Business
What a shame! Pakistan stocks plunged to record low amid looming US sanctions
Pakistan’s stocks fell, and the rupee plunged to a record low after a U.S. Senate introduced a bill seeking an investigation into Islamabad’s alleged role in the Taliban’s takeover in Afghanistan. Investors in Pakistan got cold feet as the benchmark KSE-100 index plunged nearly 3 percent, its most since March last year,whereas the rupee fell 0.3 percent to close at a record low of 170.48 per dollar, on Wednesday, Bloomberg reported.
Meanwhile, investors are concerned about the probability of sanctions on Pakistan, after a group of US Senators introduced a bill in the seeking sanctions on the Afghan Taliban and the foreign governments that support the outfit. Over 20 US Republican Senators introduced a new legislation titled ‘Afghanistan Counterterrorism, Oversight, and Accountability Act’ that aims to tackle the situation in the war-torn nation after the U.S. made an abrupt withdrawal from the region last month.
Samiullah Tariq, head of research and development at Pakistan Kuwait Investment Company Pvt Ltd, told media outlet Dawn that the development appeared to be related to the U.S. Senate bill seeking to impose sanctions on the Afghan Taliban, which could also extend to Pakistan.
“Dollar parity is consistently rising as demand for the dollar is high due to the current account deficit,” he told the publication. “The Afghan situation is also adding pressure,” Tariq added.
The prospect of the draft legislation becoming law is not clear yet, as the bill sets out provisions for establishing a US state department taskforce to review foreign assistance to countries supporting the Taliban and imposition of sanctions on their supporters including foreign governments thereafter.
If the bill clears the Senate passage — support from both Houses and is signed into law –the US president will have the power to enforce sanctions on individuals and outfits who provide any support to the Taliban, Hindustan Times reported.
Pakistan has long been accused of providing safe haven and assistance to the Afghan Taliban in their attempt to overthrow the democratically elected government in Afghanistan, a charge Islamabad categorically denies.
In spite of the legislation’s prospects, bipartisan frustration in Washington D.C. has long been brewing over its ties with Islamabad. The implications could have wider repercussions as any further strain could further deteriorate Prime Minister Imran Khan’s attempts to revive a suspended loan program with the International Monetary Fund (IMF), Bloomberg mentioned.
Business
Apple is giving a huge discount on its gadgets: Details inside
If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.
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Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.
Amazon Summer Sale May 2022: Discount offer on iPhone 13
Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.
If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.
Buy at Rs. 64,900 (MRP – Rs. 79,900)
Features of Apple iPhone 13
The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.
The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.