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Govt imposes ban on luxury items' import to stabilize economy: Miftah

The federal government decided to impose a complete ban on the import of unnecessary and luxury items amid the continuous depreciation of the rupee

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Govt imposes ban on luxury items' import to stabilize economy: Miftah
GNN Media: Representational Photo

Karachi: Finance Minister Miftah Ismail said on Saturday the ban on the import of luxury items will continue till next month, adding that the government will not remove a ban on the import of luxury items for the betterment of the economy.

Addressing a ceremony in Karachi, he however said import of only export supporting items can be considered to be allowed.

Miftah Ismail said the national economy is moving in the right direction due to prudent policies of the government and steps are being taken to stabilize it.

The Finance Minister assured that problems of the business community would be resolved on a priority basis.

He urged the business community to extend cooperation to the government in its efforts to stabilize the national economy.

He said the government had to take tough decisions of withdrawing subsidies on petroleum products and power to bring the national economy on the right track.

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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Pakistan

UN supporting relief efforts in flood-hit Pakistan: Spokesman

UN Resident and Humanitarian Coordinator Julien Harneis visited the flooded areas last week

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UN supporting relief efforts in flood-hit Pakistan: Spokesman

New York: The United Nations said its team in Pakistan is stepping up efforts to assist millions of people impacted by the recent devastating floods in the country.

This was stated by Spokesperson for the UN Secretary-General, Stephane Dujarric while responding to a question at the regular briefing in New York.

He said the UN Resident and Humanitarian Coordinator, Julien Harneis, who is leading the efforts, visited the flooded areas last week and met with officials and affected people.

The spokesperson said in addition to the UN’s rapid needs assessment, the World Food Programme is providing cash to affected communities, along with mother and child nutrition, medicines, mosquito nets and blankets.

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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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