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  • Pakistani rupee gains 20 paisa against US dollar

    Pakistani rupee gains 20 paisa against US dollar

    The Pakistani rupee (PKR) extended its positive trajectory against the US dollar for the sixth consecutive session, appreciating by 0.07 per cent in the inter-bank market on Tuesday.

    According to the State Bank of Pakistan (SBP), the rupee concluded at Rs283.01, marking an increase of Re0.20.

    In the previous session, the rupee saw a marginal gain, settling at Rs283.21 against the US dollar.

    Meanwhile, in a noteworthy development, Pakistan secured $4.285 billion from various financing sources in the first five months (July–November) of the current fiscal year 2023–24.

    This represents a decrease from the $5.114 billion borrowed during the corresponding period in 2022–23, as disclosed by data from the Economic Affairs Division (EAD).

    On the global front, the US dollar experienced a 0.3 per cent decline against the yen, maintaining its position close to a four-month high of 140.95 reached last week.

    Additionally, the greenback lingered near approximately five-month lows against the Australian and New Zealand dollars.

    This was attributed to the strength of risk-sensitive currencies, driven by the anticipation that the US Federal Reserve might initiate interest rate adjustments as early as the beginning of next year.

    In the realm of commodities, oil prices stabilised on Tuesday as investors assessed the potential repercussions on oil supply arising from attacks by Yemen’s Iran-aligned Houthi militants on ships in the Red Sea.

    These attacks have disrupted maritime trade, compelling companies to reroute vessels. Notably, crude prices surged nearly 2 per cent on Monday due to concerns about trade disruptions through the Suez Canal, a vital shipping route that accounts for approximately 15 per cent of global shipping traffic.

    Brent crude declined by 12 cents to $77.83 per barrel.

    The US West Texas Intermediate crude for January, set to expire on Tuesday, experienced a decrease of 62 cents, reaching $71.85. In contrast, the more active February contract only incurred a marginal loss of 3 cents.

  • Gold prices surge in Pakistan: 24-karat soars to Rs217,600 per tola

    Gold prices surge in Pakistan: 24-karat soars to Rs217,600 per tola

    The price of 24-karat gold per tola witnessed a surge, rising by Rs400 and reaching Rs217,600 on Tuesday, as compared to its previous closing at Rs217,200.

    Similarly, the cost of 10 grammes of 24-karat gold also experienced an uptick, increasing by Rs343 to Rs186,557 from Rs186,214.

    Meanwhile, the rates for 10 grammes of 22-karat gold climbed to Rs171,011 from Rs170,696, as reported by the All Sindh Sarafa Jewellers Association.

    In contrast, both the per-tola and 10-gramme silver prices remained stable at Rs2,670 and Rs2,289.09, respectively.

    On a global scale, the price of gold saw an increment of $4, reaching $2,047 from $2,043, according to the Association.

    Simultaneously, the Pakistan Stock Exchange (PSX) witnessed a significant downturn in intra-day trading on Tuesday, with the benchmark KSE-100 index plummeting by over 2,600 points.

    The PSX reported a loss of 2,633 points, causing the 100 index to dip below the 63,000-point threshold, trading at 62,571 around 2:30 pm.

    This decline comes after a sustained bullish trend lasting over a month, which followed the successful conclusion of a staff-level agreement with the International Monetary Fund (IMF).

    Market analysts attribute the bearish trend to stocks in the exploration and production (E&P), fertiliser, and banking sectors.

    Throughout the session, profit-taking was evident, contributing to the index fluctuating by over 2,500 points.

  • Pakistan’s Fatima Sana signed contract in New Zealand

    Pakistan’s Fatima Sana signed contract in New Zealand

    Pakistani women cricketer Fatima Sana has signed a contract in New Zealand. Fatima Sana will represent Canterbury Magicians in the Women’s Super-Smash T20 league. She has been signed for the first six matches.

    Fast bowler Fatima Sana was on a tour of New Zealand with the national team when she signed the contract.

    Fatima said: “Playing T20 League in New Zealand is a good opportunity for me, I will try to play a full role for my team”.

    Fatima Sana has also played Caribbean Premier League (CPL) before.

  • US-led coalition to patrol Red Sea against Houthi attacks

    US-led coalition to patrol Red Sea against Houthi attacks

    The United States on Monday announced a 10-nation coalition to quell Houthi missile and drone attacks on ships transiting the Red Sea, with Britain, France, Bahrain and Italy among countries joining the “multinational security initiative.”

    “Countries that seek to uphold the foundational principle of freedom of navigation must come together to tackle the challenge posed by this non-state actor,” US Defense Secretary Lloyd Austin said in a statement.

    Iran-backed Houthi rebels have escalated attacks on tankers, cargo ships and other vessels in the Red Sea, imperiling a transit route that carries up to 12 percent of global trade.

    The security coalition, Austin said, will operate “with the goal of ensuring freedom of navigation for all countries and bolstering regional security and prosperity.”

    It includes the United States, United Kingdom, Bahrain, Canada, France, Italy, Netherlands, Norway, Seychelles and Spain, Austin said.

    Yemen’s Iran-backed Houthi rebels said earlier they had attacked two “Israeli-linked” vessels in the Red Sea in solidarity with Gaza, as more companies halt transit through the troubled but vital waterway.

    The attacks on the Norwegian-owned Swan Atlantic and another ship identified by the Houthis as the MSC Clara are the latest in a flurry of maritime incidents that are disrupting global trade in an attempt to pressure Israel over its war against Hamas militants.

    In a statement, the Yemeni rebels said they had carried out a “military operation against two ships linked to the Zionist entity” using naval drones.

    They vowed to “continue to prevent all ships heading to Israeli ports… from navigating in the Arab and Red Seas” until more food and medicine is allowed into Gaza.

    But the Swan Atlantic’s owner, Norway’s Inventor Chemical Tankers, said in a statement the ship was carrying biofuel feedstock from France to Reunion Island.

    It said the vessel has “no Israeli link” and was managed by a Singaporean firm, adding that the Indian crew were unharmed and the vessel sustained limited damage.

    British oil giant BP became the latest to suspend transit through the Red Sea on Monday, while Taiwan shipping firm Evergreen said it was suspending its Israeli cargo shipments with immediate effect.

    Frontline, one of the world’s largest tanker companies, also said it was rerouting ships and would “only allow new business” that could be routed via South Africa’s Cape of Good Hope.

    That route is far longer and uses more fuel.

    The Red Sea attacks have forced insurance companies to significantly increase premiums on ships, making it uneconomical for some to transit through the Suez Canal.

    Italian-Swiss giant Mediterranean Shipping Company, France’s CMA CGM, Germany’s Hapag-Lloyd, Belgium’s Euronav and Denmark’s A.P Moller-Maersk — the latter accounting for 15 percent of global container freight — have all stopped using the Red Sea until further notice.

    The attacks have become “a maritime security crisis” with “commercial and economic implications in the region and beyond,” Torbjorn Soltvedt of analysis firm Verisk Maplecroft told AFP.

    Monday’s attack took place as the Pentagon chief visited Israel after a stop in Bahrain, home base of the US Navy’s Fifth Fleet.

    “In the Red Sea, we’re leading a multinational maritime taskforce to uphold the bedrock principle of freedom of navigation. Iran’s support for Houthi attacks on commercial vessels must stop,” Austin said at a news conference.

    On Saturday, a US destroyer shot down 14 drones in the Red Sea launched from rebel-controlled areas of Yemen, the US military said.
    Britain said one of its destroyers had also brought down a suspected attack drone in the area.

    Rebel spokesman Mohammed Abdul Salam said neutral Oman had launched mediation efforts to safeguard shipping using the waterway.

    “Under the sponsorship of our brothers in the Sultanate of Oman, communication and discussion continue with a number of international parties regarding operations in the Red Sea and Arabian Sea,” he said on X, formerly Twitter.

    The Gaza war broke out when its rulers Hamas launched an unprecedented attack on Israel on October 7, killing around 1,140 people and kidnapping some 250, according to an AFP tally based on official Israeli figures.

    Gaza’s health ministry says Israel’s military response has killed more than 19,450 people, mostly women and children.

  • Pope Francis gives approval for priests to bless same-sex couples

    Pope Francis gives approval for priests to bless same-sex couples

    A document released by the Vatican states that Pope Francis, the head of the Catholic Church, has formally cleared the way for priests to bless same-sex couples without subjecting them to “an exhaustive moral analysis”.


    The Pope, however, has maintained that marriage is a lifelong sacrament that can only be between a man and a woman. Blessings can be offered because, “Ultimately, a blessing offers people a means to increase their trust in God,” the document said.


    The document laid out the conditions in which a union like this can be blessed. Blessings should not be offered at the same time as a civil union or with the garb traditionally used in weddings.


    Another condition is that the priest should use “pastoral charity” when blessing such couples.


    Monday’s announcement is not a total surprise as the Pope has hinted in the past that he might formally approve same-sex blessings. It has also reversed a 2021 ruling which condemned same-sex unions as a “sin”.

  • NODWIN Gaming partners with Pakistan’s Trans Group to elevate E-Sports

    NODWIN Gaming partners with Pakistan’s Trans Group to elevate E-Sports

    Pakistan’s Trans Group and NODWIN Gaming, one of India’s top E-Sports media businesses, have formed a strategic agreement to address the gaps in Pakistan’s E-Sports infrastructure and opportunities. Trans Group wants to elevate the overall E-Sports landscape in Pakistan via the NODWIN Gaming alliance.

    On December 18, 2023, Akshat Rathee, co-founder and managing director of NODWIN Gaming, and Rao Usman Hashim, Chief Operating Officer (COO) of Trans Group finalized a collaboration agreement. Trans Group hopes to use the cooperation to fully utilize Pakistan’s potential in the E-Sports industry.

    Through their collaboration, Trans Group and NODWIN Gaming hope to support the growth of the E-Sports industry in Pakistan by bringing in new intellectual property and utilizing their specialized knowledge to give a platform to prospective professionals.

    Akshat Rathee expressed enthusiasm about the company’s collaboration with Trans Group:

    “We are thrilled to embark on this collaboration with Trans Group. This partnership symbolizes NODWIN Gaming’s commitment to advancing the E-Sports landscape in emerging markets across the world. Together with Trans Group, we aim to create an unparalleled fusion of expertise and innovation, elevating gaming experiences and introducing exciting new dimensions to the ever-growing gaming community in the subcontinent. This collaboration is a testament to our shared vision of not just shaping the future of E-Sports but also fostering a vibrant gaming culture that resonates with fans and brands alike across the region”.

    Trans Group’s COO, Rao Usman Hashim, discussed the goals both companies have set for the development of the Pakistani E-Sports industry, saying:

    “Trans Group is proud to be a pioneer in the E-Sports industry of Pakistan. TransGroup cherishes its sports partnerships across the globe and we are thrilled to start the E-Sports revolution in the region with NODWIN. We are determined to bring the best events, players, and IPs closer to the local fan base and will strive to establish and strongly promote a robust E-Sports landscape in Pakistan in the coming years”.

    NODWIN gaming is one of the biggest E-Sports organization in India. They have organized many Player Unknown Battlegrounds (PUBG) Mobile tournaments in India and South Asia.

  • Watch: Supporting Palestine – A strong message at Pakistan Bridal Show

    Watch: Supporting Palestine – A strong message at Pakistan Bridal Show

    A three-day bridal fashion show is going on in Lahore, in which famous Pakistani actors and personalities, including models, exhibited wedding dresses of famous designers.On the second day of the show, actor Ahsan Khan walked down the runway wearing clothes designed by Imran Rajput. But what made his appearance more special is that he held signs to show support for the people in Palestine, with messages of peace for the children in Gaza.

    Later, Amna Ilyas also walked the runway wearing clothes by Imran Rajput, with Palestinian anthems playing. Nine designers presented their collections on the first day.

    Many famous actors like Dur-e-Fashan, Imran Ashraf, Kanza Hashmi, Feroze Khan, Resham, Hara Mani, Komal Mir, Saboor Ali, Saba Qamar, and Iman Ali, among others, also walked the runway.

  • Election candidates can submit their nomination papers by tomorrow

    Election candidates can submit their nomination papers by tomorrow

    The Election Commission of Pakistan (ECP) will start receiving nomination papers from expected candidates tomorrow as the upcoming general elections are set to take place on February 8 next year in the country, The News has reported.

    District Retuning Officers (DROs) and Returning Officers (ROs) will take oaths today as per the Election Act of 2017. After that, the process of receiving nomination papers will start.

    A day earlier, at least 859 ROs completed their training for the upcoming polls while 144 DROs will complete their training today. The training of DROs and ROs was halted on December 14 after the stay order of Lahore High Court (LHC) on a Pakistan Tehreek-e-Insaf (PTI) petition against the appointment of officers.

    However, the Supreme Court (SC) suspended the LHC order and directed the ECP to release the election schedule as well as restore the training of DROs and ROs.

    Candidates who want to take part in the upcoming general elections can submit their nomination papers to their respective ROs from December 20 to December 22.

  • PECA law enforced in passport offices

    PECA law enforced in passport offices

    The federal government has taken an important step to stop issuance of illegal passports and theft of sensitive data.

    According to the sources, reported by Geo News, PECA law has been implemented to permanently block access to Pakistani passports for foreigners including Afghans.

    The Federal Cabinet has implemented the Anti-Electronic Crimes Act on six sections of passport offices.

    Sources elaborated that entry into important offices in Islamabad, Lahore and Karachi has been made inaccessible except for certain officers and employees with security clearance — all to prevent data theft of sensitive information, passports, visas, theft of citizenship and applicant data.

    Approval has been taken from the caretaker federal Cabinet through a circular on the summary of the Ministry of Interior.

  • Army chief praises Pakistani-American businessman Tanveer Ahmed for donating nine million dollars to NUST

    Army chief praises Pakistani-American businessman Tanveer Ahmed for donating nine million dollars to NUST

    Pakistani-American businessman has donated nine million dollars to the National University of Science and Technology (NUST) for unprivileged students, reports Geo.


    The donation will help 200 students every year through an endowment fund. This is the biggest ever fund given to any Pakistani university.


    Tanveer Ahmed also donated 50 million dollars to flood affectees in 2022. Business tycoon Tanveer went to America as a student and started working in a restaurant.


    Recently, as reported by Dawn, he met Army Chief General Asim Muneer in Washington DC where the chief praised him for his contributions for Pakistan. “I met the army chief along with dozens of other community members. More than 70 people were in attendance. We had an open and frank discussion with the army chief. He interacted with everyone and was very receptive,” Ahmed tweeted after the dinner.