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Muhammad Sohaib Firdous

ECB security delegation visits Gaddafi Stadium

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ECB
  • A security committee from the England and Wales Cricket Board (ECB) visited the Gaddafi Stadium in Lahore.
  • The security team also visited the National Stadium in Karachi, Multan Cricket Stadium, and Pindi Cricket Stadium.
  • After 2005, England will make its maiden trip to Pakistan.

A security committee from the England and Wales Cricket Board (ECB) came to Gaddafi Stadium to assess the facilities before England’s impending trip to Pakistan.

The director of International Cricket for the PCB briefed the security delegation, which included Richard Snowball, Robert Lynch, John Carr, and Reg Dickason, at the National High-Performance Center (NHPC).

Before the significant English team’s tour, the delegation toured various areas of the stadium to inspect the infrastructure.

The security team also stopped at the National Stadium in Karachi, Multan Cricket Stadium, and Pindi Cricket Stadium before arriving at Gaddafi Stadium.

The locations for seven T20 Internationals will be decided once this delegation submits a report to the ECB.

After 2005, England will make its maiden trip to Pakistan. Keep in mind that New Zealand abruptly withdrew from the Pakistan tour due to security concerns after England postponed their tour last year.

 

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BCCI pays out INR 3.5 cr for Indian team’s flight to West Indies

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BCCI pays out INR 3.5 cr
  • The chartered jet that carried Team India from Manchester to Port-of-Spain cost Rs 3.5 Cr.
  • The Men in Blue will play 3 ODIs and then 5 T20Is against the Windies while on a white-ball trip.
  • The first of the three ODIs will take place at the Queen’s Park Oval in Port of Spain.

The cost of the Indian team’s chartered aircraft from England to the West Indies, paid for by the Board of Control for Cricket in India (BCCI), was an astounding INR 3.5 crores.

The Men in Blue will play 3 ODIs and then 5 T20Is against the Windies while on a white-ball trip. After finishing the three-match ODI series against England, they immediately departed for the Caribbean.

The chartered jet that carried Team India from Manchester to Port-of-Spain cost Rs 3.5 Cr, according to the BCCI. The team’s chartered flight was scheduled for a different reason than Covid-19.

The Indian contingent consists of 16 players and members of the support staff, including head coach Rahul Dravid.

It is challenging to book so many tickets on a commercial airline. There are wives of athletes who have visited the Caribbean as well, a source told.

The decision made sense to the officials because the majority of England’s elite football clubs have their own chartered flight for domestic and international travel.

“Normally, this cost would have been close to Rs 2 crore on a commercial flight. From Manchester to Port of Spain, a business class ticket will cost approximately Rs 2 lakh.”

“Even though a chartered flight is more expensive, doing so makes sense. The majority of elite football teams now have charters,” the source continued.

The first of the three ODIs will take place at the Queen’s Park Oval in Port of Spain, Trinidad, on Friday, July 22.

 

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Sri Lanka resigns as 2022 Asia Cup host

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2022 Asia Cup
  • The Asian Cricket Council (ACC) has been notified by Sri Lanka Cricket of its inability to host the event.
  • Asia Cup will take place in August and September to coincide with the T20 World Cup in Australia.
  • SLC informed ACC of its choice, stating that the country’s political and economic climate leaves it “not in a position” to host 2022 Asia Cup.

The island nation of Sri Lanka has been forced to withdraw from hosting the 2022 Asia Cup due to its ongoing political and economic problems.

The Asian Cricket Council (ACC) has been notified by Sri Lanka Cricket (SLC) of its inability to host the event.

According to Sri Lankan media, the SLC informed the ACC of its choice, stating that the country’s current political and economic climate leaves it “not in a position” to host the Asia Cup cricket competition.

In response to the current turmoil, the SLC recently decided to postpone the third season of the Lanka Premier League (LPL).

This year, the Asia Cup will take place in August and September to coincide with the T20 World Cup in Australia.

The choice of hosting the tournament in the United Arab Emirates has not yet been made. However, the location might be an Asian nation, including India.

According to reports, Sri Lanka would speak with the UAE Cricket Board and ask for help in finding a location for the event.

 

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European Central Bank increases interest rates for the first time in eleven years

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European Central Bank increases interest rates
  • The European Central Bank raises its benchmark interest rate by a half percentage point.
  • The decision comes as Europe struggles with record-high inflation fueled by rising oil prices.
  • Annual inflation in the European Union spiked to 9.6% in June, for the 19 nations that utilize the euro, it was 8.6%.

The European Central Bank stated on Thursday that it would raise its benchmark interest rate by a half percentage point in a daring effort to rein in inflation.

That brings Europe’s primary rate back to zero and is the first rate increase by the ECB since 2011. Since 2014, rates in the area have been declining.

The decision, which becomes effective on July 27, comes as Europe struggles with record-high inflation that is fueled by rising oil prices. In June, annual inflation in the European Union spiked to 9.6%. For the 19 nations that utilize the euro, it was 8.6 percent.

The central bank had earlier said it would raise rates by a lesser margin, but after conducting an “updated assessment of inflation risk,” it determined it needed to be more proactive.

At a news conference, ECB President Christine Lagarde stated that inflation “remains unacceptably high and is projected to remain over our objective for some time.”

To keep its options open, the central bank chose not to commit to a certain trajectory for future rate increases.

Lagarde declared, “Going forward, we will base our monetary policy choices on a data-dependent basis. “We shall proceed step-by-step and month-by-month. The information we have for September will determine what occurs in September.”

The ECB also introduced a new bond-buying instrument designed to keep borrowing costs under control in heavily indebted eurozone nations like Italy and Greece. The goal of the central bank is to keep the single-currency area cohesive.

According to the central bank, the so-called Transmission Protection Instrument “may be triggered to address unjustified, disorderly market developments that constitute a substantial threat to the transmission of monetary policy across the euro area.”

Providing that nations meet specific criteria for budgetary and economic soundness, the European Central Bank is prepared to use the instrument, Lagarde underscored.

I can guarantee you that we would prefer not to employ TPI. But we won’t think twice if we have to use it.

A web of dangers

Investors’ response to the announcement was muted. Following the statement, the euro, which just reached parity with the US dollar for the first time in 20 years, increased slightly to roughly $1.02. The Stoxx 600 index of European stocks finished unchanged as a result of the lack of direction.

Since European businesses must pay more for imports, notably energy, the currency’s weakness is making the inflation issue worse.

While stepping up measures to halt the sharp rise in prices, the ECB faces an uphill battle. Even while the pandemic-era savings, the summer tourist season, and a strong labor market continue to support Europe’s economy, growth is decreasing.

A recession is not yet anticipated by the central bank. It started in June that it anticipates output to increase by 2.1 percent in 2023 and by 2.8 percent this year.

The horizon is “clouded,” but according to the “baseline assumption,” there won’t be a recession either this year or in the near future, Lagarde said on Thursday.

The ECB’s power to raise interest rates, which assist battle inflation but potentially slow the economy, could be limited by recession fears.

Already, the ECB is running well behind its competitors. The Fed has been on a rate-hiking binge since March, raising its benchmark rate in significant chunks over the past few months to combat runaway inflation after dropping rates to zero at the start of the Depression. The only institution that hasn’t changed is the Bank of Japan, which on Thursday kept up its ultra-easy policies.

It also needs to contend with considerable energy supply unpredictability, which makes predicting future inflation challenging.

On Thursday, Russia’s Gazprom began gas exports via the vital Nord Stream 1 pipeline, allaying concerns that it wouldn’t reopen following a period of planned maintenance. However, it isn’t running at full capacity, and there is still concern that Russia may one day cut off gas in revenge for Western sanctions.

In addition, the political crisis gripping the third-largest economy in Europe is causing trembling on the nation’s financial markets. Mario Draghi, the popular Italian prime minister and favorite of investors, offered his resignation to the president on Thursday after losing the backing of a number of significant parties in his coalition government. Elections could be held sooner as a result.

 

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Gold’s luster returns as Rupee suffers from uncertainty

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Today Gold Prices in Saudi Arabia
  • The price of gold in Pakistan rose by Rs500 per tola to reach Rs. 144,500 and Rs428 per gram for 10 grams on Thursday.
  • Silver prices stayed the same at Rs. 1,580 per gram and Rs.1,354.60 per 10 grams.
  • In Pakistan, gold is priced at about Rs. 2,500 less than in the Dubai market.

Amid investor anticipation for the European Central Bank’s policy announcement and the possibility of aggressive policy tightening by major central banks, gold prices rose on Thursday.

The All Sindh Sarafa Jewellers Association (ASSJA) reports that the price of gold increased by Rs500 per tola to reach Rs. 144,500 and by Rs428 to reach Rs. 123,885 for 10 grams of gold.

The price of the precious metal closed the previous day at Rs. 144,000 per tola and Rs. 123,457 for every 10 grams.

Since Pakistan continues to be a tiny worldwide market for gold, its price for local markets is established by taking into account its prices on international markets, the rupee-dollar exchange rate, as well as its demand and supply in local markets.

Due to worries about policy rates, bullion prices fell by $26 per ounce to settle at $1,682 on the global market.

In Pakistan, gold is priced at about Rs. 2,500 less than it would be in the Dubai market.

In the meantime, today’s domestic market silver prices stayed the same at Rs. 1,580 per tola and Rs. 1,354.60 per 10 grams.

 

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FBR lowers withholding Tax to 1% on online platform sales

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FBR lowers withholding Tax to 1%
  • The Federal Board of Revenue (FBR) has lowered the rate of withholding tax from 2 to 1 percent on sales conducted through online marketplaces.
  • Individuals who do not appear on the active taxpayers’ list (ATL) will no longer have to pay withholding tax.
  • A lower rate of final tax of 0.25 percent has been offered for those exporters registered with PSEB.

The Federal Board of Revenue (FBR) has lowered the rate of withholding tax from 2 to 1 percent on sales of products from third parties conducted through online marketplaces by individuals who do not appear on the active taxpayers’ list (ATL).

To explain changes made to the Sales Tax Act of 1990, the Federal Excise Act of 2005, and the ICT (Tax on Services) Ordinance of 2001 by the Finance Act of 2022, the FBR released Circular No. 09 of 2022–23.

The FBR explained that as technology and electronic payment methods advance, online marketplaces are growing.

The withholding tax rate on sales of items from third parties made through their platform has been lowered from 2 percent to 1 percent in order to promote economic activity through online marketplaces, according to FBR.

The FBR clarified the export of services in a circular explaining the income tax budget that was released on Thursday.

The Finance Act of 2021 established a unique regime under Section 154A for the export of IT and IT-enabled services, under which a final tax of 1 percent was collected on the realization of export earnings for these services.

Additionally, exporters of IT and IT-enabled services were eligible for a 100% tax credit against this final tax under Section 65F provided they met the requirements set forth therein.

The 100 percent tax credit regime under section 65F has been removed in order to simplify the tax regime for exporters of IT and IT-enabled services, and a lower rate of final tax of 0.25 percent has been offered for those exporters who are registered with the Pakistan Software Export Board (PSEB).

Section 65F has been amended in accordance with this.

The Finance Act of 2022 has also clarified and expanded the definitions of IT services and IT-enabled services that are found in clauses (30AD) and (30AE) of section 2 of the Ordinance.

Previously, under subsection (2) of section 154 of the Ordinance, the amount of foreign commission owing to an indenting commission agent was subject to tax at a rate of 5%. By including clause (da) in sub-section (1) of section 154A of the Ordinance, this tax has now been lowered to 1%. Section 154 has been updated in accordance with this in the appropriate places.

Furthermore, the tax owed under Section 154A of the Ordinance will not be subject to the provisions of the Tenth Schedule. In this regard, regulation 10 of the Tenth Schedule has been updated, according to FBR.

 

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American Airlines reports profits despite jet fuel cost drag

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American Airlines reports profits
  • Profits were $476 million compared with just $19 million in the year-ago period.
  • Revenues jumped about 80 percent to $13.4 billion, the most in the company’s history.
  • Jet fuel costs more than double the level from the 2021 period.

American Airlines reported a profitable second quarter Thursday as the ebbing of the Covid-19 pandemic resulted in record revenues despite the hit from higher fuel costs.

The big US carrier said its first profitable quarter since the start of the pandemic was due to operations rather than government support programs.

Profits were $476 million compared with just $19 million in the year-ago period.

Revenues jumped about 80 percent to $13.4 billion, the most in the company’s history. Jet fuel costs were more than double the level from the 2021 period.

Pricey tickets have fueled the surge. From April through June, revenues topped those of the pre-pandemic 2019 quarter by 12 percent, even though capacity was 8.5 percent lower.

American signaled that the trend was holding in the third quarter, when it expects revenues of 10-12 percent above the 2019 level, with capacity down 8-10 percent.

Leisure travel remains above pre-pandemic levels, while American also saw improvements in both business travel and international bookings, Chief Executive Officer Robert Isom said in a letter to employees.

“Making sure American could take advantage of the continued recovery has been our collective focus, and the second quarter is evidence that our actions are producing positive results,” Isom said.

“There is no better validation of this than reporting our first quarterly profit since the start of the pandemic.”

Shares fell 3.2 percent to $14.73 in pre-market trading.

 

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Boeing outmanoeuvres Airbus at first Farnborough since Covid

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Boeing outmanoeuvres Airbus
Boeing outmanoeuvres Airbus at first Farnborough since Covid

·         US titan stole the show with a $13.5-billion deal with Delta for 100 MAX-10 aircraft.

·         Industry’s recovery from the coronavirus pandemic is underway if somewhat bumpy.

·         Global air traffic on course to recover its 2019 level in 2024, industry body says.

US planemaker Boeing triumphed this week as it scooped up more orders than its European rival Airbus at the first Farnborough Airshow since aviation was ravaged by Covid.

Returning from a four-year absence, Farnborough hosted the sector’s biggest players and signaled that the industry’s recovery from the pandemic is underway if somewhat bumpy.

Boeing won orders totalling 297 aircraft during the spectacle, leaving Airbus trailing in its wake on just 85 jets. Yet those numbers remain dramatically lower than in 2018.

The US titan stole the show on Monday with a blockbuster $13.5-billion deal with US airline Delta for 100 of its MAX-10 aircraft and options for 30 more.

The MAX — which suffered two fatal crashes in 2018 and 2019 — saw a rush of interest with orders also from Japan’s ANA, US investment fund 777 Partners, leasing firm Aviation Capital, and Qatar Airways.

Airbus failed to keep up with the blistering pace; its biggest order was for 56 A320neo single-aisle aircraft worth $6.2 billion from British budget airline EasyJet.

‘Humbling week’

Yet Boeing remains sanguine over its successful showing after recent turmoil, and stressed its focus on safety.

“It’s been a very humbling week in the sense of what we’ve been going through a lot as an industry, as a company,” Boeing’s senior vice president of commercial sales and marketing, Ihssane Mounir, told reporters Thursday.

“We always say that the airshow weeks are just one week out of 52 — and it ends up being the culmination of all the work and getting together and celebrating and announcing and so on, especially after the Covid pandemic and everything we have gone through.

“From a business standpoint, the recovery is well underway. We’ve seen it in the domestic markets and now it’s starting to take foothold in the international markets as well.”

Industry analyst John Strickland said Boeing had made clear progress.

“Boeing will leave the show with a feeling that it has made valuable progress securing orders from key customers Delta and Qatar, whilst being transparent on its ongoing work to refocus on safety and quality,” he said.

Starts and stops

Global air traffic was paralysed by the coronavirus pandemic, which grounded planes and decimated demand, while recovery is wobbly.

Aviation still faces headwinds from rocketing inflation fuelled by historically high oil prices, higher wages, labour shortages and supply-chain snarls, while airports struggle.

“The world stopped and then had to start again and there’s inevitably some starts and stops, like a traffic jam,” Warren East, CEO of British engine maker Rolls-Royce, told AFP in a summary of the pandemic’s impact.

Airbus forecasts the narrow-body aircraft market will return to its pre-pandemic level by 2023, with wide-body reaching this point by 2025.

Global air traffic is on course to recover its 2019 level in 2024, according to industry body the International Air Transport Association.

Aviation has yet to see a boost to wide-body aircraft although analysts remain upbeat.

‘Lot of activity’: Airbus

Airbus CEO Guillaume Faury, speaking to AFP at Farnborough, said “the big issue” for the Franco-German group was the delivery of aircraft — rather than increasing the size of its order book.

And he also stressed that order levels were “good” — while the airshow was more about mixing with a vital network of suppliers.

“For 2022, the level of orders we will have at Airbus will be good,” Faury told AFP.

“At Farnborough, we spend a lot of time with suppliers — which gives the impression that there is less activity because there are fewer major contracts announced.

“However, it is an airshow with a lot of activity, in my view.”

Christian Scherer, chief commercial officer of Airbus, added separately that it was “about time” that Boeing won the orders game.

Elsewhere, defence was a hot topic at Farnborough as nations bolster their armed forces after Russia’s invasion of Ukraine.

The UK government also revealed the latest progress on its cutting-edge Tempest future combat fighter jet project.

Defence deals are conducted on the sidelines of the event but these are not published like commercial agreements.

Farnborough, one of the world’s biggest civil and defence trade shows, features dizzying air displays and opens to the public on Friday.

 

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KSE-100 closes at lowest level; Breaches 40,000-mark

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Pakistan bourse closes lower over profit-taking
  • The benchmark KSE-100 index dropped by 627.95 points or 1.55 percent to settle at 39,831.75 points.
  • The index hit an intraday low of 658.49 points as investors chose to sell after the market opened in the green.
  • With 16 million shares trading hands, WorldCall Limited led the pack in terms of volume.

The KSE-100 index fell more than 600 points in a volatile session on Thursday, keeping the Pakistan Stock Exchange (PSX) under selling pressure.

The political unrest surrounding the by-elections in Punjab and the election of the chief minister has caused investors to fear and sell off their investments.

Since the start of trade, the benchmark KSE-100 index has been trending downward and there have been no encouraging signs as stocks have been under selling pressure generally.

The KSE-100 index dropped by 1.55 percent day over day, reaching its lowest point since November 23, 2020, according to Arif Habib Limited. The index has decreased by 4.1 percent and 10.7 percent, respectively, since the start of the fiscal year 2022–2023 and the beginning of the calendar year 2022, according to the statement.

As the rupee-dollar parity continued to dampen spirits, the Pakistani rupee continued to decline, hitting an all-time low of 226.81 against the US dollar in the interbank market. This pushed investors to stay on the sidelines.

The benchmark KSE-100 index dropped by 627.95 points or 1.55 percent to settle at 39,831.75 points.

According to a report from Arif Habib Limited, the benchmark KSE-100 index had a bloody session today as a result of worries about the economy and inflation as well as the rupee’s loss against the US currency.

The index hit an intraday low of 658.49 points as investors chose to sell after the market opened in the green, according to the trading house.

Meanwhile, it claimed that overall volume levels remained low while good volume levels were seen in third-tier stocks.

Fertilizer (-100 points), banks (-91.2 points), exploration and production (-78.8 points), cement (-60.9 points), and chemical were among the industries that contributed to the performance (-45.4 points).

During the session, shares of 333 different firms were exchanged. 40 scrips closed in the green at the close of trading, 269 closed in the red, and 24 stayed unchanged.

157.99 million shares were traded overall on Thursday versus 141.74 million on Wednesday. Shares were traded for a total of Rs4.28 billion during the day.

With 16 million shares trading hands, WorldCall Limited led the pack in terms of volume and lost 0.06 rupees to settle at 1.21. TPL Properties, which had 11.87 million shares traded and lost Rs. 1.31 to close at Rs. 16.25, and Unity Foods, which had 10.04 million shares traded and lost Rs. 1.35 to close at Rs. 16.72, were the next-most active stocks.

 

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Honda unveils Civic Type-R; Most powerful model to date

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Honda Civic Latest Price in Pakistan & Features - July 2024
  • Honda’s 11th-generation Civic Type-R was unveiled at the company’s annual conference in Anaheim, California.
  • The car is only offered as a hatchback and will go on sale in Japan in September.
  • Honda claims it will be the most powerful Civic Type R ever made.

Honda Civic is not only a household name, but it also frequently makes news in the automotive industry. After being unveiled in Type R guise, the automobile has succeeded once more.

The performance standards set by the 10th generation Civic Type R are high for both its rivals and its successors. The new Civic, according to Honda, is faster, sharper, and more fun than the outgoing one.

The 11th generation Civic is more modest but just as forceful in terms of styling as the 10th generation Civic, which was cartoonishly aggressive.

The absence of artificial vents and diffusers has drawn some criticism, but the majority of aficionados have praised it.

Honda hasn’t officially disclosed the new Type R’s engine specifications, but it has promised that it would be the most potent one they’ve ever produced, so expect higher horsepower and torque numbers.

The previous model only had one power plant, a turbocharged 2.0-liter four-cylinder gasoline engine that produces 400 Newton-meters of torque and 316 horsepower (hp). Only the front wheels receive power from the 6-speed manual transmission.

Similar to the majority of its predecessors, the Civic Type-R is only offered as a hatchback.

The 11th-generation Civic Type-R sports double-wishbone suspension in the back and McPherson struts up front.

According to Honda, the suspension is now more rigid than before, enabling the vehicle to maneuver more tightly around a racetrack.

Although the interior styling is mostly the same, there are certain Type-R-specific details present, like red floor mats, seats, stitching, and a red Honda symbol in addition to the distinctive Type-R shift knob.

The features include, among other things, a 10.2-inch digital Head Unit Display (HUD), different drive modes, a 9.0-inch touch-sensitive touchscreen unit, and other Honda Sensing driver assistance functions. Additionally, it has a superior audio system with Bose speakers.

Honda has not yet disclosed the Civic Type-MSRP R’s or full feature set. The automobile will likely receive a more thorough preview from the firm before to its September launch in Japan.

 

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Currency rates in Pakistan – July 21, 2022

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Currency rates in Pakistan

 Latest Currency Rates in Pakistan today on 21 July 2022, Check updated currency rates of British Pound, US Dollar to PKR, Euro, Canadian Dollar, UAE Dirham, Saudi Riyal, in Rupees. All currency exchange rates are according to the interbank market. Currency rates in Pakistan Find the updated currency exchange rates on, 21 July 2022. CURRENCY BUYING … Read more

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