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☆ Why Pakistan's rupee has soared the most against the US dollar among global currencies
▼ + stars: | 2023-10-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The Pakistani rupee has become the top performer in global currency markets. The currency's strength could bring some relief to Pakistan's inflation, which hit 31.4% year-on-year in September. AdvertisementAdvertisementThe Pakistani rupee has surged to the top of global currency markets, sharply increasing from a record low in early September. The rebound has made the rupee September's top global performer, based on LSEG data cited by CNBC. "Pakistan's rupee was the top performer globally this month as a government crackdown on the illegal dollar trade helped reverse its fortunes," it said.

Persons: — Organizations: Service, CNBC, HDFC Securities, South Korean, Pakistan's Federal Investigation Agency, World Bank Locations: Islamabad

☆ This currency is now the world’s top performer, after rebounding from record lows
▼ + stars: | 2023-10-18 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

A roadside money changer handling Pakistani rupee coins in Karachi, Pakistan. Bloomberg | Bloomberg | Getty ImagesThe Pakistani rupee has rebounded from an all-time low to become the world's top performing currency — and there's still room to strengthen, analysts say. The currency plummeted to a record low of 307 rupees against the greenback in early September, according to data from LSEG. This was largely owed to a government clampdown on a widespread illicit dollar trade. The lofty figure was largely owed to the weakness of Pakistan's currency, reduced domestic fuel and electricity subsidies, and supply chain disruptions, the report said.

Persons: there's, Tahir Abbas Arif Habib, Tahir Abbas, Arif Habib, Abbas, Steve Hanke Organizations: Bloomberg, Getty, PKR, South Korean, Federal Investigation Agency, Pakistan, CNBC, Johns Hopkins University, Bank, World Bank, Johns Hopkins Locations: Karachi, Pakistan, LSEG

Tens of millions of dollars have poured back into Pakistan's interbank and openmarkets, dealers say, since raids on black market operators began on Sept. 6. Ninety percent were going to black market dealers, cutting our supply of foreign exchange," Bostan explained. While a crackdown on the black market was needed to stabilise the rupee, it "is a temporary fix," said Fahad Rauf, Head of Research at Ismail Iqbal Securities. High inflation and chronic external deficits lie at the heart of the currency's problem, and closing off people's access to black market dollars risks storing up pent-up demand. "There is an unprecedented demand for the dollar," Hanifullah Mohmand, a trader in the Peshawar market, said.

Persons: Akhtar Soomro, Asim Munir, Malik Bostan, Bostan, General Munir, Haji Luqman Khan, Sheikh Allauddin, ECAP, Fahad Rauf, Ismail Iqbal, Ariba Shahid, Mushtaq Ali, Gibran Peshimam, Simon Cameron, Moore Organizations: REUTERS, Pakistan, Exchange Companies Association of Pakistan, Reuters, Federal Investigation Agency, FIA, Inter, Services Intelligence, ISI, Locals, International Monetary Fund, IMF, Research, Ismail, Ismail Iqbal Securities, Thomson Locations: Karachi, Pakistan, KARACHI, PESHAWAR, Peshawar, Islamabad, Lahore, Quetta, Afghanistan

Former Pakistani Prime Minister Imran Khan, gestures as he speaks with Reuters during an interview, in Lahore, Pakistan March 17, 2023. REUTERS/Akhtar Soomro/File Photo Acquire Licensing RightsISLAMABAD, Aug 30 (Reuters) - A Pakistani court on Wednesday extended the jail custody of former prime minister Imran Khan for 14 days to investigate him on charges of leaking state secrets, his lawyer said. A court suspended that sentence on Tuesday and said Khan could be released on bail, but he was barred from leaving as he was still under remand in the official secrets case. His top aide, former Foreign Minister Shah Mahmood Qureshi, has already been arrested and questioned in the case. Reporting by Asif Shahzad; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Imran Khan, Akhtar Soomro, Naeem Panjutha, Khan, Khan's, Shah Mahmood Qureshi, Asif Shahzad, Simon Cameron, Moore Organizations: Pakistani, Reuters, REUTERS, Rights, Federal Investigation Agency, FIA, Thomson Locations: Lahore, Pakistan, Rights ISLAMABAD, Attock, United States, Russia, Ukraine, Washington

"We feel that the applicant is entitled to the suspension of sentence and be released on bail," it said. Khan's lawyer Naeem Panjutha also announced the suspension on social media, saying "God be praised." Nor will the suspension of the corruption sentence undo the ban on Khan's contesting elections as long as the conviction remains. STATE SECRETSPakistan's former Prime Minister Imran Khan, gestures as he speaks to the members of the media at his residence in Lahore, Pakistan May 18, 2023. The possible overturning of Khan's graft conviction is pending a detailed hearing in the court, according to a lawyer Abdul Moiz Jaferii.

Persons: Khan, Imran, Khan's, Naeem Panjutha, Imran Khan, Mohsin Raza, Shah Mahmood Qureshi, Abdul Moiz Jaferii, Jaferii, abetment, Zulfikar Bukhari, Asif Shahzad, Gibran Peshimam, Ariba Shahid, Simon Cameron, Moore, Alex Richardson, Angus MacSwan Organizations: ISLAMABAD, Reuters, REUTERS, Federal Investigation Agency, FIA, Thomson Locations: Pakistan, Lahore, United States, Russia, Ukraine, Washington, Islamabad, Karachi

Former Pakistani Prime Minister Imran Khan speaks with Reuters during an interview, in Lahore, Pakistan March 17, 2023. REUTERS/Akhtar Soomro/File Photo Acquire Licensing RightsISLAMABAD, Aug 21 (Reuters) - Pakistani authorities have opened a criminal investigation against jailed former prime minister Imran Khan on charges of leaking state secrets, after naming him and three aides in a fresh case, a top security source said on Monday. Khan is currently serving a three-year sentence in a graft case and has been barred from politics for five years. "Our investigation is collecting evidence to stand a case in a court to indict Imran Khan on charges of leaking official secrets," a security source, who is directly responsible for the investigation, told Reuters. Khan has formally been arrested in connection with the charges, which the Federal Investigation Agency (FIA) is probing, the source said.

Persons: Imran Khan, Akhtar Soomro, Khan, Rauf Hasan, Zulfi Bukhari, Arif Alvi, Shah Mehmood Qureshi, Intazar Panjutha, Asif Shahzad, Devika Organizations: Pakistani, Reuters, REUTERS, Rights, Both Washington, Federal Investigation Agency, FIA, Thomson Locations: Lahore, Pakistan, Rights ISLAMABAD, Islamabad, Washington, U.S, Moscow, Ukraine, Both

☆ Greek migrant boat tragedy: Pakistani boy's fateful journey exposes impossible choice faced by millions
▼ + stars: | 2023-07-14 | by ( Anna Coren Azaz Syed Sophia Saifi Jadyn Sham Helen Regan Rhea Mogul | Anna Coren | Azaz Syed | ) edition.cnn.com time to read: +13 min

“It will all be OK,” Muhammad Abuzar told him. The boat was carrying up to 750 Pakistani, Syrian, Egyptian and Palestinian refugees and migrants. His uncle had decided to try and make it to Europe and Abuzar saw his chance. More than 600 people drowned on June 14 in what would become one of the deadliest migrant boat tragedies. Angelos Tzortzinis/AFP/Getty ImagesSpeaking to CNN in Pakistan, Mohammad Tahir said his brother Mubasher Sahzad, 29, was also on the boat.

Persons: Pakistan CNN — Pervez Akhtar, “, Muhammad Abuzar, ” Akhtar, gaunt, Abuzar, CNN Akhtar, –, we’ll, he’ll, Akhtar, – Abuzar, ’, “ Papa, Adriana, ” Akhthar, Rana Sanaullah, ”, Angelos Tzortzinis, Mohammad Tahir, Mubasher Sahzad, ” Tahir, Roberto Forin, ” Forin, Mia Sato, ” Sato, Forin, Qayyum Bibi’s, He’s Organizations: Pakistan CNN, CNN, UNICEF, Hellenic Coast Guard, Pakistani Interior Ministry, Medical, Getty, Migration, International Organization, Pakistan’s Federal Investigation Agency Locations: Gujrat, Pakistan, Pakistan’s, Europe, Italy, Karachi, Dubai, Egypt, Libya, Tripoli, Tobruk, North Africa, Greece's, Greece, Kalamata, AFP, East, Asia, Africa, Islamabad, Lahore, Gujranwala, Rawalpindi, European Union, Bandali, Kashmir, ”

☆ Families of missing in Greece migrant boat disaster plead for recovery of bodies
▼ + stars: | 2023-07-06 | by ( Karolina Tagaris | ) www.reuters.com time to read: +6 min

[1/4] Adil Hussain, 44, from Pakistan, whose brother Matloob, 43, went missing after a deadly migrant shipwreck off the coast of Greece last month, cries during an interview with Reuters in Athens, Greece, July 4, 2023. If they are dead, take them out," Adil Hussain said, urging Greece to hire a vessel to recover them. Lawyers representing families of the missing plan on Thursday to ask judicial authorities investigating the case for the boat to be retrieved. Survivors have said that the ship capsized after a disastrous towing attempt by the Greek coast guard, which Greece denies. A spokeswoman for Pakistan's Foreign Office, Mumtaz Zahra Baloch, said bodies would be transported to Pakistan upon verification and release by the Greek authorities.

Persons: Adil Hussain, Matloob, Stelios Misinas, Matloob Hussain, Adil, Hussain, we'll, Takis Zotos, Zotos, Alam Shinwari, Mumtaz Zahra Baloch, Muhammad Ayub, Muhammad Yasin, Lefteris Papadimas, Renee Maltezou, Gibran Peshimam, Alexandra Hudson Organizations: Reuters, REUTERS, Titanic, Pakistan's Federal Investigation Agency, FIA, Pakistan's Foreign, Alexandra Hudson Our, Thomson Locations: Pakistan, Greece, Athens, Stelios Misinas ATHENS, Syria, Egypt, Libya, Italy, Pylos, Turkey, Islamabad

☆ Pakistan's economic meltdown spurs more people to risk lives to reach Europe
▼ + stars: | 2023-06-23 | by ( Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +9 min

He is missing and presumed dead, according to his brother, highlighting the perils faced by people who seek to enter Europe illegally. Cash-strapped Pakistan's $350 billion economy is in a meltdown, with inflation at a record 38%. Pakistan's information ministry did not respond to questions from Reuters about economic factors fuelling migration. 3 nationality registered in Italy coming from Libya, after Egyptians and Bangladeshis, a Frontex spokesperson told Reuters in an email. At least 209 Pakistanis were believed to be on board, according to official data based on information provided by relatives.

Persons: Muhammad Sarwar Bhatti, Hameed Iqbal Bhatti, Salahuddin, Bhatti, Hafeez Pasha, Muhammad Nadeem, Nadeem, Kosar Bibi, Bibi, Sarwar Warraich, Muhammad Zubair, Muhammad Nazim, Nazim, Muhammad Ali, Anish Raza, Haji Ilyas, Ilyas, puffing, Israr Mirza, Mirza, Gibran Peshimam, Ariba Shahid, David Crawshaw Organizations: Reuters, REUTERS, Cash, Federal Investigation Agency, FIA, OF, International Monetary Fund, Migrant Resource Centre, College, Thomson Locations: Greece, Khuiratta, Pakistan, Kashmir, Saudi Arabia, Europe, Libya, Italy, Gujrat, Italian, Ferrara, Turkey, Bhojpur, Gujrat district, Spain, EU, Lahore, Islamabad

☆ At least 209 Pakistanis were on board migrant boat that sank off Greece, data suggests
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

June 22 - At least 209 Pakistanis were on an overloaded boat that capsized and sank in open seas off Greece last week, according to data shared with Reuters on Thursday by a Pakistani investigative agency. Hundreds of people from different countries are believed to have been on board the vessel, in what is seen as the worst sea disaster in years for the region. Pakistan is yet to officially confirm how many of its citizens were on the boat, but kick-started a DNA sampling effort to help Greece identify those who died. The data shared by the FIA showed that 181 people were from Pakistan and 28 from Pakistan-administered Kashmir. Greece has charged nine Egyptian men over the shipwreck, the worst in the Mediterranean Sea this year, and placed them in detention pending trial.

Persons: Rana Abdul Jabbar Organizations: Reuters, Federal Investigation Agency, FIA, FIA Islamabad, Officials, Thomson Locations: Greece, Libya, Pakistan, Kashmir, Pylos

☆ Greece boat tragedy: At least 209 Pakistanis were on board, data suggests
▼ + stars: | 2023-06-22 | by ( Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +2 min

[1/2] A undated handout photo provided by the Hellenic Coast Guard shows migrants onboard a boat during a rescue operation, before their boat capsized on the open sea, off Greece, June 14, 2023. The FIA has been tasked by the Pakistan government with handling investigations into the tragedy. Pakistan is yet to officially confirm how many of its citizens were on the boat, but kick-started a DNA sampling effort to help Greece identify those who died. The data shared by the FIA showed that 181 people were from Pakistan and 28 from Pakistan-administered Kashmir. The FIA said 29 suspected human smugglers had been arrested in Pakistan so far over the case.

Persons: Rana Abdul Jabbar, Gibran Naiyyar, Sudipto Ganguly, Gareth Jones Organizations: Hellenic Coast Guard, REUTERS, Reuters, Federal Investigation Agency, FIA, FIA Islamabad, Officials, Thomson Locations: Greece, KARACHI, Pakistan, Pakistani, Libya, Kashmir, Pylos

In Pakistan, authorities said more than 300 of its nationals died in the tragedy, but did not specify how they received the information. The Federal Investigation Agency of Pakistan in a statement Tuesday said that 88 people have officially been registered as missing by family members. Last week, Greek authorities denied claims that the boat had capsized after the coast guard attempted to tow it to shore. Migrants rest in a shelter, following a rescue operation, after their boat capsized at open sea, in Kalamata, Greece, June 14, 2023. “This is what they’re doing and it’s absolutely necessary to prevent it.”Migrants arrive at the port of Kalamata, following a rescue operation, after their boat capsized at open sea, in Kalamata, Greece, June 14, 2023.

Persons: Adriana, Saeed Anwar, Abdul Jabbar, selfie, Gibran Peshimam, Jabbar, Anwar, ” Anwar, “, ”, Tarek Aldroobi, Stelios Misinas, Raja Aqeel, Aqeel, Home Affairs Ylva Johansson, Johansson Organizations: Kashmir CNN, Federal Investigation Agency of Pakistan, Union, CNN, United Nations Migration Agency, Authorities, Reuters, Home Affairs, ”, Eurokinissi, Reuters Authorities, Human Rights Locations: Bandali, Pakistan, Kashmir, Greece, Europe, Khuiratta, Italy, Libya, East, Asia, Africa, Kalamata, Islamabad, Lahore, Gujrat, Gujranwala, Rawalpindi

☆ Pakistani police serve arrest warrants to former PM Imran Khan
▼ + stars: | 2023-03-05 | by ( Mubasher Bukhari | ) www.reuters.com time to read: +2 min

LAHORE, Pakistan, March 5 (Reuters) - Pakistani police on Sunday served arrest warrants to former prime minister Imran Khan to ensure his appearance in court on charges of misusing his office to sell state gifts, authorities said, after Khan's supporters tried to prevent police entry into his home. The Federal Investigation Agency then filed charges against him in an anti-graft court, which last week issued the arrest warrants after Khan failed to appear in court despite repeated summons. He led countrywide protest campaigns to press for an early vote last year and was shot at and wounded at one of the rallies. Chaudhry said the government wanted to sow political chaos and avoid an early election by arresting the former premier, who was still popular among the country's youth and urban voters. Islamabad police said in a statement that when Khan wasn't found at his residence in Lahore, they served the arrest warrants.

☆ U.S. Jury Convicts Mexico’s Former Top Cop of Drug Trafficking
▼ + stars: | 2023-02-21 | by ( James Fanelli | ) www.wsj.com time to read: 1 min

Judge Brian Cogan instructs the jury ahead of deliberations in the trial of Genaro García Luna earlier this month. Mexico’s former top law-enforcement officer was found guilty in a federal court Tuesday of helping the powerful Sinaloa drug cartel smuggle cocaine into the U.S.A jury in Brooklyn convicted Genaro García Luna of all five counts he faced, including engaging in a criminal enterprise and conspiring to distribute drugs. Mr. García Luna headed Mexico’s federal investigation agency and served as the country’s minister for public security from 2006 to 2012 under then-president Felipe Calderón.

The jury found Garcia Luna guilty on all five counts he faced, which included continuing criminal enterprise and conspiracy to distribute cocaine. Garcia Luna is one of the highest-ranking Mexican officials ever accused of ties to drug trafficking. Garcia Luna, who moved to the United States after leaving office and was arrested in 2019, had pleaded not guilty. Cesar de Castro, a defense lawyer, portrayed Garcia Luna as a hardworking family man and said his accusers had "incredible motives to lie." Guzman was sentenced to life in prison in 2019 following his conviction in Brooklyn on drug trafficking and murder conspiracy charges.

☆ Ex-Mexico drug czar helped Sinaloa cartel's 'cocaine empire,' U.S. prosecutor says
▼ + stars: | 2023-02-15 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

REUTERS/Jane RosenbergNEW YORK, Feb 15 (Reuters) - A former Mexican law enforcement official once in charge of the country's battle against drug trafficking helped the Sinaloa cartel build a "global cocaine empire" in exchange for millions of dollars in bribes, a U.S. prosecutor said on Wednesday. "These leaders paid the defendant bribes for protection - and they got what they paid for," Komatireddy said, referring to Guzman and two other top-ranking Sinaloa cartel figures. Garcia Luna, she said, "used his official government position to make millions of dollars for himself from the people he was supposed to prosecute." Garcia Luna, one of the highest-ranking Mexican officials ever accused of helping drug cartels, led Mexico's Federal Investigation Agency from 2001 to 2005 and was public security minister from 2006 to 2012. Guzman was sentenced to life in prison in 2019 following his conviction in Brooklyn on drug trafficking and murder conspiracy charges.

☆ Mexico’s Former Top Cop Goes on Trial in New York for Alleged Aid to Drug Cartel
▼ + stars: | 2023-01-23 | by ( James Fanelli | José De Córdoba | ) www.wsj.com time to read: 1 min

Mexico’s former top law-enforcement official is set to go on trial Monday in a Brooklyn federal court, accused of helping one of the world’s most powerful drug cartels smuggle over 50 tons of cocaine into the U.S. in exchange for tens of millions of dollars in bribes. Genaro García Luna , 54, headed Mexico’s federal investigation agency and served as the country’s minister for public security from 2006 to 2012 under then-president Felipe Calderón .

Federal prosecutors in Brooklyn say Garcia Luna gave the Sinaloa Cartel sensitive information about its rivals as well as safe passage for drug shipments. Garcia Luna has previously accused drug traffickers of leveling false allegations against him as revenge for the actions he took against cartels. Guzman was sentenced to life in prison in 2019 following his conviction in Brooklyn on drug trafficking and murder conspiracy charges. Mexico's government in 2020 issued an arrest warrant of its own for Garcia Luna on charges of illegal enrichment. Mexico also sued Garcia Luna in Florida, where he had been living before his 2019 arrest, in an effort to recover what it called illegally obtained assets.

☆ Pakistan's top court sets up supervisory panel on TV scribe killed in Kenya
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: 1 min

[1/2] A general view of the Supreme Court of Pakistan building at the evening hours, in Islamabad, Pakistan April 7, 2022. REUTERS/Akhtar SoomroISLAMABAD, Dec 6 (Reuters) - Pakistan's Supreme Court has set up a panel of five judges to supervise an investigation into the killing of a prominent television journalist shot dead in Kenya, it said on Tuesday. The court has sought initial responses from the South Asian nation's foreign office, the interior ministry and the Federal Investigation Agency (FIA), it said in a statement. The matter, voluntarily taken up by the court, centres on an incident in which the journalist, Arshad Sharif, was shot and killed in October on the outskirts of the Kenyan capital of Nairobi. Reporting by Asif Shahzad; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

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