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[ad_1] Amidst mounting economic pressures, the masses find themselves grappling with yet another burden as the government on Tuesday decided to jack up petrol prices by a staggering Rs19.95 per litre and diesel price by Rs19.90 per litre for the next fortnight. The decision was announced by Finance Minister Ishaq Dar during a live broadcast, citing the necessity of adhering to the terms agreed upon with the IMF. The staggering increase in fuel prices has sent shockwaves through the masses, already grappling with a host of economic burdens. However, Dar emphasised that the government is committed to passing on the minimum possible burden to the people, as directed by Prime Minister Shehbaz Sharif. “The decision to hike petrol and diesel prices has been taken in the best interest of Pakistan,” asserted Finance Minister Dar. “While there are negative consequences for deviating from the IMF deal, we must also consider the rising international oil prices in recent days.” In a c...

[ad_1] ISLAMABAD: The interim government has finalised its strategy to revive the economy, focusing on increasing taxes on key sectors, reducing pro-growth and general expenditures, and ending distortions in the energy sector through price adjustments and privatisation. The Economic Revival Plan, spearheaded by Dr Shamshad Akhtar’s finance ministry, proposes a comprehensive fiscal consolidation of over 3% of the GDP or Rs3.2 trillion for the current fiscal year, as per government sources. This consolidation is intended to be achieved by eliminating tax exemptions worth Rs1.3 trillion and realising savings of Rs1.9 trillion in expenditures, including returning government funds to the central bank account. The government has also introduced a wealth tax on movable assets. In the medium term, the Federal Board of Revenue (FBR) has put forward a plan to increase tax collection to Rs13 trillion within two years by elevating the current low tax-to-GDP ratio to 15% by the end of the...

[ad_1] At least 12 people died and an unspecified number were injured in a stampede at a soccer stadium in El Salvador, the Central American country's government said. According to international media reports, Alianza FC and Club Deportivo FAS were playing the second leg of their playoff quarter-final game at the Cuscatlan stadium in San Salvador, the country's capital, when play was suspended after a stampede broke out in the general section. The venue is one of the largest stadiums in Central America and has an official capacity of more than 44,000 fans. "The Salvadoran Football Federation deeply regrets the events that occurred at the Cuscatlan Stadium," the organization wrote on Twitter. "It also expresses solidarity with the relatives of those affected and deceased in this incident." The federation added that they would immediately request a report on the incident while also suspending the tournament after Saturday's events, calling for...

[ad_1] LAHORE: Retail store chains in the country, while opposing the government’s decision of early market closure, have proposed alternative measures to ensure balanced energy conservation. They caution that any reduction in retail peak hours will slash their revenue by 30% and cause sales losses of Rs3.5 trillion. Besides, about Rs300 billion may be lost in general sales tax and income tax collection compared to electricity savings of less than Rs62 billion annually under the new energy conservation steps. Chainstore Association of Pakistan (CAP) Chairman Tariq Mehboob Rana, in a letter written to Federal Minister of Energy and Power Muhammad Ali, Federal Minister of Commerce Gohar Ijaz and provincial Industries Minister SM Tanveer, denounced the government’s recent decision, saying it was based on unfounded claims of Rs62 billion in annual savings. Read Marketplaces deserted as inflation bites hard Rather, he said, the measure would prove counterproductive and cause a s...

[ad_1] Days of heavy rain in South Korea have left at least 22 people dead and 14 others missing in landslides, floods and other incidents. The 22 fatalities were reported on Friday and Saturday, all in the central and southeastern regions, the Ministry of the Interior and Safety said in a report. An earlier ministry report on Saturday morning said five people died after landslides caused by torrential downpours buried their houses. Two others also died in landslide-related incidents. But the latest ministry report didn’t explain the cause of deaths for the additional fatalities. The report said torrential rains have also left 14 people missing since Tuesday, and 13 others injured since Thursday. South Korea has been pounded by heavy rains since July 9. The ministry report said the rainfall had forced about 4,760 people to evacuate and left thousands of households without electricity in the past seven days. It said more than 2,000 people remained in temporary shelters as of...

[ad_1] Days of heavy rain in South Korea have left at least 22 people dead and 14 others missing in landslides, floods and other incidents. The 22 fatalities were reported on Friday and Saturday, all in the central and southeastern regions, the Ministry of the Interior and Safety said in a report. An earlier ministry report on Saturday morning said five people died after landslides caused by torrential downpours buried their houses. Two others also died in landslide-related incidents. But the latest ministry report didn’t explain the cause of deaths for the additional fatalities. The report said torrential rains have also left 14 people missing since Tuesday, and 13 others injured since Thursday. South Korea has been pounded by heavy rains since July 9. The ministry report said the rainfall had forced about 4,760 people to evacuate and left thousands of households without electricity in the past seven days. It said more than 2,000 people remained in temporary shelters as of...

[ad_1] Days of heavy rain in South Korea have left at least 22 people dead and 14 others missing in landslides, floods and other incidents. The 22 fatalities were reported on Friday and Saturday, all in the central and southeastern regions, the Ministry of the Interior and Safety said in a report. An earlier ministry report on Saturday morning said five people died after landslides caused by torrential downpours buried their houses. Two others also died in landslide-related incidents. But the latest ministry report didn’t explain the cause of deaths for the additional fatalities. The report said torrential rains have also left 14 people missing since Tuesday, and 13 others injured since Thursday. South Korea has been pounded by heavy rains since July 9. The ministry report said the rainfall had forced about 4,760 people to evacuate and left thousands of households without electricity in the past seven days. It said more than 2,000 people remained in temporary shelters as of...

[ad_1] Days of heavy rain in South Korea have left at least 22 people dead and 14 others missing in landslides, floods and other incidents. The 22 fatalities were reported on Friday and Saturday, all in the central and southeastern regions, the Ministry of the Interior and Safety said in a report. An earlier ministry report on Saturday morning said five people died after landslides caused by torrential downpours buried their houses. Two others also died in landslide-related incidents. But the latest ministry report didn’t explain the cause of deaths for the additional fatalities. The report said torrential rains have also left 14 people missing since Tuesday, and 13 others injured since Thursday. South Korea has been pounded by heavy rains since July 9. The ministry report said the rainfall had forced about 4,760 people to evacuate and left thousands of households without electricity in the past seven days. It said more than 2,000 people remained in temporary shelters as of...

[ad_1] Since seizing power in August 2021, the Taliban government has barred girls and women from high schools and universities, banned them from parks, funfairs and gyms, and ordered them to cover up in public. Women have also mostly been barred from working for the United Nations or NGOs, and thousands have been sacked from government jobs or are being paid to stay at home. Mohammad Sadeq Akif Muhajir, spokesman for the Ministry for the Promotion of Virtue and Prevention of Vice, would not say why the new order had been given. "Once they are closed then we will share the reason with the media," he told an international news agency. He said the businesses had been given time to close their affairs so they could use up their stock without incurring losses. A copy of the order seen by an international news agency said it was "based on verbal instruction from the supreme leader". Beauty parlours mushroomed across Kabul and other Afghan cities in the 20 y...

[ad_1] Last Updated: June 28, 2023, 00:32 IST New York, United States of America (USA) Choose a jewellery brand that is recognised as a reliable name to invest in. Check for hallmarked jewels, which ensures a high resale value while adding splendour enchantment to any event. (Image: Reuters File) Spot gold fell 0.6% to $1,911.53 per ounce by 2:08 p.m. EDT (1808 GMT), while U.S. gold futures settled 0.5% lower at $1,923.80 Gold reversed course to slip on Tuesday after strong U.S. economic readings, while traders positioned for Federal Reserve Chair Jerome Powell’s speech and more data that could offer clues on future interest rate hikes. Spot gold fell 0.6% to $1,911.53 per ounce by 2:08 p.m. EDT (1808 GMT), while U.S. gold futures settled 0.5% lower at $1,923.80. U.S. consumer confidence increased in June to the highest level in nearly 1-1/2 years, while new single-family home sales rose by a more-than-expected 12.2% in May. “Gold did not like the news," said Edward Moya, sen...