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Airbus tails Boeing in Farnborough jet orders tussle

Airbus tails Boeing
  • European planemaker Airbus lags US rival Boeing in Farnborough orders battle.
  • Delta Airlines orders 12 Airbus A220-300 passenger jets worth $1.1 billion.
  • The UK government has launched a new “Jet Zero” strategy aimed at curbing aviation emissions.

European planemaker Airbus trailed its fierce US rival Boeing in an orders battle on the second day of the Farnborough airshow on Tuesday, as southern England buckled under a record heatwave.

Airbus finally opened its orders account with a $1.1-billion order for 12 Airbus A220-300 passenger jets from Delta Airlines.

The new jets are due for delivery from 2026, and bring its total firm A220 order to 107 of the single-aisle aircraft.

However, Boeing already had the upper hand after clinching a $13.5-billion order for Boeing’s crisis-hit MAX from Delta on the first day of Farnborough on Monday.

The US carrier ordered 100 medium-haul MAX jets with an option for 30 more, and swiftly afterwards Japan’s ANA agreed to buy 20 MAX 8 jets worth $2.4 billion.

The MAX jet, which suffered two deadly crashes in 2018 and 2019, is experiencing a rush of interest at this year’s five-day Farnborough spectacle southwest of London.

Independent aviation analyst Howard Wheeldon said customers were giving the MAX a thumbs-up, at an airshow where Boeing normally saves its biggest deal for the end.

“This is a vote of confidence and a sign that they are now moving forward from the MAX crisis and in the right direction,” Wheeldon told AFP.

Boeing then won another massive boost Tuesday as investment fund 777 Partners ordered up to 66 of the MAX passenger aircraft worth a combined $8 billion.

It also sealed a $1.5-billion deal with leasing company AerCap for five more 787 Dreamliner jets.

Customers are expected to win a discount on list prices as is traditionally the case for big orders.

Emissions

Wheeldon sounded a note of caution over the post-Covid recovery despite growing sector-wide optimism over the outlook at the airshow.

“There will be other orders but none of this suggests that the industry itself is moving forward,” added Wheeldon.

“Ticket prices have risen steeply and aircraft are far from full. Shortage of staff and other skills continues to impact and there are no quick fixes.

“This is an industry that has been in turmoil because of Covid but also one that knows the pressures from other factors such as climate change and rising costs are not easily solved.”

Aviation analyst John Strickland said the latest edition of Farnborough — the first since 2018 — was not “flush” with orders.

But “it marks a moment of rehabilitation for Boeing”, he added.

Farnborough this year partly focuses on the themes of decarbonisation and sustainability in a sector often criticised for its impact on emissions and climate change.

The UK government has launched a new “Jet Zero” strategy and vowed that aviation emissions should not return to pre-Covid levels.

The plan, presented by Transport Secretary Grant Shapps at Farnborough, requires UK domestic aviation and English airports to attain net zero carbon emissions by 2040.

Yet environmental campaign group Greenpeace has slammed the strategy as a short-term move that shifted responsibility away from government.

Greenpeace UK programme director Emily Armistead dismissed the plan as “vague aspirations to technological innovation”, which would fail to cut emissions in the short to medium term.

She accused the government of failing to have the courage to regulate aviation emissions.

“This isn’t a plan to do that, just a delaying tactic and a very expensive waste of time,” she added.

 

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Sindh extend market timing restrictions owing to power crisis

Sindh power crisis
  • Restrictions on market timings in Sindh province due to ongoing power crisis.
  • Marketplaces, bazaars, shops, and shopping malls are required to close by 9:00 p.m.
  • The measure aims to close the gap between the supply and demand of electricity.

As the power crisis continues to affect the entire nation, the Sindh Government on Tuesday extended the restrictions placed on market timings in the province.

In response to the frequent power outages and load shedding, the measure, which will be in place from July 17 through August 16, aims to close the gap between the supply and demand of electricity.

All marketplaces, bazaars, shops (wholesale or retail), super or departmental stores, and shopping malls are required to close by 9:00 p.m., according to a notification from the Sindh Home Department.

The law also stipulated that wedding venues and banquets must close by 10:30 p.m., while hotels, restaurants, coffee shops, cafes, clubs, gyms, movie theatres, plays, circuses, and other amusement centers must close by 11:30 p.m.

According to the home department, all billboards and other advertising hoardings that are illuminated by electricity must be turned off by 9:00 p.m.

All types of categories will not have set closing times on Saturdays, but a one-day week off will be observed, either on Sunday or Friday.

Exemptions

All information technology firms involved in software development, as well as pharmacies, hospitals, clinics, labs, gas stations, CNG stations, bakeries, and milk shops, are exempt.

All factories, Pakistan Security Printing Corporation, National Security Printing Company, commercial ambulance service zones, contact centers, virtual or interactive voice-call customer care centers, postal and courier services, and tire repair shops are also excluded from the limits.

Additionally, all bus stops, sabzi mandis, service areas on highways, roadside shops on highways away from populated areas, take-out restaurants, food deliveries, online food deliveries limited to cooking and packing facilities, and all warehouses used for loading and unloading goods will continue to be exempt.

 

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Snapchat: An unlikely new rival for Zoom

Snapchat
  • Snapchat is launching a web-based version of its mobile app.
  • Users will be able to make video calls from their laptops and desktops.
  • Users in Australia, New Zealand, Canada, and the U.S. will be able to access the app from launch.

Since its inception more than a decade ago, Snapchat has only been accessible via mobile devices, unlike many other social media networks.

However, the business unveiled a web-based version of the well-known messaging software on Monday.

Users should be able to freely switch between their phones and laptops while still being able to carry on chats on the platform.

However, the new desktop capability might also enable Zoom, an unexpected opponent, to challenge Snapchat (SNAP).

Despite being known for allowing users to exchange vanishing chats and photographs, or “snaps,” the business claims that video calling has grown in popularity on the app.

According to Snapchat, the app facilitates more than 100 million video calls every month with a maximum of 15 participants.

Now that consumers may join those calls from a PC, it is hoped that the service will be simpler and more enjoyable to use.

The concept is comparable to video calling services like Zoom (ZM), which became extremely popular during the epidemic, but Snapchat has some distinct selling advantages.

According to the company, users will be able to start calls more quickly and conveniently because they are already connected to friends and can see when others are online.

Soon, video calls on the web-based version of Snapchat will also support the company’s renowned photo lenses, which may give users the appearance of having freckles, dog ears, or other traits.

To encourage users to share photographs to pals, the web version of Snapchat opens directly to the camera. Users can open snaps or start a discussion by selecting one of the latest friend talks listed in a sidebar.

According to the firm, the web version won’t initially have all the features of the mobile app, such as the “Snap Map” where users can track their pals or the discover area.

A spokesperson for Snap, the parent company of the app, said in a statement: “With so many in our community spending more time online, whether it be for remote learning or working, streaming or just plain browsing — we saw a huge opportunity to make it easier for our community to stay connected throughout their day.”

Snapchat for the web forbids users from taking screenshots of chats or snaps in order to safeguard users’ security and privacy (the app alerts users if someone screenshots their chat or photo).

To prevent users from clicking away from the Snapchat window, the business also developed a “privacy screen.”

The launch occurs at a time when Snap, the parent company of Snapchat, is under pressure on Wall Street following the publication of a larger-than-anticipated loss in its most recent earnings report and the subsequent warning to investors that it had reduced its outlook for the upcoming quarterly due to a deteriorating economy.

Shares of Snap, which are expected to release second-quarter earnings this week, have fallen by 70% since the year’s beginning.

Snap unveiled Snapchat+, a new paid subscription service last month with the potential to increase its revenue.

The new $3.99 per month subscription option can be attractive because of the web version. All Snapchat users in Australia and New Zealand as well as Snapchat+ members in the US, UK, and Canada will have access to the web-based version of the app from launch.

Soon, subscribers to Snapchat+ in France, Germany, Saudi Arabia, and the United Arab Emirates will be able to use the service.

 

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Nigerian oil giant now free of state control: President

Nigerian oil giant
  • Nigeria’s state-run oil firm will now operate as a fully commercial business.
  • NNPC Ltd. was unveiled in Abuja after Buhari signed the Petroleum Industry Act.
  • The OPEC member nation has lured only a small fraction of global petroleum investments.

President Muhammadu Buhari said on Tuesday Nigeria’s state-run oil firm would now operate as a fully commercial business without government intervention or funding.

The Nigerian National Petroleum Company Ltd. was unveiled in the capital Abuja a year after Buhari signed the Petroleum Industry Act to overhaul the country’s oil industry.

“We are transforming our petroleum industry to strengthen its capacity and market relevance for the present and future global energy priorities,” Buhari said.

A “commercially-driven and independent national oil company that will operate without relying on government funding” will attract foreign investment to the petroleum industry, he declared.

NNPC Ltd. is registered as a limited company but is still state-owned. It bears the same name as its predecessor, which was set up in 1977 at the height of the first oil boom.

The OPEC member nation has lured only a small fraction of global petroleum investments.

Its oil sector is struggling with an entrenched reputation for corruption, inefficiency, high production costs and security concerns.

According to Minister of State for Petroleum Resources Timipre Sylva, Nigeria would have been able to lure around 50 billion dollars in new foreign investments if it had passed the oil law earlier.

Nigeria currently produces around 1.4 million barrels of oil per day (bpd), less than its OPEC quota of 1.8 million bpd because of large-scale oil thefts, vandalism and low production capacity.

Despite this, income from energy sales accounts for almost all foreign exchange earnings and about half of government revenue.

The government is worried about the pressure of time as the world’s long-term appetite for fossil fuels diminishes because of climate change.

 

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Court battle opens in Musk, Twitter buyout fight

Elon Musk Twitter buyout deal
  • High stakes court battle between Elon Musk and Twitter kicked off on Tuesday.
  • Twitter trying to force entrepreneur to honor $44 billion buyout deal.
  • A forced closing of the Twitter deal is a scenario some analysts consider possible.

The high stakes court battle between Elon Musk and Twitter kicked off on Tuesday, as the social media firm tries to force the entrepreneur to honor their $44 billion buyout deal.

The first hearing was centering on Twitter’s push to set a trial date for as early as September in a case focused on Musk’s move to walk away on allegations the platform misled him about its tally of fake accounts.

Billions of dollars are at stake, but so is the future of the platform that Musk has said should allow any legal speech, an absolutist position that has sparked fears the network could be used to incite violence.

The hearing is being held in the eastern state of Delaware.

“Questions have been raised about Twitter’s future, and they don’t want this to drag on for very long,” said Carl Tobias, a University of Richmond law professor.

Musk’s legal team has filed papers arguing that date is far too soon for such a complex matter, and instead proposed mid-February.

Twitter lawyers noted the deal is supposed to close toward the end of October, just six months after Musk launched an unsolicited bid that the company’s board first resisted but then supported.

The world’s richest person has backed away from the deal in recent months as tech stocks have tumbled, and Twitter’s value has fallen well below the $54.20 per share he offered.

Musk willingness to fight

Rather than Silicon Valley, where Twitter is based, the company has lodged its lawsuit against Musk in Delaware.

The firm is incorporated in the tiny state like scores of other companies, and the case will happen in the Delaware Chancery Court that has deep experience in business disputes.

“The Chancery Court, which handles most of these matters, is very expert in corporate law, and more particularly, mergers and acquisitions. So this is the place to go,” Tobias added.

Kathaleen McCormick, the judge overseeing the case, comes with a no-nonsense reputation.

She also reportedly has the distinction of previously ordering a reluctant buyer into completing a corporate merger.

A forced closing of the Twitter deal is a scenario that some analysts consider possible.

“(Wall) Street and legal experts across the board view Twitter as having a ‘strong iron fist upper hand,’ heading into the Delaware court battle after months of this fiasco and nightmare,” analyst Dan Ives wrote last week.

He also noted that less likely options include Musk paying a $1 billion breakup fee and being able to walk away, or winning outright on his fake-account argument.

After pausing the deal in May, Musk’s lawyers announced in July he was “terminating” the agreement because of skepticism over Twitter’s false or spam accounts tally and allegations the firm was not forthcoming with details.

Tuesday’s hearing will be just the first step in what could be a lengthy legal fight that could end in a trial, but also a settlement.

“Musk has shown his willingness to take things all the way to the end in Delaware court,” said Adam Badawi, a University of California at Berkeley law professor.

“I think settling is not necessarily his instinct.”

 

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China, Pakistan discuss CPEC expansion to Afghanistan

CPEC expansion to Afghanistan.
  • Ambassador Yue Xiaoyong met with Foreign Secretary Sohail Mahmood in Pakistan.
  • The political and security situation in Afghanistan was discussed.
  • Only a peaceful, stable, connected Afghanistan could serve as a hub for improved regional trade and connectivity.

Senior government representatives from Pakistan and China discussed Monday how to expand the China-Pakistan Economic Corridor (CPEC) to Afghanistan in order to advance the prosperity and economic growth.

Ambassador Yue Xiaoyong, China’s special representative for Afghanistan, met with Foreign Secretary Sohail Mahmood. The political and security situation in Afghanistan was discussed, as well as Pakistan’s and China’s humanitarian aid to Afghanistan and other topics of shared interest.

In order to alleviate the financial burdens of the Afghan people and support the development of a sustainable economy, the foreign secretary further emphasized the significance of defrosting Afghanistan’s foreign reserves and facilitating banking operations.

The foreign secretary emphasized once more how crucial it was for Afghanistan to meet the demands of the international community in terms of inclusivity, respect for all Afghans’ rights, particularly girls’ education, and effective counterterrorism measures.

The foreign secretary emphasized that, notwithstanding what is happening elsewhere, the international community’s attention should not be taken away from the catastrophic situation in Afghanistan.

The foreign secretary emphasized the importance of ongoing constructive engagement and practical cooperation with the interim Afghan authorities while also highlighting the crucial role that organizations like Troika Plus and the Six Neighboring Countries of Afghanistan play in advancing common objectives.

Ambassador Yue Xiaoyong was grateful for Pakistan’s significant and positive contribution to the Afghan situation. Only a peaceful, stable, and connected Afghanistan could serve as a hub for improved regional trade and connectivity, according to both sides.

 

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Neelum-Jhelum project fault still unknown

Neelum-Jhelum project fault
  • The management of the 969-megawatt Neelum-Jhelum Hydropower Project has been told to speed up the restoration of the plant.
  • The plant has been inactive since July 6 since the national grid’s supply of electricity was interrupted due to a technical issue.
  • One tunnel of the facility was shut during a meeting of the National Assembly Committee on Water Resources.

Officials from the National Electric Power Regulatory Authority (NEPRA) were briefed on the technical issue with the 969-megawatt plant by the management of the Neelum-Jhelum Hydropower Project on Tuesday.

Due to a technical issue, the plant has been inactive since July 6 and the national grid’s supply of electricity has been interrupted.

The management was informed that their experts are looking into the issue and will take corrective action as soon as the issue is found.

NEPRA Chairman Tauseef H. Farooqi and Member Engineer Maqsood Anwar Khan instructed the Neelum-Jhelum Hydropower Project Chief Executive Officer to speed up the restoration of the plant because running pricey residual fuel oils (RFO)-based plants to generate the same amount of energy is costing consumers about Rs. 350 million per day in opportunity cost.

Previously, the Water Resources Division Secretary Kazim Niaz had stated that one tunnel of the facility was shut during a meeting of the National Assembly Committee on Water Resources.

The 3.5-km-long tunnel must be cleared in order to understand the issue, which will take at least a month, he said.

 

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Affordable Hybrid cars in Pakistan; starting at Rs 2 M

Affordable Hybrid cars in Pakistan
  • Toyota Aqua is one of the most well-liked hybrid vehicles in Pakistan.
  • Toyota Prius models even have values considerably below Rs. 2 million despite being the country’s first hybrid vehicle.
  • Honda Vezel offers comfort, performance, usability, and an affordable price all in one vehicle.

In Pakistan, a sharp increase in fuel prices has caused mayhem and forced many to switch to less expensive forms of transportation. As a result, there is a growing market for hybrid vehicles.

While most consumers cannot afford new hybrid vehicles, there are several reasonably priced used vehicle options that offer an intriguing alternative. All hybrid vehicles that cost less than Rs. 4 million are listed in this article.

Exceptional Mentions

  • Toyota Freed
  • Toyota Sienta
  • Suzuki Xbee
  • Nissan Highway Star Dayz
  • Honda Civic, 8th generation
  • Toyota CT200h
  • Toyota Spike
  • Toyota Corolla Axio Hybrid

Toyota Aqua, starting price Rs. 2.2 million

The Toyota Aqua is one of the most well-liked hybrid vehicles in Pakistan and is a favorite among auto aficionados for its svelte look. Similar to the Nissan Note, the Aqua is economical yet potent. However, it outperforms its rivals in a variety of categories, including dependability, overall performance, and resale value, to mention a few.

Owners have reported that the Aqua gets about 18 km/l in the city and about 23 km/l on the highway. However, depending on the driving style, the fuel efficiency might radically fluctuate – either for the better or worse.

Older Aqua versions start at Rs. 2.2 million, according to numerous listings, while current models are priced well above Rs. 4 million.

Honda Fit, starting price Rs. 2.2 million

Toyota Aqua’s rival is the Honda Fit. It even surpasses the hybrid hatchback from Toyota in terms of utility and space. Though its reasonably priced and well-kept copies are difficult to locate due to its lack of appeal.

The vehicle has a respectable amount of power, is well-equipped, and delivers up to 16 city km/l and 21 highway km/l in fuel efficiency. It may be purchased in Pakistan for anywhere between Rs. 2.2 million and well over Rs. 4 million. However, some finer, high-mileage Honda Fit models may be had for about Rs. 3 million.

Toyota Prius, starting at Rs. 2.4 million

It is noteworthy that some Toyota Prius models even have values considerably below Rs. 2 million despite being the country’s first hybrid vehicle. These vehicles aren’t on the list since they might be troublesome to own and are generally not desirable.

While top-tier and more recent plugin hybrid versions can cost up to Rs. 8 million, reasonable kept specimens of the Prius can be found for around Rs. 2.5 million. Prius is a fantastic car, though, at the previous price range.

It is spacious, cozy, dependable, efficient, and has a high market value. Additionally, according to some owners, it gives fuel efficiency of up to 16 km/l in the city and up to 24 km/l on the highway. Prius meets the criteria for a complete package with these features.

 Suzuki Wagon R FZ Hybrid, starting price Rs. 2.4 million

Due to their tiny engines and incredible fuel efficiency, K-cars are in high demand. A excellent example is the Suzuki Wagon R FZ Hybrid, which, while it may not have enough power for lengthy drives or hill stations, excels at navigating city traffic on a daily basis.

According to owner reports on numerous forums, the Wagon R Hybrid is not only small, comfortable, and well-equipped, but it also boasts an amazing fuel efficiency of 26 km/l in the city and roughly 30 km/l on the highway.

The vehicle is among the least expensive hybrid vehicles in Pakistan, with costs ranging from Rs. 2.4 million to Rs. 3 million.

Nissan Note, starting price Rs. 3 million

The popularity of the Nissan Note has increased recently. It is a small, roomy, well-equipped automobile that promises to get the best fuel efficiency while being convenient to own.

Its 1.2-liter hybrid petrol engine is powerful enough to occasionally transport a small family on long distance excursions while still being fuel-efficient enough to save money even when used for everyday city driving. Owner claims that the Note’s fuel economy averages approximately 16 km/l in cities and 21 km/l on highways.

Newly imported Nissan Note vehicles cost well over Rs. 4.5 million, while used models start at Rs. 3 million. The price range for an earlier model in good condition, however, is between Rs. 3.4 million and Rs. 3.8 million.

Honda Vezel, starting price Rs. 3 million

In recent years, Pakistanis have grown fond of crossover SUVs. Although hybrid-powered crossovers are the best option, most of them are sadly too pricey.

The only hybrid crossover in Pakistan that offers comfort, performance, usability, and an affordable price all in one vehicle is the Honda Vezel. The fuel efficiency of this well-equipped SUV is about 15 km/l in the city and about 20 km/l on the highway.

Vezel is priced between Rs. 3 million and Rs. 6 million, with newer models costing more. But you can get nicer, somewhat higher mileage models for about Rs. 3.8 million.

 

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Europe prepares for potential gas crisis as heatwave increases demand

Europe gas crisis
  • The Nord Stream 1 pipeline, which connects Russia’s gas to the EU, is scheduled to resume on Thursday.
  • Around 40% of Europe’s total pipeline imports from Russia are delivered to the continent through this pipeline.
  • To prevent a possibly catastrophic winter energy shortfall, European nations are rushing to fill up their gas storage facilities.

A historic heatwave has increased the demand for energy to help cool the continent’s homes and businesses, and now Europe is preparing for the possibility of a full-blown gas crisis later this week.

The Nord Stream 1 pipeline, which connects Russia’s gas to the EU, is scheduled to resume on Thursday following ten days of standard maintenance. As a result of the sanctions the European Union has put in place since Moscow’s invasion of Ukraine in February, there is growing concern that Russia may continue to cut off the water supply.

German Economy Minister Robert Habeck stated earlier this month that the nation must “be prepared for the worst.”

“Anything is possible. It’s possible that the gas will flow even more freely this time around. It’s possible that nothing will materialise at all “In a radio interview, Habeck stated.

Around 40% of Europe’s total pipeline imports from Russia are delivered to the continent through this pipeline each year, totaling 55 billion cubic metres of gas.

It’s possible that Moscow’s gas will completely stop being used. The nation has already reduced its gas shipments to a number of European nations. Germany, the largest economy in the area, declared a “gas crisis” last month when Gazprom, Russia’s national gas provider, reduced exports through the pipeline by 60%.

Gazprom attributed the action to the West’s choice to withhold necessary turbines as a result of sanctions.

Uniper, a German gas distributor, stated on Monday that it had received a letter from Gazprom citing a force majeure for previous and ongoing gas delivery deficits. A contract provision is known as a “force majeure” gives a business an exemption from its commitments. Typically, it is used in dire situations like natural catastrophes.

However, a representative for Uniper told CNN that the company has “officially disputed” the assertion. Due to the effects of Russian gas supply problems, the troubled company also took down a €2 billion ($2.04 billion) credit line with bank KfW on Monday.

Terrible timing

This week would be the worst possible time for a gas shortage. In parts of France and Spain, wildfires are raging as temperatures are anticipated to rise beyond 40 degrees Celsius (104 degrees Fahrenheit) over the next few days. Europe is sweating in record heat.

The need for electricity to power air conditioners has increased due to the extreme heat. The demand for natural gas to generate electricity reached a new record of 800-gigawatt hours, according to Enagas, the operator of Spain’s gas transmission system, last week.

In a press release last Thursday, Enagas stated that “this enormous rise in the demand for natural gas for power production has been primarily attributable to the high temperatures observed as a result of the heatwave.”

Given Europe’s backup power supplies and the fact that the heatwave is expected to end by midweek, several analysts were more upbeat.

According to Henning Gloystein, director of energy, environment, and resources at Eurasia Group, “record solar power generation will offset [this week’s] slightly higher power consumption in the EU due to high air conditioning unit usage rates.”

To prevent a possibly catastrophic winter energy shortfall, European nations are rushing to fill up their gas storage facilities.

According to Fatih Birol, executive director of the International Energy Agency, the “next few months will be important” to bolstering the bloc’s supplies.

“The scenario will be far more terrible and challenging if Russia decides to entirely cut off gas supplies before Europe can raise its storage levels to 90%,” he continued.

According to Gas Infrastructure Europe, there is now about 64% of gas stored throughout the European Union.

While reducing its reliance on Russian gas imports, the union is hastily securing gas supplies from other nations. The European Commission and Azerbaijan signed a memorandum of agreement on Monday to increase a crucial gas transport route’s capacity by twofold during the following several years.

According to data from the Intercontinental Exchange, prices for Dutch natural gas, the European benchmark, rose 3% from Friday to €165 ($167) per megawatt hour on Monday.

With prices lingering above €183 ($186) per megawatt hour earlier this month, concerns of a significant gas cutoff drove them to their highest levels since the early stages of Russia’s invasion of Ukraine. Since the beginning of the year, prices have increased by 129%.

 

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UK workers see their largest salary decrease in two decades

UK workers
  • Real pay fell by 2.8 percent between March and May compared to the same period in 2016.
  • Consumer prices in the UK reached a 40-year high of 9.1% in May.
  • The pound has also beat this year, losing 11% of its value to the US dollar.

Workers in the UK are grappling with the largest pay cut in more than 20 years as rising food and energy costs significantly reduce take-home earnings.

Real pay, which accounts for inflation, fell by 2.8 percent between March and May compared to the same period in 2016, according to statistics issued by the Office for National Statistics on Tuesday.

Since the ONS started keeping statistics in 2001, that is the fastest fall.

UK Prime Minister Boris Johnson resigned earlier this month after a string of ethics issues proved to be too expensive for the administration to ignore. His replacement, who is now being chosen, has a sizable number of economic and financial difficulties.

Global inflation has been fueled for months by rising energy and commodity costs, which have been made worse by Russia’s invasion of Ukraine. Among the richest countries in the world, the one with the fifth-largest GDP has been among the hardest hit.

Consumer prices in the UK reached a 40-year high of 9.1% in May, the highest among the G7 leading countries. Despite a series of interest rate hikes, it is predicted that consumer prices could surpass 11% later this year.

Additionally, households are under pressure. The largest cost-of-living crisis to hit the British people in decades has been brought on by eye-watering electricity and grocery costs. The second-largest decrease in disposable income since records began in 1964, according to the Bank of England, is expected to occur this year.

According to figures from research firm Kantar released on Tuesday, grocery bill inflation reached nearly 10% in the four weeks ending on July 10. This implies that Britons should budget an additional £454 ($545) for food and other necessities this year.

According to energy analysis company Cornwall Insight, energy costs would likely exceed £3,000 ($3,603) per year for millions of homes starting in October, up from an increase of 54% in April. The government then adjusts a price cap that places a cap on the amount suppliers can bill customers per unit of energy at that point.

The government of Boris Johnson has pledged to provide payments totaling £400 ($480) per household to assist the millions of people who are having trouble paying their energy bills. Additionally, the government gave in to pressure last month and proposed a £5 billion ($6 billion) levy on oil and gas company windfall gains.

The country’s growth has been stunted by high prices and detrimental Brexit policies. The UK economy was predicted to stagnate by the Organization for Economic Co-operation and Development last month, with 0% GDP growth anticipated for 2023. Next year, that would be the G7’s lowest performance.

The pound has also beat this year, losing 11% of its value to the US dollar, which will probably increase the cost of importing products.

But there is one encouraging thing. According to preliminary ONS data, hiring accelerated last month, with the number of employees increasing by 3% from a year earlier.

 

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Gold prices in Pakistan increased as the currency falls freely

Gold prices in Pakistan
  • The cost of yellow metal rose $2 per ounce on the world market, ending at $1,717.
  • In Pakistan, gold is priced about Rs2, 000 less than it would be in Dubai market.
  • Local silver prices rose by Rs. 10 per tola and Rs. 8.58 per 10 grams.

As the local currency on Tuesday hit a new low of 224 against the dollar, the price of gold increased in Pakistan by Rs 2,800 per tola.

In these trying times of the economic and political crisis, the precious commodity has emerged as a secure asset.

All Sindh Sarafa Association published prices at which the yellow gold closed at Rs145,200 a tola and the 10-gram price jumped by Rs 2,400 to close at Rs124,485.

The cost of yellow metal rose by $2 per ounce on the world market, ending at $1,717.

In Pakistan, gold is priced at about Rs2,000 less than it would be in the Dubai market.

In the meantime, local silver prices rose by Rs. 10 per tola and Rs. 8.58 per 10 grams to settle at Rs. 1,580 and Rs. 1,354.60, respectively, today.

 

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Ukraine’s reopening cinemas offer refuge from reality – and air raids

Ukraine cinemas
  • Ukraine’s film industry is making a tentative comeback.
  • Underground cinemas offering protection from the threat of missiles from above.
  • KINO42 and Zhovten picture houses were among the first of Kyiv’s cinemas to reopen.

From the Hollywood blockbuster to the high-brow film noir, the silver screen offers a few hours’ peace in a darkened refuge from the mundane grind of the nine to five.

But Ukraine’s filmgoers have begun seeking literal shelter in subterranean screenings offering protection from the ever-present threat of missiles from above.

After Russia’s invasion in February shuttered picture houses nationwide and production ground to a halt, the country’s resilient film industry is making a tentative comeback.

KINO42, in downtown Kyiv, is among around 20 of the city’s 50 or so cinemas that have reopened in recent weeks. As the capital’s only underground cinema, it is a unique offering for movie buffs wary of air raids.

The screen — which has 42 seats around four metres (13 feet) below street level — reopened in June, its program of upcoming screenings displayed on a backlit board above the newly added words “cinema shelter”.

“It’s a literal cinema shelter since it’s located in a basement,” Ilko Gladshtein, a partner in the business, told AFP at the recent launch of its program of Ukrainian classics.

The theatre, which first opened in 2019, has always been underground — but while this was once an unremarkable aspect of its architecture, Gladshtein says it has become a “unique selling point”.

“KINO42 is the safest cinema in Kyiv right now. We don’t interrupt screenings during air raids,” he told AFP.

Sold out

The 37-year-old film festival manager and movie producer has been surprised by the size of the evening audiences, although the schedule has been bumped forward to accommodate an 11:00 pm wartime curfew.

“June is a tough month for film distribution, but I can see that people are hungry for films. We’ve held three charity screenings and sent around $1,000 to the Ukrainian army,” he said.

“It gives us the confidence to know not only that we are entertaining people, but also that we are doing something important for the troops on the front.”

Unlike multiplexes that screen the big Hollywood releases of the day, KINO42 has always prioritised Ukrainian cinema, and preserving the country’s cultural identity has become especially important since the invasion.

The venue has teamed up with the Dovzhenko Centre, the nation’s biggest film archive, and has expanded from one weekly screening to three, all sold out.

At a launch event on Thursday last week KINO42 put on “Odd, Bizarre and Fantastic,” a series of animated shorts from the 1980s and ’90s, with tickets all snapped up three days before the screening.

Stanislav Bitiutskiy, a 38-year-old researcher at the Dovzhenko Centre, says every social or political cataclysm forces a nationwide reckoning over Ukrainian identity.

“It first happened during the Maidan revolution,” he told AFP, describing the aftermath of the deadly 2014 clashes between protesters and security forces that led to the overthrow of President Viktor Yanukovych.

“Now, once again, we need to redefine our identity by means of art.”

‘Another reality’

A little further down the street, the much larger above-ground Zhovten picture house — which is nearly a century old — was among the first of Kyiv’s reopened venues.

The multi-screen playhouse sold out a 400-seat auditorium on the launch night of its Ukrainian classics program with a showing of Sergey Paradzhanov’s 1965 opus, “Shadows of Forgotten Ancestors.”

“We wanted to support the country’s economy as well as people’s psychological wellbeing,” said its director Yulia Antypova, 46.

“Psychologists say that this kind of mental decompression, and the opportunity to escape to another reality, are extremely important.”

Here, the possibility of missile strikes is a constant threat.

Zhovten interrupts screenings for 20 minutes when the sirens begin and asks audiences to get to a nearby shelter.

If the alert lasts longer, the screening is cancelled and the customers are asked to come back with their tickets another day.

The return to the silver screen has been gradual, with ticket sales about 30 percent of pre-war figures.

Attendance drops every time a Russian missile slams into a civilian area.

“The human psyche is quite resilient though,” says Antypova. “In a few days, attendance recovers — until the next strike.”

 

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