ISLAMABAD: Short-term inflation, measured by the Sensitive Price Index (SPI), surged for the fifth straight week due to tax measures enacted in the budget that led to a high cost of living, official data showed on Friday. The SPI-based inflation rose 23.59 per cent year-on-year in the week ending July 4. On a week-on-week basis, it increased by 1.28pc. The PML-N government’s decision to allow sugar exports has resulted in a sharp increase in the domestic prices of sweetener across the country. Several indirect taxes imposed through the Finance Act 2024 since July 1 have fuelled inflation. The costs of…
Author: Hasnain Abid Khanzada
KARACHI: Despite an ongoing buying spree by foreign investors, stocks stumbled on Friday due to poor economic data and FTSE Russell’s downgrade of Pakistan to frontier market status. Ahsan Mehanti of Arif Habib Corporation said weak rupee, projections for higher CPI inflation amid tough tax measures in the federal budget FY25, and concerns about falling oil and cement sales contributed to a bearish close. Petroleum sales dipped 8pc in outgoing FY24, and cement despatches fell 12.6pc in June, Topline Securities Ltd attributed the market volatility to consolidation around the psychological index level of 80,000 after a recent rally. Investor interest…
KARACHI: The financial sector’s asset base expanded by 27 per cent in 2023, mainly due to the banking sector’s investments in risk-free, high-yielding government securities. “While volatility in financial markets remained high, the financial sector, particularly the banking sector, remained resilient and grew by 29.5 per cent during the review period,” said the State Bank of Pakistan’s Financial Stability Review (FSR) for 2023, released on Friday. The report said asset growth was primarily driven by investments in government securities, while bank advances to the private sector contracted due to stressed macro-financial conditions. The review highlighted that the macroeconomic environment remained…
SINGAPORE: Bitcoin was set for its biggest weekly fall in more than a year on Friday, as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt Gox and further selling by leveraged players after the cryptocurrency’s strong run. The price of the world’s largest cryptocurrency slid as much as eight per cent on the day to $53,523, its lowest since late February. It was on track for a more than 12 per cent weekly decline, its biggest since Nov 2022. Rival token Ether slid nine per cent to $2,841 to more than a two-month low. Media…
UNITED NATIONS: Deep global divisions and conflicts must end to clear a path to tackling the world’s two existential threats: climate change and the negative impacts of the AI boom, UN Secretary General Antonio Guterres told the Shanghai Cooperation Organisation (SCO) Summit in Astana. “The central goal of our multilateral system must be peace a pre-condition for sustainable development and the enjoyment of human rights,” he told Heads of States attending the world’s largest regional organisation meeting in Kazakhstan’s capital on Thursday. Mr Guterres listed multiple conflicts where ceasefire and lasting peace are needed, from the Middle East to Ukraine…
NEW DELHI: The early discharge sought by India of its nationals who were “misled” into serving in the Russian army is expected to be discussed during Prime Minister Narendra Modi’s visit to Moscow next week, his foreign secretary said on Friday. Several cases of Indians who were lured to Russia with the promise of lucrative jobs or education and ended up fighting against Ukraine have emerged over the last few months, and Indian police arrested four people in May linked to a human trafficking network behind the practice. Four Indian nationals have been killed in the war so far, prompting…
TEHRAN: Iranians voted on Friday in a presidential election runoff between a reformist advocating improved ties with the West and an ultraconservative former nuclear negotiator. The runoff between reformist Dr Masoud Pezeshkian and ultraconservative Saeed Jalili comes amid heightened regional tensions over the Gaza war, Iran’s nuclear standoff with the West and widespread economic discontent exacerbated by Western sanctions. The election, called early after the death of ultraconservative president Ebrahim Raisi in a helicopter crash, follows a first round marked by a low turnout. However, when supreme leader Ayatollah Ali Khamenei cast his ballot as polls opened, he noted, “I…
GENEVA: The World Health Organisation chief has warned that a dire lack of fuel could have a “catastrophic” impact on already devastated health services in the war-ravaged Gaza Strip. Desperate fuel shortages have been a constant problem in the besieged Palestinian territory. “Further disruption to health services is imminent in Gaza due to a severe lack of fuel,” WHO chief Tedros Adhanom Ghebreyesus said on Thursday . The UN health agency cautioned that only 90,000 litres of fuel entered Gaza on Wednesday. The health sector alone needs 80,000 litres daily. This is forcing WHO and its partners working in Gaza…
PRESIDENT Joe Biden is under pressure from some Democratic donors who have warned they will withhold funds unless he is replaced as the party’s candidate in the wake of his disastrous debate performance last week, according to the BBC. Pressure on the 81-year-old Biden to quit the Nov 5 presidential race has grown following several instances during the debate where he lost his train of thought. While he admitted that he “screwed up” that night, he has vowed to stay on as his party’s standard-bearer taking on Donald Trump. Scrutiny on his public appearances has markedly risen since the debate.…
JENIN: Israeli troops killed seven Palestinians in a raid on Jenin in the occupied West Bank on Friday, officials said. At least 14 Palestinians have now been killed in Israeli operations this week in the occupied West Bank, where the Gaza war has fuelled tensions since October last year. The Palestinian Authority health ministry said the seven dead were aged between 19 and 54. Hamas said one of the seven was a “commander” in the group. An Israeli military statement claimed there was a gun battle in the Jenin refugee camp. At least 38,011 Palestinians, mostly women and children, have…
