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Currency rates of NBP

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KERB
KARACHI, May 10 (APP):Following are the selling/buying rates of major currencies issued by the National Bank of Pakistan (NBP), here on Friday.
CURRENCY              SELLING          BUYING
USD                               280.98               274.92
GBP                               351.71               344.11
EUR                               302.79               296.80
JPY                                1.8048               1.7658
SAR                                 74.92                73.30
AED                                76.51                75.35

Exchange rates for currency notes

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KARACHI, May 10 (APP):CURRENCY          SELLING BUYING
USD            280.98274.92
GBP            351.71 344.11
EUR            302.79  296.80
JPY            1.80481.7658
SAR              74.92               73.30
AED              76.51   75.35
LIBOR
LIBOR FOR CALCULATING INTEREST ON SPECIAL USD BONDS
LIBOR 1M 5.43534
LIBOR 3M 5.58718
LIBOR 6M 5.72176
US DOLLAR Indicative FBP Rates
CURRENCY SIGHT/
15 DAYS1M2M 3M4M 5M 6M
USD275.20272.74267.69263.60259.12254.65250.74
EUR 296.71294.27289.23285.21280.78276.33272.49
GBP 344.48341.43335.18 330.14 324.64 319.13  314.32

NBP exchange rates

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Currency - NBP Exchange Rates
KARACHI, May 10 (APP):Treasury Management Division of National Bank of Pakistan (NBP) on Friday the following exchange rates.
CURRENCY SYMBOL TT Selling TT Buying
U.S DOLLAR USD 278.20 277.70
EURO EUR 300.35            299.81
JAPANESE YEN JPY 1.7869  1.7837
BRITISH POUND GBP 348.23 347.60
SWISS FRANC CHF 306.89 306.34
CANADIAN DOLLAR CAD 203.24  202.88
AUSTRALIAN DOLAR AUD 183.81 183.48
SWEDISH KRONA SEK   25.73   25.69
NORWEGIAN KRONE NOK   25.63   25.58
DANISH KRONE DKK   40.19   40.12
NEWZEALAND DOLLAR NZD 167.47  167.17
SINGAPORE DOLLAR SGD 205.53  205.16
HONGKONG DOLLAR HKD   35.74    35.68
KOREAN WON KRW 0.2033             0.2029
CHINESE YUAN CNY   38.86    38.79
MALAYSIAN RINGGIT                 MYR   58.73      58.63
THAI BAHT THB     7.57        7.56
U.E.A DIRHAM AED   76.27               76.14
SAUDI RIYAL SAR   74.18      74.05
QATAR RIYAL QAR   76.32    76.19
KUWAITI DINAR KWD 904.72   903.09
CONVERSION RATE FOR FROZEN FCY DEPOSITS
USD 278.0903
GBP 346.9176
EUR 298.4465
JPY 1.7845
SETTLEMENT DATE: 14-05-2024

Foreign exchange rates on Friday

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Exchange rates

KARACHI, May 10 (APP): The Exchange Rates Committee of Financial Markets Association of Pakistan issued the following Exchange rates bulletin, here on Friday.

CONVERSION RATES FOR May 10, 2024 FOR FOREIGN CURRENCY FOR FORWARD COVER FOR DEPOSITS (EXCLUDING FE 25 DEPOSITS)

SBP SETTLEMENT VALUE DATE May 14, 2024

USD 278.0903
GBP 346.9176
EUR 298.4465
JPY 1.7845

PM condoles over demise of UAE’s Sheikh Hazza bin Sultan

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PM condoles over demise of UAE's

ISLAMABAD, May 10 (APP): Prime Minister Shehbaz Sharif on Friday expressed grief over the demise of Sheikh Hazza bin Sultan bin Zayed Al Nahyan, a member of the royal family of the United Arab Emirates (UAE).

The prime minister offered condolences to the UAE President Sheikh Mohamed bin Zayed Al Nahyan and members of the royal family.

He prayed to Allah Almighty to bless the departed soul with eternal peace in paradise.

According to the UAE media, late Sheikh Hazza bin Sultan bin Zayed Al Nahyan was the son of Sheikh Sultan bin Zayed Al Nahyan, who had died in 2019. The body of the deceased was laid to rest at the Al Bateen cemetery in Abu Dhabi.

Capital gears up to embrace plastic free environment

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Capital

By Ali Jabir

ISLAMABAD, May 10 (APP): After repeated failed attempts of previous regimes, the present government has once again geared up a campaign to cleanse the federal capital of plastic waste.

With consistent population influx to Islamabad Capital Territory, the city continued getting dirtier in recent years making the government reorganize its efforts for a cleaner capital.

From North to South, no drain, spring, river plain, or watercourse is found pure from plastics as the irresponsible attitude of the masses as well as city managers gradually adulterated the city.

Today almost every water body is contaminated with single-use plastic bags, wrappers of chips, biscuits, water bottles, cold drinks, and single-use plastic cutlery.

Now the situation in the capital is also not much different from other cities where littering has become a permanent threat to the environment. The biome is repeatedly ambushed by formidable tourists throwing their waste carelessly into natural habitats endangering wildlife, birdlife, and other species.

Cognizant of the situation, the Ministry of Climate Change and Environmental Coordination through its Pakistan Environmental Protection Agency (Pak-EPA) has re-launched a campaign to ban the one-time use of plastics under its proud slogan of “Say No to Plastics”.

“The Ministry is spearheading enforcement of Single-Use Plastics (Prohibition) Regulations, 2023 that bars manufacturing, importing, distribution, sale and use of single-use plastic items,” remarked Director General, Environmental Protection Agency (Pak-EPA) Farzana Altaf Shah. “This campaign is particularly focusing on controlling plastic litter and promoting responsible consumer behavior.”

She said under the leadership of Prime Minister’s Coordinator on Climate Change, Romina Khursheed Alam, it is one of our prime responsibilities to keep capital clean.

Meanwhile, Romina Khurshid Alam in her recent meeting with the members of the Collect and Recycle Alliance (CoRe) had also directed to take proactive steps through social media strategies, collection and recycling points, and follow-up meetings for effective implementation of Single-Use Plastics Regulations, 2023.

“The producers, importers, distributors, suppliers, and beverage manufacturers have a critical role in implementing awareness-raising measures outlined in Section 12 of the law,” the PM’s Coordinator had underlined.

These measures include incentivizing responsible consumer behavior, promoting reusable alternatives, and educating consumers about the harmful impacts of plastic littering.

Globally plastic production per year has exceeded a whooping magnitude of 459.75 million tons with a cumulative production of 9.5 billion tons in total by 2019. In Pakistan alone, 3.3 million tons of plastic waste is generated annually which is equivalent to the height of two K2 Mountains.

Realizing the urgency of action to curb plastic pollution, 175 nations forged synergies at the United Nations Environment Assembly in 2022 to develop an obligatory international agreement to end plastic pollution by 2024.

“Pak-EPA has already tasked the schedule and enforcement teams for implementation of Single-Use Plastic (Prohibition) Regulations, 2023 with the collaboration and support of Islamabad Capital Territory (ICT) administration,” informed Farzana Altaf Shah.

The aim of Single-Use Plastics (Prohibition) Regulations 2023 is to fight littering and prevent carcinogenic and problematic plastic items from entering the market to reduce adverse impacts on human health and the environment, Farzana said.

The Single-Use Plastics (Prohibition) Regulations, 2023 mark a significant milestone in Pakistan’s commitment to environmental sustainability. By adopting comprehensive measures to tackle plastic pollution, Pakistan reaffirms its dedication to safeguarding the health of its citizens and preserving its natural heritage for future generations.

Recently, the Pak-EPA enforcement team confiscated over 0.27 tons of plastic bags and disposable cutlery from different markets, hotels, eateries, retailers, and Margalla Hills National Park in the federal capital.

“The government’s revived campaign on the prohibition of plastics was appreciable, but it should have a three-tier approach of ACA (Awareness, Capacity, and Accountability),” opined the CEO, of Resilient Future International, Aftab Alam Khan.

He said, in terms of awareness there are quadrants of components against plastic pollution like ‘refuse, reduce, reuse and recycle.’ “This 4R strategy is very important because we have to stop production of harmful plastic and look for better means to fulfill masses requirement.”

Khan noted that awareness was crucial for end users, consumers, retailers, and producers. “It is also important to build the capacity of industry and stakeholders associated with the plastic industry. The government should ensure an enabling environment so the industry can produce cheap and good quality reusable products.”

He also suggested strict accountability and enforcement of the law for producers and retailers and authorities responsible for the implementation of related laws. “If there is a lack of implementation and accountability, all efforts to purge society of plastics would be futile.”

The Single-Use Plastics (Prohibition) Regulations 2023 states that due to a lack of alternatives and the need for transition to a circular economy, single-use plastic beverage containers shall contain at least 50% recycled plastic from 1st July 2028.
It further states that it should be based on the ‘polluter pays principle’ and that plastic waste may be collected by producers, importers, and beverage companies, record keeping, and disclosure of data by producers and importers of single-use plastics.

In this context, the producers, importers, distributors, suppliers, and beverage companies may be directed to initiate awareness campaigns and for enforcement of these Regulations, fines may be imposed by the Pakistan Environmental Protection Agency for violations.

APP/ajb/maz (APP Feature Service)

Pause on US weapons shipment to Israel too little too late: Rights advocates

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Pause on US weapons shipment to Israel

WASHINGTON, May 9 (APP): Human rights advocates have called the recent decision by US President Joe Biden to suspend a shipment of thousand-pound bombs to Israel is too little too late to undo the damage to Palestinian life in Gaza by Israel’s deadly war machine.

The government watchdog groups and rights advocates also said the shipment pause also falls short of what the Biden administration’s policy and US law require in terms of weapons transfers.

The news of the halt in shipments, first reported by Axios on Monday with few details of what arms would be halted, was later reported by several American news outlets which noted the transfer consisted of 1,800 2,000-pound bombs and 1,700 500-pound bombs.

During a congressional hearing on Wednesday, US Secretary of Defence Lloyd Austin linked the paused shipment to Washington’s concerns about an Israeli invasion of Rafah, southern Gaza City.

“We’ve been very clear…from the very beginning, that Israel shouldn’t launch a major attack into Rafah without accounting for and protecting the civilians that are in that battlespace.” “And again, as we have assessed the situation, we have paused one shipment of high payload munitions,” he told a Senate hearing.

Austin added that the US has “not made a final determination on how to proceed with that shipment”.

Josh Paul, a former State Department official, said that rather than “a one-off pause of a shipment as a means of exerting momentary and overdue leverage, this needs to be the start of a sea-change in American policy towards the provision of security assistance to Israel”.

“A real change in American policy would come, of course, too late for so many souls in Gaza,” said Paul who resigned in October citing Biden’s policy on Gaza.

On Wednesday, US State Department spokesperson Matthew Miller said they are reviewing further arms packages to Israel over concerns with the Rafah offensive.

The US move comes on the heels of two major developments in Gaza this week. The first was Hamas’s announcement that it had accepted a Qatari-Egyptian ceasefire proposal, negotiated with CIA director William Burns. But Israel refused to accept the deal.

But while the administration had framed the transfer as being linked to American concerns that Israel should account for the protection of civilian life in its plan to invade Rafah, watchdog groups say the government should be suspending many more weapons transfers.

“This is a good start, but it also falls far short of what US law and the Biden administration’s own policy require. This sort of suspension was necessary many months ago,” John Chappell, an advocacy and legal fellow at the Center for Civilians in Conflict (Civic), said.

“The decision should be extended to transfers of all weapons that pose a risk of being used to harm civilians or violate international law. And the harms resulting from US policy already can’t be undone.”

In February, the administration agreed, after pressure from US lawmakers, to invoke National Security Memorandum 20, which required the administration to make a determination as to whether Israel has used US weapons in violation of international law in Gaza. If that is the case, Washington would have to suspend military assistance to the country.

Israel provided a letter of assurance that it was complying with international law in April, and the Biden administration had a deadline on Wednesday to issue its final conclusion. That conclusion has reportedly been delayed by a few days.

Some members of Congress have meanwhile been pushing a stronger line against the transfer of weapons to Israel.

Since Oct 7, Israeli attacks in Gaza have killed more than 34,000 Palestinians, most of whom are women and children, according to the Palestinian health ministry. Israeli forces have also levelled entire residential blocks, targeted schools and hospitals, and killed medical workers and journalists.

“A real change in American policy would come, of course, too late for so many souls in Gaza,” said Paul.

A UN assessment last week stated that the estimated cost for Gaza’s reconstruction would be between $30-40bn.

“It will take many years, decades even, for people in Gaza to recover from the effects of explosive weapons like 2000-pound bombs being used in cities. We’re talking widespread harm to generations,” said Chappell.

Paul, however, said that any real change in US policy on the war in Gaza “must begin now, and this suspension of bombs must be not a solitary event linked to a tactical decision, but the first step towards a new policy”.

And as Israeli troops currently occupy parts of Rafah, despite repeated warnings by the US not to launch an invasion of the area, there is little assurance that Washington is pushing Israel to avoid civilian harm and abide by international law in Gaza.

Balochistan Assembly passes resolution to condemn May 9 attacks

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Balochistan Assembly

QUETTA, May 09 (APP): The Balochistan Assembly on Thursday passed a resolution to condemn the May 9 attacks and demanded the Federal Government to take strict action against the elements, planners and facilitators involved in them.

Provincial Minister for Irrigation Sadiq Umrani presented the resolution in the House.

The resolution read: “This House expresses full solidarity with the Pakistan Armed Forces and demand the Federal Government to punish the planners and facilitators of May 9, 2023 (arson attacks) and those who were directly or indirectly involved in the incidents.

“The Pakistan Army is the protector of national borders and ideological borders, every kind of conspiracy against it should be foiled,” the minister underlined.

Provincial ministers and assembly members including Sadiq Umrani, Bakht Kakar Saleem Khosa, Asim Kurd, Majeed Badeni, Syed Zafar Agha, Dastgir Badeni, Noor Muhammad Dummar and others also supported the resolution.

They also demanded a ban on the party responsible for the May 9 incidents.

Earlier Speaker Abdul Khaliq Achakzai administered oath to newly-elected members including Jhanzaib Mengal, Zareen Magsi and Zamrak Khan Achakzai.

The bodies of the seven labourers, who were killed near Gwadar a day earlier, arrived at Edhi mortuary Soharab Goth

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The bodies of the seven labourers, who were killed near Gwadar a day earlier, arrived at Edhi mortuary Soharab Goth
APP87-090524 KARACHI, May 09 - The bodies of the seven labourers, who were killed near Gwadar a day earlier, arrived at Edhi mortuary Soharab Goth. APP/SDQ/TZD
The bodies of the seven labourers, who were killed near Gwadar a day earlier, arrived at Edhi mortuary Soharab Goth
APP87-090524
KARACHI, May 09 
The bodies of the seven labourers, who were killed near Gwadar a day earlier, arrived at Edhi mortuary Soharab Goth
APP88-090524
KARACHI, May 09 – The bodies of the seven labourers, who were killed near Gwadar a day earlier, arrived at Edhi mortuary Soharab Goth. APP/SDQ/TZD

Govt intends to reform energy sector to provide electricity to consumers at cheaper rates: Ahsan Iqbal

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Ahsan Iqbal

BEIJING, May 9 (APP): Minister for Planning, Development and Special Initiatives Prof Ahsan Iqbal said on Thursday that the government intended to diversify energy mix during the next phase of China Pakistan Economic Corridor (CPEC) towards clean and renewable energy.

He made these remarks during a meeting with Zhang Jianghua, Chairman of National Energy Administration of China, at the Diaoyutai Guest House. He was accompanied by Special Assistant to the Prime Minister Syed Tariq Fatemi, Pakistan’s Ambassador to China Khalil Hashmi and other government officials.

Prof Ahsan Iqbal said energy projects, under the CPEC phase-I, contributed to overcoming power outages in Pakistan.

“The government intends to reform energy sector to be efficient and affordable in order to provide electricity to consumers and businesses at cheaper rates by cutting line losses and power theft,” he added.

He said, “Green Corridor, announced by Vice Premier He Lifeng during his visit to Pakistan is an important pillar of second phase of CPEC. Vision of Prime Minister Shehbaz Sharif’s government is to revive the original momentum of CPEC project and has deep commitment to the high-quality development of CPEC.”

Both sides discussed new initiatives to improve energy management system, aimed at reducing theft and line losses.

The minister also briefed the Chinese side on the steps taken by the Government of Pakistan to enhance safety and security of the Chinese nationals on several projects in Pakistan.

Both sides also discussed to diversify energy mix for the production of electricity in the country. In that context, Minister for Planning sought Chinese continued cooperation for the early implementation of the Azad Pattan and Kohala Hydro Power projects.

Emphasizing the importance of the work of CPEC’s Joint Coordination Committee (JCC), which is the highest-level decision-making body, both sides agreed to hold the next round of the Joint Working Group meeting on Energy (JEWG)
at an early date.

The meeting was part of a series of engagements of Professor Ahsan Iqbal in Beijing to prepare for the next round of Joint Coordination Committee (JCC) meeting as well as for the preparation of the upcoming visit of Prime Minister Shehbaz Sharif to China.