Top Stories on 28th July in a capsule

Pakistan PM Nawaz Sharif disqualified by Supreme Court following Panama paper verdict

Pakistan Prime Minister Nawaz Sharif was on Friday disqualified by the country's Supreme Court following a verdict in connection with the Panama Paper leak which had revealed the names of three of Sharif's children in ownership of offshore shell companies, media reports said. The companies were reportedly used to channel funds to acquire foreign assets in a discreet manner, reports added. The verdict was give out by a five-judge panel which recommended anti-corruption cases against Sharif, his daughter Maryam and her husband Safdar, Finance Minister Ishaq Dar and several others. Though unclear, Sharif’s brother Shehbaz, the CM of Punjab province is a strong contender for the PM’s position.
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Govt’s Project Insight to tax evaders from Facebook and Instagram 

Starting next month, the Modi government will begin amassing a bank of virtual information from Instagram and Facebook posts in a bid to zero down on tax evaders even as it attempts to match our spending patterns with income declarations. The $156 million Project Insight will pair with the world’s biggest bio-metric identity database - Aadhar- to net the tax evaders. The second segment of the process will roll out in December which will create more individual spending profiles and attempt at more targeted inquiries.

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Jeff Bezos was the World’s Richest Person, but only for a few hours. 

Hours after a jump in Amazon’s share price made its founder Jeff Bezos the world’s richest person on Thursday, shares of the company slipped on Friday morning, putting Bill Gates back on the top of the world's richest list. Gates has been the richest man in the world since the last four years.Jeff Bezos holds approximately 17% of Amazon’s shares, which have risen 24% since the last four months, adding $17 billion to the CEO’s net worth since then. Jeff Bezos has been a billionaire since the last 20 years, but his growth has been impeccable since the last two years owing to his big push in India. Bill Gates has donated more than $30 billion in philanthropic causes, whereas Bezos has donated approximately $100 milllion.

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US Senate rejects Trump’s partial Obamacare repeal

The US Senate has rejected the measure to repeal parts of former President Barack Obama’s health law – Obamacare, by 55-45 votes, on Thursday. The GOP repeal bill was opposed by three Republicans - Senators John McCain, Lisa Murkowski and Susan Collins, in support of 48 other democrats. However, Trump took the outburst to twitter and posted, “3 Republicans and 48 Democrats let the American people down. As I said from the beginning, let ObamaCare implode, then deal. Watch!” Under Obamacare, around 20 million people gained healthcare coverage, but Republican’s saidn patients had less choice and higher premiums, claimng it was an overreach of the federal government.

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Pakistan Stocks crash following Nawaz Sharif’s disqualification

The Karachi stock exchange has taken a massive hit since their country disqualified the Prime Minister Nawaz Sharif following corruption charges on him and his family. The KSE-100 index slipped more than 1200 points in opening trade and more than 700 points within minutes after the Supreme Court verdict. The country’s index had soared around 400% since 2009, and 40% since the previous calendar year. The market closed around the 45,000 mark. 
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Nifty above 10,000 mark while Sensex breaks winning streak

The Sensex and the Nifty closed on low tunes as the BSE index lost its 5-day winning streak and the Nifty closed near the 10,000 mark. The Nifty touched an intra-day low of 9,944 points today. The Sensex had gained 155 points in the last two sessions, closing at a lifetime high of 32,383 points on Thursday, but it closed lower by 73 points on Friday. For the week, the Sensex and the Nifty gained 1% each, making it their 4^th weekly advance. Both the indices reached new lifetime highs in the week.