The Organization of the Petroleum Exporting Countries (OPEC) slightly lowered its forecast for oil demand growth on Monday, citing the impact of US tariffs on the world economy. The Saudi-led oil cartel said in its monthly report that it now expects demand to grow by 1.3 million barrels per day (bpd) in 2025, down from a previous forecast of 1.4 million bpd. The “minor adjustment” was mainly due to first-quarter data and “the expected impact on oil demand given recently announced US tariffs”. The Opec now sees global demand reaching a total of 105.05 million bpd this year. It also…
Author: Web Desk
State Bank of Pakistan (SBP) Governor Jameel Ahmad on Monday anticipated that the recent drop in global oil prices would cushion the impact of the proposed reciprocal tariffs imposed by US President Donald Trump on Pakistan. Trump, last week announced a 90-day pause on tariffs, saying he took the decision after more than 75 countries had reached out to negotiate and did not retaliate against the US. Earlier, he had imposed 29% tariffs on Pakistani exports to the US. Speaking on Geo News programme “Aaj Shahzeb Khanzada Kay Sath”, the SBP governor said: “[Pakistan’s] total export to the US is…
A senior US central bank official has warned that interest rates may need to be cut more sharply than expected if President Donald Trump’s steep tariffs on imports stay in place for an extended period, as they risk slowing the economy and raising unemployment. Trump unveiled sweeping tariffs in early April against most US trading partners in a bid to address practices that Washington deems unfair, including a 10 percent global levy and higher country-specific rates, especially on China. The higher rates on countries other than China have been paused for 90 days but would have pushed the effective average…
The stock market extended its winning streak on Tuesday, as investor sentiment remained buoyed by record-breaking remittances and growing optimism over the country’s external account outlook. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index climbed by 385.47 points, or 0.33%, to close at 116,775.50. The index hit an intraday high of 117,362.22, up 972.19 points, or 0.84%, from the previous close of 116,390.03, while the session’s low was recorded at 116,645.68, still reflecting a gain of 255.65 points or 0.22%. Explaining the reason behind the positive sentiment, Head of Research at Arif Habib Limited, Sana Tawfik, said: “The positive market…
Fitch Ratings on Monday upgraded Pakistan’s long-term foreign-currency issuer default rating to ‘B-’ from ‘CCC+’, citing improved fiscal consolidation, a stabilising external account, and stronger macroeconomic policy management. The outlook is stable. The rating agency said in a statement on Monday that the move reflected growing confidence in Pakistan’s ability to sustain tighter budget controls and implement reforms under its ongoing International Monetary Fund (IMF) programme. The upgrade comes as Islamabad looks to maintain momentum following its agreement with the IMF in March to review a $7 billion Extended Fund Facility (EFF) and a new $1.3 billion Resilience and Sustainability…
By: Raja Zahid Akhtar Khanzada Washington: The May 2025 U.S. Visa Bulletin, released from Washington, D.C., has struck Indian professionals like a bolt from the blue a sudden earthquake shaking the carefully built architecture of dreams, effort, and sacrifice. For thousands of Indian applicants standing in the long and winding lines of U.S. immigration, this bulletin comes not as a routine update, but as a cruel jolt to hope itself. The harshest blow has landed on those applying under the Employment-Based Fifth Preference (EB-5), where the cutoff date for Indian nationals has been rolled back by more than six months.…
fugitive from El Salvador was convicted on Monday in the 2023 slaying of a Maryland woman who was attacked while exercising on a popular hiking trail northeast of Baltimore. Prosecutors alleged that Victor Martinez-Hernandez, 24, carried out a planned attack when he abducted Rachel Morin from the trail, struck her head against nearby rocks, raped her, and concealed her body in a drainage culvert. Their case heavily relied on DNA evidence linking him to the crime. According to Randolph Rice, an attorney representing Morin’s relatives, a jury found Martinez-Hernandez guilty of first-degree murder and first-degree rape, among other offenses. “The…
The Trump administration has announced a freeze on $2.2 billion in multi-year grants and $60 million in multi-year contracts at Harvard University, following the university’s refusal to comply with the administration’s policy demands. Harvard University rejected the administration’s demands for policy changes. The administration demanded the elimination of diversity, equity, and inclusion programs, a ban on masks at campus protests, merit-based hiring and admissions reforms, and a reduction in the power of faculty and administrators. The administration also demanded “full cooperation” from Harvard with the Department of Homeland Security and federal regulators. Harvard argued that the administration’s demands represent an…
A former Colorado sheriff’s deputy convicted of fatally shooting a 22-year-old man in distress who had called 911 for help was sentenced Monday to the maximum of three years in prison by a judge who characterized the shooting as an act of power. Andrew Buen was convicted in February of criminally negligent homicide in the 2022 death of Christian Glass, a case that garnered national attention and spurred calls for reforms in how authorities respond to individuals experiencing mental health crises. Prosecutors argued that Buen unnecessarily escalated a standoff with Glass, who exhibited signs of a mental health crisis and…
A Palestinian student at Columbia University entered a Vermont immigration office on Monday with the hope of initiating the final step towards becoming a US citizen. However, instead of undergoing an interview, Mohsen Mahdawi – who has resided in the United States for a decade – was taken into custody in handcuffs. Immigration officials detained Mahdawi, a prominent organizer of pro-Palestinian protests on campus a year prior, at a US Citizenship and Immigration Services facility in Colchester, Vermont, where he lives, his lawyer informed CNN. His detention appears to be part of a broader effort by the Trump administration to…
