PTI announces power show at Minar-i-Pakistan on Sunday

g Imran Khan takes out twice-delayed peaceful rally finally

LAHORE

Staff RepoRt

PTI Chairman Imran Khan on Monday announced a historic power show at Minar-i-Pakistan on Sunday, March 19, as the party’s twice-delayed election rally was finally taken out peacefully.

The rally was originally scheduled for Saturday and then Sunday but was postponed after the party failed to get relief either from the Election Commission or the Lahore High Court against the caretaker Punjab government’s order of imposing Section 144 in the provincial capital.

Police was seen arresting PTI activists despite the fact that the district administration had given permission for the rally. The interim Punjab government had imposed Section 144 citing a Pakistan Super League match in the Qaddafi Stadium and a marathon race in the city. However, in a notification on Sunday, the administration had allowed the PTI to take out the public rally on Monday (today) but mentioned that it would carry “highsecurity risk due to the general and specific threats against political gatherings and previous instance of attack on the ex-prime minister”.

The permission was given after an undertak-

PM approves to set price of cotton at Rs8500 per 40kg for this year

ISLAMABAD

Staff RepoRt g Arrests continued during the rally despite admin’s permission ing by the organiser to the “effect that in case of any untoward incident he shall be held responsible”. The notification had also barred speeches against the constitutional offices, including the military and judiciary. The election rally kicked off from Zaman Park today with Imran leading it in a bulletproof vehicle.

Prime Minister Shehbaz Sharif has accorded inprinciple approval to set the price of cotton at 8500 rupees per 40 kilogram for this year. The approval was granted during a review meeting of the Agricultural Task Force that was held in Lahore on Monday with Prime Minister Muhammad Shehbaz Sharif in the chair. During the meeting, a detailed discussion was held on increasing the production of cotton and setting its support price. The meeting was informed that last year there was a substantial reduction in cotton production due to floods, rains, shortage of canal water and fertilizer crisis. The total production of cotton this year is estimated at 12.77 million bales, while not only the area under cotton cultivation but also the yield per acre is expected to increase significantly. The per acre coast of cotton and its comparison with other crops was also presented to the meeting. The Prime Minister directed to submit the support price of cotton to the Economic Coordination Committee for approval at the earliest. He said the provincial governments should ensure the provision of fixed price of cotton to the farmers. He also directed the federal government to provide all possible assistance to the provincial governments to implement the fixed support price. The Prime Minister said the government is taking steps on priority basis to increase the per acre production of cotton. For this purpose, he directed the Ministry of National Food Security to speedily complete its work in formulating proposals to increase the per acre yield of cotton.

Reaching Data Darbar, Imran addressed the rally from inside his vehicle, thanked PTI workers and supporters for their participation and announced Sunday’s Minar-i-Pakistan power show set for 2pm.

“This rally will be in the day and it will be my sixth in Minar-i-Pakistan in the last 12 years,” he added.

Imran said he would address the rally and explain how to take the country out of its current issues. He called on the people of Lahore to start preparing for the power show.

“It is clear from today’s rally why this imported government did not allow our [previous] rally,” he said, referring to the PTI’s March 8 plans.

Imran also paid tribute to PTI worker Ali Bilal, also known as Zille Shah, who lost his life on March 8 as the caretaker Punjab government used force to block a rally called to launch the party’s campaign for the April 30 elections in the province.

“I’m sending a message on my nation’s behalf to those people [behind his death] that I and the nation will never forget this or forgive you. Until those police officials and those who tortured him are not brought to justice, [we will not rest] and will get them sentenced”.

The PTI chief said he was not striving for his personal sake but for the people. He alleged that the “big criminals” in power were attempting to run away from the elections and registering cases against him and PTI officeholders to “somehow disqualify us from elections”.

He also addressed the recent public release of the Toshakhana gift records and said it was now made clear “who was actually looting the Toshakhana”. Videos shared by the PTI showed people thronging Imran’s vehicle and showering it with petals. The rally thereafter turned back for Imran’s Zaman Park residence.

Imran also paid tribute to PTI worker Ali Bilal, also known as Zille Shah, who lost his life on March 8 as the caretaker Punjab government used force to block a rally called to launch the party’s campaign for the April 30 elections in the province.

CONTINUED ON PAGE 03

BoK profits fall by more than 50% after attempted expansion

However, the Islamabad High Court (IHC) last year in September quashed the terror charges and directed to transfer of the case to a relevant court under the remaining sections in the FIR. The Toshakhana case was initiated on a complaint filed by the Election Commission of Pakistan (ECP), which accused Khan of concealing details of gifts from the Toshakhana he retained after payment while in office.

During the proceedings, Khan’s lawyer, Khawaja Harris, argued his client could not appear in court due to security threats, and had filed petitions in the Islamabad High Court (IHC) and Lahore High Court (LHC) for the appearance of his client via video link. He also submitted another plea asking the court to declare the petition filed by the ECP seeking criminal proceedings against the former prime minister inadmissible, questioning the competence of the authority that filed the complaint.

MQM founder loses £10m properties case to MQM-P in London

LONDON

Staff RepoRt hindered its profitability for the year

g Bank’s expansion plan coupled with troubled economy

PESHAWAR: aziz

BuneRi

The Bank of Khyber (BOK) continued to suffer one more in a string of bad financial years with profits falling by more than 50%. Net income declined by 59% year-on-year from Rs. 1,104 million in 2021 to Rs. 455 million in 2022. Profit margin for the year declined from a double digit of 14% in 2021 to a single digit of 5% in 2022.

The hit on profitability was mainly due to the bank’s expansion plans. Since 2019, the bank has been opening new branches to reach more customers. The number of branches has increased by 7% year-on year from 216 in 2021 to 231 in 2022 and by 38% as compared to 2019 from 168 branches in 2019 to 231 branches in 2022. Consequently, operating costs have increased by a whopping 26% on a yearly basis from Rs 5,295 million in 2021 to Rs 6,650 million in 2022.

Moreover, profitability during the year has been impacted by a significant increase in the interest rate on the bank’s fixed rate investment portfolio which resulted in the bank paying more money to its investors.

DeTaIlS of The fInancIalS : The bank’s net income jumped up by 9% from Rs 7,812 million in 2021 to Rs 8,533 million in 2022. The increase was because of a surge in profits in foreign currency and income through bank charges. Income from foreign exchange increased by

38% from Rs 478 million in 2021 to Rs 660 million in 2022. However, the volatile stock market owing to the country’s deteriorating economic conditions decreased profits from investments in the stock market resulting in reduced income for the bank. The annual report shows that dividend income declined by a massive 192% (Rs 25 million) in 2022 from Rs 38 million in 2021 to only Rs 13 million in 2022.

Despite a 9% increase in total income, the profitability of the bank took an adverse turn by declining by 59%. Profit before taxation declined by 45% from Rs 1,680 million in 2021 to Rs 920 million in 2022. According to the BOK’s annual report, earnings per share (EPS) also declined by 60% from Rs 1 in 2021 to Rs 0.41 in 2022. Furthermore, the bank’s profit was also affected by providing more loans than its limit allowed by the provincial finance department, resulting in the loss of some institutions. Nonperforming loans increased by 12% from Rs 10,521 million in 2021 to Rs 11,756 million in 2022, an increase of Rs 1,235 million. Looking forward, the bank has been investing in building its capacity to grow its business which should enable a sustainable increase in profitability in the coming year. It is also looking to diversify its financing portfolio by gradually moving from government backed lending to the private sector for fresh loans with potential of ancillary business and trade finance opportunities.

Muttahida Qaumi Movement (MQM) founder has lost a case of six properties in London, worth £10 million, to MQM-Pakistan (MQM-P) after a legal battle at the United Kingdom (UK) High Court. According to details, a London high court heard a case regarding the ownership of six properties, including the MQM secretariat, in London. Federal Minister Syed Aminul Haque represented the MQM-P in the UK court. During the hearing Judge Clive Jones ruled that MQM founder had resigned from the party after his August 2016 speech. “In this regard, MQM-P is the true beneficiaries of the trusts that control London’s properties,” he added. The judge noted that MQM-P is the real MQM and its members are the actual owners of London properties, which are currently under the control of Altaf Hussain. Federal Minister Aminul Haque filed the case. Party leader Nadeem Nusrat appeared in the London court to record his statement while Farooq Sattar recorded his words via video link. The trial of the second part of the case will also begin, wherein the income from the properties will be heard. It is pertinent to mention here that MQM Founder was facing proceedings before the UK high court after MQM Pakistan petitioned to get control of seven London properties worth over £10 million belonging to the political party.

Punjab Elections: Filling of nominations papers underway

LAHORE Staff RepoRt

The process of filing nomination papers for election of Punjab Assembly is underway and the candidates can file their nomination papers with Returning Officers till Tuesday. The names of nominated candidates will be published on Wednesday while scrutiny of nomination papers will continue till 22nd of this month. Candidates may withdraw their papers on 5th of next month while final list of candidates will be published on the same day. Election symbols will be allotted to contesting candidates on 6th of next month while polling will be held on 30th.