breakfast.”

    She demanded that authorities provide proof of the section 144 violation allegedly committed by the elderly detained women: “If it were proven, they would embrace even ten-year imprisonment.”

  • Imran Khan approaches United Nations expert over 26th constitutional amendments

    Imran Khan approaches United Nations expert over 26th constitutional amendments

    Founder of Pakistan Tehreek-e-Insaf (PTI) Imran Khan has approached the United Nations (UN) Special Representative on the Independence of Judges and Lawyers against the incumbent government’s proposed constitutional amendments.

    According to the United Kingdom (UK) website, which offers legal assistance, former Prime Minister (PM) Imran Khan has filed an urgent appeal to the UN Special Rapporteur through Edward Fitzgerald KC, Tatyana Eatwell and Jennifer Robinson.

    Imran’s family advised Eatwell and Robinson to conduct UN engagement and international advocacy on his behalf.

    The appeal voiced concerns that the incumbent government’s proposed twenty-sixth constitutional amendments would curb the independence of the judiciary, and the rule of law added that constitutional amendments would pose a serious threat to the fundamental rights of Imran Khan and his followers in Pakistan.

    International counsel for Imran Khan and his family, Edward Fitzgerald KC, Tatyana Eatwell and Jennifer Robinson, stated, “The proposed amendments are clearly aimed at removing the jurisdiction and powers of the Supreme Court, at a time when the judiciary in Pakistan is already under threat. Judges have been threatened and coerced to deliver prescribed verdicts in controversial cases.”

    ”

  • If you earn money through YouTube, your money is haram; Zakir Naik makes another controversial claim

    If you earn money through YouTube, your money is haram; Zakir Naik makes another controversial claim

    Indian Islamic scholar Dr. Zakir Naik has claimed that earning money from YouTube and Facebook ads is haram according to Islamic principles.

    In his recent videos at Port City, he talked about whetever YouTube and Facebook ads earnings are haram or halal. He said that earning revenue from YouTube ads is ‘Haram’. You see music and girls on YouTube ads, which is against Islamic principles.

    He said that he has more than 24 million subscribers on YouTube, but he has not allowed monetisation on his channel even though he has the potential to earn a huge ammount. There are many content creators who are using his videos with a thumbnail of girls, earning money and getting more views than original content, he said.

    He emphasises the importance of earning money ethically by influencing Islam like him, not by influencing others things like vlogs and other stuff. He is facing swear criticism on many other topics, especially on the issue of unmarried women.

    He is currently in Pakistan, visiting various cities across the country. Earlier, he visited Pakistan in the 1990s.

  • KP govt dismisses allegations of deal with establishment after Gandapur’s ‘disappearance’

    KP govt dismisses allegations of deal with establishment after Gandapur’s ‘disappearance’

    Khyber Pakhtunkhwa Chief Minster’s Advisor Barrister Mohammad Ali Saif ruled out allegations of Ali Amin Gandapur making a deal with the military establishment.

    Talking on Geo News last night, he said, “It is false that CM Gandapur has made any deal [with institutions],” after Gandapur went missing for more than 24 hours after reaching KP House in Islamabad for a PTI protest.

    Gandapur made a sudden entry into the KP Assembly House on Sunday night after PTI alleged that he had been abducted.

    Ali Amin, in his signature fiery style, narrated a mysterious tale of how he survived and reached the parliament by himself.

    “Police raided the KP House multiple times […] Listen IG [Inspector-General of Police]. I was there the whole night,” Gandapur revealed that he had never left the KP House while managing to hide in the building.

    PTI supporters on social media have strongly criticised the party leadership, especially Ali Amin Gandapur, for allegedly abandoning the protestors on October 5 in Islamabad.

    Furthermore, Defence MInsiter Khawaja Asif called CM KP a “swindler”, referring to his “absence” last week.