Thursday, November 4, 2021

Petrol Price In Pakistan Has Gone Up By Rs 8.14

Petrol Price In Pakistan Has Gone Up By Rs 8.14
The government on late Thursday night jacked up the price of petrol by Rs 8.03 per litre with immediate effect.

According to a notification issued in this regard, the new price of petrol will be Rs 145.82 per litre against the current rate of Rs 137.79 per litre.

The price of high-speed diesel (HSD) has also been enhanced by Rs 8.14 per litre and will now cost Rs142.62 per litre.

The price of kerosene oil was also increased by Rs 6.27 per litre to Rs 116.53 per litre. In addition, the price of light diesel oil has been enhanced by Rs 5.72 per litre. The new price of light diesel oil will thus be Rs114.07 per litre.

It is pertinent to mention here that Prime Minister Imran Khan on Saturday had rejected a summary of Oil and Gas Regulatory Authority (OGRA) proposing an increase of Rs 11.53 in prices of petroleum products.

The OGRA had proposed an increase of Rs 11.53 per litre in petrol price, Rs 8.49 per litre in high speed diesel, Rs 6.29 per litre in kerosene oil and Rs 5.72 per litre in the price of light diesel.

It merits to mentioning here that just three weeks ago, the government jacked up the price of petrol by Rs10.49 per litre, following fluctuation in the global oil prices.



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Rupee fall not behind inflation: SBP

Rupee fall not behind inflation: SBP
State Bank of Pakistan (SBP) Deputy Governor Murtaza Syed claimed on Wednesday that inflation in Pakistan was not being witnessed because of rupee devaluation, inviting a strong reaction from parliamentarians besides contradicting views of the Ministry of Finance.

“Inflation is not high because of exchange rate,” he said while giving a briefing to the Senate Standing Committee on Finance. “It is being witnessed because of food and energy prices.”

The views expressed by the SBP deputy governor were contrary to what the Ministry of Finance had cited to explain the reasons behind high inflation in Pakistan, which was recorded at 9.2% last month with a double-digit increase in prices of energy, transport and non-perishable food items.

“Pakistan’s inflation rate is mainly driven by monetary and supply-side factors, ie domestic and international commodity prices, exchange rate, seasonal factors and economic agents,” said October’s monthly economic outlook report issued by the finance ministry.

The rupee, which was trading at Rs157.3 against the dollar in June this year, dipped to Rs175 before recovering to Rs170 this week on the back of Saudi Arabian oil credit facility.

“It is a layman’s excuse that inflation in Pakistan is because of the international market,” said Senator Kamil Ali Agha of the PML.

The impact of exchange rate movement on inflation comes with a lag and at present there was a positive impact of rupee appreciation on inflation, said Syed.

He added that if the rupee weakened in future, then some negative impact might be seen on inflation reading.

“I find it difficult to absorb that exchange rate helped in reducing prices and SBP governor had also given a similar statement about rupee depreciation,” said Senator Sherry Rehman of the Pakistan Peoples Party (PPP).

Syed again emphasised that inflation in Pakistan was on the higher side because of soaring food and energy prices and skyrocketing freight charges while rupee depreciation had not impacted the prices yet.

Syed is the second former International Monetary Fund (IMF) official and also the second high-ranking central bank official whose statement created resentment.

Earlier, SBP Governor Dr Reza Baqir’s statement about benefits of rupee devaluation for overseas Pakistanis had irked the public.

The value of the rupee was almost half of Bengali taka, said Rehman.

The SBP governor gave an irresponsible statement about rupee devaluation, which also damaged the central bank’s standing in the eyes of people, said Senator Talha Mehmood, Chairman of the Standing Committee.

“It was a nonsense utterance” by the governor, said Anwarul Haq Kakar of the Balochistan Awami Party.

Senator Sherry Rehman noted that international organisations were predicting the rupee would dive to Rs200 per dollar. The chairman of the committee said that the SBP governor should not make political statements because he did not hold a political office.

The standing committee decided to seek clarification from the SBP governor on his statement about the increase in income of overseas Pakistanis due to rupee devaluation.

To a question, the deputy governor replied that the flexible exchange rate did not mean a free float regime and the central bank was free to intervene when it felt that the rupee value was derived by sentiment.

Last time, Pakistan went to the IMF because it spent forex reserves to defend the artificial value of the rupee, said the deputy governor.

Committee members also underlined that the rupee devaluation did not help in lifting exports.

The structural framework that the devaluation would lead to an increase in exports had failed and instead it was leading to uncontrollable inflation, said Senator Anwar Ali Kakar.

Despite a roughly Rs50 devaluation in the past three years, exports have increased by about 3% compared to 2018, said Senator Musaddaq Malik of the PML-N.

Roughly Rs50 devaluation has also added Rs150 billion in the power sector capacity payment, said Senator Malik.

The exchange rate is not the only thing that helps in enhancing exports because other policies have to play their roles as well, said the deputy governor.



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Mark Zuckerberg sees ‘coordinated effort’ behind leaks to paint ‘false picture’ of Facebook

Mark Zuckerberg
Facebook CEO Mark Zuckerberg has spoken for the first time since a US news collective published a deluge of withering reports arguing the company prioritises its growth over people’s safety.

In an earnings call, he assailed the reporting as an effort to cast the social network used by billions of people in an inaccurate light.

"Good faith criticism helps us get better, but my view is that what we are seeing is a coordinated effort to selectively use leaked documents to paint a false picture of our company," Mark Zuckerberg said.

The social media giant has been battling a fresh crisis since former employee Frances Haugen leaked reams of internal studies showing executives knew of their sites’ potential for harm, prompting a renewed US push for regulation.

Meanwhile, Facebook released results showing its profit in the recently-ended quarter grew to $9.2 billion -- a 17% increase -- and its ranks of users increased to 2.91 billion.

The company executives said on an earnings call that the tech titan would have brought in even more money if not for Apple updating its iPhone operating system to thwart advertisers tracking app users for ad targeting without permission.

"Overall, if it wasn’t for Apple’s iOS 14 changes, we would have seen positive quarter over quarter revenue growth," Facebook chief operating officer Sheryl Sandberg said of the iPhone software tweak made in the name of protecting privacy.

Hours earlier, new reports blamed CEO Mark Zuckerberg for his platform bending to state censors in Vietnam, noted Facebook allowed hate speech to flourish internationally due to linguistic shortcomings and said it knew its algorithm fueled toxic polarization online.

"These damning documents underscore that Facebook leadership chronically ignored serious internal alarms, choosing to put profits over people," US Senator Richard Blumenthal, a Big Tech critic, said in a statement.

News organizations like The New York Times, The Washington Post and Wired were among those that have now received access to the set of internal Facebook documents that Haugen originally leaked to US authorities and which were the basis of a damning Wall Street Journal series.

Haugen, who testified on social media before British lawmakers Monday, has repeatedly said the company puts its continuous growth, and thus profits, before the well-being and safety of users.

"Facebook has been unwilling to accept even little slivers of profit being sacrificed for safety, and that’s not acceptable," she told the lawmakers, adding that angry or hate-fuelled content "is the easiest way to grow" the social media platform.

Facebook has been hit by major crises previously, but the current view behind the curtain of the insular company has fueled a frenzy of scathing reports and a renewed push from US lawmakers to crack down on social media.

The Washington Post story out Monday said Zuckerberg had personally signed off on a push from Vietnam’s authoritarian government to limit the spread of so-called "anti-state" posts.

A report from Politico called the documents a "treasure trove for Washington’s anti-trust fight" against the platform, revealing internal employee chats about Facebook global dominance.

One of Monday’s reports, from website The Verge, plunged into the company’s own worries for its future.

"Teenage users of the Facebook app in the US had declined by 13% since 2019 and were projected to drop 45% over the next two years, driving an overall decline in daily users in the company’s most lucrative ad market," the story said, citing internal company research.



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WHO urges vaccine against bacteria killing 150,000 babies each year

WHO urges vaccine against bacteria killing 150,000 babies each year
The World Health Organization on Wednesday called for the urgent development of a vaccine against a bacterial infection responsible for nearly 150,000 stillbirths and infant deaths each year.

A fresh report by the UN health agency and the London School of Hygiene and Tropical Medicine found that the impact of Group B Streptococcus infection (GBS), which is estimated to live harmlessly in the intestinal tracts of up to a third of all adults, is a far bigger cause of preterm births and disability than previously thought.

The report confirmed a previous devastating finding from 2017 that the bacterium causes almost 100,000 newborn deaths and close to 50,000 stillbirths each year, although it pointed to significant data gaps suggesting the true figures could be higher.

And for the first time it quantified the impact on preterm births, finding that GBS is behind more than half a million early deliveries each year, leading to significant long-term disability.

In light of such staggering numbers, the report authors lamented that more progress had not been made towards developing a vaccine.

"This new research shows that Group B strep is a major and underappreciated threat to newborn survival and wellbeing, bringing devastating impacts for so many families globally," Phillipp Lambach of WHO's immunisation department said in a statement.

"WHO joins partners in calling for urgent development of a maternal GBS vaccine, which would have profound benefits in countries worldwide."

Professor Joy Lawn, who heads LSHTM's maternal adolescent, reproductive and child health centre, agreed.

"Maternal vaccination could save the lives of hundreds of thousands of babies in the years to come," she said, decrying the lack of progress since the idea of developing a jab against GBS was first raised three decades ago.

On average, 15 percent of pregnant women worldwide, or nearly 20 million annually, carry the GBS bacterium in their vagina.

But even though most of these cases show no symptoms, an infected pregnant woman can pass GBS to her foetus via the amniotic fluid, or during birth as the infant passes through the vaginal canal.

Babies and foetuses are particularly vulnerable because their immune systems are not strong enough to fight the multiplying bacteria.

If untreated, GBS can lead to meningitis and septicaemia, which can be deadly. Babies that survive may develop cerebral palsy, or permanent sight and hearing problems.

Wednesday's report showed that the bacterium leaves some 40,000 infants each year with neurological impairments.

Currently, women with GBS are given antibiotics during labour to reduce the chance of it passing to their baby.

But this approach poses problems in places where screening and antibiotic administration during labour are less accessible.

Tellingly, the highest rates of maternal GBS are found in sub-Saharan Africa -- which alone accounts for around half of the global burden -- and Eastern and South-Eastern Asia, the study showed.

It suggested that a GBS vaccine that could be administered to pregnant women during routine pregnancy checkups and that reached over 70 percent of pregnant women could avert 50,000 infant and foetus deaths each year.



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US says China expanding nuclear arsenal faster than anticipated

US says China expanding nuclear arsenal faster than anticipated
China is expanding its nuclear arsenal much more quickly than anticipated, the United States has said, but Beijing on Thursday slammed the Pentagon report as overhyping the threat.

The United States has declared China its principal security concern for the future, as Beijing works to build the People's Liberation Army into "world-class forces" by 2049, according to its official plan.

The People's Republic of China (PRC) could have 700 deliverable nuclear warheads by 2027, and could top 1,000 by 2030 — an arsenal two-and-a-half times the size of what the Pentagon predicted only a year ago, according to the Pentagon report published on Wednesday.

Like the United States and Russia, the two leading nuclear powers, China is building a "nuclear triad," with capabilities to deliver nuclear weapons from land-based ballistic missiles, from missiles launched from the air, and from submarines, it said.

Beijing is also "building the infrastructure necessary to support this major expansion of its nuclear forces," according to the assessment, which came in the Pentagon's annual report to Congress on Chinese military developments.

But the report argued China was likely not seeking a capability to launch an unprovoked atomic strike on a nuclear-armed adversary — primarily the United States — but looking to deter attacks by maintaining a credible threat of nuclear retaliation.

Beijing has dismissed US fears over its military development, and on Thursday accused the Pentagon report of aiming to "hype up talk of the China nuclear threat".

"The report released by the US Department of Defence, like previous similar reports, ignores facts and is full of prejudice," said Chinese foreign ministry spokesman Wang Wenbin.

A year ago, the Pentagon's China report said the country had about 200 deliverable warheads and would double that by 2030.

Independent researchers have in recent months published satellite photographs of new nuclear missile silos in western China.

A satellite image from Planet Labs Inc. shows what researchers say are missile silos under construction in western ChinaThe developments come as China expands and upgrades its military, seeking the capability of projecting power globally, much as the United States has done for decades.

The rivalry has increased concerns about a possible US-China clash, especially over Taiwan, which is closely supported by Washington but claimed by Beijing as its territory — to be seized one day, by force if necessary.

By 2027, the latest report said, China aims to have "the capabilities to counter the US military in the Indo-Pacific region, and compel Taiwan's leadership to the negotiation table on Beijing's terms."

The report also confirmed recent reports that in October 2020, Pentagon officials were forced to quell real concerns in Beijing that the United States, driven by domestic political tensions related to the presidential election, intended to instigate a conflict with China in the South China Sea.

Underscoring its fears, the PLA had issued intensified warnings in state-controlled media, launched large-scale military exercises, expanded deployments and put troops on heightened readiness, the report said.

After senior Pentagon officials moved to directly speak to Chinese counterparts, the concerns eased.

"These events highlighted the potential for misunderstanding and miscalculation, and underscored the importance of effective and timely communication," the report said.

It also questioned the PLA's intent in biological research into substances that potentially have both medical and military uses.

"Studies conducted at PRC military medical institutions discussed identifying, testing, and characterizing diverse families of potent toxins with dual-use applications," the report said, raising concerns over compliance with global biological and chemical weapons treaties.

Such concerns have mounted since Covid-19 emerged in Wuhan, central China, an area also home to a biological research lab with PLA connections.

China has denied the facility had anything to do with the Covid outbreak, but allowed limited access to it for investigators.



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Saad Rizvi stood by demand of French ambassador's expulsion: Sheikh Rasheed

Minister for Interior Sheikh Rasheed
Proscribed Tehreek-e-Labbaik Pakistan (TLP) chief Saad Rizvi stood by the outfit's demand for expulsion of the French ambassador when I spoke to him, Minister for Interior Sheikh Rasheed said Thursday.

In contrast to Rasheed, Mufti Muneebur Rehman had earlier this week claimed that the proscribed TLP had never wanted the government to expel the French ambassador, and nor did they want the closure of the country's embassy as he disputed reports that these were the group's key demands.

Addressing a press conference in Karachi, Mufti Muneeb had said: "The ministers lied [...] the people who held talks with TLP lied about [the group] asking for the French ambassador's expulsion, closure of the embassy, and severing ties with the Europen Union."

Rasheed, while speaking to journalists today after attending a ceremony of Rescue 1122, said he had convinced Rizvi the matter of the ambassador's expulsion would be discussed in the parliament.

"In this regard, I have signed an [agreement], which I stand by," the minister said, adding he was unaware of any talks that took place in his absence.

Meanwhile, in a major development earlier in the day, the Punjab home department sent a summary to Chief Minister Punjab Usman Buzdar for the revocation of the TLP's proscribed status, to which an initial approval has been granted.

Following the chief minister and the provincial cabinet's nod, the federal government will be moved to do away with TLP’s proscribed status, the home department said in a statement.

The Punjab government has also decided to remove the names of at least 90 activists of the proscribed outfit from the fourth schedule — in compliance with a secretive deal between the government and the proscribed TLP.

On November 2, the government began implementing its accord with TLP, with reports suggesting that it had released more than 800 supporters of the party arrested across Punjab.

The government signed an accord with the proscribed outfit on Sunday, under which workers of the organisation who are not facing any formal criminal charges were to be released. The amnesty will also extend to the party's top leader, Saad Rizvi.



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Australia crush Bangladesh by eight wickets

Australia crush Bangladesh by eight wickets
Adam Zampa claimed his maiden five-wicket haul to help Australia boost their semi-final hopes at the T20 World Cup with an eight-wicket thrashing of Bangladesh on Thursday.

Zampa returned figures of 5-19 with his leg spin and combined with the Australian pace bowlers to skittle out Bangladesh for just 73 in the Super 12 contest in Dubai.

Skipper Aaron Finch, who hit 40, and David Warner put on 58 for the opening wicket as Australia romped home in 6.2 overs to move ahead of South Africa on net run-rate and boost their semi-final hopes.

Taskin Ahmed bowled Finch after the batsman smashed two fours and four sixes in his 20 ball knock, and Warner was out for 18 but the wickets remained minor blemishes in Australia's third win in four matches.

They are in a direct race with the Proteas to seal a final-four spot from Group 1 led by England who have effectively sealed one of the two semi-final places with four wins in as many games.

South Africa play England on Saturday after Australia take on the West Indies.

"Zampa's 5 for 19 was outstanding," said Finch. "It was a really clinical performance."

Left-arm quick Mitchell Starc bowled Liton Das for nought on the third delivery of the innings to set the tone for Australia's dominance.

Soumya Sarkar dragged a Josh Hazlewood delivery onto his stumps and Glenn Maxwell trapped Mushfiqur Rahim lbw for one as Bangladesh slipped to 10-3 and then 33-5 in 6.1 overs.

Captain Mahmudullah Riyad, who made 16, put up some resistence with a 29-run partnership with Shamim Hossain, who scored 19, before Zampa broke through with his second wicket.

Zampa struck again off successive balls of his third over to be on a hat-trick that nearly materialised with his opening ball of his final over but wicketkeeper Matthew Wade dropped a catch.

Zampa then took two more to wrap up the innings in 15 overs and surpass his previous T20 best of 3-14.

Bangladesh, who have now lost all their five matches, witnessed a second straight collapse after they were bowled out for 84 in the previous loss to South Africa.

"We have been outplayed by the opposition. I hope the supporters keep supporting us," said a rueful Mahmudullah.

"There are a lot of areas we have to look at, especially our batting. The wickets that we have played on have been among the best for batting."

Australia came out roaring in their run chase as Finch and Warner punished the opposition bowlers with hits all around the ground.

Mustafizur Rahman was taken for 21 runs in the fourth over.

Mitchell Marsh hit the winning six in his five-ball 16.



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Islamabad court dismisses Gill’s bail plea in sedition case

A District and Sessions court of Islamabad dismissed the post arrest bail petition of PTI leader Shahbaz Gill on Tuesday. Additional Dist...