Tag: US

International

Intel calls off $ 5.4b Tower deal after failing to obtain regulatory approvals

August 16, 2023

Hong Kong: Intel will terminate a $ 5.4 billion deal to acquire Israeli chip manufacturer Tower Semiconductor after China failed ...

International

US Congressional delegation meets EAM S Jaishankar

August 16, 2023

New Delhi: A US Congressional delegation Wednesday met External Affairs Minister S Jaishankar and discussed ways to further expand India-US ...

Smuggling of US dollars to Afghanistan hurting Pakistan's economy Karachi: The Pakistani currency is under pressure owing to the ongoing political unrest in the country and the smuggling of US dollars to Afghanistan, media reports said on Tuesday. "Pakistan is currently dealing with problems on several fronts, the political crisis being the first and biggest one. The dollar crisis is also connected with it," Malik Bostan, the Chairman of the Exchange Companies Association of Pakistan (ECAP), said at a news conference, The News reported. About $2 billion goes to Afghanistan from Pakistan in the form of official and unofficial trade, misuse of Afghan transit trade, smuggling and through the borders, claimed Bostan, adding that these factors are burdening Pakistan's foreign exchange reserves. Currently, Pakistan's economy is suffering irreparable harm because of the Afghan transit trade, which has grown significantly. A significant portion of the dollars travelling from Pakistan to Afghanistan passes through the Afghan transit trade, and both Afghan and Pakistani traders are involved in this anti-national activity, he added, The News reported. To lower the import bill, the government imposed high duties on many luxury goods. "Our traders and importers thought that why should they pay a 200 per cent duty to the Pakistani government," Bostan said, adding that they operate a global network, accepting payments through hundi/hawala in Dubai, London, Europe, America, Saudi Arabia, and everywhere else. "They bring their items here in the name of Afghan transit, travelling from our port to Afghanistan and then returning to Pakistan in small trucks. Numerous importers from Pakistan who participate in this atrocious practice not only fail to pay import duties, which costs the national exchequer billions of rupees, but also prevent dollars from entering the country," he said. When the Afghan Taliban established a transition government in August 2021, the Pakistani rupee was trading at 155, the country's foreign exchange reserves were $22 billion, and its import bill was $4.5 billion. According to Bostan, today the rupee has fallen to almost 225 in the interbank market and 235 per dollar in the free market, The News reported. He claimed that every month, about $3 billion in remittances were sent to Pakistan. The remittance flows have now decreased to $2 billion. "Where does this monthly $1 billion go? Because we are paying remittances at 225 rupees for every dollar, this $1 billion per month has become the sight of Afghan transit. The hawala/hundi operators are giving those 270 for every dollar," Bostan said. IANS Pakistan, Afghanistan, economy

International

Pakistan Rupee continues free fall, depreciates 1.16 per cent against US dollar in interbank & open market

August 16, 2023

Karachi: The Pakistani currency depreciated by 1.16 per cent against the US dollar in both interbank and open markets, continuing ...

National

Indian Air Force to host mega multilateral air exercise next year

August 16, 2023

New Delhi: The Indian Air Force (IAF) will host a mega multilateral military exercise next year that was originally planned ...

Hawaii wildfire death toll reaches 89, making it the deadliest in US in more than 100 years

International

Death toll from Hawaii wildfires rises to 99

August 15, 2023

Honolulu: The death toll from the devastating wildfires in the US state of Hawaii's Maui Island has increased to 99, ...

International

Blast in eastern Afghanistan kills three, wounds seven at hotel frequented by Pakistani refugees

August 14, 2023

Islamabad: An explosion ripped through a hotel in Afghanistan's eastern province of Khost Monday, killing at least three people and ...

Defence Minister of People's Republic of China Li Shangfu

International

Chinese Defence Minister Li to visit Russia, Belarus in show of support despite West’s objections

August 14, 2023

Beijing: Chinese Defence Minister Li Shangfu is visiting Russia and Belarus in a show of support for those nations which ...

International

Fighter jet crashes at US air show, two people eject safely

August 14, 2023

Washington: Two people ejected safely from a fighter jet that later crashed during an airshow in the US state of ...

International

North Korea’s Kim orders sharp increase in missile production ahead of US-South Korea drills

August 14, 2023

Seoul: North Korean leader Kim Jong Un made another inspection tour of major munitions factories and ordered a drastic increase ...

Sports

Shubhman Gill’s return to form will bring relief to Team India: Aakash Chopra

August 13, 2023

New Delhi: India meet the West Indies in the fifth and final T20I at the Broward County Stadium in Florida, ...

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Editorial

Centre Draws Line

September 19, 2026

Four senior officers sent back to their cadres within a week would be noteworthy. Three of them being barred from...

September 16, 2026

News has come from Germany that might upset liberal and democratic forces across the world. The Far-Right Alternative for Germany...

September 15, 2026

Union Home Minister Amit Shah’s announcement on 13 September of the government’s resolve to enforce the Uniform Civil Code (UCC)...

September 14, 2026

What started with an apocalyptic warning from a former Anthropic researcher on 9 September that AI (Self improving super intelligence)...

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