On this day…

Good morning and welcome to The Blue Express! As we step into another day, let's take a moment to reflect on some of the significant historical events that occurred on July 8th:

•  1497: Portuguese explorer Vasco da Gama set sail from Lisbon on his first voyage to India, opening a sea route from Europe to Asia via the Cape of Good Hope​.

• 1776: The first public reading of the Declaration of Independence was given by Colonel John Nixon in Philadelphia, at Independence Square​​.

• 1889: The first issue of The Wall Street Journal was published, which has since become one of the most influential financial newspapers in the world​.

• 1947: The Roswell incident occurred, where a local newspaper in New Mexico reported that a "flying saucer" had been recovered, sparking ongoing UFO and extraterrestrial theories​.

• 1950: General Douglas MacArthur was appointed commander-in-chief of United Nations forces in Korea during the Korean War​​.

• 1981: The Solar Challenger, a solar-powered airplane, successfully crossed the English Channel, marking a significant achievement in solar-powered flight​.

Open Market Forex Rates

Data is provided by Link Exchange

Todays Gold and Silver prices

Gold Prices (per Tola):

• 24K Gold: PKR 246,900

• 22K Gold: PKR 226,323

• 21K Gold: PKR 216,038

• 18K Gold: PKR 185,175

Silver Prices (per Tola):

• Silver: PKR 3,177

  *These prices are consistent across major cities like Karachi, Lahore, Islamabad, and Rawalpindi with minor variations

Data is provided by Waseem Jewellers

WORLD

Ceasefire Talks in Jeopardy: New Demands and Political Turmoil

1. Israeli Government's New Demands: The Israeli government has introduced new demands in the US-backed ceasefire proposal with Hamas, potentially delaying negotiations and causing uncertainty.

2. Hamas' Concessions and Expectations: Hamas has shown flexibility by dropping key demands and is awaiting a response from Israel, raising hopes for a phased ceasefire deal despite nine months of conflict.

3. Internal Israeli Political Struggles: Prime Minister Benjamin Netanyahu faces criticism and pressure from opposition parties, families of hostages, and far-right coalition partners, complicating the ceasefire negotiations.

4. Regional Implications: A potential Gaza ceasefire could lead to de-escalation with Hezbollah, which has been supporting Hamas and attacking Israel from Lebanon, further impacting regional stability.

PM Keir Starmer’s First Policy Moves: Scrapping Rwanda Plan and Setting New Priorities

1. Rwanda Asylum Plan Scrapped: Prime Minister Keir Starmer announces the termination of the controversial plan to fly asylum seekers to Rwanda, citing its ineffectiveness and lack of deterrence.

2. Focus on Public Services and Economy: Starmer commits to tackling key challenges such as improving public services and reviving the economy, emphasizing the need for tough decisions and early action.

3. New Governance Approach: Introduction of "mission delivery boards" to address priority areas, including the health service and economic growth, ensuring focused and accountable governance.

4. Strengthening Border Security: Proposal to establish a Border Security Command to combat people smuggling, integrating efforts of police, intelligence agencies, and prosecutors with international cooperation.

Global Leaders Congratulate Iran’s Pezeshkian on Presidential Victory

1. Warm Congratulations from Key Nations: World leaders from India, Russia, Venezuela, Saudi Arabia, Azerbaijan, Iraq, China, Pakistan, Kuwait, Syria, Qatar, and the UAE extend their congratulations to Iran’s newly elected President Pezeshkian.

2. Strengthening Diplomatic Ties: The congratulatory messages highlight a shared commitment to enhancing bilateral relations and cooperation on various global issues, reflecting a positive diplomatic outlook.

3. Regional Stability and Cooperation: Leaders express hopes for continued peace and stability in the region, emphasizing the importance of collaborative efforts to address common challenges and opportunities.

4. Focus on Economic and Strategic Partnerships: Many leaders underscored the potential for increased economic and strategic partnerships, aiming to foster mutual growth and development through strengthened ties with Iran.

PAKISTAN

Port Modernization Boosts Trade: PM Shehbaz Sharif's Karachi Visit Highlights

• Cutting-Edge Technology in Action: Explore how Hutchison Port and SAPT are leveraging automation and advanced scanners to streamline operations and handle up to 3.5 million containers annually.

• Government's Trade Priorities: Learn about PM Shehbaz Sharif's directives to enhance port efficiency, including the installation of state-of-the-art scanners across Pakistani ports to align with international standards.

• Strategic Regional Connectivity: Discover efforts to establish efficient maritime routes, fostering trade with Central Asia, China, and global partners, and the role of port development in boosting Pakistan's export industry.

• Leadership and Collaborative Efforts: Insights into the PM's leadership during the visit, accompanied by federal ministers and provincial leaders, emphasizing collaborative efforts towards maximizing port operational capacity and boosting national exports.

Unity and Reflection: President Zardari's Muharram-ul-Haram Message Highlights

• Call for National Unity: President Zardari urges the nation to embrace affection, forbearance, and tolerance to strengthen national unity and interfaith harmony.

• Significance of Muharram-ul-Haram: Explore the importance of prayers, worship, and adherence to Islamic teachings during this sacred month, reflecting on the sacrifices of Hazrat Imam Hussain (RA) and his companions.

• Stand Against Oppression: Highlighting the message of unwavering determination and sacrifice in confronting cruelty and oppression, emphasizing the timeless lessons from Hazrat Imam Hussain's (RA) life.

• Promotion of Islamic Values: President Zardari underscores the need for promoting awareness and understanding of Islamic principles, encouraging a life aligned with virtue and righteousness.

Development and Compassion: CM Maryam Nawaz's Lahore Agenda

• Enhanced Urban Mobility: Plans for a tram service in key Lahore areas like Liberty, Main Market, Mini Market, and Hali Road to improve local transportation.

• Infrastructure and Beautification: Approval for remodeling and beautification projects, including uniform roads and tuff tile installations in Gulberg and surrounding areas, along with the Karim Block to Motorway Signal Free Corridor Plan.

• Regulatory Measures: Commitment to review and decide on the regularization of all housing schemes in Lahore, alongside the establishment of the Punjab Development Authority and efforts to commercialize important city roads.

• Condolences and Unity: Expressions of grief and solidarity following tragic incidents in Mardan and Faisalabad, emphasizing national unity against terrorism and ensuring medical support for the affected.

BUSINESS

Sharp Increase in Government Debt

• Debt Reaches Rs67.8 Trillion: In May 2024, Pakistan's federal government debt surged to Rs67.8 trillion, marking a significant rise of Rs1.73 trillion within a single month, according to the State Bank of Pakistan (SBP). This increase averaged Rs56 billion per day, raising concerns over fiscal management.

• Factors Behind the Increase: Despite a stable rupee, the debt escalated due to the government's borrowing practices. The average daily increase in May was substantially higher than the Rs21 billion per day average seen during the first 11 months of the fiscal year. The rupee's appreciation against the US dollar mitigated some external debt increases, but domestic debt rose sharply.

• Long-Term and Short-Term Debt Dynamics: The government’s long-term debt increased by Rs1.4 trillion to Rs33.4 trillion, while short-term domestic debt rose by Rs356 billion in May. High borrowing rates, particularly for long-term debt, contributed to the rise, with interest payments climbing from Rs8.3 trillion to Rs9.8 trillion.

• Fiscal Challenges and Circular Debt: Interest payments now consume 52% of the proposed budget for the fiscal year, leading to additional borrowing needs. The government's attempts to control power sector circular debt through tariff increases have failed, with circular debt reaching Rs2.655 trillion by the end of May, exceeding IMF limits.

China's Foreign Exchange Reserves Update

• Reserves at $3.22 Trillion: China's foreign exchange reserves were reported at 3.2224 trillion USD at the end of June 2024. This marks a 0.3% decrease from the previous month, according to the State Administration of Foreign Exchange (SAFE).

• Factors Influencing the Decrease: SAFE attributed the reduction to the combined impact of currency translation and asset price changes. Factors such as major economies' monetary policies, market expectations, and macroeconomic data influenced the US dollar index and global financial asset prices, contributing to the decline.

• Economic Recovery and Stability: Despite the decrease, the Chinese economy has continued its recovery momentum and high-quality development. This progress is expected to help maintain the stable scale of the country's foreign exchange reserves, according to SAFE.

• Gold Reserves Steady: The People's Bank of China reported that the country's gold reserves remained unchanged in June, standing at 72.8 million ounces, equivalent to approximately 169.7 billion USD.

TECHNOLOGY

YouTube Tightens Takedown Policy: New Rules for Video Removal

• 48-Hour Response Window: Video creators on YouTube now have 48 hours to respond to a takedown request. If the video is removed within this timeframe, the case is closed; otherwise, a formal review begins.

• Definition of Removal: YouTube clarifies that "removal" means taking down the entire video and scrubbing the person's name and personal details from the title, description, and tags. Simply making the video private does not suffice.

• Blurring Faces: While users can blur faces in videos to address privacy concerns, full compliance with a takedown request requires the complete removal of the video.

• Ensuring Compliance: The new policy aims to ensure that personal information is fully protected and not subject to being made public again, reinforcing YouTube’s commitment to user privacy and safety.

Horizon OS v67: Enhanced Multitasking and New Features for Quest Users

• Advanced Multitasking with Virtual Windows: The new experimental feature in Horizon OS version 67 allows Quest owners to multitask with up to six virtual windows. Users can dock three windows in a “hinged” layout and freely place and resize three more, providing a flexible and efficient multitasking experience.

• Enhanced Mixed Reality Mode: Available on the Quest Pro, Quest 2, and especially beneficial on the Quest 3, the new feature supports augmented reality, similar to the Apple Vision Pro, allowing users to move further away without losing windows and enhancing their mixed reality experience.

• New Theater View and Horizon Feed: The "Theater View" button isolates and enlarges any window while dimming others, improving focus for tasks involving the browser, video player, and other 2D apps. The new Horizon Feed section highlights content from select creators, fostering a more sociable approach to discovering apps and games.

• Additional Improvements: Version 67 introduces swipe typing for easier text input, QR code scanning for Wi-Fi setup on Quest 3, improved eye-tracking performance on Quest Pro, and customizable durations for Do Not Disturb mode. The update is rolling out gradually, so users are encouraged to check back if they don’t see it immediately.

What else is happening?

• United States: President signs new climate bill aimed at reducing carbon emissions by 40% by 2030.

• China: Country launches its first mission to Mars, aiming to study the planet's atmosphere and soil composition.

• United Kingdom: Government announces plan to ban the sale of new petrol and diesel cars by 2030.

• India: Record-breaking monsoon rains lead to severe flooding in multiple states, affecting millions.

• Brazil: Amazon rainforest sees a significant decrease in deforestation rates due to new conservation policies.

• Australia: Sydney Opera House celebrates its 50th anniversary with a series of special performances.

• Russia: Nation successfully tests a new hypersonic missile, raising concerns among NATO allies.

• Germany: Berlin hosts the largest tech conference in Europe, attracting startups and investors from around the globe.

• South Africa: Country launches a major renewable energy project aimed at reducing dependency on coal.

• Japan: Tokyo witnesses record high temperatures, prompting heatwave alerts and public safety measures.