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Tag: Pakistan

  • Pakistani rupee reverses marginal gains, closes at Rs281.61 against US dollar

    Pakistani rupee reverses marginal gains, closes at Rs281.61 against US dollar

    On Monday, the Pakistani rupee faced renewed pressure against the US dollar, declining by 0.30 per cent in the inter-bank market after posting marginal gains on Friday. According to the State Bank of Pakistan (SBP), the rupee settled at Rs281.61, representing a decrease of Re0.84.

    Despite the rupee having found some relief on Friday with a 0.54 per cent appreciation in the inter-bank market, the currency had depreciated by 0.82 per cent against the US dollar during the previous week.

    The SBP has received inflows from China, which have provided support to critical levels of foreign exchange, but concerns over the delay in the International Monetary Fund (IMF) programme have continued to impact sentiment.

    Miftah Ismail, former Federal Finance Minister, suggested on Sunday that Pakistan should ensure 15 per cent tax on Gross Domestic Product (GDP) and 15 per cent exports to GDP in order to avoid the need for IMF programs.

    Internationally, the US dollar experienced a sharp decline on Monday due to the sudden collapse of Silicon Valley Bank (SIVB). The US government announced various measures on Monday to mitigate the impact of the bank’s collapse, including ensuring access to deposits for SVB customers and depositors of New York’s Signature Bank.

  • Real estate in Pakistan is ‘parking lot’ for untaxed money with support of DHAs and Army, says former FBR chairman

    Real estate in Pakistan is ‘parking lot’ for untaxed money with support of DHAs and Army, says former FBR chairman

    Shabbar Zaidi, the former Chairman of the Federal Board of Revenue in Pakistan, stated that only 300 companies out of the entire business sector in the country pay 70 per cent of the total taxes collected.

    According to Dawn, Zaidi dismissed the claims of some businesses that there were too many taxes in Pakistan and no dividends. He pointed out that the real estate was the “parking lot” of untaxed money, and that with the support of the DHAs and army, a system had been developed to officially launder money through real estate, which had perpetual amnesty in the country.

    He called for removing DHAs from the real estate business as there could not be fair competition between a state institution and private businesses in real estate, and also suggested that plots of land should be confiscated if construction was not done on them.

    Kashif Anwar, the president of the Lahore Chamber of Commerce and Industry, argued in favor of amnesty on undeclared foreign reserves to bring money back to the country.

    In another session, Tassaduq Hussain Jillani, the former Chief Justice of Pakistan, acknowledged that criticism of the Supreme Court for messing up big corporate cases was justified as the judges were not expert at finance and economics.

    Jillani suggested the formation of commercial benches in the SC and high court for such cases. In a session on local governments, Ammar Ali Jan, the general secretary of Haqooq-i-Khalq Party, criticized the absence of local government in the country, citing examples of polluted water and waste management issues.

  • Is Shae Gill planning on acting in Pakistani dramas?

    Is Shae Gill planning on acting in Pakistani dramas?

    Shae Gill became the breakout star of 2022 after Pasoori, her debut duo with Ali Sethi on Coke Studio, dazzled listeners across the globe. She is now singing at international concerts and has become an Equal Ambassador for Spotify.

    So what’s next for the singing sensation? We have seen Pakistani singers making their way to the big screen or television, like Atif Aslam, who had starred in the film ‘Bol’ and then ‘Sang-e-Mah’. Will Gill be following in on their footsteps?

    In an interview with Aamna Haider Isani, Gill revealed that she did receive offers to act in dramas and play the role of asinger, but she rejected it.

    “If the script would have been nice then I would have been ok..” she admitted.

    Later on in the interview, Gill agreed that a lot of Pakistani singers have decided to perform as actors, but she will only do so if she finds a good script:

    “My generation doesn’t really watch dramas all that much. We do, but very few. I’ve seen Udaari, I’ve seen Humsafar, a little bit of Bhaagi…they were outstanding..But if a good script comes along, then I could try.”

    Listen to the full interview below:

  • Islamabad High Court upholds Zahir Jaffer death sentence

    Islamabad High Court upholds Zahir Jaffer death sentence

    The Islamabad High Court (IHC) has announced its verdict on appeals filed against the sentences awarded to the convicts and the acquittal of co-accused in the Noor Mukadam murder case, upholding the death sentence given to prime accused, Zahir Jaffer.

    The IHC reserved its verdict on appeals in the high-profile case in which Jaffer was sentenced to death after a long-drawn-out trial of over four months.

    27-year-old Noor was found dead at the residence of the prime suspect, Jaffer, in Islamabad’s F-7/4 Sector on July 20, 2021, beheaded by her murderer.

    The gruesome murder sent shockwaves across the country and sparked nationwide outrage and calls for justice for Noor, cumulating in a sensational trial and eventual convictions.

  • Students at LUMS held a shadi night and the result was heartwarming

    Parties at universities are suppose to be mix of dinner and long speeches, but LUMS students decided to take the festivities a step ahead and came up with a brilliant but bizzare concept: shaadi day!

    How does that work? Well, a campaign is held after which two seniors are picked to become the bride and groom leading to a three-day long a mock wedding.

    Lums students have shared footage from the events and it was truly wholesome to witness.

    https://twitter.com/lilcosmicowgirl/status/1635165464598032384?s=20

    Unlike the bigotry and violence we are witnessing in universities on a daily basis, it is heart warming that some students are putting on their creative hats to plan something like this. What these students are doing was amazing, and we hope more institutions follow through to make inclusive events for some light hearted fun.

    For the haters calling this cringey and over hyped, why are you so critical of other people’s joy? Especially given how many incidents of bigotry and violence keep happening in universities, we should stop policing students so much and let them have fun.

    https://twitter.com/copechandani/status/1635189833659486211?s=20
  • PTI agrees not to speak against state, institutions and judiciary in rally today

    PTI agrees not to speak against state, institutions and judiciary in rally today

    Pakistan Tehreek-e-Insaf (PTI), has been allowed to stage an election rally in Lahore with certain caveats attached to the permission.

    According to media reports, a meeting was held at the direction of Punjab caretaker Chief Minister Mohsin Raza Naqvi where the permission was discussed. PTI leadership submitted an affidavit, assuring the city administration of its full cooperation with them, police and security officials.

    The party also assured the authorities that they would not give speeches against state institutions and the judiciary. The PTI would be responsible if public property is demanded during the rally, read the affidavit.

    According to PTI Lahore Chapter President Imtiaz Shaikh, a rally will be taken out from Zaman Park to Data Darbar at 2pm today.

    “Imran Khan will lead the rally,” he confirmed.

    This would be the first rally that Khan would lead in more than four months.

  • Pakistan’s Petroleum Division eyes discounted Russian crude oil amid high global prices

    Pakistan’s Petroleum Division eyes discounted Russian crude oil amid high global prices

    Petroleum Division is attempting to purchase Russian crude oil for approximately $50/barrel, which is at least $10/barrel below the price ceiling imposed by G7 countries on this valuable commodity originating from Russia because of its conflict with Ukraine. Presently, crude oil is being sold internationally for $82.78/barrel.

    Officials participating in the virtual negotiations with Russia have disclosed that Moscow is primarily focused on fulfilling all prerequisites, such as deciding on the method of payment, shipping costs with premium, and insurance expenses, before entering into an agreement with Pakistan. These officials, who requested anonymity, revealed that Russia will respond regarding the discount on the base price after the prerequisites are finalized. They also stated that shipping the crude oil from Russian ports will take 30 days, resulting in a $10-15/barrel increase due to transportation costs.

    The talks between Moscow and Islamabad are progressing positively, with the expectation that a government-to-government deal on Russian crude oil imports will be finalized by the end of March. When asked, officials stated that the government has decided not to disclose the payment method to Russia for crude oil imports, but authorities are considering using Pakistan National Shipping Corporation (PNSC) ships or Russian tankers for transportation.

    An official cautioned that the landed cost of Russian crude must be considered because the crude vessel will arrive in 30 days, leading to a per barrel shipping cost of $10-15. They added that Moscow has not agreed on the discount yet, and the maximum discount may be offset by the crude oil’s shipping costs.

    State Minister Musadik Malik had previously claimed that Pakistan would receive a 30% discount on Russian crude oil during a press conference. The government plans to import one Russian crude oil ship to test the landed cost compared to the existing cost of crude being imported from Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates and Saudi Aramco.

    According to Geo, the Petroleum Division secretary is currently in Karachi to further discuss the import of Russian crude oil to process it for finished products with the top management of Pak-Arab Refinery Company Limited (PARCO), Pakistan State Oil (PSO), Pakistan Refinery Limited (PRL), and other refineries. If the test ship’s cost is low enough to bring down the prices of petroleum, oil, and lubricants, Pakistan will approve Russian oil cargos within a month.

    Due to a US dollar liquidity crunch, Pakistan will pay Russia in the currencies of friendly countries such as China, Saudi Arabia, and the UAE. The officials revealed that the ship carrying Russian crude will be insured by the National Insurance Company Limited (NICL) and Pakistan Reinsurance Company Limited (PakRE). The State Bank of Pakistan (SBP), which was previously hesitant about transactions with Russian banks due to G7 restrictions, has now expressed a willingness to communicate with the Russian counterpart bank regarding a payment mechanism for oil imports in three currencies other than dollars.

  • Maria B and what continues to be wrong with our society

    Designer Maria Butt, running the Maria B design label, somehow stays more in the news because of her controversial, many times toxic and mostly disappointing point of view than her clothing brand itself. The designer has a way of getting attention for all the wrong reasons.

    So a designer who has been in the industry for a long should have evolved with the changing times, but sadly, to our disappointment, Butt reflects a more significant part of our society that is still stuck in ancient times. But, like many bigoted Pakistanis, it provides little to no space for accepting people for who and what they are.

    Let’s talk about her many problematic views that have hurt the sentiments of many, put the lives of marginalised groups in danger and not to forget the very recent emotional damage done to a family because of her brand’s recent photoshoot.

    Maria B has several times attempted to “raise awareness” about her apparent “vast distinctions” between the Khwajasira and Transgender community through her limited knowledge, which resulted in putting the lives of the already marginlised community in danger. People like Maria B should understand that the transgender community is struggling to stay alive, let alone benefit from rights granted to them by the laws of this country. She has a huge following and the words she utters against anyone have consequences of their own.

    How can one forget that Maria B expressed great joy in a series of Instagram stories, when the censor board in Punjab banned the film Joyland. A film that has put Pakistan’s name on the world map was widely opposed by the designer. She then hailed the Punjab government saying, “You guys rock!” when they banned the film. Maria also highlighted how this ban “gives hope” to people like her who want a better future for children in Pakistan.

    Despite being from a previliged class, she has only displaying ignorance. A member of Bahawalpur’s Abbasi family, the former nawabs of the once princely state, called out the Maria B brand for posting and later deleting pictures and videos of a campaign shot in their private family graveyard. The campaign featured shots from various locations in Bahawalpur. In it, the models are seen walking and twirling around in various locations, one of which was identified as the private graveyard of the royal family of Bahawalpur. The videos and pictures have since been deleted and the Maria B page posted an apology for the “unfortunate incident”.

    Needless to say, Maria B has been receiving backlash for offering her unsought and limited knowledge about topics she is no expert on. Yet, her ignorance and insensitivity makes her believe that it is her duty to raise her voice, and speak without thinking of consequences for others. We can only hope she and others like her learn for the better. Pakistan is already intoxicated by the narrow mindset of many. We don’t want additional toxicity in our country.

  • ‘Stop lying’: Imaan Zainab, Aurat March protesters criticize Sherry Rehman for tone-deaf tweet

    At the Aurat March protest held in Islamabad on March 8, police officers were caught on camera assaulting female protestors and pushing them back by installing barbed wires.

    Politicians like the Minister of Climate Change, Sherry Rehman, condemned the clashes in a tweet and called for an inquiry on the conduct of the police officers who had brutally beaten the female protesters.

    Lawyer and activist Imaan Zainab Mazari-Haazir called Rehman out, writing in a tweet that the Minister had done nothing to prevent the police from preventing the peaceful protest from going on.

    “You came to the march for a photo-op and left after creating complete chaos which we were then dealing with for the next hour. You were rude to us in our meeting with you on 6 March and were aware of all the risks we were taking. Please save this drama for someone who believes it. Too little, too late.”

    Rehman responded to Mazari-Hazir’s tweet saying that she had left early due to a distress call, and offered an opportunity to meet all year round rather than just for a “one year episodic march”.

    “Oh please. I did not need your “photo op”; left a fully scheduled press con at PID (anyone can check) at 2.40 becoz I got a distress call. In my office I offered u a safe space thru the year to meet and build traction, not just a one year episodic march. With my broken shoulder I stood there but many were caught up in angry sloganeering. Have been the butt of many laathi charges but never behaved like this. Rudeness is never going to get u allies or grow solidarity. All the best”

    Mazari-Hazir then criticized Sherry Rehman for reducing Aurat March to a “one year episodic march”.

    “Calling it ‘just a 1 year episodic march’ shows what you really think of it. That in itself is sad. This ‘one year episodic march’ is a global practice- doesn’t mean collectives (or even individuals within them) are not working year round. Could have criticized what I said without punching down on movement.”

    Other Aurat March protestors also criticized the minister, calling her “condescending” for interrupting the trans performers present at the march.

    This user wrote: “You were extremely condescending to all of us whn we met u. You interrupted the Trans persons’ perfrmance by standing over them knowing fully well tht the media will follow u. U brought out the inner transphobes in the media persons who thn started strampling the trans performers”

    Another activist, Fauzia Yazdani tweeted how Rehman had refused to condemn the police officers who had started harassing and pushing back the protestors

  • Weekly inflation in Pakistan jumps to 42.3% as prices increase ahead of Ramadan

    Weekly inflation in Pakistan jumps to 42.3% as prices increase ahead of Ramadan

    According to data released by the Pakistan Bureau of Statistics (PBS) on Friday, weekly inflation surged by 1.37 per cent week-on-week and 42.27 per cent year-on-year during the week ended March 9. This marks a 25-week high on an annualized basis, as prices of perishables have started to rise ahead of Ramadan. The surge in the sensitive price indicator (SPI) was attributed to the increase in prices of various commodities, including tomatoes, potatoes, onions, sugar, bananas, cooking oil, wheat flour, vegetable ghee, printed lawn, curd, milk, tea, shirting, broken basmati rice, and powdered salt. Meanwhile, a major decrease was observed in the prices of chicken, garlic, pulse moong, eggs, pulse masoor, LPG, firewood, and pulse gram.

    For the week under review, SPI was recorded at 243.87 points, compared to 240.57 points registered last week and 171.41 points recorded during the week ended March 10, 2022. Brokerage Arif Habib Limited noted that this was the highest weekly YoY number since September 8, 2022, when Pakistan recorded a rise of 42.70 per cent YoY on account of an all-time high in the prices of wheat flour following massive flooding across the fertile plains of Punjab and Sindh.

    The PBS data attributed the YoY rise in SPI to the jump in the prices of onions, cigarettes, gas charges for Q1, diesel, eggs, rice Irri-6/9, petrol, broken basmati rice, bananas, pulse moong, tea, pulse mash, pulse gram, and bread. Inflation has been rising sharply over the past couple of years, with Pakistanis, particularly those from lower and middle-income groups, struggling to make ends meet.

    The sticky inflation numbers, along with the stalled International Monetary Fund (IMF) programme, have pushed the State Bank of Pakistan (SBP) to raise its benchmark interest rate by 300 basis points to a 26-year high. Pakistan is desperately trying to persuade the IMF to disburse critical $1.1 billion funding, but inflation worries have led the central bank to elevate its interest rates by 10 percentage points since January 2022.

    Analysts expect that the recent decisions taken by the government to please the IMF for a meagre $1.1 billion bailout tranche could result in massive poverty, while businesspersons have also not ruled out a default despite fiscal tightening. The YoY SPI increased by 39.09 per cent, 40.98 per cent, 41.79 per cent, 42.53 per cent, and 44.14 per cent respectively for the groups spending up to Rs17,732; Rs17,733-22,888; Rs22,889-29,517; Rs29,518-44,175; and above Rs44,175.