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  • Pakistan records current account deficit of nearly $270 million

    Pakistan records current account deficit of nearly $270 million

    In the latest economic update, Pakistan has reported a current account deficit of $269 million for the month of February, according to data released by the State Bank of Pakistan (SBP).

    This shift is attributed to a notable decrease in exports coupled with a surge in imports.

    The data reveals that total exports experienced a 4.40 per cent month-on-month (MoM) decline, amounting to $3.37 billion in February, compared to $3.53 billion in the preceding month.

    However, on a year-on-year (YoY) basis, exports displayed positive growth, rising by 15.84 per cent from $2.91 billion in the corresponding month of the previous year.

    Conversely, total imports registered an 11.01 per cent MoM increase and a 21.33 per cent YoY surge, reaching $5.51 billion in February. This compares to $4.96 billion in December and $4.54 billion in January of the previous year.

    On a cumulative basis, the current account deficit for the first seven months of fiscal year 2023-24 (7MFY24) stands at $1.09 billion, showcasing a significant 71.21 per cent YoY improvement compared to the $3.8 billion deficit recorded in the same period of the previous fiscal year.

    Meanwhile, workers’ remittances for January saw a marginal 0.63 per cent MoM increase, reaching $2.4 billion, compared to $2.38 billion in the previous month.

    On a YoY basis, remittances experienced a substantial rise of 26.16 per cent, standing at $1.9 billion in January 2024.

    Looking at the cumulative figures for 7MFY24, workers’ remittances amounted to $15.83 billion, reflecting a 2.97 per cent YoY decrease from $16.32 billion in 7MFY23.

  • Gold price jumps by Rs1,100 per tola, reaching Rs214,300

    Gold price jumps by Rs1,100 per tola, reaching Rs214,300

    The gold prices in Pakistan continued their upward trajectory, building on gains from the last session of the previous week. On Monday, the price of 24-karat gold surged by Rs1,100 per tola, reaching Rs214,300 per tola.

    According to the Karachi Sarafa Association, the price of 10-gramme 24-karat gold stood at Rs183,728, marking an increase of Rs943 compared to the previous session. Additionally, the price of 10-gramme 22-karat gold rose to Rs168,417.

    In contrast, silver prices remained stable, with 24-karat silver being sold at Rs2,580 per tola and 10-gramme silver trading at Rs2,211.93.

    It is noteworthy that domestic gold ended last week in the red zone due to a decline in international prices. The ongoing uncertainty surrounding the delay in election results also failed to stimulate demand for this safe-haven asset.

    Internationally, spot gold has extended its rally for the third consecutive session, currently trading at $2,021.8. This rebound follows last week’s release of hotter-than-anticipated US inflation data, which initially pushed gold below the $2,000 mark for the first time in two months.

    Given the influence of domestic currency fluctuations on the domestic gold rate, it is crucial to mention that the Pakistani rupee (PKR) concluded its 13-week-long historic winning streak against the US dollar. Last week, the PKR experienced a marginal drop of 8 paisa.

    Since gold is denominated in US dollars, a depreciation of the PKR against the US dollar results in an increase in the value of PKR-denominated gold. The market remains attentive to both global and domestic factors influencing these shifts in precious metal prices.

  • PSL 9: Quetta Gladiators defeats Lahore Qalandars by 5 wickets

    PSL 9: Quetta Gladiators defeats Lahore Qalandars by 5 wickets

    In the fourth match of HBL Pakistan Super League (PSL) 9, Quetta Gladiators defeated Lahore Qalandars by 5 wickets.

    In the fourth match of HBL Pakistan Super League (PSL) 9, Lahore Qalandars set a target of 188 runs, which Quetta Gladiators achieved on the first ball of the 20th over.

    In the match played at Gaddafi Stadium in Lahore, Qalandar’s captain Shaheen Afridi won the toss and decided to bat first.

    Lahore Qalandar’s inning

    Playing first, Lahore Qalandars scored 187 runs for 7 wickets in the allotted overs. For Qalandars, Sahibzada Farhan stood out with 62 runs, while Jahandad Khan played an aggressive unbeaten innings of 45 runs.

    Apart from them, Sikandar Raza scored 18 runs and Rasi van der Deusen scored 15 runs, Shaheen Afridi scored 12 runs and Abdullah Shafiq scored 11 runs, Fakhrzaman and Carlos Brathwaite scored 6 runs each.

    On behalf of Gladiators, Muhammad Hasnain and Aqeel Hussain took 2 wickets each while Muhammad Aamir, Muhammad Wasim and Abrar Ahmed took one wicket each.

    Quetta Gladiator’s inning

    Quetta Gladiators achieved the target of 188 runs of Lahore Qalandars 5 balls ago.

    Gladiators’ Khawaja Nafayy played an unbeaten innings of 60 runs, Khawaja Nafi’s 31-ball innings included 3 sixes and 4 fours.

    Saud Shakeel scored 40 and Jason Roy scored 24 runs, captain Riley Rossow scored 18, Rutherford scored 14 and Sarfaraz Ahmed scored 11 runs.

  • Sana Javed shows up at Multan stadium to cheer on Shoaib Malik

    Sana Javed shows up at Multan stadium to cheer on Shoaib Malik

    Sana Javed is being a supportive wife to husband Shoaib Malik. The actress went to Multan Cricket Stadium to support her husband who is playing for Karachi Kings in PSL 9.

    During the game against Multan Sultans, Shoaib Malik performed well, scoring 53 runs in just 35 balls, his wife cheering on every run he scored.

    Their being together at the stadium was a big deal because it’s one of the first times they’ve been seen together since they got married.
    Their wedding had already made headlines, especially after a video of them at Multan Airport became really popular on social media.

  • Palestinians call out Israel for ‘apartheid’ at UN top court

    Palestinians call out Israel for ‘apartheid’ at UN top court

    The Hague (AFP) – Palestinian foreign minister Riyad Al-Maliki told the UN’s top court Monday his people were suffering “colonialism and apartheid” under the Israelis, urging judges to order an immediate and unconditional end to the occupation.

    “The Palestinians have endured colonialism and apartheid… There are those who are enraged by these words. They should be enraged by the reality we are suffering,” Al-Maliki told the International Court of Justice (ICJ).

    The ICJ is holding hearings all week on the legal implications of Israel’s occupation since 1967, with an unprecedented 52 countries, including the United States and Russia, expected to give evidence.

    Speaking in the Peace Palace in The Hague, where the ICJ sits, the minister urged judges to declare the occupation illegal and order it to stop “immediately, totally and unconditionally.”

    “Justice delayed is justice denied and the Palestinian people have been denied justice for far too long,” he said.

    “It is time to put an end to the double standards that have kept our people captive for far too long.”

    ‘Impunity and inaction’

    In December 2022, the UN General Assembly asked the ICJ for a non-binding “advisory opinion” on the “legal consequences arising from the policies and practices of Israel in the Occupied Palestinian Territory, including East Jerusalem.”

    While any ICJ opinion would be non-binding, it comes amid mounting international legal pressure on Israel over the intense attacks on Gaza.

    The hearings are separate from a high-profile case brought by South Africa alleging that Israel is committing genocidal acts during the current Gaza offensive.

    Al-Maliki charged however that “the Genocide underway in Gaza is a result of decades of impunity and inaction.”

    “Ending Israel’s impunity is a moral, political and legal imperative,” he said.

    In January, the ICJ ruled in that case that Israel must do everything in its power to prevent genocide and allow humanitarian aid into Gaza, stopping short of ordering a ceasefire.

    On Friday, it rejected South Africa’s bid to impose additional measures on Israel, but reiterated the need to carry out the ruling in full.

    ‘Prolonged occupation’

    The UN General Assembly asked the ICJ to consider two questions.

    Firstly, the court should examine the legal consequences of what the UN called “the ongoing violation by Israel of the right of the Palestinian people to self-determination”.

    This relates to the “prolonged occupation, settlement and annexation of the Palestinian territory occupied since 1967” and “measures aimed at altering the demographic composition, character and status of the Holy City of Jerusalem”.

    In June 1967, Israel crushed some of its Arab neighbours in a six-day war, seizing the West Bank including east Jerusalem from Jordan, the Golan Heights from Syria, and the Gaza Strip and Sinai Peninsula from Egypt.

    Israel then began to settle the 70,000 square kilometres (27,000 square miles) of seized Arab territory. The UN later declared the occupation of Palestinian territory illegal. Cairo regained Sinai under its 1979 peace deal with Israel.

    The ICJ has also been asked to look into the consequences of what it described as Israel’s “adoption of related discriminatory legislation and measures.”

    Secondly, the ICJ should advise on how Israel’s actions “affect the legal status of the occupation” and what are the consequences for the UN and other countries.

    The court will rule “urgently” on the affair, probably by the end of the year.

    Dozens of pro-Palestinian protesters demonstrated outside the court, waving flags and brandishing banners.

    “I really hope justice will prevail,” organiser Nadia Slimi told AFP.

    “I really hope all the combined efforts to pressure Israel, to demand a more humane policy, will finally lead to some steps to liberate the Palestinian people,” said the 27-year-old.

    ‘Despicable’

    The ICJ rules in disputes between states and its judgements are binding although it has little means to enforce them.

    However, in this case, the opinion it issues will be non-binding although most advisory opinions are in fact acted upon.

    Israel is not participating in the hearings and reacted angrily to the 2022 UN request, with Prime Minister Benjamin Netanyahu calling it “despicable” and “disgraceful”.

    Human Rights Watch (HRW) said that while advisory opinions are non-binding, “they can carry great moral and legal authority” and can eventually be inscribed in international law.

  • PTI-backed independents intentd to join Sunni Ittehad Council

    PTI-backed independents intentd to join Sunni Ittehad Council

    Independent candidates affiliated with Pakistan Tehreek-e-Insaf (PTI) have announced their intention to join the Sunni Ittehad Council (SIC) as a unified party.

    During a press conference held in Islamabad on Monday afternoon, PTI Chairman Barrister Gohar Ali Khan announced that independent candidates, who were elected through mutual agreement, would officially join forces with the SIC.

    Claiming that they’ve won 180 seats in the National Assembly (NA), Barrister Gohar highlighted that independent candidates joined the SIC because of the conditions they faced during the elections.

    “The conditions under which the candidates fought are also in front of everyone,” stated Barrister Gohar, alluding to the challenges faced by PTI’s candidates, including the absence of an official election symbol.

  • Navalny’s widow says ‘Putin killed my husband’

    Navalny’s widow says ‘Putin killed my husband’

    Warsaw, Poland – Alexei Navalny’s widow said Monday that Russian President Vladimir Putin killed her husband, as she vowed to carry on his work, three days after he died in an Arctic prison.

    Holding back tears in a video address published Monday, Yulia Navalnaya said: “Three days ago, Vladimir Putin killed my husband, Alexei Navalny.”

    Prison authorities said Navalny died after losing consciousness following a walk in his prison colony in Kharp, 2,000 miles (1,200 kilometres) northeast of Moscow inside the Arctic circle.

    “Alexei died in a prison colony after three years of torment and torture,” Navalnaya said Monday.

    Navalnaya, who was by her husband’s side for more than a decade in his fight against Putin, vowed to continue his work.

    “The most important thing we can do for Alexei and for ourselves is to keep fighting, more desperately and more fiercely than before,” she said.

    “We need to seize every opportunity to fight against war, against corruption, against injustice, to fight for fair elections and the freedom of speech, to fight to take back our country.”

    She also vowed to uncover the people who she said had killed her husband.

    “We know exactly why Putin killed Alexei three days ago… We will definitely find out exactly who carried out this crime and how it was carried out. We will name names and show faces,” she said.

    The Kremlin said earlier on Monday that an investigation into Navalny’s death was ongoing and slammed Western governments that have said Putin carries responsibility for his death.

    Russian authorities have so far refused to hand over Navalny’s body to his mother and lawyer, enraging his supports who have said it was a move by the “killers” to “cover their tracks.”

    bur/yad

    © Agence France-Presse

  • Caretaker PM Kakar once again fails to appear in missing Baloch Students’ case

    Caretaker PM Kakar once again fails to appear in missing Baloch Students’ case

    Islamabad High Court (IHC) summoned Caretaker Prime Minister Anwaar-ul-Haq Kakar for the third time on Monday in the case of the missing Baloch students. The court’s orders came before adjourning today’s hearing until February 28.

    Justice Mohsin Akhtar Kayani, heading the bench, emphasized during the hearing that the caretaker prime minister should not perceive appearing in court as an insult.

    He urged PM Kakar to prioritize appearing before the court rather than attending to other commitments, stating, “No one is above the law here.”

    Expressing disappointment over PM Kakar’s absence, Justice Kayani reminded Attorney General for Pakistan Mansoor Usman Awan of the prime minister’s previous failure to attend court proceedings. The judge also inquired about the whereabouts of other caretaker ministers and secretaries.

    The judge highlighted that today was the 24th hearing in the case.

    “The petition was filed in 2022 and a commission had been formed. It took us two years to recover our citizens who did not even have any criminal case registered against them.

    “There was no case against them — including any drug, murder, or theft case — let alone a terror case,” Justice Kayani noted. He observed that “no documents or information” was shared with the court in the past two years.

    Addressing AGP Awan, he said, “You had submitted an affidavit that no person would go missing after today. [Yet] a person is missing from Islamabad’s F-6 without a first information report against him.

    “The purpose of summoning the prime minister was to inquire why the state’s premier is failing in his duties,” the IHC judge said.

    Interior Secretary Aftab Durrani eventually appeared before the court, addressing some concerns raised during the hearing.

    Previously, Justice Kayani issued a written order summoning PM Kakar, along with the defense and interior ministers and their respective secretaries, to ensure their physical presence in today’s hearing.

    During the hearing, Justice Kayani highlighted the ongoing struggle to recover missing individuals in the country, particularly the unresolved case of the 12 missing Baloch students.

    He pressed the Attorney General for details regarding ongoing criminal cases and the responsibility of state institutions in enforced disappearances.

    Concerns were raised about the inability of successive governments to address the issue adequately. Justice Kayani proposed forming an inquiry committee comprising representatives from relevant institutions to investigate the matter thoroughly.

    The judge also criticized the notion of granting exemptions to certain institutions and emphasized the importance of accountability.

    This is the second time PM Kakar has been summoned by the IHC. Previously, he was called upon on November 22, 2023, in a case filed by Advocate Imaan Mazari, but was unable to attend as he was out of the country.

  • Yasir Hussain doesn’t want his son to become an actor

    Yasir Hussain doesn’t want his son to become an actor

    Prominent actor Yasir Hussain does not want his son to work in the industry.

    Talking about his son’s future in an interview, Yasir said, “I don’t want my son to become an actor. If he will join, it is a different matter. I will not stop him from anything, but I don’t want him to be an actor.”

    A video of Yasir Hussain discussing his views is gaining popularity on social media.

    In response to a question, Yasir Hussain said that everyone in Pakistan does not have Netflix, so they are watching dramas, while India does not have its own good dramas, so they are forced to watch our dramas.
    “Actors should perform well and show their talent, but in our industry, they often get boring roles,” he remarked.

  • Jannat Mirza looks stunning at her sister’s wedding

    Jannat Mirza looks stunning at her sister’s wedding

    The Mirza sisters recently celebrated their sister Sehar’s wedding to Talha. What made Sehar’s wedding special was that the ceremonies were carried out virtually without her groom physically present. Jannat Mirza and Alishba Anjum looked glamorous on their sister’s wedding day. Sehar looked stunning in a traditional deep red bridal outfit. They shared beautiful photos yesterday, and today, Jannat Mirza shared her gorgeous pictures too.
    Check the pictures below: