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  • PM Shehbaz urges Turkish business community to boost investments in Pakistan

    PM Shehbaz urges Turkish business community to boost investments in Pakistan

    Prime Minister (PM) Shehbaz Sharif, amid increasing debt burden and declining foreign exchange reserves, has invited Turkish investors and businessmen to expand their investments in different sectors of Pakistan. The premier is currently in Ankara on a two-day official visit to attend the inauguration ceremony of President Recep Tayyip Erdogan.

    During a meeting with a delegation from the Anadolu Group, which included Coca Cola CCI CEO Karim Yahi, Chief Strategy Officer Atilla Yerlikaya, and Head of Public Policy Taylan Coban, the PM expressed his encouragement for the Anadolu Group to invest in Pakistan and provide job opportunities to the people.

    Minister for Information and Broadcasting Marriyum Aurangzeb, Special Assistant to the Prime Minister Tariq Fatimi, and Pakistan’s Ambassador in Turkey Dr Yousuf Junaid were also present at the meeting.

    Prime Minister Shehbaz Sharif’s visit to Turkey is a result of an invitation from Turkish President Erdogan, who emerged victorious in the second round of elections held on 28 May. Upon his arrival at Ankara airport last night, the Prime Minister was received by senior officers of the Turkish Foreign Ministry and Pakistan’s ambassador in Turkey, emphasising the significance of the visit.

    Pakistan, facing economic challenges, is actively seeking foreign investments to alleviate its debt burden and stabilize its foreign exchange reserves. The Prime Minister’s appeal to Turkish investors and businessmen reflects the government’s commitment to attracting international investment and fostering economic partnerships.

    By engaging with the Anadolu Group and inviting increased investment, Prime Minister Shehbaz Sharif aims to leverage Turkish expertise and capital to drive economic growth and create employment opportunities in Pakistan.

    During the ongoing visit, it is anticipated that discussions between Pakistani and Turkish officials will focus on exploring potential areas of collaboration, identifying investment opportunities, and strengthening bilateral ties. The outcome of these engagements may play a pivotal role in shaping Pakistan’s economic trajectory, leading to increased foreign investment and a revitalized economy.

    In a time of economic challenges, Prime Minister Shehbaz Sharif’s proactive approach and diplomatic outreach to Turkish investors send a clear message of Pakistan’s commitment to enhancing economic cooperation and attracting much-needed investment.

  • Woman murders tutor, after crime shows spike her ‘curiosity’

    Woman murders tutor, after crime shows spike her ‘curiosity’

    Jung Yoo-Jung of South Korea posed as a student to murder her tutor with whom she had scheduled an online consultation.

    Yoo-Jung signed up on an online app by posing as the concerned mother of a daughter who was looking for a suitable English tutor. After connecting with another woman who was in her 20s, both agreed to meet at the victim’s home for a session.

    On May 26, Yooo-Jung showed up at the deceased’s house wearing a school uniform, pretending to be a student. Once she was let inside, she murdered the tutor, stabbing her multiple times and then dismembered her body.

    Afterwards, Jung placed the victim’s body parts in a suitcase, hiding her mobile phone, ID card and wallet to make it seem like the victim was travelling. She tried to dispose of the body by travelling to Nakdong River in a taxi. The cabbie made a call to the police to report Yoo-Jung’s suspicious behavior. Police discovered the suitcase along the riverside and arrested Jung from her home.

    According to the police, Jung confessed to the crime. She said that watching crime shows and reading about illegal activities spiked her curiosity and led to the murder:

    “Jung was found to have premeditated the crime driven by a desire to kill someone after she became obsessed with murder from TV programs and books,” a police spokesperson from Busan said. “Jung also said she feels sorry for what she did. We are conducting tests to see if she is a psychopath.”

    On Friday, Jung was indicted for murder.

  • Pakistan’s merchandise exports dive for ninth consecutive month, drop by 16.69% in May

    Pakistan’s merchandise exports continue to decline for the ninth consecutive month, plunging by 16.69 per cent year-on-year to $2.18 billion in May, according to data released by the Pakistan Bureau of Statistics.

    The downward trend has persisted throughout the first 11 months (July to May) of the 2022-23 fiscal year, with exports experiencing a dip of 12.14 per cent to $25.36 billion compared to $28.87 billion during the same period the previous year.

    The decline in export proceeds can be attributed to a combination of internal and external factors, raising concerns about the potential closure of industrial units, particularly within the textile and clothing sector.

    In line with this, imports also experienced a significant decrease of 36.76 per cent to $4.27 billion in May compared to $6.76 billion in the corresponding month last year. From July to May, imports fell by 29.22 per cent to $51.15 billion, down from $72.28 billion during the same period last year.

    The government has implemented restrictions on luxury and non-essential goods while promoting imports of raw materials, semi-finished products, pharmaceuticals, food, and energy products. This policy shift has resulted in a substantial decline in the import bill over the past 11 months.

    As a result of these developments, the trade deficit has narrowed by over 40 per cent, reaching $25.79 billion between July and May of the fiscal year 2022-23, compared to $43.40 billion during the corresponding months of the previous year. In May, the trade deficit saw a year-on-year decline of 49.49 per cent to $2.08 billion.

    According to Dawn, the textile and clothing sector, which constitutes over 60 per cent of total exports, has been severely affected, making it challenging for the government to achieve its export target for the current fiscal year. Exporters have pointed out that the federal government lacks a clear strategy and effective prioritization, leading to a decline in textile exports.

    Exporters have also highlighted several root causes contributing to the export decline. These include shortages in working capital and liquidity, delayed refunds of taxes and levies, technology upgradation fund, and duty drawbacks.

    The promised faster refund system has not functioned as intended, resulting in refund processing times of 3-5 months instead of the expected 72 hours. The sector is also grappling with increased financial and energy costs.

    In addition, exporters are facing challenges in procuring raw materials and other inputs, both domestically and through imports. The State Bank of Pakistan’s hurdles in opening letters of credit have further contributed to the decline in exports.

    The negative growth in exports, except for a slight increase in August due to backlog clearance, poses a significant concern as it threatens the balance of the country’s external account.

    The government needs to address these issues promptly and formulate effective policies to revive the export sector and stimulate economic growth.

  • Pakistan will not default, reforms underway for economic recovery: Finance Minister

    Pakistan will not default, reforms underway for economic recovery: Finance Minister

    Pakistan’s Finance Minister Ishaq Dar has assured the nation that the government is committed to implementing long-term reforms aimed at improving the country’s economic situation.

    Speaking to the Karachi Chamber of Commerce and Industry, Dar emphasised the need for collective efforts to overcome the current economic challenges. He outlined key areas of focus, including the agricultural sector, the establishment of a sovereign wealth fund, and the development of the IT industry.

    Additionally, he addressed concerns about the delay in the International Monetary Fund (IMF) program, expressing confidence in Pakistan’s assets and downplaying the possibility of default.

    Reforms for Long-Term Improvement: In his address to the Karachi Chamber of Commerce and Industry, Finance Minister Ishaq Dar reiterated the government’s commitment to implementing reforms that would pave the way for long-term improvement.

    He acknowledged the importance of the agricultural sector, emphasising the need for an agricultural revolution to enhance productivity and ensure food security.

    The establishment of a sovereign wealth fund was also highlighted as a means to generate additional revenue and support sustainable economic growth. Furthermore, Dar expressed determination to prioritise the neglected IT sector and capitalise on its potential for job creation and technological advancements.

    No technical reason behind delayed IMF program

     Addressing concerns regarding the delay in the IMF program, Dar reassured the delegation that there was no technical reason behind it. He emphasised that Pakistan, as a sovereign country, possesses valuable assets worth trillions of dollars, thereby implying that default is not a plausible scenario. While external liabilities stand at approximately $100 billion, the finance minister pointed out that Pakistan’s gas infrastructure alone is valued at around 40 to 45 billion dollars, underscoring the country’s significant assets.

    Recognising the vital role of the business community in Pakistan’s economic development, Finance Minister Ishaq Dar called upon them to present reasonable demands for the upcoming budget. He assured the delegation that the government would cooperate with the business community to address their concerns and promote a conducive environment for trade and investment. By fostering a constructive partnership, the government aims to create a business-friendly climate that supports entrepreneurship and economic growth.

    IMF loan requirement and government’s approach

    Amidst recent developments, it was revealed that the IMF rejected Pakistan’s request to lower the requirement of arranging $6 billion in new loans. Minister of State for Finance Dr Aisha Pasha highlighted that returning to the IMF was Pakistan’s only option, stressing the urgency of fulfilling the financing requirement. Pakistan had sought a reduction in the external financing requirement based on new current account deficit data. However, the IMF insisted on the full $6 billion to demonstrate Pakistan’s commitment to implementing necessary economic reforms.

    Finance Minister Ishaq Dar’s reassurances regarding the government’s commitment to long-term reforms and the denial of Pakistan’s possibility of default provide a glimmer of hope amid economic challenges.

    The focus on sectors such as agriculture and IT, the establishment of a sovereign wealth fund, and the emphasis on cooperation with the business community signal the government’s determination to foster economic growth and stability.

    While the IMF’s rejection of Pakistan’s request poses a hurdle, the government remains steadfast in its efforts to revive the deal and secure the necessary financing to support the country’s economic recovery.

  • Sharmeen Obaid directs Gucci campaign starring Julia Roberts, Alia Bhatt, Serena Williams

    Sharmeen Obaid directs Gucci campaign starring Julia Roberts, Alia Bhatt, Serena Williams

    Just being the boss she is

    Powerhouse Pakistani director Sharmeen Obaid Chinoy keeps setting new milestones like becoming the first Pakistani to win two Oscars, then going on to helm a Marvel show about a Pakistani-Canadian girl with incredible powers, and now she is also marking the 10th anniversary of Gucci Chime, an initiative set up by fashion house Gucci, by directing a series of videos featuring celebrities like Idris Elba, Julia Roberts and even other activists on what they chime for.

    Breaking the news on social media, Chinoy wrote:

    “When we got everyone in their chairs and the cameras started rolling the conversations always ended with people saying we have to ensure that the world moves towards gender equality! In the fight for a more gender equal world who do you chime for? @gucci @gucciequilibrium“

    The Gucci CHIME campaign was founded ten years ago in partnership with singer Beyonce and Pinault. Gucci hosted The Sound Of Change: Live in London which featured artists like Beyoncé, Florence Welch, John Legend and Jennifer Lopez. It was broadcast to one billion viewers and raised over $3.9 million to support girls and women worldwide.

    Speaking to The Hollywood Reporter on why she chose to become an advisory member for Gucci Chime, the director revealed that she was inspired by the work the organisation had done to promote gender equality around the world:

    “I joined Chime for Change in 2013 because of its mission to promote gender equality and empower women and girls around the world. My career as a social justice filmmaker aligned itself with Chime’s three key pillars of education, health and justice. I have seen firsthand how the money raised through Chime improves the lives of women and strengthens communities.

    In my own home country of Pakistan, Chime helped build a girls school. I have seen the work put into key projects in Africa and South America, but what speaks to me the most is that Chime builds partnerships. It invests in women, not simply with funding, but also with advocacy, enabling them to then further champion other women. [Chime’s] model is unique and so many of the women they have championed now sit on its board. The work they have accomplished over the past decade reminds us of the importance of advocating for those striving to make a difference.”

    Since the post was uploaded yesterday, Pakistani celebrities like Mahira Khan, Mehreen Syed and Azfar Rehman have offered congratulations to Chinoy for the presitigious win.

  • PM Shehbaz, FM Bilawal express sorrow on Indian train accident

    Prime Minister (PM) Shehbaz Sharif has expressed sorrow over the loss of lives in Friday’s horrific train accident in Odisha, India.

    Foreign Minister Bilawal Bhutto Zardari has also sent condolences to the families of the victims.

    “Saddened to learn of the high death toll in the tragic train accident in Odisha, India. Our condolences for the families of the victims. Wish speedy recovery to the injured,” the foreign minister tweeted.

    At least 233 people have been killed as the result of the train accident, while scores more are injured.

    As per local authorities, the death toll is expected to rise.

    “Officials said several carriages from the Shalimar-Chennai Coromandel Express derailed in Balasore district, hit a stationary goods train and several of its coaches ended up on the opposite track”, BBC has reported.

    “Another train – the Howrah Superfast Express travelling from Yesvantpur to Howrah – then hit the overturned carriages.”

    The exact reason for the accident is still unclear.

  • FIA Interpol arrests three wanted men from UAE

    FIA Interpol arrests three wanted men from UAE

    The Federal Investigation Agency (FIA) Interpol arrested three suspects wanted by Faisalabad Police from United Arab Emirates (UAE) on Saturday.

    The FIA brought the three wanted men back to Pakistan, handing them over to local police at Faisalabad airport.
    Among the arrested suspects are Muhammad Zeeshan, Muhammad Usman and Muhammad Saqlain.

    FIA officials said cases of kidnapping and sexual assault were registered against the suspects. Interpol Pakistan had also issued red notices for their arrest.

    The suspects had been hiding in UAE since a long time.

  • Wife kills husband in Lahore with help of lover

    Wife kills husband in Lahore with help of lover

    A woman in Lahore murdered her husband with the help of her lover.

    As per details, the woman named Saima, served her husband Danish rice mixed with intoxicants at 10pm. She then called her lover Shehbaz, who came at 2am and shot the man.

    The woman then suffocated her husband to death with a pillow.

    The incident took place on May 21, and the police managed to catch the culprits within ten days.

    The police revealed that the woman was slowly poisoning her husband, since they both got married eight months ago.

    Shehbaz and Saima have been arrested while police are further investigating the case.

  • PM Shehbaz reaches Turkey to attend Erdogan’s inauguration

    PM Shehbaz reaches Turkey to attend Erdogan’s inauguration

    Prime Minister (PM) Shehbaz Sharif has reached Turkey for a two day visit to attend President Recep Tayyip Erdogan’s inauguration, scheduled to take place today, Saturday.

    The PM is attending the ceremony on the invitation of Erdogan.

    “The fraternal ties between Pakistan and Turkey are set to deepen further in line with our shared resolve and common destiny, wrote PM in a tweet before leaving for the visit.

    Federal Minister for Information and Broadcasting Marriyum Aurangzeb and Special Assistant Tariq Fatemi are also accompanied the Prime Ministers on the Turkey visit.

  • Consumer suffering intensifies: Pakistan’s weekly inflation skyrockets to 42.67%

    Consumer suffering intensifies: Pakistan’s weekly inflation skyrockets to 42.67%

    Inflation in Pakistan continues to surge as the Sensitive Price Indicator (SPI) recorded a significant increase, jumping to 42.67 per cent on a year-on-year basis for the week ending on June 1, according to official data released by the Pakistan Bureau of Statistics (PBS). The weekly inflation showed a marginal increase of 0.03 per cent compared to the previous week.

    The short-term inflation, measured by the SPI, reached an all-time high of 48.35 per cent for the period ending on May 4, highlighting the ongoing challenges faced by the economy. The Combined Index, a comprehensive measure of inflation, stood at 254.13 compared to 254.05 on May 25, 2023, and marked a significant increase from 178.12 recorded on June 2, 2022.

    The PBS report revealed that out of the 51 monitored items, the average prices of 19 items increased, 14 items witnessed a decrease, while 18 items remained unchanged during the week under review. This data indicates the volatile nature of prices in the current market.

    Analyzing the SPI change across different income groups, the weekly percentage change showed a mixed trend, ranging between -0.1 per cent and 0.12 per cent. However, on a yearly basis, the SPI increased across all quantiles, ranging between 40.2 per cent and 43.49 per cent, suggesting the broad impact of inflation across various income segments.

    Additionally, the statistics bureau reported that Pakistan’s annual inflation rose to 37.97 per cent year-on-year in May, further confirming the country’s highest-ever inflationary period. The Consumer Price Index (CPI) recorded 36.4 per cent in April, which at the time was already the highest level according to the bureau’s historical records.

    Furthermore, the month-on-month rise in May was reported to be 1.58 per cent, with the bureau highlighting significant increases in the prices of vegetables, pulses, and chicken. These factors contribute to the overall rise in the cost of living and put additional strain on households and businesses alike.

    The continuous surge in inflation poses significant challenges to the economy, affecting consumers’ purchasing power and increasing the cost of doing business. The government and relevant authorities are urged to take immediate measures to stabilize prices, address supply chain issues, and implement effective policies to alleviate the impact of rising inflation on the population.

    As the situation unfolds, policymakers and economists will closely monitor the inflationary trends, devising strategies to bring stability and mitigate the adverse effects on the economy and the welfare of the people.