google-site-verification=PQhoeY8jjSrcyLjfBbnc50coDKLcSE_kcv93i2a1668 An intelligent writer: 2022-04-17

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Saturday, April 23, 2022

Gold prices decline Rs 800 per tola

Gold Price in Pakistan
The price of 10 gram 24 karat gold decreased by Rs686 to Rs113,769 from Rs114,455 while that of 10 gram 22 karat also went down to Rs104,288 from Rs104,917 reported.

The price of per tola and ten gram silver remained constant at Rs1520 and Rs1303.15 respectively.

Read more: Rupee continues slide, reaches Rs187 against dollar in interbank

The price of gold in international market decreased by $9 and was traded at US$1945 against its sale at US$1954, the association reported.



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Russia vows to win 'full control' of east, south Ukraine

Russia Ukraine Conflict
Russia said Friday it would fight to take control over all east and south of Ukraine but Kyiv pledged to save the country, as the UN documented dozens of civilians killed in one town.

Ukraine s government, emboldened by an influx of Western weaponry, said its beleaguered forces were still holding out inside a sprawling steelworks in the razed port city of Mariupol.

Read more: Russia claims Mariupol 'liberated,' US rushes new aid for Ukraine

The Kremlin has claimed the "liberation" of Mariupol, which is pivotal to its war plans nearly two months after President Vladimir Putin ordered the shock invasion of Russia s Western-leaning neighbour.

"Since the start of the second phase of the special operation... one of the tasks of the Russian army is to establish full control over the Donbas and southern Ukraine," Major General Rustam Minnekaev said.

"This will provide a land corridor to Crimea," he added, referring to the peninsula Russia annexed from Ukraine in 2014.

Minnekaev s comments were the clearest articulation yet of Russia s goals in the invasion s "second phase", which was forced on the Kremlin after Ukraine s Western-backed resistance around the capital Kyiv.

"This only confirms what I have already said multiple times: Russia s invasion of Ukraine was intended only as a beginning," Ukrainian President Volodymyr Zelensky said in his regular evening address.

"We will defend ourselves as long as possible... but all the nations who, like us, believe in the victory of life over death must fight with us."



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New Pakistan government willing to curb fuel subsidies

Federal Minister
Federal Minister for Finance and Revenue Miftah Ismail on on Friday agreed with IMF recommendations to reduce fuel subsidies.

Pakistan s new finance minister on Friday agreed with IMF recommendations to reduce fuel subsidies, pledging to pursue structural reforms to boost a crisis-wracked economy.

Read more: Elections will be held after govt completes its tenure: Marriyum Aurangzeb

The International Monetary Fund in 2019 approved a $6 billion loan over three years for Pakistan but disbursement has been slowed down by concerns on the pace of reforms.

Finance Minister Miftah Ismail, who took office this month after a previous government lost a no-confidence vote, said he had "good discussions" with the IMF on a visit during the Washington-based lender s annual spring meetings.

"They ve talked about removing the subsidy on fuel. I agree with them," Ismail, himself a former International Monetary Fund economist, said at the Atlantic Council.

"We can t afford to do the subsidies that we re doing. So we re going to have to curtail this," he said.

He said that former prime minister Imran Khan set a "trap" for his successors through heavy subsidies on fuel.

Ismail, however, said that some targeted subsidies should remain for Pakistan s poorest amid sky-high global prices.

Pakistan s new Prime Minister Shehbaz Sharif has vowed to jumpstart a moribund economy, certain to be a major issue in elections due by late next year.

Pakistan has repeatedly sought international support and suffers from a chronically weak tax base.

Ismail said that Pakistan, the world s fifth most populous nation, needed to move to a new economic model by removing obstacles and promoting exports to the world.



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Friday, April 22, 2022

State Department: Strong, prosperous Pakistan critical to US interests

US Government
The United States government on Friday said that a strong, prosperous, and democratic Pakistan is critical to US interests.

Responding to queries about the current political situation in the Pakistan, the State Department Principal Deputy Spokesperson Jalina Porter said that we have continued to say all along that there is absolutely no truth to those rumors that US was involved in any conspiracy for regime change in Pakistan.

Read more: Govt decides to remove thousands of names from ECL: Rana Sanaullah

She underscore that the United States values its longstanding cooperation with Pakistan and has always viewed a strong, prosperous, and democratic Pakistan as critical to US interests.



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PM to lay foundation stone of Khuzdar-Kuchlak Road,

shahbaz sharif
Prime Minister Shehbaz Sharif will reach Quetta on a day-long visit to Balochistan today (Saturday). Federal Minister of Communications Asad Mahmood will accompany the Prime minister on the visit.

According to sources, Prime Minister Shahbaz Sharif would lay the foundation stone of Khuzdar-Kuchlak Road. Federal Minister for Communications Maulana Asad Mahmood will give a briefing to the Prime Minister.

Read more: In NSC meeting, security agencies reiterate 'no foreign conspiracy' against PTI govt

Balochistan Chief Minister Mir Abdul Qaddos Bizenjo will brief the Prime Minister on various issues of Balochistan.



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LHC orders President to appoint another representative to administer oath to Punjab CM-elect

Lahore High Court
Following Punjab Governor Omar Sarfaraz Cheema's refusal to administer the oath to CM-elect Hamza Shahbaz, the Lahore High Court on Friday directed President Arif Alvi to appoint a different representative to give oath to the PML-N leader.

The directives were given by LHC Chief Justice Muhammad Ameer Bhatti in a short order after he had asked the governor to present the reasons for not giving the oath in writing by 2pm.

Chief Minister elect Hamza Shahbaz had filed a petition before the LHC against the Punjab governor for not fulfilling his constitutional duty.

Advocate General Punjab Ahmed Owais in his arguments said: "The speaker can administer the oath if the governor refuses but the PA speaker has not been made a party in the petition."

The provincial law officer argued before LHC Chief Justice Muhammad Ameer Bhatti that the governor is of the view that the election of the chief minister was not held under the Constitution. At this, the CJ asked the AG to tell where it is written that the governor himself would witness the proceedings.

In response, the advocate general said that the governor is not a rubber stamp, an extraordinary situation took place on April 16 which had never happened before, a female member was injured and she is now fighting for her life.

The CJ remarked: “Whether this incident will nullify the proceedings of the House, today is the 21st day that there is no government in the province while this election was also held on the orders of the court, this court knows how the election took place. The governor should tell if he is absent or he cannot administer the oath.”

Advocate General Ahmed Awais told the court that the governor has refused to administer the oath. At this, the chief justice asked him to give this in writing that the governor has refused to administer the oath so that the court can ask someone else to do the job.

The court said that it would issue an order if the governor does not make a decision.

“Today, 21 days have passed and there is no government in the province. The governor of Punjab is not fulfilling his constitutional obligations. If the governor does not write a letter of refusal, the court will issue an order at 2pm.”



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Clashes between Speaker, Deputy Speaker increase over police entering Punjab Assembly

punjab assembly
The clash between the Speaker Chaudhry Pervaiz Elahi and the Deputy Speaker Dost Muhammad Mazari has increased over how the police came inside the Punjab Assembly.

According to details, the Secretary of Punjab Assembly Muhammad Khan Bhatti, on the orders of the Speaker of the Punjab Assembly wrote a letter in this regard to the Chief Secretary and Inspector General (IG) of the police.

Moreover, Chaudhry Pervaiz Elahi got upset from the Chief Secretary and IG Punjab on implementing the courts order.

As per sources, the letter came forth on the media in which it was stated that on April 16, strict action will be taken against the police officials who entered the Assembly.

Whereas on the before mentioned date, Secretary Muhammad Khan Bhatti was suspended according to the Deputy Speaker and inquiry is underway against him.



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Thursday, April 21, 2022

iPhone 14 series likely to have autofocus front camera

Apple Iphone
Tech giant Apple is likely planning to unveil its upcoming iPhone 14 series with upgraded front-facing camera with autofocus.

According to GizmoChina, details about the front-facing camera of the Apple iPhone 14 series models have leaked online as analyst Ming-Chi Kuo has revealed what improvements will be made to the front camera of the devices.

Read more: Twitter adopts ‘poison pill’ to fight takeover by Musk

As per the new report, all four models—iPhone 14, iPhone 14 Max, iPhone 14 Pro, and iPhone 14 Pro Max will have an upgraded front-facing camera sensor with f/1.9 aperture and support for autofocus.

In comparison, all the models in the current-generation Apple iPhone 13 series come with a front-facing camera sensor having an f/2.2 aperture and fixed focus.

With a wider aperture, the smartphones will be able to capture more light. It is also said that the camera upgrades will result in an improved depth-of-field effect for the Portrait Mode photos and videos.

On the other hand, the autofocus support for the front camera will enhance the focus during FaceTime calls or video calls using third-party apps.

The Apple iPhone 14 Pro and 14 Pro Max are also expected to come with an upgraded rear camera configuration and possibly feature a 48MP wide lens as the primary sensor with support for 8K video recording.

 



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PSX loses 290.54 points to close at 45,652.62 points

Pakistan Stock Exchange
The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Thursday, losing 290.54 points, with negative change of 0.63 percent, closing at 45,652.62 points against 45,943.16 points on the last working day.

A total of 186,431,158 shares were traded during the day compared to the trade of 234,997,430 shares the previous day whereas the price of shares stood at Rs 5.621 billion against Rs8.011 billion on last trading day.

Read more: Rupee continues slide, reaches Rs187 against dollar in interbank

As many as 311 companies transacted shares in the stock market, 92 of them recorded gain and 198 sustained losses, whereas the share price of 21 companies remained unchanged.

The three top trading companies were Lotte Chemical with a volume of 19,980,500 and price per share of Rs 19.78, Cnergyico Pk with a volume of 19,858,684 and price per share of Rs6.50 and Pak Refinery with volume of 12,900,500 and price per share of Rs 16.03.

Premium Tex witnessed a maximum increase of Rs35 per share, closing at Rs 2,335 whereas the runner up was Indus Motor Co, the share prices of which climbed up by Rs 8.21 to Rs 1,348.96.

Nestle Pakistan witnessed maximum decrease of Rs 99, closing at Rs5,501 followed by Mari Petroleum, the share price of which declined by Rs29.47 to close at Rs1,701.36.



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Russia claims Mariupol 'liberated,' US rushes new aid for Ukraine

Ukraine Russia conflict
Russian President Vladimir Putin on Thursday claimed the "liberation" of the flattened city of Mariupol after nearly two months of fighting, demanding its trapped Ukrainian defenders be sealed into their underground last stand.

The fate of the besieged port has become totemic as Russia battles to complete a land bridge covering territories already under its control, including Crimea -- which would deprive Ukraine of its industrial heartland and most of its coastline.

Read more: Ukraine calls for talks in teetering Mariupol as Moscow holds ICBM test

President Joe Biden, however, said Putin was doomed to failure, announcing $800 million (740 million euros) in extra US military aid including howitzers and tactical drones.

"Our unity at home with our allies and partners, and our unity with the Ukrainian people, is sending an unmistakable message to Putin -- he will never succeed in dominating and occupying all of Ukraine," he said.

Ukraine appealed for an immediate humanitarian corridor to allow civilians and wounded fighters to be evacuated from Mariupol s sprawling Azovstal steel plant.

"They have almost no food, water, essential medicine," Ukraine s foreign ministry said.

Three school buses filled with Mariupol evacuees including women and children arrived in the city of Zaporizhzhia after crossing through territory held by Russian forces.

Exhausted evacuee Valentina, 73, told AFP she urgently needed medication for her back as she struggled to remain standing.

"My apartment has been destroyed just like the house of my son," she said, still wearing her slippers along with a torn black coat.



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Hina Khar: Pakistan highly values its relations with UK

 Hina Rabbani Khar
The British High Commissioner Dr Christian Turner called on Minister of State for Foreign Affairs Hina Rabbani Khar in her office on Thursday.

Dr Christian Turner congratulated Hina Rabbani Khar on assuming the office and hoped that both sides will work together to further deepen the Pakistan-UK relations.

Read more: PM Shehbaz Sharif summons NSC meeting

Hina Rabbani Khar thanked the British High Commissioner for the felicitations and stated that Pakistan highly values its relations with the UK, which are based on mutual respect and shared perceptions on broad range of regional and international issues.

She also appreciated the role undertaken by the British government in promoting health, education, governance and human development in Pakistan. Both sides also agreed to celebrate 75th anniversary of the establishment of bilateral diplomatic relations in a befitting manner.

Besides bilateral relations, discussions on evolving geopolitical situation and regional matters including Indian Illegally Occupied Jammu and Kashmir (IIOJK) and Afghanistan also took place.

Hina Rabbani Khar noted with concern the economic impact of the continuity of the Ukraine crisis and expressed the need for early resolution of the matter through diplomacy and peaceful means.

The British High Commissioner thanked the minioster and conveyed his good wishes and keen interest in promoting bilateral relations.



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Three federal ministers will be expanded, one state minister to be inducted in cabinet

 federal minister
The federal cabinet will be expanded further as three federal ministers and one state minister will take oath of their offices today (Friday).

According to sources, those who will join Prime Minister Shehbaz Sharif cabinet today include Mian Javed Latif of Pakistan Muslim League-Nawaz (PML-N), Agha Hassan Baloch and Hashim Notezai of Balochistan National Party-Mengal (BNP-M).

Moreover, Pakistan Muslim League-Quaid (PML-Q) chief Chaudhary Shujaat Hussain’s son Chaudhary Salik Hussain will also join the federal cabinet today.



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PM Shehbaz Sharif summons NSC meeting

PM Shahbaz Sharif
Prime Minister Shehbaz Sharif has summoned National Security Council (NSC) meeting to be held today (Friday).

According to sources, the meeting will be held today at the Prime Minister Office and 2:00pm. The members of the meeting will discuss security situation in the country.

Sources said that security agencies will brief Prime Minister Shahbaz Sharif during the meeting. Top civil and military leadership including federal ministers, services chiefs will attend the meeting.



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Zardari meets Shujaat, offers to induct his son in cabinet

PPP
Pakistan People’s Party (PPP) co-chairman and former president Asif Ali Zardari on Wednesday called on Pakistan Muslim League-Quaid (PML-Q) chief Chaudhry Shujat Hussain at his residence in Islamabad.

According to sources, Asif Ali Zardari offered to include Chaudhry Shujaat Hussain’s son Salik Hussain in the federal cabinet. “I want to include Salik Hussain in the federal cabinet,” Zardari said.

Read more: Article 63 (A) ensures lawmakers' loyalty to party: CJP

The two leaders also discussed the overall political situation in the country. Both the leaders agreed to expand the political tolerance and resolve the matters in a peaceful manner.



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Ukraine calls for talks in teetering Mariupol as Moscow holds ICBM test

Ukraine Russia conflict
Ukraine called Wednesday for urgent negotiations with Russia in Mariupol, which appeared close to falling after weeks of siege, as Vladimir Putin flexed his military muscle with the test launch of a new, nuclear capable ICBM.

Washington downplayed the test of the intercontinental ballistic missile and said it had been notified in advance, but Putin said it would make the Kremlin s enemies "think twice", raising tensions nearly two months after he invaded Ukraine and ignited a global crisis.

Read more: Russia urges Ukrainian forces to 'immediately' lay down arms

Mariupol, a strategic port city on the Sea of Azov, has been under a horrific siege almost since the invasion began. On Wednesday, Moscow issued another call for the devastated city s defenders to surrender.

But Kyiv proposed a "special round" of talks with Moscow, without any conditions, in Mariupol itself.

"One on one. Two on two. To save our guys, Azov, military, civilians, children, the living & the wounded. Everyone. Because they are ours," wrote top Ukraine negotiator and presidential aide Mykhailo Podolyak on Twitter.

He tweeted after a Ukrainian commander in the besieged Azovstal steel plant in Mariupol issued a desperate plea for help, saying his marines were "maybe facing our last days, if not hours".

"The enemy is outnumbering us 10 to one," said Serhiy Volyna from the 36th Separate Marine Brigade.

"We appeal and plead to all world leaders to help us. We ask them to use the procedure of extraction and take us to the territory of a third-party state."

An adviser to the city s mayor described a "horrible situation" in the encircled steel plant and reported that up to 2,000 people -- mostly women and children -- are without supplies of drinking water, food and fresh air.

"Powerful bombs have been dropped several times on Azovstal, we have been bombed from boats... we are under siege. The front is 360 degrees," said Svyatoslav Palamar, a commander in the nationalist Azov battalion defending the city, in a post on Telegram.

"The situation is critical, we call on international leaders to help the children," he added.

Read more: Russia unleashes offensive into east Ukraine: Volodymyr Zelenskyy

Mariupol has become a symbol of Ukraine s unexpectedly fierce resistance since Russian troops invaded the former Soviet state on February 24.

Capturing it would allow Russia to have a land bridge between the Crimea peninsula, which it annexed in 2014, and the two Moscow-backed separatist statelets in Ukraine s east.

The offer of talks came after Kyiv said it had agreed with Russian forces to open a safe route for civilians to flee the devastated city -- but that the had attempt failed.



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Wednesday, April 20, 2022

Queen Elizabeth II’s 96th birthday

Queen Elizabeth II’s 96th birthday
Gun salutes will ring out Thursday to mark Queen Elizabeth II’s 96th birthday, although the monarch herself was expected to mark the occasion with little fanfare.

It has been a troubled year for Britain’s royal family, with concerns over the queen’s health and questions over the future of the monarchy.

Read more: First killing by police in Sri Lanka protests

Rounds will be fired from the Tower of London and Hyde Park in the British capital, where a military band will also play "Happy Birthday".

Royal tradition since the 18th century has also seen the monarch have a second, official birthday, typically celebrated in warmer weather in June.

This year’s official birthday coincides with four days of public events from June 2 to 5 to mark the queen’s record-breaking 70th year on the throne.

British media said the queen has flown by helicopter from her Windsor Castle home, west of London, to her Sandringham country estate in eastern England.

There, she is reported to be spending time at the cottage where her late husband Prince Philip lived after he retired from public life in 2017.

The Daily Mirror quoted an unnamed royal source who said the trip was being viewed as a "positive step" given the queen’s recent health problems.

Since an unscheduled overnight stay in hospital last October, she has cut down massively on public appearances on doctor’s orders.

Read more: Russia urges Ukrainian forces to 'immediately' lay down arms

A back complaint and difficulties standing and walking have seen her cancel a number of engagements, including recent church events to mark Easter.

A bout of Covid-19 in February left her "very tired and exhausted", she told doctors and patients at the Royal London Hospital during a virtual event earlier this month.

But her grandson Prince Harry told US broadcaster NBC in an interview aired on Wednesday that she was "on great form" when he saw her last week.

The queen was last seen in public at Westminster Abbey in central London on March 29 at a memorial service for Prince Philip, who died last year aged 99.



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Fertilizer industry to enable over US$ 5.3bn import substitution

Ferterlization
The local fertilizer Industry is providing urea at around 84 percent discount, equivalent to Rs 9,823 per bag and is expected to enable import substitution of USD 5.3 billion in 2022.

Discussing the latest business results and future outlook in first quarter analyst briefing, Imran Ahmed – Chief Financial Officer of Engro Fertilizers shared that the fertilizer sector is passing on a benefit of Rs 900 billion per annum to farmers through the provision of urea at significant discount to current global prices.

Read more: Oil stabilises after big drop on IMF growth cut

Over the last 10 years, the industry is passed on benefit of over Rs 1.4 trillion to the farmers through lower urea prices. This amount is four times higher the benefit that industry has received through gas pricing under the Fertilizer Policy 2001.

At the same time, the industry has been playing a significant role towards reducing the country’s trade and fiscal deficit as the country is self-sufficient in urea production.

In the last annual general meeting of the Company, shareholders expressed concerns over the sharp disparity between international and local urea prices. Shareholders further added that the company has been losing shareholders’ value by pricing urea at a significant discount to import parity.

Imran Ahmed emphasized that urea demand has increased by 17% in Q1 2022 compared to the same period last year.

The Company’s research indicates that, as per crop mix and cultivated area for the first quarter, there has been an estimated increase of 2percent in agronomic demand. He added that this situation may in part be due to advance buying by the farmers, but also indicates a strong probability of product movement across border emanating from significant disparity among local and international urea prices.

Read more: Stocks extend losses amid selling pressure

Imran also highlighted the challenges faced by fertilizer industry, including recoveries of outstanding subsidy and sales tax receivables from the Government, dis-allowances made under Income & Sales Tax for sales to unregistered dealers, and FBR clarification on Concessionary custom duty withdrawing the concession / relief given earlier.

He also stated that continued Government support will be required to resolve these pressing matters, which will allow Engro Fertilizers to continue to play its role in transforming the agricultural landscape of Pakistan and to ensure long-term food security of Pakistan.



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Netflix aims to curtail password sharing, considers ads

Netflix
An unexpectedly sharp drop in subscribers has Netflix considering changes it has long resisted: Minimizing password sharing and creating a low-cost subscription supported by advertising.

Looming changes announced late Tuesday are designed to help Netflix regain momentum lost over the past year. Pandemic-driven lockdowns that drove binge-watching have lifted, while deep-pocketed rivals such as Apple and Walt Disney have begun to chip away at its vast audience with their own streaming services.

Read more: Scientists: Water on Jupiter's moon closer to surface than thought

Netflix’s customer base fell by 200,000 subscribers during the January-March quarter, the first contraction the streaming service has seen since it became available throughout most of the world other than China six years ago. The drop stemmed in part from Netflix’s decision to withdraw from Russia to protest the war against Ukraine, resulting in a loss of 700,000 subscribers. Netflix projected a loss of another 2 million subscribers in the current April-June quarter.

The erosion, coming off a year of progressively slower growth, has rattled Netflix investors. Shares plunged by more than 25% in extended trading after Netflix revealed its disappointing performance. If the stock drop extends into Wednesday’s regular trading session, Netflix shares will have lost more than half of their value so far this year — wiping out about $150 billion in shareholder wealth in less than four months.

The Los Gatos, California, company estimated that about 100 million households worldwide are watching its service for free by using the account of a friend or another family member, including 30 million in the U.S. and Canada.

“Those are over 100 million households already are choosing to view Netflix,” Netflix CEO Reed Hastings said. “We’ve just got to get paid at some degree for them.”

To prod more people to pay for their own accounts, Netflix indicated it will expand a trial program it has been running in three Latin American countries — Chile, Costa Rica and Peru. In these locations, subscribers can extend service to another household for a discounted price. In Costa Rica, for instance, Netflix plan prices range from $9 to $15 a month, but subscribers can openly share their service with another household for $3.

Read more: New WhatsApp feature for all countries under development

Netflix offered no additional information about how a cheaper ad-supported service tier would work or how much it would cost. Another rival, Hulu, has long offered an ad-supported tier.

While Netflix clearly believes these changes will help it build upon its current 221.6 million worldwide subscribers, the moves also risk alienating customers to the point they cancel.



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PM assures relief to victims of fire incident in Dadu

Shahbaz Sharif
Prime Minister Shehbaz Sharif Tuesday while condoling over the deaths in a fire engulfing two villages of Sindh’s Dadu district, assured the victim families that the federal government would take measures for their relief.

At least nine people including six children had died after a fire engulfed two villages in Tehsil Mehar of Dadu district, following the gusty winds in the area.

Read more: PMDA disbanded, newly elected Information Minster Marriyum Aurangzeb announces

The prime minister directed the National Disaster Management Authority (NDMA) to provide all possible support for the rehabilitation of the affected families.

He also assured that he would also take up the matter with the Sindh government and call for a financial relief package for them.

The prime minister sympathized with the villagers and also conveyed his grief over the loss of their properties.

He also prayed for peace for the departed souls and strength for the bereaved families to bear the loss.



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IMF forecasts Pakistan's growth rate at 4% in FY22

IMF
The International Monetary Fund (IMF) has released the World Economic Outlook Report. The IMF’s World Economic Outlook report predicts that Pakistan s economic growth, inflation and current account deficit targets will not be met this year.

According to the report, the economic growth rate is projected to be 4 percent against the target of 4.8 percent this year and 4.2 percent next year. The GDP growth was 5.6 percent in the last fiscal year.

Read more: Foreign funding case: PTI questions 'incomplete' ECP's powers  

According to the report, inflation in Pakistan is likely to remain in double digits of 11.2 percent this year while the government had set an annual target of average inflation of 8 percent.

In addition, the current account deficit will reach 5.3 percent of GDP, while the target was set at 0.7 percent. On the other hand, the current account deficit is expected to reach about $19 billion.

According to the IMF s World Economic Outlook report, the unemployment rate in Pakistan was 7.4 percent last year, compared to 7 percent this year and 6.7 percent next year.

According to the report, the Ukraine-Russia war has created a global humanitarian crisis, the conflict has slowed down the global economy, and has had a negative impact on global commodity prices, trade and financial resources.



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Tuesday, April 19, 2022

Scientists: Water on Jupiter's moon closer to surface than thought

Water on Jupiter
Ridges that criss-cross the icy surface of Jupiter s moon Europa indicate there are shallow pockets of water beneath, boosting hopes in the search for extra-terrestrial life, scientists said Tuesday.

Europa has long been a candidate for finding life in our solar system due to its vast ocean, which is widely thought to contain liquid water -- a key ingredient for life.

Read more: New WhatsApp feature for all countries under development

There is a problem: the ocean is predicted to be buried 25-30 kilometres (15-17 miles) beneath the moon s icy shell.

However water could be closer to the surface than previously thought, according to new research published in the journal Nature Communications.

The finding came partly by chance, when geophysicists studying an ice sheet in Greenland watched a presentation about Europa and spotted a feature they recognised.

"We were working on something totally different related to climate change and its impact on the surface of Greenland when we saw these tiny double ridges," said the study s senior author Dustin Schroeder, a geophysics professor at Stanford University.

They realised that the M-shaped icy crests on Greenland looked like smaller versions of double ridges on Europa, which are the most common feature on the moon.

Europa s double ridges were first photographed by NASA s Galileo spacecraft in the 1990s, but little was known about how they were formed.

The scientists used ice-penetrating radar to observe that Greenland s ridges were formed when water pockets around 30 metres (100 feet) below the ice sheet s surface refroze and fractured.

Read more: Musk targets Twitter board as company adopts 'poison pill'

"This is particularly exciting, because scientists have been studying double ridges on Europa for more than 20 years and have not yet come to a definitive answer for how double ridges form," said lead study author Riley Culberg, an electrical engineering PhD student at Stanford.

"This was the first time that we were able to watch something similar happen on Earth and actually observe the subsurface processes that led to the formation of the ridges," he told AFP.

"If Europa s double ridges also form in this way, it suggests that shallow water pockets must have been (or maybe still are) extremely common."



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Oil stabilises after big drop on IMF growth cut

Asian Markets
Asian markets were flat on Wednesday as oil began clawing its way back up from a big drop after the International Monetary Fund downgraded its global growth forecast for 2022.

The IMF lowered its outlook to 3.6 percent -- a .08 percent slash from its previous estimate released in January -- prompting a five-percent dive in oil prices on Tuesday.

Read more: Stocks extend losses amid selling pressure

The fund pointed to surging energy prices, rising debt, supply-chain woes, and a series of inflationary crises linked to the war in Ukraine and the coronavirus pandemic.

"The economic effects of the war are spreading far and wide -- like seismic waves that emanate from the epicenter of an earthquake," IMF chief economist Pierre-Olivier Gourinchas said in the report.

While oil prices showed their first sign of susceptibility to global economic trends after the announcement, US stocks rallied on the back of promising housing-starts data and solid corporate earnings.

"In the absence of inventory buffers, there are only two things that can send oil lower, recession and or demand destruction. More folks were more willing to check one or both of those boxes overnight on the back of the IMF economic warning shot and China’s protracted lockdown," said Stephen Innes at SPI Asset Management.

Tens of millions are still barred from leaving home in China’s economic centre Shanghai and tech hub Shenzhen, where a Covid-19 outbreak has broken down supply lines and shuttered businesses.

Read more: Will Miftah reverse downward economic spiral?

Alongside the positive corporate earnings and housing data, much of Wall Street’s strength also stemmed from the positioning of the market.

"It’s a nice reflex rally from an oversold position," said Art Hogan, strategist at National Securities, who said the dynamics reflected a "pretty oversold market".

In Tokyo, the Nikkei 225 opened slightly higher, buoyed by a cheaper yen, but the Hang Seng Index in Hong Kong was marginally lower after being battered by China growth concerns and Beijing’s crackdown on the tech sector on Tuesday.

Shanghai and Seoul were also down while Sydney, Jakarta, and Taipei were inching upward.



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Russia urges Ukrainian forces to 'immediately' lay down arms

Russian Ukraine Conflict
Russia on Tuesday called on Ukrainian forces to "immediately" lay down arms and issued a new ultimatum for the defenders of the besieged port city of Mariupol to give up.

The Russian defence ministry s warning came after Ukrainian President Volodymyr Zelensky announced late on Monday the start of a new offensive by Moscow that is focused on the east of the former Soviet state.

"We once again call on the Kyiv authorities to show reason and give the corresponding orders to fighters to cease their senseless resistance," the Russian defence ministry said in a statement.

Read more: US looks forward to 'working closely' with Shehbaz govt across regional, international issues

"But, understanding that they will not get such instructions and orders from the Kyiv authorities, we call on (the fighters) to voluntarily take this decision and to lay down their arms."

The statement made no direct mention of a new ground offensive in eastern Ukraine.

But Russian Defence Minister Sergei Shoigu confirmed that his forces were "gradually implementing our plan to liberate" eastern Ukraine.

"We are taking measures to restore peaceful life," he said in a televised meeting with Russian military commanders.

Some of the heaviest fighting of the Russian campaign has focused around the strategic Sea of Azov port city of Mariupol.

The port offers a land bridge between Moscow-controlled parts of eastern Ukraine and the Kremlin-annexed peninsula of Crimea.

Read more: Russia unleashes offensive into east Ukraine: Volodymyr Zelenskyy

The Russian defence ministry said Ukrainian forces still holed up inside the devastated city s main metallurgical plant were facing a "catastrophic situation".

"The Russian armed forces once again offer the nationalist battalions and foreign mercenaries a chance to stop all military activity and to lay down their arms, starting at noon," the Russian ministry said.

"Everyone who lays down their arms will be guaranteed survival."

Russia s army later on Tuesday said it regretted that "no one" had used this humanitarian corridor, which will reopen from 1100 GMT on Wednesday.

But Donetsk rebel commander Eduard Basurin said separatist "shock troops" had already launched an assault on the Azovstal plant.



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Will Miftah reverse downward economic spiral?

Miftah Ismail
Prime Minister Shehbaz Sharif has appointed 57-year-old economist and businessman Miftah Ismail as the finance minister who will be tasked with quickly arresting a downward economic spiral and getting IMF talks back on track.

Ismail, who briefly held the post four years ago, brings with him a record of decisive policy action and a close relationship with the prime minister but faces a daunting array of challenges, from falling foreign currency reserves to soaring inflation and potentially historic deficits.

Read more: PM Shehbaz Sharif's new cabinet finally takes oath

He will have limited time to act, with a maximum of 15 months before general elections are due, while they may be called sooner. The former IMF economist, with a PhD in Public Finance and Political Economy from the Wharton School of Business, held the job for a few months in 2018 when he joined a government near the end of its term.

In that short period, Ismail scrapped costly government exchange rate controls and gave the rupee more flexibility, while cutting income taxes as part of a growth promotion policy.

As he returns to the post, central bank foreign reserves have fallen to $10.8 billion from $16.2 billion in just one month, according to the latest figures released on Thursday, providing import cover of only around 50 days, Ismail said.

To rebuild reserves, he is considering pushing for more deposits from friendly countries such as China, Saudi Arabia and the United Arab Emirates, sources in the ministry have said. All of those countries have parked funds in the State Bank Pakistan that will need to be rolled over.

He will also prioritise securing a successful International Monetary Fund review to release a tranche of more than $900 million and unlock finances from other international lenders that require a clean bill of health from the fund.

Ismail has said he intends to restart talks soon to resume the 39-month, $6 billion bailout programme, which entered in 2019, but negotiations will be tough with many targets off track. He has also said his foremost task will be to contain a burgeoning fiscal deficit that could hit Rs6.4 trillion ($35 billion), or about 10% of gross domestic product, versus a target of about Rs4 trillion, by the end of June.

Energy subsidies announced by ousted premier Imran Khan, which are burning through public finances, are also an immediate concern. A rollback would be politically difficult, with Khan ratcheting up pressure for fresh elections and consumer inflation already clocking in at 12.7% in March.

The subsidies were rolled over on Friday for at least two weeks, with Sharif citing political pressure, but Ismail has made clear the support was not sustainable and would have to be revisited.

"We cannot let our fiscal and external financial position deteriorate further and have our development partners walk out. Tough choices need to be made," he said in a tweet on Saturday.



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China economy accelerates in Q1 but virus stalks outlook

Business
China’s economic growth accelerated in the first quarter of the year to 4.8 percent, official data showed Monday, but the government warned of "significant challenges" ahead while massive Covid-19 lockdowns started to bite.

The world’s second-biggest economy had lost steam in the latter half of last year with a property slump and regulatory crackdowns, pulling down growth.

Read more: Rupee depreciates by 0.54pc

But it exceeded expectations in the first three months of 2022, growing 4.8 percent on-year, the National Bureau of Statistics (NBS) said, with Lunar New Year spending and factory production cajoling growth.

The weeks ahead, however, appear treacherous for the economy with Beijing’s unrelenting zero-Covid approach to outbreaks clogging supply chains and locking down tens of millions of people -- including in the economic dynamos of Shanghai and Shenzhen as well as the northeastern grain basket of Jilin.

Virus restrictions in March have already gouged at retail sales, as consumers shied away from shopping, and drove up unemployment.

"With the domestic and international environment becoming increasingly complicated and uncertain, economic development is facing significant difficulties and challenges," NBS spokesman Fu Linghui said on Monday.

The pandemic rebound -- as well as the sanctions binding Russia’s economy -- ups the ante on officials to deliver Beijing’s full-year growth target of around 5.5 percent.

The target comes in a pivotal political year for President Xi Jinping who is eyeing another term in power at the Party Congress to be held this autumn.

Read more: SECP registers 2,354 new firms

The current virus outbreak is the worst since the peak of the first wave which emerged in Wuhan in late 2019, and the economy is beginning to weaken.

Industrial production growth eased to 5.0 percent in March, NBS data showed, down from the January-February period.

Meanwhile, retail sales sank 3.5 percent and the urban unemployment rate ticked up to a 22-month high of 5.8 percent last month.

"March activity data suggests that China’s economy slowed, especially in household consumption," Tommy Wu, lead China economist at Oxford Economics, said in a note.



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Russia unleashes offensive into east Ukraine: Volodymyr Zelenskyy

Ukraine
Russia launched a major offensive into eastern Ukraine on Monday, authorities in Kyiv said, as Moscow opened a new phase of its invasion after being thwarted in efforts to capture the capital.

In recent weeks, Russia s military campaign has refocused on the eastern region of Donbas, which pro-Moscow separatists have partly controlled since 2014.

Read more: US report identifies widespread rights violations in India

"We can now confirm that Russian troops have begun the battle for the Donbas, which they have been preparing for a long time," Ukrainian President Volodymyr Zelensky said on Telegram late Monday.

"No matter how many Russian soldiers are brought here, we will fight. We will defend ourselves."

Ahead of the widely anticipated advance, Ukrainian authorities had urged people in Donbas to flee west to escape.

Control of Donbas would allow Moscow to create a southern corridor to the occupied Crimean peninsula.

In the south of Donbas, Russia continued its push to capture the besieged port city of Mariupol, where the last remaining Ukrainian forces have taken a final stand.

Russia on Monday also pounded targets across the country, killing at least seven people in the far western city of Lviv.

Lviv has largely been spared bombardment since Russia invaded on February 24, and the city and its surroundings had become a haven for those seeking safety from the war zone.

But "today we understood clearly that we don t have any safe places in Ukraine. It s very dangerous," a bank employee who gave her name as Natalia told AFP after the strikes.



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Monday, April 18, 2022

Four children killed as blaze gutted dozens of homes :Dadu

Dadu
At least four children were burnt alive and several other persons were wounded when fire erupted at different places after dust storm hit Tehsil Mehar and Tehsil Khairpur Nathan Shah of District Dadu in Sindh province on Monday night.

According to details, all the homes in village Faiz Muhammad in Tehsil Mehar were gutted in the massive fire while 25 homes in nearby village Saleh Machi were also destroyed.

Read more: Farogh says Imran insisted on filing reference against Justice Isa

Fire also broke out after the dust storm in Tehsil Khairpur Nathan Shah which engulfed over 100 homes in village Faiz Muhammad Chandio due to which four children were burnt alive and several other persons were wounded.

The deceased were identified as four-year-old Mour, five-year-old Abdul Rasool, six-year-old Tehmina and eight-year-old Sakina. On the other hand, several other persons were wounded when they attempted to bring the fire under control on self-help basis. The local police have shifted the dead and injured to hospital.

It is pertinent to mention here the fire brigade and rescue teams failed to reach the affected villages after passage of more than six hours.



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Pakistan reports no corona death in the last 24 hours

Corona update
Pakistan has reported no death in the last 24 hours by novel coronavirus as the number of positive cases has risen to 1,527,411. The nationwide tally of fatalities stands at 30,364 on Tuesday.

According to the latest figures by the National Institute of Health (NIH), at least 85 persons were tested positive for COVID-19 across the country in the past 24 hours.

Read more: Pakistan reports one corona death in the last 24 hours

Pakistan has conducted 18,563 tests in the past 24 hours out of which 85 persons were tested positive for the disease. The COVID Positivity Ratio was recorded at 0.45 percent.



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Farogh says Imran insisted on filing reference against Justice Isa

Farogh Naseem
Ex-law minister Farogh Naseem has said that former prime minister Imran Khan had insisted on filing the presidential reference against Supreme Court's Justice Qazi Faez Isa.

Responding to the PTI chairman, the MQM-P leader, in a statement, said he would not speak against Khan, but wanted to "clarify" the facts about the events related to the reference.

"The summary against Justice Faez Isa was a sensitive matter and every aspect of the case was scrutinised [...] I had no personal conflict with Justice Isa," Naseem said, who contested the case on behalf of the government against the SC judge.

He said the ex-prime minister had insisted on filing the reference against Justice Isa based on the findings of the Assets Recovery Unit (ARU) — which was headed by then-advisor to the prime minister on accountability Shahzad Akbar.

The ex-law minister said the ARU was working directly under Imran Khan and noted that the judiciary is not against the PTI chairman.

"Right now, the country's political situation is already very tense, and I don't want to further intensify it," Naseem said.

Later in a statement, ex-information minister and PTI leader Fawad Chaudhry said as Naseem was the law minister then, he should take responsibility for filing the reference.

The PTI leader said Naseem had "concocted the entire matter". Chaudhry claimed that when the issue came under discussion during the federal cabinet's meeting, he had voiced concerns against it.

But in an informal conversation with journalists today, the ousted prime minister said it was a mistake to file a reference against the judge while claiming that the then-law minister had briefed him on Justice Isa's properties and assets.

 



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SECP registers 2,354 new firms

Exchange commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) registered 2,354 new companies in March 2022, raising the total number to 165,688.

Total capitalization (paid-up-capital) with regards to newly incorporated companies for the current month stood at Rs3.5 billion, said an SECP press release.

Read more: Stocks marginally higher as profit-taking weighs

Foreign investment was reported in 53 new companies during March. These companies had foreign investors from Afghanistan, Bangladesh, Belgium, Canada, China, Denmark, Germany, Ireland, Italy, Japan, Jordan, Korea South, Malaysia, the Netherlands, Norway, Saudi Arabia, South Africa, Switzerland, Thailand, the United Arab Emirates, the United Kingdom and the United States.

In March, nearly 63 percent companies were registered as private limited companies, while 34 percent were single member companies. Remaining 3 percent companies were registered as public unlisted companies, not for profit associations, trade organizations and limited liability partnership (LLP).

About 99.6 percent companies were registered online and 215 foreign users were registered from overseas.

Read more: Rupee holds steady against US dollar

The real estate development and construction sector took the lead with incorporation of 458, information technology with 365, trading with 258, services with 232, education with 110, food and beverages with 75, tourism with 72, textile with 68, corporate agricultural farming with 60, engineering with 57, commerce, and marketing and advertisement with 55 each, chemical with 47, pharmaceutical with 46, healthcare with 45, mining and quarrying with 37, transport with 36, and 333 companies were registered in other sectors.

As a result of the integration of SECP with Federal Board of Revenue and various provincial departments, 2,033 companies were simultaneously registered with FBR for generation of NTN, 47 companies with EOBI, and 16 companies with PESSI/SESSI.



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Sunday, April 17, 2022

Moscow’s ultimatum expires: Ukraine vows to fight to the end in Mariupol

Ukraine Russia Conflict
Ukraine on Sunday vowed to fight to the end in Mariupol after a Russian ultimatum expired for remaining forces to surrender in the Black Sea port city where Moscow is pushing for a major strategic victory.

"The city still has not fallen," Prime Minister Denys Shmyhal said hours after Moscow s deadline had passed for fighters holed up and surrounded in a sprawling fortress-like steelworks to surrender.

Read more: Three Chinese astronauts return to Earth after six months

"There s still our military forces, our soldiers. So they will fight to the end," he told ABC s "This Week".

Moscow has shifted its military focus to gaining control of the eastern Donbas region and forging a land corridor to already-annexed Crimea.

Russia s defence ministry said there were up to 400 mercenaries inside the encircled Azovstal steel plant, calling on Ukrainian forces inside to "lay down their arms and surrender in order to save their lives".

Moscow claims Kyiv has ordered fighters of the nationalist Azov battalion to "shoot on the spot" anyone wanting to surrender.



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Pakistan reports one corona death in the last 24 hours

Corona update in Pakistan
Pakistan has reported one death in the last 24 hours by novel coronavirus as the number of positive cases has risen to 1,527,326. The nationwide tally of fatalities has jumped to 30,364 on Monday.

According to the latest figures by the National Institute of Health (NIH), at least 78 persons were tested positive for COVID-19 across the country in the past 24 hours.

Pakistan has conducted 22,361 tests in the past 24 hours out of which 78 persons were tested positive for the disease. The COVID Positivity Ratio was recorded at 0.35 percent.



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PML-N protests outside Jemima's London residence

PML-N protest
PML-N supporters on Sunday staged a protest in London outside the residence of Jemima Goldsmith, the ex-wife of former prime minister and PTI Chairman Imran Khan.

Footage shared on social media showed a throng of PML-N supporters waving flags, holding banners and placards, and chanting slogans in favour of their party supremo Nawaz Sharif and against Khan.

Read more: PM condemns attack on Deputy Speaker in Punjab Assembly

Police contingents deployed outside Jemima's home were also seen in the footage. Separately, PTI supporters also took out demonstrations at London's Hyde Park.

Footage shared by the PTI also showed a protest outside Nawaz's Avenfield residence.

PML-N leader Abid Sher Ali had on Thursday first announced that a protest would be held outside Jemima's London home. He had also shared an image bearing her full address and used derogatory language against Khan.

"Protests outside my house, targeting my children, anti-Semitic abuse on social media ... It’s almost like I’m back in 90s Lahore," Jemima had said in response to Ali.

Ali had responded to Jemima, holding her former husband responsible for the protest. "He (Imran) has ordered attacks and protests outside [the] homes of his political opponents. He incites hate, homophobia and terrorism on [a] daily basis," he had said.

The PML-N leader had said that the protest would be "peaceful and non-violent".



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COAS wants end to ‘propaganda campaign'

COAS
Chief of Army Staff (COAS) General Qamar Javed Bajwa has stressed that misinformation and propaganda threatened state’s integrity and required timely and unified response to effectively counter speculations and rumours.

He said this while visiting the Lahore Garrison over the weekend, military’s media wing, the Inter-Services Public Relations (ISPR), said in a statement on Sunday.

Read more: 'Conspiracy' not interference, Khan claims yet again

The army chief maintained that the military drew its strength from people and any effort to create wedge between military and population will not be tolerated. “The hostile forces are trying this for a long time but they won’t succeed, Insha Allah,” he was quoted as saying as he interacted with garrison officers and veterans in two separate interactive sessions.

Opon his arrival at the garrison, the COAS was received by Corps Commander Lieutenant General Muhammad Abdul Aziz.

During the visit, the army chief appreciated Lahore Corps for maintaining high standards of operational preparedness and training.

According to ISPR, Gen Qamar also visited Combined Military Hospital Lahore (CMH) today and inquired about the well-being of Major Haris, who was manhandled and injured in a road rage incident recently.

The COAS said that law will take its course, adding that perpetrators, who are under arrest, will be brought to justice. “No one can be allowed to take law into their hands,” the COAS assured the injured officer.

Last week, Pakistan Muslim League-Nawaz (PML-N) leaders Khwaja Salman Rafique and Hafiz Nauman were arrested by Punjab Police after they offered voluntary arrests following an incident allegedly involving their security guards.

The security personnel of the political leaders were reported to have beaten up and tortured an army official.

The two Punjab Assembly members were arrested when they went to the Garden Town police station to join the investigation of the case lodged against four suspected attackers and offered arrest in the case.



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Russia bans entry of British PM Johnson

British PM Johnson
Russia has announced it was banning entry of Prime Minister Boris Johnson, Deputy PM Dominic Raab, Foreign Secretary Liz Truss, Defence Secretary Ben Wallace, ex-premier Theresa May and the First Minister of Scotland Nicola Sturgeon, after London had imposed sanctions on Russia over its action in Ukraine.

“This step was taken as a response to London’s unbridled information and political campaign aimed at isolating Russia internationally, creating conditions for restricting our country and strangling the domestic economy,” the foreign ministry said in a statement on Saturday.

Meanwhile, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman “gave a positive assessment” of joint work in the OPEC+ format during a phone call. They also discussed the situation in Ukraine and Yemen, the Kremlin said.



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AJK president summons assembly session tomorrow to elect PM

Barrister Sultan Mahmood
Azad Jammu and Kashmir (AJK) President Barrister Sultan Mahmood on Saturday summoned the Legislative Assembly session to meet at 10:30am on Monday (tomorrow) to conduct election for the new leader of the house.

The announcement was made by him “in the light of” an order of the AJK Supreme Court delivered earlier in the day, according to a press release from his office.

On Friday, while taking up a petition by the opposition leaders, the AJK High Court had restrained the assembly speaker and others from any proceedings regarding the election of the prime minister until Monday.

An appeal against the High Court order was heard by the Supreme Court on Saturday.

The apex court maintained that after resignation of Prime Minister Sardar Abdul Qayyum Niazi on April 14, the resolution for vote of no-confidence against him had automatically become infructuous and since the Assembly was not in session at the time of the resignation, the president had to summon a fresh session within 14 days to hold the election of the prime minister.

“We are conscious of the fact that the office of the Prime Minister cannot be kept vacant for an indefinite period and is presently working under a stopgap arrangement… Since both the parties are in agreement on holding this election according to the constitutional provisions, the law secretary and the principal secretary to the prime minister should immediately take measures to enable the president to summon the assembly session for the purpose of prime minister’s election,” the court held.

The court further held that the session that had begun on April 15 would be deemed to have been prorogued and, resultantly, the petition filed in the High Court had also become infructuous.

The order was announced at 1pm and the ruling Pakistan Tehreek-i-Insaf (PTI) legislators were hopeful that President Mahmood would summon the session by the [Saturday] evening to help the speaker initiate the process for election of the prime minister.

“Pakistan Tehreek-i-Insaf is implementing the order of the Supreme Court regarding the election of the new leader of the house in letter and in spirit. Hopefully, the president will summon the session in the evening [on Saturday]. The opposition will not get what it’s hoping for by using the delaying tactics,” was what senior PTI parliamentarian Khawaja Farooq Ahmed had tweeted after the apex court order.

However, the PTI legislators were unnerved for a while when they learnt that the president had summoned the session on Monday instead of Saturday evening or Sunday.

 



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