Epaper_23-08-17 ISB

Profit

R A N G E R S C A L L E D I N A S C H U R C H E S VA N D A L I S E D

I N J A R A N W A L A O N B L A S P H E M Y A L L E G AT I O N S

was in favour of damaging any properties owned by any of the minority communities

According to the press release, no loss of life was reported during the incident while police had made over 100 arrests so far

FAISALABAD/LAHORE

S ta f f R e p o R t

An enraged mob vandalised multiple churches in Jaranwala tehsil of Faisalabad on Wednesday over blasphemy allegations and paramilitary Rangers have been called in and Section 144 imposed to normalize the situation

A Christian leader, Akmal Bhatti, said the crowd had torched at least five churches and looted valuables from houses that had been abandoned by their owners after clerics made announcements in mosques inciting the mob Images on social media showed smoke rising from the church buildings and people setting fire to furniture that had been dragged from them

A Christian cemetery was also vandalised as well as the local government office Dozens of people blocked a nearby highway as well

Jaranwala pastor Imran Bhatti told Dawn com that the ransacked churches included the Salvation Army Church United Presbyterian Church Allied Foundation

Church and Shehroonwala Church situated in the Isa Nagri area

He added that the mob also demolished the house of a Christian cleaner, accused of blasphemy

Meanwhile the police registered a first information report against the accused under sections 295B (defiling etc of the Holy Quran) and 295C (use of derogatory remarks, etc , in respect of the Holy Prophet) of the Pakistan Penal Code On the other hand, the Punjab government said in a press release that directives had been issued for a high-level inquiry into the incident

The provincial government attributed the incident to a planned conspiracy under which an attempt was made to destroy peace in Pakistan” It said that the “Holy Quran was desecrated and the sentiments of Muslims were hurt”

The press release further said announcements were made from mosques that action was being taken against the alleged desecration of the Holy Quran, but the situation had aggravated by then

It added that due to timely action by the

police and administration announcements were made in mosques that the authorities were taking action but tensions had already escalated due to the alleged desecration Around five to six thousand people gathered in various areas of Jaranwala in different groups, attempting to attack minority settlements The police foiled their attempts at several places and damage to several

buildings was also prevented due to timely action the press release read But continued attempts to attack Christian settlements in different areas and police continued to safeguard these localities

It said a peace committee was immediately mobilised, and together with members from different political parties condemned the incident They also assured that no party

SIFC to continue working for fast-track foreign investment: PM

ISLAMABAD S ta f f R e p o R t

Caretaker Prime Minister Anwaarul Haq Kakar on Wednesday said that the recently-instituted Special Investment Facilitation Council (SIFC) would continue to work as before to lay the foundations to fast-track foreign investments particularly from Saudi Arabia

The prime minister in a meeting with Saudi Ambassador Nawaf bin Saeed Ahmad Al-Malkiy, who called on him, highlighted energy, infrastructure, agriculture, IT and manpower as potential sectors of cooperation

The Saudi ambassador congratulated

the prime minister on assuming office and conveyed the best wishes and greetings on behalf of the Custodian of Two Holy Mosques as well as Crown Prince Mohammed Bin Salman and the people of Saudi Arabia

The prime minister said that Pakistan and Saudi Arabia enjoyed historic and deep-rooted ties

He thanked the Saudi government for its consistent support for Pakistan’s economic stability and development He particularly mentioned the large number of Pakistanis working in Saudi Arabia and requested the Saudi side to continue to extend all possible facilitation to them Prime Minister Kakar lauded the vi-

sion of the Saudi leadership and said that Saudi Arabia could always count on Pakistan as its trusted and reliable partner Ambassador Nawaf reiterated that Saudi Arabia and Pakistan were bound together in a fraternal relationship which was characterized by mutual trust and understanding, and close cooperation on all bilateral and regional issues of common interest Looking forward to advancing trade, investment ties with UAE Meanwhile Caretaker Prime Minister Anwaar-ul-Haq Kakar on Wednesday said that he looked forward to working with the United Arab Emirates (UAE) on advancing bilateral cooperation in various fields, especially trade, investment

and energy

The prime minister, in a meeting with the UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi who called on him here expressed gratitude for the UAE s support for Pakistan s economic and financial stability The ambassador conveyed the greetings of the UAE leadership to the prime minister on his assumption of office Prime Minister Kakar thanked the UAE government for the warm congratulatory messages and said that Pakistan and UAE enjoyed historic and deeprooted fraternal ties He also wished the UAE success in hosting the COP28 Summit later this year The prime minister also emphasized the important role played by the Pakistani diaspora in the UAE and sought the UAE government s continued support to them

W ill Malik Riaz finally bid farewell to his banking stint?

KARACHI m a R i a m u m a R fa R o o q

A week after being flagged for an unusual increase in stock price and volume traded on the Pakistan Stock Exchange (PSX), Malik Riaz s Escort Investment Bank has attracted yet another buyer Arif Habib, representing RMS Private Limited (RMS) officially notified the PSX about their intent to secure a substantial 87 96% stake in the investment bank RMS seems to be on an expansionary path as it announced its intention to acquire Baluchistan Wheels a week ago only “RMS has always been at the forefront of infrastructure development in Pakistan However we recognized the need to adapt and diversify to fully leverage the evolving business environment expounds Zeeshan Ali, CEO of RMS

Following this announcement, the stock price of Escorts Bank reached Rs 7 19 up by around 16% on Aug 15 2023 as compared to Aug 11 2023 the

previous week s end of the day UNUSUAL ACTIVITY ON PSX This recent development follows closely on the heels of a notice issued by the PSX just the previous week The notice raised questions about the abrupt and substantial surge observed in share price and trading volume of Escort Investment Bank s shares between July 03, 2023, and July 31, 2023 On July 03 2023 a share of Escorts Bank was valued at Rs 3 20 and the trading volume amounted to 5500 shares However by July 31 2023 the share price escalated to Rs 4 52 per share, marking a substantial 41% increase Simultaneously, the trading volume skyrocketed by a staggering 19 times surging to 104 500 shares traded Escorts Bank rebutted PSX by stating that they were not aware of any matter or development and/or material information that may have resulted in the unusual movement of share price” Seems like the increase in share

Ka ka r ’ s u p h i l l b a t t l e

price and volume was because of this new acquirer Profit reached out to the CEO of Escorts Bank Basit Rahman Malik for comments but received no response ESCORT INVESTMENT

BANK AND MALIK RIAZ

In July 2017 Bahria Town Private Limited under the leadership of real estate mogul Malik Riaz successfully procured a significant 71% shareholding of Escorts Investment Bank at a grand total of Rs 1 This acquisition was accompanied by the assumption of existing liabilities This amount of acquisition shows the bad state that the bank was in Before Bahria Town Pakistan Limited acquired Escorts Bank, the bank defaulted on its obligations worth around Rs57 crore Of this, around Rs49 crore belonged to deposit holders Moreover the investment bank had also been non-compliant with the minimum equity requirement for seven years Bahria Town then injected Rs1 2 billion into the bank, paid off outstanding depositors and the markup accrued worth Rs531 million and also compiled

with the minimum equity requirement It then tried to turn the bank around Riaz s primary motivation for acquiring the bank was to facilitate his real estate venture His strategic intent was to establish a readily accessible resource for mortgages that could support his numerous housing projects Regrettably this original vision did not materialise as intended

The problem was that the bank was unable to lend at competitive rates due to its low levels of deposits and losses

In addition to that, the bank also has competition from the Government’s initiative for housing finance Consequently after grappling with challenges and setbacks Riaz eventually made the decision to sell the bank altogether PREVIOUS STINTS OF SELLING OFF STAKE IN ESCORTS BANK Riaz has been on the lookout for a buyer for the bank however things have not been smooth sailing There have been two attempts at acquiring Escorts Bank in the last two years, however, the deal did not proceed to a conclusion

Moreover it said footage of the incidents was being analysed through scientific methods and the Rangers too had been called to the area Large contingents of police remain deployed in several area and continue to perform their duties,” the press release said, adding that security had also been also provided “to all places of worship” It said the Faisalabad commissioner and other officials were present near the Jaranwala Section 144 was imposed in Faisalabad district for seven days due to the prevailing overall security situation”, according to a notification from the deputy commissioner ’s office The section of the Code of Criminal Procedure empowers the district administration to issue orders in the public interest that may place a ban on an activity for a specific period of time

He said the Punjab chief secretary and Inspector General of Police Dr Usman Anwar were visited the scene claiming that the situation was under control

Hascol posts Rs14.49b in losses for 2022

PR OFIT

da N i ya l a h m a d

Hascol has ended its latest financial year with a colossal consolidated loss of Rs 14 49 billion, and an unconsolidated loss of Rs 14 43 billion, according to its annual report The company incurred a staggering increase of 92% and 90% respectively from its previous year s earnings These losses have obliterated the hopes of a recovery that Hascol had shown in 2021 when it managed to bring down its losses to one-third of the previous year s amount from the astronomical figures of Rs 23 54 billion and Rs 23 3 billion in 2020 EXPLAINING THE COMPANY’S PERFORMANCE

The company attributed its performance decline to the multitude of adversities that plagued Pakistan in 2022 It underscores the steep devaluation of the Pakistani Rupee against the US Dollar, which soared from Rs 176 31 in January to Rs 224 76 in December Hascol also highlights how the banking sector witnessed a drastic decline in foreign exchange reserves compelling the government to prioritise import payments a predicament that posed difficulties for the banking sector in procuring foreign currency for import payments, and severely hampered the country s capacity to settle oil import bills and adversely affected the oil industry’s ability to timely import their product requirements Inflation remained sky-high at 19 9% and the central bank persisted with monetary tightening measures hiking interbank interest rates from 11 68% in January to 17 29% in December a scenario that exacerbated Hascol s liquidity crisis who was already grappling with overdue payments to banks and nonbanking creditors, during the year

The company states that it was able to navigate the situation with credit support from its main supplier (Vitol) and core banking partners

Consensus reached as Domki ‘picked’ for Balochistan interim CM’s slot

ISLAMABAD S ta f f R e p o R t

prime

Shehbaz Sharif dissolved the national assembly early It is unlikely that delimitations will be completed in this time frame and he will likely have a longer tenure than any caretaker prime minister in Pakistan s history And while elections should be the only thing that any caretaker should very well be remembered for all eyes will be on how he manages the economy The caretaker setup has come in at a t i m e w h e n P a k i s t a n s e c o n o m y i s facing a crisis that could be the worst i n t h e c o u n t r y s h i s t o r y I t m u s t a l s o b e r e m e m b e r e d t h a t o n t h e 3 0 t h o f June last year Pakistan failed to comp l e t e t h e l a s t I M F p r o g r a m m e i t h a d

entered and it seemed the country had no choice but to default on its external d e b t s H o w e v e r, p r i m e m i n i s t e r S h eh b a z S h a r i f m a n a g e d t o a c h i e v e a s t o p - g a p a c c o r d w i t h t h e f u n d T h e c u r r e n t d e a l P a k i s t a n i s s u r v i v i n g u n d e r i s a $ 3 b i l l i o n s t a n d - b y a g r e ement that will last for a period of nine m o n t h s a n d i s h i g h e r t h a n e x p e c t e d for Pakistan Only the first tranche of this facility has been extended to Pakistan as of now This stand-by-agreement ensured that whatever caretaker setup came in would not have to go beyond its constitutional limits and negotiate a programme

been raised and the gap between the interbank and open market rate of the dollar is quickly closing as per the IMF’s requirements

Balochistan Chief Minister Abdul Quddus Bizenjo and Leader of the Opposition Malik Sikandar Kakar on Tuesday reached a consensus as they nominated Mir Ali Mardan Khan Domki as the caretaker chief minister of Balochistan The incumbent chief minister and the leader of the opposition agreed upon Domki’s name sources said just before the given time for finalising the name of the interim CM The nomination has come on the heels of a meeting between caretaker Prime Minister Anwaarul Haq Kakar, Balochistan former CM Jam Kamal and Domki Kamal and Domki called on the newly-appointed interim PM in Islamabad earlier on Tuesday Subsequently PM Kakar visited the residence of JUI-F chief Maulana Fazlur Rehman Though the official statement said Kakar met the Maulana to express his condolences over those martyred in a suicide attack in Khar, Bajuar at the JUI-F Workers Convention, sources said the purpose of the meeting was also to convince the JUI-F on the Balochistan caretaker CM’s name The sources further added that the JUI-F agreed on Domki’s name after it was promised that the party would be accommodated in the caretaker setup Tuesday was the last day for consultation about the caretaker chief minister as Monday night s meeting had been inconclusive If no decision was taken by Tuesday night, the matter would have been handed over to the relevant parliamentary committee However Domki’s name was finalised in the meeting between Bizenjo and Kakar A formal announcement wasn t made till the time of filing the story On August 12 Balochistan Governor Malik Abdul Wali Kakar dissolved the provincial assembly on the advice of CM Bizenjo

TOP LAWYERS BODY SEEKS SUPREME COURT’S INTERVENTION FOR TIMELY ELECTIONS

ISLAMABAD

S TA F F R E P O R T

TH E Supreme Court Bar Association (SCBA) filed a plea in the apex court on Wednesday, requesting it to direct the Election Commission of Pakistan (ECP) to announce a date for holding the general elections within the constitutionally mandated period of 90 days following the dissolution of the National Assembly on August 9

The plea also sought the suspension of the approval of 2023 census results by the Council of Common Interests (CCI) on August 5, following which a delay in polls seems all but certain

“This honourable court may be pleased to suspend the operation of the impugned decision dated August 5, 2023 issued by the respondent no 2 (CCI) and direct the respondent no 7 (ECP) to forthwith announce a date of election to the National and provincial assemblies as per Article 224(2) of the Constitution, 1973 during the pendency of the instant petition,” the plea said

According to Article 224 of the Constitution, “A general election to the National Assembly or a provincial assembly shall be held within a period of sixty days immediately following the day on which the term of the assembly is due to expire unless the assembly has been sooner dissolved” In case of early dissolution, the ECP is bound to hold the general elections within a period of 90 days after the dissolution

As the National Assembly was dissolved this month three days before the end of its term, the elections are supposed to be held

Pakistan’s expor ts to China surged by 35.1% in July

s most recent monthly report indicate a robust start to the new fiscal year in terms of trade between the two nations Gwadar Pro reported on Wednesday According to the report in July 2023 Pakistan s exports to global destinations totaled US$ 2 057 million This reflected a decrease of 8 57% compared to the same month in the preceding year during which exports had reached US$ 2 250 million Nevertheless China stands at the forefront of the list of countries to which Pakistan s exports have demonstrated remarkable growth Additional nations that have witnessed a surge in Pakistan s exports encompass the United Kingdom 4 9%, Spain 7 2%, Italy 8 6%, Saudi Arabia

4%, Kenya 19 8%, Turkey 26 7%, Malaysia 9 7%, Oman 22 5%, and Qatar 32 3% In July 2023, Pakistan s exports to the United States experienced a decline of 19 0%, amounting to US$ 408 3 million This contrasts with the corresponding month in July 2022, when exports had reached US$ 506 6 million Pakistan exports to the Netherlands decreased by 18 4%, Germany by 36 1%, UAE by 19 4%, Afghanistan by 4%, Belgium by 10 7%, Bangladesh by 41 3%, France by 5 9% and Poland by 14 3% As per TDAP s report, Pakistan s overall exports for the fiscal year 2022-23 stood at US$ 7,300 13 million, which is equivalent to $7 3 billion Concurrently, within the same timeframe, Pakistan s total imports amounted to US$ 8,019 58 million ($8 02 billion) S TA F F R E P O R T

by November 9 However after the approval and notification of the latest census polls being pushed beyond this seems likely A recent media report cited a senior ECP official as saying that the commission was now legally bound to go for fresh delimitation which would take at least four months

It s a constitutional requirement and we will have to do it he had remarked The details will be worked out by the commission in a meeting which would be held after they received the official notification In its petition filed in the Supreme Court today the SCBA argued that the CCI decision on Aug 5 and its subsequent notification dated Aug 7 whereby the digital census of 2023 was unanimously approved by the CCI which included two caretaker chief ministers is in violation of the Constitution and CCI Rules 2010

It further said the delayed approval of the 2023 digital census less than a week before the dissolution of the National Assembly and two provincial assemblies had created a constitutional dilemma which was required to be resolved by the Supreme Court

The holding of elections within a period of 90 days of dissolution of assemblies is a salient feature of the Constitution and any delay in the conduct of general elections beyond the mandatory period of 90 days as mandated by Article 224(2) of the Constitution 1973 will be in blatant violation of Articles 4 5 6 9 17 51 106 and 224 of the Constitution

Any delay in the conduct of elections to the National Assembly and provincial assemblies would amount to subversion of the Constitution and violation of the prin-

ciples of democracy and rule of law which form the foundation, salient features and basic structure of the Constitution of Pakistan, the lawyer ’s body said

The SCBA noted that the reconstitution of the CCI occurred on May 5, 2023, as per Article 153(1) of the Constitution following a change in the government within the National Assembly and the Punjab Assembly But after the dissolution of the provincial assemblies of Punjab and Khyber Pakhtunkhwa in January 2023, the CCI was not reconstituted by the president, the plea said The petition added that the then-prime minister had convened a CCI meeting on May 8 even when it was not reconstituted It highlighted that according to the Constitution and the Election Act of 2017, the essential role of a caretaker government was to conduct elections in compliance with the law, contending that the caretaker chief ministers of Punjab and KP, lacking proper election, were ineligible to

participate in the CCI meeting

Moreover the SCBA said: In case the impugned decision [of the CCI] is sustained and/ or the fresh delimitation exercise is initiated the general elections most likely cannot be held within 90 days as mandated by the Constitution 1973

However it is submitted that no delimitation is required or necessitated and the 90-day time limit for holding elections will take precedence

The SCBA termed the approval of the digital census by the CCI blatantly illegal and argued that the entire exercise is being conducted to delay the constitutionally mandated period for holding the elections

It is glaringly obvious that if the impugned decision dated August 5 and the subsequent notification dated August 7 are not set aside and elections are carried out on the basis of the new census Pakistan will be faced with yet another constitutional crisis

The impugned decision is a grave threat to democracy rule of law will only serve to disenfranchise the Pakistani nation and will invariably result in the delay in the general elections against the provisions of Article 224 (2) the plea read

Furthermore it sought the court s directive acknowledging the inadequate constitution of the forum during its August 5 session with a plea to nullify the decisions made during that meeting The Supreme Court must declare that the primary responsibility of the ECP is to hold general elections within 90 days from the date of dissolution of the assemblies and such mandatory period of 90 days cannot be extended on any ground inter-alia including delimitation of constituencies the plea added

40 delegates from Pakistan par ticipate in 7th China-South Asia Expo

BEIJING

A G E N C I E S

As many as 40 delegates from Pakistan participated in the 7th China-South Asia Expo that kicked off on Wednesday in Kunming Southwest China’s Yunnan province It will continue till August 20 with the theme of “Solidarity and Coordination for Common Development”

Addressing the Expo Pakistan Ambassador to China Moin ul Haque said it will serve as a bridge for uniting ChinaPakistan to enhance bilateral cooperation in various sectors He noted that Pakistan recognizing the importance of science and technology has embarked on the transformative journey of Digital Pakistan by harnessing our vibrant youth constituting 60% of our populace

and tapping into their innovative prowess, China Economic Net (CEN) reported We aim to reshape our trajectory

The burgeoning number of Pakistani startups attracting international venture capital attests to our untapped potential Through the establishment of a Special Technological Zone Authority, we are nurturing an ecosystem of innovation, entrepreneurship, and research, he added Moin ul Haque said that Pakistan and China are close friends and All-Weather Strategic Partners

In recent years two countries have placed and added focus on science and technology cooperation We have also created two dedicated working groups on science and technology and IT cooperation under the CPEC framework Currently, 30 joint research projects are in

IHC to hear Imran’s appeal against Toshakhana case sentence on 22nd

ISLAMABAD: The Islamabad High Court (IHC) on Wednesday fixed an appeal against the sentence of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan in the Toshakhana case for hearing on August 22 A two-member IHC bench comprising Chief Justice Aamer Farooq and Justice Tariq Mehmood Jahangir will hear the case The court has also issued notices to the respondents over the appeal against the sentence The court had already sought a complete record of the Toshakhana case It is to be noted here that a sessions court of Islamabad had sentenced the PTI chairman to three years in prison and fined him Rs100 000 in the Toshakhana case After the court verdict the PTI chairman was arrested from Lahore and transferred to Attock Jail S TA F F R E P O R T

Hyundai Motor’s unit to buy General Motors’ India plant

PR OFIT

R E U T E R S

advanced stages, a testament to our shared commitment to innovation As we usher in the second phase of CPEC, poised for industrial and agricultural transformation, our partnership with China will underpin our technological aspirations, laying a robust foundation for a modern economy

Ambassador emphasized that the theme of the forum Innovation Creates the Future, Cooperation Leads to WinWin Development resonates deeply with our pursuit of moving towards a digital era through scientific excellence, achievements, and cooperation I am delighted to share that tomorrow we would be signing an MoU on the establishment of its sub-center in Pakistan which we hope could serve as a bridge for uniting governments, private sector, and academia for collaboration in digital fields

10 names ‘vetted ’ for c aretaker c abinet in KP

PESHAWAR S TA F F R E P O R T

Efforts for the formation of the caretaker cabinet in Khyber Pakhtunkhwa have been intensified and names of 10 people have been cleared for their inclusion as ministers in the caretaker cabinet According to reports on Wednesday the interim cabinet members are expected to take oath this week and 10 names cleared for inclusion in the new caretaker cabinet include four of those who resigned from the previous cabinet The list of the ministers set to join the new caretaker cab-

inet includes former bureaucrats and technocrats Five more people are currently being screened for the purpose and it has been decided to include neutral people in the cabinet The sources informed the caretaker cabinet will take oath this week Contacts have been underway with various personalities for their possible inclusion as caretaker ministers in the KP caretaker cabinet A search for completely non-political people has been underway to fill the KP cabinet Advisers and special assistants will not be part of the caretaker cabinet, it has been heard As per the 18th Constitutional Amendment, there will be only 15 ministers in the caretaker cabinet

Hyundai Motor Co’s (005380 KS) Indian unit will buy automaker General Motors’ (GM N) Talegaon plant in the western state of Maharashtra a move that will allow the U S automaker to exit the country as well increase Hyundai’s annual production Through its Sriperumbudur facility outside Chennai city and now the Talegaon plant Hyundai aims to increase its cumulative production capacity to one million units per year it said on Wednesday The company had a production capacity of 820 000 units in the first half of this year

The South Korean firm said it intends to upgrade the existing infrastructure at the Talegaon unit and start manufacturing in 2025 The plant currently has an annual production capacity of 130 000 units Hyundai India s second-biggest carmaker by sales did not mention a deal value

This deal will allow the U S automaker to exit India GM stopped selling cars in the country in 2017 after years of dwindling sales but its complete exit from the market has been marred by complications including legal tussles with workers and failure to find a buyer for the plant

In 2019 GM agreed to sell the plant to China s Great Wall Motor (601633 SS) but talks collapsed after the companies failed to obtain regulatory approvals amid New Delhi s scrutiny of Chinese investments

Last week Hyundai said it plans to launch more electric vehicles (EVs) under the Hyundai and Kia (000270 KS) brands in India in a sign that it is betting big on the world s third-largest auto market It plans to invest $2 45 billion to beef up EV production in the country and is bullish on the local appetite for EVs

Cambridge announces IGCSE, O-Level results in Pakistan

ISLAMABAD S TA F F R E P O R T

The Cambridge International announced Cambridge IGCSE and O-Level results of more than 60 000 students across Pakistan

Wednesday

The CIE announced

been taken into account when setting the grade boundaries “This means a student who would have achieved a grade A before the pandemic will be just as likely to get a grade A in 2023 More than 750 schools across Pakistan offer Cambridge programmes and qualifications to their students the statement added

Fed, economists make course correc tion on US recession predic tions

Blame it on economic theory not matching reality, groupthink among forecasters or political partisanship by opponents of the Biden administration, but a year ago much of the U S was convinced the country was in a recession or would be soon

The first two quarters of 2022 had seen

U S economic output contract at a 1 6% annual rate from January through March and at a 0 6% annual rate from April through June, and by one common, though not technically accurate, definition the country had already entered a downturn

Why wouldn’t it? The Federal Reserve was quickly cranking interest rates higher, housing investment seemed to be buckling, and the conventional wisdom was that other industries, consumer spending, and the job market would all tumble as well

“A number of forces have coincided to slow economic momentum more rapidly than we previously expected,” Michael Gapen, chief U S economist at Bank of America, said in a July 2022 analysis “We now forecast a mild recession in the U S economy this year In addition to fading of prior fiscal support inflation shocks have eaten into real spending power of

households more forcefully than we forecasted previously and financial conditions have tightened noticeably as the Fed shifted its tone toward more rapid increases in its policy rate Fast forward a year, and the unemployment rate at 3 5% in July is actually lower than the point where many analysts expected it to begin rising, consumers continue to spend, and many professional economic forecasts have followed Gapen in a course correction Reuters polls of economists over the past year showed the risk of a recession one year out rising from 25% in April 2022, the month after the first rate hike of the Fed’s current tightening cycle, to 65% in October

The most recent read: 55%

“Incoming data has made us reassess our prior view” of a coming recession that had already been pushed into 2024, Gapen wrote earlier this month “We revise our outlook in favor of a ‘soft landing’ where growth falls below trend in 2024, but remains positive throughout ”

The recession revisionists include the Fed’s own staff, who followed their models to steadily downgrade the outlook for the U S , moving from increased concerns about “downside risk” as of last fall, to citing recession as a “plausible” outcome as of last

December, and then projecting as of the Fed s March 2023 meeting that recession would begin this year

With the failure of California-based Silicon Valley Bank expected to put an extra constraint on bank credit, the staff s projection included a mild recession starting later this year, with a recovery over the subsequent two years, the minutes of the Fed s March 21-22 meeting showed In May and June, the Fed staff projections continued to assume the U S economy would be in recession by the end of the year

The more dour outlook disappeared at the July 25-26 meeting, Fed Chair Jerome Powell confirmed recently, with perhaps more details about the staff outlook to come in the minutes from that meeting, which will be released at 2 p m EDT (1800 GMT) on Wednesday

“The staff now has a noticeable slowdown in growth starting later this year in the forecast, but given the resilience of the economy recently, they are no longer forecasting a recession,” Powell said at a press conference after the end of last month’s policy meeting Fed policymakers’ projections, which are issued on a quarterly basis, never showed GDP contracting on an annual basis

‘CHUGGING ALONG’

What made the difference between an inthe-moment recession that many thought

was underway last year to growth that has surprised to the upside?

The forecast miss wasn t even really close: By the third quarter of last year, growth had rebounded to a rapid 3 2% annual rate, and has remained at 2% or above since then, higher than the 1 8% the Fed considers as the economy s underlying potential An Atlanta Fed GDP nowcast puts output growth for the current July-September period at 5 0%, showing continued strong momentum

A big part of the story is the staying power of U S consumers, who have continued “chugging along” and spending more than expected, as Omair Sharif, president of Inflation Insights, puts it

Spending has shifted from the goodsgorging purchases seen at the start of the coronavirus pandemic to the hot services economy that exploded this summer in billion-dollar movie runs and music concerts

But the dollar amounts keep growing regardless of what’s in the basket, leaving economists to steadily push back the date when the “excess savings” of the pandemic era will run dry, or puzzle over whether low unemployment, ongoing strong hiring and labor “hoarding” by companies, along with rising earnings, have trumped any anxiety over the outlook

But it isn t just that

It may be that high interest rates don t work the same way in an economy that spends more on less rate-sensitive services, and where businesses have continued to borrow and invest more than many economists anticipated – perhaps to capitalize on regulatory shifts aimed at encouraging technology and green energy projects

A surge in local government spending also gave an unexpected boost to growth as localities put pandemic-era funds to work on a delayed basis

Can it last?

One risk is if inflation resurges alongside a tighter-than-expected economy, and Fed policy needs to become even stricter and induce the inflation-killing downturn which officials still hope to avoid

But the odds of that may be falling

“We’ve been wavering for a while on whether to shift to the ‘soft-landing’ camp, but no longer,” noted Sal Guatieri, a senior economist at BMO Capital Markets, in reference to the Fed’s hopes of lowering inflation without provoking a recession “Broad strength” in the U S economy, he said, “convinced us that the U S economy is more durable than expected Not only is it not slowing further, it might be picking up ”

RANGERS CALLED IN AS CHURCHES VANDALISED IN JARANWAL A ON BL ASPHEMY ALLEGATIONS

CONTINUED FROM PAGE 01

Earlier Anwar said the police were negotiating with the protesters and the area had been cordoned off There are narrow lanes [in the area] in which small two to three marla churches are located and there is one main church they have vandalised portions of the churches he said while speaking to Dawn com

The official stated that efforts were under way to contain the situation by engaging with peace committees and police across the province had been activated No arrests have been made so far

The assistant commissioner of the area a member of the Christian community has also been evacuated after people turned against him Anwar added

On the other hand Christian leaders alleged that the police remained silent spectators Taking to X (formerly Twitter) earlier President Bishop of the Church of Pakistan Azad Marshall said that Bibles had been desecrated and Christians were tortured and harassed having been falsely accused of violating the Holy Quran

We cry out for justice and action from law enforcement and those who dispense justice and the safety of all citizens to intervene immediately and assure us that our lives are valuable in our own homeland that has just celebrated inde-

pendence and freedom he demanded Bishop Marshall added that all priests bishops and lay people were deeply pained and distressed at the incident

M: Care-

taker Prime Minister Anwaar-ul-Haq Kakar on Wednesday directed law enforcement agencies to apprehend culprits behind the vandalisation of churches in Jaranwala Faisalabad over blasphemy allegations I am gutted by the visuals coming out of Jaranwala Faisalabad Stern action would be taken against those who violate law and target minorities said Kakar in a post on X the microblogging website formerly known as Twitter

The interim premier also said that all law enforcement agencies have asked to apprehend culprits and bring them to justice Rest assured that the government of Pakistan stands with our citizenry on equal basis he added

I: Separately Pakistan Ulema Council (PUC)

Chairman Hafiz Tahir Ashrafi said religious leaders visited Jaranwala on Wednesday to address the situation

In a joint statement issued by the PUC and International Interfaith Harmony Council (IIHC), he said religious leaders actively engaged with the com-

Kakar’s uphill battle

CONTINUED FROM PAGE 01

However, the prime minister would do well to remember that he is going to be in power for at least three of the nine months that this stopgap agreement is in place to get the $3 billion from the IMF The entire point of this shorter agreement was to allow caretakers to come in conduct elections and allow the new government to negotiate a new agreement But if Pakistan is to be in this necessary position whenever a new government comes in Kakar must remain committed to the course and not get creative With the support of the political old guard and the establishment the caretaker PM has claimed the continuity of the economic policies would be maintained and bring more economic improvements He added that public welfare projects will continue He further stated that increasing foreign investment in the country under the SIFC is among the priorities of the caretaker government While these are not ideal circumstances this is exactly the role he has been

Hascol posts Rs14.49b in losses for 2022

munity to stabilise the situation and foster an environment of understanding

The leadership of PUC and IIHC underscored the shared responsibility of safeguarding worship places and residences of all communities They assured that the protection of the religious places was not only the duty of the Muslim populace but also a responsibility upheld by the state the statement added

On the other hand Karachi Additional Inspector General of Police Javed Alam Odho has directed authorities to remain on high alert in the city and increase intelligence outside temples churches mosques and all other worship places

Former prime minister and PML-N President Shehbaz Sahrif described the incident a sad and disturbing

Taking to X he said there is no place for violence in any religion All religious places Holy Books and personages are sacred and deserve our highest level of respect I urge the government to take action against the culprits I also appeal to Ulema Mashaykh and religious scholars from all schools of thought to come forward and condemn the reprehensible actions Such madness can t be allowed Pakistan belongs to all religious minorities, he added Former foreign minister and PPP Chairman Bilawal Bhutto Zardari also denounced the act of violence against the minority community, saying horrified to

President of Pakistan Confers Hilal-e-Imtiaz on Dr Amjad Saqib

hear about the attack on Churches in Jaranwala Faisalabad Writing on his official X handle he said Violating the sanctity of places of worship is absolutely unacceptable The administration must ensure the safety of the Christian community and their Churches PML-N Senior Vice President Maryam Nawaz also strongly condemned the violent incidents in Jaranwala Taking to X she said attacks on religions and religious places of worship are not acceptable in any way The Pakistani state is bound to provide equal rights and protection to minorities Provocation and extremism are not in favour of anyone I demand the Punjab government and administration to bring all the characters behind this heinous act to justice Meanwhile other users from different walks of life called on the Punjab government to take action against the mob which reportedly chanted slogans in support of a far-right religio-political party as it resorted to violence against a neighbourhood housing over 500 Christian families We as Pakistani can t allow the madness happening in Jaranwala The Punjab government should enforce its full might to protect the Christian churches and homes We have a responsibility toward the minorities in our country, and we couldn t let the crisis worsen any further! [sic], wrote Senator Sarfraz Bugti on X

Supernet Technologies born after SuperInfra’s reverse merger with Hallmark

CONTINUED FROM BACK PAGE

Ahmad s assertion holds water This procedure is typically less convoluted, more time-efficient, and less financially burdensome than a conventional IPO It decouples the process of going public from the capital-raising function, rendering it an enticing alternative for corporate managers and investors alike However, it s crucial to underscore that a reverse merger does not result in any fresh capital influx

Who s who?

SuperInfra, a player in the solar panel industry, operates as a fullyowned subsidiary of Supernet, which holds a commanding 99 98% stake in the company Supernet, a technology titan offering ICT solutions, has been at the forefront of the private sector telecommunications providers since its inception in 1995 Alongside its group companies, it provides an ex-

tensive array of services ranging from Solar Power and IT Security to LAN & WAN Connectivity and IT Infrastructure solutions catering to both local and global businesses

Interestingly Supernet itself falls under the umbrella of Telecard Ltd

Having gone public just last year Supernet successfully raised a substantial Rs 47 5 crore by selling 18 81% of its total post-listing shareholding at Rs 22 50 per share

On the other hand Hallmark embarked on its journey in 1981 as an insurance company However it grappled with meeting the minimum paid-up capital requirement for an insurer set by the Insurance Ordinance 2000 The requirement escalated to a whopping Rs 30 crore – a sum that proved too hefty for Hallmark to muster leading to the cessation of its insurance business in January 2003 Undeterred by this setback Hallmark pivoted towards the burgeoning information technology industry

With Pakistan s advent into the digital age and the introduction of 4G services in 2014 Hallmark seized the opportunity to reinvent itself It shifted its focus towards providing devices for data centres end-user computing and identity and security portfolio complemented by pre and post-sale support services This strategic pivot bore fruit from 2018 to 2021 after which its operations were scaled back

In August 2021 acknowledging the inevitable Hallmark began preparations for a potential buyout

The question that arises however is why SuperInfra opted for a takeover of Hallmark when its primary objective was merely to secure a listing? After all Supernet had previously navigated the path of an Initial Public Offering (IPO) for itself so why not for its subsidiary? What could possibly have prompted it to choose this relatively arcane route of a reverse merger?

To indic t DC, SSP for contempt: IHC releases PTI’s Shehr yar Afridi, Shandana Gulzar

CONTINUED FROM BACK PAGE DC Memon replied, “According to intelligence reports, Shehryar Afridi spread incitement There are also reports of him being involved in plans of attacking the district courts His name also came up in the campaign against the judiciary ”

Here, Justice Sattar asked the DC how Afridi “incited people even though he was in jail” To this, the DC answered, “My eyes and ears are just the intelligence reports ” DC Memon proceeded to read out aloud the reports of the IB and the Special Branch (SB) The judge then asked if there was any MPO order issued in the past three months that a court had maintained Here, he warned the DC: “Keep this in mind that [one] can be sentenced to six months in prison for contempt of court ” Judge Sattar then asked, “On whose information was Shehryar Afridi arrested?” Subsequently, the Margalla station house officer (SHO) was called to the rostrum The judge asked him as well about the information that he had about Afridi’s alleged “planning” The SHO informed the court: “Sir, I was not the SHO there at that time Someone else was the SHO back then ” Judge Sattar observed that the police official was then free to go and

asked who was the district police officer (DPO) there, at which the said DPO came to the rostrum The judge again inquired the same what information did the official have regarding Afridi’s alleged plan to which the DPO answered that he had gone on holiday back then Here, Judge Sattar asked, “What was happening on May 8 in Islamabad? Did you ask about this?” “In light of these reports, you have to apply your mind as well,” he remarked He again sought answers from the police officials about the “situation in Islamabad on May 8” a day before PTI chairman Imran Khan was arrested which led to violent incidents countrywide At this point during the hearing IG Dr Khan appeared in the court and informed it “Action is taken based on the risks before the incident takes place We took these actions to maintain the law and order situation ” Here Judge Sattar remarked “The Special Branch’s report is merely a joke ” He then asked the IG if any of those who Afridi was allegedly inciting had been arrested Dr Khan replied “We will pursue the mastermind ”

The judge stated “Whatever was read out (the intelligence reports) is making a mockery of the police system Make the decision if you have to run the country as per the Constitution

or in another manner

He then ordered the IG to submit a detailed report about the matter to the court Judge Sattar then proceeded to ask DC Memon if he had submitted his reply to the contempt of court notice issued yesterday, to which he responded in the affirmative

He stated the court deemed his response to the notice “unsatisfactory” and said DC Memon would be indicted for contempt of court in the next hearing

The judge also decided to indict the senior superintendent of police (operations) for contempt of court in the next hearing terming his rely as unsatisfactory as well

It also issued a notice to IG Khan ordering him to provide the names of the police officials concerned “You think we are blind?” the judge said Justice Sattar also asked Afridi to refrain from issuing statements on mainstream and social media “I expect you to not give a statement until this case is being heard ” the judge said adding that nothing from Afridi’s side should come on any media channels or social media

Meanwhile the IHC also took up a petition filed by PTI leader Shandana Gulzar against her detention under the Maintenance of Public Order (MPO) Gulzar also appeared before the court today

Will Malik Riaz finally bid farewell to his banking stint?

maintenance Beyond construction, RMS is engaged in a wide array of services such as infrastructure development, water management, safety systems, security solutions, and ICT services Where does an investment bank fit into the strategy of RMS? What does RMS plan to do with the license of an investment bank?

RMS did not provide specific information beyond stating that their bid was driven by a strategic shift for expansion and diversification But why would they want to buy a bank that is plagued with losses?

Ali elaborated, “This move will bring a wealth of financial expertise to RMS Their experience in capital markets, investment strategies and risk management complements our engineering capabilities perfectly This cross-disciplinary knowledge transfer can facilitate innovation in project design, financial models and sustainable development practices The synergy allows us to offer a complete suite of services, from project concep-

On the momentous occasion of Pakistan s 76th Independence Day a remarkable tribute to the tireless efforts aimed at uplifting the marginalized and advancing education has been bestowed by the President of Pakistan Dr Amjad Saqib the visionary Founder and Chairman of Akhuwat Foundation has been honored with the prestigious Hilal-e-Imtiaz Pakistan s second-highest civilian award He will receive this award on 23 March 2024 Akhuwat holds the distinction of being the world s largest interest-free microfinance program a transformative endeavour that has brought about a significant and positive impact on the lives of innumerable poor families across the country Going beyond its financial support Akhuwat has established Pakistan s first fee-free University a monumental stride in making education accessible to all Dr Amjad Saqib s unwavering commitment to enhancing societal wellbeing has not only resulted in the prestigious Hilal-e-Imtiaz Award but has also earned him the esteemed Sitara-e-Imitiaz in 2010, another highly regarded civil award within Pakistan His global recognition encompasses the honour known as Asia s Nobel Prize, the Ramon Magsaysay Award , and his nomination for the Nobel Peace Prize in the previous year Dr Amjad Saqib s accomplishments reflect a profound dedication to instigating positive transformations, not just within Pakistan, but extending to a global scale P R E S S R E L E A S E

Dedication of Children, Narcotics-free Pakistan

KARACHI: The monthly meeting of Hamdard Naunehal Assembly Karachi chapter was held yesterday at Bait-ul-Hikmah Auditorium Madinat al-Hikmah on the topic Dedication of Children

Narcotics-free Pakistan The assembly was presided over by Ms Sadia Rashid President Hamdard Foundation Pakistan Sister Elizabeth Nizamat Principal of St Joseph s College For Women was invited as the chief guest to address the gathering She said that the increase in use of narcotics and other harmful substances among the younger generation is a matter of grave concern which proves that our society is not fulfilling our responsibility of protecting our youth Drug addicted youths are seen on every road and intersection which clearly means that they have an easy access to drugs This is a question mark on the efficiency of state institutions Sister Nizamat added that teachers and school management should conduct drug tests on children and share the results with parents Addressing the psychological and mental challenges faced by vulnerable children including mental stress is vital to prevent addiction Moreover a public awareness campaign is needed she added Sadia Rashid in her presidential address stated that the nation s development prosperity and freedom hinge on both mental and physical well-being She pointed out that a person with a weak body and mind, regardless of talents, cannot effectively benefit him/herself or society Shaheed Hakim Mohammed Said, who dedicated his life for the betterment of Pakistan used to lay a great emphasis on the importance of children s physical and mental wellbeing for the country s bright future In order to eradicate the menace of narcotics from our society, multifaceted measures are needed including educating youth about the negative effects and consequences of using narcotics and banned substances, and take strict action against drug dealers Drug peddlers are anti-national elements who do not deserve any concession In the meeting, the young speakers from different schools also expressed their views Students also presented national songs The meeting was moderated by Speaker Naunehal Assembly, Armin Khan, a student of Hamdard Public School S TA F F R E P O R T

Consensus reached as Domki ‘picked’ for Balochistan interim CM’s slot

CONTINUED FROM PAGE 01

Bizenjo has been performing duties until a new chief minister comes in Reportedly Domki belongs to Lahri area of Balochistan He is a son of politician Mir Hazor Bakhsh Domki who served as a senator between 1975 and 1977 Domki did his Masters in Sociology from Allama Iqbal University (AIOU) Islamabad and has served as Tehsil Nazim Lahri and District Nazim Sibi Ali Mardan Domki was born on October 13 1972 His brother Dostin Domki has been a member of the Balochistan Assembly and also served as a minister of state

tion to funding and execution

This is part of a strategic shift where we re not only focusing on engineering excellence but also on providing a complete range of financial services We see immense potential in Pakistan s agri and IT sector, and we believe that facilitating funding is a key driver for their growth By creating a financial institute under the RMS umbrella, we can channel resources to these sectors and make a substantial impact on their development” added Ali

“While it’s true that Escort Investment bank has faced financial challenges in recent years, we believe that the potential for transformation and growth is significant We are approaching this acquisition with a clear risk management plan in place Our combined team of experts from both engineering and finance will work together to identify and address risks proactively, ensuring that the acquisition and enhances our capabilities without jeopardizing our overall stability” added Ali with conviction Escorts Bank has been experiencing consistent losses for over the past six years In 2022, the loss per share worsened to Rs1 45, a decline from Rs0 6 in 2021

Faisalabad churches attack

TH E attack on three churches and a number of homes by a mob in Jaranwala indicates that matters which had seemed to have gone out of control, have not improved Once again, a mob has been inflamed to violence by a cleric’s diatribe against an alleged blasphemer After the situation calmed somewhat, it transpired that the accused had been taken into custody by the police, that one church had been razed and two others ransacked In that process, there had been desecration of the Bible aplenty It is not claimed that the accused had attempted to claim sanctuary at the altar of any of the churches and thus the motive of attacking the churches seems to be simple revenge This does not have any sanction even among the most hard-line clerics, and seems to be a result of the failure to deal with previous outbursts according to the law

Once again the desire to punish blasphemy personally is not so much a manifestation of personal piety as a manifestation of distrust in the justice system The feeling that a blasphemer can be safely handed over to the police and that it would then proceed to punish him or her, has not developed amongst the general public The religious injunctions regarding blasphemy are observed with great fanfare, but there does not seem to be the same attention paid to the protections granted to non-Muslims in Muslim countries, not as historical practice, but equally religious injunctions Those injunctions are not a licence to blasphemy but seem woefully neglected in this case

It will take a lot of work by the state to develop a counter-narrative of tolerance and trust in the justice system At the moment, it seems that ever greater depths of violence are being demonstrated Is it impossible that the next step might be invading private homes something even the police cannot do without a warrant The state cannot hide behind its being a caretaker administration It must take suitable steps to restore c confidence in a minority community which has had its churches trashed If indeed the police looked on as silent spectators when the churches were attacked, action against the negligent policemen must be taken Those responsible must also be acted against The transfer of the AC Jaranwala, Mr Shaukat Masih and the giving of the additional charge to the AC Tandlianwala Rana Aurangzeb seems particularly hamhanded at this point, as if the Punjab government doubted the loyalties of its ACs and suspected that a Christian would somehow favour his co-religionists, but a Muslim not his

Dedicated to the legac y of late Hameed Nizami

Arif Nizami (Late)

Founding Editor

Yousaf Nizami Editor

M A Niazi Joint Editor Umar Aziz Executive Editor

PR I M E M I N I S T E R Shahbaz Sharif claims that Nawaz Sharif was victimized and treated unfairly He claims that in the 2018 elections ‘ Jhurlu ‘ was applied to deny him victory The arrest of Rana Sanaullah their stalwart is also repeatedly mentioned During his recent trip to Gwadar he claimed that the port had not been dredged since 2015 when Nawaz visited the operations No wrongdoing should go unpunished It is the responsibility of the aggrieved party to identify the perpetrators of the injustice committed against the Sharifs and their partymen In case their memory has faded help is offered to refresh it

It was the establishment led by Gen Qamar Javed Bajwa who decided to expose the criminal activities of the sitting PM It was during his own regime that he was disqualified from holding public office while his party continued to rule Shahid Khaqan Abbassi was inducted as PM while Shehbaz continued as Punjab Chief Minister completing two un-interrupted terms in office (2008 to 2018) Despite being in power till 2018 Gwadar port was neglected for three years by the government of his own party Rana was arrested by the Anti Narcotics Force headed by a two-star general in uniform reporting directly to the COAS To keep the record straight the Sharif s play the age-old game of Good and Bad Cop or in the words of Sheikh Rashid Shehbaz plays on both sides of the wicket Abdul Wali Khan as leader of the opposition in the 1970s used the proverb; running with the hare and hunting with the hounds That is what the Sharif brothers have been doing ever since they were discovered by General Zia the deadliest usurper

When General Zia perished after over 11 years of misrule the DG ISI called three persons to appear for an interview to replace him Ghulam Ishaq Khan Nawabzada Nasrullah Khan and Abdul Wali Khan were shortlisted for this position by the establishment Wali Khan not only refused to appear before the DG He used very strong words; Lanat [curses] on the position for which I have to appear before a General

Thus GIK took over as President on the nod of a Grade 21 three-star general The Sharifs on the other

Successes and failures of PDM

to lessen the miseries of the people

Nevertheless it is pertinent to mention here that some of the factors which accelerated the hydra-headed inflation included catastrophic floods in 2022 and the spike in international prices in the wake of the Russia-Ukraine war These factors were surely beyond the control of the PDM government Anyway it can be safely concluded that in spite of all the justifications the PDM government failed to satisfy the masses about the phenomenal increase in the commodity prices

hand were introduced by a Grade 22 four-star general, It was because of this superiority that Nawaz clashed with Ishaq

As a Muslim League child I was told that Bacha Khan and his party were pro-India but my late father Nazir Ahmed Malik always praised their principled politics When I got the opportuinity to interview Wali Khan for the university magazine, I was impressed by his intellect and straight talk The Khans of Charshadda had played a key role in the independence movement for which they were jailed many times but they continued with their politics of resistance Wali Khan lost one eye while serving a prison term While Muslim League stood for a strong centre, they were in favour of provincial autonomy Unlike the Sharif s, they never shook hands with the establishment for which they were made to suffer; the hounds were kept at bay by them It is widely believed that those who live by the gun die by the bullet The same is true for those who play with the hounds; they also get bitten by them Wali Khan was very clear, he believed in standing up to them In his own words: We neither compromise nor run away Those who compromise and then run away have no credibility Nawaz decided to go after the fourth usurper though he was allowed under agreement to go into self-exile for a period of ten years by the dictator Why only Musharraf? Others should also have been included in the hit list Nawaz after his escape from jail due to the efforts of General Bajwa started to openly attack him from the safety of his London home He blamed the Sipah-e-Salar for all the wrongs committed against him but when his brother came into power no action was taken against the intruder The fifth manipulator escaped Article 6 courtesy of Shehba Now that national elections are scheduled this year the Martyr Card card has been used to gain sympathy

Everyone including Nawaz is entitled to justice and fair play. Nawaz must name his perpetrators and tormentors for this to happen Hounds should not be spared this time No one is in a better position to deal with them than the Sharifs of Gawalmandi There is a saying; “Har Firoun Nira Musa” (Every Pharaoh has to deal with Moses)

In the checkered political history of the republic only Nawaz has managed to gain an absolute twothird majority not once but twice Out of the five governments that were dismissed under the Draconian Zia amendment Article 58(2b) only NS managed to gain back power through the Supreme Court He was allowed to leave the country while serving a jail term, perhaps the first in the history of the Common Law Somehow every time the family manages to get back their confiscated assets Those who dare to stand witness against them die mysteriously When they are accused of wrongdoing, the records catch fire Almost all the property records of Lahore have been burnt When Justice Sajjad Ali Shah tried to stand-up

against their wrong doings the Supreme Court came under attack in 1997; soon the Chief Justice was out of job Comrade Tariq Aziz and Akhtar Rasool the hockey legend had to pay a heavy price for this misadventure Finally the good offices of brother Judge Rafiq Tarar, grandfather of Atta Tarar the current MC (Master of Ceremonies) were used to pit the bench against the Chief 0In July 1977, when Zia the founder of the Sharif Dynasty toppled the elected government of Bhutto it was called; ‘Operation Fairplay’ Elections were to be held within the stipulated 90 days but it turned out to be ‘Foul Play’ His misrule continued for over 11 long years, ending only after his demise The Sharifs are part of these ‘Foul Mechanisms’ against the Constitution and the rule of law it envisages For normalcy to return the wrongs for and against the Sharifs must be corrected Trials under Article 6 should be initiated against the dictators who crossed the red line of the Constitution Shahbaz has a few days before his term ended to initiate the legal process against the accused who tormented Nawaz The DG ANF who signed the arrest warrants of Rana Sanaullah should also be issued a show-cause notice for this gross injustice

Everyone including Nawaz is entitled to justice and fair play Nawaz must name his perpetrators and tormentors for this to happen Hounds should not be spared this time No one is in a better position to deal with them than the Sharifs of Gawalmandi There is a saying; “Har Firoun Nira Musa” (Every Pharaoh has to deal with Moses)

The writer is ex-Chairman, Pakistan Science Foundation He can be contacted at: fmaliks@hotmail com

E d i t o r ’ s m a i l

ON the advice of the Prime Minister Shahbaz Sharif the President has dissolved the national assembly and with it the PDM government has also ended after ruling the roost for nearly 16 months It is perhaps an appropriate time to have a glance at its successes and failures

Let me begin by conceding at the outset that the PDM government inherited an economy in tatters owing to some irrational economic initiatives of the PTI government its resort to unprecedented borrowing and on top of that reneging on the commitments made to the IMF which pushed the country to the edge of a precipice with the prospect of default staring it in the face It would be pertinent to point out that the burgeoning inflation in the country also made the lives of the masses miserable who at the fag end of the PTI government were praying for an early end to it The wish of the people was granted when the PDM resorting to constitutional means ousted the PTI regime

It was indeed a very precarious situation which necessitated not only winning back the confidence of the IMF but also completing the ninth review of the Extended Fund Facility (EFF) Unfortunately in spite of protracted negotiations Pakistan could not succeed in completing the ninth review of the EFF However in the end the IMF reached a staff-level agreement on policies to be supported by a StandBy-Agreement (SBA) amounting to $3 billion for a period of nine months That can be construed as a success with respect to saving the country from the prospect of default

However the truth is that the PDM government in its quest to complete the ninth review of EFF did resort to raising the prices of petroleum products electricity and gas allowing the dollar-rupee rate to be determined by the market forces and withdrawal of some of the subsidies which triggered a new round of inflation further eroding the purchasing power of the poor masses The SBA has also come with conditions to raise the prices of utilities and petroleum products and we have already seen its implementation It may have been to fulfill the commitments made with the IMF but the truth is that the PDM government has not been able

The economic situation also deteriorated due to political instability that has prevailed in the country since the ouster of Imran Khan and continues to cast its ugly shadow on the political landscape of the country as well as the prospects of economic recovery The PDM government apart from economic and intractable political challenges also faced the dilemma of rectifying the kink in diplomatic relations with the USA and other countries particularly with the former which Imran Khan accused of having played a role in his exit from power

The resurgence of terrorism in the country was yet another colossal dilemma facing the PDM regime which was a sequel to an unimaginative move by the PTI government to hold negotiations with the TTP and allowing them to return to Pakistan to the areas from where they had been removed during operation Zarb-

Corporate farming and establishment of SIFC are indeed direction setting steps. However it will take time before the country starts reaping dividends of these steps The fire-fighting done by the PDM government has surely lent stability to the economy but the fact remains that the masses cannot expect an immediate relief to mitigate their sufferings.

Economic initiatives invariably have a time-lag to produce results

e-Azb On top of that it had to face a not very sympathetic judiciary These were the issues that the PDM government never visualized As far as rectifying the kink in relations with the USA and removing the misgivings of China in regards to the putting of CPEC projects on the backburner by the PTI regime are concerned the PDM government has surely succeeded in removing the aberrations CPEC is back on track and new commitments have been made by China for investment in the rail link between China and Pakistan and on ML1 r e g a r d i n g d o u b l i n g t h e t r a c k b e t w e e n P eshawar and Karachi Pakistan also succeeded in negotiating a fund to atone for the losses and damage due to the floods at COP 27 as chairman of G77 which can also be taken as the success of the government The handling of the floods was also an appreciable undertaking by the PDM government The passage of the PEMRA Amendment Bill to safeguard the interests of the media workers and commencement of health insurance cards for the j o u r n a l i s t c o m m u n i t y c a n a l s o b e c o n v eniently added to the positive achievements of the government In my view unfurling the initiative of corporate farming to be undertaken by the Army is also a very visionary step that will not only ensure food security but would also lead to introduction of new farming technologies in the country The establishment of the Special Investment Facilitation Council (SIFC) premised on a whole-of-government approach in which the Army has a role in decision making and implementation of policies also signifies an auspicious beginning In view of the prevailing situation in Pakistan and the perilous state of the economy the only option apart from focusing on enhancing exports is to attract foreign direct investment The SIFC has been mandated to bring in $100 billion FDI within three years and enhance the GDP up to $1 trillion by the fiscal year 2035 It will focus on obtaining investments in agriculture livestock mines and minerals IT defence production and energy from China UAE Turkey Bahrain and Saudi Arabia The council aims to provide a one-window arrangement for the potential investors setting aside the bureaucratic snags with a view to expedite the process and formalities involved in facilitating FDI It is perhaps pertinent to mention that the countries mentioned above and many multinationals based in those countries have expressed keen interest and willingness to invest in the identified sectors Corporate farming and establishment of SIFC are indeed direction setting steps However it will take time before the country starts reaping dividends of these steps The fire-fighting done by the PDM government has surely lent stability to the economy but the fact remains that the masses cannot expect an immediate relief to mitigate their sufferings Economic initiatives invariably have a time-lag to produce results

Malik Muhammad Ashraf is an academic

He can be contacted at: ashpak10@gmail com

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

In the love of Urdu

IT all started with my desire to subscribe for myself and a friend the Mahana Akhbar Urdu published by the Idara-i-Farogh-i-Qaumi Zaban (IFQZ) in Islamabad The initial shock was that the subscription amount could be sent only through money order; no cheque no payorder nothing An online transaction entailing direct transfer to IFQZ s bank account I suspect was not something the officials working there might have even heard about Anyway that is not the reason I am writing these lines In August 2022 I sent two money orders of the relevant amount each through Johar Town post office in Lahore as can be seen in the accompanying image After a fortnight I tried many a time to contact the relevant IFQZ official but could not There was some fault in its telephone exchange that left the caller frustrated, irritated and clueless It used to terminate the call right after a lengthy welcoming recorded message So, cutting a long story short, I could not contact anybody at IFQZ I then requested a friend in Islamabad to visit the relevant office, which he was kind enough to do All he got there was a telephone number of an official who was not around at the time When contact was established on cellphone, the gentleman concerned informed that the magazine had not been published yet, and that it would be sent to me and my friend as soon as the IFQZ received it from the printer S S TANWEER HUSSAIN LAHORE

PEC beyond access

THE Pakistan Engineering Council (PEC), whose responsibility it is to help the country advance in the field of technology and innovation, has become a glaring example of incompetence, mismanagement and carelessness All the helpline numbers of PEC remain ‘busy’ all the time, and if, by chance, someone does receive a call, the caller is directed to other extensions to talk to And, of course, no one takes the call on ‘that’ extension All the numbers available on the official website are either dysfunctional or irresponsive Furthermore, PEC’s mobile app is equally problematic and fails to be of any help to millions of engineers The same is the case with PEC website’s continuing professional development (CPD) portal The Council’s IT and CPD departments have failed to make the portal fully operational It crashes every other day Engineers across the country face numerous problems, but have nowhere to go to register their complaints The PEC’s administration and elected governing body must take serious action in this regard and make PEC a more cooperative, efficient and innovation-friendly organisation ABDUL QAYOOM LAHORE

Wasting food

F O O D wastage is a common yet dange-rous problem of society Pakistan is an agricultural country that can easily cater to the food requirements of its people The fertile soil of Punjab and other provinces complemented by sufficient water resources provided by the Indus and its tributaries make Pakistan a country perfect for producing food not only for its own population but also for exporting to other countries to underpin the troubled economy Yet we are faced with severe food insecurity

The problem became formidable after the devastating floods caused by the monsoon rains last year The challenge of food security is severe in Balochistan where poverty is ruling unhindered for many years now The wastage of food aggravates this problem A huge amount of food is wasted at weddings birthday parties and other social events If this wastage is curbed more food can be made available to feed the destitute The government should launch awareness campaigns and bring to light the abject poverty in the country especially in Balochistan It is high time we behaved and celebrated responsibly

NEMAT ULLAH LAHORE

MALIK MUHAMMAD ASHRAF

FU N C T I O N A L literacy is the ability to read, write, and comprehend written information in a way that allows individuals to effectively participate in various activities and functions in their daily lives It goes beyond just being able to read and write words; it encompasses the capacity to understand and use information from various texts, such as newspapers, instructions, job applications, medicine labels, contracts, and more

Functional literacy enables individuals to:

a Navigate the modern world: People with functional literacy can effectively engage with information presented in various formats, including digital media, printed materials, and online content b Access information: It allows individuals to access and understand important information, whether it s related to education, health, employment, legal matters, or personal interests c Make informed decisions: Literacy empowers individuals to evaluate and analyze information critically, enabling them to make informed choices and decisions d Engage in the workforce: Functional literacy is crucial for obtaining and maintaining employment, as it enables individuals to understand job-related documents and communicate effectively with colleagues and superiors e Participate in civic activities: Literate individuals can engage in civic and community affairs, such as voting, understanding public policies, and participating in discussions about societal issues f Functional literacy is not an all-or-nothing skill; it exists on a spectrum Some people may have basic functional literacy, while others may possess advanced literacy skills Efforts to improve functional literacy can involve educational programmes, community initiatives, and policy changes to address barriers to literacy and provide support to those in need

The concept of functional literacy has its roots in the broader historical development of literacy and education

The term functional literacy emerged in the mid-20th century and gained prominence as a result of the UNESCO-sponsored Functional Literacy and Mass Education (FLAME) programme launched in 1961 Before the 20th century, literacy was often associated with basic reading and writing skills necessary for religious or administrative purposes In ancient civilizations, literacy was primarily the domain of the elite, religious scholars, and scribes who needed to handle administrative tasks

s s e n t i a l f o r i n c l u s i v e a n d i n f o r m e d s o c i e t y

B e i n g l i t e r at e i s n o t re a l l y e n o u g h

The expansion of literacy began to take shape during the Enlightenment in Europe (17th to 18th centuries), where the ideas of education and knowledge for all started to gain traction Formal education systems started to emerge, and literacy became more accessible to a broader segment of the population However, functional literacy, as we understand it today, became a pressing issue during the industrialization and urbanization of the 19th and 20th centuries With the rise of industrial societies, the demands for literacy expanded beyond basic reading and writing skills Industrialization required a more educated and skilled workforce capable of handling complex tasks, following written instructions, and participating in the economic and social life of the modern world The UNESCO FLAME programme, launched in the 1960s, played a significant role in highlighting the importance of functional literacy in developing countries The programme aimed to address the issue of illiteracy and promote education that is not just about learning to read and write, but also about applying those skills in real-life situations The focus on functional literacy emphasized the importance of education that was relevant to the needs of individuals and communities, enabling them to participate actively in society, make informed decisions, and improve their quality of life

Functional literacy offers a wide range of benefits to individuals, communities, and societies as a whole which include:

a Empowerment and Self-Confidence: Functional literacy empowers individuals by giving them the ability to access information and knowledge independently This, in turn, boosts their self-confidence and sense of autonomy

b Enhanced Communication: Literate individuals can communicate more effectively through reading, writing, and understanding language This leads to

The main difference between literacy and functional literacy lies in the scope and application of the skills and includes the practical application of those skills to navigate and participate effectively in various aspects of daily life

sibility Perpetrators enjoy the help of global companies and banks most based in New York and London Dubai and Hong Kong are notorious money-laundering centres

In South Africa the infamous state capture decade under former President Jacob Zuma triggered a collapse in the country s GDP leading also to paralysing daily electricity cuts and water supply contamination In oil-rich Angola billions of US dollars were stolen by former President José Eduardo dos Santos and his cronies with dire results 53 per cent of Angolans live on less than $2 15 per day

better interpersonal relationships and improved social interactions

c Access to Education and Knowledge: Functional literacy is a foundation for further education

It allows individuals to continue learning throughout their lives accessing a vast array of educational re-

sources

d Improved Employment Opportunities: Literacy is crucial in the modern job market Functional literacy opens up more employment opportunities and provides individuals with a higher chance of securing and retaining jobs

e Economic Growth and Development: A literate workforce contributes to economic development

Functionally literate individuals are more likely to be productive innovative and entrepreneurial

f Health and Well-Being: Functional literacy is linked to better health outcomes It enables individuals to understand health information make informed decisions about their well-being and access healthcare services effectively

g Informed Citizenship: Literate individuals can engage in civic activities participate in democratic processes and understand their rights and responsibilities as citizens

h Poverty Reduction: Functional literacy is a crucial tool in breaking the cycle of poverty It enables individuals to pursue better opportunities earn higher incomes and improve their overall quality of life

i Personal Development: Reading and writing expand an individual s horizons and intellectual capacity

It allows personal growth creativity and critical thinking

j Cultural Preservation

: Literacy plays a significant role in preserving and passing down cultural heritage and traditions through the written word

k Digital Literacy: In the digital age functional literacy extends to digital literacy enabling individuals to nav-

frequently conceal their illicit assets in countries such as the UK That would enable the new court to freeze and recover stolen assets even where they evade arrest by staying in their home countries If they travel to an IACC member state or a country with an extradition treaty corrupt individuals would face the risk of arrest trial and imprisonment

igate and utilize digital technologies effectively l Social Cohesion: Functional literacy fosters social cohesion by creating a shared understanding and knowledge base within a community

The main difference between literacy and functional literacy lies in the scope and application of the skills Literacy refers to the ability to read and write It indicates a basic level of proficiency in reading and writing letters words and simple sentences A literate person can identify and understand written symbols recognize individual letters and may be able to form simple words and sentences It is often considered a fundamental skill and a stepping stone to further education and intellectual development On the other hand functional literacy goes beyond the basic ability to read and write It emphasizes the application of literacy skills in real-life situations to understand and effectively interact with written information A functionally literate person can not only read and write but also comprehend and use written information in various contexts such as understanding instructions completing forms interpreting documents and engaging with different types of texts Functional literacy is about being able to apply reading and writing skills in practical meaningful ways that enable individuals to function effectively in society and meet the demands of everyday life In summary literacy refers to the foundational ability to read and write whereas functional literacy includes the practical application of those skills to navigate and participate effectively in various aspects of daily life

The writer is a Youth Motivator presently Professor of Political Science and Dean of Social Sciences along with Dean Student s Welfare (DSW) at B N Mandal University Madhepura (Bihar) India His 25 books published in addition to about 1000 articles in national and international journals and daily newspapers from 25 foreign countries

the New Institute in Hamburg, a group of eminent jurists and lawyers will begin, on August 27, to draft a treaty to establish an International Anti-Corruption Court The need is urgent Money laundering causes a staggering $1 6tn in global losses annually, with more than $7tn in private wealth held in secretive offshore accounts the equivalent of 10 per cent of global GDP Countries are left destabilised and in some cases corruption leads to state failure As Navi Pillay, the former UN high commissioner for human rights, ominously warned in 2013, corruption kills Kleptocracies have ravaged their populations for far too long, with corrupt leaders looting public funds for personal gain and thrusting their people deeper into poverty Developing countries bear the brunt of this abuse But it is a global respon-

Why can t we rely on the International Criminal Court to fight back? Because the ICC focuses on atrocity crimes such as genocide and war It cannot prosecute individuals for corruption Amending its foundational Rome Statute to include corruption in its remit would be extremely difficult requiring ratification by the vast majority of its 123 member states some led by people guilty of corruption themselves

But the core crimes in the proposed new court s jurisdiction would not require time-consuming fresh examination because the UN Convention Against Corruption already obliges its 189 parties to criminalise bribery embezzlement money laundering and obstruction of justice However in many nations kleptocrats abuse their power to prevent enforcement The IACC would target high-level officials bribers and money launderers who commit a part of their crimes within member states Entrenched kleptocracies (including Russia) may resist joining but kleptocrats

So far 73 per cent of respondents in the UK favour the establishment of the court and over 300 prominent figures including over 50 current and former heads of state and government plus 30 Nobel laureates have endorsed the idea Integrity Initiatives International a non-profit organisation has co-ordinated a global network of civil society organisations championing an IACC resulting in commitments so far from countries including Canada Ecuador Moldova the Netherlands and Nigeria London and UK overseas territories from the Caribbean to Gibraltar are infamous money-laundering hotspots and our government should adopt a leading role in gathering global support for the IACC The UK must also do much more to regulate lawyers bankers real estate accountants and other financial advisers aiding money launderers enforce laws against foreign corruption and enhance transparency It s no good vocally criticising corruption while turning a blind eye to it The time to act is now

The writer is a Labour member of the House of Lords former cabinet minister and anti-apartheid campaigner

How significant is India’s first ever use of rupees for UAE oil payment?

TH E United Arab Emirates and India settled this week their first oil transaction using rupees, as India’s top refiner, Indian Oil Corp , bought a million barrels from the Gulf country Abu Dhabi National Oil Company (ADNOC) received the rupee payment of an undisclosed amount from Indian Oil Corp , according to an Indian Embassy statement acquired by Reuters on Monday

Last month, the two countries agreed during Indian Prime Minister Narendra Modi’s visit to Abu Dhabi, to settle bilateral trade in rupees instead of dollars, increasing India’s ability to cut transaction costs by eliminating dollar conversions

Earlier in March, the UAE Central Bank began implementing its digital dirham strategy following a financial cooperation agreement with India the year before Using digital currencies, UAEIndia transactions can bypass the need and expense of converting to an intermediary currency such as the dollar Mohammed Soliman, senior fellow at the Middle East Institute in Washington, said such developments are a reflection of the UAE and India’s growing economic partnership “Both countries benefit from reduced dependence on a third-party currency, potentially lowering exchange rate risks and transaction costs,” he told Al-Monitor in a written statement about the two countries, which saw bilateral trade reach $84 5 billion from last year to 2023, according to Reuters

“It also reflects a broad willingness to diversify away from the dollar-dominated trade,” said Soliman, “and might encourage other nations to explore similar alternatives ” The development

showcases an overall shift in how countries are approaching bilateral trade, and it will potentially prompt discussions about the economic and geopolitical implications among nations involved, he added LESS PROBLEMATIC FOR US THAN CHINA: When he met with Gulf leaders in December of last year in Riyadh, Chinese President Xi Jinping said his country, the world s second-largest economy, would push for yuan-settled oil and gas trade

A few months later, China conducted the first-ever yuan-settled energy deal involving some 65,000 tons of Emirati liquified natural gas in March of 2023 The transaction was carried out by China National Offshore Oil Corporation and France s TotalEnergies through the Shanghai Petroleum and Natural Gas Exchange

While the Biden administration has regularly expressed discontent about China s growing economic influence in the region, Soliman said the United States has shown support for a growing relationship between India and the UAE

This was demonstrated by the establishment in 2021 of the I2U2 Group the United States, India, the UAE and Israel to conduct joint investments in water, energy, transportation, space, health and food security, he said India s engagement in the Middle East is a welcome move, and this is further supported by the US, as evidenced by the I2U2 initiative, said Soliman

The I2U2 bloc is in line with the Biden administration s goal to implement the 2022 US Indo-Pacific Strategy, which aims to reframe US engagement with the Middle East and West Asia and reduce China s influence in the Indo-Pacific, according to the Middle East Institute s 2022 report The US and the I2U2: CrossBracing Partnerships Across the Indo-Pacific

IT was so over

As soon a s a r t i f i c i a l i n t e l l i g e n c e b e g a n t o read write and code all manner of p r o f e s s i o n s w e r e s u p p o s e d t o a u t om a t e f a s t L a w y e r s w e r e t o a s t Entry-level engineers commodified And journalists well it s a small miracle we re writing this story

And yet eight months after the release of ChatGPT and several years since the advent of other A I business tools the fallout s been muted A I is being widely adopted but the imagined mass firings haven t materialized The United States is still effectively at full employment with just 3 5 percent of the workforce unemployed

The usual narrative may say otherwise but the path toward A I –driven mass unemployment isn t simple A I technology however impressive is still not good enough to handle most jobs Rather than eliminate our positions companies would like us to simply be better at them And firms hoping to replace humans with bots are learning that change management is hard The demise of industries due to A I is just not going to be a thing says Sarah Guo a venture capitalist who invests in A I startups Legal work for instance was supposedly squarely in A I s sights but law firms enthusiastically incorporating A I aren t using it to replace lawyers Allen & Overy a firm that employs more than 3 000 lawyers worldwide started working with a generative A I tool called Harvey last year and hasn t replaced a single person with it Harvey scours legal sites contracts and other large documents and then answers queries and writes summaries It s exactly the type of application people said would send paralegals and junior associates to the bread lines Yet it s helping them perform better adding value to the firm and not threatening their livelihood Why get rid of more-effective employees? Besides although the bot is helpful it s not nearly good enough to handle all those employees tasks and it still gets things wrong often enough to require human supervision This profession it s a service busi-

ness So you need to have reliability you need to have accuracy says Daren Orzechowski a partner at the firm When computers digitized law books there was a similar panic Orzechowski says but here we are today and there s more lawyers than there were when that technology came online Aaron Levie CEO of cloud storage company Box says generative A I is typically quite good at handling one duty but struggles to take on the array that humans perform at work They can do one discrete information-oriented task basically at a time before they need a human to review what they ve done and then move to the next thing he says Not that many jobs are relegated to only that kind of thing This makes A I great at assisting people but terrible at replacing them

To underscore the complexity of passing work along to A I consider radiologists still in high demand despite serving as a favorite example among those predicting that robots will take all the jobs At the Mayo Clinic for instance approximately 500 radiologists use A I tools to outline and classify images of the body The A I helps them get more done to make up for shortages in medical personnel And though it s incredibly useful it isn t ready to make judgment calls on spotting rare diseases or recommending treatments

In some respects it actually can increase demand for radiology because A I helps us get more information out of images than we could do before says Dr Bradley Erickson a neuroradiologist who runs the Mayo Clinic s A I lab We re still looking to hire Such complexity exists in every field so anytime you see a company announce that it s replacing workers with A I read that with some skepticism These organizations tend to be downsizing anyway and are looking for a positive spin for investors As one ex-IBM employee told us it s much easier for the PR department to announce you re going to turn 7 800 roles over to A I than to actually get the A I to do those people s work There certainly will be jobs affected by this wave of A I as when any new technology arrives And it s possible that as the technology gets better some companies will iron out the details and automate away At that point there could be meaningful displacement even if mass unemployment is unlikely But so far the hot takes have run into reality Daron Acemoglu an economics professor at Massachusetts Institute of Technology says that even if the technology gets good enough to replace say call centers or cab drivers en masse employers and industry will still have a choice about what to do No outcome is predetermined he says In the meantime though it makes sense to bet on the humans We know from many areas that have rapidly automated that they don t deliver the types of returns that they promised says Acemoglu Humans are underrated

F u n c t i o n a l l i t e r a c y : E

DR RA JKUMAR SINGH

What happened to all those jobs ChatGPT was supposed to

C H I N A S O U T H A S I A E X P O O P E N S F O R F I R S T T I M E

ISLAMABAD M i a n a b r a r

THE 7th China-South Asia Expo officially kicked off in Kunming the provincial capital of Southwest China s Yunnan Province on Wednesday fully resuming its offline exhibition for the first time since the start of the COVID-19 pandemic and offering a crucial platform for boosting economic and trade cooperation between China and South Asian countries

The expo the only national-level comprehensive exposition for multilateral diplomacy economic and trade cooperation and cultural exchanges between China and South Asian countries has boosted trade between China and South Asian countries over the past decade, greatly benefiting relevant countries amid a difficult time of global economic hardship, Chinese officials and analysts said

While some Western and Indian media outlets have been hyping negative claims about China s cooperation with South Asian countries China s approach of openness and win-win cooperation as well as its massive economic development opportunities continue to draw closer ties with regional countries, analysts noted

Speaking at the opening ceremony on Wednesday,

Wang Yi a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and director of the Office of the Central Commission for Foreign Affairs, said China and South Asian countries are linked by mountains and rivers, respect each other as equals work jointly toward the same goals and have achieved fruitful results in cooperation in various fields China welcomes South Asian countries to continue to ride the express train of China s development and share the dividends of China s development, Wang said, according to a statement from the Chinese Foreign Ministry In the speech, Wang proposed that China and South Asian countries deepen strategic mutual trust, connectivity economic and trade cooperation as well as cultural and people-to-people exchanges

Underscoring the role of the expo as a major platform for multilateral diplomacy between China and South Asia and beyond such as Southeast Asia, Wang met with several regional leaders, including Sri Lankan Prime Minister Dinesh Gunawardena and Nepal’s Vice President Ram Sahay Prasad Yadav

Hosted by the Chinese Commerce Ministry and the Yunnan Provincial Government this year s expo which will run from Wednesday to Sunday has attracted more than 2,000 enterprises from over 60 countries and regions In addition to South Asian countries, other coun-

w i t h fl e s h & b l o o d o f C h i n e s e, Pa ki s t a n i wo r ke r s

ISLAMABAD

M i a n a b r a r

Zhao Wanlin – a volunteer from People s Liberation Army (PLA) – was among 25 martyrs who laid down their lives during the construction of Karakoram Highway (KKH) on Oct 1 1976 at Kamila Gilgit Baltistan

ZHAO WANLIN

Zhao Wanlin – a volunteer from People s Liberation Army (PLA) – was among 25 martyrs who laid down their lives during the construction of Karakoram Highway (KKH) on Oct 1, 1976 at Kamila, Gilgit Baltistan

Zhao was among those 25 Chinese nationals who died during a landslide triggered by an explosion during construction of KKH and thus pioneered the foundation of China Pakistan friendship by giving their flesh and blood for cementing Sino-Pakistan friendship In total 810 Pakistani and 200 Chinese nationals laid down their lives during the KKH construction

Today, this friendship has become an iron-clad bond with millions benefiting from the projects of China-Pakistan Economic Corridor (CPEC) – a pilot project of Belt and Road project launched by Chinese President Xi Jinping In a special interview with daily Pakistan Today Ms Zhao Wanhui, the younger sister of late Zhao Wanlin, says that though her family was shattered due to early departure of her brother but she was happy to see CPEC flowering and transforming the families of millions of Chinese and Pakistani citizens

Visiting Pakistan and paying my tributes at the grave of my martyr brother was a dream for me which came true yesterday Me and my sister both went to the Gilgit cemetery and cried at the grave of my brother who was only 24 years of age when died,” said Zhao Wanhui while tears rolled down her cheeks Ms Zhao who hails from Shihezi city of Urumqi along with her younger sister are a part of a 41-member Chinese delegation that visited China Yadgar to commem-

tries and regions in Southeast Asia and those under the Regional Comprehensive Economic Partnership are also participating in the expo This year s expo includes 15 exhibition halls, with a total exhibition area of 150,000 square meters

In terms of areas of cooperation highlighted at the expo there are specific exhibition halls for biomedicine and big health cultural and tourism plateau modern agriculture and digital economy The exhibitions will also be displayed online

The China-South Asia Expo is a platform for cooperation between China and South Asia, which is conducive to connectivity between the two sides and also helps South Asian countries expand trade with China ” Lan Jianxue director of the Department of Asia-Pacific Studies at China Institute of International Studies told the Global Times on Wednesday First started in 2013, the expo has helped increase trade between China and South Asian countries over the past decade Total trade between China and South Asian countries jumped from less than $100 billion in 2013 to nearly $200 billion in 2022 recording an annual growth rate of 8 3 percent on average according to official data

As of August 2023 China s cumulative investment in South Asia reached nearly $15 billion, and the turnover of completed contract projects exceeded $200

orate the sacrifice of those Chinese engineers and workers who lost their lives during the construction of KKH from 1959 to 1979 The delegation also included 15 engineers and workers who physically participated in the construction of the KKH, besides their family members The delegation was hosted by the Islamabad office of the All-Pakistan Chinese Enterprises’ Association (APCEA)

Visiting Pakistan was a dream come true for us and we are grateful for the organisers and the Chinese and Pakistani governments for making the visit happen Visiting my brother s grave was a dream for us and it was finally realised I hope that in future, more such visits would be arranged so other members of my family and the families of other martyrs could pay tribute to their loved ones who gave their sweat and blood to the China Pakistan friendship she added

She said that after the martyrdom of her brother the Chinese government paid compensation to her family and her mother was also looked after by the government until her death She hopes that the friendship between China and Pakistan gets strengthened by each day passing RESTING PLACE OF WANG ZHIYUAN Mr Wang Zhiyuan was another martyr whose family takes pride for the great sacrifice he made at the tender age of 21 years

C hinese Premier Li stresses promotion of high- quality development

Chinese Premier Li Qiang chaired a plenary meeting of the State Council on Wednesday, emphasizing the promotion of high-quality development and increasing administrative efficiency to provide robust support for the completion of various tasks Chinese experts and officials have affirmed that the Chinese economy is continuing to recover and improve, serving as a crucial driver for global economic growth while speculations by foreign media regarding a slowdown in China s economic growth are unfounded and contradict the actual situation

During the meeting, Li emphasized continued efforts to expand domestic demand, upgrade traditional industries, deepen reform and opening-up and attract foreign investment Efforts should be made to expand policies to promote consumption and investment, boost bulk consumption, mobilize private investment, and push forward major projects’ investment, Li said

Li stressed the need to accelerate the transformation and upgrading of traditional industries through new technologies and new business models Li also stressed the need to deepen reform and opening-up, carry out a new round of state-owned enterprise reform, optimize the development environment for private

enterprises and attract foreign investment more effectively The Chinese economy has continued its recovery trend and showed overall improvement remaining an important engine for global growth, a Chinese Foreign Ministry spokesperson said on Wednesday, refuting Western media hype about China’s economic slowdown putting the world s economic development at risk

Spokesperson Wang Wenbin said that China has the confidence conditions and ability to achieve its annual economic and social development goals, push the giant ship of the Chinese economy into a broader future, and continue to provide a steady driving force for world economic recovery and growth

A small number of Western politicians and media outlets amplified and hyped the phased problems in China s post-epidemic economic recovery process, and they will eventually be hit in the face by reality Wang noted Wang said that a slew of data has demonstrated that the Chinese economy has strong resilience great potential and vitality and the fundamentals of its longterm sound growth remain unchanged

In the first half of this year, China’s GDP grew by 5 5 percent year-on-year which was significantly faster than last year s 3 percent It also outpaced that of the US by more than 3 percentage points The IMF recently predicted that China s economy will grow by 5 2 percent this year, contributing one-third of global growth

Quran comes under yet another ac t of desecration in Sweden

billion Landmark projects between China and South Asian countries include the China-Pakistan Economic Corridor, the Hambantota and Gwadar ports, the Padma Bridge in Bangladesh, the reconstruction and expansion of Pokhara Airport in Nepal and Nasir Airport in the Maldives which have all made tangible contributions to development of South Asian countries and regional connectivity

These countries in South Asia, except for India, are willing to further develop ties with China under the framework of the Belt and Road Initiative, board the express train of China’s economy and better integrate their own economies and supply chains with that of China Qian Feng director of the research department at the National Strategy Institute at Tsinghua University told the Global Times on Wednesday Qian said China s approach of mutual respect and win-win cooperation has helped it gain great trust from South Asian countries

However as China and South Asian countries are continuously expanding normal mutually beneficial economic and trade cooperation some Western and Indian media outlets have been hyping negative claims in an attempt to undermine China s ties with South Asian countries An article in The Economist on August 4 claimed that “Climate and China fears are bringing South Asia’s countries closer ” Another in the Press Trust of India in January suggested that “China wants to reduce India’s influence in Indian Ocean region

Such claims are baseless and ill-intentioned attempts to undermine China s cooperation with South Asian countries and pit India against China, Chinese experts said, stressing that China s ties with other countries are not targeted at any third party

CORPORATE CORNER

Daraz Launches ‘Proudly Pakistani’ initiative to empower local ar tisans

KARACHI s ta f f r e p o r t

Daraz Pakistan s leading e-commerce platform has announced the launch of its Proudly Pakistani initiative a pioneering effort aimed at showcasing the nation s rich cultural heritage while uplifting local artisans and communities The initiative kicked off on August 14th, aligning with Pakistan s Independence Day, and embodies Daraz's commitment to promoting cultural diversity economic empowerment and community development

Concerns of protesting foreign graduates will be placed before council for decision: president PM&DC

ISLAMABAD

s ta f f r e p o r t

Foreign medical graduates on Tuesday staged a protest in front of the Pakistan Medical and Dental Council (PM&DC) who failed the NRE exam demanding that the passing marks for the National Examination Board exam be reduced from 70pc to 50pc The President Prof Dr Rizwan Taj met the delegation of foreign medical graduates at 10:30 am Wherein, he heard the concerns of the graduates and apprised them that it was the decision of the academic board to set passing marks at 70pc He added that the demand of the students would be considered but it could not be implemented on an exam which had already been held He assured them that the matter will be placed before the PM&DC Council for further deliberation and decision at the earliest Summit Bank shareholders approve to change name to Bank Makramah Limited

KARACHI s ta f f r e p o r t

Summit Bank Limited on Tuesday convened its Extraordinary General Meeting (EOGM) where the shareholders granted their consent on the name of the Bank to be changed from Summit Bank Limited to Bank Makramah Limited This name change follows the recent acquisition of a controlling stake in Summit Bank by prominent UAE investor H E Nasser Abdulla Hussain Lootah H E Nasser Abdulla Hussain Lootah and his son Mr Abdulla Lootah have visioned this pivotal transformation that reflects the Bank s commitment to a renewed purpose and underscores its mission to providing exceptional financial services and innovative products to its valued customers in line with Shariah-compliant principles

STOCKHOLM

k The attack on the Quran by Momika who was assisted by Salwan Najem of Iraqi origin, took place in front of the parliament building in Stockholm Momika chanted anti-Islam slogans before stepping on the Quran and eventually burning a copy of it Momika and Najem however faced the reaction of a group of Swedish activists who asked them to stop the provocative act The police protecting the attackers arrested one of the activists who moved to thwart the attack Earlier, Momika burned the Quran under the protection of the police in front of the Stockholm Mosque on June 28, which coincided with the first day of Eid al-Adha a Muslim holiday Recent months have seen repeated acts of Quran burning and desecration by Islamophobic figures or groups especially in northern European and Nordic countries

Majid Al Futtaim Retail

launches retail graduate programme to empower next generation of Carrefour leaders

ISLAMABAD s ta f f r e p o r t

Majid Al Futtaim Retail owner and operator of Carrefour in Pakistan, announced the launch of its transformative Retail Graduate Programme in collaboration with 12 top universities across six countries, namely Egypt, Georgia, Jordan, Kenya, Pakistan and the United Arab Emirates With a steadfast commitment to promoting gender diversity Majid Al Futtaim Retail aims to empower and recruit 75 nationals for its regional Carrefour operations, targeting 50% of the positions for talented female candidates This initiative not only strengthens Majid Al Futtaim Retail’s position as an investor in local talent development but also actively contributes to and supports local communities and economies and establishes lasting relationships with educational institutions Majid Al Futtaim Retail s partnerships with universities in Pakistan include Lahore School of Economics (LSE) and Institute of Business Administration (IBA) Through these strategic collaborations, Majid Al Futtaim Retail establishes a collaborative and dynamic platform that attracts top talent facilitating the development of a qualified workforce

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N AV A L C H I E F C H A I R S 5 0 T H B O G M E E T I N G AT B A H R I A U N I V E R S I T Y

ISLAMABAD

S TA F F R E P O R T

Rank wearing ceremony was held at National Highways & Motor way Police Islamabad

ISLAMABAD

The rank wearing ceremony of recently promoted officers was held at National Highways & Motorway Police Central Police Office Islamabad IG, Sultan Ali Khowaja was chief gust of the ceremony

The ceremony was attended by the Additional IG, North Region, DsIG, SSsP and other senior officers

While addressing the IG NHMP Sultan Ali Khowaja congratulated the newly promoted officers and advised them to work hard with dedication and devotion for the good name of the department He further stated it's an honor for you to be the part of National Highways and Motorway Police and I hope that you will show your dedication in the practical field as well All the officers of Highways and Motorways Police should serve the commuters with commitment selfless service honesty and professionalism At the end IG Sultan Ali Khowaja and Additional IG, North Region Muhammad Zubair Hashmi pinned the Badges to Promoted Officers, Additional IG Ali Ahmed Sabir Kyani, DIsG Nasir Aziz Virk, Syed Hashmat Kamal and SSP Irum Abbasi IG NHMP Expressing best wishes for the promoted officers

New Linear Accelerator with Advanced Radiotherapy

Inaugurated at SKMCH&RC

A top-of-the-line Varian Halcyon linear accelerator with advanced radiotherapy capability was inaugurated today (Wednesday August 16 2023) in the Department of Clinical & Radiation Oncology at Shaukat Khanum Memorial Cancer Hospital and Research Centre (SKMCH&RC), Lahore The ribbon cutting and plaque unveiling was performed by a young cancer patient, Eeza Fatima, along with CEO of SKMCH&RC Dr Faisal Sultan CMO Muhammed Aasim Yusuf and other members of the senior management On this occasion Dr Aasim Yusuf said At SKMCH&RC we aim to continuously upgrade our equipment and technology, so as to be able to provide the best possible treatment to all our patients The addition of this new technology at our hospital in Lahore will cater to the ever-increasing number of cancer patients needing radiation therapy with a high degree of accuracy precision and speed

Naya Nazimabad Gymkhana won Independence Day cricket match by seven wickets

KARACHI S TA F F R E

CHIEF of the Naval Staff Admiral Muhammad Amjad Khan Niazi

NI(M) S Bt in his capacity as Pro-Chancellor/ Chairman BoG, chaired the 50th Board of Governors (BoG) Meeting at Bahria University Head Office Islamabad

The session of BOG commenced with a detailed briefing to the Board on various activities undertaken at the University which included development and diversification in academic disciplines, progress on establishment of Pakistan Maritime Science and Technology Park

(PMSTP) infrastructure development and new initiatives in academic and non-academic domains Chief of the Naval Staff appreciated the dedicated and extensive efforts of Bahira University in not only imparting quality education to the students but also contributing towards their character and personality building through adopting modern teaching pedagogics Furthermore, he urged that special focus be given in developing skills like critical thinking solution-oriented approach research & development problem-solving and professional grooming among the students Chief of the Naval Staff admired Bahria University’s aca-

demic and applied research efforts and progress on planned establishment of Pakistan Maritime Science and Technology Park (PMSTP) pilot by first week of September 2023 Once fully manifested, the project will contribute towards expansion of national GDP through growth of Blue Economy s industries During the BoG meeting Chief of the Naval Staff appreciated the tireless and dedicated efforts of the management and faculty on remarkable achievement of BU in the recent release of the THE (Times Higher Education) World University Ranking 2023 wherein Bahria University has been ranked 208th by THE World University

AKUH expands heel-prick test to catch inherited metabolic disorders in newborns

KARACHI S TA F F R E P O R T

Screening newborn babies for inherited metabolic disorders well before symptoms surface is crucial for early detection and timely

treatment The Aga Khan University Hospital on Monday, August 14, expanded its newborn screening process to include inherited metabolic disorders, marking the introduction of a powerful lab tool for the first time in a clinical setting in Pakistan

Simply put metabolic disorders refer to abnormal chemical reactions in the body which, for example, can disrupt a baby’s intellectual or physical growth and potential Elsewhere in the developed world newborn babies are put through mandatory screening for such disorders but this has

not been the case in Pakistan until now AKUH has already been screening newborn babies for two non-inherited disorders, but researchers and faculty from paediatrics, genetics and pathology at AKU identified the need for also investigating inherited disorders If inherited metabolic disorders are not treated most of them result in death

Rankings 2023 Young and 206th in Asian universities by THE World University Rankings 2023 Asia He commended that the significant milestone is a testament to the collective efforts, dedication, and unwavering commitment of BU’s management and faculty

Chief of the Naval Staff also lauded the joint efforts of Bahria University and National Institute of Maritime Affairs (NIMA) in conducting Seminar in July 2023,

on “CPEC-The Road to Prosperity and Growth amidst Challenges at Bahria University Islamabad Campus (BUIC) being part of the celebrations of the 10th Anniversary of China Pakistan Economic Corridor (CPEC) Federal Minister for Ministry of Planning Development and Special Initiatives (MoPDSI) was the Chief Guest of the ceremony and it was attended by various notable national and international dignitaries

R T

Naya Nazimabad Gymkhana defeated Abad XI by three wickets in a representative cricket match on the occasion of Pakistan's 76th Independence Day

Batting first Abad XI scored one hundred and fifty five runs for the loss of all wickets in the allotted twenty overs in the challenge T20 cricket match under the light of electric lamps at Naya Nazimabad Cricket Stadium Mirza Adnan Baig scored fifty runs Mansoor Javed dismissed three players

In response, Naya nazamabad Gymkhana achieved the target with seven wickets on the last ball of the match thanks to the responsible batting of Arif Habib Arif Habib was adjudged Man of the Match for his unbeaten innings of four runs Mansoor Javed played an innings of thirty seven runs Chief Guest, Quetta Gladiators Nadeem Umar distributed the prizes among the players

Changes to IELTS academic test requirements give Pakistan’s test takers

LAHORE S TA F F R E P O R T

Changes being introduced by Immigration Refugees and Citizenship Canada (IRCC) to their Student Direct Stream (SDS) English language test requirements will give IELTS Academic test takers from Pakistan greater opportunity to pursue their Canadian study dreams This means IELTS Academic test takers will now be considered on their overall English language proficiency rather than their individual skills in Speaking Writing Reading and Listening when applying for their study permit through the SDS Test takers who completed the IELTS Academic test within the past two years and did not achieve an individual band score of 6 0 in each of the skills will be able to apply to study under the SDS from August 10 in Canada if they achieved an overall Academic band score of 6 0 and meet the other criteria needed for the study permit

Zong 4G, HANDS join forces to empower youth through digital education

ISLAMABAD S TA F F R E P O R T

From 14th August, 2023 we have started screening for 12 inherited metabolic disorders,” said Associate Professor Dr Bushra Afroze a clinical and biochemical geneticist who led the teams This is in addition to the testing for hearing impairment and congenital heart disease and this development ramps up the potential for AKU researchers to assess the prevalence of disorders and disease burden in Pakistan

born screening by clinical research and laboratory teams began back in February according to Chair of Paediatrics and Child Health Dr Fyezah Jehan Collectively, we made a decision to do what was morally legally and ethically right ” she said “We always want to provide hope rather than hopelessness [to families] She thanked Dr Lena Jafri Dr Salman Kirmani Dr Azeema Jamil, Dr Ghulam Zainab and their colleagues for pushing this innovation through According to Dr Farhat Abbas the CEO of AKUH and a renowned Urologist the ease of use of this test as well as its innovation will greatly aid in early detection and potentially save lives “When I was a resident,” he said, to add some historical perspective “you needed a syringe to draw blood for a TSH test

The decision to work on new-

Mondelez Pakistan spreads happiness; celebrates Independence D ay with patients at Murshid Hospital

August 16, 2023:

istan Limited celebrated Pakistan s 76th Independence Day with the staff members and patients at the Murshid Hospital located in Baldia Town Karachi The team at Mondelez decided to take the love and happiness packaged in their products to the patients and staff at Murshid Hospital

Mondelez takes pride in the joy wrapped in their snacks and works with the philosophy of spreading happiness The colleagues visited the medical facility to spend quality time with the patients and their caregivers and shared delicious snacks with them

With a mission of generosity and kindness the organization aims at leading the future of wholesome snacking around the world by empowering people to snack right They offer a broad range of delicious, highquality snacks that nourish life's moments, made with sustainable ingredients and packaging that consumers can feel good about

On this auspicious occasion

Sufyan Qazi People Lead (MSC)

Mondelez Pak-

IMCs flag collection drive raises national patriotism

Mondelez Pakistan Limited said Pakistan s Independence Day is a great day to stand with those who are going through a tough time We at Mondelez believe in giving back to the community and are committed to making our snacks the right way protecting the planet and respecting the basic rights of people in our value chain

Commenting on this initiative, Sufyan reinforced that ‘Care and Share’ is a great way of giving back to the community “Hospitals are generally places of worry and anxiety and by spreading happiness we plan to combat both and instead instill hope and dreams of good life, to help those suffering get a strong positive motivation ” Hospital visits he added can have

a positive impact on patients their families and the healthcare staff

Murshid Hospital has the capacity to serve 500 patients Almost 1000 dedicated staff members are engaged with the facility to offer safe and high-quality patient care

As a not-for-profit hospital they address the healthcare needs of the surrounding underprivileged localities that do not have access to proper medical facilities otherwise The hospital is efficient and affordable with a string of outpatient and in-patient programs Mondelez s team also distributed gift bags for the dedicated staff members of the hospital, as a token of appreciation for their hard work and devotion to the cause of humanity

TPL Maps Pakistan's first consumer navigation App set to revolutionize mapping

Zong 4G a pioneering force in Pakistan s telecommunications landscape has forged a strategic partnership with the Health and Nutrition Development Society (HANDS), ushering in a new era of transformative education in underserved regions This strategic initiative is poised to establish an advanced digital lab at the FAS Noor Muhammad School in Karachi, outfitted with cutting-edge computer systems and technology aimed at enhancing students technical prowess and access to the digital world The partnership s core objective is to empower the youth by harnessing digital technology to create new avenues for learning, thus equipping the next generation with invaluable skills that can be used in their careers Designed to cater to 91 students, with more than 50% of the strength being girls this facility is positioned to emerge as the epicenter of digital learning for the surrounding By granting unrestricted access to myriad computational resources and cutting-edge educational tools, Zong 4G and HANDS are bridging the digital divide, empowering young minds with indispensable knowledge imperative for excelling in the digital world HANDS, an eminent non-profit organization dedicated to fostering positive transformation across various domains including livelihood health education infrastructure and disaster management will synergize with Zong 4G to advance its mission Both entities are resolutely committed to contributing to the Sustainable Development Goals (SDGs) through the integration of technology-driven solutions into their initiatives ISLAMABAD

TPL Maps, a subsidiary of TPL Corp is proud to announce the launch of their consumer navigation app the nation s first smart maps application that brings cutting-edge location data, location intelligence, and GIS services to both corporate institutions and individual users The app is set to transform the way mapping is done in Pakistan while also empowering businesses to harness the power of location-based data and intelligence for scaling their operations

TPL Maps app is a groundbreaking app designed to provide

local users with fuel-efficient route optimization public transport and mass transit information, and hyper-local landmark-based navigation, all in one platform

"We are thrilled to introduce the TPL Maps app a gamechanger in the mapping landscape of Pakistan said Sarwar Khan CEO - TPL Maps Our team of 100% Pakistani engineers and data scientists has worked tirelessly to create a comprehensive mapping solution that caters to both individual users and corporate entities With its advanced features and unparalleled accuracy TPL Maps will redefine how Pakistanis navigate and how corporations utilize

The management of Bank of Khyber (BOK) and Khyber Medical University (KMU) jointly celebrate a momentous achievement that marks a paradigm shift in the way payments and admissions are handled The successful collaboration between BOK and KMU has led to the swift digitalization of the entire cash collections and admissions process for KMU, with the transformative power of Kuickpay

KARACHI S TA F F R E P O R T

For the sixth year running a small army of volunteers from Indus Motor Company (IMC) set off on a drive to salvage national flags strewn around Karachi, following Independence Day celebrations Celebrating 14th August is every Pakistanis privilege and as responsible citizens are duty bound to uphold the national flag’s sanctity and showing it the respect it deserves The Independence Day and days leading to it generate much enthusiasm across the country with every city and neighbourhood decorated with independence-day souvenirs from national flags to buntings to streamers to balloons, etc However, these flags which one finds fluttering high above ground are unfortunately found in a pitiful state hanging torn in garbage heaps or strewn on the ground waiting to be carelessly trampled under-foot an insult to our national pride Part of Toyota s 5S Philosophy, every 15th August, Indus Motor under its CSR banner, Concern Beyond Cars, has been dutiful over the years in engaging its employees under the Employee Volunteering Program to help mitigate this desecration Over 60 volunteers clad in Toyota red t-shirts and white baseball caps sporting the crescent and star and equipped with PPEs moved along six pre-determined separate routes spanning the city, collecting national flags and buntings littered around the city, later buried under the earth on Company’s premises IMC’s Chief Executive, Ali Asghar Jamali expressed, “At a time when the mood by and large is relatively somber this experience is a definite morale boost not just for us but the public in general too who see our volunteers in action on the roads salvaging our symbol of pride This year participation from across the company has been great, in particular, with the female staff joining in, so much so, our CSR team had to stop registration owing to capacity limitations

F I A L A U N C H E S F O U R I N Q U I R I E S I N T O A L L E G E D

B I L L I O N R U P E E S W O R T H O F ‘ W H I T E C O L L A R C R I M E S ’

ISLAMABAD

a h m a D a h m a Da n i

THE Federal Investigation Agency (FIA) has launched four important inquiries into billion rupees worth high value mega corruption scandals with a focus on alleged financial irregularities involving billions of rupees and directed all Zonal Directors to report the investigations to the head office for further necessary action

According to sources FIA has initiated an inquiry against Rs 65 billion re-

ceived by various banks in the country in shape of over invoicing in rate of dollar regarding issuing of LCs which was also admitted by former federal minister of finance, Senator Ishaq Dar Another inquiry launched into alleged huge irregularities found in the land acquisition of M-6 Sukkur-Hyderabad Motorway more than about Rs 32 billion by provincial government of Sindh through their concerned Deputy Commissioners & other officials

Similarly, FIA started inquiry into the funds consumed in last June 2022 including 103 persons receiving 31 thousand

tents and thousand number of ration bags in district Sanghar & Dadu of Sindh province along with audit report of all districts of Sindh as well as other provinces

Furthermore, FIA has initiated inquiry into alleged expired flour distributed in country including missing of 18 lakh flour bags in Punjab FIA has launched four inquiries on the complaint of Senator Saifullah Abro said sources Availabl e d o c u m e n t s d i s c l o s e d t h a t S e n a t o r S a i f u l l a h A b r o , a M e m b e r o f PAC, on 3rd August 2023 filed complaint with Public Accounts Committee (PAC)

Petrol Price at Record High

a n d d e s i r e d t o r e f e r t h e m a t t e r t o F I A , NAB & Auditor General of Pakistan for comprehensive report in this regard And responding to this the National Assemb l y S e c r e t a r i a t ( P u b l i c A c c o u n t s C o mm i t t e e Wi n g ) t h r o u g h a n O ff

t a c o m p r e h e n s i v e r e p o r t m a y b e furnished to this Secretariat within three working days

SECP strikes down 120 illegal personal loan applic ations

ISLAMABAD G h u l a m a b b a S

In a significant move to protect the public from the hazards of illegal loan applications, the Securities and Exchange Commission of Pakistan (SECP) has managed to eliminate 120 unlawful loan apps from the internet that were previously available to be downloaded For this purpose not only did the SECP collaborate closely with tech giants Google and Apple but also with local authorities and regulators like the Pakistan Telecommunication Authority (PTA), FIA, SBP and NTISB

As per details provided by the securities and exchange commission the emergence of illegal personal loan apps in recent times has sparked concerns surrounding issues such as misleading sales

practices, violations of data privacy, and aggressive recovery tactics The commission has already been working tirelessly on the issue however some recent incidents and subsequent hue and cry on the social media have brought them back into the limelight

Recognizing the gravity of the situation, the SECP not only reinforced its regulatory framework for licensed Non-Banking Finance Companies (NBFCs) but also undertook proactive measures in partnership with relevant authorities to shut down unauthorized and illegal loan apps It is important to note here that nano and micro lending companies, fall under the purview of the Security and Exchange Commission as NBFCs

Employing a combination of vigilant monitoring and user complaints registered

The Islamabad High Court (IHC) on Wednesday allowed PTI leaders Shehryar Afridi and Shandana Gulzar to go home as it heard their pleas against their ongoing detentions under the Maintenance of Public Order (MPO) ordinance

It further said it will indict city Deputy Commissioner (DC) Irfan Nawaz Memon and a senior superintendent of police for contempt of court

The decision comes a day after the IHC had issued show-cause notices to DC Memon Inspector General Dr Akbar Nasir Khan, the city chief commissioner and other police officials for criminal contempt of court for abuse of authority to obstruct dispensation of justice and cause diversion to the course of justice”

It had sought written replies from the said officials “as to why they should not be punished by the court for obstruc-

on the SECP s dedicated complaint site, the regulatory body successfully identified and brought to attention 120 personal loan apps that were operating in violation of legal norms Promptly these findings were communicated to Google Apple and the PTA leading to the immediate removal of these apps from the respective app stores

Additionally, these cases were forwarded to the Federal Investigation Agency (FIA) for further legal action in accordance with the Prevention of Electronic Crimes Act of 2016 The SECP maintains a regular and vigilant assessment of both the Google Play Store and the Apple App Store to detect any potential presence of illegal applications

As a result of relentless efforts and continuous collaboration with stakeholders Google has now implemented Pak-

tion of justice Afridi was first arrested on May 16 from his Islamabad residence under Section 3 of the MPO Ordinance, 1960 He was rearrested on May 30 under the same section soon after his release from prison On August 3 Afridi was granted bail by the Lahore High Court s Rawalpindi bench but was later picked up by the Rawalpindi police soon after his release from Adiala jail A petition was subsequently filed by his lawyer in the IHC calling for Afridi s release and for the MPO order to be set aside

Meanwhile, Gulzar was “allegedly” abducted by the Islamabad police on August 9 A petition was later filed by her mother in the IHC on the grounds of illegal arrest and violation of Articles 4 9 10A and 14 of the Constitution calling for the police to produce her daughter in court

IHC Justice Babar Sattar took up Afridi and Shandana s pleas today and sought responses from the various officials who were summoned as per the court order from yesterday DC Memon appeared in the court today to represent the dis-

Rana Sana, Raja Riaz ‘foresee’ elections in Februar y 2024

ISLAMABAD S ta f f R e p o R t

Former interior minister Rana Sanaullah and opposition leader Raja Riaz have indicated that elections are likely to be held in February of the upcoming year Rana Sanaullah, representing the Pakistan Muslim League-Nawaz (PML-N), also revealed that Nawaz Sharif, the party’s leader, is anticipated to return to Pakistan ahead of the elections to lead the electoral campaign Sanaullah said that the establishment also appears inclined towards holding elections within a 90-day window However he acknowledged that the elections are expected to be scheduled for February due to the ongoing delimitation of Constituencies, a process that will conclude by December It is anticipated that Nawaz Sharif will arrive in Pakistan in October to spearhead the electoral campaign Sanaullah expressed confidence that Nawaz Sharif will be vindicated of the alleged charges similar to PML-N Chief Organiser Maryam Nawaz and her spouse Captain (retd) Safdar Raja Riaz echoed the sentiment that elections are likely to occur in proximity to February 15 either one week before or after He noted the possibility of a slight delay in the election schedule to address the current economic challenges and steer the country towards stability Raja Riaz alluded to the decision made by senior figures to hold the elections in February 2024 without providing further details Former Prime Minister and PML-N President Shehbaz Sharif expressed optimism that Caretaker Prime Minister Anwaar-ul-Haq Kakar who was sworn in on August 14 will ensure a transparent, free, and impartial election process

C

istan s Personal Loan App Policy Under this policy only

SECP-approved Personal Loan Apps are permitted for listing on the Google Play Store This development marks a significant stride towards ensuring the credibility and legality of personal

trict magistrate while IG Khan and the chief commissioner were also present The PTI leaders were presented in the court as well along with their counsel Sher Afzal Marwat

THE HEARING: At the outset of the hearing the Islamabad DC mentioned the violent incidents of May 9 in various cities but was stopped by Judge Sattar who directed him to only talk about Islamabad and read out aloud your order At this, the DC informed the court that the Intelligence Bureau (IB) had alerted him that Afridi “could attack the district courts” The judge then asked, “How could Shehryar Afridi plot an attack on the court while he was in jail?” Did he have access to the media and a mobile phone? He further asked If Shehryar Afridi was plotting an attack on the court while being in jail then what action was taken against the jail administration?

ISLAMABAD n e w S D e S k T h e p r i c e s o f p e t r o l a n d d i e s e l h i t a r e c o r d h i g h o n Tu e s d a y, a s t h e n e w l y i n s t a l l e d c a r e t a k e r g o v e r n m e n t r a i s e d f u e l p r i c e s b y u p t o R s 2 0 p e r l i t r e a no t h e r s e c o n d m a s s i v e h i k e i n a f o r tn i g h t t h a t i s l i k e l y t o f u r t h e r s t o k e i n f l a t i o n w h i c h h a d c o o l e d o v e r t h e p a s t t w o m o n t h s T h e n e w p e t r o l p r i c e w i l l b e R s 2 9 0 4 5 p e r l i t r e f r o m t o d a y ( We d n e s d a y ) a f t e r a n i n c r e a s e o f R s 1 7 5 0 p e r l i t r e t h e f i n a n c e d i v i s i o n s a i d i n a n o t i f i c a t i o n H i g h - s p e e d d i e s e l w o u l d b e e v e n m o r e e x p e n s i v e , w i t h i t s p r i c e g o i n g u p b y R s 2 0 t o R s 2 9 3 4 0 p e r l i t r e T h e M i n i s t r y o f F in a n c e a n n o u n c e d t h e r e v i s e d p r i c e s l a t e i n t h e n i g h t a f t e r c l e a r a n c e f r o m c a r e t a k e r P r i m e M i n i s t e r A n w a a r u l H a q K a k a r w h o w a s s w o r n i n o n M o nd a y T h e f i n a n c e d i v i s i o n s a i d p r i c e s o f t h e t w o k e y f u e l s w e r e r a i s e d b e c a u s e p e t r o l e u m p r i c e s i n t h e i n t e r n a t i o n a l m a r k e t h a d i n c r e a s e d d u r i n g t h e l a s t f o r t n i g h t H o w e v e r t h e g o v e r n m e n t n o t i f i c a t i o n d i d n o t a n n o u n c e a n y c h a n g e i n t h e p r i c e s o f k e r o s e n e a n d l i g h t d i e s e l o i l T h e l a t e s t j u m p i n p et r o l e u m p r i c e s c a m e o n t h e h e e l s o f a s i m i l a r h i k e s b y t h e o u t g o i n g g o v e r nm e n t o n A u g 1 T h i s m e a n s t h a t f u e l p r i c e s h a v e j u m p e d b y n e a r l y R s 4 0 p e r l i t r e i n j u s t 1 5 d a y s T h e p r i c e o f h i g hs p e e d d i e s e l h a d p r e v i o u s l y p e a k e d a t R s 2 9 3 p e r l i t r e i n M a r c h t h i s y e a r I t s p r i c e i s c o n s i d e r e d h i g h l y i n f l a t i o n a r y a s i t i s m o s t l y u s e d i n h e a v y t r a n s p o r t v e h i c l e s , t r a i n s a n d a g r i c u l t u r a l e ng i n e s l i k e t r u c k s b u s e s t r a c t o r s t u b e w e l l s a n d t h r e s h e r s a n d p a r t i c u l a r l y a d d s t o t h e c o s t o f v e g e t a b l e s a n d o t h e r e a t a b l e s S i m i l a r l y, p e t r o l p r i c e s h a d e a r l i e r p e a k e d a t R s 2 8 2 p e r l i t r e i n m i d - A p r i l b u t l a t e r d e c l i n e d t o a s l o w a s R s 2 5 3 T h e p r o d u c t i s m o s t l y u s e d i n p r i v a t e t r a n s p o r t , s m a l l v e h i c l e s , r i c k s h a w s a n d t w o - w h e e l e r s a n d d ir e c t l y a ff e c t s t h e b u d g e t o f m i d d l e - a n d l o w e r- m i d d l e c l a s s c i t i z e n s A c c o r d i n g t o t h e l a t e s t d a t a , i n f l a t i o n m e a s u r e d b y t h e C o n s u m e r P r i c e I n d e x ( C P I ) b a s k e t o f g o o d s a n d s e r v i c e s w a s 2 8 3 p e r c e n t f o r J u l y a l i t t l e r e s p i t e c o mp a r e d t o 2 9 4 p c i n J u n e a n d r e c o r d 3 8 p c i n M a y b u t s t i l l f a r h i g h e r p a r t i cu l a r l y c o n s i d e r i n g t h e h i g h - b a s e e ff e c t F i n a n c e m i n i s t r y d a t a s h o w s t h e p r i c e o f p e t r o l ( i e R s 2 9 0 4 5 p e r l i t r e ) n o w s t a n d s 2 4 p c h i g h e r t h a n w h a t i t w a s e xa c t l y a y e a r a g o ( R s 2 3 3 9 1 i n m i d - A ug u s t ) , a n d 3 5 p c h i g h e r t h a n i t s l o w e s t p o i n t o v e r t h e p a s t y e a r ( R s 2 1 4 8 i n m i d - D e c e m b e r ) A t p r e s e n t t h e g e n e r a l s a l e s t a x o n a l l p e t r o l e u m p r o d u c t s i s z e r o , b u t t h e g o v e r n m e n t i s c h a rg i n g a p e t r o l e u m d e v e l o p m e n t l e v y o f R s 5 5 p e r l i t r e o n p e t r o l a n d R s 5 0 p e r l i t r e e a c h o n H S D a n d h i g h - o c t a n e b l e n d i n g c o m p o n e n t ( H O B C ) a n d 9 5 R O N ( r es e a r c h o c t a n e n u m b e r ) f u e l T h e g o ve r n m e n t i s a l s o c h a rg i n g a b o u t R s 1 8 - 2 2 p e r l i t r e c u s t o m s d u t y o n p e t r o l a n d h i g h - s p e e d d i e s e l P e t r o l a n d h i g h - s p e e d d i e s e l a r e m a j o r r e ve n u e s p i n n e r s f o r t h e g o v e r n m e n t w i t h t h e i r m o n t h l y s a l e s t o u c h i n g a b o u t 7 0 0 , 0 0 0 t o 8 0 0 , 0 0 0 t o n n e s c o m p a r e d t o j u s t 1 0 , 0 0 0 t o n n e s o f m o n t h l y d e m a n d f o r k e r o s e n e

who and what on earth is a reverse merger?

PR OFT

Da n i ya l a h m a D

Solar panel cell on dramatic sunset sky background clean Alternative power energy concept

The erstwhile Hallmark Company Limited has undergone a rebranding, emerging as Supernet Technologies following the completion of Supernet Infrastructure Solutions’ (SuperInfra) acquisition of Hallmark through a reverse merger SuperInfra a wholly-owned subsidiary of Supernet orchestrated this reverse merger by procuring 314 220 shares constituting 62 844% of Hallmark s equity through a share purchase and an additional 92 890 shares or 18 578% through a public offer The cumulative 407,110 shares, representing an impressive 81 4% stake, were snapped up at Rs 47 74 per share, culminating in a total expenditure of Rs 1 94 crore “In the Information Technology (IT) sector w h e r e w e a s p i r e t o e s t a b l i s h o u r p r e s e n c e t h e

scarcity of potential enterprises is palpable observes Waseem Ahmad the esteemed Company Secretary of Supernet and Chief Executive Officer at Supernet Technologies Among the lim-

ited options Hallmark emerged as a viable candidate, prompting us to seize the opportunity, Ahmad adds Ahmad further elaborates on their plans for Hallmark, “Our strategic blueprint for Hallmark is still under meticulous construction, with particular emphasis on its business trajectory However it is unequivocal that we intend to infuse it with a fresh and invigorating identity Ahmad continues We envisage a harmonious integration of Hallmark within our existing organisational framework, the specifics of which will be duly communicated via the Exchange ” Ahmad concludes As part of the housekeeping the company formerly known as Hallmark was also relocated to a new address with effect from August 1 2023 The new address is 4th Floor, Tower B, World Trade Centre, Khayaban-e-Roomi, Block-5, Clifton, Karachi South SuperInfra and Supernet itself are located on the 9th floor of the same building Furthermore Supernet has replaced Hallmark’s Chairman CEO three Non-Executive Directors and two Independent Directors There are two things to unpack here: who s

debt is at Rs 2.31 trillion. What does it mean?

June 2022 ” Mohammad

staggering subsidy

ernment subsidies In Pakistan this problem is acutely present in the power sector which leads to a relentless spiral of unpaid bills among distribution companies This situation prevents distribution companies from paying independent power producers who then fail to pay fuel suppliers thus creating a chain reaction of debt that afflicts the entire system and subsequently Pakistan To explain further, circular debt is a payment deficit at the Central Power Purchasing Agency (CPPA), which fails to receive outstanding dues from power distribution companies (DISCOs) owing to their inefficiency in collecting revenues from con-

What is a reverse merger, and why did SuperInfra opt for it?

A reverse merger, often referred to as a reverse takeover or a reverse IPO, is a sophisticated manoeuvre employed by private firms aiming to gain public trading status without navigating the traditional and frequently labyrinthine IPO process

In this intriguing dance of acquisition a private entity seizes control of a majority stake in a publicly listed corporation, subsequently amalgamating with the acquired entity The proprietors of the private firm metamorphose into the controlling shareholders of the public corporation Following the completion of this acquisition, they reorganise the public company’s assets and operations to incorporate the erstwhile private entity

“An IPO is a laborious process demanding both time and resources Moreover the market conditions have been less than favourable for an IPO for over a year A reverse merger appears to be a more direct and expedited pathway to achieve our ultimate objective, Ahmad elucidates

What does this mean for the industry, and customers? And what about the price hikes?

sumers This comprises both state-owned distribution companies (DISCOS) and privatised K-Electric (K-El) As a result, CPPA does not make prompt payments to other power entities in the supply chain, namely state-owned generation companies (GENCOs) the IPPs and the National Transmission and Dispatch Company (NTDC) GENCOs renounce their liabilities to fuel suppliers due to delayed payments from CPPA Likewise, IPPs, owing to the government s sluggishness in clearing their invoices, fail to pay their fuel suppliers The fuel suppliers, in turn default on their obligations towards refineries and international fuel suppliers

Despite the astronomical surges in the electricity tariff a staggering Rs 8 per unit in June 2022, a modest 50 paisa per unit in February 2023 and most recently a whopping Rs 7 5 in July 2023 the debt continues to mount inexorably What are these hikes even achieving then?

With the recent escalation in tariffs revenues may experience a fleeting surge, but losses are poised to intensify as paying customers gravitate towards solar or curtail their consumption cautions Zaheer Ghanghro, Chief Executive Officer at Halmore Power Generation and Director at Lalpir & Pakgen Power