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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 9th:

• 1816: Argentina declares independence from Spain.

• 1868: The 14th Amendment to the United States Constitution is ratified, granting citizenship to former slaves.

• 2011: South Sudan gains independence from Sudan and becomes the world's newest nation.

Open Market Forex Rates

Data is provided by Link Exchange

Todays Gold and Silver prices

Gold Prices (per Tola):

• 24 Karat: PKR 245,350

• 22 Karat: PKR 224,309

• 21 Karat: PKR 214,681

• 18 Karat: PKR 184,013

Silver Prices (per Tola):

• Silver: PKR 3,254

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

Data is provided by Waseem Jewellers

WORLD

Balancing Acts: India's Strategic Dance Between Russia and the U.S.

• India-Russia Relationship: Despite global pressure, India continues to maintain its defense ties with Russia, its largest supplier of military equipment, though it is reducing dependency due to aging Russian technology.

• Geopolitical Dynamics: India seeks to balance its relationships between the United States and Russia, leveraging its ties with both amid regional tensions, particularly with China, which remains a primary concern for New Delhi.

• Strategic Concerns: India faces ongoing border disputes with China and seeks American support in defense and technology to bolster its capabilities in the region, emphasizing the need for advanced weaponry and strategic partnerships.

• Economic Diplomacy: Prime Minister Modi aims to address India's significant trade imbalance with Russia during the summit, focusing on enhancing exports in sectors such as agriculture, pharmaceuticals, and services.

• Future Cooperation: While navigating complex geopolitical dynamics, both India and the United States aim to expand cooperation beyond defense, including advancements in technology, energy, and trade, signaling potential areas for future collaboration.

2024 could be worlds hottest year as June breaks records

• Record-Breaking Temperatures: June 2024 marked the hottest June on record globally, continuing a streak where every month since June 2023 has been the hottest compared to historical records.

• Potential for Hottest Year: Scientists predict a 95% chance that 2024 will surpass 2023 as the hottest year ever recorded, driven by human-induced climate change and the lingering effects of the El Nino weather pattern.

• Global Impacts: The extreme heat in 2024 has already led to devastating consequences, including over 1,000 heat-related deaths during the Haj pilgrimage and prolonged heatwaves in cities like New Delhi, highlighting the severe impacts of rising temperatures.

• Climate Action Urgency: Experts emphasize the critical need to reduce greenhouse gas emissions from fossil fuels to mitigate further temperature increases, stressing that while natural weather patterns like El Nino contribute, human actions play a predominant role in exacerbating global warming.

PAKISTAN

Muharram Security Preparations in Pakistan

• Comprehensive Security Review and Potential Internet Shutdown: Interior Minister Mohsin Naqvi led a review of the Muharram security plan, considering internet and mobile phone service suspensions based on provincial consultations and security needs.

• Drone Ban and Strengthened Security Protocols: The use of drones is banned from 1st to 10th Muharram (Ashura). Enhanced security measures include strict monitoring of mosques, imambargahs, and processions through cameras, with rigorous checks at entry and exit points.

• Punjab's Request to Suspend Social Media During Muharram: In response to intelligence reports, the Punjab government requested the federal government to suspend social media access from 6th to 11th Muharram to prevent the spread of misinformation and maintain public order.

Pakistan's $197 Million Solar Tubewell Project to Transform Balochistan

• Ambitious Solarization Project: Prime Minister Shehbaz Sharif unveils a $197 million initiative to convert 27,000 tubewells in Balochistan to solar power, aiming to enhance agricultural sustainability in the arid region.

• Historic Investment in Balochistan: The project, described as historic, addresses longstanding issues of unreliable electricity supply and high subsidies, with the federal government covering 70% of costs.

• Impact on Agriculture and Economy: Solar-powered tubewells will reduce operational costs significantly for farmers, boosting agricultural productivity and economic stability in one of Pakistan’s most economically disadvantaged provinces.

• Challenges and Future Prospects: Balochistan, plagued by power cuts and environmental challenges like floods, sees this initiative as a crucial step towards sustainable development and enhanced resilience against climate impacts.

Flydubai starts flights for Islamabad, Lahore

• Inaugural Flights: Flydubai has launched operations to Islamabad and Lahore, receiving traditional water cannon salutes upon arrival at both airports, a gesture marking the beginning of service.

• Celebratory Events: Officials from the Civil Aviation Authority (CAA) and other dignitaries welcomed passengers with ceremonies including cake-cutting and gift presentations to commemorate the inaugural flights.

• Flight Details: Flydubai's first flight, FZ 359 from Dubai to Lahore, arrived at 4:29am, while FZ 353 to Islamabad landed at 1:13pm. The airline will operate daily flights to Islamabad, contributing to increased connectivity between Pakistan and the UAE.

• Regional Aviation Developments: Earlier, Somon Air, Tajikistan’s national airline, also received a water cannon salute upon its inaugural flight arrival in Islamabad, highlighting ongoing developments in regional air travel and connectivity enhancements.

Mega fraud scandal of Rs4.7Billion in LESCO unearthed

• Financial Impact: A staggering Rs4.7 billion fraud scandal at LESCO has surfaced, leading to significant losses to the national exchequer over three years.

• Investigation by NAB: The National Accountability Bureau (NAB) has launched a probe into the matter, focusing on records from LESCO's management tenure and key officials involved, including former and current chiefs and executive engineers.

• Illegal Practices Unveiled: The scandal involves unauthorized credits and billing irregularities totaling Rs1.57 billion, highlighting systemic issues within LESCO's operations.

BUSINESS

MCB banks 39 branches set to convert to MIB (Islamic Banking Operations)

• Conversion to Islamic Banking Approved: Shareholders of MCB Bank Limited have approved a Scheme involving the demerger and conversion of 39 branches into Islamic banking branches. These branches will merge with MCB Islamic Bank Limited (MIB), facilitated by cash payments on the effective date.

• Authorization and Requirements: The resolution authorizes MCB Bank's top executives to implement the scheme, subject to obtaining No Objection Certificates (NOC) from the State Bank of Pakistan, approvals from shareholders of MCB and MIB, sanction by the Lahore High Court, and other necessary consents.

Saudi Company gets majority shares of Shell Pakistan

• Major Acquisition: Saudi Group Asyad Holding secures 77.42% of Shell Pakistan, enhancing its influence in the country's oil sector.

• Regulatory Approval: Competition Commission of Pakistan (CCP) greenlights the acquisition under Competition Act, 2010, ensuring market competitiveness.

• Impact on Market Dynamics: Expectations soar as the acquisition aims to elevate service standards in retail fuel and lubricants across Pakistan.

PSX Building Fire: Karachi's Market Blaze and Resilience

• Fire Incident and Response: A blaze at the Pakistan Stock Exchange building in Karachi halted trading for two hours, swiftly controlled by rescue teams with no reported casualties.

• Market Impact: Despite the interruption, the KSE-100 index surged, gaining 484 points intraday, reflecting resilience and investor confidence post-fire.

• Safety Concerns: Recent fire safety audits in Karachi highlighted deficiencies, underscoring ongoing challenges in ensuring building safety and compliance.

• Previous Incidents: This incident echoes past fire emergencies in Karachi's commercial hub, emphasizing the importance of robust fire safety measures in high-rise buildings.

Samsung workers begin three-day general strike over pay

• Beginning of Strike: The National Samsung Electronics Union, led by Son Woo-mok, has initiated a general strike starting today, impacting over 5,200 workers across factory facilities and development sectors.

• Union's Stand: Despite Samsung's historical resistance to unionization, the strike marks a pivotal moment as workers rally for improved conditions including annual leave and transparent bonuses.

• Strategic Implications: With Samsung's dominance in the global semiconductor market, the strike poses significant risks to management and production, potentially affecting chip assembly lines critical to the company's operations.

• Historical Context: Samsung, a cornerstone of South Korea's economy, has historically avoided unionization until recent years, highlighting a shift in labor relations amid its role as a global tech leader.

TECHNOLOGY

Apple watch getting a birthday makeover

• Apple Watch Series 10 Revamp: Apple is planning a significant revamp for the Apple Watch's 10th anniversary, including larger displays similar to the Apple Watch Ultra and thinner builds. The new Series 10 watches are also expected to feature a new chip with potential AI enhancements.

• AI Integration and Market Impact: Apple introduced its generative-AI plans through Apple Intelligence, aiming to entice consumers with AI-driven features. Analysts like Dan Ives from Wedbush Securities believe this AI integration could significantly boost Apple's market value and create monetization opportunities in both services and hardware.

• Software Updates and Fitness Focus: At the Worldwide Developers Conference, Apple announced software updates for the Apple Watch, including watchOS 11. This new version emphasizes fitness and health, with tools for rating workouts and adjusting effort ratings, along with machine learning features for curating photos for user displays.

Govt Defends X Ban: 'National Security' Over Free Speech Concerns

1. Legal Justification: The Ministry of Interior (MoI) argues the X ban complies with Article 19, citing the platform's propagation of hate speech and threats to national security.

2. Background of Ban: The blockage of X, initially imposed after allegations of election rigging, has been upheld by the MoI, which insists all legal requirements were met.

3. Compliance and International Precedents: The MoI highlighted X’s failure to sign a Memorandum of Understanding (MoU) with Pakistan, unlike TikTok, which resumed operations after compliance.

4. Court Proceedings: The Sindh High Court has been urged to reject the petition to lift the ban, emphasizing the government’s duty to protect public order and national security.

Xiaomi to launch Mix Flip & Fold 4 this month

• Launch of Mix Fold 4 and Mix Flip: Xiaomi will launch the Mix Fold 4 and Mix Flip foldable phones this month, as announced by founder and CEO Lei Jun. These will be the first devices produced at the new Xiaomi Smart Factory in Changping, Beijing.

• State-of-the-Art Xiaomi Smart Factory: The new facility spans 81,000 sq.m. and has the capacity to produce 10 million flagship phones annually. Xiaomi invested CNY 2.4 billion (about $330 million) in the factory, which boasts an intelligent manufacturing platform capable of making independent decisions to improve processes, diagnose equipment issues, and automate raw material purchases.

• Global Expansion and Teasers Expected Soon: With only 3.5 weeks left in the month, teasers for the new Mix Fold 4, expected to go global, should be released soon. It remains unclear if the Mix Flip, Xiaomi's first clamshell foldable, will also have a global launch.

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SPORTS

Garv Kirsten arrives in Lahore to discuss changes in team with PCB chief

• Consultation with PCB Chief: Gary Kirsten has arrived in Lahore to meet with PCB Chairman Mohsin Naqvi, focusing on potential changes within the Pakistan cricket team following their disappointing T20 World Cup campaign.

• Assessment Report: Kirsten has submitted a confidential report highlighting issues such as player fitness, discipline, and game awareness that contributed to Pakistan's early exit from the tournament, prompting discussions on team restructuring.

• Engagement with Stakeholders: Kirsten is engaging with ex-Pakistan captains and international players to gather insights and opinions on the team's future direction, indicating a comprehensive review process before decisions are made.

What else is happening?

• Meta’s Twitter clone, Threads, has 175 million monthly users one year after its launch, CEO Mark Zuckerberg said.

• Oscar-winning producer Jon Landau, who worked on blockbusters such as Avatar and Titanic, died at 63.

• Nascar debuted its first electric racecar in Chicago, which hosted a street race this weekend for the second year.

• Mohsin Naqvi directs to launch crackdown against drug mafia.

• Pakistan railway set to outsource 22 passenger trains and start the restoration process of Sir Syed Express.

• Ex-CEO of Pakistan Stock Exchange (PSX) joins jazz as Chief Financial Officer (CFO).

• PTI leader Shah Mahmood Qureshi transferred to Lahore Kot Lakhpat Jail to appear before ATC (for hearing of 9 May, 2023 case).

• The Pakistani government plans to block passports of over 2,000 beggars abroad, aiming to curb the disgraceful practice and its negative impact on the nation's reputation in countries like UAE, Saudi Arabia, Turkey, and others.

• Matric Results from BISE Lahore to be announced Today.

• CTD officer DSP Ali Raza shot dead in Karachi.