Tag pakistan

KARACHI:(Net News/ Media 92 News) The US dollar gained against the Pakistani rupee in the interbank and open market on Thursday.

In the interbank, the dollar gained Rs0.42 and was trading at Rs132.45. The open market saw the dollar gain Rs0.35 to trade at Rs131.75.

Yesterday, the dollar lost ground to the rupee by Rs1.89 in the interbank and Rs2.40 in the open market.

Meanwhile, the Pakistan Stock Exchange continued its bullish trajectory, propelled by renewed investor confidence after Saudi Arabia pledged to provide Islamabad with $6 billion in financial assistance.

The benchmark KSE-100 index gained another 763 points to push the index above 40,000 points. It was trading at around 40,040 points as of 11am.

The last instance when the PSX was trading above 40,000 points was on October 4, 2018, before Pakistan formally approached the International Monetary Fund for a bailout package.

KARACHI:(Net News/ Media 92 News) The Pakistan Stock Exchange continued its bullish trajectory on Thursday, propelled by renewed investor confidence after Saudi Arabia pledged to provide Islamabad with $6 billion in financial assistance.

The benchmark KSE-100 index gained another 763 points to push the index above 40,000 points. It was trading at around 40,040 points as of 11am.

The last instance when the PSX was trading above 40,000 points was on October 4, 2018, before Pakistan formally approached the International Monetary Fund for a bailout package.

On Wednesday, the KSE-100 index gained 1,556 points or 4.13 percent to push the index to 39,271 points at the close of trading. This was only the second time in history that the index rose by more than 1,550 points in a single day. The last time the market witnessed such gains was on June 5, 2017, when the benchmark index recorded a rise of 1,566 points at closing.

The gains followed a string of losses on the bourse after mixed signals from Prime Minister Imran Khan’s government on plans to address the country’s deteriorating finances.

On Tuesday, the government struck a 12-month deal for a balance of payments lifeline during a visit to Saudi Arabia, which will deposit $3 billion with Pakistan’s central bank and provide a matching one-year deferred payment facility for oil imports.

The relief package will likely lessen the amount of funds the country will need to secure from the IMF, analysts said.

(Net News/ Media 92 News)West Indies all-rounder Dwayne Bravo announced his retirement from international cricket on Thursday.

The 35-year-old Trinidadian, who made his West Indies debut in 2004, played 40 tests, 164 one-day internationals and 66 T20 internationals.

His last appearance for his country came in the shortest format against Pakistan in Sept. 2016.

“Today I want to confirm to the cricket world that I have officially retired from international cricket in all formats of the game,” he said in a statement.

“After 14 years when I made my debut for the West Indies, I still remember that moment I received the maroon cap before walking onto the Lords Cricket Ground against England in July 2004. The enthusiasm and passion I felt then, I have kept with me throughout my career.

“However, I must accept that for me to preserve my longevity as a professional cricketer, I must do as others before have done, leave the international arena for the next generation of players.”

Bravo, known for his big-hitting ability and a wide range of slower deliveries, ends his international stint with 2,200 runs at an average of 31.42 in tests.

In ODIs, he finished with 2,968 runs at 25.36, while claiming 199 wickets at an economy rate of 5.41.Bravo plays for the Chennai Super Kings franchise in the Indian Premier League and has also represented T20 outfits in England, Australia, Pakistan, Bangladesh and the Caribbean.

“I am extremely fortunate to have a career that has taken me across the globe into the most prestigious dressing rooms sharing experiences with all the recent legends of this glorious game,” he said.

KARACHI:(Net News/ Media 92 News) Police on Tuesday took several residents of Pakistan Quarters into custody after they staged a protest against their eviction from the federal residential colonies.

Police and the anti-riot force resorted to baton-charge and used a water cannon to disperse protesters.

The residents of the Pakistan Quarters in Karachi staged a protest against the operation to evict them from the federal residential colonies following the Supreme Court’s directives.

Residents, including women and children, installed blockades at entrances of the quarters and did not allow personnel of law enforcement agencies to enter leading to clashes between them.

Heavy contingents of police, including the anti-riot force, were called and they resorted to baton-charge and used a water canon to disperse the protesters. Several protesters were taken into custody.

Muttahida Qaumi Movement-Pakistan (MQM-P) leaders Amir Khan, Naveed Jamil, Farooq Sattar and Pakistan Tehreek-e-Insaf (PTI) MPA Jamal Siddiqui reached the site to extend support to the residents of the quarters.

ISLAMABAD: Police arrested Dr Shehla Shakeel Sethi on Sunday for threatening police personnel for not allowing her into a diplomatic enclave on October 17, according to police sources.

“Islamabad police have arrested Dr Shehla Shakeel Sethi,” sources said.

The authorities further said, “Dr Sethi is a doctor in the US and had recently returned to Pakistan. She will be presented before the duty magistrate today.”

On October 20 a case was registered against Dr Sethi after she threatened police personnel and hurled abuses and life threats when he tried to stop her from entering with a car sans a number plate.

An FIR was registered on behalf of Assistant Sub-Inspector Police Tahir Farooq in the Secretariat Police Station, however, she had been let go at the time due to the absence of a woman police officer.

Qatar’s Foreign Minister Mohammed bin Abdulrahman al-Thani met COAS Qamar Javed Bajwa during his one-day visit to Islamabad. Photo; ISPR Twitter

RAWALPINDI: Qatar’s Foreign Minister Mohammed bin Abdulrahman al-Thani called on Chief of Army Staff (COAS) Qamar Javed Bajwa, Inter-Services Public Relations (ISPR) said on Saturday.

“Matters of mutual interest including regional security issues were discussed in the meeting,” the statement released by the military’s media wing added.

“Pakistan will continue to positively contribute towards regional peace and stability,” the COAS said.

WASHINGTON:(Net News/ Media 92 News) Pakistan’s defense expenditure is not the big elephant anymore, it is the payment of debt amounting up to Rs1,500 billion that is the country’s major challenge, said Prime Minister Imran Khan’s Adviser on Institutional Reforms and Austerity Dr Ishrat Husain.

While speaking at the Pakistan Policy Symposium on Thursday Husain said, defense expenditures takes up only three per cent of the gross domestic product (GDP).

“[Total] Rs1,500 billion out of Rs4,500 billion we collect, goes on debt servicing cost, which is the big elephant,” he said. “That can only be tackled if we reduce our borrowing, both external and internal.”

He added, “We decided to approach the International Monetary Fund (IMF) as our financial gap is wide.”

The public interest would be considered during talks with IMF, after which the World Bank and other international institutes would also come forward to help Pakistan, the economist said.

Speaking about the electricity crisis plaguing the country, the economist said it was under control, but the country was facing issues because of some distribution companies.

“The problem is in the distribution companies. Out of the nine companies, four are causing 75 per cent of the losses.”

Husain continued, “All the deficit which is being accumulated in circular debt is originating from these four companies.”

He added, “So they have to find specific solutions either to privatise those to give them to management contracts or bring about new managers.”

Moreover, Dr Husain said, a decision has been taken to reform the Federal Board of Revenue on technical grounds so that the money collected in taxes can be increased and those defaulting on payment can be identified.

“In Pakistan, only 3.5 million people pay taxes out of 12 million. We have to increase the Tax to GDP ration,” he added.

(Net News/ Media 92 News) According to sources, the Qatari FM will meet Prime Minister Imran Khan and Foreign Minister Shah Mahmood Qureshi during his one-day visit to Islamabad.

The Pakistani and Qatari counterparts will hold talks in the foreign office, sources added.

Further, PM Imran is expected to undertake a second visit to Saudi Arabia on October 23.

The premier will tour Saudi Arabia for a day before his visit to China next month. He is expected to hold talks on economic cooperation with Saudi officials during his visit.

KARACHI: Fluctuations in the US dollar against the rupee continued as the market opened on Monday.

The greenback increased by Rs1.60 and was being traded at Rs133.50 after closing at Rs131.90on Friday.

Following a steep increase in the greenback’s price last week, the rupee made a recovery against the dollar in the interbank market on Friday as it was trading at Rs132.40 in the interbank, down Rs1.40 and closed at Rs131.90, down by Rs1.87.

The US dollar had gained by over Rs6.50 to touch a new high in the open market, while in the interbank market it had risen by Rs9 to reach Rs133.64 on Tuesday.

The Pakistan Stock Exchange (PSX) also shed 476 points as the market opened today and stood at 37,041 points.

Last week, the government approached the International Monetary Fund (IMF) to deal with the prevalent financial crisis. The international lender has asked Pakistan to disclose its debts with “absolute transparency” to receive a bailout package.

If a package is agreed, it would be Pakistan’s 13th IMF bailout since 1988. The Fund lent Islamabad $6.7 billion in 2013.

KARACHI: Ahead of the upcoming edition of the Pakistan Super League (PSL-4), the teams have started to work on retaining and transferring players and, in the first of such moves, the Multan Sultans have traded all-rounder Sohail Tanvir to Quetta Gladiators.

Reliable sources have confirmed to Geo.tv that Tanvir has been traded against a pick in the diamond category round at the picks. “The franchises have informed the PSL management about the move and are now waiting for a final approval,” they added.

Quetta Gladiators will be the fourth team for the player since the PSL series started. Earlier, in the first edition, he represented Karachi Kings, Lahore Qalandars in the second, and Multan Sultans in the third one of Pakistan’s lucrative T20 tournament.

The players’ draft for PSL 2019 will be held on November 20 in Islamabad, with the Qalandars having the first pick.