Latest news with #FILE
Express Tribune
a day ago
- Business
- Express Tribune
Inflation rate jumps tofive-month high of 3.5%
Market analysts caution that IMF-related measures in the upcoming FY2026 budget—particularly new taxes and adjustments in energy prices—may lead to a renewed spike in inflation. PHOTO: FILE Pakistan's annual inflation rate accelerated to 3.5% in Maythe highest level in five monthsdue to a sudden spike in food prices ahead of the budget, breaking the downward spiral that had persisted for a year and a half. The Pakistan Bureau of Statistics (PBS) reported on Monday that the prices of a basket of essential goods and services rose at an average rate of 3.5% last month. This is the highest reading seen in the past five months and was contrary to official expectations. Nonetheless, it remains far below the fiscal year's inflation target of 12%. In its monthly economic outlook report, the Ministry of Finance had projected inflation to remain between 1.5% and 2% in May. The actual rate was more than double that forecast and fell within the ministry's expectations for June, ahead of the federal budget. For June, the ministry has projected that inflation could rise to between 3% and 4%. With the fresh inflation figure, the gap between headline inflation and the State Bank of Pakistan's (SBP) key policy rate has widened to 7.5%. The banking sector continues to benefit from elevated interest rates, at the expense of the rest of the country. Last month, the Monetary Policy Committee cut the policy rate by 100 basis points to 11%, citing a sustained decline in inflation. Despite the high rates, the money supply grew by 4.7% in May. For the upcoming fiscal year, the government has set a 7.5% inflation target, allowing further room for interest rate cuts. Average inflation during the first 11 months (JulyMay) of the current fiscal year slowed to 4.6%, significantly below the annual target of 12%. This lower average inflation rate will form the basis upon which the increase in pensions and salaries of the government employees will be determined. The government is considering an increase of 6% to 10% in wages and pensions, in line with the reduced average inflation. Core inflationexcluding food and energyeased in both urban and rural areas, dropping to 7.3% in cities and 8.8% in rural areas, according to PBS. Average core inflation remains about 3% below the policy rate, providing further space for the SBP to reduce interest rates. However, under International Monetary Fund (IMF) policy, the government switched the benchmark for borrowing costs from core to headline inflation nearly four years ago. Urban inflation rose to 3.5%, driven by rising food costs. In rural areas, prices turned positive again, with inflation recorded at 3.4% in May. PBS compiles inflation data from 35 cities and tracks 356 consumer items. In rural regions, data is collected from 27 centres and includes 244 items. The PBS data showed that food prices resumed their upward trend. Urban food inflation was recorded at 5.3%, and rural food inflation at 2.1%. Chicken prices soared 52% last month, followed by a one-third increase in pulses, a 30% rise in fresh fruits, 26% in butter, 22% in powdered milk, and 21% in sugar. The government failed to honour its promise of keeping sugar prices under check, following last year's decision to allow exports. The rise in sugar prices is also boosting tax revenues, as the government has linked the 18% sales tax on sugar to the fortnightly inflation rate. Meat prices increased by 12%, while fresh milk rose by 10%. Onion prices remained 54% lower compared to a year ago, while tomato prices dropped 32%, wheat 24%, and tea 18%. Non-perishable food items saw a 5.1% increase in inflation last month. Electricity charges were 29% lower year-on-year, while petrol remained 8% cheaper despite increased taxation. Although global crude oil prices have remained largely stable, the depreciation of the rupee led the government to pass on a Rs3.5 per litre impact on petrol and Rs1 per litre on diesel. Global crude prices are not expected to rise significantly, and overall commodity prices are projected to decline by 15% this year.
Express Tribune
7 days ago
- Sport
- Express Tribune
Australia face selection dilemma
Australia are eyeing to defend their title against South Africa next month. Photo: AFP/FILE Australia head coach Andrew McDonald on Tuesday admitted that the final playing XI has not yet been decided and he is facing challenges in selecting the team for the ICC World Test Championship final against South Africa, scheduled to begin on June 11 at Lord's. As the defending champions eye back-to-back titles, the team management faces several key decisions, particularly regarding the top order and all-rounder roles. While experienced opener Usman Khawaja is confirmed to take his place at the top, the identity of his partner remains uncertain. Sam Konstas and Marnus Labuschagne have emerged as potential candidates to open the innings, but McDonald hinted that in-form all-rounder Cameron Green could also be a surprise option for the role. Green has been in stellar form in England's County Championship Division 2, notching up three centuries for Gloucestershire over the past six weeks. Although he is unavailable to bowl as he continues recovering from back surgery, McDonald is confident in the 25-year-old's adaptability with the bat. "I think he can bat anywhere. He could be three, five, six, or even open. He's got the temperament and the skill set, especially the defensive game required higher up the order. He plays the short ball well and covers all bases." McDonald said. The uncertainty extends beyond the top order. Australia are also debating whether to include an all-rounder in the final XI. With Green ruled out of bowling duties, Beau Webster, who impressed during his Test outings against India and Sri Lanka earlier this year, is in contention. The 31-year-old could feature if conditions at Lord's warrant an all-rounder's inclusion. "There's an XI on a board, but it has dashes with multiple names in different positions. We have tried to assemble a 15-man squad that gives us all the options. Whether or not we go with an all-rounder depends on the pitch and conditions, which will then influence how we shape the batting order," McDonald revealed. The final decision will hinge on how much weight the selectors give to the need for a fifth bowling option. According to McDonald, clarity will be provided to players as the match draws nearer. It is pertinent to mention that the ICC World Test Championship Final is set to take place on June 11, at the iconic Lord's Cricket Ground in London between South Africa and defending champions Australia. South Africa currently leads the WTC 2023-25 standings, having won eight out of 12 Tests. After a 1-1 drawn home series against India and a 2-0 defeat in New Zealand, they rebounded with series victories over the West Indies (1-0), Bangladesh (2-0), Sri Lanka (2-0), and Pakistan (2-0). On the other hand, Australia stands second on the table, with 13 wins and four losses from 19 Tests. Their journey included a 2-0 win against Sri Lanka, a 3-1 triumph over India, a 2-0 series win against New Zealand, and a 1-1 draw with the West Indies. They also whitewashed Pakistan 3-0, while the Ashes series against England ended in a 2-2 draw. Squads Australia: Pat Cummins (captain), Scott Boland, Alex Carey, Cameron Green, Josh Hazlewood, Travis Head, Josh Inglis, Usman Khawaja, Sam Konstas, Matthew Kuhnemann, Marnus Labuschagne, Nathan Lyon, Steve Smith, Mitchell Starc, Beau Webster. South Africa: Temba Bavuma (captain), Tony de Zorzi, Aiden Markram, Wiaan Mulder, Marco Jansen, Kagiso Rabada, Keshav Maharaj, Lungi Ngidi, Corbin Bosch, Kyle Verreynne, David Bedingham, Tristan Stubbs, Ryan Rickelton, Senuran Muthusamy, Dane Paterson.
Egypt Today
12-03-2025
- Politics
- Egypt Today
Hamas says new round of ceasefire talks started as Israel halts aid delivery, power supply to Gaza
A girl holding her toy walks across demolished buildings in Gaza – FILE/WAFA CAIRO – 12 March 2025: Hamas has announced the commencement of a new round of ceasefire negotiations, emphasizing its commitment to handling the discussions 'responsibly and positively.' Senior Hamas official Abdul Rahman Shadid said in press remarks that these ongoing discussions include negotiations with the US envoy for captives, Adam Boehler. Hamas's remarks come while Israel has continued its blockade of food and humanitarian aid bound for Gaza since the first phase of the ceasefire agreement with Hamas expired on 1 March. Israeli Energy Minister Eli Cohen also announced on Sunday immediately cutting power supply for Gaza, asserting that Tel Aviv will 'operate all of the tools that are at our disposal, to ensure the return of all the hostages.' Hamas is pushing for transition to the second phase of the agreement, which includes the release of all captives in exchange for an end to the Israeli war, which has killed more than 48,000 people since October 2023. Hamas still holds a total of 59 captives in Gaza, including 24 who are believed to be still alive. This initial phase saw Hamas release 38 captives, including eight deceased, in exchange for nearly 2,000 Palestinian prisoners. Instead of moving to the second phase of the deal, Israel aims to extend the expired first phase to allow for the release of more captives without the obligation to end the war. Boehler held recent direct talks with Hamas, representing a significant departure from the US longstanding policy of avoiding direct engagement with the movement. In TV remarks, the US envoy regarded his talks with the Hamas officials as 'very helpful,' stating that a deal can be reached 'within weeks.' Five American captives are still held by Hamas in Gaza, four of them have been confirmed dead by Israeli authorities, while Edan Alexander is believed to be still alive. Shadid expressed hope that this round will lead to tangible progress toward initiating the second phase of the ceasefire talks. This would pave the way for an end to hostilities, the withdrawal of forces from the Gaza Strip, and the completion of a captive-prisoner exchange deal.
Express Tribune
02-03-2025
- Business
- Express Tribune
Increase in prices with the advent of Ramazan criticised
Mufti Muhammad Abdullah of the Jamaat-i-Islami said Ahmadis were stooges of the West and enemies of Pakistan. PHOTO: FILE JI Karachi Ameer, Monem Zafar Khan on Saturday criticised the sudden increase in prices of essential items with the start of Ramazan, maintaining that the issue comes to the fore every year but the authorities fail to take effective measures and appropriate action. He said, it is the responsibility of the Sindh government to control prices and ensure the sale of essential items at official rates. Monem also lamented that the public faces traffic jams with the beginning of Ramazan.
Egypt Today
30-01-2025
- Politics
- Egypt Today
Sisi extends condolences to Trump over victims of Washington plane crash
FILE - Egypt's President Abdel Fattah El-Sisi CAIRO – 30 January 2025: President Abdel Fattah El-Sisi extended condolences to US President Donald Trump on Thursday in the wake of a tragic collision of two aircraft in Washington. "I extend my heartfelt condolences to my friend President Donald Trump and the American people for the victims of the two plane crashes in Washington,' Sisi said in a social media post. 'Our hearts are with the families of the victims during this painful tragedy. We ask Allah to grant them patience and solace,' the president added. Many lives are feared lost following a tragic collision between an American Airlines regional passenger jet, which had 64 individuals on board, and a US Army Black Hawk helicopter. The aircraft crashed into the waters of the Potomac River near Reagan Washington National Airport, according to Reuters. While officials have not yet provided an official death count from the crash on Wednesday night, US Senator Roger Marshall of Kansas indicated that most, if not all, passengers may have passed away. American Airlines confirmed that the jet was carrying 60 passengers and four crew members. Law enforcement helicopters from various agencies patrolled the scene, meticulously scanning for any signs of those who may have been lost. The helicopter, which was on a training mission, had three soldiers aboard, according to a US official. CBS News reported, citing a police source, that at least 18 bodies have been recovered. Furthermore, a dive team successfully retrieved one of the two data recorders, commonly known as black boxes, from the aircraft. The Pentagon has announced it will initiate an investigation into the incident. In the wake of the incident, all takeoffs and landings at the airport were suspended, allowing dive teams to conduct a thorough search of the area. Trump expressed his condolences, stating he had been 'fully briefed on this terrible accident.' He offered prayers for the passengers, saying, 'May God bless their souls.' Trump, however, said that the crash 'could have been prevented.' 'The airplane was on a perfect and routine line of approach to the airport. The helicopter was going straight at the airplane for an extended period of time. It is a CLEAR NIGHT, the lights on the plane were blazing, why didn't the helicopter go up or down, or turn,' Trump said on his Truth Social platform. 'Why didn't the control tower tell the helicopter what to do instead of asking if they saw the plane. This is a bad situation that looks like it should have been prevented. NOT GOOD!!!,' the US president added. Authorities have yet to determine the cause of the collision, and investigations are underway to uncover the circumstances surrounding this devastating event.
