Pakistan's central bank holds key interest rate at 13.25%

This file photo taken on April 12, 2009, shows the premises of State Bank of Pakistan in Karachi. (Shutterstock)
Updated 22 November 2019
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Pakistan's central bank holds key interest rate at 13.25%

  • SBP last lifted rates in July by 100 basis points
  • The decision was taken since official data pointed to a stabilization of inflation rate

KARACHI: Pakistan's central bank held its main policy rate at 13.25% on Friday, taking a second consecutive pause from a series of previous hikes as data pointed to a stabilizing inflation rate.
The bank last lifted rates in July by 100 basis points, raising the interest rate to 13.25%, its ninth cut since the start of 2018, as it faced rising inflation, a substantial current account deficit and downward pressure on the rupee currency.
The decision comes at a time of scrutiny for Pakistan's economy by the International Monetary Fund, which is reviewing progress on reforms agreed as part of bailout package in July. 


Where We Are Going Today: ‘Chotto Matte’ Restaurant in Riyadh

Photo by Nour El Refai
Updated 5 min 19 sec ago
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Where We Are Going Today: ‘Chotto Matte’ Restaurant in Riyadh

  • The reception to Chotto Matte’s unique culinary blend has been overwhelmingly positive

Chotto Matte, a newly opened restaurant in Riyadh, has quickly become a hotspot for those seeking a unique dining experience. This innovative venue merges the vibrant flavors of Japanese and Peruvian cuisine, known as Nikkei, and is the brainchild of owner Kurt Zdesar. His vision for Chotto Matte aligns seamlessly with Saudi Arabia’s ambitious growth plans as outlined in Vision 2030.

Zdesar was drawn to Riyadh not just for its economic potential but also for its rich cultural tapestry that inspires the restaurant's offerings.

Photo by Nour El Refai

“Saudi Arabia’s ambitious vision for growth and diversification — alongside its goal of becoming the largest and most influential economic and financial hub in the GCC and the broader Middle East — makes Riyadh an ideal stage for Chotto Matte. I was drawn by the Kingdom’s forward-thinking approach, reflected in its Vision 2030, which champions innovation, tourism, and vibrant cultural experiences. I want to be part of that momentum, contributing to an evolving hospitality scene poised for global recognition.”

This dynamic cultural landscape perfectly aligns with the Nikkei DNA, he added. “Saudi Arabia embodies both deeply rooted tradition and cutting-edge modernity — just the kind of energy that inspires Chotto Matte. I ensure our global menu remains true to its bold Japanese-Peruvian essence, whilst adding exclusive twists that highlight local ingredients and flavours. By collaborating with regional suppliers, we celebrate the Kingdom’s produce in a way that respects local tastes and traditions. Ultimately, it’s about honouring Saudi heritage while pushing the boundaries of what a dining experience can offer.”

Kurt Zdesar attends Chotto Matte Grand Opening on October 20th 2023 at Chotto Matte in San Francisco, CA (Photo - Drew Altizer)

The restaurant’s atmosphere is another focal point of Zdesar’s vision. Known for its high-energy ambience, Chotto Matte retains its signature style while adapting to local preferences.

“In Riyadh, I’ve preserved that signature style but adapted certain elements to align with local preferences and customs, such as offering private dining areas for family gatherings or more intimate experiences,” Zdesar said.

Photo by Nour El Refai

The design draws inspiration from the King Abdullah Financial District, where the architecture resembles jewels dropped from heaven. “Working with our design partner Superfutures, we incorporated an angular, mirrored ceiling installation that pays homage to this concept — quite literally reflecting (no pun intended) the striking geometry of the surrounding cityscape,” Zdesar added.

The reception to Chotto Matte’s unique culinary blend has been overwhelmingly positive. Zdesar notes that the market’s appetite for fresh and dynamic dining options aligns perfectly with the restaurant’s offerings.

“I’ve already seen a tremendous response to our Japanese-Peruvian cuisine in Riyadh. Diners here appreciate creativity, quality, and memorable experiences — all core elements of our Nikkei concept.”

As Ramadan approaches, Chotto Matte plans to unveil an exclusive Iftar menu that combines traditional Saudi dishes with the restaurant's signature techniques and flavors.

“I am delighted to unveil an exclusive Iftar menu that melds traditional Saudi dishes with our signature Peruvian and Japanese techniques and flavours. It’s an innovative way to honour the customs of Ramadan whilst introducing the bold flair that defines Chotto Matte.”

Additionally, Chotto Matte boasts the largest terrace in KAFD, offering a vibrant setting for al fresco dining. “This expansive outdoor space provides a vibrant setting to savour our menu while enjoying the city’s skyline and cultural buzz,” Zdesar said.

Whether breaking fast with special Iftar offerings or simply enjoying a novel dining experience, Chotto Matte promises a culinary journey that resonates with local customs while pushing the boundaries of innovation.

 


Man seriously injured in attack at Berlin Holocaust memorial

Updated 5 min 39 sec ago
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Man seriously injured in attack at Berlin Holocaust memorial

BERLIN: An assailant seriously injured a man in an attack at Berlin’s Holocaust Memorial on Friday evening, police said. German media reported that the man was stabbed.
Police said they were investigating the attack at the memorial, a field of 2,700 gray concrete slabs near the Brandenburg Gate in the heart of Berlin. It is also located near the US Embassy.
There was no indication yet of motive for the attack.
Berlin police said the victim was seriously injured around 6 p.m. and taken to a hospital. The German newspaper Tagesspiegel reported that the man was injured in a stabbing, citing police sources.
Another newspaper, Berliner Zeitung reported the same.
Police said they were attending to the witnesses who saw the attack, while the newspapers reported that police were carrying out a manhunt for the perpetrator.
The Memorial to the Murdered Jews of Europe is a memorial in Berlin to the 6 million Jews killed in the Holocaust.

The man accused of trying to kill author Salman Rushdie is found guilty of attempted murder

Updated 7 min 38 sec ago
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The man accused of trying to kill author Salman Rushdie is found guilty of attempted murder

  • Rushdie was the key witness during seven days of testimony, describing in graphic detail his life-threatening injuries and long and painful recovery
  • Matar, sitting at the defense table, looked down but had no obvious reaction when the jury delivered the verdict

NEW YORK: A New Jersey man was convicted Friday of attempted murder for stabbing author Salman Rushdie multiple times on a New York lecture stage in 2022.
Jurors, who deliberated for less than two hours, also found Hadi Matar, 27, guilty of assault for wounding a man who was on stage with Rushdie at the time.
Matar ran onto the stage at the Chautauqua Institution where Rushdie was about to speak on Aug. 12, 2022, and stabbed him more than a dozen times before a live audience. The attack left the 77-year-old prizewinning novelist blind in one eye.
Rushdie was the key witness during seven days of testimony, describing in graphic detail his life-threatening injuries and long and painful recovery.
Matar, sitting at the defense table, looked down but had no obvious reaction when the jury delivered the verdict. As he was led out of the courtroom in handcuffs, he quietly uttered, “Free Palestine,” echoing comments he has frequently made while entering and leaving the trial.
The judge set sentencing for April 23. Matar could receive up to 25 years in prison.
His public defender, Nathaniel Barone, said Matar was disappointed but also well-prepared for the verdict.
District Attorney Jason Schmidt played a slow-motion video of the attack for the jury Friday during his closing argument, pointing out the assailant as he emerged from the audience, walked up a staircase to the stage and broke into a run toward Rushdie.
“I want you to look at the unprovoked nature of this attack,” Schmidt said. “I want you to look at the targeted nature of the attack. There were a lot of people around that day but there was only one person who was targeted.”
Assistant public defender Andrew Brautigan told the jury that prosecutors have not proved that Matar intended to kill Rushdie. The distinction is important for an attempted-murder conviction.
“You will agree something bad happened to Mr. Rushdie, but you don’t know what Mr. Matar’s conscious objective was,” Brautigan said. “The testimony you have heard doesn’t establish anything more than a chaotic noisy outburst that occurred that injured Mr. Rushdie.”
Matar had with him knives, not a gun or bomb, his attorneys have said previously. And in response to testimony that the injuries were life-threatening, they have noted that Rushdie’s heart and lungs were uninjured.
Schmidt said while it’s not possible to read Matar’s mind, “it’s foreseeable that if you’re going to stab someone 10 or 15 times about the face and neck, it’s going to result in a fatality.”
Rushdie, 77, was the key witness during testimony that began last week. The Booker Prize-winning author told jurors he thought he was dying when a masked stranger ran onto the stage and stabbed and slashed at him until being tackled by bystanders. Rushdie showed jurors his now-blinded right eye, usually hidden behind a darkened eyeglass lens.
Schmidt reminded jurors about the testimony of a trauma surgeon, who said Rushdie’s injuries would have been fatal without quick treatment.
He also slowed down video showing Matar approaching the seated Rushdie from behind and reaching around him to stab at his torso with a knife. Rushdie raises his arms and rises from his seat, walking and stumbling for a few steps with Matar hanging on, swinging and stabbing until they both fall and are surrounded by onlookers who rush in to separate them.
Rushdie is seen flailing on the ground, waving a hand covered in bright red blood. Schmidt freezes on a frame showing Rushdie, his face also bloodied, as he’s surrounded by people.
“We’ve shown you intent,” Schmidt said.
The recordings also picked up the gasps and screams from audience members who had been seated to hear Rushdie speak with City of Asylum Pittsburgh founder Henry Reese about keeping writers safe. Reese suffered a gash to his forehead, leading to the assault charge against Matar.
From the witness stand, institution staff and others who were present on the day of the attack pointed to Matar as the assailant.
Stabbed and slashed more than a dozen times in the head, throat, torso, thigh and hand, Rushdie spent 17 days at a Pennsylvania hospital and more than three weeks at a New York City rehabilitation center. He detailed his long and painful recovery in his 2024 memoir, “Knife.”
Throughout the trial, Matar often took notes with a pen and sometimes laughed or smiled with his defense team during breaks in testimony. His lawyers declined to call any witnesses of their own and Matar did not testify in his defense.
Public Defender Nathaniel Barone said Matar likely would have faced a lesser charge of assault were it not for Rushdie’s celebrity.
“We think that it became an attempted murder because of the notoriety of the alleged victim in the case,” Barone told reporters after testimony concluded Thursday. “That’s been it from the very beginning. It’s been nothing more, nothing less. And it’s for publicity purposes. It’s for self-interest purposes.”
A separate federal indictment alleges that Matar, of Fairview, New Jersey, was motivated to attack Rushdie by a 2006 speech in which the leader of the militant group Hezbollah endorsed a decades-old fatwa, or edict, calling for Rushdie’s death. Iranian leader Ayatollah Ruhollah Khomeini issued the fatwa in 1989 after publication of the novel “The Satanic Verses,” which some Muslims consider blasphemous.
Rushdie spent years in hiding. But after Iran announced that it would not enforce the decree, he had traveled freely over the past quarter century.
A trial on the federal terrorism-related charges will be scheduled in US District Court in Buffalo.


Lucid unveils one-of-a-kind Lucid Air Sapphire at Saudi Cup meeting

Updated 14 min 59 sec ago
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Lucid unveils one-of-a-kind Lucid Air Sapphire at Saudi Cup meeting

  • Vehicle to be presented to winner of Saudi Cup race

RIYADH: Lucid has unveiled its one-of-a-kind lavender Lucid Air Sapphire, exclusively designed and built for the winner of the world’s richest race, the Saudi Cup 2025.

Faisal Sultan, vice president of Lucid Middle East, said: “Presented as a special award to the Saudi Cup winner, this exclusive vehicle is more than just a symbol of triumph; it represents a celebration of the Kingdom’s leadership in sustainability, innovation, and global excellence.”

During his speech, which took place on day one of the Saudi Cup meeting at King Abdulaziz Racecourse in Riyadh, Sultan added: “I am also privileged to introduce a creation that exemplifies the pinnacle of what Lucid can achieve: The world’s first one-of-a-kind Lucid Air Sapphire.”

The vehicle features a lavender finish and boasts a triple-motor system and driving dynamics with 1,234 horsepower and carbon-ceramic brakes.

Sultan said that the unveiling of the vehicle was the result of Lucid’s partnership with the Saudi Cup.

The winner of the Saudi Cup race, which takes place on Feb. 22, receives $20 million, along with the car.

Sultan also unveiled Lucid’s newest vehicle, the Lucid Gravity SUV, and added: “Its (the Lucid Gravity SUV) debut at the Saudi Cup reflects Lucid’s shared vision and support of the Kingdom’s bold vision for the future.

“It is particularly fitting that this groundbreaking vehicle is now available in the Kingdom — a nation that stands at the forefront of innovation and sustainability through Vision 2030.”

The two-day Saudi Cup is an equestrian event that brings together some of the world’s top jockeys at the King Abdulaziz Racecourse and boasts a prize pool of over $38 million.


Lebanese leaders urge congressional delegation for US pressure on Israel to leave occupied areas

Updated 25 min 16 sec ago
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Lebanese leaders urge congressional delegation for US pressure on Israel to leave occupied areas

  • PM: Lebanon is committed to restoring its position among Arab states
  • Security meetings held in preparation for funeral processions

BEIRUT: Lebanon’s President Joseph Aoun and Prime Minister Nawaf Salam on Friday emphasized the need for the US to exert pressure on Israel for a prompt and complete withdrawal from the territories it continues to occupy.

Salam made the remarks during his meeting at the Grand Serail with a delegation from the US Congress led by Rep. Darrell Issa.

“There is no military or security justification for Israel’s occupation of these points,” Salam said.

“This is a continued violation of the ceasefire arrangements, Resolution 1701, international law, and Lebanon’s sovereignty.”

According to Salam’s office, the US delegation reaffirmed its support for Lebanon and the Lebanese army.

President Aoun received a phone call from US National Security Adviser Michael Waltz two days earlier.

Waltz assured Aoun that the US administration was keeping track of developments in southern Lebanon following Israel’s “incomplete withdrawal and its continued occupation of several border points.”

He commended the Lebanese army’s role in deploying to the positions vacated by the Israelis.

He highlighted the US commitment to Lebanon to solidify the ceasefire and resolve outstanding issues diplomatically.

Salam briefed members of the Arab diplomatic corps, led by Palestinian Ambassador to Lebanon Ashraf Dabbour, on the discussions he had with various Arab officials to apply diplomatic pressure on Israel to withdraw from all Lebanese territories as soon as possible.

He emphasized “the importance of a unified Arab stance in facing common challenges, especially the plan to displace Palestinians.”

Salam informed the diplomatic delegation that the “ministerial statement prepared by his government, which is currently pending parliamentary approval, commits to restoring Lebanon’s standing among its Arab neighbors and ensuring that Lebanon does not serve as a platform for attacking Arab and friendly nations.”

Salam called on Arab communities to return to investing in and engaging in tourism in Lebanon in light of the new government and the favorable conditions it aims to create.

Meanwhile, the European Commissioner for the Mediterranean Dubravka Suica held meetings with President Aoun and Salam.

The European Commission confirmed that it has allocated a €1 billion ($1.045 billion) package for Lebanon, with an additional €500 million to be provided.

However, this extra funding depends on specific conditions, including restructuring the banking sector and reaching an agreement with the International Monetary Fund.

A security meeting was held at the presidential palace two days before Hezbollah is set to hold the funeral for its former Secretary-General Hassan Nasrallah and his successor Hashem Safieddine.

Aoun presided at the meeting.

Defense Minister Michel Menassa, Interior Minister Ahmad Hajjar, Acting Army Commander Maj. Gen. Hassan Audi and senior officers from security agencies attended the talks.

Preparations are being made at Sports City, located at the southern entrance of Beirut, to accommodate mourners in the stadium and nearby areas.

Hezbollah expects attendees to exceed the stadium’s capacity of around 60,000 people.

Large posters of Nasrallah, Safieddine, and Lebanese flags were displayed on the outer walls.

The Lebanese army and Internal Security Forces will ensure safety in the surrounding areas and streets, while Hezbollah members will oversee the discipline and organization of the event.

During a security meeting at the Interior Ministry, the protocols and measures for maintaining order and ensuring the safety of attendees and citizens were reviewed.

The measures also aim to ensure the smooth flow of traffic, according to Interior Minister Ahmad Al-Hajjar Hussein Fadlallah, head of the funeral organizing committee.

He provided details about the logistical arrangements for the event at a press conference.

“We have secured 50 parking lots and set up giant screens along the roads to broadcast the funeral for those unable to attend in person,” Fadlallah said.

“Both the presidency and parliament of Lebanon will be participating in the funeral.”