Epaper_21-04-2023 ISB

SC PUTS OFF SAME DAY POLLS CASE AS GOVT-PTI MEETING SCHEDULED FOR 26TH

g Court’s order says impressed to note political leadership affirmed fidelity to Constitution

ISLAMABAD staff RepoRt

THESupreme Court (SC) on Thursday adjourned till April 27, the hearing of a petition seeking ‘same day elections’ in the country after being told that a meeting has been scheduled between the government and Pakistan Tehreek-eInsaf (PTI) for April 26.

Earlier in the day, the apex court had given the federal coalition and the PTI time until 4pm to sit together and develop a consensus on elections in the country. At the same time, it also asserted that it would not go back on its order fixing May 14 as the date for elections to the Punjab Assembly.

A three-member bench comprising Chief Justice of Pakistan (CJP) Bandial and comprising Justice Ijazul Ahsan and Justice Munib Akhtar heard the petition, seeking to hold general elections to all the national and provincial assemblies simultaneously.

However, the proceedings did not resume at 4pm as the three-judge bench did not appear in the courtroom. Meanwhile, Farooq H Naek, who was representing Pakistan People’s Party (PPP), and Attorney General for Pakistan (AGP) Mansoor Usman Awan met with CJP Bandial in his chambers. The Supreme Court, in its written five-page order, stated that it was “impressed” to note that all political leaders had affirmed their fidelity to the Constitution. It also asserted that it would not go back on its order fixing May 14 as the date for Punjab elections.

The order noted that the Supreme Court has no objection to the negotiation process for holding general elections si-

g Asserts it would not go back on its order fixing May 14 as date for Punjab polls

multaneously. “Holding elections on the same day across the country is a legal and constitutional question,” it added.

It further said that all executive authorities were bound to implement the decision of the election to Punjab Assembly on May 14. Referring to CJP’s meeting with Farooq H Naek and AGP Mansoor, the order said that both the representatives informed the chief justice of talks between government and opposition. A meeting has been scheduled amongst government and opposition on April 26, 2023, the order said, adding that it should be informed of the progress when the hearing resumed on April 27.

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Dialogue ‘at gunpoint’ will be a futile effort: Bilawal

Pakistan People’s Party (PPP) Chairman Bilawal Bhutto

Zardari has termed the Supreme Court (SC) order ‘a verdict at gunpoint,’ saying although his party is trying to develop consensus on elections among the political leadership, but “it would be a futile effort if it is carried out with a gun to your head”.

While addressing a press conference in Islamabad, Bilawal Bhutto Zardari reiterated the demand for simultaneous elections in the country, saying the ruling parties will consider the court order based on the 3-2 ratio as “a verdict at gunpoint.”

He added that they considered the minority’s verdict as the ruling at gunpoint and expressed fear for the continuity of democracy and the federation if stakeholders fail to find a so-

Pakistan placed first order for discounted Russian crude oil: Musadik

ISLAMABAD ReuteRs

Pakistan has placed its first order for discounted Russian crude oil under a new deal struck between Islamabad and Moscow, Minister of State for Petroleum Musadik Malik said, with one cargo to dock at Karachi Port in May. Pakistan’s purchase gives Russia a new outlet for its crude, adding to Moscow’s growing sales to India and China, as it redirects volumes from western markets where its oil has been banned in the wake of the Ukraine conflict. Discounted crude offers much needed respite to cash-strapped Pakistan in the face of a balance of payments crisis and critically low foreign exchange reserves. Energy imports make up the majority of the country’s external payments. The deal will see Pakistan buy only crude oil, not refined fuels, with imports expected to reach 100,000 barrels per day if the first transaction goes through smoothly, Malik told Reuters on Wednesday night. “Our orders are in, we have placed that already,” he said, confirming source-based information that the country would only be buying crude, not refined products.

Pakistan imported 154,000 barrels per day of oil in 2022, relatively flat from the previous year, data from analytics firm Kpler showed. Most of the crude was supplied by the world’s top exporter Saudi Arabia followed by the United Arab Emirates. If Russian crude supplies were to reach 100,000 barrels per day, it would mean a potentially big drop for Middle East suppliers to Pakistan. Malik declined to say whether Chinese yuan and the UAE dirham would be used as currencies for transactions, with Pakistan short of dollars. He did not comment on the rate of imports either.

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Eidul Fitr on Saturday as Shawwal crescent not sighted: Azad

lution to the issues. He admitted that the elections should be held on time but the circumstances are different today. He claimed that the violation of the 90-day deadline was not committed by the government but someone else was involved in it.

The foreign minister made these comments as Chief Justice of Pakistan (CJP) Umar Ata Bandial requested political leaders to hold negotiations earlier in the day after the Supreme Court resumed hearing a petition seeking to hold general elections for all national and provincial assemblies simultaneously across the country. The CJP said that there could be no obstinacy in negotiations and that consensus could be built through bilateral talks. The top judge requested that leaders of political parties meet today and negotiate, rather than after Eid.

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PM urges judiciary to reassess role, become protector of Constitution

stressed it was time for the state institutions to get united for upholding the Constitution and keeping the national interest supreme.

He continued that Pakistan was currently at the crossroads of constitutional challenges, which required a sense of wholeness to be demonstrated by the state institutions.

In connection with the golden jubilee of the country’s 1973 Constitution, the mobile application has been developed by the Ministry of Information and Broadcasting under the leadership of Minister Marriyum Aurangzeb in collaboration with National Database and Registration Authority (NADRA).

The application will act as a digital source to help raise awareness among the general public about the 1973 Constitution.

ISLAMABAD

staff RepoRt

Prime Minister Shehbaz Sharif on Thursday said there was no example anywhere in the world that the court had stayed law of the parliament, elaborating the judiciary can only interpret the law, but cannot re-write it.

Prime Minister Shehbaz Sharif criticised the issuance of stay orders against legislation still in progress and called on the judiciary to reassess its role and become the protector of the Constitution.

“The Constitution has its roots in parliament, and the judiciary’s role is limited to interpretation, not rewriting of laws,” PM Shehbaz declared while speaking at the launch of the 1973 Constitution mobile application here on Thursday. “The parliament will use its constitutional and legal right”, he said and hoped that the judiciary will uphold the constitution and the law. PM Shehbaz Sharif

“It does not happen anywhere in the world that a court issues a stay order against a legislation which is still in the making,” he said. He urged the judiciary to reassess its role and become the protector of the Constitution. The prime minister said the 1973 Constitution was the result of the hard toil of the politicians from all backgrounds, who reached a consensus in formulation of the sacred document.

He recalled that veteran politicians of their times including Zulfikar Ali Bhutto, Mufti Mehmood, Khan Abdul Wali Khan and several others rose above their political differences to write a constitution that acted as a binding force for the federation.

He said although politicians made mistakes in the past, but it was the time to rectify them. “We have indeed learned a lesson and we are making efforts to take Pakistan out of these problems,” he said. “Great people learn from their mistakes and hold the national interest high.”

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Engro just returned Rs23b in dividend to shareholders. But do they not have anywhere to invest it?

LAHORE abdullah Niazi

Early on Thursday morning, Pakistan’s largest conglomerate announced that they were releasing an interim cash dividend for the first quarter of the financial year ending on the 31st of March 2023 at Rs 40 per share — a return of 400% on the share’s par value. The total amount of dividends released by Engro come out to Rs 23 billion.

And while minority shareholders have been buoyed by the payout, the dividend marks both a point of frustration and resignation from the management at Engro. For at least the past five years, Engro has been sitting on a significant pile of liquid cash worth over $700 million earned through the sale of

its subsidiary Engro Foods to a Dutch company, and the sale of nearly onethird of its fertiliser subsidiary Engro Fertilizer in 2016.

And in the time since Engro cashed out on these businesses, they have been trying to look up and down all over Pakistan for investment opportunities to try and expand their footprint. Whenever a company makes such sales they have two options. The first is to immediately disburse the proceeds to their shareholders as a dividend, or otherwise. The other option is to sit on the cash, earn interest off it, keep it on the company’s books, and look for opportunities to invest the money in and expand their business.

This is assuming the company’s management hasn’t finalised better business opportunities prior to the sale.

Engro went for the latter. Since 2016, the company has explored the logistics business, they have taken a very serious look at entering the telecom infrastructure sector, the healthcare sector, and have done feasibility studies and research on a number of other fields. None of them have proven to be worth their while. All of this raises the question: Has Engro finally had enough?

“The paying of this dividend is essentially Engro saying ‘hey we give up there is nowhere to invest in Pakistan’ so here is your money,” explains Farooq Tirmizi, former Managing Editor of Profit. “It comes down to the fact that Engro as a company is too big for Pakistan’s stunted economy to handle.”

And that is where the other reason behind the paying of this dividend

comes in. Pakistan’s current macroeconomic conditions have put almost every investable industry in the country to torch. In a press release explaining the board’s decision to pay the dividend, Engro stated that prohibitive cost of capital and import restrictions on things like machinery meant that investment was difficult.

“It seems like they have that much cash in their books and don’t have anything better to do with it right now. All the restrictions and expansion plans are on hold. Engro has actively been looking to do a project but the macroeconomy seems to have pushed them into paying out the dividend,” says the head of a major securities brokerage firm in Pakistan.

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03

ISLAMABAD staff RepoRt

Central Ruet-e-Hilal Committee Chairman Syed Muhammad Abdul Khabir Azad on Thursday evening announced that the Shawwal crescent was not sighted in any nook and cranny of country therefore the Eidul Fitr would be celebrated on Saturday. Addressing a press conference after holding a conclusive meeting along with other members of the committee here on the premises of Ministry of Religious Affairs and Interfaith Harmony Ministry, the chairman said the first of Shawwal 1444 AH would fall on Saturday, April 22, as the committee did not receive any solid testimony of crescent sighting from any parts of the country. No evidence of moon sighting in Lahore, Islamabad, Karachi and Peshawar was confirmed by Zonal Committees of Ruet-eHilal Committee. As per the report, after 21 minutes of sunset, the chances of seeing the crescent of Shawwal ended across the country and the moon was not sighted anywhere in all major cities including Lahore, Karachi, Islamabad and Peshawar. According to details, Karachi Ruet-e-Hilal Committee Chairman Maulana Muhammad Salfi talked to the media and confirmed that the time to see the moon has ended and no witness or evidence of moonsighting were received. He told the media that they have informed the central Ruet-e-Hilal Committee about not seeing the crescent of the Shawwal month. He said the formal announcement of the moonsighting will be given by the central committee from Islamabad. In Lahore, the zonal Ruet-e-Hilal Committee meeting was held but the moon was also not sighted here in the city. In Islamabad, due to cloudy weather and wind storm, the moon was not sighted. However, the Zonal and District Ruet-e-Hilal Committees held their meetings at their respective headquarters across the country. According to astronomical parameters, there was ‘no chance’ of sighting the new moon of Shawwal, 1444 AH on the evening of April 20, 2023 i.e. on 29th of Ramazan, 1444 AH said the Pakistan Meteorological Department’s report issued earlier.

Weekly inflation records new high of 47.23%

PROFIT staff RepoRt

The Pakistan Bureau of Statistics (PBS) released data on Thursday showing that the weekly inflation measured by the Sensitive Price Index (SPI) has reached an all-time high of 47.23 per cent year-onyear (YoY) for the week ending April 19. The increase in food prices was the main driver of this unprecedented inflation. On a week-on-week (WoW) basis, the short-term inflation rate rose by 0.51 per cent due to the increased costs of food items such as potatoes, tea, bread, chicken, and rice, as well as non-food items such as liquified petroleum gas, petrol, and matchboxes. The SPI monitors the prices of 51 essential items based on a survey of 50 markets in 17 cities across the country. During the week under review, the prices of 29 items increased, eight decreased, and 14 remained stable. Last week, the short-term inflation rate was recorded at 44.61 per cent YoY, while for the week ending on March 22nd, it was recorded at an alltime high of 46.65 per cent YoY, which was surpassed by the latest record. Available data shows that last month, prices in Pakistan rose at the fastest pace ever in the country’s history, with food, beverage, and transport costs driving inflation to a point where analysts feared that “families will have to make choices and sacrifices”. Moreover, the Consumer Price Index (CPI) recorded a monthly inflation rate of 35.37 per cent in March YoY, the highest annual rate since available data in July 1965, according to the research firm Arif Habib Ltd. The government has implemented harsh measures, including hikes in fuel and power tariffs, withdrawal of subsidies, a market-based exchange rate, and higher taxation under the International Monetary Fund program to generate revenue for bridging the fiscal deficit. These measures may result in slow economic growth and higher inflation in the coming months.

ISLAMABAD staff RepoRt

g After a decade of trying to find right investment, Engro takes a step back

Ch AnwArul hAq sworn in As Prime minister of AJK

MUZAFFARABAD (AJK) Staff RepoRt

PAkisTAnTehreek-i-insaf

origin

(PTi)

Chaudhry Anwar ul Haq was sworn in as the 15th prime minister of Azad Jammu and kashmir (AJk) in the state metropolis on Thursday, hours after he was elected unopposed to the office by a thumping majority of the 53-seat Azad Jammu kashmir Legislative Assembly.

AJk President Barrister sultan Mahmood administered the oath to the new Prime Minister Ch. Anwar ul Haq at a ceremony in the new Prime Minister House. The ceremony was largely attended by the elected representatives including the

AJk Legislative Assembly members belonging to all three major parties including PTi, PML n and PPP besides high ranking officials, councilors, social and political workers from various parts of AJk and the notables from the state Capital town.

Earlier, Ch. Anwar ul Haq bagged 48 votes in the 53-member House in an election also participated by the 19-member opposition, comprising Pakistan Peoples Party (PPP) and Pakistan Muslim Leaguenawaz (PML-n). A total of 48 members belonging to PTi, PPP and PML (n) polled their votes electing Haq as the Prime Minister unopposed. The 29 out of a total of 31 PTi members of the AJk Legislative Assembly cast their votes in favor of Ch. Anwar ul Haq electing

we want imran out of politics, court wants him at center: fazl

DI KHAN Staff RepoRt

Jamiat Ulema-e-islam-Fazl (JUi-F) chief Maulana Fazlur

Rehman said that they want the PTi chief imran khan out of politics but the supreme Court wants him at the centre. Addressing a press conference the JUi-F chief Fazlur Rehman said that he had a telephonic conversation with PPP co-chairman Asif Ali Zardari and PML-n head nawaz sharif. They informed him that the court want them to talk to PTi chief imran khan and decide a date for elections. He asked the court to first clear its position and under which section of the constitution everyone will agree to the election date given by imran khan, who should be disqualified instead. The JUi-F chief said that they considered this process apolitical and the court should respect the parliament. He maintained that they want to exclude the PTi chief from politics but the supreme Court is including him back in the political circle.

Maulana Fazlur Rehman lambasted supreme Court, saying that the parliament is supreme, if the judges can summon politicians to the court why can’t the parliament summon judges?

integrating Constitution in curriculum a historic milestone, says minister

ISLAMABAD Staff RepoRt

Minister for information and Broadcasting Marriyum

Aurangzeb announced on Thursday that integrating the Constitution of Pakistan into the educational curriculum is a major milestone achieved by the country on the occasion of its golden jubilee. speaking at the launch of the Constitution mobile application, the minister said the historic integration of the document in the curriculum would not only include the basic components of democracy, but also highlight the importance and values of differences of opinion. Developed by the Ministry of information and Broadcasting in collaboration with the national Database and Registration Authority (nADRA), the mobile application has been released in connection with the golden jubilee of the Constitution. The application is designed to act as a digital source that can help raise awareness among the general public about the Constitution. The minister stressed that it was crucial to explain the importance of the Constitution to the people, particularly the youth, as it serves as a guarantor of their rights. she further added that sensitizing the people about the Constitution and its significance in their daily lives is equally important.

fate of elephant noor Jehan uncertain as experts consider euthanasia

KARACHI Staff RepoRt

Animal experts are currently evaluating the condition of an ailing elephant named noor Jehan at a zoo in karachi to determine whether euthanasia — the act of killing an animal humanely, most commonly with injectable drugs — is necessary. The 17-year-old African elephant collapsed in its pen last week and has since failed to stand up despite undergoing emergency treatment for a tumour in karachi on April 5. noor Jehan’s plight has garnered widespread attention on social media, with animal rights activists calling for the zoo’s closure.

Pakistan’s zoos have faced frequent accusations of disregarding animal welfare, and a court ordered the closure of the country’s only facility in the capital due to its decrepit state in 2020. noor Jehan’s fate is currently in the hands of a committee waiting for the arrival of Amir khalil, the chief vet of animal charity Four Paws international. khalil, who led the team that treated noor Jehan for the tumour, expressed his desire to have “one last try” at helping the pachyderm recover. However, her condition remains critical and uncertain, and her pen pal, Madhubala, may receive better accommodation.

pROFIt REpORt daniyal ahMad

sazgar reported its Q3FY23 earnings to the Pakistan stock Exchange (PsX), declaring a final earning of Rs 444 million for the quarter.

This represents a 552.86% quarter-on-quarter (QoQ) increase from the Rs 68 million recorded in Q2FY23. The figure also shows a 1689.35% year-on-year (YoY) increase from its Q3FY22 earning of Rs 24.8 million. The company ended the 9MFY23 period with a final earning of Rs 523.7 million, which is a 343.86% YoY increase from its Rs 117.99 million in 9MFY22 earnings.

Q3FY23 PerFormance: sazgar’s sales revenue for the quarter was Rs 7.9 billion, representing increases of 147.91% QoQ from its Rs 3.1 billion and 176.33% YoY

him Prime Minister. The only MLAs belonging to All Jammu kashmir Muslim Conference and Jammu kashmir Peoples Party – sardar Attique Ahmed khan and sardar Hassan ibrahim khan respectively did not polled their votes.

Likewise, the MLAs Mrs. shahida sagheer and Ali shan soni, belonging to PTi AJk, abstained from casting their vote in favor of the only candidate Ch. Anwar ul Haq, who was later declared elected unopposed as the Prime Minister of Azad government of the state of Jammu and kashmir.

Earlier, while addressing Azad Jammu kashmir Legislative Assembly soon after his election as the Prime minister, Chaudhry Anwarul Haq said that there would be no justification for him to stay in power provided

he fails to serve the masses and establish the rule of law in the state.

“The Prime Minister who has been elected today, will not be removed by the court or the house, but if he fails to serve the people, he will leave the post himself”, he said.

Reiterating his commitment to fulfilling his obligations as leader of the House, the PM made it clear that instead of clinging to power he would prefer to resign the moment he felt that he was not able to serve the people.

He said that during his two-year term as a speaker he played an important role in the establishment of the rule of law.

Prime Minister Chaudhry Anwar Haq said that besides the House (legislative assembly), every citizen of the state has the right to hold him accountable in case there was a

Bed Bath & Beyond prepares for bankruptcy filing -WSJ

pROFIt

ReuteRS

Bed Bath & Beyond inc (BBBY.O) is preparing to file for bankruptcy as early as this weekend, the Wall street Journal reported on Wednesday, citing people familiar with the matter. shares of the company tumbled nearly 23% to 38 cents in after hours trading. They are down about 86% since the company said in January that it was exploring options including bankruptcy. Once considered a category killer in home goods, the Union, new Jersey-based company has seen demand slump in recent years as its merchandising strategy to sell more store-branded products flopped. Bloomberg Law reported earlier on Wednesday that the struggling retailer was in talks with advisers and lenders ahead of a bankruptcy filing that could

come in the next few weeks.

The company is also looking at financing options to help fund itself during bankruptcy, according to the Bloomberg Law report.

Bed Bath did not immediately respond to a Reuters request for comment on both the reports.

The company in February planned to raise around $1 billion in an offering of preferred stock and warrants, but terminated the complex deal after raising $360 million.

The retailer again announced plans in March to sell $300 million worth of shares and warned that it might have to file for bankruptcy if the sale failed.

Bed Bath said last month it was seeking shareholder approval for a reverse stock split in the range of 1-for-5 to 1-for-10 ratio.

its board has urged shareholders to approve the split, saying that the company might have to file bankruptcy if the plan does not go through.

Meta lays off tech teams, battering employee morale

pROFIt ReuteRS

Meta Platforms inc (META.O) on Wednesday carried out another round of job cuts, this time hitting engineers and adjacent tech teams, as Chief Executive Mark Zuckerberg further moved to streamline the business in a bid to make 2023 a “year of efficiency.”

Meta in March became the first Big Tech company to announce a second round of mass layoffs, which it said would take place in three main batches over several months and impact 10,000 employees. Wednesday’s cuts, though expected, prompted expressions of frustration from Meta employees. Layoffs were the subject of the most popular questions posted on an internal company forum on Wednesday ahead of an upcoming employee town hall. “You’ve shattered the morale and confidence in leadership of many high performers who work with intensity. Why should we stay at Meta?” read one question seen by

Reuters.

The question references comments Zuckerberg made last year urging employees to work with more “intensity” to meet the Facebook and instagram parent company’s business challenges.

The company declined a Reuters request for comment. Meta’s first round of layoffs in the fall hit more than 11,000 employees, or 13% of its workforce at the time, and preceded other major tech companies shedding thousands of employees after a pandemic-led boom in digital advertising and cloud computing. With the restructuring, Meta is also shelving lower-priority projects and “flattening” layers of middle management. investors have rewarded the company for downsizing. Meta shares have surged about 80% this year, outperforming the tech-heavy nasdaq Composite’s (.iXiC) 16% rise in the period. The company, which will announce its firstquarter results on April 26, is expected to benefit from a modest pickup in the digital advertising market and regulatory pressure on chief rival TikTok.

ECP extends deadline for party ticket submission, symbol allotment for Punjab elections

ISLAMABAD Staff RepoRt

Election Commission of Pakistan

(ECP) has granted a deadline extension until 12:00 a.m. on April 20, 2023, for the submission of

from its Rs 2.859 billion. The cost of goods sold also rose to Rs 7.031 billion, amounting to increases of 139.79% QoQ for an increase of Rs 4.099 billion and 162.05% YoY for an increase of Rs 4.34 billion. sazgar’s gross profit was Rs 871 million, a QoQ increase of 241.13% from its previous Rs 255 million and a YoY increase of 393.46% from last year’s Rs 176.5 million. The company’s gross profit margin (GPM) was also higher at 11.02%, compared to last quarter’s 8.01% and last year’s 6.17%. Other highlights for the company include an increase in other income and changes in its

party tickets and the allotment of symbols to candidates who will be contesting in the General Elections for the Provincial Assembly of Punjab. This move is intended to facilitate the smooth conduct of the upcoming elections and provide

contradiction in his words and deeds.

Regarding the kashmiris’ ongoing liberation struggle, the PM said that he would try to play his constitutional role effectively to strengthen the kashmir cause both at national and international level.

Thanking opposition parties for their allout support, the PM said that he contested the election as an independent candidate but he got the power with the support of PDM.

He, however, maintained that he would not have contested the election if his party (PTi) was able to win the election.

Haq also thanked the PTi lawmakers for reposing their trust and confidence in his leadership. He said that after assuming the charge of government, he would determine the priorities of his government.

Pakistan’s embassy in Khartoum comes under fire amid sudan unrest

ISLAMABAD anadolu agency

The diplomatic mission of Pakistan in khartoum came underfire on Wednesday amid clashes between the sudanese army and the paramilitary Rapid support Forces (RsF). in a statement, the embassy said that it was hit by three bullets during the clashes. “This is a blatant violation of the Vienna Convention as the host government is responsible for providing security to diplomatic missions,” the statement said. The embassy called on sudan’s conflicting parties “to exercise constraint” and requested the sudanese government “to immediately deploy security personnel for the protection and security of Embassy of Pakistan.” The embassy urged all Pakistan nationals in sudan “to stay at home and avoid unnecessary outgoings due to deteriorating security situation.”

Explosions and gunfire resounded in sudan’s capital Thursday as fighting between the forces of two rival generals showed no signs of abating ahead of festivities marking the end of Ramadan. nearly 300 people have been killed since the fighting erupted saturday between forces loyal to sudan’s army chief Abdel Fattah al-Burhan and his deputy, Mohamed Hamdan Daglo, who commands the RsF. some of the fiercest battles have taken place in the capital khartoum, a city home to five million people, most of whom have been cloistered in their homes without electricity, food and water. several foreign diplomats have also come under attack in the capital. On Monday, the European Union ambassador in sudan, Aidan O’Hara, was assaulted at his residence in khartoum. A United states diplomatic convoy also came under fire on the same day.

And on Tuesday, Wim Fransen, head of the European Union humanitarian operations in sudan, was wounded by a gunshot. Many countries have started to make plans to evacuate thousands of foreigners from the north African country but their efforts have been put on hold by the ongoing violence. sudan has been without a functioning government since October 2021, when the military dismissed Prime Minister Abdalla Hamdok’s transitional government and declared a state of emergency in a move decried by political forces as a “coup.” sudan’s transitional period, which started in August 2019, was scheduled to end with elections in early 2024.

Bushra, lawyer fined for ‘wasting court’s time’ thru preemptive plea

LAHORE Staff RepoRt

candidates with additional time to fulfill the required formalities. The Election Commission has informed the Provincial Election Commissioner (PEC) and all Returning Officers (ROs) that the deadline extension until 12:00 a.m. on April 20, 2023, for the submission of party tickets and allotment of symbols to contesting candidates.

cost of finance. The company’s other income rose to Rs 13.8 million, representing a 669.6% QoQ increase from its Rs 1.79 million in Q2FY23 and a 204.46% YoY increase from its Rs 4.544 million in Q3FY22. The company’s cost of finance for the quarter was Rs 42.4 million, a 1.5% QoQ decrease from its Rs 43.1 million in Q2FY23 but a 202.53% YoY increase from its Rs 14 million cost of finance from last year. sazgar’s tax expense for the quarter rose to Rs 213.27 million, an increase of 1981.05% QoQ and 322.2% YoY. its effective tax rate (ETR) was 32.42%. This ETR was

Bushra Maneka, the wife of Pakistan Tehreek-i-insaf (PTi) chairman imran khan, had a petition to prevent expected police action at their residence in Lahore during the Eid ulFitr holidays dismissed by the Lahore High Court (LHC) on Thursday. The court also imposed a fine of Rs100,000 on both Maneka and her lawyer, Azhar siddique. Last month, Punjab police conducted a raid at khan’s Lahore residence while the former premier was in islamabad for a hearing, leading to the arrest of several party workers. During a separate case hearing earlier this week, khan expressed his fear of another “operation” during the Eid ul-Fitr holidays, which prompted the court to instruct police not to “harass” him. Maneka’s petition named the Ministry of interior, the chief of Punjab police, and the Federal investigation Agency (FiA) as respondents, and cited “reports” of an operation being planned at Zaman Park during the holidays. it referred to the March operation and requested the court to stop police from conducting the reported operation during the holidays. During the hearing, Justice Tariq saleem sheikh questioned the basis for the petition, stating that a larger bench had already issued an order to not “harass” khan. He observed that the latest petition was similar to the matter that had already been heard and remarked on the waste of the court’s time.

significantly higher than the 13.08% in Q2FY23 but lower than the 67.03% in Q3FY22. The company’s final earnings for the quarter were Rs 444.63 million, which was Rs 376.5 million higher than its final earnings of Rs 68.1 million in Q2FY23 and Rs 419.781 million higher than its Rs 24.848 million in Q3FY22.

9mFY23 PerFormance: The company’s sales revenue for 9MFY23 rose to Rs 12.59 billion, a 78.04% YoY increase from the Rs 7 billion recorded last year. its cost of sales rose by 73.45% YoY to Rs 11.3 billion from the previous Rs 6.515 billion. However, the cost of goods sold as a percentage of sales revenue fell from 92.12% last year to 89.75%.

This improved the company’s GPM from 7.88% to 10.25%, with the gross profit itself increasing by 131.61% YoY to reach Rs 1.29 billion from the previous Rs 557.5 million. The company’s other income rose by 74.79% YoY from Rs 10 million to Rs 17.6

million, while its cost of finance spiked by 319.11% YoY from Rs 31.7 million to Rs 133.218 million. The company’s tax expense for 9MFY23 also rose by 160.79% YoY from Rs 290 million to Rs 756.53 million, while its ETR reduced from last year’s 59.32% to 30.77%. The company’s final earnings stood at Rs 523.7 million, a 343.86% YoY increase from its previous Rs 117.9 million.

What’s going on then?

“The significant increase in sales revenue can be attributed to their four-wheeler segment, which saw a rise in both selling price and volume,” says saad khan, Head of Research and investment at iGi Finex securities. “This was primarily due to the fact that their competitors had higher prices and longer delivery times. With imports remaining closed, companies that offered more affordable alternatives reaped immense benefits from the challenges faced by the auto sector,” khan adds.

LAHORE: A view of huge rush of pasengers at railway station as people leaving for their hometowns to celebrate Eidul Fitr with families. photo by zubaiR Mehfooz

rAshiD sAys eleCtions will Be helD After eiD or govt will Be DisquAlifieD

AWAMiMuslim League chief and former interior minister sheikh Rashid Ahmad has said that elections will be held after Eid ul Fitr or the government will be

disqualified. in his message posted on the social media site Twitter on Thursday, he wrote that nawaz sharif would go to London [from saudi Arabia] and would not come to Pakistan unless elections were held on his terms. The caretaker governments [term] have ended constitutionally; their promotions, demotions, vehicles, and offices should be taken back, he added.

Pm urges judiciary to reassess role, become protector of Constitution

CONtINUED FROM pAgE 01

He said the government took over in difficult time, however, said that it would not hesitate in protecting the state and the Constitution. PM sharif said on the eve of the 50th anniversary, the decision to include 1973 Constitution in the syllabus at schools and college levels was remarkable in raising awareness about its sanctity.

He expressed the hope that the young generation would learn about the Constitution and healthy academics debates would be held at educational institutions.

He also commended the government’s decision to include the 1973 Constitution in the syllabus at school and college levels to raise awareness about its sanctity. The PM expressed hope that the younger generation would learn about the Constitution, leading to healthy academic debates at educational institutions. The prime minister felicitated the parliamentarians, speaker national Assembly Raja Pervez Ashraf, information Minister Marriyum Aurangzeb, interior Minister Rana sanaullah and nADRA on the launch of the Constitution 1973 mobile application.

cJcsc gen sahir shamshad calls on shehbaz shariF: Chairman of Joint Chiefs of staff Committee General sahir shamshad Mirza on Thursday called on Prime Minister shehbaz sharif here. in the meeting, they discussed the matters pertaining to the country’s defence and armed forces of Pakistan, a PM Office press release said.

Dialogue ‘at gunpoint’ will be a futile effort: Bilawal

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He further said that elections could be held in July after Eid. The hearing was then adjourned till 4 pm. However, as expected, no dialogue took place between the highlypolarised political parties. subsequently, the hearing was adjourned till April 27 as the Attorney General for Pakistan (AGP) Mansoor Awan and PPP lawyer Farooq H naek met Justice Bandial in his chamber, seeking more time to hold dialogue with the opposition Pakistan Tehreek-e-insaf (PTi) to evolve consensus on the matter.

“We know that consensus on some matters would be difficult. We are facing difficulties to appease our coalition partners if ‘panchayat’ is constituted in some other institution. We agree on the stance of the coalition partners and dialogues will not be held at gunpoint,” he said. The PPP chairman said that his political party announced its stance before the nation regarding the conspiracy for forcedly organising elections in Punjab. “The PPP has been making endeavors to convince the allied parties to take forward this process and our effort is to save democracy and the federation.” The foreign minister, however, said it will be difficult for PPP to convince the allied parties to hold dialogue with the opponents until and unless the court order of holding elections in Punjab on May 14 was taken back. He said holding elections in one province at this point in time will impact the results of elections in other three provinces. “We support the idea of holding the elections on one day across the country,” he added. Bilawal Bhutto Zardari said the coalition parties were standing firm in backing the decisions taken on the platform of the Parliament. Responding to a question, Bilawal said he will represent Pakistan at the foreign ministers meeting of shanghai Cooperation Organization (sCO) to be held in india next month. He said, “We are committed to the sCO charter and this visit should not be seen as a bilateral one but in the context of the sCO.”

Rashid claimed that Asif Zardari was playing a double game. A sum of Rs 21 billion must be released by April 27, otherwise be ready to face serious consequences, he continued. He said the government is entangled in its own trap. it doesn’t realise the seriousness of the situation. Elections will be held after Eid or the government will be

disqualified.

The former interior minister said that shehbaz sharif, interior minister and law minister will face contempt of court. Elections will be held on May 14 as ordered by the supreme Court, there is no room for change.

Time is being wasted under a conspiracy in the name of negotiations, he said. The former minister wrote that Fazlur

Rehman is being kept out of the negotiations at the behest of nawaz sharif. Rashid tweeted that the supreme Court kept the constitution and law aloft and gave space to political parties. But the parties which are not able to go to the public are the ones who are hindering the election. Visit [of shehbaz sharif] to saudi Arabia was postponed due to MBs’s busy schedule, he wrote.

SC puts off same day polls case as govt-PTI meeting scheduled for 26th

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Five-Page order: The top court said in its fivepage order observed that having heard the positive statements of political leadership of the country representing all major political parties with respect to the simultaneous holding of general elections of the national assembly and four provincial assemblies gives cause for optimism that they would agree to an election date sooner rather than later.

While citing its earlier order the court said the judgment relating to May 14 as general election in Punjab Assembly is in field which ruling is binding on all judicial and executive authorities. The bench said in its order, “We are cognizant that if political dialogue extends to address all grievances, then it is likely to be a lengthy process and the correct forum for that is the political arena and political institutions. However, we did not find any reservations to

the negotiations being centred solely on a one-point agenda, namely, consensual fixation of a date for holding of general elections of the national assembly and four provincial assemblies which is a constitutional and legal question. it is important that such result is accomplished expeditiously because our judgment rendered in Constitution Petition no.5 of 2023 on 04.04.2023 has already fixed the date of elections to the Punjab Provincial Assembly as 14.05.2023.

PPP and Pml-n assure court oF eFForts to resolve election disPute:

Representing PPP, senior advocate supreme Court Farooq H. naek submitted saying a process for conducting such dialogue has been initiated within the coalition partners of Pakistan Democratic Movement (PDM). He further said that it is agreed that heads of all political parties shall meet with the opposition parties to arrive at a consensus date for holding the general

Talha Mahmood leaves for Saudi Arabia to review Hajj arrangements

ISLAMABAD Staff RepoRt

Minister for Religious Affairs and interfaith Harmony, senator Muhammad Talha Mahmood, left for saudi Arabia to review the arrangements for the upcoming Hajj pilgrimage on Wednesday night.

The minister has traveled to saudi Arabia at his own expense to ensure the provision of facilities for intending Pakistani pilgrims.

During his visit, he would perform Umrah and pay homage at the mausoleum of the Holy Prophet (Peace Be Upon Him). He would also meet with saudi authorities to discuss the arrangements for Hajj and raise any concerns regarding the facilities provided to Pakistani pilgrims.

Minister Talha would visit the Pakistan Hajj Mission in Makkah and the Pakistan House in Madinah to take a briefing on the arrangements for the upcoming pilgrimage.

This visit would provide an opportunity for the newly appointed minister to evaluate the arrangements and ensure that they meet the requirements of Pakistani pilgrims.

Earlier, addressing a press conference in the ministry, he urged the saudi government to waive all the taxes being collected from Pakistani pilgrims in the wake of mandatory Hajj expenses.

He said that Pakistan was in severe financial crisis these days and this generous initiative would give a positive message to the world that Pak-saudi relations go beyond the diplomatic ties.

Highlighting the saudi government’s supportive role, the minister emphasized that such taxes would add a significant financial burden to the already expensive pilgrimage for Pakistani pilgrims, however, the taxes levied on them would create a financial obstacle for those wishing to perform the mandatory pilgrimage.

He further informed that almost 40,000 intending pilgrims would be benefited from the facility of ‘Road to Makkah’ project at the islamabad international Airport (iiA).

Under this facility, their immigration process would completed at the airport, reducing the time and effort required to complete it, he maintained.

He said due to shortage of time, the scope of the project could not be expanded to other airports in the country. However, he assured that efforts were being made to increase the number of pilgrims availing this opportunity to its fullest from the iiA.

Talha Mahmood expressed his hope that the ‘Road to Makkah’ initiative would be available at other airports across the country by next year, providing pilgrims with greater convenience and ease during their journey to saudi Arabia.

Mushahid terms Radio Pakistan identity, pride of country

ISLAMABAD Staff RepoRt

Chairman senate standing Committee on Defense senator Mushahid Hussain syed said on Thursday that Radio Pakistan was the identity and pride of Pakistan.

This, he said during his visit to Radio Pakistan, islamabad for a video podcast interview in the newly established state of the art podcast studios.

Director General Radio Pakistan Tahir Hassan apprised the senator of the latest initiatives taken by Radio Pakistan to align the national broadcaster with modern-day requirements.

senator Mushahid Hussain syed visited different

sections of Radio Pakistan including newly established sports channel, Exclusive English Channel 87.6, technology channel, the World and External service and renovate on modern lines the most popular saut-ul-Quran Channel of Radio Pakistan. He also visited news and Current Affairs Channel, General news Room, social Media and renovated news studios.

The senator appreciated the initiatives undertaken by Director General Radio Pakistan Tahir Hassan to equip the national Broadcaster with modern gadgets to meet the changing needs of broadcasting and revive its old glory as well as the steps taken by him to improve its revenue.

elections to the said assemblies simultaneously. On behalf of the PML-n, khawaja saad Rafique endorsed the statement of Faroorq H. naek and expressed willingness of his party to enter into negotiations with all political parties to arrive at a consensus date for holding of general election simultaneously. Qamar Zaman kaira, for PPP; Engineer sabir Hussain kaimkhani for MQM-P; Tariq Bashir Cheema of PML-Q; israr Ullah Tareen for BAP and sardar Ayaz sadiq duly instructed on behalf of BnP (Mengal) adopted stance of the naek and khawaja saad Rafique. “The PTi’s Vice President Makhdoom shah Mahmood Hussain Qureshi assured the court that notwithstanding the misgivings of his party with the political environment and disposition, his party was willing to move forward within the framework of the Constitution of islamic Republic of Pakistan, 1973 to negotiate on an agreed date for holding of General Elections of the national Assembly and four Provincial Assemblies simultaneously”, stated in the order.

Pakistan placed first order for discounted russian crude oil: musadik

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“i will not disclose anything about the commercial side of the deal,” he said. He said Pakistan’s Refinery Limited (PRL) will initially refine the Russian crude in a trial run, followed by Pak-Arab Refinery Limited (PARCO) and other refineries later. Russian Energy Minister nikolay shulginov led a delegation to islamabad in January to hold talks on the deal, after which he said oil exports to Pakistan could begin after March. Malik took a proposal to Moscow to negotiate the deal late last year. Western nations have imposed a $60 a barrel price cap for anyone to buy Russian oil as part of sanctions against Moscow, however india and China have been paying prices above the price cap, according to traders and Reuters calculations.

inflation crimps eid festivities for Karachi orphans

KARACHI ReuteRS

Women pedal sewing machines, deftly lining up seams and pleats as they assemble brightly coloured dresses for young girls at an orphanage in Pakistan, in preparation for Eid ul-Fitr, which ends the Muslim fasting month of Ramadan. Yet as an economic crisis forces people to tighten their belts, fewer find themselves able to afford charity donations for the approaching festival, usually a time of generosity. “This year no dress came from outside,” said Laiba, a 16-year-old who lives in the home in karachi, as she was being measured for her clothes. “But Bhabi purchased us unstitched cloth which we will wear after stitching here,” she added, referring by an affectionate name to saba Edhi, who is in charge of the network of orphanages across the nation. “it is good,” added Laiba, who goes by one name. she is one of about 30 residents of the home who said they were glad to get new shoes and clothes, despite the rising cost of living. Edhi, who was helping to embroider the clothes, said she had to dip into savings to cover the cost of the Eid gifts, as this year no donations of readymade garments or unstitched cloth had come in, unlike previous years.

Engro just returned Rs23b in dividend to shareholders. But do they not have anywhere to invest it?

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in these conditions, is it any wonder that Engro decided to pay off their shareholders instead of sitting on a pile of cash in a country where there is very little incentive to invest that money? Yet because of its sheer size and inertia, Engro cannot quite quit Pakistan. in its press release, the company claimed that “this decision will not have a significant impact on the long-term investment program of the Company which will continue to be funded by retaining future dividends and/or capital reallocation.” Essentially, they are saying if things get better we will go back on track. But how did Engro get to this point, and what could the future hold?

engro’s gamble: Let’s take a step back. in 2001, Engro’s main line of business was fertiliser and they were willing to put their money where their mouth was. That is why the company went ahead and built the Enven Plant in Daharki, sindh. At 125 metres (410 feet) in height, it is the second tallest structure in Pakistan. it is the largest single-train urea manufacturing facility in the world, and cost $1.1 billion to build: the single largest private sector investment in Pakistan ever.

And it would also prove to be one of Engro’s biggest blunders. The story of how and why this blunder happened is long and winding and has been covered by Profit before. What is important to understand is that back then the government of Pakistan had given a guarantee to Engro that it would provide an uninterrupted supply of gas to the Enven Plant for at least 20 years. Then the

government of Pakistan did what it has done repeatedly since — it proved to be a bad business partner that did not come through on its promise. read more: return oF the billion-dollar gamble: This is where things started getting messy. Engro got to work almost immediately on the plant and was able to get the plant up and ready for production in December 2010. it was at that point that it became painfully obvious that the Government of Pakistan had been making promises it had no intention to keep: the country was facing a massive shortage of natural gas and fertiliser was much further down the food chain of the government’s list of natural gas users, behind urban middle class household needs and the gas required by export oriented industries.

For much of 2011 and 2012, Engro Fertilisers’ shiny new plant effectively limped along. “During the Zardari administration the management at Engro started becoming sick and tired. i spoke to people at Engro back and they told me that 70% of the CEO’s time was focused on trying to get gas for the Enven plant. They wanted to stay in the fertiliser business but it was becoming too much of a headache to bear all the time,” explains Tirmizi.

“And then there was the other issue — Engro was too big for Pakistan’s economy. Rumour had it that Engro had effectively exhausted its counterparty limits with most banks, which is why it turned to borrowing from foreign investors and even issuing the first ever corporate bond directly marketed to retail investors.”

Long story short, Engro wanted out. The

Enven gamble meant Engro was in debt. At the end of 2006, Engro had just over Rs3.7 billion in total long term debt. By the end of 2010, when construction of Enven was finally completed, that number had risen to Rs 105 billion. selling meant that money was bound to come in, and that is where the story leading to today starts. engro’s big, Fat, Pile oF cash: in 2016, Engro made two massive sales. The first to go was Engro Foods. Dutch company FrieslandCampina Pakistan BV (FC Pakistan) completed its acquisition of a majority stake in Engro Foods at an estimatedprice of $446.81 million.

The netherlands-based dairy company acquired 51% stake at Rs120 ($1.14) per share in Engro Foods. it acquired 47.1% (or 361.29 million shares) from Engro Corporation, the parent company of Engro Foods, and another 3.9% (or 29.66 million shares) from the general public.

“Engro Foods ran into a typical problem — whenever a company is launched in Pakistan they have this impression that Pakistan is a country of 220 million consumers. sure, that’s the population but that isn’t really the amount of possible customers.

You’re actually usually looking at 5-15 million people depending on what line of business you’re entering,” Farooq Tirmizi says on the Engro Foods transaction. “Engro Foods was hit with a scaling problem when they started taking loans to build the Enven Plant.”

The next to go was Engro Fertilisers — at least a big chunk of it. For a while, it looked as though Engro’s investment in Enven had been touch-and-go, but would ultimately be worth the massive risk the company took. But

on June 7, 2016, Engro announced that it was selling a 28% stake in Engro Fertilisers in a private placement transaction that raised $185 million. The announcement was not entirely surprising to analysts who have been following Engro and its major shareholder Hussain Dawood, who was very keen on moving Engro towards the energy business. Even there, however, Engro would run into the problem that the very unreliable government was a monopoly client. That immediately raised the question, what would Engro do with all that money? is this engro giving uP?

For years, Engro put their head down and started working on finding avenues to invest in. Engro had divested from food and Enven after realising that the next phase of their growth required investing in something no one else was in. An expansion hinged on Pakistan’s urban retail markets expanding without which the market would remain small and stagnant. since that wasn’t happening, Engro would have to expand through their product.

initially, the company did veer towards energy but very quickly realised that they ran the risk of once again being at the mercy of the federal government. Wanting to avoid that unenviable position, Engro very quickly started looking at other opportunities.

“Credit where credit is due, Engro really gave it a go. somewhere in the Engro computer system is a thorough analysis of every business. They realised there were some very interesting options like logistics but they ran into issues with the nature of the industry and its competitiveness. How do you grow and become profitable?” says Tirmizi. “They

looked deep into healthcare because it is a cash absorbent business but got scared of the risk.

Hospitals are places of life and death and Engro has never had to deal with that kind of risk. Essentially, they realised they are an industrial player and the infrastructural integrity of industrial Pakistan is so bad that there are no real opportunities.”

“Engro has been looking for opportunities to invest, that much is clear. There was the chemical plant they were looking to set up as well but they can’t really do anything right now even if they found a great project to go for they could not import the basic machinery for it,” explains another analyst at a securities company. “That said, i do think the company means what it says that this will not stop its expansion plans. it is a company that makes cash very quickly and will be back in a position to invest next year. Given the macroeconomic environment this year, it only made sense to pay dividends and give shareholders something to be happy about in these tough times.”

“Essentially, this is the end of a 10 year conversation between Engro and its minority shareholders. They have been saying either give us our cash back or invest somewhere else. Engro has finally said here is your money back. Engro earns in rupees, they make money, and they get the best deposit rates from every single bank. The money hasn’t just been sitting there and there hasn’t been a loss even in dollar terms, but this does seem to be Engro at its wits end,” says Tirmizi. “They tried hard, to be fair to them. They hired very talented people at very good money but at the end of it they found themselves up against the limitations of Pakistan.”

RAWALpINDI Staff RepoRt

SCO Foreign Ministers moot

Opportunity to kickstart stalled relationship with India

tHe Pakistan Foreign office has announced that Foreign Minister Bilawal Bhutto Zardari will be going to new Delhi to attend the shanghai cooperation organization meeting of Foreign Ministers on May 4 and 5, which will represent the first visit by a senior Pakistani leader to india since Prime Minister nawaz sharif attended counterpart narendra Modi’s inauguration, back in 2014. the decade has been marked byt major developments in the region, ranging from india’s increasing closeness to the UsA as the sino-Us rivalry heats up to india’s unilateral abrogation of occupied Kashmir’s special status, not to mention its sbre-rattling over the Phulwama incident in 2019. While it would be unrealistic to expect Mr Bhutto Zardari to come out of the moot with any major diplomatic coup, this provides him with a useful opportunity of getting the measure not just of indian Foreign Minister s. Jaishanker and the rest of theindian leadership, but also of conveying Pakistan’s stand on these and other pressing issues. Most notable among the substantive issues will be that of Kashmir, but trade will also play an important role in any talks. All of the stakeholders o both sides of the border have made the right noises, but the time has long been overdue to walk the talk. Mr Bhutto Zardari must also be aware that india’s ruling BJP has used sabrerattling for electoral purposes; he must stop it from trying to pull off any such stunt in the run-up to the indian elections due next year. He might also wish to take up the rather childish indian refusal to engage with Pakistan, which has meant that meetings for years have taken place only on the sidelines of summits: as the present one will. indeed, perhaps the most useful forum, sAARc, has been quite deliberately targeted by the BJP government. the bilateral relationship cannot be treated as a mere addendum to multilateral diplomacy..the issues between india and Pakistan, but whether they are basically bilateral, like sir creek, or multilateral, like the stand to take on climate change, they are only to be tackled by dialogue, as wel as mutual respect for one another’s sovereignty. Mr Bhutto Zardari has shown himself an able diplomat in previous forays abroad, but this will prove his biggest challenge, and not because of the sco, but its sidelines.

Dedicated to the legacy of late Hameed Nizami

Arif Nizami

(Late)

Founding Editor

Yousaf Nizami Editor

M. A. Niazi Joint Editor Umar Aziz Executive Editor

Making the mare go

The Supreme Court is going into uncharted seas

that department has itself foregone some expenditure which was approved. the Finance Ministry must approve that reappropriation.

he is aggrieved, and not wasting the court’s time, by showing his locus standi. the right to a free judiciary being one shared by all citizens, the locus standi of the petitioners cannot be denied, but whether this extends to a bill which has not received assent, is another matter.

THe supreme court is used to having its orders obeyed. lower courts are also used to this, but can be reversed by a higher court. there is no higher court than the supreme court. therefore, if a high court refuses bail to a criminal accused, the supreme court may grant him bail, and whereas the high court had adjudged that he stay in jail, he would walk out of court a free man. However, if the supreme court refuses him bail, no one can, except perhaps the President. that is why when the supreme court has confirmed a death sentence, a mercy petition by the convict is routinely made to the President, as routinely refused. therefore, in the midst of the current battle, one sidelight must be the unease of their lordships at being defied. this may have meant that their lordships may have attempted something not been attempted, passing an order which cannot be implemented. the three-member bench which heard the case of the KP and Punjab Assembly dissolution had refused to accept the ecP claim that it lacked the Rs 20 billion it had asked the Finance Ministry for, or the approximately 300,000 security personnel it needed. While addressing the issue of funds, it came up with a solution that was potentially dangerous. it ordered the state Bank of Pakistan to take the money from the Federal consolidated Fund and credit it to the ecP, under intimation to the Finance Ministry. the state Bank is the government’s bank, just as any commercial bank may be an individual’s. Will the supreme court intervene in a bank’s operations and order it to transfer funds from one person’s account to another’s? A harsh word to use for that would be theft, a milder expropriation. the other alternative would have been for the supreme court to order state Bank to print the money. then it might have had to supervise the necessary open market operation, or oMo, needed for the notes to be brought in circulation, again under intimation to the Finance Ministry. Again, the state Bank’s client, the government, would have been a silent spectator to a transaction carried out in its name. the government is not giving the ecP the money because it claims it agreed the budget with the iMF, and a reappropriation that big needed parliamentary passage. As a matter of fact, since the amount was not passed in the last Budget, the normal procedure would be for the Finance Ministry to instruct the state Bank appropriately, and to get the change passed as a grant in the supplementary budget, which is passed before the budget itself.

it should be noted that the supplementary budget does not involve raising new funds. that is done by Finance Bills after the Budget. it does involve raising the spending limit approved earlier. Where has the money come from? Maybe some other department has surrendered money, or maybe

if, for example, a department decides to forbid the purchase of one newspaper, it would save a certain amount from the grant passed for the national Assembly for newspapers and periodicals. it might order another newspaper instead, so long as it remained within the budget. similarly, it might choose not to replace a certain number of retiring officials because it wanted a new car for the secretary. it could do so, but only after approval by the Finance Ministry. Here, a supplementary grant would have to be approved, because the money approved for someone’s salary was being spent on a car. the reappropriation ordered by the supreme court was to be approved as a supplementary grant. the issue is not just the money, but parliamentary approval. once the money has been made available and spent, can Parliament disapprove? if it can’t, because there is a supreme court order, will such approval have any meaning? it has so disapproved, and the state Bank, breathing a sigh of relief, is out of it. it has made it clear that while it can sequester the funds, it can only transfer them if so instructed by the Finance Ministry. the state Bank has complied with the supreme court’s order, but does not mean elections will be held. it merely means that that excuse has been disposed of, though Parliament’s rejection of the demand for grant stops that. the money can still be surrendered if not spent. it now remains to be seen how the court ensures security. the briefing by the DGs of isi and Mi has not solved the problem. it may have complicated it, because of the unfortunate optics of meeting them in chamber rather than in open court. the supreme court is not just attacking Parliament’s financial powers, it is also attacking its legislative power by making the supreme court (Procedures and Practices) Bill inoperative even before it receives, or is deemed to receive, presidential assent. the division of powers is understood to mean that Parliament makes laws, and the supreme court and the High court interpret them. Actually, the first interpretation is made by some faceless bureaucrat, and that iis taken to a competent court by an aggrieved citizen. A petitioner thus has to show that

The Supreme Court should pause and realize that power belongs to the people. True, half the National Assembly is empty, but that is because members resigned voluntarily. What remains of the National Assembly must be considered the repository of sovereignty. After all, the judiciary only exists because its members are recruited by a process which involves a Judicial Commission involving Parliament

Admittedly, it has been noted that if the bill was to become law, then it would place restrictions on the court. this shows an understanding that the restrictions on the chief Justice are restrictions on the court as a whole. this view has been agreed to by the cJP and seven of the judges of the court, it is relevant that the eight-member bench constituted, included only one of the next three judges with legitimate expectancy of becoming chief justice. Whereas Mr Justice Faez isa is the senior most puisne judge, and thus has legitimate expectancy of becoming chief Justice, he will retire in october 2024, and Mr Justice ejazul Ahsan will then become cJP. He will retire in August 2025, upon which Mr Justice Mansoor Ali shah should succeed. Mr Justice isa and Mr Justice shah were not on the bench. if they were excluded as parties with an interest, then perhaps chief Justice Bandial should not have been on the bench, nor anyone who might serve on the committee constituted by the Bill.

Paradoxically, this piece of legislation asks their lordships to be ‘judges in their own cause’, almost the way contempt petitions do. As the final interpreters, any grievances arising out of it would have to be settled by it. if some case sees all judges recusing themselves, is there a procedure whereby the supreme court can remand such a case to a high court? the fact that the question arises means it will be ground for appeal or review.

the supreme court should pause and realize that power belongs to the people. true, half the national Assembly is empty, but that is because members resigned voluntarily. What remains of the national Assembly must be considered the repository of sovereignty. After all, the judiciary only exists because its members are recruited by a process which involves a Judicial commission involving Parliament. it must also be remembered that the supreme court is a collection of men (and one woman) in late middle age. While they must expound the law and constitution, they must not pass orders with no hope of being obeyed.

The writer is a member of staff

Can we work on ourselves first?

Corruption prevents investment

Elections are becoming a test for all those who want to either stay with the constitution or face the lifelong wrath of their adversaries on electronic and print media platforms. We have a number of choices, either we unstitch our constitution, or get on a confrontational lane, come out on the roads or if all lost stay away from elections, but are these answer to run a state? no, it is not regardless of all parties views and policies, the country cannot be run on whims and adhocism; we boast of being a nuclear state, yet we are sophisticated international beggars; to blame and find excuses in the past has been our national narrative since we ourselves don’t have any solutions, we buy time from people, via public congregations i say we rather waste people’s time is more appropriate, this has continued for a long time and is still on the same course. the major flaw in our official management quarters (including our incumbent rulers) has been in the international negotiations teams, who either have been ignorant in explaining our situation or are thrust in those important committees to speak on behalf of the government, though very few actually know the hard core is-

sues, as we experienced in the indus Waters Basin treaty, and still suffering. the funds we receive as aid are not spent on money making projects but for short term public appeasement, this is one of the reasons UK’s Department for international Development DFiD now dispenses aid directly, so does the Us Aid programme, because they don’t trust the government. the modus operandi, having spoken to a number of British parliamentarians they are sceptical how we run our administration. no doubt diplomatic relations insist on courtesy, but deep down they all know the realities, as often i have mentioned to some of our arrogant members of Parliament that countries which do not tolerate criticism, never develop. the period spent by elected governments is just buying time for gathering votes, since almost all of the elections have been marred with controversy, therefore ironically because of inconsistencies and no continuity policies, the aim of every government has been to discredit each other in a malicious way, so instead of governing they all spend most of the time in courts, some back channeling the army, and now of late media has also been engulfed in the war of words. today is no different. the army has sadly backed off (although i don’t believe, if they have, that that means leaving the country high and dry in doldrums). Just see today the flanks of judiciary exposed to the torrid rapid fire of verbal verbosity, going after our judges, although no efforts are spared in maligning the Army as and when necessary in this free-for-all war of pointless points scoring. the levels to get ratings for what it’s worth in the electronic media has seen a new door; the other day Mariam nawaz’s off-the-camera conversation came out, which i thought was much below the belt in any form of journalistic etiquette. We have stooped so low in these audio and video leaks, no effort is spared to degrade the other.

What the country is missing out during this meaningless impasse is the development of the country; let me be clear, apart from certain named known projects most of them are done to gain votes, as i said before they are short term sow-and-stitch programmes, but people are tired exhausted and becoming regressive, at such acts.

When we speak of nation building, Has anyone noticed, well off families which can af-

ford to send their children abroad for education, now encourage them to stay out and seek their fortunes elsewhere, but myopic vision blinds us, besides when they return, the infrastructures they have been qualifying for are hardly present, why is that is simply due to the huge amount of prevalent red tape, which prohibits people who want to come in and do business, they get so disappointed, they don’t want to come to Pakistan. i know for a fact every leader wants businesses should come to Pakistan, but it’s the people below, who let down the leaderships across the board, resulting in driving away potential business companies.

i was conversing with one of the top overseas investors they are tired and to put it coldly just don’t want to do business here, but we need to stop this negativity; one of the few steps to be taken urgently are to encourage foreign investors to come in the country, but only when there is ease of doing business, with ground level functionaries reconditioned and prepared to do it. Yes, we can do it, provided we abolish the unwritten form of corruption, where you need two telephone calls, three chits and an intermediary to accompany you; we all speak of merit, that has been taken over by the local ferret.

Who will stop this disease? We all know it, talk about it, yet no one has the bats, balls, wickets or even a place where to pitch. they all have been taken over, even the third umpire is now the turd umpire, a terminology used commonly for George iii, who lost the Americas during his reign.

We are blessed with huge amounts of both negativity and positivity, what we lack is the guidance to the road forward, that we can achieve only with honest people, the merit of the leadership is seen through the votes which they receive; 19 honest votes are much better than 1900 fake votes.

My question is simple and would be to one and all, do you want to govern on fixed votes or would be happy with lesser votes and not get elected, this is a question which each individual has to answer to his own conscience and not to anyone else. if you pass this simple test i can assure your presence in the corridors of power will yield a better harvest.

The writer is a freelance columnist

Editor’s mail

Send your letters to: Letters to Editor, Pakistan today, 4-Shaarey Fatima Jinnah, Lahore, Pakistan. E-mail: letters@pakistantoday.com.pk Letters should be addressed to Pakistan today exclusively

Serving is sacred

As Ramazan nears the end, a number of Muslims aspire to retreat in solitude — Aitekaf — to make the most of its last days. it is the sunnah of Prophet Muhammad (peace be upon him), but is also dependent upon elasticity of one’s financial conditions and professional duties. islam wants us to be wise enough to prioritise our duties and obligations; collective good over individual’s benefit. it is a grave fallacy on our part that we do not consider it a religious obligation to pay our professional duties with the same zeal and commitment as is the case with our religious pursuits. We seem to have compartmentalised our duties and obligations into worldly and religious domains. Given the poor plight of our education system, teachers should reconsider their priorities if they opt for spiritual retreat as they are already doing a noble cause. teaching the students of a nation that faces educational emergency all the time seems to be quite a noble deed and should be prioritised over one’s own betterment. it is a case of collective interest over an individual’s. When doctors, lawyers and teachers stay away from their duties, it undoubtedly creates discomfort and problems for those at the other end of the equation. instead of exerting themselves into their professions doing research and develop-ment, and solving people’s problems, these professionals prefer to go on leave of absence, which, to me, sounds less than an ideal thing to do. Writer Wasif Ali Wasif once said that physical prayers can make one an angel, “but not necessarily a human being”. only painstaking empathy for the ailing humanity transforms a man into a genuine human being.

M NADEEM NADIR KOT ALI GARH

Disorganised charity

in Pakistan, most of the people try to be generous, hospitable and courteous during the fasting month of Ramazan. they want to help the downtrodden and the needy in society. With an intention to optimise their good deeds during the holy month, they indulge in more charitable acts than usual. there is absolutely nothing wrong about it, but a recent unfortunate incident in Karachi came as a reminder that we need to be more organised and disciplined even during the performance of such noble deeds.

A few days ago, a video went viral on social media, showing a fight among buyers for fruits that were being sold at an affordable price of Rs10. it was a brilliant initiative intended to help people in Ramazan. When poor people buy at such low prices, their self-esteem does not diminish unlike when they receive charity. this was the main objective of this activity. However, it was a disaster instead of being an example for others to follow. A massive number of people rushed to the place, which led to commotion and almost a stampede. in a month that encourages forbearance, people’s level of intolerance is rather high. those who want to practise kindness in the holy month should ensure organisation in those actions, too. this can help avoid such chaotic situations in the future. For instance, queues should have been formed there along with appropriate supervision. While the buyers should be blamed more for what happened, some part of the responsibility also lies on those organising such activities. the intention was extremely good, the disorganised execution deprived the exercise of its sanctity. A minor improvement can help achieve the desired outcome of such noble deeds.

We can see in that video what we need to improve in ourselves as a nation. owing to a lack of order, even noble actions lose their worth. it also discourages others who want to do such good deeds in the future. the solution, therefore, is to organise all our actions in a better way to mitigate the chances of disorder and failure. nevertheless, the intention of selling commodities at reasonable prices is indeed commendable. it also inculcates the hope that even during these tough economic times, there are people among us who want to help the under- privileged. this spirit should surely increase but in a disciplined manner.

My question is simple and would be to one and all, do you want to govern on fixed votes or would be happy with lesser votes and not get elected, this is a question which each individual has to answer to his own conscience and not to anyone else.

Serving hi-tea before dinner

Lack of space for the other view

GUests to any household are served tea or cold drinks depending upon the climate at least 90 minutes before the lunch or dinner is served; keeping in view the fact that the guest’s stomach is empty enough; having the demand for food; so that the effort made for the supper does not go in vain. if the host loads the tea or cold drink with samosas or chicken patties, there will be less space in the guests’ stomach to fathom or fully appreciate the food made in their honour.

As fellow Pakistanis close down their businesses and offices and scramble to reach their hometown for participation in eid festivities, or might have reached by now; the political players are still part of the suspense mode; whether the dinner should be served 90 minutes after the cold drinks or, confectionery be served along with the drinks.

the Pti political game plan, which was to force a snap election, has proven to be an utter failure, instead pushing the country to a political stalemate; which has only contributed to the uncertainty, for the public at large as well as for the business decision-makers. the result being that despite all the efforts for loan procurement and talks with the iMF, the economy is not simply showing any signs of recovery for that matter.

When the Pti went ahead with the dissolution of the Punjab and KPK Assemblies; it was thought that with over 60 percent of the country without any legislature; the government would bow down and order snap elections. snap elections in working polities have been a normal feature. in fact in Pakistan, the first run of the 1973 constitution was influenced by snap polls thought over by the late ZAB; when the actual date for the general elections was supposed to be April 1978. What happened later on is history. the incumbent, visible as well as behind the curtain, treated the Pti strategy in a way that instead of a complete run for snap polls; they felt separate elections before the expected general elections can be the best way; not to go for complete snap polls.

What emerged after repeated referrals to the

supreme court turned out to be that the elections generated out of the Pti dissolution gimmick will be separate; while the general elections as scheduled for 2023 would be a separate exercise. While the Pti treated the issue that way, the incumbent thought it opportune that instead of holding two elections within the period of a few months; a single-day exercise be authorized. Precisely the Ministry of Defence’s contention before the judiciary at the time of going to print. in a way, the two parties locked horns on sole drinks or drinks with samosas.

As things stand now, the suspense and air of political gaming on part of the Pti seems to be on the back foot. the party leadership is kept busy in one way or another in cases deliberately filed across the geographical limits of the country. likewise, there are slim chances that the incumbents with full backing of the establishment will listen to what the Pti would have wanted; firstly the scrapping of the current setup for snap polls; secondly elections in at least Punjab and KPK. now the suspicion about the incumbent government of the possibility of holding the elections in the first place is being called into question.

the resulting scenario proved that the Pti strategy to play within the system has bombed miserably; with practically no recovery or contingency plan; the natural outcome of such strategy is further polarization. likewise the incumbent, despite a stance of confidence, miserably exposed their flank that they do not want an open contest with the Pti over the ballot, rather hope for ‘su-

Is Sudan heading for all-out war?

leaders had been meeting openly, in spite of the formal ban on the party in the aftermath of the military takeover on 29 november 2019. they held an iftar for al-Bashir in Kober, the urban district named after the famous prison where many of the deposed islamist oligarchs are being held, and were openly forecasting a coup.

After the fighting broke out, Hemeti openly labelled Ali Karti, the secretary general of a resurgent islamic Movement and alBashir’s former foreign minister, as one of the architects of what he described as an attempt to “drag the country into war and return to the [october 2021] coup”.

east eye

Middle

WilloW BerriDge

THe conflict that has broken out between the sudanese Armed forces (sAF) and the Rapid support Forces (RsF) led by Mohamed Hamdan Dagalo, aka Hemeti, is arguably unprecedented in post-independence sudanese history.

Historically, the pattern of conflict in sudan has involved a predatory and kleptocratic security elite exploiting the resources of the country’s marginalised peripheries, including Darfur, south Kordofan and the now independent nation of south sudan.

since independence in 1956, the army has remained the same force that was shaped by egyptian and then British colonialism, dominated by an officer class with a narrow social base in the northern riverain centres of sudan.

Fighting has broken out in Khartoum before, as a result of the many failed and successful coups that have marked sudan’s recent history, but these coups were brief affairs, usually the product of ideological and political struggles within sudan’s established officer class. those struggles never witnessed the kind of air strikes seen in Khartoum over the weekend.

Until recently, militia groups like Hemeti’s RsF would never have sought to secure power in Khartoum – they were seen by the military leadership as its proxies in regional wars. However, former President omar al-Bashir’s regime became increasingly reliant of militias such as Hemeti’s after it seized power in 1989.

A DANGEROUS CONFLICT: After 2011, sudan’s shift from an oil economy, as a result of a drop in oil exports, to a gold economy benefitted Hemeti, who transformed the RsF into a semi-independent mercenary army, which grew rich by smuggling gold out of Darfur and by sending its troops to fight with the saudiemirati coalition in Yemen.

During the 2013 protests, al-Bashir used Hemeti’s forces to suppress protests in Khartoum, and the RsF established major bases within the capital itself. in April 2019, Hemeti opportunistically supported the ousting of alBashir, his erstwhile benefactor. today, the sAF are characterising the RsF as a “rebel militia” – but unlike previous rebel forces, the RsF have been a key part of the regime’s core security infrastructure in Khartoum itself. this is what makes the conflict today so different, and so dangerous. one of the clearest harbingers of the recent conflict between Hemeti and the sAF was the growing confidence of the remnants of al-Bashir regime affiliated with the officially dissolved national congress Party (ncP). in the days before fighting broke out, ncP

THE ROOT CAUSES: the short-term roots of Hemeti’s rupture with General Abdel Fattah al-Burhan can be traced back to the october 2021 coup, which forcibly removed the civilians who had been uneasily sharing power with the army and RsF in the post-revolutionary transitional government. Following the coup, Burhan began to re-empower select figures from the former ncP establishment in the army and civil service, discomforting Hemeti, who knew they would never forgive him for his betrayal of al-Bashir in 2019.

After al-Bashir’s removal, both the Forces of Freedom and change (FFc) and the anti-islamist regional actors – especially the UAe –saw Hemeti as a potential bulwark against the return to power of the islamic Movement and its allies in the army, although the majority of the sudanese street would not forgive Hemeti for his troops’ involvement in the infamous sitin massacre of June 2019.

Although he initially sided with Burhan’s 2021 coup, further alienating himself from the civilians, in october 2022 he appointed a new advisor, Yusuf izzat, who opened up channels with the FFc leadership. Hemeti subsequently became a vocal backer of the December 2022 Framework Agreement that was set to establish a purely civilian transitional government in sudan, eventually acknowledging that the october 2021 coup had been a “mistake”. one of the conditions of the Framework Agreement was that the RsF would be integrated into the sudanese Armed Forces within a fixed time period. it was the contestation over the timescale and management of this integration that provided the immediate context for the outbreak of fighting. At one point, Burhan appeared to insist that the RsF must be integrated before the rest of Framework Agreement could proceed, recalling the sAF’s stubbornness over sequencing that preceded the outbreak of conflict in south Kordofan in 2011. Hemeti, meanwhile, maintained that he would not integrate his forces unless the islamists were removed from the sAF leadership.

As the tensions over integration brewed, Hemeti began to move his forces from Western sudan to Khartoum, as well as the northern city of Merowe, where sAF and egyptian troops had been conducting joint exercises. As Hemeti had grown closer to the UAe, the sAF leadership grew closer to egypt, where Burhan and the country’s other military leaders had undergone training. the move towards Merowe, the location of sudan’s second largest airport, appears to have been intended to prevent both the sudanese and egyptian air forces being used against the RsF in any potential conflict.

After a brief attempt by a number of mediators to prevent the sAF-RsF tensions escalating, fighting broke out on saturday in

pernatural’ adjustment on part of the powers that be.

A look at the political landscape, as felt on social media, reveals that the Pti stance is likely to harden with regard to the established order with the passage of time. the name-calling of judiciary members not in line with the party view demonstrates that in the period after eid, there are ample chances that the cause of confrontation between the incumbents as well as the Pti will increase.

Many political commentaries equate the Pti position with that of the Awami league in 1971; which is an unconvincing parallel to say the least. the issue at heart is the inability of the established order, the incumbent and the Pti to sit down; compromise their respective egos and look for the way out. the system at work as the result of promulgation of the 1973 constitution 50 years back calls for more transparency. the current state of affairs is that the introduction and continuation of the hybrid model has created a quagmire; where even the newborn radicals like the Pti do not know where the exit lies. the Pti is seeking a break from the post-1988 trends when political governments were sent packing at will, but has proven to end up in a stalemate longer than expected. the Pti’s initial signals of revolution created a false hope that an implosion of the system would be a way out for Pakistan. However, what was observed was that the party opted to play by the system; taking part in elections staged by the incumbents, seeking justice in those very courts and systems they despised.

Going by the system by the revolutionary party Pti, created a valid impression among the common person, who was otherwise converting to the Pti cause; as it was also his cause that the system should be changed. However, that new convert retracted his steps as he felt that the party was just any other group trying its luck; or in plain words seeking the corridors of power under the banner or call of the revolution.

therefore, the urge for dinner in the stomach of the guests is still intact; sans the fact that the revolutionary vanguard; in the shape of the Pti, is still bent on serving hi-tea along with the cold drinks or tea. that insistence, based on the apprehension that the dinner might never be served, needs a revisit; rather a debate.

Pakistan as it stands in an election year has to be decisive; with the participation of the key players; what is intended to be done in phases. elections in the isolated manner in two provinces can be an insistence or matter of prestige, but not a practical proposition. Polarization in politics on the back of abusive language has created such big gulfs that any confidence building will need a good starter blast; otherwise, it can be a dampener.

A way out for that is a wider negotiation table; not between the political parties; but a behind the scene move like the Kakar formula of 1993. A reset of the system with the consensus of all is a peaceful way out. the other options, given the level of political divide, which is dividing the society along all possible and imaginative lines, can be civil unrest; not where revolutionaries corner the other; rather pro and anti forces are equally lined up. such scenarios demand a deep appreciation towards the correction of the situation.

The writer is a freelance columnist

Digital real estate: The next frontier?

Merowe, Khartoum and elsewhere. the RsF broadcast images of egyptian soldiers captured by its troops in Merowe, presumably attempting to bolster its image by presenting itself as a defender of sudanese sovereignty. if the sAF is able to retain control of airfields in Merowe and elsewhere, aerial supremacy will give it a key advantage over the RsF. the sAF’s aerial dominance is part of the reason no rebel force has been able to march on Khartoum in the country’s recent history –two swiftly crushed libyan-backed efforts in 1976 and 2008 aside. the problem for the sAF today, however, is that the RsF is already in Khartoum. it has long had a major base in “Khartoum 2”, near to the airport, where a fierce battle is now raging.

A PROTRACTED CRISIS: there is now a very serious risk of a protracted conflict between the sAF and RsF. the sAF has more troops, but the RsF’s forces have more recent combat experience, notably in Yemen, and it has the capacity to deploy a substantial force of armoured vehicles. the two forces are not fully equally balanced, but the RsF certainly represents the most serious challenge the sAF has ever faced to its military hegemony within the central heartlands of sudan. if Burhan is able to defeat the RsF in the short or medium term, this would likely lead to a reversal of the recent progress towards a civilian government, and a further re-empowerment of ncP era securocrats in the army and state apparatus. An outright victory for Hemeti over the sAF seems less likely, but he may be hoping that if he can eliminate Burhan – currently surrounded by RsF troops in military headquarters – he might be able to negotiate with sAF leaders less close to the ncP.

such a scenario is tenuous, given the contempt of the sAF leadership towards a man they see as a regional upstart, but might in theory see the current transition eventually return to its course, albeit with the civilians still split between those who are, and are not, willing to overlook the RsF’s involvement in massacres in Darfur and Khartoum.

the RsF still has little in the way of a cadre of ideologically committed supporters or serious socio-political base, in spite of Hemeti’s efforts to create one through social media PR campaigns – but it has cultivated allies among regional elites, and attempted to present itself to the leaders of sudan’s political parties as the only security actor that can safeguard their interests. For the public at large, however, the problem is that both Hemeti and Burhan – thriving as they do off militarised economies and clientelist relations with regional powers – represent a continuity with the forms of politics the 2018-2019 revolution had sought to overcome. the worst-case scenario – unless either national or international mediators are able to bring about a ceasefire - is that a protracted conflict between the RsF and sAF, in which neither gains the upper hand, leads to an unprecedented level of destabilisation in sudan.

Dr Willow Berridge is a historian of modern Sudan. She is the author of Civil Uprisings in Modern Sudan: The Khartoum Springs of 1964 and 1985 (London: Bloomsbury 2015) and Hasan al-Turabi: Islamist Politics and Democracy in Sudan (Cambridge: Cambridge

THe rise of crypto currency has been slowed by the lack of physical assets into which to invest one’s digital assets. Wildly shifting sands have all too often made crypto investments a roller coaster. the entire crypto ecosystem (sam Bankman-Fried comes to mind) has been a total freefor-all in which picking winners and losers is a crapshoot.

But what if you were able to tie crypto to underlying assets that have a relatively stable cash flow value? is it possible today to connect tech-oriented real estate with crypto capital?

Mitch DiRaimondo, whose father founded the west coast commercial real estate company steelwave inc., has been testing that market for the past few years. He started steelwave Digital with the idea of moderating the craziness of the crypto world with the institutional governance of the commercial real estate world.

steelwave and its predecessor companies have a long history of creating highly innovative work environments for high-growth industries –high-tech, life sciences, and media and defense tech. With operations in the Bay Area, los Angeles and orange county, san Diego, seattle, Portland, Denver, and now Austin, steelwave has developed relationships and created office parks for such industry giants as Google, Apple, netflix, lockheed-Martin, Microsoft, Merck, and intel.

DiRaimondo says his organization has about $17 to $19 billion in total acquisitions and development and has acquired or developed over 125 million square feet of assets in its market areas. the company’s expertise is creating “cool, inspired” work environments that attract high-skilled people to work in teams.

As the life sciences and data science fields began to merge a few years back, DiRaimondo says his firm believed this merger would transform how investors thought about drug discovery and gene therapy investments because of the resultant lower cost, and lower risk profile, from this nascent industry. in earlier years, the life sciences field was doing core discovery science, had few products ready for market, and thus tiny revenue streams. today, all that has changed.

typically, the companies with which steelwave works have real estate costs that are a small fraction of their total operating expenses, which are dominated by employee salaries. this makes it easier for these firms to

have high operating margins. Yet in today’s tech world, the work-fromhome wave that grew exponentially during the coViD lockdowns has led to tenants moving into and out of large office spaces that are not encumbered by debt.

As these unencumbered properties become available, often at discounted prices, an asset firm tied to digital investors can acquire properties in which holders of bitcoin and other digital assets can buy into. As the properties are restocked with tenants in long-term leases, these digital currency holders gain very stable cash flows that lower their overall risks from investing only in digital currencies.

DiRaimondo acknowledged that until this market develops further, it is wiser and safer to attract large-scale investors. Fortunately, there are plenty of foreign investors in places like Dubai and singapore (to name a couple) eager to invest in American commercial real estate, especially when properties are anchored by high-recognition high-tech firms.

investors in these financially progressive nations understand the tech and the opportunity, whereas having that same conversation with new York-based capital funds or state pension fund managers, says DiRaimondo, “is like trying to teach calculus with a crayon.”

this new approach enables digital investors to buy and sell slices of a building or an office campus – beginning at the $1 million to $50 million level but potentially open to much smaller investments, say, from small startups in developing nations with unstable local currencies. compared with the new York-centered real estate investment trusts (Reits), this concept offers lower fees, easier entry and exit (and thus liquidity) – and none of the inherent biases from stodgy old institutions.

DiRaimondo admits that other firms are also taking an interest in this emerging investment field, but that, he says, is a good thing, especially for lower level investors down the road. this merger of the digital and corporeal world has the potential to create a far more democratic marketplace in which even the not-so-rich can generate stable profits that undergird their own entrepreneurial endeavors.

Will the digital ecosystem supplant the current financial system? no, says DiRaimondo, “but we do think that it will augment the current system.” Digital currencies can create more frictionless transactional environments for trading interests in a wide variety of assets – not just hard assets. Moreover, it opens the door for a much broader global investor base. And, DiRaimondo mused, it ought to be good for his business.

A way out for that is a wider negotiation table; not between the political parties; but a behind the scene move like the Kakar formula of 1993. A reset of the system with the consensus of all is a peaceful way out.

RCM DuggAN FlANAkiN

Unless mediators are able to bring about a ceasefire, a protracted conflict between the RSF and SAF could lead to an unprecedented level of destabilisation in the country

This new approach enables digital investors to buy and sell slices of a building or an office campus

SPACEX STARSHIP, WORLD’S BIGGEST ROCKET, EXPLODES DURING FIRST FLIGHT TEST

BOCA CHICA AND MEDFORD COLONIA, UNITED STATES AGENCIES

STARSHIP, the most powerful rocket ever built, exploded during its first flight on Thursday, but Elon Musk congratulated his SpaceX team on an “exciting” test of the spacecraft designed to send astronauts to the Moon, Mars and beyond.

The uncrewed rocket disintegrated minutes after successfully blasting off at 8:33 am Central Time (1333 GMT) from Starbase, the SpaceX spaceport in Boca Chica, Texas.

The Starship spacecraft that will eventually carry crew and cargo had been scheduled to separate from the first-stage rocket booster three minutes into the flight, but separation failed to occur and the rocket blew up in a ball of fire over the Gulf of Mexico.

Despite the failure to complete the full 90-minute flight test and reach orbit, SpaceX and Musk, the founder and CEO of the private space company, declared it a success.

“Congrats SpaceX team on an exciting test aunch of Starship!” Musk tweeted. “Learned a lot for next test launch in a few

months.” SpaceX said that “with a test like this, success comes from what we learn, and today’s test will help us improve Starship’s reliability as SpaceX seeks to make life multi-planetary.”

“We cleared the tower which was our only hope,” said Kate Tice, a SpaceX quality systems engineer. The US space agency NASA has picked the Starship spacecraft to ferry astronauts to the Moon in late 2025 — a mission known as Artemis III — for the first time since the Apollo program ended in 1972.

NASA chief Bill Nelson congratulated SpaceX, saying “every great achievement throughout history has demanded some level of calculated risk, because with great risk comes great reward.”

Starship consists of a 164-foot (50meter) tall spacecraft designed to carry crew and cargo that sits atop a 230-foot tall firststage Super Heavy booster rocket.

SpaceX conducted a successful test-firing of the 33 massive Raptor engines on the first-stage booster in February but the Starship spacecraft and the Super Heavy rocket were being flown together for the first time.

The integrated test flight was intended to

Stargazers witness dazzling solar eclipse in Australia

SYDNEY

AFP

Professional astronomers and amateur cosmologists flocked to a remote part of Western Australia Thursday to witness a total solar eclipse, with the moon blocking out the sun for 58 seconds. Stargazers in Exmouth, on Australia’s northwest tip, parked their caravans, pitched telescopes and donned protective glasses to watch the moon seemingly creep across the sun’s surface before the totality. “Many people become addicted to that minute or so of eerie otherworldliness,” John Lattanzio of the Astronomical Society of Australia said. “They become ‘eclipse chasers’ and they travel all over the world for repeat experiences.” The totality occurred at 11:29:48 local time — bringing darkness and a spectral calm, according to witnesses. Less than a minute later, the dusty outback was again bathed in light. While fun and perhaps moving for spectators, the eclipse gave scientists a chance to observe the sun’s corona, which is usually obscured by its bright rays. Witnessing a similar eclipse once helped Albert Einstein hypothesise that light can bend. This time round residents in West Papua and East Timor will also be able to witness the totality. A continent away in Sydney, the eclipse was only partial, with less than 20 percent of the sun blocked by the moon.But the city’s residents can take some solace. On July 22, 2028, its five million residents will experience their own total solar eclipse — one of five scheduled to occur over Australia in the next 15 years.

Russia releases first feature film shot in space

MOSCOW

AGENCIES

The first feature film shot in space premiered in Russian cinemas on Thursday, as Moscow delighted in beating a rival Hollywood project amid a confrontation with the West over Ukraine. “The Challenge” is about a surgeon dispatched to the International Space Station (ISS) to save an injured cosmonaut. Russia sent an actress and a film director for a 12-day stint on the ISS in October 2021 to film scenes aboard the orbiting laboratory. The Russian crew beat a Hollywood project announced in 2020 by “Mission Impossible” star Tom Cruise together with NASA and Elon Musk’s SpaceX. At a Kremlin gala this month, Russian President Vladimir Putin lauded the film. “We are the first to have shot a feature film in orbit, aboard a spacecraft. Once again the first,” he said. The Soviet Union pioneered space travel — sending the first dog, man and woman into orbit — and the film crew’s mission added to a long list of firsts for Russia’s space industry after several setbacks, including botched launches.

assess their performance in combination. Musk had warned ahead of the test that technical issues were likely and sought to play down expectations for the inaugural flight. “It’s the first launch of a very complicated, gigantic rocket. There’s a million ways this rocket could fail,” he said.

‘MULTI-PLANET SPECIES’

NASA will take astronauts to lunar orbit itself in November 2024 using its own heavy rocket called the Space Launch System (SLS), which has been in development for more than a decade. Starship is both bigger and more powerful than SLS and capable of

Viceroy Research and members slapped with defamation and fraud lawsuit in US

MONITORING REPORT

American healthcare real estate company Medical Properties Trust (MPT) has started a defamation lawsuit in a US federal court against short-selling Viceroy Research and its three members over what it says are bogus, fake and fraudulent financial analysis reports linking it to medical company Steward Healthcare International (SHCI) Malta hospitals issue.

One of the biggest real estate medical companies in America, MPT has sued for defamation the Viceroy Research LLC and its members Fraser John Perring, Gabriel Bernarde and Aidan Lau following the short-selling Viceroy Research “repeatedly publishing baseless allegations to drive down the company’s stock price”.

MPT maintains in its scathing filing that Viceroy Research has been involved in a conspiracy against the company to make money by spreading false news and therefore the lawsuit seeks permanent injunctive relief, disgorgement of ill-gotten gains, compensatory

and punitive damages from Viceroy for defamation, civil conspiracy, tortious interference, private nuisance, and unjust enrichment.

MPT, which leases hospital property to medical groups in the United States, has told the District Court of Alabama that Viceroy Research deliberately and maliciously lied in its reports “about its connections to Steward” in Malta for nefarious purposes and to “prop up its short attack” against the company by claiming it is deliberately concealing secret ownership in Steward-connected hospitals in Malta. MPT has denied any links in its legal claim filed in the state of Alabama where MPT headquarters are based.

“These are falsehoods, ginned up to try to undercut investor and public confidence in MPT and harm the company,” says MTP said in court filings, describing Viceroy Research’s reports as completely false and a clear-cut case of market manipulation aimed at driving down MPT’s share price in a clear case of short-selling exercise.

MPT says in its claim that Viceroy Research and its team –

Fraser John Perring, Gabriel Bernarde, and Aidan Lau – are “in the business of mounting serial short-and-distort attacks against public companies” and that “MPT is their latest victim” as MPT has been linked by them with the Malta deal, maliciously and falsely, in a bid to damage its share price and make a short-selling profit off what it says was bogus research it published.

In the court filing, MPT says that Viceroy follows a playbook for such malicious attacks: “The playbook for these attacks is simple: Take a short position in a stock or partner with someone who has one, publish false ‘research’ critical of the target company, amplify the false claims on social media, and then reap a profit— either directly, from the stock price drop you bet on and then caused, or indirectly, by collecting payments from other market players who profited on the drop.” The lawsuit says “this action arises from a campaign to defame, injure, and drive down the stock price of MPT, one of Alabama’s largest public companies and its largest real estate investment trust (“REIT”).

Sabalenka says win over Krejcikova a confidence boost for French Open

PARIS REUTERS

World number two Aryna Sabalenka said beating former French Open champion Barbora Krejcikova in the second round of the tune-up event in Stuttgart will boost her preparation for the Roland Garros Grand Slam.

Sabalenka defeated Krejcikova 6-2 6-3 in one hour and 15 minutes on Wednesday, becoming the first player to book her spot in the quarter-finals.

The Belarusian said the victory over the 2021 French Open winner handed her a confidence boost ahead of the May 28-June 11 major on the Parisian clay. “It’s tough but an interesting challenge to play the first match against a Grand Slam champion,” Australian Open winner Sabalenka, who received a

bye in the opening round, told reporters.

“It is something unique like you’re never going to play the first round against a Grand Slam champion in the bigger tournament. “I think it’s a good preparation before the bigger tournament. You play only tough matches from the first round, so I think it’s a good tournament to play before going into the big tournaments.”

Sabalenka has never reached the second week at the French Open, bowing out in the third round at the last three editions, but the 24-year-old said earlier in the week the Parisian clay was not the problem.

“I was just struggling with the Grand Slams before and it was more about me really wanting to win a Grand Slam and me getting really crazy on matches than something about the clay,” she said on Tuesday.

“Because clay is good there and it’s one of the best clay courts there. I really like the courts, and hopefully this year I’ll be able to do well.”

Sudan deaths mount as army chief rules out talks to end fighting

KHARTOUM AGENCIES

Explosions and gunfire resounded in Sudan’s capital Thursday as fighting between the forces of two rival generals showed no signs of abating ahead of festivities marking the end of Ramazan.

Over 300 people have been killed since the fighting erupted Saturday between forces loyal to Sudan’s army chief Abdel Fattah al-Burhan and his deputy, Mohamed Hamdan Daglo, who commands the paramilitary Rapid Support Forces (RSF).

Some of the fiercest battles have taken place in the capital Khartoum, a city home to five million people, most of whom have been cloistered in their homes without electricity, food and water.

As battles raged for a sixth day, Burhan dismissed any prospects for negotiations with Daglo, telling Al Jazeera on Thursday he sees no option but “decisive military” action. “I do not think there is any room for talks over politics again with the Rapid Support Forces,” he told

lifting a payload of more than 100 metric tonnes into orbit. It generates 17 million pounds of thrust, more than twice that of the Saturn V rockets used to send Apollo astronauts to the Moon.The plan for the integrated test flight was for the Super Heavy booster to separate from Starship after launch and splash down in the Gulf of Mexico. They failed to separate however and the booster rocket and Starship spacecraft began spinning out of control, exploding four minutes into the test flight in what SpaceX euphemistically called a “rapid unscheduled disassembly.” “If we get far enough away from the launchpad before something goes wrong then I think I would consider that to be a success,” Musk said prior to the test. “Just don’t blow up the launchpad.”

SpaceX foresees eventually putting a Starship into orbit, and then refueling it with another Starship so it can continue on a journey to Mars or beyond. The eventual objective is to establish bases on the Moon and Mars and put humans on the “path to being a multi-planet civilization,” according to Musk. “We are at this brief moment in civilization where it is possible to become a multi-planet species,” he said.

Yemen stampede during charity distribution kills 85

SANAA

AFP

At least 85 people were killed and over 300 injured in a crush at a charity distribution event in war-torn Yemen on Thursday, Huthi officials said, one of the deadliest stampedes in a decade. The latest tragedy to strike the Arabian Peninsula’s poorest country came days ahead of Eid al-Fitr, a holiday celebrated around the world by feasting to mark the end of the fasting month of Ramadan. Hundreds of people in the poverty-hit country had gathered at a school in the capital Sanaa to receive cash handouts of 5,000 Yemeni Rials (around $8). At least “85 were killed and more than 322 were injured” in the stampede in the Bab al-Yemen district of the capital, a Huthi security official said, adding that around 50 were in a serious condition. “Women and children were among the dead,” he told AFP on condition of anonymity, as he was not authorised to speak to the media. A second health official confirmed the toll. The Huthi-run interior ministry said the dead and injured have been relocated to hospitals, and those responsible for the event arrested. Video broadcast by Al Masirah TV channel showed a cluster of bodies packed together, with people climbing on top of each other to try to make their way through. Many had their mouths covered by other people’s hands, the rest of their bodies engulfed by the dense crowd. Armed men in military dress and distribution workers screamed at the crowd to turn back as they tried to pull people out of the crush.

ARRESTS AND INVESTIGATION: According to the head of the Huthis’ Supreme Revolutionary Committee, Mohamed Ali al-Huthi, “overcrowding” caused the stampede. People were packed in a narrow street leading to the school’s back entrance, he said. Once the gates opened, the crowd streamed into a tight staircase leading to the courtyard where the distribution was taking place. Eyewitnesses, however, said that gunfire caused people to rush in a panic. After the stampede, families converged on hospitals but many were not allowed to enter as top officials were also visiting the dead and wounded. An AFP correspondent in Sanaa saw large crowds outside one hospital entrance. At the school, heavily deployed security forces were seen blocking relatives from entering the facility to locate family members. Footage on Al Masirah TV showed corpses strewn across the complex, which was littered with sandals and scraps of clothes after the stampede was cleared. The Huthi rebel’s political chief Mahdi alMashat said a committee had been formed to investigate. A Huthi security official said three people had been detained on suspicion of involvement.

the Qatar-based broadcaster but said he was open to mediation.

Another truce unravelled on Thursday morning, with the crackle of gunfire heard and columns of thick black smoke seen rising from buildings around Khartoum International Airport and the army headquarters in the capital. “We were awoken… to the roaring sound of fighter jets and air strikes,” said Nazek Abdalla, a 38-yearold in southern Khartoum. “We locked our doors and windows, hoping no stray bullets would hit our building.”

WIDESPREAD POVERTY: More than eight years of civil war in Yemen has unleashed what the United Nations describes as one of the world’s worst humanitarian tragedies. The conflict began in 2014 when Iran-backed Huthi rebels seized Sanaa, prompting a Saudi-led coalition to intervene the following year to prop up the internationally recognised government. Hundreds of thousands have died in the war. Fighting has eased dramatically since the six-month, UN-brokered truce last year, even after it expired in October. But more than twothirds of the population lives in poverty, according to the UN, including government employees in Huthi-controlled areas who have not been paid in years. Over 21.7 million people — two-thirds of the country — need humanitarian assistance this year, according to the UN. The stampede tragedy follows a massive prisoner exchange between the country’s warring parties, which saw nearly a thousand detainees freed in recent days.

corporate corner

MPCL renews commitment towards creating Sustainable Greener Planet on Earth Day

CPEC bEIng CarrIEd out In PhaSES wIthout SlowIng down: SaPM

BEIJING Staff report

tHEterrorist attacks against Chinese people in Pakistan aim to spoil China-Pakistan relations and sabotage the China-Pakistan Economic Corridor (CPEC) from which Pakistan has greatly benefited, Zafar Uddin Mahmood, special assistant to the Prime Minister said.

Mahmood, a former special envoy for the CPEC, dismissed some media outlets’ reports that the CPEC projects have slowed down due to Pakistan’s economic difficulties.

Mahmood said that frankly, there have been a lot of threats throughout all these years because some people do not like the Belt and Road Initiative (BRI) and as Pakistan is one of the largest beneficiaries of the initiative through the CPEC, they wanted to spoil and derail the CPEC. Moreover, some people are not happy with the close cooperation between the two countries.

ISLAMABAD: Mari Petroleum Company Limited

(MPCL)organized an event to celebrate Earth Day on April19th, 2023. The event was organized by CSR & HSE Department of company and ceremony held at Company headquarters in Islamabad. It was aimed to promote initiatives creating public awareness on environmental issues and streamlining joint efforts by all stakeholders towards common goalof achieving environmental sustainability to protect ourselves and future generations. The event was attended by all MPCL’s HO employees, senior management including Managing Director Mr. Faheem Haider, Media personnel and members from CDA Authority including Chairman CDA, Mr. Noor ul Amin Mengal who graced the occasion as Chief Guest. At the event, Chairman appreciated MPCL’s resolve for environmental conservation. He also highlighted the impact MPCL’s various green initiatives are creating and urged that other corporates must learn from MPCL’s sustainable development initiatives and should make environment as part of their CSR plans. At the event, MD MPCL, Faheem Haider shared his vision of shared responsibility to invest in planet which according to him is equally important as to meet the expectations of customers and shareholders. He apprised the audience about company’s belief in the concept of triple bottom line and how sustainability is the critical aspect of MPCL’s business strategy. All green initiatives of company encompass a commitment towards achieving sustainability goals by reducing its carbon footprint, conserving resources, reducing wastes, promoting sustainable practices and environmental stewardship. pr

JLI celebrates Ramzan through gifts distribution to children of KPT Primary School

Mahmood is currently in Guangzhou to participate in the “Understanding China Greater Bay Area Dialogue” which is being held from Tuesday to Thursday.

He told the Global Times that there is no slowdown and that the construction of the CPEC is being carried out in phases. The first phase involved infrastructure development projects and the second is industry relocation and the service sector. Besides,

some Pakistani companies are actively working with China on agricultural cooperation. As the COVID-19 travel restrictions have been lifted, he expects new momentum in the CPEC this year. We have greatly benefited from all these projects which have been done by the Chinese companies in our country, he said.

Recently, some Indian media also said that Chinese businesses face closure due to concerns over terror attacks in Pakistan.

He said that there are three layers of security for Chinese people in Pakistan. First, we have the private security guards, then the police and [finally] we have an army unit to protect all the project sites, he told the Global Times. “Even for the individual Chinese when they travel to Pakistan, the government provides them special security.

Despite the efforts the Pakistani government made, he admitted that some people keep on threatening, sending messages or something like that.

But I can tell you very honestly that these people [terrorists] are not Pakistanis. They are not friends of Pakistan. They are actually making every effort to spoil the relationship between the two countries.

Treatment under Sehat Card Plus program restored in KP: Health Adviser

PESHAWAR Staff report

Adviser to the Chief Minister for Health Services, Dr Abid Jamil here

Thursday said that treatment under Sehat Card Plus program has been restored in Khyber Pakhtunkhwa after successful negotiations with the State Life Insurance Corporation of Pakistan.

Addressing a press conference here, Dr Abid Jamil said that the caretaker government has released Rs 2 billion to State Life and another Rs 2 billion would be released after Eid ul Fitr.

He said the past government started the project in haste and without proper homework to ensure its finan-

cial sustainability which resulted in an increase in the premium amount to a significant level besides creating a lot of financial problems for the caretaker government.

Abid Jamil said there was hardly any country in the world where free treatment was being provided to the entire population and taxpayers’ money was being spent on the treatment of influential and wealthy patients.

He clarified that the program was not being closed and would continue. He said the Sehat Card Plus program would be rationalized and a high-level policy board comprising members of the healthcare commission, health department and relevant organizations

would be constituted to approve penal hospitals after evaluating their services, equipment and doctors’ strength.

He said recommendations of the policy board would be tabled before the cabinet for approval. He said efforts would be made to provide free of charge treatment under Sehat Card to poor people and exclude wealthy people.

Chief Executive Officer, Sehat Cards Plus, Dr Riaz Tanoli said that out of Rs33.4 billion arrears, Rs19 billion were paid to the state life insurance corporation and Rs14 billion were still outstanding arrears that would be cleared soon after receiving the tranche amount from the Federal Government.

Abid Jamil said that Rs238 billion

Chinese embassy hosts ‘Talk with Taikonauts of Shenzhou-15’ under SCO programme

ISLAMABAD

Staff report

KARACHI: In the spirit of the holy month of Ramazan, Jubilee Life Insurance (JLI) celebrated the occasion by distributing gift bags to the students at Karachi Port Trust Primary School. The initiative aimed to spread happiness and joy among the children during the holy month of Ramazan. Rizwan Aziz, Head of Bancassurance, Faiz ul Hassan, Head of Corporate Business Distribution, and Saqib Hayat Mirza, Business Head, Individual Life Insurance were present at the ceremony. The goody bags contained a variety of items that fulfilled the nutritional and entertainment needs of the children. The activity brought smiles to the faces of the students, who were delighted to receive the gifts. Jubilee Life Insurance continuously initiates empathetic and community-serving activities to support not just various causes and communities but also individuals like school-going children who deserve the most to enjoy the blessings of Ramazan to the fullest. On this initiative, Mr. Farhan Faridi, Group Head – Retail Operations, Marketing & Admin, stated: “The essence of Ramazan is to share the blessings of this occasion with those around us. At Jubilee Life, we’ve always believed in not just the spiritual but also the tangible sharing of gifts within the communities that we serve.” Staff report

IESCO to ensure uninterrupted power supply during Eid holidays

ISLAMABAD: Islamabad Electric Supply Company (IESCO) will ensure uninterrupted and smooth power supply during Eidul Fitr holidays. Chief Executive IESCO Dr. Muhammad Amjad Khan said that the company also ensured smooth and uninterrupted power supply to the consumer in the holy month of Ramadan through good monitoring and teamwork. In the same spirit, the IESCO administration would also ensure to provide the uninterrupted supply of electricity and quality services to valuable consumers during Eid holidays. For this purpose, central control room has been established in Islamabad where senior officers along with staff would remain available 24 hours and monitor the power distribution in the region besides timely rectification of the faults on the feeder under the supervision of Chief Engineer Operation Muhammad Aslam Khan. Necessary instructions have been issued to all field offices in this regard.

Concerned

SDO Complaint Offices, IESCO Helpline No. 118 and Chief Executive Complaint and Monitoring Cell Islamabad Nos. 051-9252933-4 would be available 24 hours for registration of customer complaints. Staff report

“Talk with Taikonauts of Shenzhou-15” was held here on Thursday to enhance the understanding of young people in the Shanghai Cooperation Organisation (SCO) member countries in the field of astronautical science, and technology.

The Good-Neighborliness, Friendship, and Cooperation Commission (GNFCC) of the SCO, China Manned Space Agency, All-China Youth Federation, China Soong Ching Ling Foundation, and the secretariat of the SCO Youth Committee cohosted an event at the Chinese embassy in Islamabad, said a news release.

Pang Chunxue, Charge d’Affaires of the Chinese Embassy, Shahid Mahmood Baig, Chairman of Pakistan Science Foundation, Asif Farhat, Founder of the Institute of Peace and Diplomatic Studies, members from the Institute of Space Technology and many young Pakistani students from different

Pak-Chinese

ISLAMABAD Staff report

schools attended the event.

Aliza Jamil, a student of Class 8, from Islamabad Model College for Girls, interacted with the Chinese astronaut. He also asked about how to breathe in space. the astronaut gave a very comprehensive response from space.

The “Talk with Taikonauts of Shenzhou-15” event is significant for broadening the youths’ horizons and lighting up their dreams about exploring the mysterious and diverse universe. Youths are young ambassadors of China-Pakistan friendship and the hope of our two countries, the ironclad relationship needed to be passed from generation to generation.

All-Pakistan Chinese Enterprises' Association (APCEA) handed over 1,300 Ration Bags to Pakistan Baitul Mal (PBM) to support the vulnerable people during the Holy Month of Ramadan and the festivities of Eidul Fitr.

PBM Management expressed their gratitude to APCEA and its 13 donating members for their noble contribution towards the

This year is the tenth anniversary of the Belt and Road Initiative (BRI) and China-Pakistan Economic Corridor (CPEC), and Science & Technology (S&T) cooperation is an important part of it, and will surely provide strong support to the high-quality and sustainable development of CPEC. Cooperation in science and technology between China and Pakistan has achieved several remarkable accomplishments, including the Pakistani medicine seeds returning from the Chinese space station after experimentation.

China’s development and Chinese modernization will create more opportunities for Pakistan and the world.

Baitul Mal

well-being of deserving families, widows, and orphans, a press release on Thursday said.

During a ceremony of distribution of food packs, APCEA and donors appreciated the stimulating efforts of PBM to serve the deprived persons with its effective ongoing social welfare services.

They also expressed resolve to encourage these efforts for carrying out various humanitarian services across the country.

Energy Corridor project in the offing in Gwadar

ISLAMABAD Staff report

A major multipurpose Gwadar thoroughfare branded as “Energy Corridor” along Eastbay Expressway is all set to be constructed under the framework of Gwadar Smart Port City Master Plan.

According to Gwadar Pro, the Energy Corridor will be a long and straight pathway that is designed to facilitate the installation of underground power transmission lines reaching Gwadar Port, Gwadar Free Zone South, and Gwadar Free Zone North.

Additionally, the corridor will host infrastructure for sewerage lines and a system of potable water pipelines. Currently, with no railway system connecting Gwadar to the rest of Pakistan, a proposed feasi-

bility study recommends laying down railway tracks along the straight strip of the energy corridor.

Abdul Razzaq, an official from the Gwadar Development Authority’s town planning department, informed Gwadar Pro that the allocated space along the

energy corridor will also be utilized to create parks.

Trees will be planted in order to enhance the local ecosystem and contribute to the aesthetic appeal of the energy corridor, he added.

Recently, GDA Director General Mujeeb ur Rehman Qambrani paid a visit to Energy Corridor to review the progress of construction preparation. During the visit, GDA’s chief engineer Haji Syed Muhammad highlighted the significance and potential benefits of the Energy Corridor.

Situated strategically, the Energy Corridor is conveniently linked to the old residential and commercial areas, including Mullah Fazal Chowk. The corridor will feature a 5 km offshoot road that will link Syed Zahoor Hashmi road, passing through Gazarwan Ward, Baloch Ward, and five other wards.

were expected to be received from Federal Government soon that would help address financial problems of Medical Teaching Institutions and Sehat Card Plus. He said 66 percent treatment under Sehat Card was made through private hospitals and 33 percent in government hospitals, adding district headquarters hospitals would be strengthened for extending full health coverage to patients at their doorsteps. To a question, Riaz Tanoli said that sehat card program has been protected under law by the provincial assembly and amendment through an elected assembly would be required to make any significant changes or take policy decisions.

Industry minister assures ICCI of support for new Industrial Park

ISLAMABAD Staff report

Federal Minister for Industries and Production Syed

Murtaza Mahmud said that promoting industrialization is the key priority of the government to improve the economy and assured that he would fully cooperate with the Islamabad Chamber of Commerce and Industry (ICCI) in its endeavors for the establishment of a new industrial park in the region. He said this while talking to a delegation of ICCI led by Ahsan Zafar Bakhtawari, President. Syed Murtaza Mahmud said that after the Eid holidays, he along with Chaudhry Salik Hussain, Federal Minister for Board of Investment will hold a meeting with ICCI to take forward the matters for ICCI industrial park. He said that ICCI will be given representation in the Boards of the attached departments of his Ministry. He lauded the initiative of ICCI for organizing PakistanEthiopia Business Forum and said that ICCI should send formal invitation to Bilawal Bhutto Zardari, Federal Minister for Foreign Affairs to attend the Forum while he would cooperate in this regard. He said that the government is working on a new policy for electric vehicles. He assured that he would cooperate in resolving the key issues of the business community.

Speaking on the occasion, Ahsan Zafar Bakhtawari, President ICCI briefed the Federal Minister about the importance of a new industrial park in the region to promote industrialization, create jobs, improve exports and increase tax revenue. He stressed that the government should extend all possible cooperation and support to ICCI for the early materialization of this important project, which is in the national interest. He said that ICCI should be given representation in the Boards of the departments working under the Ministry of Industries so that the business community could give its input in their decision-making process for better growth of the industrial sector. Faad Waheed, Senior Vice President of ICCI informed the Minister about the difficulties of cooking oil manufacturers due to restrictions on LCs and said that he should play a role to address this issue. Zafar Bakhtawari, Secretary General UBG and Faizan Shahzad also spoke at the occasion and gave useful proposals to promote industrialization in the country.

PSX witnesses bullish trend, gains 508.48 points

ISLAMABAD

Staff report

The 100-index of the Pakistan Stock Exchange (PSX) witnessed a bullish trend on Thursday, gaining 508.48 points, with a positive change of 1.26 per cent, closing at 41,007.82 against 40,499.34 points on the previous day.

A total of 173,790,631 shares were traded during the day as compared to 84,164,030 shares the previous day, whereas the price of shares stood at Rs 5.724 billion against Rs 3.628 billion on the last trading day. As many as 324 companies transacted their shares in the stock market; 197 of them recorded gains and 108 sustained losses, whereas the share price of 19 companies remained unchanged. The three top-trading companies were WorldCall Limited with 22,202,737 shares at Rs 1.14 per share, Fauji Food Ltd. with 21,927,736 shares at Rs 6.33 per share, and Pak Refinery with 11,539,538 shares at Rs 13.52 per share. Khyber Textile witnessed a maximum increase of Rs 42.45 per share price, closing at Rs 722.45, whereas the runner-up was Pak Tobacco with a Rs 30.00 rise in its per share price to Rs 670.00. Rafhan Maize XD witnessed a maximum decrease of Rs 115.00 per share closing at Rs 7900.00, followed by Pak Services with a Rs 59.00 decline to close at Rs 741.10.

Association hands over 1,300 ration bags to Pakistan