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National

Imran Khan receives a Rs. 10 billion legal notice from PPP due to “baseless charges”

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ISLAMABAD: The Pakistan Peoples Party (PPP) on Monday served Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan with a Rs. 10 billion legal notice for making “baseless claims” against the PPP’s co-chairman Asif Ali Zardari.

The notification written by Zardari to the PTI leader stated that Khan’s comments “had caused significant harm and hurt to the sensibilities of the members of Pakistan Peoples Party which are not only in Pakistan but all over the world consequently damaging and defaming their name.”

The notification claims that the PTI leader attempted to link Zardari to terrorist organisations through “baseless accusations,” “blindly disregarding the fact that our client and his party has remained the victim of terrorism.”

The notification further states that the PPP co-chairperson suffered “great suffering, mental stress, and loss of reputation” as a result of the PTI chief’s “defamatory conduct.”

Therefore, you are hereby required to publicly apologise on behalf of our client within 14 (fourteen) days of receiving this notice. If you fail to do so, our client will be forced to take appropriate legal action against you, including criminal and civil lawsuits, before the appropriate courts and forums in Pakistan and England.include, but not restricted to, suit for damages in the amount of Rs. 10,000,000,000/- (Rupees ten billion only) at your own expense and risk,” the warning stated.

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International News

As the world population surpasses 8 billion, climate justice becomes more challenging

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The United Nations warned that greater misery was in store for regions already experiencing resource constraint due to climate change as the world population surpassed 8 billion people on Tuesday.According to UN estimates, there will be less of everything to go around by the 2080s as the world’s population is expected to grow by another 2.4 billion people. This includes food, water, batteries, and gasoline.

According to Stephanie Feldstein of the Center for Biological Diversity, who oversees population and sustainability, “every single person needs fuel, wood, water, and a place to call home.”Experts predict that resource pressure will be particularly difficult in African countries where population growth is anticipated. These are also some of the nations that need climate finance the most and are most susceptible to the effects of the climate.

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Business

At least $1 billion in missing client funds at FTX

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IN NEW YORK: According to two persons with knowledge of the situation, the defunct crypto exchange FTX has lost at least $1 billion in customer assets.FTX customer funds worth $10 billion were secretly transferred by Sam Bankman-Fried, the exchange’s founder, to Bankman-trading Fried’s firm Alameda Research, the people told Reuters.

They said that a sizable chunk of that sum has subsequently vanished. According to one source, the missing funds total around $1.7 billion. The other stated that there was a $1 billion to $2 billion gap.Although it is well known that FTX transferred customer monies to Alameda, this is the first time the lost amounts have been mentioned.

According to the two sources, Bankman-Fried shared information with other senior officials last Sunday that showed the financial gap. They claimed that the records gave a current account of the circumstances at the time. Prior to this week, both of the sources held senior positions with FTX and claimed to have received financial updates from senior staff.

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Business

Pakistan’s foreign exchange holdings are declining, and the $1.5 billion from ADB will be reflected next week

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KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves for Pakistan decreased by 2.07% once more.According to data issued by the SBP on Thursday, as of October 21, the foreign exchange reserves held by the SBP were $7,439.9 million, a decrease of $157 million from $7,597.2 on October 14.

In all, the nation maintained $13,162.2 million in liquid foreign currency reserves, including net reserves held by banks other than the SBP.The total amount of net reserves held by banks was $5,722.3 million. Repayment of external debt was one of the main causes of the fall, according to the central bank.But it also mentioned that SBP had obtained $1.5 billion in loans for the Pakistani government from the Asian Development Bank. The SBP reserves for the week ending October 28 will reflect these proceeds, according to the central bank.