A strong earthquake measuring 6.8 on the Richter scale hits many cities in Pakistan

Photo credit: Brandsynario

A powerful-magnitude earthquake, measuring 6.8 on the Richter scale, shook parts of Pakistan for at least 30 seconds on Tuesday, but it was not immediately clear whether the tremor caused damage or casualties.

earthquakes were felt in Lahore, Islamabad, Rawalpindi, Quetta, Peshawar, Kohat, Lakki Marwat and other parts of the country.

According to the Pakistan Meteorological Department (PMD), the epicenter of the earthquake was in the Hindu Kush region of Afghanistan and its depth was 180 kilometers.

The effects of the earthquake were also felt in Peshawar, Swabi, Lodhran, DG Khan, Bahawalpur, Skardu, Kohat, Toba Tek Singh, Parachinar, Nowshera and Khanewal.

aftershocks were felt as far away as the Indian capital New Delhi, Reuters reported.

Large areas of South Asia are seismically active as a tectonic plate known as the Indian Plate pushes north into the Eurasian Plate.

"People ran out of their homes and recited the Koran," an AFP correspondent in Rawalpindi told AFP.

Pakistan, China agree to strengthen security & political cooperation (FO)

Photo credit: APP | Pakistan-China Delegation to Meet for Third Round of Pakistan-China Bilateral Political Consultations (BPC) in Beijing, March 18, 2023 - APP

The two countries are also discussing strengthening mechanisms for high-level engagement and dialogue.

As part of an attempt to overhaul bilateral ties, Pakistan and China agreed to expand and strengthen political and security cooperation, bilateral trade, economic and financial cooperation, tourism, cultural exchanges and people-to-people ties, Das said State Department in a statement on Sunday.

The development came as the two countries met in the third round of bilateral Pakistan-China (BPC) political consultations - a regular institutional mechanism between the two countries - held in Beijing on March 18. The Pakistani delegation of

was led by Foreign Minister Dr. Asad Majeed Khan, and the Chinese side was led by Deputy Foreign Minister Sun Weidong.

Pakistan and China will also strengthen high-level engagement and dialogue mechanisms and further strengthen communication channels, according to the FO. On the occasion of the 10th anniversary of the China-Pakistan Economic Corridor (CPEC), both sides reaffirmed their commitment to CPEC, which remains the main pillar of bilateral cooperation and a symbol of deepening friendship between the two countries.

They also agreed to continue their efforts to develop the CPEC, including involving third parties, to enhance regional connectivity and collaboration. Dr Majeed thanked the Chinese side for their continued generous support for Pakistan's economic stability and humanitarian aid provided to the country during last year's devastating floods. Separately, Sun reiterated China's support for Pakistan's sovereignty, territorial integrity and economic security.

"The two sides exchanged views on a number of regional and global issues of mutual interest and expressed satisfaction with their close cooperation and involvement in key regional developments, including in Afghanistan," the press release reads.

He added that Pakistan and China will continue to strengthen dialogue and cooperation in multilateral platforms.

Lahore Qalandars are led to a Second PSL Championship by Shaheen, who Shines with Bat & Ball

Photo Credit: Twitter / @thePSLt20 | Lahore captain Qalandars Shaheen Shah Afridi gestures after his side won the PSL title for the second time after beating Multan Sultans March 18, 2023 in Lahore.

Lahore Qalandars successfully defended their Pakistan Super League (PSL) title after beating Multan Sultans by one point in the final of the tournament at Lahore's Gaddafi Stadium. The Sultans' pursuit for the intimidating 201-point goal came very close to their goal, but they lost by one point in a game that was a roller coaster of emotions for all fans.

During the chase, David Wiese broke through in the fourth round after defeating half opponent Usman Khan. The right foot scored 18 runs from 12 balls.

Despite an early loss, the Sultans made sure to keep up the pace needed as Rilee Rossouw and Mohammad Rizwan delivered an impressive pairing of 64 runs from 42 balls. However, Rossouw was knocked out by Rashid Khan when the batsman threatened to take Qalandars out of the game. The South African scored 52 runs from 32 balls.

Rashid struck again in his final when Rizwan, 34 to 23, died trying to cross a long line. It required excellent outfield play from David Wiese, who caught the ball, kept his balance and then kicked the ball in the air over the top rope before returning to the boundary to finish the catch.

Shaheen, who had lost 34 runs in his first two overs, returned in his second spell to take the wicket from the dangerous Kieron Pollard. The versatile Windies player hit 19 runs from 16 balls.

Shaheen also scored three goals in their grand final to put their team in a strong position to win the game.

However, Haris Rauf dropped 22 runs in the penultimate inning to make for an exciting ending to the game. But Zaman Khan kept his composure to finish his side in the final round of the game.

Previously, Qalandar went 200-6 in his 20 overs allowed. After a quick start with the Qalandars scoring 34 runs in the first three overs, Flyhalf Tahir Baig was knocked out by Ihsanullah with a short, sharp ball. The right-hander hit 30 runs from 18 balls.

The strike combined with good bowling helped the Sultans stem the tide of the series as Lahore went 82-1 at halftime.

Fakhar Zaman and Abdullah Shafique provided the second goal on 57 carries from 38 balls, but just as they were looking to increase their batting average, the Sultans thwarted the batting side's plans with four quick goals. Leg spinner Usama Mir scored three goals in her first two overs, including scalpers Zaman (39), Sam Billings (9) and Ahsan Hafeez (0). As the Qalandars fought, Captain Shaheen came onto the field and attacked the Multan players with sensational punches. He went unbeaten in 44 15-ball carries, including two fours and five highs.

Shafique also restarted at the bottom of the inning and hit 65 runs from 40 balls. He hit eight fours and two sixes. Osama Mir was the Sultans' favorite bowler with numbers 3-24 in three overs.

Sultans defeated Qalandars in qualifying and secured a spot in the finals. While Lahore defeated Peshawar Zalmi to qualify for the championship game.

Players Xls

Sultans from Multan: Usman Khan, Mohammad Rizwan (sep/c), Rilee Rossouw, Kieron Pollard, Tim David, Khushdil Shah, Anwar Ali, Usama Mir, Abbas Afridi, Sheldon Cottrell and Ihsanullah.

Qalandar from Lahore: Mirza Tahir Baig, Fakhar Zaman, Abdullah Shafique, Sam Billings (Week), Ahsan Bhatti, Sikandar Raza, David Wiese, Rashid Khan, Shaheen Afridi (c), Haris Rauf and Zaman Khan.

Samsung Invests in Meg- Chip Production Plan in South Korea

Photo credit: Korea joongAng Daily| Samsung Invests in Meg Chip Production Plan in South Korea

Electronics giant Samsung said it plans to raise around 300 trillion won ($230.8 billion) over 20 years.

Five chip factories are to be built with this, the company told the BBC. Samsung is the world's largest manufacturer of memory chips, smartphones and televisions.

According to the official plan, high-tech companies are to be offered incentives such as extended tax breaks and infrastructure subsidies.

"The mega-cluster will be the fundamental foundation of our semiconductor ecosystem," South Korea's Ministry of Commerce, Industry and Energy said in a statement on Wednesday. Said it plans to secure about 550 trillion won in private sector investment and "rise as a leading country in fierce global competition in cutting-edge industries." South Korea's move comes as "key players step up efforts to increase onshore production in the semiconductor sector," Paul Triolo of global consultancy Albright Stonebridge Group told the BBC.

“I would like to emulate Taiwan's concentration effect to some extent, where the trifecta of science parks.... form a huge cluster that has attracted many other companies, both upstream and downstream,” he said. The semiconductors that power everything from cell phones to military equipment are at the center of a bitter dispute between the United States and China.

In October, Washington announced it would require licenses from companies that export chips containing American tools or software to China, regardless of where in the world they are made. Last week, the Netherlands said it would impose export restrictions on its "most advanced" microchip technology to protect national security.

Around the same time, the South Korean Department of Commerce expressed concern about US semiconductor policy. The department said the Chip Act "could increase business uncertainty, undermine companies' management and technology rights, and make the United States less attractive as an investment option".

China often calls the United States a "technological hegemon" in response to Washington's export controls. South Korea is home to other major microprocessor manufacturers such as SK Hynix. 

In the Face of Crisis Fears, the US Declares the Banking Sector to be "Sound."

Photo Credit: BBC 

US Treasury Secretary Janet Yellen insisted the country's banking system was sound, despite reports that another regional bank might need bailing out. Concerns about the San Francisco-based First Republic stem from a series of US bank failures that raised fears of a broader financial crisis.

The unrest has spread across the world, with the Swiss National Bank providing giant Credit Suisse with up to £44 billion in emergency funds. Markets recover after aid. The major indices across Europe, which fell on Thursday amid concerns over the collapse of Credit Suisse, recovered.

Authorities intervened to secure deposits to stop further attacks on bank deposits as panic spread. Ms. Yellen told the Senate Treasury Committee, "This week's actions demonstrate our strong commitment to protecting savings."

Meanwhile, European Central Bank (ECB) Vice President Luis de Guindos said that the banking sector in Europe was “resilient” and that companies had “limited exposure to US institutions”.

He was speaking as the ECB announced another rate hike from 2.5% to 3%, sticking to its rate-hike plan despite concerns about how the move could trigger market turmoil. 

Bilawal Proposes Setting up a Special Task Force to Ensure Financial Justice

Photo Credit: The economic times| Bilawal Bhutto 

ISLAMABAD: Foreign Minister Bilawal Bhutto-Zardari on Thursday proposed setting up a special task force of experts within the Organization of Islamic Cooperation (OIC) to develop a strategy to ensure equal treatment in rules and in the financial, trade and tax structure develop.

“We must also call for rapid debt restructuring of 60 financially troubled countries, redistribution of unused SDRs (Special Drawing Rights) to developing countries, huge loans from multilateral development banks, massive investments in public-private partnerships, sustainable infrastructure, and the mobilization of $100 billion in climate finance He said during his keynote speech as Chairman of the United States Council of Foreign Ministers OCI (CFM) during the two-day 49th session of the CFM in Nouakchott, Mauritania.

The Foreign Minister recalled that Pakistan was hit hard by devastating floods last summer after coping with the negative impact of COVID-19, inflation, the economic collapse in Afghanistan and the aftermath of the war in Ukraine.

He thanked fraternal Islamic countries for their generous support of Pakistan at this difficult time. On the Palestinian issue, the Foreign Minister said that OIC member states should continue to condemn Israel's repeated aggression against Al-Aqsa Mosque and the occupied Palestinian territory.

The Palestinian people must have their own state within the 1967 borders with the capital at Al Quds. "It may seem like a tall order today, but I am convinced that the arc of history in the hands of the Almighty leads toward justice."

Banks Accept Hajj Applications from March 16th to March 31st

ISLAMABAD:

Religious Affairs Minister Mufti Abdul Shakoor said Friday that 179,210 Pakistani pilgrims will make the pilgrimage this year, blaming the high cost for high prices in the kingdom and the devaluation of the Pakistani rupee. The minister made remarks on the Hajj 2023 policy announcement at a press conference, saying applications can be submitted to 14 designated banks from March 16 to March 31.

The minister declared that the Hajj voting would take place on April 5 as planned. “According to the financial breakdown, the estimated cost of pilgrimage from Northern region (Islamabad, Lahore, Peshawar, Multan, Faisalabad, Rahim Yar Khan, Sialkot) is Rs 1,175,000 while for Hajj sponsorship program (Northern region ) are approximately $4,325".

He added that the estimated cost of pilgrimage from southern region (Karachi, Quetta, Sukkur) is Rs 1,165,000 while pilgrim sponsorship scheme (southern region) was about US$4,285.

The minister assured that any savings from the Hajj register will be returned to pilgrims to bank accounts provided by them, adding that those who apply for the Hajj sponsorship program and do not have a bank account will receive cash.

He said that this time global inflation has increased the cost of facilities in Pakistan and Saudi Arabia. The fall in the value of the Pakistani rupee also had a significant impact on the hajj package. Abdul Shakoor said last year that Pakistani pilgrims could not use the trains, but this year they could use the trains in Mina, Muzdalifah and Arafat. However, he argued that pilgrims should bear the cost of this facility.

The minister shed light on the Hajj sponsorship scheme, saying it was launched this year for Pakistanis abroad and would help raise $194 million as the ministry needed funding, a total of $284 million. He said that according to the quota, 179,210 people would perform Hajj this year, adding that this figure would be split 50% between public and private Hajj programs.

It also said that 50% of the share of public and private hajj programs or 44,802 seats in each program were reserved for the sponsored hajj program.

"Pakistans abroad are exempted from the voting process due to the transfer of allocated dollars to this account for themselves or their relatives in Pakistan. The deposit of Pakistani dollars is prohibited," he added. Abdul Shakoor said that the Hajj sponsorship scheme award is given on a first come, first served basis, which is determined by the time and date of submitting the Hajj form to the bank.

He added that registrations for the Hajj sponsorship program will be suspended once the stated limit is reached. He said that this year there is no age limit for Pakistani pilgrims because Saudi Arabia has lifted the age limit of 65 years.

Inflation in Argentina exceeds 100%

Photo Credit: Anita Pouchard Serra | copyright ©️ 2022 Bloomberg Finance LC

Argentina's inflation rate exceeded 100% for the first time since hyperinflation ended in the early 1990s. Inflation hit 102.5% in February, the national statistics agency said, meaning the prices of many consumer goods have more than doubled since 2022. Argentina has had economic difficulties for years and most of the population now lives in poverty.

Your government is trying to stop price increases by capping the prices of food and other products. However, the food and beverage sector has seen the most dramatic growth of late, with prices up 9.8% in February versus January.

Argentinian media reported that the increase could be partly due to an increase in meat prices, which have risen by almost 20% in a month. Severe weather conditions, a prolonged heatwave and drought have severely affected livestock and crops, according to local media Ambito.

While the symbolism of inflation above 100% is striking, the impact of rising inflation in Argentina has been felt for some time. Last September, protesters took to the streets to demand action against the rising cost of living, and in February Argentina's central bank announced it would issue a new 2,000 pesos (£8.13; consumption) in response to rising prices.

Argentina's government has long tried to curb inflation, but divisions have hardened the country's economic policies.

Three economy ministers replaced each other in a span of four weeks last summer as the country's economic crisis worsened and President Alberto Fernández reportedly clashed with his deputy Cristina Fernández de Kirchner over how to solve Argentina's economic problems.

In December, the International Monetary Fund (IMF) approved a further $6 billion (£4.9 billion) in bailout funds. This was the last disbursement to Argentina under an expected 30-month program totaling $44 billion.