Newsletter - Page 206 of 311

Pakistani Rupee Gains Against US Dollar, Forex Reserves Rise

Pakistani Rupee Sees Slight Appreciation Against US Dollar

KARACHI: The Pakistani rupee (PKR) appreciated by 18 paisa against the US dollar (USD) in interbank trading on Friday. The rupee closed at Rs277.61, improving from the previous day’s closing of Rs277.79. The Forex Association of Pakistan (FAP) reported that the buying and selling rates of the US dollar in the open market stood at Rs277.75 and Rs279.25 respectively.

Euro, Yen, and Pound Exchange Rates

According to the State Bank of Pakistan (SBP), the euro’s price dropped by 50 paisa, closing at Rs301.02. On the previous day, it had closed at Rs301.52.

Read: Mega Motors and BYD Finalize Deal to Produce Electric Cars in Pakistan

The Japanese yen also saw a slight decrease, down by one paisa to close at Rs1.84.

Meanwhile, the British pound gained Rs1.19, trading at Rs362.02 compared to the last day’s closing of Rs360.83.

Emirates Dirham and Saudi Riyal Decline

The Emirates dirham and Saudi riyal also saw minor declines in value. The dirham dropped by 4 paisa, closing at Rs75.58, while the riyal decreased by 5 paisa, ending the day at Rs73.91.

Increase in Foreign Reserves

In a positive development, the SBP’s foreign exchange reserves increased by $215 million, bringing the total to $11.022 billion by the end of the week on October 11.

A statement from the central bank revealed that Pakistan’s total liquid foreign reserves now stand at $16.11 billion. Out of this, commercial banks hold $5.09 billion in net foreign reserves.

“During the week ended on 11-Oct-2024, SBP reserves increased by US$ 215 million to US$ 11,022.7 million,” the SBP stated. The bank did not provide specific reasons for the increase.

Prior Reserve Figures

As of October 10, the country’s total foreign exchange reserves were reported at US$16.04 billion. These figures were for the week ending on October 4, 2024.

The consistent updates on the rupee’s performance and foreign reserves are significant for Pakistan’s economy. A stable or appreciating currency helps in controlling inflation and easing external debt pressures. However, fluctuations in foreign exchange rates impact trade, investment, and consumer purchasing power. Economic experts will closely monitor these developments in the coming days.

Liam Payne’s Ex-Girlfriend Aliana Mawla Pays Heartfelt Tribute

Liam Payne’s ex-girlfriend, Aliana Mawla, has shared a heartfelt tribute following the singer’s unexpected death.

The 26-year-old, who reportedly dated Liam after his split from Maya Henry in 2022, posted emotional messages on her Instagram Stories on Thursday, remembering her time with the former One Direction star.

In one photo, Liam is seen at a music concert, gazing over a crowd. Aliana wrote, “I’m sorry this happened to you. I will forever love and miss you.”

Read: Liam Payne Dies at 31 After Fall in Buenos Aires

She shared another snap of Liam’s “L” and “P” tattoos on his hands, with her thumb resting in between. Over the image, she wrote, “Rest in paradise.”

Liam Payne first met Aliana in 2018 while filming the music video for his song Familiar, according to Elle.

The world was shocked when news broke that Liam Payne was found dead outside a hotel in Argentina on Wednesday, October 16. He was just 31 years old.

Roads Blocked in Rawalpindi Amid PTI Protests

Roads in Rawalpindi were blocked on Friday following Pakistan Tehreek-e-Insaf’s (PTI) call for nationwide protests after Friday prayers. Key roads, such as Peshawar Road near Cheering Cross and NAL Road near Military Hospital (MH), were barricaded, with only one lane open for traffic.

Police placed zig-zag pickets at entry points into Rawalpindi, increasing security presence. Roads leading to Murree Road’s Marrir Chowk and Liaquat Bagh were also sealed, while Swann Bridge allowed single-lane traffic for commuters.

Despite the blockades, other roads in Rawalpindi remained open.

In the twin cities of Rawalpindi and Islamabad, the metro bus service was suspended for the fifth consecutive day. Operations were halted from October 14-16 due to security arrangements for the Shanghai Cooperation Organisation (SCO) summit. Although the summit concluded, the metro bus service did not resume on October 17 and remained suspended today.

Government Enforced Section 144

On Thursday, the Punjab government enforced Section 144 across the province, banning protests, rallies, and public gatherings for two days, from Friday, October 18, to Saturday, October 19.

Read: LHC Establishes Full Bench for Female Student Harassment Cases

The Home Department issued a notification stating, “In view of the prevailing law and order situation and threat perceptions, any kind of protest or procession could become a soft target for terrorists.”

The enforcement of Section 144 came after PTI’s political committee called for peaceful protests across district headquarters on October 18. The protests aimed to show opposition to constitutional amendments and demand the release of PTI’s founding chairman, Imran Khan, who is currently imprisoned in Adiala Jail.

In its statement, PTI condemned the treatment of Khan and demanded that his fundamental rights be restored, including access to his family, lawyers, and party leaders. The party’s call for peaceful protests urged supporters to gather after Friday prayers to demonstrate against the government’s actions.

Prince William Celebrates, Meghan and Harry Buy Portugal Home

Prince William has released his first public statement following reports that Meghan Markle and Prince Harry have purchased a new home in Portugal. According to OK! Magazine, the couple, who currently reside in California, have reportedly secured a property in the CostaTerra Golf and Ocean Club, located in the small town of Melides. This news comes a year after their eviction from Frogmore Cottage in the UK.

Amid these reports, Prince William took to social media to celebrate young people who have transformed their lives after experiencing homelessness. The royal engagement marked his first public statement since the reports about his estranged brother’s new European home surfaced.

The palace shared photos and videos of Prince William at the event. In his statement, he expressed admiration for the achievements of these young individuals, saying, “Celebrating the remarkable achievements of young people who have transformed their lives after experiencing homelessness.”

He continued, “The @centrepointuk Award winners and finalists have overcome so much and achieved incredible things in leadership, education, and their communities. Congratulations to you all!”

Prince William’s statement highlighted his ongoing commitment to supporting causes that address homelessness, a key focus of his royal work. The event, hosted by Centrepoint UK, showcased inspiring stories of resilience and personal growth, with the prince acknowledging the courage and determination of the young people involved.

Comments that Drew Attention

While Prince William’s statement did not address the reports surrounding Meghan and Harry’s new home, the timing of his comments drew attention as the media speculated about the latest developments in the relationship between the two royal brothers. The future king’s focus remained on his charitable efforts, emphasizing the importance of supporting vulnerable communities and recognizing the strength of those who have overcome adversity.

As the royal family continues to navigate its public and private challenges, Prince William’s dedication to his causes, such as homelessness, remains at the forefront of his public appearances. Meanwhile, Meghan Markle and Prince Harry’s reported new home in Portugal adds another chapter to their journey as they continue to build their independent lives away from royal duties in the UK.

LHC Establishes Full Bench for Female Student Harassment Cases

LAHORE: The Lahore High Court (LHC) announced the formation of a full court bench to address a series of harassment incidents involving female students. Chief Justice Aalia Neelum emphasized the importance of this matter during a hearing on Friday.

The court directed authorities to take the statement of an alleged victim linked to a high-profile rape claim involving a private college student. This case has ignited widespread protests in the province, which continue to escalate.

400 Students Protesting Against Harassment

In Rawalpindi alone, nearly 400 individuals protesting against harassment and sexual abuse of female students have been arrested. The government has imposed Section 144 in the province, banning public gatherings and demonstrations. Hundreds of others have also been booked in Lahore and other cities for violating this order.

As the unrest continues across Punjab, all public and private educational institutions in the province remained closed today. The LHC is addressing three specific incidents: the protests against the alleged rape, an alleged suicide at Punjab University, and a case of harassment at Lahore College for Women University (LCWU).

During the hearing, Punjab Inspector General of Police Usman Anwer, along with other officials, presented a complete report as requested by the court. Chief Justice Neelum expressed dissatisfaction with the police chief’s failure to prevent videos related to these incidents from going viral on social media, which contributed to escalating tensions.

The chief justice inquired about the delays in contacting relevant agencies to restrict the spread of these videos. In response, IGP Anwer stated that they had indeed contacted the Pakistan Telecommunication Authority to address the issue.

When asked about the provincial government’s involvement, the Punjab advocate general informed the court that the assistant superintendent of police met with the family of the alleged rape victim and reviewed CCTV footage from the college. He noted, “Every child protesting claimed that rape had occurred, but no one has presented any evidence.”

The advocate general acknowledged some shortcomings on the authorities’ part. In response, CJ Neelum remarked that opportunists might exploit the unrest. She expressed concern that the situation could stem from misinformation.

Additionally, the chief justice inquired about the number of complaints regarding harassment at LCWU. The government lawyer and college registrar informed the court that only one complaint had been filed, and the individual facing allegations had been suspended from their position.

Prioritizing Student Comfort

CJ Neelum asked if the students felt comfortable returning to their colleges. She instructed authorities to work on regaining the trust of parents in the educational system. Moreover, she mandated that men should not be present in areas where female students are located within educational institutions.

The court further directed authorities to take a statement from the student involved in the alleged rape case, cautioning against any pressure on the victim and warning of potential consequences for those who attempt to do so.

The court also ordered the establishment of a committee led by the director general of the Federal Investigation Agency (FIA) to investigate all three cases in detail. Azam Butt, a citizen of Lahore, had filed a petition in the LHC highlighting the suicide case at Punjab University, as well as the harassment and rape allegations involving separate students.

Ongoing protests have led to significant unrest, with students ransacking a hostel after forcefully entering the premises, throwing stones, and damaging vehicles.

The turmoil prompted a strong response from Punjab Chief Minister Maryam Nawaz, who announced a crackdown on individuals spreading fake news about the alleged rape incident during a press conference on Wednesday.

As the situation evolves, the LHC’s commitment to addressing these crucial issues will be vital in ensuring the safety and well-being of female students across the province.

Britain Raises Bird Flu Risk to Medium Amid New Outbreaks

The British government has increased the bird flu risk level from low to medium. This change came after detecting the virus in several wild birds during the autumn season. The government posted this update on its website on Thursday

This outbreak, officially known as highly pathogenic avian influenza (HPAI), continues to spread. Recently, the virus has affected mammals, causing concern about potential human transmission.

Britain has seen multiple outbreaks over the years. In 2021, the country experienced what was described as its largest-ever outbreak of the disease.

Read: Liam Payne’s Death Raises Suspicion Amid Drug and Alcohol Concerns

Contagious Nature of Avian Influenza

Bird flu is a highly contagious viral disease that mainly targets birds. While most strains are harmless to humans, certain subtypes, like H5N1 and H7N9, pose serious risks. These zoonotic strains can transmit from animals to humans and cause severe illness, or even death, in some cases.

Global Rise in Bird Flu Caseds

In recent years, bird flu outbreaks have increased globally. Europe and the United States have reported numerous cases, affecting both wild birds and poultry flocks. To contain the spread, infected birds are often culled, leading to significant economic losses for the poultry industry.

Britain’s decision to raise the risk level signals heightened vigilance as bird flu cases continue to emerge.

Liam Payne’s Death Raises Suspicion Amid Drug and Alcohol Concerns

Liam Payne, former One Direction singer, died under suspicious circumstances in Buenos Aires on Wednesday. Argentine prosecutors revealed Thursday that drugs and alcohol might have played a role in his death, though no third-party involvement was found.

Payne, 31, who rose to fame as a teenager, struggled with the pressures of global stardom. He was found dead after falling from his third-floor hotel room at Casa Sur Hotel in the Palermo neighborhood.

Fans and Media Swarm the Hotel

Fans and media flocked to the hotel after the tragic news spread worldwide. Payne’s former One Direction bandmates, Harry Styles, Niall Horan, Zayn Malik, and Louis Tomlinson, issued a joint statement expressing their devastation. They wrote, “The memories we shared with him will be treasured forever,” and hinted that more would be said when everyone was ready.

Chaotic Scene Inside the Hotel Room

Buenos Aires police described the scene inside Payne’s hotel room as chaotic. They found broken objects and furniture. Packs of clonazepam, energy supplements, and various medications were scattered around. Police also found evidence of alcohol and narcotics.

In the building’s courtyard, where Payne’s body was found, investigators retrieved a whiskey bottle, a lighter, and his cellphone.

Injuries Consistent With a Fall

The Argentine public prosecutor reported that Payne suffered internal bleeding and 25 traumatic injuries to his skull, limbs, and abdomen. The injuries were consistent with a fall and enough to cause death.

While no signs of foul play were evident, authorities considered Payne’s death suspicious due to his apparent substance use. Forensic experts noted the lack of defensive injuries on Payne’s hands, suggesting he may have lost consciousness before the fall. They believe he might have been experiencing a substance abuse episode at the time of his death.

Investigations and Toxicology Reports

Police have yet to determine if the fall was intentional or accidental. The results of toxicology tests are pending and could take weeks to be released. Medical examiners listed the cause of death as “multiple trauma” and “internal and external bleeding.”

Read: Rawalpindi Police Arrest 380 Protesters Amid Unrest Over Rape Allegations

Investigators have taken statements from three hotel employees and two women who visited Payne’s room earlier that day. The women left the hotel before the fatal incident, and their testimonies are part of efforts to reconstruct Payne’s final moments.

Fans Gather to Mourn

Fans, both local and international, gathered at the Casa Sur Hotel to pay their respects. They sang One Direction hits, lit candles, and created a makeshift memorial outside the hotel. Many fans, overcome with grief, taped photos of Payne and left handwritten notes on a nearby tree.

Fifteen-year-old Melissa Acuña, attending the vigil, said, “It’s very painful that it’s gone so unexpectedly. I came here to honor him, because it would be an ugly way for him to go if we didn’t.”

Emergency Call and Police Response

Police responded to an emergency call from the hotel just after 5 p.m. The call described Payne as intoxicated and acting erratically. A hotel manager on the 911 call said, “He’s destroying the entire room, and we need you to send someone, please.”

Police initially stated Payne jumped from his balcony, but they did not clarify how they reached that conclusion or whether the jump was intentional. As investigations continue, the world mourns the loss of a beloved star gone too soon.

Rawalpindi Police Arrest 380 Protesters Amid Unrest Over Rape Allegations

RAWALPINDI: Police arrested more than 380 student protesters in Rawalpindi and filed cases against over 1,500 unidentified individuals. The arrests came after a large demonstration on Thursday by students protesting the alleged rape of a college student in Lahore.

Police reported that the protesters violated Section 144, disrupted public order, and damaged property. They threw stones at police vehicles, torched property, and interfered in state affairs.

According to the FIRs, the protesters injured police officers and caused fear by ransacking a hostel. They entered the hostel by force, pelted stones, and damaged vehicles inside the premises.

In response, police used teargas to disperse the crowd. Officers evacuated teachers and staff who were trapped inside the building during the protest.

Police registered cases at multiple stations, including Airport, Gujjar Khan, Saddar (Wah), Morgah, and Naseerabad.

To prevent further unrest, authorities closed the road leading from Faizabad to Murree by placing containers on it.

These demonstrations followed widespread unrest in Punjab after the rape allegations went viral on social media. Students in various cities have staged protests in recent days.

Earlier this week, violent protests in Lahore resulted in injuries to more than two dozen people, including four police officers.

Read: IDF Drone Footage Shows Sinwar’s Final Moments

Punjab Chief Minister Maryam Nawaz responded on Wednesday by announcing a crackdown on those spreading fake news about the alleged rape.

She stated that the police and provincial government had found no victim and blamed misinformation online for fueling the protests.

As part of the response, authorities in Punjab ordered the closure of all educational institutes on Friday. This decision will affect about 26 million students across the province.

In addition to closing the schools, the provincial interior department also banned public gatherings on Friday and Saturday to prevent further unrest.

IDF Drone Footage Shows Sinwar’s Final Moments

Israeli forces have confirmed the death of Yahya Sinwar, the leader of Hamas, in a firefight in southern Gaza. Sinwar, who masterminded the 7 October attacks, had been on the run for more than a year. He was reportedly hiding in Gaza’s tunnels, surrounded by a small group of bodyguards and a “human shield” of hostages. The IDF released drone footage on Thursday that reportedly captures Sinwar’s final moments.

Israeli troops from the 828th Bislamach Brigade were on a routine patrol in the Tal al-Sultan area of Rafah on Wednesday when they engaged three fighters. After the brief skirmish, the soldiers didn’t realize that one of the dead closely resembled Sinwar. They returned the next day and sent part of a finger from one of the bodies to Israel for identification.

The man, later identified as Sinwar, was killed after being tracked by a drone. The Israel Defense Forces (IDF) said they had not known Sinwar was there initially. His small group of bodyguards and the absence of hostages suggested he was trying to move unnoticed. Israel’s Defense Minister Yoav Gallant said, “Sinwar died while on the run – not as a commander but as someone only concerned for himself.”

Confirming Sinwar’s Death

On Thursday, Israeli officials announced they were investigating the possibility that Sinwar had been killed. Within hours, images surfaced on social media showing a man resembling Sinwar with severe head injuries. By Thursday evening, Israel officially confirmed his death.

Prime Minister Benjamin Netanyahu remarked that “evil had been dealt a blow” but warned that the war in Gaza was far from over. “We will continue until all our hostages are brought home,” he said, addressing the families of the 101 Israelis still held by Hamas.

The Drone Footage

Drone footage released by the IDF on Thursday purportedly shows Sinwar’s final moments. The video, shot from a drone flying through a destroyed building, shows a man with his head covered sitting in an armchair. The man, believed to be Sinwar, throws a stick at the drone before the footage cuts off. Israeli forces later confirmed his death after tests.

Sinwar’s death was a significant achievement for Israel, which had targeted him since the attacks of 7 October. He had evaded capture for over a year, but Israeli forces had been closing in on his location. Intelligence operations had narrowed his hiding place to Rafah, and the IDF intensified its efforts in the region.

Israel had already killed other key Hamas leaders, including Mohammad Dief and Ismail Haniyeh, and dismantled parts of Hamas’s infrastructure. Sinwar, realizing the pressure was growing, had tried to move discreetly but ultimately fell during a chance encounter with Israeli troops.

Continued Fighting in Gaza

Despite Sinwar’s death, Israel insists the conflict will continue. Netanyahu emphasized that the war would not end until all hostages were freed. Israeli forces continue their operations in Gaza, determined to dismantle Hamas’s remaining leadership and infrastructure.

Families of Israeli hostages have expressed hope that Sinwar’s death may pave the way for a ceasefire and the release of their loved ones. However, the Israeli government has not indicated any plans for a ceasefire in the immediate future.

US Secret Service Faces “Deep Flaws” After Assassination Attempt on Trump

An independent report has revealed “deep flaws” in the US Secret Service that need urgent reform. Without addressing these issues, more assassination attempts like the one at rally of Donald Trump in July could happen again, the report warns.

The findings, released on Thursday, come from a panel tasked with investigating the July 13 shooting in Butler, Pennsylvania. The panel’s 52-page report described the Secret Service as “bureaucratic, complacent, and static.”

The report outlined specific failures that allowed the attack to take place. These included leadership breakdowns, a lack of critical thinking among staff, and a reluctance to raise concerns. The panel called for a complete overhaul of the agency’s leadership, stressing that reform is essential to prevent another incident like Butler.

Secret Service Acknowledges Failures

The Secret Service admitted to its shortcomings following the attack. In response, its director resigned a few weeks after the shooting. Ronald Rowe, the current acting director, has promised to carefully review the report’s recommendations.

In a statement on Thursday, Rowe said, “We have already improved our readiness, communication, and protective operations for the former president.” However, in an internal memo to staff, he expressed “reservations” about the proposed reforms, citing concerns about their impact on agency morale.

The independent report, written by state and national law enforcement officials, praised Secret Service agents for risking their lives to protect top officials. However, it also highlighted several internal issues. A “troubling lack of critical thinking” and a culture where staff hesitate to “speak up” were among the major concerns.

The panel labeled the agency’s problems as “systemic or cultural.” It urged the removal of top leadership immediately, stating that without reforms, another attack like the one in Butler “can and will happen again.” The panel sent these recommendations to Alejandro Mayorkas, Secretary of the Department of Homeland Security, which oversees the Secret Service.

Trump’s Assassination Attempt

The investigation was prompted by a July 13 assassination attempt on Donald Trump during a campaign rally in Butler. A gunman, Thomas Matthew Crooks, fired eight shots from a rooftop, killing one man and wounding Trump, who was left with a bloodied ear. Secret Service agents shot and killed Crooks on the scene.

Following the attack, President Joe Biden ordered a bipartisan review of the Secret Service. The panel’s report now calls for stricter protective measures, including the use of overhead technology at all outdoor events.

Second Assassination Threat

In September, another gunman was spotted near Trump at his golf course in Palm Beach, Florida. Police arrested the man after noticing the tip of a rifle poking through the bushes, just a few hundred yards away from Trump.

The panel insists that the Secret Service must undergo fundamental changes, starting with leadership. It emphasized that without these reforms, high-level security failures will continue. In its report, the panel warned that “another Butler” is inevitable unless the agency takes immediate action.

Mega Motors and BYD Finalize Deal to Produce Electric Cars in Pakistan

Mega Motor Company (Private) Limited, a subsidiary of The Hub Power Company Limited (PSX: HUBC), has finalized a landmark deal with China’s BYD Auto Industry Company Limited. The agreement aims to manufacture, market, distribute, and sell BYD electric passenger vehicles in Pakistan. This partnership marks a significant step toward boosting the country’s electric vehicle (EV) industry.

Key Details of the Agreement

The two companies signed a Master Supply and Manufacture Agreement. Under this deal, Mega Motors will collaborate with BYD to produce electric vehicles (EVs) locally. The agreement covers the manufacturing of BYD brand passenger vehicles, including their marketing, distribution, and sale in Pakistan. The deal also includes Technical License Agreements, which will enable Mega Motors to produce licensed BYD products domestically.

Boost for Local Manufacturing

This deal is expected to enhance Pakistan’s local manufacturing capabilities. BYD, one of the world’s largest electric vehicle manufacturers, brings technical expertise, advanced technology, and a well-established global brand to the partnership. Mega Motors, leveraging its experience and local resources, will facilitate the production and sale of these vehicles in Pakistan.

Growing Demand for Electric Vehicles in Pakistan

The partnership between Mega Motors and BYD comes at a time when the demand for electric vehicles in Pakistan is steadily rising. With the global shift towards green energy and sustainable transportation, this collaboration will help address Pakistan’s need for eco-friendly vehicles. It also supports the government’s efforts to reduce carbon emissions and promote the use of clean energy in the country.

The deal has the potential to significantly impact Pakistan’s automotive industry. Local production of electric vehicles could lead to job creation and technology transfer. It will also reduce dependency on imports, making EVs more affordable for the local market. The government has introduced incentives and tax breaks to promote the production and use of electric vehicles, making the timing of this deal crucial for the industry’s growth.

Comments from Industry Leaders

Representatives from both Mega Motors and BYD expressed their excitement about the partnership. A spokesperson from Mega Motors stated, “This collaboration with BYD is a major step toward modernizing Pakistan’s automotive industry. We are proud to be part of this new era of electric mobility in the country.”

A BYD official also emphasized the importance of the deal. “Pakistan is a key market for us, and we are eager to contribute to its shift towards clean energy transportation. This partnership aligns with our global strategy to promote electric mobility and sustainable development.”

With this agreement, both companies are optimistic about the future of electric vehicles in Pakistan. The collaboration is expected to boost the country’s automotive sector and provide consumers with more environmentally friendly vehicle options. The local production of BYD electric cars will likely begin in the near future, with expectations of high demand from consumers eager to embrace electric mobility.

The partnership between Mega Motors and BYD is a significant milestone for Pakistan’s electric vehicle industry. It highlights the growing importance of sustainable transportation and marks the beginning of a new era for the country’s automotive sector.

PSX Crosses PKR 1 Trillion Mark in GoP Ijarah Sukuk Issuance

KARACHI: The Pakistan Stock Exchange (PSX) has achieved a significant milestone by surpassing the PKR 1 trillion mark in the issuance of GoP Ijarah Sukuk (GIS). This landmark achievement was reached after the successful conclusion of the 13th GIS auction on September 16, 2024, which raised an additional PKR 207 billion for the Ministry of Finance (MoF).

GIS Auctions at PSX

The GIS auctions began at PSX on December 8, 2023. Since then, there has been robust participation from banks, mutual funds, and brokers. Each auction has contributed to the growth of the Shariah-compliant government securities market. PSX has played a crucial role in offering GIS by providing a state-of-the-art auction system and supporting the entire lifecycle of the Sukuk, from issuance to maturity.

PSX’s Global Position

PSX holds a unique position among global exchanges as it facilitates the primary issuance of government debt. Through the Capital Market Infrastructure Institutions (CMIIs), PSX enables the Government of Pakistan (GoP) to raise funds efficiently. A key reason for this success is the wide variety of Sukuk offered, including discounted, fixed-rate, and variable-rate instruments. Additionally, a broad range of tenors, including 1-year, 3-year, 5-year, and 10-year Sukuk, have been introduced to cater to the diverse needs of the government and investors.

Expanding the Market

PSX’s role extends beyond facilitating an active primary market for GIS. It also supports a highly efficient secondary market, where efforts to boost liquidity are ongoing. These initiatives align with PSX’s broader objective of enhancing market depth and increasing investor participation in both the primary and secondary markets.

Leadership Acknowledgements

Mr. Nadeem Naqvi, Acting CEO of PSX, highlighted the significance of this achievement. “Crossing the PKR 1 trillion mark in GIS issuance reflects the trust investors place in PSX and the strong demand for Shariah-compliant instruments,” he said. Naqvi also pointed out that PSX’s innovative market infrastructure has allowed it to grow rapidly in less than a year.

He credited the success to the robust PSX Auction System and the New Trading System (NTS), which support the primary and secondary markets, respectively. Naqvi also expressed confidence that the GIS market at PSX will continue to flourish. He thanked the Ministry of Finance (MoF) for its trust in PSX, the National Clearing Company of Pakistan Limited (NCCPL), and the Central Depository Company (CDC) for managing these auctions.

Gratitude for Key Contributors

Naqvi extended special appreciation to the Securities and Exchange Commission of Pakistan (SECP) for their guidance and support. He also acknowledged Dr. Shamshad Akhtar’s contributions. She had initiated the GIS auction process during her time as Caretaker Finance Minister.

As PSX develops the Sukuk market further, this milestone is significant. It marks a key achievement in the growth of Shariah-compliant government securities in Pakistan.

PTI to Mount Legal and Political Resistance, Barrister Saif

Barrister Saif, Information Advisor for Khyber Pakhtunkhwa, announced on Thursday that the Pakistan Tehreek-e-Insaf (PTI) will resist the proposed constitutional amendment. He stated that the party will oppose it through both legal and political means.

Saif accused the current government of being “illegitimate” and claimed it was attempting to secretly alter the Constitution without proper public representation. He referred to it as a “Form 47 fake government,” alleging that the proposed amendments were aimed at weakening democracy in Pakistan. Saif warned that the PTI leadership and its supporters would resist any attempt to subvert the Constitution, particularly during the upcoming Shanghai Cooperation Organisation (SCO) summit.

Sharif Family and Human Rights Criticized

Additionally, Saif criticised the Sharif family, accusing them of using state power to maintain control. He condemned the alleged abduction of PTI member Zain Qureshi’s wife, calling it an unprecedented act of fascism. He also accused the ruling party of suppressing human rights by detaining PTI founder Imran Khan under false charges and restricting his visitors, violating his basic rights.

In another significant development, the Supreme Court of Pakistan dismissed a petition challenging the 26th Constitutional Amendment. The petition was withdrawn by the petitioners, leading to the case’s dismissal. Chief Justice of Pakistan (CJP) Qazi Faez Isa led the three-member bench overseeing the hearing. Advocate Hamid Khan, representing the petitioners, confirmed the withdrawal of the case.

During the proceedings, CJP Isa addressed a pending petition from Advocate Abid Zuberi, noting that it had not been scheduled for a hearing yet but could be taken up at a later date.

Political Parties Reach Agreement on Judicial Reforms

The withdrawal of the case follows a consensus reached by the Pakistan Muslim League-Nawaz (PML-N), Pakistan People’s Party (PPP), and Jamiat Ulema-e-Islam-Fazl (JUI-F) on judicial reforms tied to the 26th Amendment. Discussions on other matters remain ongoing.

After a dinner at Jati Umra, leaders of these parties held a joint press conference. JUI-F leader Maulana Fazlur Rehman stated that while judicial reforms had been agreed upon, other points of contention were still under negotiation. He expressed hope that the amendment would soon be presented after thorough consultations. Bilawal Bhutto Zardari of the PPP and Deputy Prime Minister Ishaq Dar also confirmed the agreement on judicial reforms, aiming to ensure faster and more transparent justice for the public.

Meanwhile, the PTI has announced its plan to resist these constitutional amendments. Barrister Gohar Ali Khan, chair of PTI’s political committee, declared that the party will hold nationwide protests this Friday to oppose the proposed changes. The committee resolved to take every possible step to block the amendments in both houses of Parliament. PTI urged its regional and local organisations to hold large-scale, peaceful protests following Friday prayers.

PTI also called for the restoration of Imran Khan’s basic rights and the immediate release of arrested party leaders and workers, including Imran Khan’s sisters Aleema Khan and Uzma Khan.

Raast Hits PKR 20 Trillion in Digital Transactions

Raast, Pakistan’s instant payment system, has processed 892 million transactions, with a total value of PKR 20 trillion. The system, developed by the State Bank of Pakistan (SBP), continues to break records. Notably, the most recent trillion was processed in just 16 days.

This rapid growth highlights SBP’s dedication to revolutionizing digital payments in Pakistan. Raast is designed to make financial transactions faster, safer, and more accessible for everyone. It aims to empower individuals and businesses by offering a seamless way to transfer funds, pay bills, and make purchases.

Cashless Society

The system’s success reflects SBP’s vision of a cashless society and a shift toward a digital economy. Raast allows users to send money instantly, without the need for traditional banking processes. This innovation is reducing reliance on cash and promoting financial inclusion, especially for the unbanked population.

Read: Israel’s President Praises Forces for Killing Hamas Leader Yahya Sinwar

The accelerated pace of transactions also demonstrates growing public trust in digital platforms. More people and businesses are using Raast for their financial needs. This development is crucial for Pakistan’s economic future, as it supports transparency, reduces transaction costs, and encourages efficient financial services.

SBP continues to invest in enhancing the digital infrastructure. The success of Raast showcases its commitment to making financial services accessible to all Pakistanis. The country’s digital payment landscape is evolving rapidly, and Raast is playing a key role in this transformation.

Israel’s President Praises Forces for Killing Hamas Leader Yahya Sinwar

Israel’s President, Isaac Herzog, commended Israeli forces for their successful operation in killing Hamas leader Yahya Sinwar. In a statement, Herzog described Sinwar as “responsible for heinous acts of terrorism against Israeli civilians, citizens of other countries, and the murder of thousands of innocent people.” He emphasized the importance of continuing efforts to secure the release of 101 hostages still held in Gaza by Hamas.

Herzog stated, “Now, more than ever, we must act in every way possible to bring back the hostages whom Hamas terrorists continue to hold in horrific conditions.” The death of Sinwar marks a significant strategic loss for Hamas. His absence creates a power vacuum within the organization, complicating its ability to recover from recent setbacks.

Read: Omar Abdullah Sworn in as Chief Minister of India-held Kashmir

Sinwar’s political and military influence in Hamas was substantial. Since his release from an Israeli prison in 2013, he ruled both the political and military factions of the group. He appointed leaders for Hamas’s government committee in Gaza and the commanders of its military wings, working closely with his brother, Mohammed. Mohammed heads the most powerful armed battalions in southern Gaza. This control made it challenging for Hamas to quickly find a strong replacement for Sinwar.

Historically, Hamas has kept the name of its general leader secret for security reasons. This practice may be reinstated after the death of Sinwar. Israel’s Foreign Minister, Israel Katz, confirmed Sinwar’s death in a personal message to numerous international counterparts. Katz labeled Sinwar the “mastermind behind the massacre and atrocities” that occurred on October 7.

“Significant Military Achievement”?

Katz further stated, “This is a significant military and moral achievement for Israel and a victory for the entire free world against the axis of evil of radical Islam led by Iran.” He expressed optimism that Sinwar’s elimination could lead to the immediate release of hostages. Katz also suggested it paves the way for a new reality in Gaza—one without Hamas and Iranian control.

As reports of Sinwar’s death circulate, Israeli authorities have initiated procedures to confirm his identity. A joint statement from the Israel Defense Forces (IDF) and the Israel Police announced the examination of dental images and DNA samples. These samples will be compared to records obtained during the 22 years Sinwar spent in Israeli custody.

The statement indicated that Israeli police, the IDF, and the Shin Bet intelligence agency are working together to establish a definitive identification. Further information will be released as it becomes available.

The implications of Sinwar’s death extend beyond immediate military strategy. It may shift the balance of power within Gaza and alter the dynamics of Israel’s ongoing conflict with Hamas. Analysts will be closely monitoring the situation in the coming days to assess how Hamas responds to this significant loss.

Critical Development

The killing of Yahya Sinwar is seen as a critical development in Israel’s efforts against Hamas. As the region remains tense, Israel continues to focus on securing the release of hostages while navigating the aftermath of this pivotal event.

Sarfaraz Khan, A Future Star Missing IPL 2024

Sarfaraz Khan did not play in IPL 2024. Despite this, he remains a promising player for India’s future. Sarfaraz is an emerging Test player who made a remarkable debut, scoring the fastest fifty in his first Test match. He stands out as one of the most talented players in the domestic circuit. His consistent performances in recent years earned him a spot in the Indian cricket team. After Shubman Gill’s absence from the IND vs. NZ match, Sarfaraz was included in the squad. However, he did not feature in the Indian Premier League (IPL) 2024.

The question arises: Why did Sarfaraz miss out on such a prestigious league?

During the IPL 2024 auction, he went unsold despite being available at his base price of INR 20 lakh. No team picked him, which raised eyebrows among fans and analysts. Sarfaraz has mainly played Test cricket and has less experience in the fast-paced T20 format. This may have contributed to his lack of interest from franchises.

Sarfaraz Khan first entered the IPL scene in 2015.

He became the youngest player to be picked up by a franchise when Royal Challengers Bangalore signed him. He spent four seasons under the guidance of Virat Kohli. This experience was crucial for his development as a player. In the 2019 IPL auction, Punjab Kings (PBKS) acquired him for INR 25 lakh and retained him for the 2020 season. During his time with PBKS, Sarfaraz played eight matches in 2019, scoring 180 runs.

Read: West Indies Captain Rovman Powell Opts to Bat First in Dambulla

Looking ahead, will Sarfaraz Khan play in IPL 2025?

There is potential for him to secure a bid. As a capped player now, teams may see value in experimenting with him in the shortest format of the game. His recent successes in Test cricket might encourage franchises to consider him for future seasons. Sarfaraz’s evolution as a player makes him a compelling candidate for the upcoming mega auction.

Analyzing Sarfaraz Khan’s IPL stats reveals his journey in the league. Over his career, he has played 40 matches, scoring 441 runs with a highest score of 67. His average stands at 23.21, and his strike rate is 138.24. He has recorded one half-century and hit 50 fours and 11 sixes.

Breaking down his performance by year, Sarfaraz had a quiet start in 2015, scoring 111 runs in 13 matches. In 2016, he improved with 66 runs in five games. His best year came in 2019, where he tallied 180 runs in eight matches with a highest score of 67. However, in 2020 and 2021, he struggled, scoring just 33 runs and none in two matches, respectively.

Despite missing IPL 2024, Sarfaraz Khan’s future in cricket looks bright.

His skills and experience may open doors for him in the next IPL season. Fans and analysts alike will watch closely to see if he can make a strong comeback in 2025. Sarfaraz has the potential to shine, and his journey in the cricketing world is just beginning.

West Indies Captain Rovman Powell Opts to Bat First in Dambulla

West Indies captain Rovman Powell won the toss and elected to bat first in Dambulla. Both teams anticipated substantial turn on the pitch. Powell predicted that a total of around 145 or 150 runs would be competitive. Sri Lanka’s captain, Charith Asalanka, expressed that he would have chosen to bat first as well.

The West Indies have made strategic changes to their lineup. They reinforced their spin attack by including left-arm allrounder Fabian Allen in place of seam-bowling allrounder Shamar Springer. Additionally, they welcomed back Shai Hope to the top order. Hope replaces Andre Fletcher, who also relinquishes the wicketkeeping duties. Hope had previously played in the first match of this three-match T20I series.

Read: Omar Abdullah Sworn in as Chief Minister of India-held Kashmir

On the other hand, Sri Lanka has decided to field the same XI that secured a 73-run victory on Tuesday. The team boasts three frontline spinners, with the part-time spin options of Asalanka and Kamindu Mendis available to support them.

This series is currently tied 1-1, following West Indies’ strong performance in the first game, where they claimed victory comfortably at the start of the 20th over. The stakes are high as both teams aim to secure the series.

Team Lineups:

West Indies: Evin Lewis, Brandon King, Shai Hope (wk), Roston Chase, Sherfane Rutherford, Rovman Powell (capt), Romario Shepherd, Fabian Allen, Gudakesh Motie, Alzarri Joseph, Shamar Joseph.

Sri Lanka: Pathum Nissanka, Kusal Mendis (wk), Kusal Perera, Kamindu Mendis, Charith Asalanka (capt), Bhanuka Rajapaksa, Wanindu Hasaranga, Dunith Wellalage, Maheesh Theekshana, Matheesha Pathirana, Nuwan Thushara.

With both teams making calculated decisions, the match promises to be a thrilling contest. Fans eagerly await to see how the spin-friendly conditions in Dambulla will affect the game and which team will emerge victorious.

Omar Abdullah Sworn in as Chief Minister of India-held Kashmir

Omar Abdullah, chairman of the National Conference (NC) party, took the oath as chief minister of India-held Kashmir on Wednesday. This marks his second term as CM. His first stint was from 2009 to 2014. Abdullah’s swearing-in comes after the BJP-led government’s decision to revoke the region’s special status in 2019.

Manoj Sinha, the lieutenant governor of Jammu and Kashmir and a BJP member, administered the oath of office to Abdullah. His party secured the most seats in the recent three-phase election.

Abdullah Opposes Revoking Article 370

Omar Abdullah’s National Conference party firmly opposes the abrogation of Article 370, which had granted Jammu and Kashmir semi-autonomous status. The NC is part of the INDIA opposition alliance, which is led by the Indian National Congress.

Congress leader Rahul Gandhi attended the swearing-in ceremony, along with his sister Priyanka Gandhi. Gandhi congratulated Abdullah in a post on X (formerly Twitter). However, he also expressed dissatisfaction, saying, “Government formation without statehood felt incomplete today.” Gandhi emphasized the ongoing fight to restore statehood to Jammu and Kashmir.

Modi Congratulates Abdullah

Prime Minister Narendra Modi extended his congratulations to Abdullah in a post on X. “Wishing him the very best in his efforts to serve the people. The Centre will work closely with him and his team for J&K’s progress,” Modi stated.

Abdullah’s political journey began in 1998 when he became the youngest member of parliament in India. He also became the youngest chief minister when he first assumed the role in 2009.

Absence of Congress Members Raises Questions

The new six-member cabinet, led by Abdullah, does not include any Congress members. This decision has raised questions. NC’s Surinder Choudhary has been appointed deputy chief minister. Other cabinet members include Sakina Ittoo, Javed Rana, Javed Ahmad Dar, and Satish Sharma, The Statesman reported.

Abdullah Vows Representation for Jammu

In his first comments after taking the oath, Abdullah assured representation for Jammu in the new government. “We will not let Jammu feel that they do not have a voice or representation in the current government,” he said, adding that appointing a deputy CM was part of that commitment.

The NC’s victory is being viewed as a backlash against Prime Minister Narendra Modi’s decision to revoke Article 370, according to Deutsche Welle. As Abdullah begins his second term as chief minister, the political landscape in India-held Kashmir remains tense, with calls for restoring full statehood to the region still resonating.

Ruling Parties Near Consensus on Judicial Reforms with Maulana Fazlur Rehman

LAHORE: The ruling parties held a crucial meeting at Jati Umra, the Sharif family’s residence in Lahore. They made significant progress in securing Maulana Fazlur Rehman’s support. The JUI-F leader is backing their proposed judicial reform package. The agreement, however, still requires cooperation from the PTI to reach complete consensus on the constitutional amendments.

Maulana Fazl Expresses Optimism

Top leaders of the PML-N, PPP, and JUI-F attended the meeting to resolve disagreements over the amendments. JUI-F chief Maulana Fazlur Rehman confirmed progress on several issues during a press conference after the meeting. He expressed optimism, stating, “We are heading towards consensus.”

Maulana Fazl said he would engage with the PTI upon returning to Islamabad to seek its support for the proposed amendments. “We will introduce amendments to strengthen institutions,” he remarked.

PPP Chairperson Bilawal Bhutto-Zardari shared this optimism, adding that parliament would pass the amendments at the right time. “The consensus reached earlier between PPP and JUI-F now includes PML-N,” Bilawal said, emphasizing the progress.

He also emphasized that the proposed judicial reforms would ensure the protection of the Constitution and enhance the delivery of justice through a constitutional court.

Read: Liam Payne Dies at 31 After Fall in Buenos Aires

Agreement on Judicial Reforms

PML-N leader Ishaq Dar confirmed that the three parties had reached an agreement on the much-discussed judicial reforms. However, one point of contention remains—Maulana Fazlur Rehman is pushing for a five-member constitutional bench in the Supreme Court rather than a separate constitutional court, which is favored by the PPP and PML-N.

A senior PPP leader, speaking to Dawn, remained hopeful that the Maulana would eventually agree to the formation of a separate constitutional court, which is a key demand of the PPP.

High-Level Meeting with Key Leaders

The meeting brought together several high-ranking political figures, including PML-N President Nawaz Sharif, Prime Minister Shehbaz Sharif, PPP co-chairman Asif Ali Zardari, JUI-F chief Maulana Fazlur Rehman, PPP Chairman Bilawal Bhutto-Zardari, and other senior leaders from the ruling coalition.

Notably, the meeting also included Punjab Chief Minister Maryam Nawaz, Governor Saleem Haider Khan, Interior Minister Mohsin Naqvi, and PPP’s Murtaza Wahab, among others.

Karachi Meeting Sets the Stage for Consensus

A day before this Lahore gathering, Maulana Fazl met Bilawal Bhutto-Zardari in Karachi. The two leaders agreed on a joint draft for the constitutional amendments and committed to building consensus among other parliamentary parties. This cooperation paved the way for the latest progress in Lahore.

The ruling PML-N had previously attempted to pass these judicial amendments but failed due to the lack of JUI-F’s support. As a result, the legislation could not be tabled despite the parliament being in session. Since then, Bilawal Bhutto-Zardari has taken the lead in forging an agreement on these “much-needed judicial reforms,” particularly the establishment of a constitutional court.

A senior PPP official noted that the formation of the constitutional court has long been part of the unfinished agenda of the Charter of Democracy, originally signed by the late Benazir Bhutto.

As the ruling parties continue to seek consensus, all eyes are now on whether the PTI will join the discussion and help bring the reforms over the finish line.

Liam Payne Dies at 31 After Fall in Buenos Aires

Liam Payne, former One Direction star, has died at age 31 after falling from the third floor of a hotel in Buenos Aires, Argentina. Police discovered Payne’s body after responding to a call in Palermo on Wednesday.

Police Discover Payne’s Body in Upscale Neighborhood

Authorities were called to the upscale Palermo neighborhood after receiving reports of a disturbance. Police arrived at the scene and were told a loud noise had been heard in the hotel’s courtyard. Shortly after, they found Payne’s body in the courtyard.

According to police, they initially responded to reports of “an aggressive man under the influence of drugs and alcohol.” A police investigation into the circumstances of Payne’s death has begun.

Emergency Services Confirm Payne Suffered Serious Injuries

Alberto Crescenti, director of emergency medical services in Buenos Aires, told local media that Payne suffered “serious injuries.” An autopsy is scheduled to determine the exact cause of death. Crescenti declined to comment on the specifics of how Payne fell from the balcony. Payne’s body has since been transferred to a morgue in Buenos Aires.

Payne’s Final Hours Documented on Social Media

Hours before the incident, Payne shared a video on Snapchat, saying, “It’s a lovely day here in Argentina.” The video was from an earlier point in the week, when Payne had spent time with his girlfriend, Kate Cassidy.

The UK Foreign Office confirmed it is in touch with Argentine authorities regarding Payne’s death but declined to provide additional details.

After news of Payne’s death spread, fans gathered outside the hotel where the incident occurred. Police cordoned off the area as fans lit candles and left tributes in Payne’s memory.

One fan, Violeta Antier, told Reuters, “We couldn’t believe it. We came here to confirm it was true.” Antier said she had seen Payne at a concert with his former bandmate, Niall Horan, just weeks before.

Another fan, in tears, expressed her sadness, saying, “This is the only way I have to say goodbye to him.”

One Direction and Fellow Artists Pay Tribute

Liam Payne rose to global fame as part of One Direction, the boy band formed on The X Factor in 2010. The group’s success spanned hits like What Makes You Beautiful and Story of My Life before they went on hiatus in 2015. Payne also pursued a solo career, releasing popular tracks like Strip That Down and collaborating with Rita Ora on For You.

Max George, from The Wanted, said Payne’s death was “absolutely devastating.” He recalled the support Payne offered when bandmate Tom Parker fell ill. “Liam was wonderful during Tom’s illness and attended his funeral last year,” George said.

Olly Murs, another singer and former X Factor contestant, expressed his grief. “Liam shared the same passions and dreams as me. To see his life end so young hits hard,” Murs wrote on Instagram.

Tributes Continue Pouring In

Many celebrities and former colleagues shared their memories of Payne. TV host Dermot O’Leary remembered Payne fondly from his early X Factor days, describing him as “polite, grateful, and humble.” Paris Hilton also expressed her condolences on X (formerly Twitter), writing, “RIP my friend.”

In August, Payne had been announced as a judge for an upcoming Netflix talent show alongside Kelly Rowland and Nicole Scherzinger. He leaves behind a legacy as both a global pop star and a devoted father to his son, Bear, from his relationship with Girls Aloud star Cheryl Tweedy.

SBP Releases Annual Report on The State of Pakistan’s Economy

The State Bank of Pakistan (SBP) released the Annual Report on the State of Pakistan’s Economy for the fiscal year 2023-24 today. According to the Report, Pakistan’s macroeconomic conditions improved, supported by stabilization policies, successful engagement with the IMF, reduced uncertainty, and favourable global economic environment. The increase in domestic agricultural productivity also contributed to relatively better macroeconomic outcomes during the year, the Report added.

The real GDP registered a moderate agriculture-led recovery in FY24. A record harvest of wheat and rice, and a rebound in the production of cotton mainly provided boost to agricultural output during FY24. The Report highlights that despite a recovery in real economic activity, the current account deficit further narrowed to a 13-year low as strong growth in remittances and exports more than offset a slight increase in imports. This, coupled with the Stand-By Agreement with the IMF that catalysed inflows from other multilateral and bilateral sources, helped in the build-up of FX reserves and calming sentiments in the foreign exchange market. The gradual exchange rate appreciation during the year, together with higher-than-envisaged fiscal consolidation, led to a notable decline in public debt to GDP ratio in FY24.

The Report notes that the SBP maintained a tight monetary policy stance by keeping the policy rate unchanged at 22 percent for almost the entire FY24. The SBP also introduced reforms in foreign exchange companies, following administrative actions by the government to bring order in foreign exchange and commodity markets. The government continued the fiscal consolidation, with the primary balance posting a surplus for the first time in 17 years.

These, together with the decline in global commodity prices amid improved global economic activity and trade, had positive bearings on key macroeconomic indicators, the Report highlighted. The inflation dropped from its peak of 38 percent in May 2023 to 12.6 percent in June 2024. It averaged at 23.4 percent during FY24, considerably lower than 29.2 percent in FY23. A consistent decline in headline and core inflation in the latter half of FY24, created room for the SBP to reduce the policy rate by 150 basis points to 20.5 percent in June 2024.

Notwithstanding these positive developments, the Report highlights that a host of structural impediments continue to pose challenges to sustaining macroeconomic stability. Falling investment amid low savings, unfavourable business environment, lack of research & development, and low productivity, alongside climate change risks continue to constrain the economy’s growth potential. In addition, longstanding inefficiencies in the energy sector have resulted in the accumulation of the circular debt. While the government has started to address energy sector challenges through substantial price adjustments, there is a need to broaden the scope of these efforts by introducing sectoral policy and regulatory reforms. These reforms are also necessary to address the issue of inefficiencies in the State-owned Enterprises (SOEs) that continue to be a drain on fiscal resources, which are already constrained by low tax-to-GDP ratio.

In this backdrop, the Report also includes a special chapter on ‘Reforming SOEs in Pakistan’ that sheds light on the country’s historical and current experience of SOE reforms. The chapter also suggests measures for successful reform agenda, based on international best practices. In addition to necessary focus on sectoral policy, these also include effective implementation of the recently introduced corporate government reforms, creating competitive environment, ensuring effective regulation, supported by broad political consensus, the Report said.

The Report highlights that the improvement in Pakistan’s macroeconomic conditions in FY24 is expected to maintain the momentum in FY25 as well. The approval of the Extended Fund Facility (EFF) program with the IMF in September 2024 is anticipated to further strengthen the country’s external account position, improve sovereign credit rating, and enhance investor confidence. At the same time, the country is expected to benefit from a conducive global economic environment, as inflation is falling in advanced economies, while global economic growth is expected to remain steady. Moreover, while there are upside risks to global commodity prices due to rising geo-political tensions, commodity prices continue to be low. These factors would keep the current account deficit within the range of 0.0 – 1.0 percent of GDP in FY25.

According to the Report the continuation of fiscal consolidation efforts and the lagged impact of tight monetary policy stance are anticipated to further weaken the inflationary pressures in FY25. Further, the recent outturns suggest the average inflation to fall below the earlier projected range of 11.5 – 13.5 percent in FY25. In addition, the continued fiscal consolidation is also expected to support further decline in inflation. Furthermore, relatively lower borrowing cost, and a gradual recovery in LSM and services sector is projected to support real GDP growth in the range of 2.5 – 3.5 percent in FY25.

Orionid Meteor Shower Set to Peak This Week

The annual Orionid meteor shower is set to peak this week. This celestial event results from the dust left behind by Halley’s comet as it travels around the sun every 76 years. The shower will be active from September 26 through November 22, with the peak occurring in the early hours of Monday, October 21.

During the peak, observers can expect to see around 23 shooting stars per hour, according to the American Meteor Society. The precise peak time is predicted to be at 1 a.m. EDT (0500 GMT). This year, the Orionids will coincide with the rise of the famous Orion constellation into the autumn sky.

Unfortunately, viewing conditions may not be ideal this year. A waning gibbous moon will be in the sky for most of the night, providing significant brightness that could obstruct visibility. The full Hunter’s Moon will rise just days before, on October 17. Due to the bright moonlight, the American Meteor Society warns that it will “severely hamper” views of the meteor display.

As a result, stargazers might find it more beneficial to observe the Orionids from home rather than seeking out dark skies. Even in less-than-ideal conditions, it’s still possible to catch sight of particularly bright shooting stars.

Read: Protests Erupt in Rawalpindi Over Allegations, 150 Arrested

Beautiful Meteor Showers of the Year

NASA calls the Orionids one of the most beautiful meteor showers of the year. Observers recognize these meteors for their speed and brightness. They strike Earth’s atmosphere at an incredible speed of 41 miles per second (66 kilometers per second), which equals approximately 148,000 mph (238,000 km/h).

Meteor showers occur when comets leave clouds of dust and debris that enter Earth’s atmosphere. As Earth travels through these debris fields, the particles collide with the atmosphere, creating the dazzling display known as shooting stars. The Orionids stand out as one of two annual meteor showers associated with Halley’s comet.

Halley’s comet is unique because it is the only known naked-eye comet that people can theoretically see twice within a human lifetime. It last visited the inner solar system in 1986 and is expected to return in 2061. Alongside the Orionids, Halley’s comet also produces the Eta Aquarid meteor shower, which peaks in early May each year.

Both the Orionids and the Eta Aquarids attract observers from both the Northern and Southern hemispheres.

This widespread visibility makes them popular among astronomy enthusiasts and casual stargazers alike.

As the peak of the Orionids approaches, those interested in watching should prepare for the event. Despite the bright moonlight, it is still worth taking a moment to look up at the sky. Stargazers might just spot a brilliant shooting star or two, creating a memorable moment in the beautiful autumn sky.

Protests Erupt in Rawalpindi Over Allegations, 150 Arrested

RAWALPINDI: At least 150 protesters are arrested as police used tear gas to disperse students demonstrating against the alleged rape of a Lahore student. The protests erupted after reports of the incident went viral on social media.

Last week, a private college student in Lahore alleged she was raped, prompting the police to arrest a security guard linked to the incident. Outraged students mobilized on social media, staging protests outside various colleges in Lahore in recent days.

On Monday, clashes between students and college security guards resulted in injuries to at least 28 individuals. The situation escalated as students expressed their anger over the alleged rape.

Maryam Nawaz Termed this as “Fabricated News”

Punjab Chief Minister Maryam Nawaz dismissed the allegations, labeling them as “fabricated news” and blaming the Pakistan Tehreek-e-Insaf (PTI) party for spreading false reports. Punjab Group of Colleges (PGC) Director Agha Tahir and other officials also termed the claims “baseless.”

In Rawalpindi, Senior Superintendent of Police (SSP) Operations Hafiz Kamran Asghar reported the arrest of around 150 violent protesters. He assured that the situation was now under control.

“We did not want to arrest students,” SSP Asghar stated. “However, if anyone takes the law into their hands under the guise of protests, we will take legal action.” He emphasized that the police were investigating all aspects of the protests.

A significant police presence was deployed on major roads outside the colleges to maintain order. “All closed roads have been reopened,” SSP Asghar added. The Rawalpindi Police’s X account confirmed that officers were stationed across the city to manage potential unrest.

Police Demanded Parents

The police urged parents to keep their children away from illegal activities, warning that legal repercussions could jeopardize their future. Meanwhile, students from Barani University in Rawalpindi also protested on campus against the incident.

The violent protests quickly spread to other Punjab cities, where students from both public and private institutions engaged in ransacking and torching several PGC campuses. Tragically, these protests resulted in the death of a college security guard in the Gujrat district, leading to the booking of at least 185 individuals for murder.

In Lahore, students gathered outside Punjab College’s Campus 11, where they set fire to the parking area, shattered windows, and damaged doors. Authorities named more than 450 individuals in cases filed regarding the attacks on PGC campuses in Lalamusa and Kharian.

Anti-Harassment Rally

The Progressive Students’ Collective, a student organization, held an anti-harassment rally on Tuesday. They announced plans to continue protests until their demands were met, though specifics of those demands were not disclosed.

In a related development, the Lahore High Court (LHC) summoned Punjab Inspector General of Police Dr. Usman Anwar, Advocate General of Punjab Khalid Ishaq, and the registrar of Lahore College for Women University (LCWU) over a similar case. The court took up a petition concerning alleged harassment of female students in Punjab’s educational institutions.

During the hearing, the presiding judge criticized the IG Punjab for allowing the victim’s identity to be publicized. “The Anti-Rape Act does not permit the publication of the girl’s name,” she remarked. The court ordered all officers to appear with relevant records for further proceedings. The petition seeks an investigation into such incidents and demands protection for female students in educational settings