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  • Pakistan’s monthly petroleum import bill rises to $1.36 billion

    Pakistan’s monthly petroleum import bill rises to $1.36 billion

    The State Bank of Pakistan (SBP) reported that the import bill for the petroleum group increased to $1.36 billion in May 2024, reflecting a 1.52 per cent year-on-year (YoY) rise from $1.34 billion in May 2023.

    Month-on-month (MoM) figures also showed an 8 per cent increase from April 2024, when the bill stood at $1.26 billion. The share of petroleum products in the total import bill for May 2024 was 26.99 per cent.

    In the first eleven months of the fiscal year 2023-24 (11MFY24), the petroleum import bill saw a significant decrease of 23.2 per cent YoY, amounting to $13.7 billion compared to $17.84 billion in the same period last year.

    The overall import bill for May 2024 rose by 34.52 per cent YoY to $5.05 billion. On a MoM basis, imports grew by 13.44 per cent from $4.45 billion recorded in April 2024. However, cumulative imports for 11MFY24 dropped by 2.25 per cent YoY to $48.4 billion from $49.52 billion in 11MFY23.

    The transport sector’s import bill soared by 81.78 per cent YoY to $166.45 million in May 2024, up from $91.56 million in May 2023. This increase is largely due to a significant rise in the import of road motor vehicles, which reached $157.87 million, marking a 120.63 per cent YoY increase from $71.55 million in May 2023.

    On a MoM basis, transport imports rose by 41.67 per cent from $117.49 million in the previous month. Cumulatively, transport sector imports for 11MFY24 grew by 19.03 per cent YoY to $1.43 billion compared to $1.2 billion in 11MFY23.

    The data underscores significant variations in Pakistan’s import patterns, reflecting both economic challenges and shifts in trade dynamics across various sectors.

  • Pat Cummins becames first bowler to take 2 consecutive hat-tricks in T20 World Cups

    Pat Cummins becames first bowler to take 2 consecutive hat-tricks in T20 World Cups

    Australia cricket team’s fast bowler Pat Cummins has become the first bowler in the world to take 2 consecutive hat-tricks in T20 World Cup.

    In the match played against Australia and Afghanistan in the Super Eight stage of the ICC Men’s T20 World Cup 2024, Australian fast bowler Pat Cummins took 3 wickets for 28 runs in 4 overs.

    Pat Cummins dismissed 3 players in 3 balls and took the honor of second consecutive hat-trick in the current T20 World Cup.

    Earlier, Pat Cummins achieved this feat in the match against Bangladesh in the Super Eight stage of the ICC Men’s T20 World Cup 2024.

  • World Bank, Asian Development Bank approve millions of dollar loans for Pakistan

    World Bank, Asian Development Bank approve millions of dollar loans for Pakistan

    The World Bank and Asian Development Bank (ADB) have approved big loans for Pakistan.


    Asian Development Bank


    Pakistan and the Asian Development Bank signed a $250 million policy-based loan agreement to promote sustainable infrastructure and services through Public-Private Partnerships (PPPs).


    The agreement also aims to develop post-flood infrastructure, emphasizing climate resilience and gender considerations in project planning.


    A technical assistance grant of $700,000 was allocated for program implementation, with an additional $950,000 approved for PPP pipeline development and capacity building.


    World Bank


    The World Bank has approved loans of $535 million for Pakistan, focused on two key areas: the Crisis Resilient Social Protection (CRISP) Programme and the Sindh Livestock and Aquaculture Sectors Transformation Project.


    The CRISP Programme includes a $400 million loan to improve security schemes, particularly through the Benazir Income Support Programme (BISP), to build resilience among vulnerable households against economic and climate shocks.


    The World Bank defends criticism against BISP by stressing the need to strengthen social protection despite increasing poverty rates exacerbated by recent economic challenges and climate shocks.


    Additionally, the World Bank approved $135 million for the Sindh Livestock and Aquaculture Sectors Transformation Project, which targets climate-smart practices and enhances competitiveness among small and medium producers in Sindh. This initiative aims to benefit over 940,000 farm families, strongly emphasising gender inclusivity and provincial capacity building.

  • T20 World Cup: India defeats Bangladesh by 50 runs

    T20 World Cup: India defeats Bangladesh by 50 runs

    India has defeated Bangladesh by 50 runs in the Super 8 stage match of the ICC T20 World Cup.

    In this match, the Bangladesh captain won the toss and invited India to bat.

    Indian inning:

    Rohit Sharma and Virat Kohli opened the innings for India, but the first wicket fell on a total score of 39 and captain Rohit was dismissed for 23 runs. After that, Virat Kohli scored 37 and Surya Kumar Yadav returned to the pavilion after scoring 6 runs.

    Thanks to Hardik Pandya’s aggressive innings, India scored 196 runs for the loss of 5 wickets in the allotted 20 overs. Hardik Pandya played an unbeaten innings of 50 runs off 27 balls. Rishabh Pant scored 36 runs and Shivam Dubey scored 34 runs.

    Hassan and Rashad dismissed two players each from Bangladesh.

    Bangladesh inning:

    In pursuit of the target of 197 runs, the batsmen of the Bangladesh team did not play well and wickets kept falling at intervals.

    Captain Najamul Hussain Shinto played a responsible innings, but in the allotted 20 overs, the Bangladesh team scored 146 runs for the loss of 8 wickets and was defeated by 50 runs. On behalf of India, Kuldeep Yadav got 3, Arsdeep Singh and Bumrah 2, while Hardik Pandya was declared the player of the match for the best performance.

    It is India’s second consecutive win in the Super 8 stage and they are top of the group, having earlier defeated Afghanistan.

  • Sadia Faisal blames rising divorce rates on women’s independence

    Sadia Faisal blames rising divorce rates on women’s independence

    Among the many people in Pakistan who choose to blame women for rising divorce rates, and not men for being men, is actress Sadia Faisal.

    In a recent appearance she went off on a rant, blaming independent women for changing marriage and relationships in the industry.

    The daughter of veteran actress Saba Faisal sat down on ‘FHM Podcast’ to slam women for being “impatient and independent” compared to the past, saying that it has led to an increasing divorce rate.

    “I think the reason we’re seeing more divorces in the industry is that when women become independent, their tolerance level decreases, and they refuse to compromise. This lack of tolerance is a major reason for the increasing number of divorces we see today. When women earn more, their expectations skyrocket, and their brains are in the sky, making it challenging for marriages to succeed.”
    Yes, she did not bring in men behaving the way they do in a very patriarchal society. Its all the women’s fault, yo!

    But she did not end her tirade against women there. “We are not foreigners, and our traditions are eternal. Marriages are not just between two individuals, but between two families. Any woman who thinks she is only marrying the man is misguided and will face problems in her marriage.”

    Yes Saadia, everything that goes wrong is indeed the woman’s fault. No matter that we know if instances where strong successful women in the industry were subjected to domestic violence, no matter that we know of instances where men cheated on their successful spouses, no matter that many older celebs now say that they were in unhappy marriages, their husbands took their money, and they regret staying. A marriage failing must be the woman’s fault, right?

    Maybe its time Sadia came out of whatever era she is stuck in and smelled what the new age is cooking.

  • Govt made significant efforts to protect salaried class from taxes: Finance Minister

    Govt made significant efforts to protect salaried class from taxes: Finance Minister

    Federal Minister for Finance and Revenue Muhammad Aurangzeb has stated that the government will review measures to protect the salaried class following the increased tax burden introduced in the Budget 2024-25.

    Aurangzeb said that the government tried to “ring-fence the salaried class as much as it could.” He acknowledged the impact of the new tax measures on this group, highlighting his six years of experience in understanding the nuances of tax brackets, super tax, and capital value tax (CVT).

    “We made significant efforts to protect them,” Aurangzeb said, emphasising that individuals earning less than Rs600,000 annually remain exempt from income tax.

    He added that the highest tax bracket of 35 per cent was also shielded from additional taxes to prevent talent from leaving the country.

    Aurangzeb mentioned ongoing reviews to assess potential relief for the tax slabs, aiming to balance the need to increase tax revenue from Rs9.4 trillion to Rs12.9 trillion with the burden on the salaried class.

    “We will generate Rs1.5 trillion through additional revenue measures by removing exemptions and imposing more taxes,” he noted, revealing that the overall impact of these measures on the salaried class is approximately Rs70 billion out of the Rs1.5-1.6 trillion in new taxes.

    The Finance Minister’s comments come after the government’s decision to increase tax liability for individuals earning more than Rs50,000 monthly in the Budget 2024-25.

    The Finance Bill 2024 indicates that the highest impact will be on those earning Rs6 million annually (Rs500,000 monthly), with a tax liability increase of Rs22,500. Interestingly, those earning Rs12 million annually (Rs1 million monthly) will face the same increase.

    On Friday, lawmakers, including those from allied political parties, criticised the government for imposing additional taxes on the salaried class while providing subsidies and exemptions to the real estate and agriculture sectors.

    During the budget debate in the National Assembly, they argued that the heavy taxation on the salaried class is irrational and could exacerbate brain drain. They called for substantial revisions to the federal budget to offer more relief to the masses and extend the tax net to previously exempt sectors.

    The salaried class in Pakistan has seen a significant increase in tax burden over recent years as the government targets what many consider “soft targets” in its efforts to boost the tax-to-GDP ratio.

    The government has faced criticism for focusing on formal sectors and not adequately addressing the informal economy.

  • Gold price drops by Rs1,400 to Rs241,500 per tola

    Gold price drops by Rs1,400 to Rs241,500 per tola

    In a significant turn of events, gold prices in Pakistan fell on Saturday, aligning with a downward trend in the international market.

    The price of gold per tola dropped by Rs1,400, settling at Rs241,500, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    Similarly, the price of 10 grammes of gold decreased by Rs1,201, reaching Rs207,047. This decline follows a notable rise on Friday when the price per tola had surged by Rs1,600 to hit Rs242,900.

    On the international stage, gold prices also saw a decline on Saturday. According to the APGJSA, the international rate was set at $2,320 per ounce, including a $20 premium, after experiencing a $43 drop during the day.

    Contrarily, silver prices showed an upward trend in the local market, increasing by Rs100 to reach Rs2,850 per tola.

    It is noteworthy that gold prices had previously peaked in April, hitting an all-time high of Rs252,200 per tola in Pakistan.

    The recent fluctuations highlight the ongoing volatility in both local and international precious metals markets.

  • Anger after fireworks trigger Greek forest fire

    Anger after fireworks trigger Greek forest fire

    Firefighters said Saturday that fireworks launched from a yacht started a forest fire on the Greek tourist island of Hydra, near Athens, sparking widespread anger.

    The fire, which started on Friday evening, has been brought under control, authorities said.

    The blaze was “caused by a fireworks launched from a boat and burned the only pine forest on the island in a place that is difficult to access and has no road,” said the island’s seasonal firefighting team on Facebook.

    The island’s mayor, Giorgos Koukoudakis, told public television channel ERT that he was “outraged that certain people are starting fires in such an irresponsible manner.”

    The news also sparked fury on social media.

    Greece has recently toughened penalties for arson, with perpetrators now facing up to 20 years in prison and a fine of up to 200,000 euros.

    The country has been bracing for a particularly difficult summer as authorities warned that strong winds and high temperatures mean there was a “very high risk” of forest fires.

    The Mediterranean country recorded its first heatwave of the year last week, with temperatures passing more than 44 degrees Celsius (111 degrees Fahrenheit) in some locations.

    Greek firefighters on Friday battled wildfires fanned by three days of fierce winds that left at least one person dead.

    Last year, a fierce two-week heatwave was followed by devastating wildfires in which 20 people died.

    Scientists warn that human-caused fossil fuel emissions are worsening the length and intensity of heat waves worldwide.

    Rising temperatures are leading to extended wildfire seasons and increasing the area burnt by the blazes, according to the United Nations Intergovernmental Panel on Climate Change.

  • Imran Khan writing book in jail, journalist Zahid Gishkori reveals

    Imran Khan writing book in jail, journalist Zahid Gishkori reveals

    Senior journalist Zahid Ghishkori has revealed on Neo TV on Friday that incarcerated former Prime Minister Imran Khan is writing a book in Adiala Jail.

    A close friend of the PTI founder stated that Khan has been dedicatedly writing the book over the past few months, adding that the book will be about Khan’s achievements and highlights of his political career.

    According to the journalist, Khan has already completed the 300-page book, but it is not clear whether he will publish it after his release or during incarceration.

    Gishkori confirmed that the book’s does not have a title as yet, but he was of the opinion that wide audiences will relate with the topics and stories in the book.

    Gishkori also predicted that the book will be a bestseller and might set new sales records.

  • ‘I chose music over marriage’; Shazia Manzoor on staying single

    ‘I chose music over marriage’; Shazia Manzoor on staying single

    The queen of soulful singing, Shazia Manzoor, is back with a bang on our airwaves, belting out Coke Studio’s latest single ‘Turri Jandi’.

    The iconic singer ruled the music industry for years, but kept a low profile, choosing to mostly keep her private life away from the limelight.

    Which is why she has stunned fans with her candid confessions in a revealing interview with Sohail Warraich on Aik Din Geo Ke Saath.

    The veteran journalist asked her, “You are the only child of your parents. Why did you not get married?”
    Shazia replied, “I told my parents that I’ve decided not to get married, and it was a surprise to them.” She continued to say, “I believe an artist’s marriage is to their art. Those who love their profession often find their first love in it.”

    The crooner then said that she had dedicated herself to her career. “Perhaps I didn’t give marriage the attention it deserved during that time. I’m a human with my own desires and emotions, but circumstances didn’t allow my relationships to progress. However, I have no regrets about these choices.”
    Shazia Manzoor was formerly engaged to someone in her family, but the engagement ended when she began her singing career.

    She concluded, “I haven’t given up on the idea of marriage altogether. If I find the right person, I would definitely consider it.”