Thursday 4th July, 2024

Welcome to The Blue Express! Today, we commemorate several significant historical events that shaped the world we live in:

1. United States Declaration of Independence (1776): On this day, the Continental Congress adopted the Declaration of Independence, marking the American colonies' separation from Great Britain. This historic event is celebrated annually in the United States as Independence Day.

2. Louisiana Purchase (1803): The United States completed the Louisiana Purchase from France, doubling the size of the country and paving the way for westward expansion.

3. Alice's Adventures in Wonderland (1865): Lewis Carroll's timeless classic "Alice's Adventures in Wonderland" was first published in the United Kingdom, enchanting readers with its whimsical tale.

4. Philippine Republic (1946): The United States formally recognized the independence of the Republic of the Philippines, concluding over four decades of American colonial rule and marking a new chapter in Philippine history.

Open market Forex rates

• US Dollar (USD): Buying at PKR 277.03, Selling at PKR 280.6

• Japanese Yen (JPY): Buying at PKR 1.9, Selling at PKR 1.98

• Saudi Riyal (SAR): Buying at PKR 73.15, Selling at PKR 73.95

• Indian Rupee (INR): Buying at PKR 3.34, Selling at PKR 3.45

• UAE Dirham (AED): Buying at PKR 75, Selling at PKR 75.8

• British Pound (GBP): Buying at PKR 350, Selling at PKR 353​

  Presented by Link Exchange

Putin offers enhanced energy supplies to Pakistan

We can overcome financial issues by renewing and expanding our trade under barter, says Shehbaz

Russian President Vladimir Putin on Wednesday offered Pakistan increased energy supplies, including crude oil, during his meeting with Prime Minister Shehbaz Sharif in Astana on the sidelines of the Shanghai Cooperation Organisation (SCO) summit.

Putin and Shehbaz are in Kazakhstan for the regional summit and this was their second meeting. Both leaders met in September 2022 in Samarkand on the sidelines of the SCO summit.

Pakistan has been keen to develop a close relationship with Russia as part of its efforts to diversify its foreign policy options despite pressure from the west.

Pakistan surpasses annual export target

Trade deficit shrinks to $24 billion, beating IMF projections by $10b

Pakistan has exceeded its annual export target, helping to restrict the trade deficit to $24 billion for the just-ended fiscal year—nearly $10 billion less than the International Monetary Fund’s (IMF) original projection. According to figures released by the Pakistan Bureau of Statistics (PBS) on Tuesday, the trade deficit—the gap between exports and imports—was 12.3% or $3.4 billion less than the previous fiscal year.

The trade deficit of $24 billion is significantly lower than the estimates of both the finance ministry and the IMF. Pakistan managed to keep the deficit in check by discouraging imports while maintaining healthy export momentum, which grew by over 10% during the last fiscal year. The trade deficit was $4.5 billion less than the government’s projection and nearly $10 billion less than the IMF’s forecast, which had used a $34 billion trade deficit figure during negotiations for the last Stand-By Arrangement. This higher projected deficit resulted in greater external financing requirements.

The current account deficit is also expected to be far lower than the IMF’s projections, with the central bank set to release the figures next week. The IMF’s trade deficit figures missed the mark by almost 29% compared to the original forecast, raising questions about the accuracy of their projections and motives.

Imports during the last fiscal year amounted to $54.7 billion, down by $464 million or 1%, according to PBS. Actual imports were also $10 billion less than the IMF’s forecast from June last year, which it published in a staff-level report following the approval of the Stand-By Arrangement. The government had initially estimated $58.7 billion in imports at the time of the budget, later reducing this figure to $52 billion.

Gold prices climb in International and Pakistani markets

International gold prices rise by $21, making a significant impact on Pakistani domestic markets. In the international bullion market, the price of gold per ounce rose by $21, bringing the new global price to $2,345 per ounce.

On the local front, the price of gold per tola increased by Rs800, setting the new price at Rs242,300 per tola.

Additionally, the price of 10 grams of gold saw an increase of Rs686, reaching Rs207,733.

Yesterday, the gold prices had remained stable in both the international and domestic markets.

Pakistan, Azerbaijan to deepen economic ties

Deputy Foreign Minister of Azerbaijan, Samir Sharifov, met with Federal Minister for Commerce Jam Kamal Khan at his office, as stated in a press release on Tuesday. The meeting focused on strengthening economic and diplomatic relations between the two countries.

Minister Jam Kamal Khan highlighted the Pakistani government’s dedication to forging robust economic relationships with other nations. He underscored the significant strides made over the past three months in enhancing diplomatic and economic ties, achieving notable developments.

Budget makes it difficult to live, expensive to leave

The National Assembly on Friday approved the budget for the next fiscal year that slapped taxes on every imaginable source of income, asset and consumable goods to force people cough up additional Rs1.7 trillion in taxes to finance a 30% bloated federal budget.

Out of the Rs1.7 trillion additional revenue measures, about Rs200 billion new taxes were introduced on Friday –the first mini-budget just before the start of the fiscal year 2024-25.

Read full article here

Traders announce nationwide protest against electricity bills

The All Pakistan Traders Association has announced a nationwide protest against the increase in electricity bills, set for July 1, and warned the federal government to abolish additional taxes by June 30 or face further actions.

Govt denies gas consumers tariff relief

Ogra notified new tariff of Rs3,000 per MMBTU, up from previous Rs2,750 per MMBTU

Gas consumers across the country did not get any relief in the new fiscal year as the Pakistan Muslim League-Nawaz (PML-N) government declined on Monday to pass on cut in the tariff proposed by the Oil and Gas Regulatory Authority (Ogra).

The regulator, on the other hand, announced an increase in prices of liquefied petroleum gas (LPG) from July 1, 2024. According to an Ogra notification, domestic LPG cylinder price has been increased by Rs1.43 per kilogramme.

What else is Going on?

• Former Punjab Governor Ghulam Mustafa Khar hospitalised due to illness

  Ghulam Mustafa Khar removed from ventilator and moved out of ICU. He continues to be affected by various infections.

• More than 100 people were killed in a stampede at a religious gathering in northern India, police said.

• Hurricane Beryl, a Category 4 storm, is expected to hit Jamaica today.

• Skydance and Paramount may have a deal after all. Despite previously calling off merger talks, Skydance is said to have come to terms to buy Shari Redstone’s company National Amusements, which owns the majority of Paramount’s shares.

• CDK Global said “substantially all” of the ~15,000 car dealerships that use its software are back to normal, nearly two weeks after a cyber attack shut the software down.

• Moderna will get $176 million from the US to develop a bird flu vaccine.

• Rudy Giuliani, the former federal prosecutor, NYC mayor, and legal advisor to Donald Trump, was disbarred in New York for repeatedly lying about Trump’s 2020 election loss.