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Business

Pakistan's forex reserves surge $15mn

Total liquid foreign exchange reserves held by the country stand at $14.62bn
Published by Faisal Ali Ghumman

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26 minutes ago

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May 16, 2024 09:16 PM

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Karachi: Foreign exchange reserves held by the State Bank of Pakistan (SBP) swelled by $15 million on a weekly basis, clocking in at $9.13 billion as of May 10.

According to the official data released by the central bank on Thursday, total liquid foreign reserves held by the country stood at $14.62bn, while net foreign reserves held by commercial banks stood at $5.49bn. The SBP didn’t specify a reason for the increase in the reserves.

“During the week ended on 10-May-2024, SBP reserves increased by US$ 15 million to US$ 9,135.5 million,” it said.

Last week, Pakistan’s central bank reserves significantly increased by $1.114bn to reach above $9bn after the International Monetary Fund (IMF) released the last tranche under the $3bn Standby Arrangement.

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Sports

PM Shehbaz orders policy on financial security for sportsmen through govt jobs

Says jobs for athletes would free them from the struggles of earning a livelihood
Published by Faisal Ali Ghumman

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1 hour ago

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May 16, 2024 08:11 PM

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Islamabad (APP): Prime Minister Shehbaz Sharif on Thursday directed the formulation of a policy to employ athletes through departments to ensure their financial security and promote sports in the country.
 
He tasked the Chairman of the Prime Minister’s Youth Programme Rana Mashhood to personally oversee the policy and ensure its implementation within one week. 
 
The prime minister was addressing an event held to celebrate the achievement of the Pakistan hockey team that recently won the silver medal in the final of the 30th Sultan Azlan Shah Cup 2024 in Malaysia. 
 
PM Sharif said jobs for athletes would free them from the struggles of earning a livelihood, thus helping them to focus on their sports.
He lauded the outstanding performance of the national hockey team, terming it a step to revive the glory of national sport. He said the hockey team had won the hearts of the entire nation, adding that winning or losing was part of the game.
 
“The way you came up with a challenging and competing spirit in the final shows a high potential of several victories in future,” he told the hockey team as Pakistan made it to the final of the Azlan Shah Cup after 13 years. 
 
PM Sharif said the government was taking steps to promote sports in the country with a special focus on hockey. The renewed interest in hockey throughout Pakistan signalled a promising trend for the future, he added.
 
“The days are not far when the glory of hockey will be revived in Pakistan and we will have more legends like Islahuddin, Samiullah and Shahbaz,” he said. 
 
He appreciated the hard work of the team, coaches and officials of the sports board. He announced to soon invite the relevant officials from the sports board to discuss ways for the revival of hockey in the country. The prime minister gave away cheques to the players of the hockey team as a token of appreciation. 
 
Captain of the national hockey team Ammad Shakil Butt expressed his passion to keep up the spirit of his team and bring more laurels to the country.
 
Hockey legends including ‘Flying horse’ Samiullah, Olympian Islahuddin and Shahbaz Ahmed on the occasion lauded the keen interest of PM Shehbaz Sharif for the promotion of national sport in the country.
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Entertainment

Pakistan showcases 'The Chronicles of Umro Ayyar’ at 77th cannes Film Festival

The Pakistani 3D production house is all set to showcase its 3D-animated feature film
Published by Faisal Ali Ghumman

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2 minutes ago

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May 16, 2024 09:40 PM

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Islamabad (APP): The 77th Cannes Film Festival is turning out to be an auspicious event for the Pakistani film industry as Ingenuity Productions, a Pakistani 3D production house is all set to showcase its 3D-animated feature film ‘The Chronicles of Umro Ayyar’ at the Cannes Film Festival.
 
The production house will be showcasing its animated feature online at the Cannes Film Market via Marche Du Film’s B2B video-on-demand service Cinando said a news release.
 
 
Haris Basharat, Ingenuity Production’s CEO while expressing his excitement said, “Our film’s online presence at the Cannes Film Market promises to captivate audiences, showcasing the rich storytelling and cinematic prowess emerging from Pakistan.”
 
It’s a proud moment for Pakistanis across the world as Karachi-based animation production house Ingenuity Productions proves its metal at Cannes with its master-piece 3D-animated feature film The Chronicles of Umro Ayyar.
Described as an adventure fantasy, the film is inspired by the epic tale of Tilism e Hoshruba. The story recounts the thrilling adventures of the legendary trickster hero Umro Ayyar as he travels through time and magical realms.
 
However, beneath the fantastical surface lies a deeper theme that resonates with audiences of all ages: the quest for true connection and overcoming selfishness. Umro Ayyar’s journey becomes a testament to the power of forging bonds that transcend racial, gender, class, age, and personality differences.
 
Besides the animated film, Ingenuity Productions is also working on another 3D animated series titled ‘Science Voyagers.’ This series depicts a curious boy embarking on time-traveling adventures to meet history’s scientific greats.
 
Additionally, the company is credited for producing two 2D animated series: ‘Aria and the Magic Jungle,’ focusing on environmental awareness, and ‘Yolki and Hatch,’ centered around childhood development.
 
“We want to put the potential of the Pakistani animation industry on display on the world stage. We’re confident that the film’s stunning visuals and story will captivate audiences worldwide,” said Haris Basharat, Ingenuity Production’s CEO.
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