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Super tax on rich elite: PM Shehbaz takes to Twitter, explains rationale

Says the government has imposed 10% super tax “for the purpose of poverty alleviation"

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Super tax on rich elite: PM Shehbaz takes to Twitter, explains rationale
GNN Media: Representational Photo

Prime Minister Shehbaz Sharif took to Twitter on Friday to “explain the rationale behind the announcement he made about a super tax on “rich people”. 

In a series of tweets, PM Shehbaz said when the coalition government came to power, it had “two paths open to it”. One path was to go for elections and leave the economy broken, the other was to address the economic challenges first, adding that the government chose the second option.

“We opted to save Pakistan from economic quagmire even if it involved political risks. We put Pakistan first,” said PM Shehbaz, adding that the budget presented by the government “contains the plan for revival of the economy”.

“The hard decisions we have taken will enable the country to overcome the economic crisis. The government has tried its best to place the minimum burden on lower-income and salaried class,” said the premier.

PM Shehbaz said that the government has imposed the 10% super tax “for the purpose of poverty alleviation”. 

“We have asked our affluent segment of society to fulfil the national duty by sharing the burden, for it is the poor who have always borne the brunt and rendered sacrifices for the country,” said the premier.

PM Shehbaz concluded: “Macroeconomic stability is the first step. What the coalition government is aiming to achieve is economic self-sufficiency. This precisely is the spirit of the budget. Our national security is very closely tied to economic reliance".

 

Pakistan

More rain expected from August 10-13: PMD

Travelers and tourists are advised to remain more cautious

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More rain expected from August 10-13: PMD

Islamabad: Pakistan Meteorological Department has predicted more rains in Kashmir, Gilgit-Baltistan, Islamabad, and Punjab, Khyber Pakhtunkhwa, Sindh, and parts of Balochistan from August 10-13 with occasional gaps.

The monsoon currents continuously penetrating the country are likely to become stronger from August 10.

About the possible impacts of rain, the met office revealed that heavy rains may generate urban flooding in Rawalpindi/Islamabad, Peshawar, Nowshera, Mardan, Faisalabad, Lahore and Gujranwala from August 10-12.

Flash flooding is expected in local Nullahs of Islamabad/Rawalpindi, Shakargarh, Sialkot, Narowal, Abbottabad, Mansehra, Dir, Karak, Lakki Marwat, Bannu, and Kashmir from August 10-12.

Heavy Rains may generate urban flooding in Karachi, Thatta, Badin, Hyderabad, Dadu, Jamshoro, Sukkur, Larkana, Shaheed Benazirabad, and Mirpurkhas from August 11-13.

Flash flooding is expected in Qilla Saifullah, Loralai, Barkhan, Kohlu, Mosa Khel, Sherani, Sibbi, Bolan, Kalat, Khuzdar, Lasbela, Awaran, Turbat, Panjgur, Pasni, Jiwani, Ormara, Gwadar and hill torrents of Dera Ghazi Khan during the forecast period.

Catchment areas of Ravi, Jhelum and Chenab may receive heavy downpours causing the water levels to rise significantly during the forecast period.

The rainfall may trigger landslides in Kashmir, hilly areas of Khyber Pakhtunkhwa, Galiyat, Murree, Chillas, Diamir, Gilgit, Hunza, Astore, Ghizer, and Skardu during the forecast period

Travelers and tourists are advised to remain more cautious during the forecast period.

All concerned authorities are advised to remain alert and to take necessary precautionary measures during the forecast period.

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World

Chinese and Taiwan navy ships stay close to Strait median line: Source

Several Chinese navy ships continued to conduct missions off Taiwan's eastern coast as of Wednesday morning, the source said.

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Chinese and Taiwan navy ships stay close to Strait median line: Source

Taipei: About 20 Chinese navy and Taiwan navy ships continued to stay close to the median line of the Taiwan Strait as of Wednesday morning, a source briefed on the matter told Reuters. 

Several Chinese navy ships continued to conduct missions off Taiwan's eastern coast as of Wednesday morning, the source said.

SOURCE: REUTERS 

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Technology

Elon Musk sells Tesla shares worth $6.9 billion amid Twitter legal battle

The latest sales bring total stock sales by Musk to about $32 billion in less than one year.

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Elon Musk sells Tesla shares worth $6.9 billion amid Twitter legal battle

Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk sold $6.9 billion worth of shares in the electric vehicle maker, saying the funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform.

"In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock," he said in a tweet late on Tuesday.

Musk in early July tore up his April 25 agreement to buy Twitter for $44 billion. Twitter has sued Musk to force him to complete the transaction, dismissing his claim that he was misled about the number of spam accounts on the social media platform as buyer's remorse in the wake of a plunge in technology stocks. The two sides head to trial on Oct. 17.

"Street will read through this poker move that chances of Twitter deal more likely now," Dan Ives, an analyst at Wedbush Securities, tweeted.

In other comments on Twitter on Tuesday, Musk said "yes" when asked if he was done selling Tesla stock, and also said he would buy Tesla stock again if the Twitter deal does not close.

Tesla did not immediately respond to a Reuters request for comment.

Musk, the world's richest person, sold $8.5 billion worth of Tesla shares in April and had said at the time there were no further sales planned. But since then, legal experts had suggested that if Musk is forced to complete the acquisition or settle the dispute with a stiff penalty, he was likely to sell more Tesla shares.

Musk sold about 7.92 million shares between Aug.5 and Aug.9, according to multiple filings. He now owns 155.04 million Tesla shares or just under 15% of the automaker according to Reuters calculations.

The latest sales bring total Tesla stock sales by Musk to about $32 billion in less than one year.

Tesla shares have risen nearly 15% since the automaker reported better-than-expected earnings on July 20, also helped by the Biden administration's climate bill that, if passed, would lift the cap on tax credits for electric vehicles.

Musk also teased on Tuesday that he could start his own social media platform. When asked by a Twitter user if he had thought about creating his own platform if the deal didn't close, he replied: "X.com"

SOURCE: REUTERS 

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