BREAKING NEWS
Advertise with us >

SBP keeps policy rate unchanged at 10.5%

SBP keeps policy rate

The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) on Monday decided to maintain the key policy rate at 10.5 percent.

In a brief statement issued on its website, the central bank said, “The Monetary Policy Committee has decided to keep the policy rate unchanged at 10.5%,” adding that a detailed monetary policy statement will be released shortly.

The SBP has already reduced the benchmark interest rate by a total of 1,150 basis points since mid-2024, bringing it down from the historic high of 22 percent recorded in 2023, as inflation eased significantly from multi-decade peaks.

However, rising tensions in the Middle East have increased fears of disruptions to global oil shipments through the Strait of Hormuz, a vital route for international energy supplies. The uncertainty has pushed global energy prices upward.

Pakistan, which relies heavily on imported fuel, remains highly vulnerable to fluctuations in global oil prices, making domestic inflation sensitive to changes in the international energy market.

Amid the surge in oil prices linked to the conflict involving Iran, the federal government on Friday increased retail fuel prices by nearly 20 percent. The price of petrol was raised from Rs266.17 to Rs321.17 per litre, while diesel climbed from Rs280.86 to Rs335.86 per litre.

Earlier, SBP Governor Jameel Ahmad projected that Pakistan’s economy could grow between 3.75% and 4.75% in fiscal year 2026, supported by stronger domestic demand and previous monetary easing. He also warned that inflation might temporarily rise above the central bank’s 5%–7% target range before stabilising.

Pakistan is currently operating under a $7 billion programme with the International Monetary Fund (IMF), which has advised authorities to maintain a cautious and data-driven monetary policy to control inflation expectations and strengthen the country’s external financial position.

Global oil prices surge to multi-year highs amid Iran war tensions

Global oil prices

Global oil markets witnessed a dramatic surge on Monday as escalating war tensions involving Iran pushed crude prices to their highest levels since 2022, raising concerns about energy supply disruptions.

In international trading, Brent Crude climbed to $119.50 per barrel at one stage, marking a multi-year high. Similarly, West Texas Intermediate (WTI) also surged to $119.48 per barrel during the session.

According to the latest figures, Brent crude is currently trading at around $101.46 per barrel, while WTI crude has reached approximately $98.82 per barrel, reflecting a sharp increase within a single trading day.

Market Anxiety After Iran Attacks

Energy market analysts say the surge followed military strikes carried out by the United States and Israel on Iran on February 28, which triggered widespread uncertainty in global energy markets.

Since the escalation, Brent crude prices have jumped nearly 66%, while WTI has risen about 77%, highlighting the severe volatility in oil markets.

Supply Concerns Push Prices Higher

Experts warn that if the conflict spreads further across the Middle East, global oil supplies could face serious disruptions, potentially pushing prices even higher.

Market data also shows that immediate Brent delivery contracts are trading about $36 higher than contracts for delivery in six months, indicating strong fears of a near-term supply shortage.

Possibility of Approaching Historic Oil Price Record

For reference, the highest oil price in history was recorded in 2008, when crude surged to nearly $147 per barrel during the global financial crisis. Analysts caution that if the conflict persists for an extended period, prices could move closer to that historic level once again.

PM cuts office days, halts overseas trips for officials

PM cuts office

Prime Minister Shehbaz Sharif has announced a series of austerity measures aimed at reducing government expenditures amid the country’s challenging economic conditions, including a 50% reduction in fuel for official vehicles for two months.

Speaking in Islamabad, the prime minister warned that petroleum prices may rise further in the coming days, prompting the government to implement strict cost-cutting steps across public institutions.

Under the new measures, fuel allocation for government vehicles will be reduced by half for two months, while 60% of vehicles used by all government departments will remain off the roads during the same period.

The prime minister also announced that federal cabinet members will not receive their salaries for two months, while members of parliament will face a 25% salary reduction.

In addition, senior officers in Grade 20 and above earning more than Rs300,000 per month will have two days’ salary deducted. Government departments have also been directed to cut non-salary expenditures by 20%.

The government has imposed a ban on foreign visits by federal and provincial ministers and officials, allowing travel only in cases of urgent national interest. Authorities have been instructed to prioritise teleconferencing and online meetings instead.

Furthermore, the prime minister announced a complete ban on official dinners and iftar gatherings, while seminars and conferences will now be held in government buildings instead of hotels.

According to the new policy, 50% of staff in both public and private institutions will work from home, and government offices will operate four days a week. However, the additional weekly holiday will not apply to banks.

The prime minister also declared two weeks of holidays for public educational institutions starting next week as part of the broader measures.

ICC announces T20 World Cup team of the tournament

ICC announces

The International Cricket Council (ICC) has unveiled the Team of the Tournament for the T20 World Cup 2026, with Pakistan’s Sahibzada Farhan earning a place after an outstanding performance.

Farhan emerged as the top run-scorer of the tournament, amassing 383 runs in seven matches, including two centuries.

The Team of the Tournament features four players from India national cricket team, while England national cricket team and South Africa national cricket team each have two players in the lineup. One player each has been selected from Zimbabwe national cricket team and West Indies cricket team.

Interestingly, no player from New Zealand national cricket team, despite reaching the final of the tournament, was included in the Team of the Tournament.

The selected lineup includes Sanju Samson, Ishan Kishan, Hardik Pandya, and Jasprit Bumrah from India.

From England, Will Jacks and Adil Rashid made the team, while Lungi Ngidi and Aiden Markram represented South Africa.

The lineup also features Blessing Muzarabani from Zimbabwe and Jason Holder from the West Indies.

Meanwhile, Shadley van Schalkwyk of the United States national cricket team has been named as the 12th player in the squad.

Tehran announces policy to stop strikes on neighbouring countries

Tehran announces

TEHRAN: Iran’s President Masoud Pezeshkian has stated that Tehran will not carry out attacks or missile strikes against neighbouring countries.

In a statement, Pezeshkian said Iran regrets the recent incidents and apologises to neighbouring states over the attacks that took place in recent days, adding that Tehran has no intention of targeting other countries.

The Iranian president further said that the interim leadership council has approved a decision not to conduct any attacks or missile strikes against neighbouring nations.

However, he added that Iran would refrain from such actions as long as its territory is not attacked from the soil of those countries.

Pezeshkian also emphasised that Iran would not surrender to the United States or Israel, saying the country’s adversaries would have to “take their wish of Iranian surrender to the grave.”

His remarks come after recent tensions following strikes on Iran by the United States and Israel, after which Tehran reportedly targeted US military bases located in neighbouring countries, leaving several civilians injured.

Security forces continues ‘Operation Ghazab-Lil-Haq’ against Afghan Taliban

Security forces

ISLAMABAD: The Pakistan Army has continued Operation Ghazab-Lil-Haq in response to what security officials described as an unprovoked action from across the Pakistan-Afghanistan border.

According to security sources, Pakistani forces carried out an aerial strike in North Waziristan along the border, destroying several positions belonging to the Afghan Taliban.

Sources said the operation inflicted heavy losses on the militants, forcing them to retreat. Several fighters were reportedly killed in the strikes, while others fled the area.

Security officials added that both ground and aerial operations against Afghan Taliban elements and militants linked to Tehrik-i-Taliban Pakistan—referred to by authorities as Fitna al-Khawarij—are continuing in the border region.

The military operation will continue until its objectives are fully achieved, security sources said.

New Zealand ready to ‘Break a Few Hearts’ in T20 World Cup final: Santner

New Zealand ready

AHMEDABAD: Mitchell Santner says New Zealand would not mind “breaking a few hearts” when they face defending champions and hosts India national cricket team in the final of the ICC Men’s T20 World Cup on Sunday.

Speaking ahead of the title clash in Ahmedabad, the New Zealand captain acknowledged that his side will enter the match as underdogs but said the team is eager to seize the opportunity to lift the trophy.

More than 100,000 fans are expected to pack the Narendra Modi Stadium for the high-stakes final.

New Zealand reached the final of the tournament in 2021 but lost to Australia national cricket team and are still chasing their first white-ball World Cup title.

“I wouldn’t mind winning a trophy,” Santner said. “Everyone knows we’re probably not the favourites, but I wouldn’t mind breaking a few hearts to lift the trophy for once.”

New Zealand’s campaign in the tournament has been mixed. They delivered a dominant performance in the semi-final, thrashing South Africa national cricket team by nine wickets after Finn Allen smashed the fastest century of the competition.

However, the Black Caps also suffered defeats to South Africa and England national cricket team earlier in the tournament.

Santner pointed to the unpredictable nature of T20 cricket, saying one strong performance can turn the tide. “We saw South Africa playing very good cricket throughout, but they had one hiccup against us and were out,” he noted.

Meanwhile, India come into the final in formidable form with three consecutive wins and are aiming to become the first team to win back-to-back T20 World Cups as well as the first to lift the title on home soil. A victory would also give them a record third T20 World Cup triumph.

Santner admitted that playing before a packed stadium and millions watching worldwide could put extra pressure on the hosts.

“With such huge expectations, there’s always added pressure,” he said. “If we can go out there and apply that pressure on them, we’ll see what happens.”

India change hotel ahead of T20 World Cup final amid superstition claims

India change hotel

AHMEDABAD: The India national cricket team has reportedly changed its hotel in Ahmedabad ahead of the ICC Men’s T20 World Cup final, with Indian media linking the move to superstition following past defeats.

According to Indian media reports, the team chose not to stay at the same hotel where it had lodged during the final of the ICC Cricket World Cup 2023, where India suffered a defeat against the Australia national cricket team.

Reports suggest that the decision may have been influenced by the team’s desire to avoid repeating the circumstances associated with that loss. However, no official statement has been issued regarding the change of accommodation.

Indian media also reported that a member of the team’s support staff regularly offers prayers at every venue for the team’s success, while the Board of Control for Cricket in India (BCCI) is providing all possible facilities to support the squad.

Earlier, ahead of the semi-final in Mumbai, India reportedly delayed a training session by about 45 minutes to avoid the effects of a lunar eclipse.

Meanwhile, the final in Ahmedabad is expected to be played on a red-soil pitch. India had earlier lost to the South Africa national cricket team on a black-soil pitch at the same venue two weeks ago. The stadium offers a variety of pitches, including red soil, black soil, and mixed surfaces.

Indian media further reported that India may also consider using the visiting team’s dressing room instead of the home dressing room at the venue in an apparent attempt to change their fortunes.

The T20 World Cup final between India and the New Zealand national cricket team is scheduled to take place in Ahmedabad on Sunday.

KSE records biggest weekly drop amid regional tensions

KSE records biggest

KARACHI: The Pakistan Stock Exchange (PSX) witnessed its largest weekly decline in history, as the benchmark 100-Index fell by 10,566 points over the past five trading days. The index closed at 157,496 points, down from 168,062 points at the start of the week.

During the week, the market lost 11 psychological levels, with three days showing losses and two days showing gains. The 100-Index traded at a weekly high of 161,476 points and a low of 151,258 points.

Market capitalization also suffered, dropping by Rs123.1 billion to close the week at Rs17.698 trillion. Over the five-day period, trading volumes amounted to 1.81 trillion shares valued at Rs3.28 billion.

Experts attributed the market’s volatility to regional tensions following Israeli and US strikes on Iran. A halt in new investments and heavy selling in key sectors also pushed the market into negative territory.

Investors are now closely watching economic indicators and government policies for guidance on market direction in the coming week.

Rapper-Turned-Politician Balendra Shah set to become Nepal’s next PM

Rapper-Turned-Politician

KATHMANDU: Five months after a historic youth-led uprising in Nepal that claimed 77 lives and forced then-Prime Minister KP Sharma Oli to resign, 35-year-old rapper-turned-politician Balendra Shah, popularly known as Balen, is poised to become the country’s next prime minister following the nation’s first election since the September protests.

Posting on social media shortly after Oli’s resignation, Shah addressed his generation: “Dear Gen Z, the resignation of your killer has come. Now your generation will have to lead the country. Be prepared.”

Shah, who first entered politics in 2022 as the mayor of Kathmandu, has quickly risen in popularity. Early election results show his party, the Rastriya Swatantra Party (RSP), leading in around 100 seats, significantly ahead of rivals.

Final results, covering 165 directly elected seats and 110 proportional representation seats, are expected in the coming days. Analysts say the RSP’s commanding performance makes it likely to form the next government, with the Nepali Congress already conceding defeat.

“Balen Shah is so popular that now buses coming to Kathmandu have stickers on them saying, ‘Headed to Balen’s city,’” said Bipin Adhikari, a constitutional law expert at Kathmandu University.

From Rapper to Political Leader

Born to a father practicing traditional Ayurvedic medicine and a homemaker mother, Shah began writing poetry at a young age, eventually evolving into a rap career inspired by American artists like Tupac Shakur and 50 Cent. After earning an undergraduate degree in civil engineering in Nepal and a master’s in structural engineering in southern India, Shah’s music became a platform to challenge Nepal’s political elite.

His 2019 hit song, Balidan (“Sacrifice”), which has over 12 million views on YouTube, included lyrics calling for transparency and accountability:

“Let me speak, sir, it is not a crime,

Let me open the mind, I am not a curse to the palace,

My mind is not bad, it is not afraid to speak the truth.”

Political Vision and Challenges

Shah resigned as mayor in January to contest the general election. His tenure in Kathmandu focused on improving urban infrastructure and public services but drew criticism from human rights groups over alleged heavy-handed measures against street vendors and landless citizens.

Shah largely avoids mainstream media, relying instead on his social media following of over 3.5 million to connect directly with young voters. Political analyst Puranjan Acharya notes, “What makes Balen special is that he stays connected with the youth through his short messages on social media, but it would not be a cakewalk for him after becoming prime minister.”

The RSP’s manifesto pledges to create 1.2 million jobs, curb forced migration, double per capita income from $1,447 to $3,000, raise the nation’s GDP to $100 billion, and provide universal healthcare insurance—all within five years.

Analysts caution that much of Shah’s potential success will depend on the team he assembles to reform Nepal’s deeply bureaucratic and corruption-plagued system. “It needs a team, experts, and support. Under the existing state apparatus, he can’t perform and he will be finished like wood attacked by termites,” Acharya said.

If successful, Shah’s rise would mark a dramatic reshaping of Nepali politics, challenging the long-standing dominance of the country’s traditional parties and reflecting the growing influence of the younger generation in shaping the nation’s future.