Epaper_23-08-9 KHI

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M C O N F I R M S M O V I N G S U M M A R Y F O R

N A D I S S O L U T I O N T O P R E S I D E N T T O D AY

ISLAMABAD

S TA F F R E P O R T

PO U R I N G out his heart Prime Minister Shehbaz Sharif on Tuesday confirmed that he will send a formal recommendation to President Arif Alvi for the dissolution of the National Assembly following the completion of the government s term on Wednesday (today)

After completing our tenure I will write and send the advice to President Alvi to dissolve the assembly and then an interim government will take over, the prime minister said while addressing a ceremony in Islamabad on Tuesday Tomorrow I will recommend the president to dissolve the government and the assembly after which the affairs will be in the hands of the caretaker government, he remarked

The Pakistan Democratic Movement (PDM) coalition government led by the Pakistan Muslim League-Nawaz (PML-N) had earlier announced that the assemblies will be dissolved on August 9 (today)

Based on Article 224(2) of the Constitution of Pakistan, elections should be held within 90 days of the dissolution of an Assembly – whether National or Provincial – and the results should be declared in a maximum of 14 days after the

conclusion of polls

Speaking at the event the prime minister outlined his vision for a transition to cleaner and more affordable energy sources for citizens

‘CARETAKER PRIME MINIS-

TER’S NAME WILL BE FINALIZED SOON’: On the other hand Interior Minister Rana Sanaullah said on Tuesday said consultation about the caretaker prime minister was under way and expressed hope that the name would be finalized by this evening or tomorrow (today)

New tax rates imposed on

In a statement the PML-N leader said the caretaker set-up would perform its constitutional duty of carrying out delimitations He said the delimitation process would take 120 days After completion of the delimitation process, he said, elections would be conducted As for the names of the caretaker PM the minister said names were under discussion and no name had been finalised yet The minister said elections would not be unnecessarily delayed and the care-

g MARKET TURBULENCE AND ELECTION UNCERTAINTY TRIGGER PROFITING TAKING SPREE

taker government and security agencies would ensure security and other aspects

Meanwhile, one of the contenders for caretaker prime minister’s (PM) slot former finance minister Abdul Hafeez Shaikh has arrived in Pakistan on Tuesday

The likely caretaker PM Abdul Hafeez Shaikh reached Karachi two days ago and contacted his close friends in Islamabad, said sources, adding that the former finance minister discussed political and economic situation with his aides

Yesterday Pakistan People s Party (PPP) Secretary General Nayyar Hussain Bokhari on Monday denied consensus on former finance minister Hafeez Shaikh s name for the caretaker prime ministership “Rana Sanaullah should have not talked about Hafeez Sheikh s name the PPP leader said reacting to the statement of the minister

Earlier, Interior Minister Rana Sanaullah claimed that former finance minister Hafeez Shaikh was among the candidates shortlisted for the slot of the caretaker prime minister Shaikh s name was among those earlier reported to have been included in a list of five finalised by parties in the ruling coalition for the caretaker prime minister The purported list was also said to have included former chief justice of Pakistan Tassaduq Hussain Jillani

with the benchmark KSE-100 index dropping 956 points or 1 98% closing at 47 429 82 points At one point during the day it even reached an intraday low of a 1 041-point decline around 3:29 pm Siddique Dalal, the CEO of Dalal Securities, attributed this decline to a notable surge of almost 8,000 points from the 40,000-mark, which had inevitable repercussions Some firms engaged in profit-taking activities and there was uncertainty surrounding the upcoming elections Reports of potential election process delays added to the confusion Dalal believed that the market might need a day or two to resume its upward trend, depending on whether an interim setup would be established or elections would be conducted within the next three months Raza Jafri the Head of Research at Intermarket Securities explained that the decline was a result of profit-taking after a significant rally in the Fiscal Year To Date (FYTD) The selling pressure primarily targeted energy stocks, which had risen due to expected resolution of circular debt issues, but that resolution hadn’t materialized yet Jafri emphasized that Pakistan s macroeconomic landscape remained strong and with expectations of interest rate reductions there was potential for reevaluation of valuations He also saw the ongoing market correction as an opportunity to accumulate holdings during market dips strategically Ahsan Mehanti the CEO of Arif Habib Commodities stated that investor apprehensions regarding political turbulence uncertainty about the caretaker administration s appointment and the depreciation of the national currency contributed to the stock market s decline Additionally, discouraging figures related to oil sales, exports, and fertilizer production in July 2023 along with a downturn in global crude oil prices collectively influenced the market s bearish performance

Two keys minister of the PML-Nled ruling coalition – Interior Minister Rana Sanaullah and Defence Minister Khawaja Asif on Tuesday cast doubt on timely conduct of general elections,” saying there is a possibility of a delay in holding the {next general elections}

The government has announced that assemblies will be dissolved on August 9, following which elections should be held within 90 days of the end of the assemblies’ tenure, as per constitution requirement

Speaking on Geo News programme Geo Pakistan on Tuesday morning, Interior Minister Rana Sanaullah said that 2023 was not the election year When asked if 2023 was the year when elections would be held the minister said It is an absolutely straightforward answer no Rana Sanaullah continued that under the Constitution, another general election could not be held on the 2017 census results as they had been accepted “provisionally for a single time

Emphasising that it was required by the Constitution to carry out the delimitation process after a census was notified, Sanaullah said, “The caretaker government, while fulfilling this constitutional requirement will carry out the delimitation process

When one of the hosts com-

mented that the upcoming caretaker setup had acquired an unconventional significance as the one to get the role might stay for more than three months”

Sanaullah insisted that there was nothing extraordinary about it

Earlier, Prime Minister Shehbaz Sharif said that elections would be held on the basis of the latest census Although some of the ruling allies including the PPP had opposed holding the polls under the fresh census the Council of Common Interest (CII) on Saturday had approved the results of the 2023 digital census

A day after the CCI ratified the census making it almost certain that general elections may not be held this year due to the compulsory need for fresh delimitations, the federal government shifted the responsibility of conducting polls to the Election Commission of Pakistan (ECP) within the next three months

The ECP had in the recent past declared that conducting polls on fresh delimitation was not possible and that the exercise would require four to six months The commission is expected to decide the time frame for fresh delimitation of constituencies later today

The minister noted that the process takes around 120 days so there was nothing about the elections being delayed by “many months” “As soon as this constitutional requirement of delimitation is completed then after that

God-willing, elections will be held, he said

Talking about the names under consideration for the role of the caretaker prime minister Sanaullah said they were all respected names and discussions were under way No name has been locked till now Even if it is [decided], till today evening or tomorrow there are more chances that it will be locked tomorrow he said

A day earlier Sanaullah had made the same statement while speaking on Geo News programme, ‘Aaj Shahzeb Khanzada Kay Saath’ “I cannot predict the future but if 90 days have turned into 120 days there is a clear constitutional argument present for it, he said The minister said that under the Constitution, two elections could not be held on the results of the 2017 census, adding that the previous census was approved provisionally According to the Constitution, if the census has been notified, delimitation is necessary after that So on this basis, delimitation is to be conducted,” Sanaullah said “So these are constitutional requirements which are being implemented according to the Constitution It is not the case that the 90-day [limit] has gone to 120 days without any reason,” he said Khanzada then pointed out that in an earlier statement Sanaullah had insisted that a new census was not needed

ECC approves SME Assan Finance Scheme

ECC also approved a summary of

whereas the two remaining airports can be outsourced in light of the experiences and insights gained from outsourcing of IIA

Sources said that the International Finance Corporation in its inception report highlighted some issues including long outstanding PIA receivables the uncertain macroeconomic conditions, PCAA concession fee, tariff charges escalation mechanisms, fate of PCAA employees which could hamper the smooth execution of the outsourcing initiatives Sources also said that IFC also emphasized upon the need for a service agreement between all these entities performing reserve functions and PCAA may not be held responsible for any breach of the agreed performance indicators IFC has prepared the State Support Agreement in line with recommendations and some of their concerns which are of an operational nature shall be addressed in the Service Level Agreement at a later stage According to the finance ministry, the

Toshakhana verdict: ECP disqualifies Imran for five years

The Election Commission of Pakistan (ECP) on Tuesday disqualified former prime minister and Pakistan Tehreek-i-Insaf (PTI) Chairman Imran Khan for five years and de-notified him as a returned candidate from NA-45 Kurram following his conviction in Toshakhana case Deposed prime minister Imran Khan was arrested and sent to famous Attock jail on Saturday hours after a trial court in Islamabad sentenced him to three years in prison while imposing on him a fine of Rs100 000 for making false declarations about his assets to the polls supervisory body Additional Sessions Judge Humayun Dilawar also disqualified the PTI chief for five years, apparently ending his prospects for taking part in the elections slated for November this year provided that superior courts do not come to his rescue this time

This court finds it more than convincing that the complainant [ECP] has provided confidence inspiring, well-knitted and corroborated evidence and so the charge against the accused has successfully been proven,” the judge said in his 30-page verdict issued at the conclusion of a rather speedy trial initiated on a criminal complaint of the ECP

The trial court said while filing Form-B for financial year 2018-2019 Imran Khan had declared four goats as his assets but omitted to disclose purchase of precious gifts from the state’s gift repository Toshakhana as well as their sale to different people

Every lawmaker is supposed to submit Form-B to the ECP on a yearly basis

‘Constitutional requirements’ may delay elections ‘a bit’: Ministers

PAKISTAN’S EXPORTS TO REGIONAL MARKETS EXPERIENCE OVER 21PC DROP IN FY23

G

PA K I S TA N’S trade landscape witnessed a notable shift in the outgoing fiscal year FY23 with the country s exports to nine regional countries registering a significant decline of 21 10%

According to available latest data this drop, primarily attributed to reduced shipments to China The repercussions of this trade decline extend beyond exports alone as imports from China a crucial trading partner also experienced a noteworthy decrease throughout FY23

As part of its commitment to austerity, the State Bank of Pakistan accorded lower priority to import container clearance and the issuance of letters of credit for consumer goods during the fiscal year

During July-June FY23 Pakistan s exports to Afghanistan China Bangladesh Sri

Lanka India Iran Nepal Bhutan and the Maldives amounted to $3 331 billion, comprising just 12% of the country’s total exports valued at $27 73 billion China remains at the helm of Pakistan’s

regional exports surpassing other densely populated nations such as India and Bangladesh However, Pakistan’s exports to China experienced negative growth during the initial fiscal year of FY23 a departure

from past trends China accounts for the lion s share of regional exports constituting 60% while the remaining portion is distributed among eight other countries

Exports to China have witnessed a decline of 27 3%, sliding to $2 02 billion in FY23 from $2 78 billion in FY22 This contraction marks the first instance of a decrease in export proceeds in the post-Covid period

Simultaneously imports from China have faced a substantial reduction of 44 1%, dwindling from $17 30 billion to $9 66 billion on a year-on-year basis

Exports to Afghanistan have similarly experienced negative growth diminishing by 9 97% to $521 99 million in FY23 compared to $552 78 million in FY22

It is worth noting that Afghanistan was once the second-largest export destination for Pakistan, following the United States However, the reported export figures do not encompass proceeds from land routes Exports to Iran remained modest at

PM unveils 100,000 agri tube wells solarisation project at cost of Rs377b

ISLAMABAD

S ta f f R e p o R t

Prime Minister Shehbaz Sharif on Tuesday launched a “revolutionary” project to solarise 100 000 agricultural tube wells across the country at a cost of Rs377 billion which according to him was inevitable and the only way forward to make the country progress

which ultimately led to severe shortage of life-saving drugs petrol and other commodities crisis of imported materials and closure of industry thus leading to chaos He said as the IMF had disallowed the subsidy to the agriculture and the industrial sector, the solar energy was the only way forward for cost-reduction and reduce dependence on the costly imported oil

$0 028 million in FY23, primarily due to informal trade channels in the border areas of Balochistan Barter trade continues to play a significant role in Pakistan s trade interactions with Iran

The export trajectory with India portrays a notable decline of 74 53%, plummeting from $1 292 million in FY22 to $0 329 million in FY23 Similarly exports to Bangladesh witnessed a decrease of 11 92% amounting to $768 54 million from $872 56 million in FY22 Exports to Sri Lanka exhibited a dip of 24 4%, settling at $283 77 million, down from $375 37 million the previous year

Meanwhile Pakistan’s exports to Nepal faced a substantial decrease of 58 7% declining from $5 77 million in FY22 to $2 84 million in FY23 In contrast exports to the Maldives demonstrated growth of 23 5%, surging from $6 91 million to $8 54 million Bhutan recorded marginal exports worth $0 048 million in FY23, marking a decline of 41 46% from the $0 082 million exports in the previous year

The decline in exports to regional markets underscores the intricate nature of global trade dynamics and underscores the need for strategic policy measures to navigate through such fluctuations It also highlights the challenges posed by economic uncertainties and geopolitical developments in various trading partner countries

Punjab notifies increase in salaries, pension of employees

LAHORE: The Punjab caretaker govt on Tuesday issued a notification regarding 35 percent increase in salaries and 17 5 percent raise in pensions of its retired employees

ISLAMABAD: Federal Minister for Planning

Development and Special Initiatives Ahsan

Iqbal on Tuesday launched the National Growth Centre (NGC) aimed at putting the country on a steady path of economic development, innovation and prosperity Addressing the launching ceremony in Islamabad, he said the main NGC center would be based at the Planning Ministry while such facilities would be operating in various universities Ahsan

Iqbal said we envision these centers as catalysts for holistic growth where industry, academia, and government collaborate seamlessly, groundbreaking research meets practical application and local communities flourish alongside national economic expansion He said the government would lay the foundation for a thriving ecosystem by focusing on several key areas including infrastructure development, education research, industry and entrepreneurship, sustainability and green initiatives besides local community empowerment The minister planning said our growth centers will be equipped with state-of-the-art infrastructure world-class transportation networks reliable energy sources, and cutting-edge communication systems that will attract both domestic and foreign investments Staff RepoRt

L H C o r d e r s m e e t i n g o f P a r v e z E l a h i w i t h

LAHORE: The Lahore High Court (LHC) on Tuesday ordered authorities concerned to arrange a meeting of former chief minister Punjab Chaudhry Parvez Elahi with his wife on August 10 Justice Raheel Kamran passed the orders while disposing of a petition filed by Qaisera Elahi the wife of former chief minister Punjab against authorities for not allowing her to see her husband detained under the Maintenance of Public Order (MPO) in jail The petitioner had submitted that as per law, the families of the detained persons could meet them twice in a week She had pleaded with the court to direct authorities for arranging the meeting of Chaudhry Parvez Elahi with his family On July 17 the deputy commissioner of Lahore had issued a 30-day detention order for Parvez Elahi on the request of the police Staff RepoRt

While addressing the launching ceremony here which marked the distribution of solar tube well certificates to Islamabad-based-farmers he said:

This is a revolutionary step as without it no one can think of Pakistan making progress I want to give a message that no other project can match the significance of solar energy ”

Calling agriculture the only sector to turn around the national economy

Premier Shehbaz Sharif said the provision of low-cost power supply was inevitable to not only the farmers but also the households, shopkeepers and industry to make the exports competitive Lamenting the previous governments’ negligence for not exploiting the immense resources of hydel and solar energy he said the provision of low cost electricity was the foremost obligation of every government

He said during last 16 months, his government made utmost efforts to launch the project but the political situation and uncertainty about the IMF agreement caused the delay Explaining the scenario of a default country, the prime minister exemplified Sri Lanka and said such states had to curtail imports to save foreign exchange

Prime Minister Shehbaz said on completion of the incumbent government s term, he would send a summary to President of Pakistan for dissolution of the assembly by Wednesday

Therefore he gave a message to the next government that the solarisation project was of utmost importance as the foundation of Rs377 billion initiative of tube well solariation had been laid

He told the gathering that under the mechanism, the federal government, provincial government and the farmer would bear one-third each of the total cost of tube well solarisation In case of Islamabad the government would pay 67% and rest by the farmer

Referring to his earlier meeting with a Saudi delegation, the prime minister said he had invited Saudi firms to invest in Diamer Bhasha Dam project which would need around $15 billion investment to build a reservoir and generate power of 4,000MW of electricity

He said in his tenure, former Prime Minister Nawaz Sharif had allocated Rs100 billion for the project but it could not move forward due to the respective government s negligence

Prime Minister Shehbaz said for the first time, Thar coal was being utilised

under a CPEC project and around 2500MW of electricity was being generated He said if his party was given a chance in next elections he would prove his commitment to rid the country of poverty and loans to make it self-sufficient and a great nation

In his address, Minister for National Food Security Tariq Bashir Cheema said due to the inflation, the farmers remained deprived of due relief, though the incumbent government strived to meet their needs despite financial constraints He said under the project around 42 tube wells in Islamabad would be solarised He appreciated the prime minister for supporting the farmers of the flood-hit regions which enabled them to restart their farming

He said consequent to the government s support and efforts the country got around 29 metric tons of wheat crop was produced, and expecting around 12 5 billion cotton bales, though the availability of oil seeds increased in the market He said the scheme of tube well solarisation would prove to be a great milestone to save the farmers from huge power bill

According to notification issued by Punjab Finance Secretary Mujahid Sherdil, salaries of govt employees from grade 1 to 16 has been increase by 35 percent while salary of employees from grade 17 to 22 has been increase by 30 percent Pension of retired govt employees has been increased by 17 5 percent and govt has taken back the notification of 5 percent increase in pension The pension increase will not be applicable on government employees who got retired from August 01, this year, the notification stated The increase in salaries and pension will be applicable from August 01 and Punjab Finance Department has dispatched the notification to all concerned departments Staff RepoRt

12 new buses wor th Rs120m added to UoG’s transpor t fleet

GUJRAT: Twelve new buses costing Rs120 million have been added to the University of Gujrat’s transport fleet Vice Chancellor Prof Dr Muhammad Mushahid Anwar purchased the buses and handed them over to the transport office at an inauguration ceremony on Monday in the presence of Director Transport Engg Shoaib Rauf Dr Mushahid inaugurated the new buses by cutting the ribbon He reiterated his commitment to go all out to facilitate the students during their stay at the campus “Our students are our prime focus said the VC adding that the buses had been purchased from the varsity s own funds S ta f f R e p o Rt

PM announces auction of all Toshakhana gifts to support orphans

ISLAMABAD S ta f f R e p o R t

Prime Minister Shehbaz Sharif on Tuesday announced to auction all of the gifts worth millions of rupees at Toshakhana and the revenue would be spent for the welfare of orphan children I announce to auction all of the gifts worth millions or rupees at Toshakhana

But whole of the receipts will go nowhere else but the institutions of the orphan children whether they are welfare organizations educational institutions or medical facilities We will hand them over under a mechanism to support the orphans who are unable to face the challenges of life,” the prime minister said talking to a delegation of the Council of Pakistan Newspaper Editors (CPNE) All Pakistan Newspapers Society (APNS) and Pakistan Broadcasters Association PBA)

The prime minister said that he felt honoured to announce the auction of Toshakhana gifts before the representatives of APNS CPNE and PBA He told the media industry representatives that the incumbent government inherited very tough economic conditions but the coalition parties did not imagine the severity of the situation

The prime minister said the previous government wasted last four years in mere victimisation of political opponents and also strained ties with friendly countries

He said his government had tried its utmost to rectify the relations with friendly countries and had been able to control the damage to a great extent which also led to the signing of the agreement with the International Monetary Fund (IMF)

The prime minister repeatedly called for the nation particularly the youth to forge unity and work hard to rid the coun-

try of loans and make it a great nation

He said the incumbent government victimised no political opponent and that they were extremely busy to tackle the challenges of flood, inflation, economy, IMF, wheat import and foreign policy issues He said the media had a crucial role to play for the national unity and reduce the temperature as during the last four years the previous government poisoned the society and the rectification was not that easy

He said with the IMF agreement the country was saved from default and other-

wise the situation could have been extremely difficult with long queues at filling stations and people taken to streets

He said even the friendly countries had linked their support with the IMF deal

He said the interim as well as the next elected government would have to join heads to strengthen the state and its people through self-sufficiency as the IMF had closed the doors to subsidies

Prime Minister Shehbaz told the delegations that the friendly countries, including Saudi Arabia, were willing to invest in Pakistan and the Special Investment Facilitation Council would prove to be a game changer in that regard The SIFC is a programme for economic recovery If it goes on this will be a game changer, he remarked

He said he would send the summary for dissolution of the National Assembly to the president on Wednesday and expressed the hope that the next government would pursue the SIFC vision to rid the country of loans within 5-10 years

He said after the dissolution of the Assembly, the Chief Election Commissioner was mandated to decide the future course of action regarding the elections However he added all the parties were unanimous for holding of the elections as early as possible

Maid torture case: Court sends civil judge’s wife to jail on 14-day judicial remand

ISLAMABAD

S ta f f R e p o R t

A district and session court in Islamabad on Tuesday sent Somia Asim the wife of a civil judge to jail on 14-day judicial remand in a case pertaining to the alleged torture of an underage domestic worker in the capital

The suspect was booked in the case after she was accused of severely torturing a teenage maid who was moved to the Lahore General Hospital in critical condition on July 24

According to the girl s medico-legal certificate (MLC), she had laceration on the head from the vertex, on the forehead, right side above the eyebrow, swollen upper lips, laceration under the upper lip on the right side broken left incisor and left canine a laceration on cheek nose bleed a laceration on the left side of vertex multiple bruises on the lower leg, fracture on right forearm, swollen left and right eyelids, bruise on the right skull, a laceration on back, multiple bruises

on back and attempt on strangulation

After showing reluctance, Islamabad po-

lice had registered a first information report in the case on July 26 Initially, the police booked the judge’s wife for criminal intimidation and wrongful confinement without mentioning physical torture in the FIR

However eight more sections including murder were later added to the FIR

On July 28, the Lahore High Court

(LHC) had granted protective bail to the judge’s wife till August 1 Last week a district and sessions court in Islamabad had granted the suspect pre-arrest bail in the case till August 7

ON Monday, a district and sessions court in Islamabad had rejected Somia s pre-arrest bail application and ordered police to arrest her Following the dismissal of the bail application the order regarding interim bail also lapsed Subsequently the police arrested Somia from the premises of the court

directives issued by Judicial Magis-

trate Shaista Khan Kundi, who presided over the case today, said that the investigation officer (IO) in the case had sought seven-day physical remand of the suspect in order to conduct an inquiry The order noted that the accused objected to the plea saying that she had fully cooperated with the IO and was ready to do in going forward

It further said that the prosecutor had requested for the suspect s physical custody but “admitted that substantive pieces of evidence have already been collected from the accused by the IO It further said that the IO had failed to give a satisfactory reply about the material which needed to be investigated The judge s order said that the record showed that recovery has been effected from the accused when she was in custody It further said that the suspect was a female and the alleged offences did not fall under “murder or dacoity” for which she had an exemption under Section 167(5) of the Code of Criminal Procedure Subsequently, the suspect was sent to jail

and authorities were directed to present her on August 22, while the IO was also told to submit a report

Earlier in the day, the suspect was produced before Judicial Magistrate Shaista At the outset of the hearing the judge inquired why the investigation officer (IO) had sought a physical remand of the accused The IO replied by saying that officials still had to investigate According to the law, on what section is the physical remand of a woman granted?” the judge asked To which the investigation officer replied by saying that a physical remand can be granted if the crime committed is heinous

At this, the judge replied: The law only allows to grant physical remand of a woman in two cases When the woman is nominated as a murderer or in a murder case ” The prosecution lawyer contended before the court that receipts pertaining to the trauma inflicted on the young girl had to be collected At this, the defence counsel inter-

jected saying that they have been accused of hiring the young girl as a servant She was not a servant at our house,” he said Judge Kundi directed the lawyer to obtain the video from the safe city cameras “I can t give you a physical remand over the media hype surrounding the case the judge said adding that she was ready to cooperate Subsequently Somia was called to the rostrum The civil judge s wife said she was a mother to three children “This torture should not be done They called me at 1130pm last night and mentally tortured me She informed the court that the investigation officer was also present there At this, the investigation officer interjected saying there was nothing like this madam Judge Kundi then asked the investigation officer why he was pleading for a two-day physical remand “Because we have to investigate more he said The judge then asked him what probe was conducted by him from Monday to Tuesday

PA K I S TA N C AT C H I N G R I D E O N G L O B A L

E L E C T R I C V E H I C L E S B O O M

ISLAMABAD S ta f f C o R R e S p o n d e n t

PA K I S TA N catching ride on global Electric vehicles (EV) boom as statistics from International Energy Agency (IEA) show that in 2022, one in every seven passenger cars bought worldwide was an EV as compared with one in every 70 just five years earlier

Last year EV sales rose by 55% reaching a total of 10 5 million according to the EV Volumes sales database Pakistan, in its timely joining the trend, is ramping up cooperation with international EV giants to amplify its own competence

Last month Automobile brand Huazi Green Energy a joint Pakistan-China venture announced the plan to display the first electric car in Islamabad this month achieving yet another score in Pakistan s EV endeavour, Gwadar Pro reported on Tuesday

In May, Chinese vehicle manufacturing company Huaihai in collaboration with

Lucky Cement pays out dividend after hiatus of three years

CONTINUED FROM BACK PAGE

Does Lucky believe this to be the case? More importantly, in the theme of this news piece, can we expect more dividend payouts similar to the one just disbursed by Lucky Cement?

What s on the horizon?

Yes

Gross refining margin fell to lowest level in last quar ter of F Y23

its Pakistani partner announced that it is seeking to expand its existing business by investing $10 million in manufacturing electric vehicles, starting with two-wheeler and four-wheeler vehicles in Punjab

Among the global players, China’s presence in the international EV market has become too prominent to be neglected

Among the global EV sales 59% are contributed by China which is also the world s biggest EV producer, with 64% of global volume In the first half of this year, China’s EV brand BYD witnessed a record-breaking 95 8% increase y-o-y of cumulative sales snapping global sales

champion Last month, the country rolled the 20 millionth EV vehicle off the assembly line Pakistan is not the only country that has set its eye on the biggest automaker in the world as international venerable auto brands are trying to snatch a share of China s EV dividend

Also last month, German automobile manufacturer Volkswagen invested $700 m i l l i o n i n l e a d i n g C h i n e s e s m a r t E V c o m p a n y X P E N G t a k i n g 4 9 9 % o f t h e latter s shares

They also announced the joint development of two B-class battery electric vehicles ( BEV ) models for sale and collaboration on future EV platforms, software technologies and supply chains Following its subsidiary Audi’s move to join hands with China s SAIC Motor to develop intelligent connected vehicles (ICVs), this was considered by some auto experts as a watershed moment for China s auto sector to shift from technology import to export, which is expected to shape a new international division of labor

A number of Chinese companies such as BAIC, Changan, JAC Motors, Great Wall Motors MG FAW and Chery Automobile have established their presence and even formed joint ventures in Pakistan driving the EV industry in the country towards intelligence and electrification

While there is a long way to go for P a k i s t a n t o b u i l d t h e E V i n f r a s t r u c t u r e , c u t d o w n E V p r i c e s a n d p r o d u c e p a r t s locally we have a lot to benefit from the technology transfer from global tycoons like China

On my visit to one of the EV manufacturing hubs in China, Yangtze River Delta, I was surprised to see that a new energy vehicle can be produced within four hours with chips and software from Shanghai batteries from Changzhou Jiangsu Province and integrated die-casting machine from Ningbo, Zhejiang Province In the complete, highly-efficient supply chain, there are countless models for us to learn from”, a Lahore-based automobile seller told media

P l e a s e e k s a c t i o n a g a i n s t a l l l aw m a ke r s w i t h u n d i s c l o s e d To s h a k h a n a g i f t s

LAHORE S ta f f R e p o R t

A writ petition was filed with the Lahore High Court on Tuesday seeking directions to the Election Commission of Pakistan (ECP) to open references against all members of national and provincial assemblies who have failed to disclose Toshakhana (gift repository) details in their statements of assets and liabilities

And

“I

PTI granted time till Aug 15 to submit response in intra-party polls case

ISLAMABAD: Pakistan Tehreek-e-Insaf

(PTI) on Tuesday sought more time from the Election Commission of Pakistan (ECP)

Urging the electoral watchdog to act in the widest national and public interest and file criminal complaints against all lawmakers who may have concealed the gifts they received while in office, the petitioner has sought uniform action across the board Further, the petition also prayed to the court to direct the ECP to initiate steps for criminal prosecution of lawmakers who did not disclose gifts in their statement of assets and liability

Tanveer Sarwar in his petition through advocate Nadeem Sarwar requested the court to direct the ECP to remain “impartial fair and just as per their constitutional mandate and further refrain them from selective prosecution on their own whims and wishes

The petitioner has nominated the federal government through the Ministry of Law and the ECP through the chief election commissioner as respondents in the matter

Notably former premier Imran Khan was sentenced to three years in prison on August 5 by a trial court in Islamabad in a reference filed by the ECP concerning his failure to disclose details about Toshakhana gifts in his assets and liability form

That it is an eye opener and a worst

case of selective prosecution as Respondent ECP while acting unfairly and discriminatory only singled out Imran Khan while ignoring and pardoning all other members of national as well as provincial assemblies who retain gifts while not mentioning them in their statement of assets and liability required to be submitted under section 137 of election act 2017 and erstwhile ROPA 1976 pleaded the petitioner

Further the petition argued that this apparent arbitrary action on part of the ECP stood in contradiction of the provisions of the constitution that mandate equality before the law for every citizen of the country

He went on to point out that there are big names like that of Asif Zardari Yousaf Raza Gillani, Nawaz Sharif, Shahid Khaqan Abbasi, Khawaja Asif and other ministers and former prime

ministers who did not disclose Toshkhana gifts details in their statement of assets and liabilities but they are free from liability and criminal prosecution for which the petitioner claimed the ECP s decision to act on its own whims and wishes”

The petition maintained that the decision to not file a complaint against several significant political figures was indicative of the ECP being partial and biased and claimed that the watchdog had failed to perform his duties adequately

The ECP is legally bound to take action against every lawmaker equally the application stated It also added that previously an application was filed requesting filing of complaints against all member parliament for non-disclosure of gifts in the statement of assets and liability but to no avail

FIA ‘grills’ Imran Khan’s law yer for eight long hours, summons another one

ISLAMABAD S ta f f R e p o R t

PTI chairman Imran Khan s lawyer

He added that he learnt that the FIA had summoned him through TV talk shows and the social media

may experience losses in 4QFY23 due to decreased GRMs Moreover the PKR saw exchange losses from an average 9% QoQ devaluation versus the US dollar which in turn amplifies the losses And finally the impact of super tax adjustments for FY23, prove to be a final blow to the bottom line of local refineries Analysts expect that Attock Refinery (ATRL) will earn Rs 4 per share assuming a refinery utilization rate of roughly 80% throughout the quarter and an average GRM of around US$10 per barrel However increased super tax adjustments as well as potential inventory and exchange losses may have an impact on earnings Pakistan Refinery (PRL) is also predicted to suffer difficulties with losses of Rs2 8 per share projected for 4QFY23 Lower GRMs at $2 per barrel for the corporation as well as significant exchange and inventory losses, are likely to be the key drivers to this negative financial picture Analysts believe that PRL operated at 75% capacity utilisation with 80% of its crude consumption coming from the Middle East and the remainder coming from Russian oil which was obtained at a lower CFR price towards the end of the financial year

According to sources in local refineries, the local refineries are carefully examining their financial circumstances and considering solutions to overcome the obstacles provided by diminishing GRMs and other market swings It is pertinent to mention here that all refineries are waiting for the upcoming refinery policy which will further improve margins after rise in duty protection on both petrol and diesel Barring a few refineries most of the refineries are in better financial health thanks to better earnings led by peak GRMs during last year

Toshakhana verdict: ECP disqualifies Imran for five years

CONTINUED FROM PAGE 01

This form is a statement of a legislator s assets and liabilities including moveable and immovable properties in and outside Pakistan

According to the verdict Imran Khan committed the offence of corrupt practices by making and publishing false declarations in respect of assets he acquired by way of gifts from the Toshakhana during the years 20182019, 2019-2020 and 2020-21 “He has been found guilty of corrupt practices by hiding the benefits he accrued from the national exchequer willfully and intentionally He cheated while providing information about the gifts he obtained from Toshakhana which later proved to be false and inaccurate “His dishonesty has been established beyond doubt,” the order said Interestingly, the trial court issued its verdict a day after the Islamabad High Court (IHC) remanded the matter of maintainability of the ECP s complaint back to the trial court for decision afresh In a notification issued on Tuesday, the ECP cited the August 5 court order and declared the PTI disqualified under Article 63(1)(h) of the Constitution read with Section 232 of the Elections Act 2017 Therefore Mr Imran Ahmed Khan Niazi is disqualified for a period of five years and is also de-notified as a returned candidate from constituency NA-45 Kurram-I, the notification, a copy of which is available with daily Pakistan Today, reads PTI REJECTS ECP’S NOTIFICATION;

August 15 The bench directed the PTI s counsel to submit the party s response at the next hearing It is to be noted that the last date for the PTI to conduct intra-party polls was June 13, 2021, but the party was given till June 13 this year on its request The ECP added that a last notice was issued in June 2022 and further delay is not possible

According to Section 208 of the Elections Act all political parties were required to elect office-bearers at the federal, provincial and local levels, periodically in accordance with the Constitution of the respective political party “Provided that a period not exceeding five years shall intervene between any two elections a proviso to section 208(1) of the act read S ta f f R e p o R t

Naeem Haider Panjutha on Tuesday was interrogated for hours by the Federal Investigation Agency s (FIA) Cyber Crime Cell in Islamabad

The former premier ’s lawyer was questioned for more than 7:30 hours by the FIA Cyber Crime Cell in connection with Toshakhana (gift repository) case Judge Humayun Dilawar s controversial Facebook post, according to sources I was released after eight hours of unnecessary detention,” he wrote on Twitter with a video message Panjutha was issued a notice to appear before the FIA inquiry team at 10am on Tuesday but he reached there at 2pm

The PTI chairman s counsel and his

colleagues were intercepted at the reception of the FIA Cyber Crime Cell and his cell phone, as well as, other lawyers were sent back Speaking to the media on his arrival at the FIA Cyber Crime Cell s building Panjutha maintained that he had not formally received a notice from the agency

He said the controversial Facebook post had been deleted and they only commented that the judge had conceded that it was his account

The lawyer continued that if that was the case the judge should have approached the FIA to find out who had hacked his account but he did not do so

Therefore we had demanded that the judge should not have heard the Toshakhana case, he added

Earlier, a member of Imran’s legal team, Sher Afzal Khan Marwat, tweeted that Panjutha’s clerk confirmed that the lawyer had been arrested

However the FIA refuted this claim

The FIA has also summoned the PTI chief s other lawyer, Khawaja Haris, on Wednesday (today) at 2pm

VOWS TO MOVE SC AGAINST THE

DECISION: Pakistan Tehreek-i-Insaaf (PTI) strongly rejected the Election Commission of Pakistan s (ECP) notification disqualifying PTI Chairman and former prime minister Imran Khan for five years and announced to challenge the decision in the Supreme Court (SC) In a strong reaction to the ECP’s notification PTI spokesperson said that the notification was a clear manifestation of the plans made behind closed doors and unnatural and illegal interference in politics The PTI spokesperson said that the ECP’s bias towards PTI Chairman was not hidden from the nation He stated that the people of the country also rejected the attempt to implement the nefarious minus one formula through a horridly-announced biased decision by a controversial trial

SCCI, APMIA sign MoU for promotion of marble, mining sector on modern lines

PESHAWAR a z i

A memorandum of Understanding (MoU) was signed between Sarhad Chamber of Commerce and Industry and All Pakistan Marble Industries Association, aiming to promote the marble and mining sector on modern lines, carryout joint research and resolve people’s issues associated with the sector

Ijaz Khan Afridi the acting president of SCCI and Muhammad Asghar Khan Chairman of All Pakistan Marble Industries Association (APMIA) signed the agreement during a ceremony held here at chamber s house on Tuesday Other members of the APMIA delegation include Shafiullah Ahmad Shah and Zafar Ali Khan Kundi the SCCI s Secretary General Sajjad Aziz Officials from the Research and Development Cell of the chamber were present during the agreement signing ceremony

Muhammad Asghar apprised the chamber ’s acting President Ijaz Khan Afridi that the marble sector is playing a pivotal role in economic development and earning heft foreign exchange through exports

He however said people attached to the marble sector were faced with financial hardships in carrying out mining through using modern techniques, machines and methods On the occasion the association chairman suggested various proposals for promotion of the marble sector

Ijaz Afridi assured the APMIA delegation that issues associated with the marble sector will be taken up with relevant government departments and authorities and to be resolved instantly The SCCI’s chief said immense potential and marble reserves exist in Khyber Pakhtunkhwa

He however said owing to lack of proper awareness technical assistance guidance and financial constraints, the marble sector was not boosted up on modern lines

in the province Ijaz Afridi said the marble sector is a major source earning foreign exchange worth billions of dollars through export essentially it has also created massive employment in KP and other parts of the country

The chamber s president urged the government to take pragmatic steps to resolve the problems associated with the marble sector He stressed the need for promoting the marble and mining sector on modern lines

He also emphasized the production of marbles of high quality by proper cutting and polishing so that a huge foreign exchange will be earned through marble export in Central Asian countries and the rest of the world so that it will stabilize the national economy and create further employment opportunities as well

The SCCI s chief assured the APMIA delegation to take up their issues with relevant government authorities at central and provincial level in an efficient manner

A heav y judgement

Th e nation has been convulsed by the fate of rizwana, the teenage maid to a civil judge in islamabad who was beaten so badly by the judge’s wife that her wounds became infested at which point she was hastily handed over to her parents and she was admitted to hospital where she is still under treatment Perhaps the most evident lesson from this is that there are no easy solutions education does not appear to have worked on the civil judge or his wife, as it failed to make them more humane Their treatment of the maid was no advertisement for civilizing effects of education The entire episode also made it clear that the purpose of education was to make one person a civil judge, another a maid access to education seems to make all the difference, not in a person s behaviour, but in whether he or she has been equipped with marketable skills

This episode also showed how our society is based on child labour and thus on disobedience of the law Children are not educated by parents but pitched into low-paying jobs or apprenticeships, in the hope that they will at least keep themselves, and hopefully help increase the family income it is an attitude reflected in the nation sending abroad its best and brightest and then living off the remittances they send home The problem of overpopulation is also highlighted but seems to be more the beginning rather than any sort of conclusion Too many people strains the education system, for example, and the first task is to send children to school it is not the first time that such an incident has happened One reason for the prominence the case has gained is perhaps the horrible nature of poor rizwana’s injuries another is their being inflicted by a civil judge’s wife it might be remembered that a similar case occurred a few years back, when an additional session judge s wife in islamabad also beat her maid and injured her Where these two cases have come into the public eye, the question has to be asked how many other girls are there, who should be at school or playing not forced to clean for an entire household or take care of little children scarcely younger than themselves who depend on the goodwill of another woman for escaping injury?

Dedicated to the legac y of late Hameed Nizami Arif Nizami (Late)

The countr y couldn’t handle the blast

Ka s h m i r i s living on both sides of the Line of Control (LoC) in Pakistan and the world over along with the civil and military leadership and the people continuously supporting the just struggle of Kashmiris for decades together and have observed august 5 as another anniversary of the second darkest day also known as Youm-e-istehsal-e-Kashmir The first being observed every year on October 27 was to continue marking their protest and agitation against illegal and forcible occupation of their territory by india on this day in October 1947 after its last Dogra ruler, maharaja hari singh one of as many as 565 princely state rulers had fled to New Delhi and allegedly signed an instrument of accession opting to join india in accordance with the provisions of the subContinent Partition Plan against the wishes and aspirations of the residents of the Valley Following this rather ugliest development india had not wasted a moment and airlifted its forces into what thus became indian-occupied territory

The occupying indian security forces strength was also raised to more than a million on august 5,2019 and they were given vast powers to crush and curb Kashmiris freedom movement brutally, ruthlessly and oppressively august 5 is the darkest day in the history of Kashmir it is remembered with different dimensions of apathy violence and repression unleashed by the state of india on hapless Kashmiris and also signifies the death of democracy murder of human rights and the demise of secularism

The dawn of 3 august 2019 had brought nothing but misery for Kashmiris Their constitutional rights were usurped The annulment of articles 370 and 35a of the indian Constitution had devastated the ideological outlook of more than eight million Kashmiris by demeaning their demographic reality This was merely a vile step of the Bharatiya Janata Party (BJP) to change the muslim majority state of illegally occupied Jammu and Kashmir into a minority enclave The indian government was issuing forged Domicile Certificates to hindus and settling them in the indian-Occupied Kashmir according to Kashmiri sources information more than 3 5 million forged Domicile Certificates

ON 4 august 2020 i was bracing for my 53rd wedding anniversary the first following the death of my wife eileen when news broke of a massive explosion in the Port of Beirut Thousands of tons of ammonium nitrate, stored in the port s grain silos, detonated, causing the largest non-nuclear blast in modern times The death toll was 240, with more than 7 000 injured and 300 000 left homeless i was distracted from my personal grief by the horrifying scenes of the explosion and heart-wrenching agony of Lebanese still in shock searching for loved ones amidst the rubble that had once been their homes and neighborhoods and i was moved by the heroism of those young Lebanese responding to the humanitarian disaster Less than a year earlier they had filled the streets of Beirut calling for an end to the corrupt sectarian system that had turned governance in Lebanon into a bad joke Now they were assisting relief efforts and offering support and shelter to their compatriots When, four days after the blast, French President emmanuel macron and not their own president or prime minister visited the devastated port neighborhood the shock and grief gave way to anger Leaders of their government such as it was were conspicuous by their absence and their pathetic and transparent efforts to deny responsibility for the circumstances leading up to the explosion in protest against the government’s failure to respond to the crisis some members of Parliament resigned recognizing the public’s loss of confidence the prime minister eventually resigned as well it was noteworthy that macron also pledged to lead an international effort to secure relief assistance for Lebanon on the condition that the Lebanese put their house in order by making reforms that would ensure greater transparency in governance and an end to corruption a few days after macron’s demand

have so far been issued to non-Kashmiris and the process was continuing to turn the Valley into a hindu-majority area by changing the demographic status of the occupied territory The fascist rss-dominated ideology of Prime minister Narendra modi had further worsened the situation through introduction of certain changes that aggravated the animosity among the struggling suffering and bleeding people of indian-occupied Jammu and Kashmir scrapping of article 270 had led to the demolition of the socio-political ideology of Kashmir and of its centuries-old deep roots Tantamounting to treason, Kashmiris felt punished by the law marriage and inheritance laws have since been impacted and the constitution had been vandalized and moulded to serve the indian interests myriad cases of mysterious disappearances extrajudicial executions incarceration of journalists, lawyers and human right activists, deliberate killings of indigenous people disguised by the officials as encounters reflected the plight of the millions of Kashmiris forcibly living under the indian yoke as the modi regime persisted with flagrant violations of human rights and refraining from implementation of UN security Council resolution for plebiscite in a nutshell, Kashmir which till 5 august 2019 enjoyed special status, was no longer the same as the occupied territory has been merged into the Union of india following abrogation of article 370 abrogation of Kashmir s special status had paved the way for india for israel-style settlements in the held Valley The demographic engineering orchestrated by the diabolical BJP intoxicated with hindutva fervour was wheeling in the same direction as that of israel’s agenda

Following Kashmiris’ continued agitation and protests against indian security forces and demanding their birthright of self-determination to decide their future themselves india s Governor General

Lord mountbatten and Prime minister Pandit

Jawahir Lal Nehru had taken the matter to the UN security Council under Chapter 6 of the UN Charter relating to peaceful settlement of disputes

The UN security Council resolutions adopted in January 1948 which india had initially accepted but afterwards continued to persistently denying their implementation provide for holding a fair and impartial plebiscite in Jammu and

when Lebanese saw the same cast of characters who had so miserably failed the country convening to respond to macron s call for reforms they didn t know whether to laugh cry or be outraged They knew nothing would change and nothing did While rescue and relief efforts were still underway, some independent-minded members of Parliament and civil society leaders petitioned the United Nations to open an investigation into the explosion a call that had widespread public support in fact a poll we conducted two years after the blast showed more than nine in 10 Lebanese supporting an independent investigation to determine how and why the explosion occurred and to hold accountable those who may have been responsible Now three years after the Port explosion there is still no accountability or justice There has been no action by the international community to respond to the appeal from Lebanese civil society an investigation by the somewhat independent Lebanese judiciary has been hamstrung by political interference and stonewalling ministers and other officials have refused to give testimony judges who persisted in the inquiry have been removed and individuals held on suspicion of responsibility have been ordered released with some leaving the country it was left to human rights Watch to conduct an exhaustive study based on interviews and a review of documents obtained from several ministries its investigation concluded from available evidence that several senior Lebanese officials had knowledge and failed to act when warned of the dangers posed by storing the ammonium nitrate in the Port hrW s report also reveals a pattern of neglect both before and after the blast as the president, prime minister, and other officials sought to delay action, shift blame to subordinates, and, as the hrW report’s principal author concludes, “choose a path of evasion and impunity over truth and justice ” The hrW report concludes with the demand that the UN human rights Council should immediately authorize an investigation and other countries should impose targeted sanctions on those implicated in ongoing abuses and efforts to impede justice That report and its demand for an investigation was issued

two years ago still there is no action

Three years after the blast and macron s demand for reform, Lebanon is in a worse state than it was before The Parliament won’t meet because its members can’t agree on a president The banking and financial systems are in a state of collapse with individuals staging armed hold-ups to demand the right to withdraw their own money to pay for medical bills Water, electricity, and medicines are in short supply Three-quarters of the population are living below the poverty line, while the same corrupt sectarian elites who have paralyzed the country continue to play their deadly games and the families of victims and survivors of the explosion still cry out in grief for answers and justice

By any measure Lebanon is a failed state it is missing a government that can protect its people and provide them with order and essential services in response to this collapse of the Lebanese state, seven months ago ralph Nader and i urged Lebanese civil society to begin a nationwide drive to petition the United Nations to declare Lebanon a Chapter 7 failed state and to impose a government of skilled Lebanese, including qualified expatriates who could revamp the electoral system to provide for one man, one vote” nonsectarian governance

On the third anniversary of the Port blast, with all of the disasters that have followed that proposal remains urgent if Lebanon is to be saved the answer will come not from the same old Lebanese politicians who have brought Lebanon to its knees but from the mobilized Lebanese people with the support of the international community

The writer is President of the Arab American Institute

Three years after the blast and MacronÊs demand for reform, Lebanon is in a worse state than it was before . The Parliament wonÊt meet because its members canÊt agree on a president. The banking and financial systems are in a state of collapse , with individuals staging armed hold-ups to demand the right to withdraw their own money to pay for medical bills

E d i t o r ’ s m a i l

S e n d y o u r l e t t e r s t o : L e t t e r s t o E d i t o r Pakistan Today 4 - S h a a re y F a t i m a J i n n a h L a h o re P a k i s t a n E - m a i l : l e t t e r s @ p a k i s t a n t o d a y c o m p k L e t t e r s s h o u l d b e a d d re s s e d t o Pakistan Today e x c l u s i v e l y

Kashmir under UN auspices to enable the Kashmiri people exercise their right of self-determination and join either india or Pakistan The indian armed intervention in the Jammu and Kashmir valley was illegal and had taken place against the wishes of the Kashmiri people Despite the decision of the UN security Council for holding of the plebiscite to allow suppressed oppressed and brutally tortured people of occupied Jammu and Kashmir valley to determine their own future freely and get rid of the indian shackle india s own pledge to that effect and reiteration of commitments on numerous occasions, india continues its brutal suppression in the occupied territory putting the UN security Council, the international community and the human rights organizations to shame to say the least Pakistan on its part has not only been extending unstinted political diplomatic and moral support to the Kashmiris in their just, indigenous and unarmed struggle for securing freedom from indian shackles but also encouraging and exhorting the international community to wake up from deep slumber and play an active role and facilitate the peaceful settlement of the disputes between india and Pakistan besides calling for a peaceful negotiated settlement of the decades old Kashmir dispute in accordance with the UN security Council resolutions Kashmiris all over the world earnestly believe that their continued observance of the darkest days on august 5 and October 27 as well as large number of black days besides other protests and rallies in the occupied territory and elsewhere will sooner or later awake the sleeping conscious of the international community and they will be getting their birthright of self-determination in accordance with the UN security Council resolutions and they will be free to either stay with india or join Pakistan They are keeping their fingers crossed and praying that the international community would brush aside their financial and economic benefits and trading with india and uphold the humanitarian concerns over their petty trading interests They are quite hopeful that this was going to happen but are unable and unsure as to when this is going to happen

The writer can be reached at zahidriffat@gmail com

Kashmiris all over the world earnestly believe that their continued observance of the darkest days on August 5 and October 27 as well as large number of black days besides other protests and rallies in the occupied territory and elsewhere will sooner or later awake the sleeping conscious of the international community and they will be getting their birthright of self-determination in accordance with the UN Security Council

Gov t vehicles and their misuse

J U s T take a look at the parking area of any federal government building in any city an official vehicle stops and the driver opens the door and drops off some gentleman before going back to the latter ’s official home where the lady of the house will be waiting to go for picking up their children from educational institutions Besides the driver takes the lady to the shopping centre beauty parlour and to her friend for lunch at a restaurant as part of daily routine

There is a high tendency amongst government officials and their families to use official vehicles for their personal purposes This kind of scenes can be easily seen in front of any government office and in its parking area where imported automatic expensive vehicles of latest models bearing official number plates can be seen parked all of them are naturally purchased by the public exchequer Their drivers also keep these vehicles chilled by keeping the air-conditioner on much before the gentleman returns This is a common practice by most government officials and their families who use official vehicles for their personal purposes and activities, without any sense of moral obligations and accountability The use of official vehicles can be observed in any city during working days, weekends and holidays on the roads around shopping areas at wedding receptions and other ceremonies and at picnic spots sometimes during the personal use for a long journey out of the municipal limits these official vehicles often get involved in road accidents for which the departments bear heavy expenses on repairs

We are already facing an economic crisis and the country is under heavy foreign debts This has made it economically dependent on the international monetary Fund (imF) But despite this alarming situation the country’s bureaucracy has refused to change its lavish lifestyle

Due to the current financial crisis petrol has gone beyond the reach of the common man as well as low-cadre government employees The government should introduce a car-sharing scheme and pick-and-drop facility for government officials by utilising large buses and vans, like private-sector industrial enterprises do

Besides, the name of the department and its logo must be put on both sides of official vehicles so that they can be identified easily There should be a ban on unnecessary use of official vehicles and in an emergency situation pool cars/staff cars should be used by the officials ISRAR AYOUBI KARACHI

Solar energy

T h e importance of adopting rooftop solar panels to cut individual’s electricity costs while supplying excess energy to the national grid however thinking on national scale we have to invest in larger solar power plants to reduce dependence on imported fossil fuel-powered plants at high speed in the country already, we have wasted a lot of precious time by ignoring this seriously inexpensive source of abundant renewable energy, which at the moment only contributes 1 6 per cent to the total energy mix By merely relying on rooftop solar panels, we cannot increase the share of renewables to 30pc by 2030 as advised by the World Bank We should have moved quickly towards solarisation on a bulk scale particularly when recently its prices have come down internationally many other countries seized this opportunity and their solar energy penetration in the total energy mix stands between 10pc and 40pc We should do the same Why shouldn t we?

T h e s e a r c h f o r j u s t i c e

4 y e a r s a f t e r t h e B e i r u t P o r t

E x p l o s i o n : S t i l l n o j u s t i c e

MuhaMMad Zahid Rifat

Te r r o r i s m i n P a k i s t a n : A c o n f l i c t a n a l y s i

Th e r e has been a spike in violent terrorist activities in Pakistan ever since the 9/11 attacks in 2001 if we look for the root causes of these extremist activities we can trace them back to the soviet-afghan war Now for terrorism in Pakistan we look back at the history of the Taliban in 1989 when the Ussr invaded afghanistan Pakistan joined the proxy Us-soviet war and backed the afghan mujahideen From 43 muslim countries 100,000500,000 mujahideen were mobilized to afghanistan and Pakistan to fight the Ussr The Cia masterminded the afghan jihad to avenge the Us defeat in Vietnam with logistics support from the isi The joint move of these two intelligence agencies with the help of financial support from saudi arabia led to the defeat of the soviet forces in 1989 after the proxy war the Usa s unwise decision to leave afghanistan without proper re-socialization of afghani jihadi groups led to an outbreak of civil war between warlords and jihadi groups for a share of resources and power and paved the way for the Taliban movement in afghanistan in early 1990 Then under the leadership of mullah Omar first they captured Kandahar in 1994 and then in 1996, and imposed islamic sharia in afghanistan after 9/11, the Pakistani decision to abandon the Taliban under Us pressure and to become a “frontline” state in the War on Terror brought a massive change in its strategic security paradigm Thus the heroes of the Usa and arab nations who sponsored the afghan jihad against the Ussr were suddenly declared villains, enemies, and terrorists Talibanization largely emerged after the Us invasion of afghanistan to hunt down Osama Bin Laden, the al Qaeda chief, and renmove its allied Taliban government who were declared responsible for the 9/11 attacks in the Usa

Thus this led to an uncertain situation that paved way for the creation of a more powerful organized islamic militancy in Pakistan under the name of Tehrik Taliban Pakistan in December 2007 that waged a bloody war against the state to enforce islamic sharia in Pakistan

The senior Taliban leadership nominated a veteran jihadi Baitullah mehsud of south Waziristan as the first amir

initially 27 militant organizations joined TTP and established its organizational structure in 24 districts of, all seven tribal agencies of FaTa, and later extended its terrorist activities deep into islamabad, as well as Lahore, Karachi, Peshawar and Baluchistan with the help of Punjabi Taliban and other sectarian affiliates mehsud was killed by a Us drone strike after his death hakimullah mehsud took over in 2009 he aggressively pursued the violent campaign of Baitullah mehsud until November 2013, when he was also killed by a Us drone attack Pakistan witnessed a total of 11,521 terrorism-related incidents from 1970 to 2014 Unfortunately 84 percent (9 658) of the total violence in Pakistan surfaced after joining the U s war on terror in 2001 Providing two bases shamsi airbase in Baluchistan and Jacobabad in sindh further triggered this violent reaction more importantly, 80 percent (9,222) of the violence erupted after the formation of TTP in 2007 TTP successfully engaged the target by applying different techniques such as bombings or explosions armed assaults kidnapping assassinations hostage-taking hijacking infrastructure attacks etc Pakistani Taliban abducted five Us soldiers from afghanistan in July 2003 two Chinese engineers in 2005, 250 Pakistani soldiers in south Waziristan, in 2011, haider Gilani, son of former Pm Yousef raza Gilani, in 2013 and many other important political and government officials for political leverage in negotiations and sometimes for handy ransom for TTP operations assassination of high-profile politicians include former Pm Benazir Bhutto just after the emergence of TTP in 2007 revealed TTP s interest in the future power pol-

W h e n w e a p p ly c o n c e p t s o f p e a c e t o t h i s c a s e s t u dy t h i n g s g e t cl e a r e r. Pe a c e k e e p i n g i n t h i s c a s e w a s d o n e by t h e m i l i t a r y o f Pa k i s t a n by u s e o f fo rc e t o h av e a n f r a g i l e o rd e r o f p e a c e ; o n c e t h a t w a s a c h i ev e d n ow t h e m i l i t a r y a n d s t a t e a r e wo r k i n g o n p e a c e bu i l d i n g , fo c u s i n g o n ro o t c a u s e s o f m i l i t a n c y ; bu i l d i n g e d u c a t i o n a l i n s t i t u t i o n s , c r e a t i n g j o b o p p o r t u n i t i e s

Corporate responsibilit y in the age of AI

Products like Snapchat, Instagram and TikTok are designed to trigger dopamine surges in the brain, making them as addictive as cigarettes A scientific consensus has emerged that digital media are harming users’ especially children’s mental health

PR OJECT SYNDICATE

M a R a e t e l

IN the past year a cacophony of conversations about artificial intelligence has erupted Depending on whom you listen to, ai is either carrying us into a shiny new world of endless possibilities or propelling us toward a grim dystopia Call them the Barbie and Oppenheimer scenarios as attention-grabbing and different as the hollywood blockbusters of the summer But one conversation is getting far too little attention: the one about corporate responsibility i joined Nike as its first Vice President of Corporate responsibility in 1998 landing right in the middle of the hyper-globalisation era s biggest corporate crisis: The iconic sports and fitness company had become the face of labor exploitation in developing countries in dealing with that crisis and setting up corporate responsibility for Nike, we learned hard-earned lessons, which can now help guide our efforts to navigate the ai revolution

There is a key difference today Taking place in the late 1990s the Nike drama played out relatively slowly When it comes to ai, however, we do not have the luxury of time This time last year, most people had not heard about generative ai The technology entered our collective awareness like a lightning strike in late 2022 and we have been trying to make sense of it ever since as it stands, generative ai companies have no externally imposed guardrails That makes guinea pigs of all of us There is nothing normal about this if Boeing or airbus introduced an airplane that promised to be cheaper and faster but was potentially very dangerous we would not accept the risk a pharmaceutical company that launched an untested product, while warning that it might be toxic, would be found criminally liable for the sickness or death they caused Why, then is it okay for technology companies to bring to market ai products that they themselves warn pose the risk of extinction?

even before generative ai burst onto the scene, Big Tech and the attention economy were facing growing criticism for their harmful effects Products like snapchat, instagram and TikTok are designed to trigger dopamine surges in the brain making them as addictive as cigarettes a scientific consensus has emerged that digital media are harming users especially children s mental health ai has turbocharged the attention economy and unleashed a new set of risks, the scope of which are far from clear and while calls for regulation are growing louder when they come from the very people behind the technology they come across largely as public-relations campaigns and

corporate stall tactics after all, regulators and governments do not fully understand how ai-based products work or the risks they create; only companies do it is a company’s responsibility to ensure that it does not knowingly cause harm and to fix any problems it creates it is the government s job to hold companies accountable But accountability tends to come after the fact, too late for a technology like ai if Purdue Pharma’s owners, the sackler family had acted responsibly once they realised the danger OxyContin posed taking steps to stop the drug from being overprescribed the opioid crisis that has gripped the United states in recent years could have been avoided By the time the government got involved, countless lives had been lost and communities ruined No lawsuit or fine can undo that When it comes to ai companies can and must do better But they must act fast before ai-driven tools are so entrenched in daily activities that their dangers are normalised and whatever they unleash cannot be contained at Nike, it was a combination of outside pressure and an internal commitment to do the right thing that led to a fundamental overhaul of its business model The nascent ai industry is clearly feeling external pressure: On July 21, the White house secured voluntary commitments from seven top ai companies to develop safe and trustworthy products in line with the Blueprint for an ai Bill of rights that was introduced last year But vague voluntary guidelines leave far too much wiggle room Our collective future now hinges on whether companies, in the privacy of their board rooms, executive meetings and closeddoor strategy sessions, decide to do what is right Companies need a clear North star to which they can always refer as they pursue innovation Google had it right in its early days when its corporate credo was Don t Be evil No corporation should knowingly harm people in the pursuit of profit it will not be enough for companies simply to say that they have hired former regulators and propose possible solutions Companies must devise credible and effective ai action plans that answer five key questions: The ai challenge needs to be treated like any other corporate sprint requiring companies to commit to an action plan in 90 days is reasonable and realistic No excuses missed deadlines should result in painful fines The plan does not have to be perfect and it will likely need to be adapted as we continue to learn but committing to it is essential Big Tech must be as committed to protecting humans as it is to maximising prof-

itics of Pakistan according to the Pak institute for Peace studies digital database on conflict and security, 88 percent of the total acts of terrorism in Pakistan were committed by TTP since 2001, terrorism-related incidents have cost 59,694 lives and cost more than $106 98 billion in losses to the economy Pakistan has witnessed 407 suicide attacks (99 03 percent) of overall suicide attacks (411) since 1970 During the 30-year period (19702000) only four suicide attacks had been reported in Pakistan however, after joining the War on Terror in 2001, this number has risen to 411 The country witnessed its first suicide attack in 2002 Up to 2006, the number increased to 25 however after the formation of TTP in 2007 the number reached 411 93 91 percent by the TTP TTP s main target was Pakistani citizens (96 5 percent) Only 3 5 percent of all attacks were on foreigners Civilian and private business remained is main target militants carried out 3,307 (32 percent) attacks against civilian and private businesses throughout the country The second potential target was social services, including educational institutions health sector and nonmilitary government installations with 2 783 (29 percent) attacks against them a total of 2 406 (25 percent) of the attacks were carried out against the military indicates that 86 percent of the attacks have been carried out against civilian/private business, social services and law enforcement agencies including the military and the police Frontier Corps and intelligence agencies religious organizations political parties media and journalists were also attacked during the period from 2001 to 2014 all this violence was happening against Pakistanis and the perpetrators not only had the sympathy from a large section of Pakistani society but this sympathy was also found in the highest ranks of military, Lt Gen mahmud ahmed, DG isi at that time, turned out to be a strong supporter of Taliban Conflict Analysis and terrorism in Pakistan

was not easy for the military to eradicate militants from these areas because military strikes and Us drone attacks were proving counterproductive as civilians were being also killed in collateral damage and human rights situation was worsening as people there were not getting fundamental human rights such as the right to live peacefully and their basic needs such as health education were not being fulfilled more people were joining these militants thus the conflict was becoming more complex surface causes of the conflict were Pakistan joining the american bloc in occupying brotherly islamic state, afghanistan

root causes were unemployment illiteracy less development in these tribal areas secondly these Pashtun tribes have a rich history of resisting military forces trying to rule them by force and which they deem a threat to their culture and values another root cause was the anti- Pakistan sentiment in a section of the afghan community which started from the Durand Line dispute and which was very much prevalent in Zahir shah’s rule in afghanistan in early 1950s

Triggering causes were the collateral damage due to the military operation by Pakistani forces and Us drones strikes main actors or primary stake holders in the conflict in Pakistan were obviously the state of Pakistan and militant organizations including the TTP, the people of tribal areas and subsequently the whole of Pakistan were also key stakeholders secondary stakeholders were the Usa and its allies as well as the people of afghanistan and afghan Taliban

The spoilers in the conflict were india and the antiPakistan groups it backed in afghanistan india quite impressively made anti-Pakistan sentiments flare up in afghanistan and used them against Pakistan for its interests The main interest of india in afghanistan was to engage Pakistan in a two-front confrontation (Western and eastern borders) so that Pakistan s military gets over-occupied and fails to maintain pressure in Kashmir another interest of india was to gain regional dominance by having pro india government in afghanistan The extent of india’s success in its plan was eminent by the statements of key ministers in ashraf Ghani’s administration

The terrorism in Pakistan was because it was the battlefield of clash between western liberal capitalist ideology and fundamentalist islamic or one would say extremist islamic ideology Post 9/11 america wanted Pakistan to be its ally in the War on Terror and ban the militant outfits it once used against the Ussr On the other hand these armed groups and a big section of Pakistani society retaliated against the ruling regime in Pakistan and what they called westernization of Pakistani society responding to this retaliation, the state started military operations in its North-Western tribal areas where these armed groups had significant presence

We can apply the concept of human needs theory to the post-military operation situation in tribal areas as it

GUARDIAN

g o R d o n b R oW n

TW O years of ever-intensifying repression since the Taliban seized power in august 2021 have not dimmed the resilience of girls and women in afghanistan who continue to risk their lives fighting for their right to an education and employment But no one should be in any doubt that what afghan girls are experiencing is not a temporary disruption it is nothing less than “gender apartheid the chilling words used recently by the permanent representative of afghanistan to the United Nations Only a term as devastating as this can capture the grave violations of rights involved it is time to declare it a crime against humanity, and the prosecutors of the international criminal court (iCC) should open an investigation into the repression ordained by the Taliban regime even now under fear of arrest detention and torture for transgressing the Taliban s rights-violating edicts, brave children across afghanistan are attending underground schools a major initiative on internet learning in universities has also recently started with support from the refugee agency UNhCr and the consortium Connected Learning in Crisis many families have realised that the only chance of education for their daughters is through emigration That still leaves an estimated 2 5 million girls and young women with no education at all and they will soon be joined by a further 3 million who are about to complete their primary education Unable to move up to secondary school, yet another generation of afghan girls will be denied a chance to realise their talents and fulfil their dreams middle eastern powers and muslim-majority countries from Pakistan and Turkey to saudi arabia Uae Qatar and iran have joined the UN in condemning this regime of repression with the UN citing texts from the Qur an to assert that there is no religious justification for excluding girls and women from secondary schools and universities

But sadly worldwide support for their cause has so far been wholly insufficient to bring about a change of policy With girls and women facing a new moment of peril as Kandahar clerics demand that the UN terminate the roles of all women in its employment, the international community must mobilise in greater numbers and with renewed strength of purpose to condemn the violation of their rights it is clear that the exclusion of women and girls from secondary and tertiary education violates international human rights treaties to which afghanistan is a party These breaches start with the country’s failure to comply with the convention on the

When we apply concepts of peace to this case study things get clearer Peacekeeping in this case was done by the military of Pakistan by use of force to have an fragile order of peace; once that was achieved now the military and state are working on peace building, focusing on root causes of militancy; building educational institutions, creating job opportunities giving skill education to locals and former militants and mainstreaming these areas by integrating them in the province of KPK in this regard all provinces of the country have decided to cut a share from their NFC awards to allocate extra money for these areas left behind Now the next step in this process is Nation building for which integrating the people of these areas with rest of Pakistan building a sense of nation and homogeneity is the key

The writer is a freelance columnist

repression

Afghan women and girls

Middle Eastern powers and Muslim-majorit y countries, from Pakistan and Turkey to S audi Arabia, UAE, Qatar and Iran, have joined the UN in condemning this regime of repression, with the UN citing tex ts from the Q ur ’an to asser t that there is no religious justification for excluding girls and women from secondar y schools and universities

elimination of all forms of discrimination against women (CeDaW) The regime is also violating afghanistan s obligations under the international covenant on economic social and cultural rights and the convention on the rights of the child

These breaches of binding international human rights law have been widely condemned in his 2023 report richard Bennett the special rapporteur on human rights in afghanistan observed that the Taliban continued flagrantly to contravene CeDaW, and demanded that they should immediately restore equal access to quality education at all levels and in all courses for women and girls” although afghanistan has not ratified the relevant instruments that would enable victims of the violations to petition the treaty bodies it can be held accountable for the ongoing violations by way of the reporting requirements and mechanisms under the treaties These provide an opportunity for continued scrutiny of the Taliban’s actions and for calls on the Taliban to reopen secondary schools and universities

But there is an even greater opportunity for legal action under international criminal law in march, the UN recognised the right to education as an “enabling right, which is crucial in and of itself for realising other human rights” and said that denying “this right to half the population effectively denies women and girls most other human rights it is arguable that the exclusion of women and girls from secondary and tertiary education, when considered alongside all the other restrictions imposed on them by the Taliban, may amount to persecution as the special rapporteur has observed “in no other country have women and girls so rapidly disappeared from all spheres of public life or are they as disadvantaged in every aspect of their lives

Gender persecution is a crime against humanity, for which individual Taliban members may be liable to prosecution under the iCC’s rome statute to which afghanistan acceded in 2003 The policy on the crime of gender persecution issued by the iCC in December 2022 notes that gender persecution severely deprives a person of the fundamental right to be free from discrimination in connection with other fundamental rights deprivations contrary to international law For example it may deprive a person of the right to education The iCC prosecutor should consider gathering

information from states, UN organs, NGOs and others to determine whether there is a case for prosecution individual states could also act through their own domestic law frameworks to communicate their condemnation of the Taliban s repression, for example through the imposition of sanctions against individual members of the Taliban

The international community can – and should – use these legal frameworks but there is yet more than can be done First we must show that education can get through to afghan girls, by expanding the online and radio courses on offer from the rest of the world This means recruiting more universities to offer online courses and schools to make their curriculums available online and through radio and TV second education Cannot Wait Unicef and others should be given the resources to step up their provision of educational opportunities for afghan girls inside and outside the country especially in Pakistan to which many afghan families have emigrated Third given the religious framework of the issue we must agree on a high-powered delegation of muslim-majority government leaders to Kandahar to engage the religious leadership on their approach to education for women Fourth, for the sake of afghan women and girls we must be prepared to offer the Taliban government funding to finance their return to schools and universities and promise that we will match the funding for education that was provided in the years from 2011 to 2021, as long as girls rights are upheld and education is free of indoctrination afghan girls are protesting because they have known what it is like to be able to go to school and think and argue freely in classrooms The millions of women who went through school and universities in the two decades before 2021 are the greatest advocates of education for all regimes can silence dissidents – but not for ever They can censor books for a time – but the word will get through They can deny girls opportunities – but no one should doubt that the spirit of the afghan people will ultimately prevail in demanding that the girls who represent half their future are given a chance to flourish it just has to happen soon

The world must unite now to halt the Taliban’s

of

CHINA SAYS ‘FULLY PREPARED’ FOR ANY POSSIBLE SITUATION AROUND REN’AI REEF

AS China and the Philippines have been engaged in a dispute over the Philippines’ “illegal transportation of construction supplies to China s Ren ai Jiao (also known as Ren ai Reef) in order to incite Manila to further provoke China to ramp up the tension, several Western countries led by the US have expressed backing for the Philippines’ “illegal acts” in the South China Sea while condemning China s legitimate restrained and professional responses

The Chinese Foreign Ministry for the second time in days, urged the Philippines to immediately tow away the military vessel “grounded” at the reef and restore it to its original state of having no personnel or facility on it according to a Tuesday statement from the ministry stressing that Ren ai Reef is part of China s Nansha

Qundao（Nansha Islands）

The Philippines explicitly promised several times to tow away the military vessel deliberately and illegally ‘grounded’ at Ren’ai Jiao However 24 years have passed and instead of towing it away the Philippines has sought to repair and reinforce it on a large scale in order to perma-

APHC seeks world inter vention to address IIOJK prisoners’ plight

SRINAGAR

nently occupy Ren’ai Jiao,” reads the Foreign Ministry statement Also on Tuesday Wu Qian a spokesperson of the Chinese Ministry of National Defense said in response to US Defense Department s latest statement on the matter, that the US remarks disregard the facts and baselessly accuse China of its legitimate and lawful maritime law enforcement actions China firmly opposes this ” US Defense Department spokesperson Patrick Ryder said on Sunday on X (formerly Twitter) that We stand with our Philippine allies in condemning the PRC’s efforts to impede lawful operations at Second Thomas Shoal ” Wu said “The US is not a party to the South China Sea issue and has no right to interfere in it We demand that the US immediately stop using the South China Sea issue to stir up trouble and sow discord, and genuinely respect China s territorial sovereignty and maritime rights and interests in the South China Sea as well as the positive efforts made by regional countries to maintain peace and stability in the South China Sea

The China Coast Guard (CCG) vessels have lawfully intercepted and taken warning enforcement measures In the face of ineffective warnings through mul-

tiple verbal communications, water cannons were used as a means to avoid direct confrontation and collision Wu noted The on-site operations were reasonable legal professional and in accordance with regulations China will continue to take necessary measures to firmly safeguard its national sovereignty and calls on the Philippines to abide by its commitments and immediately cease all provocative actions said the Chinese Defense Ministry spokesperson The Chinese military will resolutely fulfill its duties and missions and firmly safeguard national sovereignty and maritime rights and interests, Wu said Analysts said that China is still insisting on a diplomatic way to solve the problem and China continues to urge the Philippines to fulfill its promise and that Chinese law-enforcement forces will not harm the personnel of the Philippines but will stop Manila from reinforcing the military vessel in the region If the US military gets itself involved and incites Manila to further provoke China to worsen the tension the Chinese military is also fully prepared for any possible escalated situation to effectively safeguard China s sovereignty and legitimate rights, even though China does not want the tension to escalate

R E L E A S I N G E V I D E N C E: On Tuesday, the CCG released a video clip showing how the CCG ship reacted with rational restraint throughout the process Time stamped at 9:40 am on August 5 the video lasting 2 minutes and 40 seconds showed that the CCG ship 5201 launched warning water cannon against a Philippines vessel Analysts who watched the video told the Global Times on Tuesday that the CCG ship did not change its course throughout its operation and it was when the Philippine boat gestured its determination to rush into the waters near the Ren ai Reef that the Chinese side fired water cannon at it to warn it and drive it away The CCG had demonstrated great restraint in its actions in the face of the Philippines intrusion It is precisely because of China s professional restraint rather than the willful use of force like some other countries would have done in similar cases, that the incident has not turned into major collision Tian Shichen a retired Navy captain and founder of the independent think tank Global Governance Institution and director of the nongovernmental institute International Center for the Law of Military Operations, told the Global Times on Tuesday

Migrants outside Roosevelt Hotel hoping for chance to stay in city’s shelter system

For days now newly arrived international immigrants have waited night and day outside New York City’s Roosevelt Hotel sleeping shoulder-to-shoulder on the sidewalk in hopes of a bed in the city s shelter system

And for weeks, Mayor Eric Adams has said the city is out of room and sought to dissuade more migrants from arriving

The scene outside the former hotel now a migrant shelter and intake center has underscored the extreme overcrowding in a homeless housing system filled to record levels City officials and activists alike call it heartbreaking

But some critics accuse New York City officials of exploiting the lines outside the Roosevelt as part of a campaign to pressure state and federal officials to come up with more money to tackle the crisis and discourage more migrants from entering the U S from Mexico Mayor Adams should not be using asylum seekers as props to get the attention of the Biden administration or discourage asylum seekers from coming to New York,” said Murad Awawdeh, the executive director of the New York Immigration Coalition

New York’s road named after Dr Allama Iqbal

NEW YORK

S TA F F R E P O R T

PR OFIT

R E U T E R S

Moody s cut credit ratings of several small to mid-sized U S banks on Monday and said it may downgrade some of the nation s biggest lenders, warning that the sector ’s credit strength will likely be tested by funding risks and weaker profitability

Moody s said elevated CRE exposures are a key risk due to high interest rates, declines in office demand as a result of remote work and a reduction in the availability of CRE credit

The agency also changed its outlook to negative for eleven major lenders, including Capital One (COF N), Citizens Financial (CFG N) and Fifth Third Bancorp (FITB O)

increases by the Federal Reserve in decades slows demand and borrowing

The higher rates have also raised the spectre of recession and put pressure on sectors such as real estate to adjust to postpandemic realities

With Pakistan s Independence Day around the corner, a road in New York City s Queens borough has been named after Allama Muhammad Iqbal, the country’s national poet ‘Allama Iqbal Avenue’ was inaugurated at a wellattended ceremony in Richmond Hill section of Queens amid loud slogans of Pakistan Zindabad by people waving the national flag

The All Parties Hurriyat Conference and other profreedom organizations have expressed deep concern over the plight of incarcerated Hurriyat leaders youth and activists languishing in different jails of India and in Indian illegally occupied Jammu and Kashmir

According to Kashmir Media Service, APHC leader

Abdul Ahad Parra, Yaseen Attai, Sleem Zargar, Bashir

Ahmed Andrabi, Khawaja Firdous, Sikh intellectual Circle Jammu and Kashmir head Narender Singh

Maulana Musaib Nadvi Prof Zubari and others in their separate statements issued in Srinagar urged the United Nations Council for Human Rights and other international human rights organizations to visit jails of India and IIOJK to take stock of the pathetic situation faced by the Kashmiri detainees

They said that all the prisoners of conscience have been detained without any legal trial while their detention period is prolonged on one pretext or the other They demanded probe by a team of the United Nations and International Court of Justice into the complaints of inhuman treatment meted out to the prisoners of conscience, detained on flimsy grounds

The statements lauded the unwavering steadfastness displayed by the freedom and peace-loving leaders including Masarrat Aalam Butt Shabbir Ahmad

Shah Muhammad Yasin Malik Nayeem Ahmad

Khan Aasiya Andrabi Ayaz Akbar Shahid-ul-Islam

Merajuddin Kalwal, Peer Saifullah, Farooq Ahmad

Dar, Fehmeeda Sofi, Naheeda Nasreen, Dr Hameed

Fayaz, Maulana Abdul Majid Dar, Maulana Mushtaq

Veeri Abdul Rashid Doowoodi Maulana Abdul

Wahid Kishtwari Khurrum Parvaiz Mushtaq-ulIslam Molvi Bashir Ahmad Irfani Bilal Siddiqi

Ameer Hamza Dr Shafi Shariati Dr Qasim Fakhtoo

Muhammad Yousuf Mir, Mohammad Rafiq Gania, Showket Hakeem, Mohammad Hayat Bhat, Mehrjudin Nanda, Noor Muhammad Fayaz, Muhammad Yousuf Fallahi Asif Sultan Fahad Shah

Aadil Zargar and others

They said that the Indian government is trying to defame the Hurriyat leadership and Kashmir freedom movement through the infamous National Investigation Agency (NIA) and State Investigation Agency (SIA) but it will not succeed in its nefarious designs to suppress the ongoing right to self-determination demand of the people of Jammu and Kashmir

The leaders strongly condemned the ongoing human rights violations by Indian forces in the occupied territory and the killing of youth in so-called cordon and search operations in Kupwara, Rajouri and Poonch districts

Moody s cut the ratings of 10 banks by one notch and placed six banking giants, including Bank of New York Mellon (BK N) US Bancorp (USB N) State Street (STT N) and Truist Financial (TFC N) on review for potential downgrades Many banks second-quarter results showed growing profitability pressures that will reduce their ability to generate internal capital ” Moody’s said in a note

This comes as a mild U S recession is on the horizon for early 2024 and asset quality looks set to decline, with particular risks in some banks commercial real estate (CRE)portfolios ”

The collapse of Silicon Valley Bank and Signature Bank earlier this year sparked a crisis of confidence in the U S banking sector, leading to a run on deposits at a host of regional banks despite authorities launching emergency measures to shore up confidence

Still Moody’s cautioned that banks with sizable unrealized losses that are not reflected in their regulatory capital ratios are vulnerable to a loss of confidence in the current high-rate environment

The sweeping report comes against the backdrop of tightening monetary conditions after the fastest pace of interest rate

Federal Reserve survey data released last week showed U S banks reported tighter credit standards and weaker loan demand from both businesses and consumers during the second quarter

Morgan Stanley analysts said the loan demand is likely to continue to weaken, with the rate of change slowing further

Rating agency peer Fitch has downgraded the United States by a notch to AA+ due to fiscal deterioration over the next three years and repeated down-to-thewire debt ceiling negotiations

The downgraded banks by Moody’s include M&T Bank (MTB N), Pinnacle Financial Partners (PNFP O) Prosperity Bank and BOK Financial Corp (BOKF O)

The event marked the culmination of intensive lobbying efforts over a long period by the PakistaniAmerican community members, with the leading role played by the American-Pakistani Advocacy Group (APAG) a not-for-profit organization

Pakistan s Ambassador to United States Masood

Khan congratulated President American Pakistani Advocacy Group Ali Rashid for his leadership in having the avenue co-named as Allama Iqbal Avenue’ in New York

He also paid tribute to Ali Rashid for his resolute efforts to build better relations between Pakistan and the United States and creating greater awareness about the history and culture of Pakistan in the United States

Speaking on the occasion, Speaker of the New York City Council Adrienne Adams said: As we approach Pakistan Independence Day, he is honored to celebrate the co-naming of 109th Street and 101st Avenue as ‘Allama Iqbal Avenue’ ” He said that Allama Iqbal s work and vision led to the creation of Pakistan as an independent country

Chengdu Universiade wraps as China tops medal table

The Chengdu FISU World University Games concluded on Tuesday as the hosts, the Chinese delegation, finished with 103 gold, 40 silver and 35 bronze medals to sit at the top of the medal table setting a new record for the best results for China at a FISU Games

The world-leading Chinese university swimming team has been the biggest contributor for China s medal haul at the Games, as the Chinese swimmers totaled 18 gold and two bronze medals

Besides the big stars such as multiple-time gold medalists Qin Haiyang, Zhang Yufei and Li Bingjie, names such as five-time National Para Games gold medalist Peng Huidi who faces a lasting hearing issue also took the stage

The Central South University student who had to rely on a visual confirmation at the start of the race, compared to her opponents who dive into the pool after hearing the starting horn, is a slow starter in every race

However she had successfully improved her result in the 1 500 meters freestyle by a stunning 32 3 seconds

Beyond the outstanding performances delivered by the Chinese delegation which consisted of a total of 411 athletes participating in all 18 events, the tournament has a lot of memorable moments FISU Acting President Leonz Eder said Tuesday that Chengdu has really made all dreams come true as he reviews the Games

What we have witnessed here in Chengdu is state of the art It s the best we can have It s really fantastic

for the athletes for the spectators for everybody ” he told reporters There s nothing to complain about FISU Secretary-General Eric Saintrond believes that hosting the Chengdu Universiade has helped foster China s global image as many young people come to visit the city What you see and hear is different from what people tell you,” Saintrond said “Many people have never been to Chengdu and to China ”

As for the impact of the FISU Games on the youth Acting President Eder affirmed that the Games showcased the importance of communication understanding and learning from different cultures

He asserted that fostering open dialogue and embracing diverse viewpoints is key to creating a better world “In some parts of the world, people stopped talking to each other but the young generation they don’t know these borders these frontiers Eder told the Global Times They talk to each other they learn their own stories they tell their own stories they start to communicate, and these are the students, because the students, they speak different languages, and they have no shy to meet other people, and this is really what we believe is needed to make a better world ” Eder said of the young people of the world

Don t think that your opinion is the only one in the world We have so many different opinions different cultures, based on different histories, not one is better than the other, but go and talk to each other, learn from each other, and this is the basic for creating a better world ”

The Chengdu FISU Games, the first international multi-sport tournament held in West China have also become a platform for athletes worldwide to learn about

the diverse Chinese culture

The cultural fair is among the most popular destinations for athletes every night after their competitions

One of the pillars of FISU is education culture and sport We do not just organize sport event For us it is important to show the young people to give the opportunity to discover the culture, the richness of every place where we are going ” Eder said

Saintrond highlighted that after the two postponements of the originally scheduled 2021 event the Universiade was able to provide more opportunities to students to learn about China

Saintrond said China hosting an open Universiade, rather than in a closed loop like Tokyo Olympics and Beijing 2022 due to COVID-19, is of much significance

“It was not only to open the [Games] Village and allow the people to go out of the Village It is to open the door to the Chinese culture That has been extremely important for students he said The sports competition is one thing, but the people have to meet each other, have to make friends to get to learn the culture and the history of other nations ”

As Chengdu moves forward to host future sports events such as the 2025 World Games venues and facilities as well as the volunteers and staff for the FISU Games are likely to be involved again

These facilities will be used not only for university students, but also for the citizens of Chengdu and the province,” Eder said

“With these fantastic facilities, you can host future games whether it’s world championships or the World Games It s important to use all these venues

Niger coup leaders refuse to let senior US diplomat meet with nation’s president

A senior US diplomat said coup leaders in Niger refused to allow her to meet with the West African country s democratically elected president whom she described as under virtual house arrest

Acting Deputy Secretary of State Victoria Nuland also described the mutinous officers as unreceptive to US pressure to return the country to civilian rule

They were quite firm about how they want to proceed and it is not in support of the constitution of Niger Nuland told reporters

She characterized the conversations as extremely frank and at times quite difficult

She spoke after a two-hour meeting in Niger ’s capital Niamey with some leaders of the military takeover of a country that has been a vital counterterrorism partner of the United States

In speaking to junta leaders, Nuland said, she made absolutely clear the kinds of support that we will legally have to cut off if

democracy is not restored ”

If the US determines that a democratically elected government has been toppled by unconstitutional means federal law requires a cutoff of most American assistance, particularly military aid

She said she also stressed US concern for the welfare of President Mohamed Bazoum who she said was being detained with his wife and son

The meeting was with Gen Moussa

Salaou Barmou, a US-trained officer, and three of the colonels involved in the takeover The coup’s top leader, former presidential guard head Abdourahamane Tchiani, did not meet with the Americans

In other developments Monday leaders of West Africa s regional bloc said they would meet later this week to discuss next steps after the junta defied a deadline to reinstate the president The meeting was scheduled for Thursday in Abuja, the capital of neighboring Nigeria according to a spokesman for the ECOWAS bloc Meanwhile the junta s mutinous sol-

diers closed the country’s airspace and accused foreign powers of preparing an attack

State television reported the junta s latest actions Sunday night hours before the deadline set by ECOWAS, which has warned of using military force if Bazoum is not returned to power

A spokesman for the coup leaders Col Maj Amadou Abdramane noted “the threat of intervention being prepared in a neighboring country and said Niger s airspace will be closed until further notice Any attempt to fly over the country will be met with an energetic and immediate response ”

The junta also claimed that two central African countries were preparing for an invasion but did not name them It called on Niger s population to defend the nation

The coup toppled Bazoum whose ascendency was Niger s first peaceful, democratic transfer of power since independence from France in 1960 The coup also raised questions about the future of the fight against extremism in Africa’s Sahel region where Russia and Western countries have vied for influence

Niger had been seen by the United States and others as the last major counterterrorism partner in the Sahel south of the Sahara Desert where groups linked to alQaida and the Islamic State group are expanding their influence

Also on Monday, Mali said it and Burkina Faso both neighbors of Niger run by military juntas were sending delegations to Niger to show support Both countries have said they would consider any intervention in Niger as a declaration of war against them Regional tensions have mounted since the coup nearly two weeks ago, when mutinous soldiers detained Bazoum and installed Tchiani as head of state Analysts believe the coup was triggered by a power struggle between Tchiani and the president who was about to fire him It was not immediately clear what ECOWAS leaders will do now The region is divided on a course of action There was no sign of military forces gathering at Niger’s border with Nigeria the likely entry point by land Nigeria s Senate has pushed back on the

plan to invade urging Nigeria’s president the bloc s current chair to explore options other than the use of force ECOWAS can still move ahead as final decisions are made by consensus by member states Guinea and neighboring Algeria, which is not an ECOWAS member, have come out against the use of force Senegal’s government has said it would participate in a military operation if it went ahead and Ivory Coast has expressed support for the bloc s efforts to restore constitutional order

The junta has asked for help from the Russian mercenary group Wagner, according to Wassim Nasr, a journalist and senior research fellow at the Soufan Center

However Nuland indicated that coup leaders did not seem receptive to welcoming Wagner mercenaries into the country as has happened with several surrounding unstable West African countries I will say that I got the sense from my meetings today that the people who have taken the action here understand very well the risks to their sovereignty when Wagner is invited Nuland said

M o o d y ’s d ow n g r a d e s U S b a n k s, wa r n s o f p o s s i b l e c u t s t o o t h e r s

CORPORATE CORNER EXCLUSIVE: INDIA BARS MAKERS OF MILITARY DRONES FROM USING CHINESE PARTS

FFC holds second corporate briefing for Year-2023

Fauji Fertilizer Company (FFC) held its Second Corporate Briefing for the year 2023 as part of its best corporate governance practices FFC has been recognized by Pakistan Stock Exchange (PSX) as first amongst Top 25 Companies consecutively for 12 years attributed to its Compliance of Code of Corporate Governance Company Performance and Efficient Management

In the same backdrop the subject briefing for the half-year ended 30th June 2023 was held at FFC s corporate Head Office, Rawalpindi Virtual access was also provided to all desirous stakeholders Prominent capital market analysts and dignitary from Pakistan Stock Exchange attended the event Company Secretary FFC Brig Irfan Khan T Bt (Retd) opened the briefing and apprised the house about significance of the event Chief Financial Officer, Syed Atif Ali briefed the house about FFC’s performance for the half year 2023 and assured Company’s commitment to achieve higher standards of performance and sustained earnings Company Secretary concluded the briefing and further ascertained Company s perseverance in ensuring continual improvement for its stakeholders PR

NFL marks its entr y into agric ulture through S eed to Table Projec t

KARACHI: National Foods Limited has launched a project Seed to Table to address raw material import hurdles which in turn would enhance Pakistan s food security and elevate the domestic agricultural ecosystem to foster farmer empowerment through investment and job creation National Foods Limited is taking proactive measures by introducing a sustainable solution for its value chain This endeavor doesn t just strengthen its supply chain but also contributes to reshaping the agricultural sector positively "Seed to Table" represents a beacon of resilience, self-sufficiency, and empowerment in these challenging times By fostering direct collaboration with the agricultural community National Foods Limited is leading the new era of growth and stability The project encompasses partnerships with different prominent stakeholders to come together and jointly work on developing the tomato and red chilli value chain PR

SICPA Pakistan celebrates S adia Junaid ’s vic tor y in S pecial Olympics World G ames 2023

Sadia Junaid a talented athlete representing Special Olympics Pakistan (SOP), participated in the World Games in Berlin She demonstrated exceptional skills in tennis, bringing honour to Pakistan Her outstanding performance secured her a silver medal in Women’s Singles a 4th place in the unified doubles contributing significantly to the Pakistani team s success in the overall competition As part of its commitment to the United Nations Sustainable Development Goals (UN SDGs) and giving back to the community, SICPA Pakistan, a leading provider of advanced authentication, identification, and secure traceability solutions was the proud sponsor of Sadia Junaid at the Special Olympics World Games 2023 PR

Record-breaking profit, dividend declaration propel Lucky Cement to new heights

K A R A C H I : Continuing its streak of surpassing milestones Lucky Cement Limited achieved an alltime high consolidated profit after tax of PKR 59 5 billion for the year ended June 30, 2023, with PKR 10 8 billion attributed to non-controlling interests This marks an impressive 63 5% surge compared to the same period last year translating to an EPS of PKR 152 97 The remarkable increase in profit includes gain on disposal made by Lucky Core Industries, a subsidiary company, of approximately 26 5% of the issued and paid-up share capital of NutriCo Morinaga (Private) Limited resulting in an after-tax gain of PKR 9 6 billion In response to inquiries about the financial results for the year ended June 30 2023 a Lucky Cement spokesperson expressed sincere gratitude for the Company s outstanding accomplishments These achievements were attributed to the gracious blessings of the Almighty "Our recent journey has been punctuated by significant milestones, including the commencement of profitable operations of Lucky Electric Power Plant the strategic part-sale of NutriCo Morinaga the announcement of a new 1 82 MT production line in Samawah, Iraq, a substantial 3 15 MT expansion in our cement division, the strategic integration of solar power plants for self-sustained energy consumption, the successful conclusion of our 1st share buyback initiative and the start of a 2nd share buyback An integral facet of our accomplishments is the unwavering dedication PR

IN D I A in recent months has barred domestic manufacturers of military drones from using components made in China over concerns about security vulnerabilities, according to four defence and industry officials and documents reviewed by Reuters

The measure comes amid tensions between the nuclear-armed neighbours and as New Delhi pursues a military modernisation that envisages greater use of unmanned quadcopters, long-endurance systems and other autonomous platforms But as the nascent Indian industry looks to meet the military s needs the

defence and industry figures said India s security leaders were worried that intelligence-gathering could be compromised by Chinese-made parts in drones’ communication functions cameras radio transmission and operating software Three of these people and some of the six other government and industry figures interviewed by Reuters spoke on the condition of anonymity as they were not authorised to talk to the media or because of the topic s sensitivity India s defence ministry did not respond to Reuters questions India s approach, reported by Reuters for the first time, complements phased import restrictions on surveillance drones since 2020 and is being implemented through military tenders

documents show

At two meetings in February and March to discuss drone tenders Indian military officials told potential bidders that equipment or subcomponents from countries sharing land borders with India will not be acceptable for security reasons , according to minutes reviewed by Reuters

The minutes did not identify the military officials One tender document said such subsystems had security loopholes that compromised critical military data and called for vendors to disclose components origin

A senior defence official told Reuters the reference to neighbouring countries was a euphemism for China adding that Indian industry had become

CPEC will bring socio-economic revolution in Pakistan

I s l a m a b a d: Sino Pakistan Friendship is ever lasting and China always values Friendship with Pakistan CPEC being a flagship project of President xi Jinping visionery Belt & Road Initiative is very important for scio economic up left of global community of countries China always believes that sharing furits of its prosperity with neighbors and other continents will enhance global prosperity and speed up international economic development activities Chinese Charge d Affairs in Pakistan Madam Pang Chunxue was speaking at a BRI/CPEC 10th

Anniversary special events organised by Pakistan-China Friendship Association Khyber Pakhtunkhwa Province at KPHouse Islamabad this afternoon She, while speaking on the occasion, commanded the role of Friends of China in various walks of life and appreciated PCFA-KP initiatives PR

Militar y awards conferred upon Nav y personnel

I s l a m a b a d: Pakistan Navy Investiture Ceremony 2023 was held at Islamabad Chief of Staff (COS) Vice Admiral Naveed Ashraf graced the ceremony as Chief Guest and conferred various military awards to the naval personnel

The recipients of Sitara-i-Imtiaz (Military) were: Cdre Syed Naved Ahsan SI(M) and Cdre Amir Hanif SI(M) The recipients of Tamgha-i-Imtiaz (Military) were: Capt Dr Amjad Nawaz TI(M), Cdr Rizwan Ahmad TI(M), Lt Cdr Muhammad Imran TI(M) Lt Cdr Faisal Ayub TI(M) and Lt Cdr Syed Muhammad Hasan Rizvi TI(M) 02 Awards of TK(M)-II and 09 awards of TK(M)-Ill were also conferred upon CPOs and Sailors of Pakistan Navy whereas Letters of Commendation from Chief of the Naval Staff were awarded PR

Construction of Pakistan's first Ami-M&T Lab building started by IESCO

I s l a m a b a d: IESCO has started another initiative for ensure timely implementation of state of the art AMI (Advanced Metering Infrastructure) technology in IESCO region by starting ground breaking ceremony of AMI-M&T Lab at Peerwadhai Grid Station Speaking at the event IESCO Chairman Board of Directors Engineer Qamar-ul-Islam Raja said that IESCO has always given special attention to the customers with the best services along with strong infrastructure and new technology With the implementation of AMI project, elimination of electricity theft PR

AIOU holds BASR meeting

To uphold our commitment to fairness and academic excellence the Aga Khan University has decided to redo the entrance test for the MBBS programme 2023-2024 academic year The revised entry test is scheduled to take place on Saturday, August 19, 2023 Further details will be communicated to the candidates from the AKU Admissions Office We would like to thank all of our applicants for their interest in our programmes and have taken this decision after careful consideration At Aga Khan University we are dedicated to providing the highest standard of education to our students It is our commitment to this singular focus that has earned us the trust of thousands of parents and students worldwide making AKU their preferred choice for pursuing a successful career Safeguarding their confidence and best interest remains at the core of our mission We wish all applicants good luck for the revised test PR

Comprehensive strategy to prevent crime ordered

I s l a m a b a d: CPO/ DIG Operations Islamabad Syed Shehzad Nadeem Bukhari has categorically directed all police officials to maintain high vigilance in the city to eradicate crimes and ensure an effective crackdown against criminals, a police public relations officer said He said that, CPO/ DIG Operations Islamabad chaired an important meeting regarding crime prevention The meeting was attended by SSP Operations Malik Jameel Zafar Zonal DPOs SDPOs and Officers In-Charge of all police stations The CPO/DIG Operations reviewed the performance of the all police stations in detail and suspended five Officers In-Charge of Secretariat, Bhara Kahu Shahzad Town Kirpa and Bani Gala police stations while officer In-Charge PR

IIUI president calls on rector NUML University

I

d: The 65th meeting of the Board of Advanced Studies and Research (BASR) was held at Allama Iqbal Open University (AIOU) yesterday This meeting was presided over by the Vice Chancellor AIOU Prof Dr Nasir Mahmood, in which all the four Deans, prominent scholars, subject specialists, supervisors, and heads of departments participated in the meeting The meeting was organized by the Directorate of BASR while the Director BASR Professor Dr Syed Amir Shah hosted it He presented a detailed report on the implementation of the decisions of the previous meeting PR

I s l a m a b a d: In a stride towards enhancing the educational landscape and fostering academic excellence, the President of the International Islamic University, Islamabad (IIUI) H E Dr Hathal Homoud Alotaibi paid a visit to the National University of Modern Languages (NUML) where he held a meeting with its Rector, Major General (R) Muhammad Jaffar During the meeting at the Rector s office, both heads of the institutions engaged in discussions encompassing various spheres of mutual interest while initiatives aimed at elevating the standards of education and the pivotal role that universities play in shaping societies were discussed PR

dependent on the world s second-largest economy despite concern about cyberattacks

Beijing has denied involvement in cyberattacks China s commerce ministry which last week announced export controls on some drones and drone-related equipment, did not respond to questions about India’s measures

The U S Congress in 2019 banned the Pentagon from buying or using drones and components made in China

HURDLE

MANUFACTURING

Prime Minister Narendra Modi has sought to build India s drone capability to thwart perceived threats, including from China, whose forces have clashed with Indian soldiers along their disputed border in recent years

Bank Alfalah partners with government to empower BISP beneficiaries

K A R A C H I : In a unique collaboration with the Government of Pakistan, Bank Alfalah, one of Pakistan s leading commercial banks, is taking significant strides to empower BISP beneficiaries and foster an inclusive environment through the disbursement of social welfare amounts Under this partnership Bank Alfalah will disburse social welfare amounts under Benazir Income Support Program (BISP) to women through its network Recent trends and figures have highlighted the urgent need for a more equitable financial landscape, particularly regarding women s access to banking facilities According to a report women constitute a significant portion of the unbanked population with only 18% of women having access to formal financial services This lack of access denies them opportunities to build a secure future and invest in their potential PR

PTCL overhaules its copper network to fiber in Nathiagali for high-speed internet experience

I s l a m a b a d: Pakistan Telecommunication Company Limited (PTCL) has completed fiberization of the famous and picturesque tourist destination Nathiagali to provide high-speed connectivity and quality user experience in the region The blazing fast internet will support social empowerment and growth of the local tourism industry The network overhaul is being carried out under PTCL’s Copper Sunset project, which encompasses the replacement of copper wires with the cutting-edge PTCL Flash Fiber network which will be the fastest internet in town giving customers blazing speeds of up to 1Gbps with unlimited downloads A lively cake cutting ceremony was held in Nathiagali to mark the dawn of high-speed PR

IBA K arachi, University of S ialkot join hands to foster family businesses in region

S I A L K O T: In a stride towards enhancing executive education and fostering innovation, the Institute of Business Administration (IBA)

Karachi's Center for Executive Education (CEE) has inked an MoU with the Professional Development Center (PDC) at the University of Sialkot (USKT) This strategic partnership seeks to establish an empowering platform in the region that will drive the growth and success of family-owned businesses through collaborative efforts in capacity building, consultancies, and research Distinguished personalities from both IBA and USKT graced the MoU signing ceremony underscoring the importance of this alliance Dr S Akbar Zaidi Executive Director IBA; Mr Kamran Bilgrami, Director CEE-IBA; and Ms Ayesha Anas Iftikhar, Program Director Family Business Programs, CEE-IBA, led the IBA delegation, while the USKT contingent was represented by Mr Faisal Manzoor Chairman of the Board of Governors (BOG) Mr Muhammad Rehan Younas Executive Director and Vice Chancellor and other esteemed members of the university s leadership PR

PM INVITES SAUDI GOVT, FIRMS TO AVAIL INVESTMENT OPPORTUNITIES IN PAKISTAN

S TA F F R E P O R T

PR I M E M i n i s t e r S h e h b a z Sharif on Tuesday invited the S a u d i g o v e r n m e n t a n d c o mp a n i e s t o a v a i l t h e i n v e s tm e n t o p p o r t u n i t i e s i n a g r i c u l t u r e , m i n i n g , I T, e n e rg y a n d o t h e r s e c t o r s o f P a k i s t a n

The prime minister in a meeting with Saudi Vice Minister for Foreign Affairs Engineer Waleed Abdulkarim El Khereji who called on him said the establishment of Special Investment Facilitation Council (SIFC) would facilitate and fast-track potential investments from the Gulf Cooperation Council (GCC) member states especially the Kingdom of Saudi Arabia

In this regard he appreciated the Kingdom s serious interest in exploring investment opportunities in Pakistan

The Saudi vice minister is leading a high-level delegation with members from the ministries of foreign affairs energy health environment and agriculture industry and mineral resources

investment etc

Prime Minister Shehbaz welcomed the delegation and expressed satisfaction

on the positive trajectory of bilateral relations with the Kingdom He also conveyed his greetings for the Saudi leadership and thanked Saudi Arabia for its timely financial support to Pakistan, especially during the floods and appreciated its role in helping Pakistan in its efforts to achieve macroeconomic stability

The visit of the Saudi delegation manifests the deep interest and willingness on both sides to transform the longstanding fraternal ties into concrete and mutually rewarding economic partner-

Lucky Cement pays out dividend after hiatus of three years

g AT RS18 PER SHARE, HIGHEST PAYOUT SINCE 2018

However, cement companies are renowned for not paying large dividends to begin with The matter is further bewildering when viewed in conjunction with Lucky’s share buyback activity over the past few months “Lucky Cement’s flagship business is cement but now only 20% of our profits emanate from local cement operations elucidates Atif Kaludi Chief Financial Officer at Lucky Cement The remaining 80% are derived from our portfolio of autos, power, chemicals, and international operations Thus, you must perceive Lucky Cement as a conglomerate of diversified businesses,” Kaludi continues

Why the high payout?

Cement companies are amassing a considerable amount of cash and with limited necessity for expansion within the cement industry there are merely two options: either redistributing cash to shareholders or allocating funds towards other ventures,” elucidates Yousuf Farooq, Director of Research at Chase Securities

Nonetheless Kaludi insinuates that this may not hold true for all players in the sector In regards to local cement manufacturers all of them are highly leveraged, and are subsequently burdened with high financial charges In contrast, we have a cash surplus – Alhamdulillah!” expounds Kaludi

“Our disbursement this time appears substantial because we are remunerating it after an interlude of three years Future dividends will be contingent upon our forthcoming capital expenditure and investment plans Kaludi persists

Why the necessity for the intermission, though?

They were exceedingly consistent prior to 2020

Why the three year wait?

In this particular instance Profit did not receive a direct response However there is a rationale to Lucky s apparent irrationality

Dividends were not disbursed in the past three years due to the capital expenditure obligations associated with the company s endeavours to diversify, elucidates Waqas Ghani, Deputy Head of Research at JS Global Capital “Reflecting upon the past, in the preceding year Lucky initiated operations for an additional cement line with a capacity of 3 15 million tons per annum at its facility in Pezu Khyber

Pakhtunkhwa Furthermore the company commissioned a 34 MW solar power project at the Pezu plant, Ghani expounds

Let’s circle back Lucky Cement paid out dividends because it’s cash rich, unlike its competitors, because apart from being a Cement company it’s also a conglomerate They were also busy in expansion projects over the past year or so which is why they had cash tied up So far so good However there are also murmurs of the cement industry simply having excess capacity as demand has collapsed given the macroeconomic position of Pakistan

Cabinet’s body okays inclusion of PIA in privitization list

(Digital Repository of Federal Laws) to make the Federal Laws accessible to the general public

ship The visit will contribute to further enhancement of multi-faceted collaboration between the two countries Pakistan and Saudi Arabia have a longstanding history of brotherly bilateral ties marked by mutual trust and understanding close cooperation and an abiding tradition of mutual support

The honorable Prime Minister lauded the efforts of Federal Minister for Law and Justice Senator Azam Nazir Tarar Parliamentary Secretary Mehnaz Akbar Aziz, and Secretary Law Raja Naeem Akbarfor such an extraordinary work on the website and Mobile App The Key purpose of Pakistan Code website is to make the Federal Laws accessible to the general public Judges Lawyers Litigants Law students and Researchers anywhere anytime via medium of their choice It is an exclusive portal for access to digitized and updated FederalLaws At present the website contains 943 Federal Laws starting from 1839 to date

The App contains QR Code for prompt traceability of Federal Laws It has WaterMarking of proofread and reviewed laws as well Cyber security measures have also been taken in accordance with the Cyber Security directions of NTISB to prevent cyber-attacks

In conclusion the honorable Prime Minister said that the launch of Pakistan code App is an historic moment paving way for digitization of laws in Pakistan

gross refining margin fell to lowest level in last quar ter of FY23

SAID PERIOD

value from each barrel of crude oil it processes resulting in higher profitability

What next?

g PRIVATIZATION DIVISION ALSO PRESENTS SUMMARY ON PRIVATIZATION OF ROOSEVELT HOTEL

Cabinet Committee on Privatization (CCoP) has given approval to include Pakistan International Airlines Co ltd (PIACL) in the privatisation progarmme Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of CCoP today

The CCoP considered the proposal of Privatisation Commission regarding inclusion of Pakistan International Airlines Co ltd (PIACL) in the privatisation progarmme

The CCoP after deliberation decided to include Pakistan International Airlines Co Ltd (PIACL) in the list of active privatisation projects of the ongoing privatisation programme, following an amendment in the law by the Parliament Privatisation Division presented a summary on detailed update regarding privatization of Roosevelt Hotel The CCoP after discussion gave concurrence to the Privatization Commission for hiring of Financial Adviser to process/structure transaction of Roosevelt Hotel New York an asset of PIA Investment Limited (PIA-IL)

Senate passes bill to ramp up punishment for blasphemy to at least 10 years

ISLAMABAD

In a troubling development, gross refining margins (GRMs) for local crude refiners fell significantly falling to an average of US$4 per barrel during the fourth quarter of FY23 This development was revealed in the newly released data

According to a report of SHERMAN Securities (Pvt ) Ltd , this is the lowest quarterly margin in the last two years The sharp drop in GRMs has generated concerns that numerous refineries may suffer losses

During the same period last year GRMs reached a high of US$22 per barrel due to a global shortage of refined products in the aftermath of the UkraineRussia war However between April-June FY23 the global crude and product markets showed a divergent trajectory, with Arab Light crude oil prices falling by 3% while key product prices decreased by 4-25% in US dollar terms This led to a decrease in the margins

What is Gross Refinery Margin (GRM)?

Gross Refinery Margin (GRM) is a crucial financial indicator used to assess the profitability of a petroleum refinery s operations It measures the difference between the total revenue a refinery generates from selling refined products (such as gasoline, diesel, jet fuel, and petrochemicals) and the cost of crude oil which serves as the primary input for the refining process GRM essentially reflects the value-added by a refinery s processing activities It takes into account the refining complexity, operational efficiency, market demand, and global crude oil prices A higher GRM indicates that a refinery is able to extract more

The start of FY24 holds some optimism for local refineries, as GRMs have seen a minor rebound during the first few months of the new fiscal year Furthermore considerable inventory gains are possible owing to price increases which might provide some respite to the industry Despite these encouraging indicators, the average local industry GRM of US$4 per barrel from the last quarter is insufficient to meet processing costs This means that the direct and indirect cost of refining one barrel of crude oil, exceeds $4 leaving the refinery business in losses

Analysts anticipate that refineries will struggle to recover their processing expenses and may incur losses It is important to note here that the particular GRMs for any company may differ depending on the weightage of product slates in total output According to industry estimates, local refineries require GRMs of well over $5-6 a barrel to break even or be profitable

The dramatic drop in crack spread A crack spread refers to the overall pricing difference between a barrel of crude oil and the petroleum products refined from it It is an industry-specific type of gross processing margin

Apart from the drop in crack spread, the price differential between diesel, jet fuel products and crude oil has contributed significantly to the overall drop in GRMs On a quarterly basis the spread for diesel and jet fuel which accounts for approximately 49% of the product slate of local refineries was drastically reduced

Six railways officials suspended in connec tion with Hazara express accident

LAHORE S TA F F R E P O R T P a k i s t a n R a i l w a y s a d m i n i s t r ation on Tuesday suspended six of i t s o ff i c i a l s , i n c l u d i n g t w o 1 8grade officers in connection with the derailment of the Hazara Express near Nawabshah that left at l e a s t 3 0 p e o p l e d e a d a n d s c o r e s injured last week

The suspension comes a day after a departmental probe into the crash revealed that missing fishplates and a damaged track caused the derailment of the Hazara Express

Ten bogies of Havelian-bound Hazara Express had derailed near Sarhari Railway Station in Sindh s Sanghar district on Sunday, with Pakistan Railways (PR) officials stating the breakage of the railway line and hot axle which jammed movement as the reason

However Railways Minister

Saad Rafique had stated that the possibility of sabotage as well as a mechanical fault could not be ruled out He had also termed the railway

track to be fit Later a six-member team was constituted to probe the crash In a notification issued today the Ministry of Railways said six officers had been suspended with immediate effect and until further orders in connection with the tragedy in light of Rule-5 of Civil Servants (Efficiency and Discipline) Rules 2020

The said officials included a divisional executive engineer from Sukkur, a diesel workshop manager in Karachi, the assistant executive engineer of Nawabshah, the permanent way officer of Shahdadpur Kotri’s power controller and a keyman

of the departmental probe into the Hazara Express crash near Nawabshah has hinted at missing fishplates damaged track and a sabotage effort as the main reasons behind the tragic incident After checking from all the aspects, we came to he conclusion

that the accident took place due to broken rail track and missing fishplates said the report

The six-member Pakistan Railways inquiry team also identified skidding of the train s locomotive as another reason behind the derailment The report said the train engine had left the site without examination by senior subordinates

Moreover little hitting spots were found on the iron fishplates and wooden terminal beyond the accident point “Hence the engineering branch and mechanical branch are held responsible for this accident it reads

The document says that sabotage cannot be rejected as the derailed coaches were dragged to a distance of 750 feet

Two of the team members gave dissenting notes

“The derailment took place due to two fishplates missing broken rail [and] engine derailment inside the track due to spread of the gauge Resultantly the grazing marks were also found visible on outside the wheel disc

The Senate has passed a bill to increase the punishment for using derogatory remarks against revered personalities including the Holy Prophet’s (Peace Be Upon Him) family, wives and companions, and the four caliphs from three years of imprisonment to at least 10 years in jail

The bill titled The Criminal Law (Amendment) Bill 2023 was passed by the National Assembly in January in the presence of just 15 lawmakers

In February, Human Rights Minister Riaz Hussain Pirzada had suggested Prime Minister Shehbaz Sharif to undo the amendments saying their purpose was to “please a specific group” and they were approved without fulfilling the norms of parliamentary proceedings In a letter to the premier Pirzada had said the state had a duty to protect religious minorities as it was an Islamic injunction as well as a constitutional obligation

“Minority groups have raised their eyebrows on ignoring a good practice in parliamentary business followed for amending a law to eliminate technical defects rather intending to persecute a specific group the letter said Six months later the bill was passed by the Senate on Monday after PML-N Senator Hafiz Abdul Karim presented it The Senate agenda also mentioned Jamaat-i-Islami’s Senator Mushtaq Ahmad as a mover of the bill

In his argument in favour of the legislation Ahmad maintained that acts of blasphemy were being witnessed on social media He highlighted that the current law was somewhat ineffective and the bill aimed to fine-tune it to make it more effective

“This bill should be passed unanimously,” he asserted Similarly, Religious Affairs Minister Senator Talha Mahmood maintained that the bill did not hurt anyone’s sentiments and that it should be passed unanimously

However some members of the House prominently PPP s Sherry Rehman insisted that the bill should be referred to the relevant committee for review

There s an inclination of passing bills in haste, Rehman pointed out, adding that they had not even seen the bill “We do care about the respect of all prophets but a bill should not be passed without analysis in the name of religion she said

But Karim insisted that the bill be put to vote Senate Chairman Sadiq Sanjrani then sought votes on the bill, following which it was passed

The bill suggests an amendment to Section 298-A of the Pakistan Penal Code (PPC), which currently states:

“Whoever by words either spoken or written or by visible representation or by any imputation innuendo or insinuation directly or indirectly defiles the sacred name of any wife (ummul mumineen) or members of the family (ahl-i-bait) of the Holy Prophet (Peace Be Upon Him), or any of the righteous caliphs (khulafa-irashideen) or companions (sahaaba) of the Holy Prophet (Peace Be Upon Him) shall be punished with imprisonment of either description for a term which may extend to three years or with fine or with both

The bill seeks to amend this clause to say that the penalty for this offence is imprisonment for life which shall not be less than 10 years Likewise, the bill proposes amendments in the Code of Criminal

Procedure’s Second Schedule, to say that a “warrant” should ordinarily be issued for a suspect in the first instance of the offence elaborated in Section 298-A of the PPC declare the offence non-bailable increase the punishment to at least 10 years of imprisonment

PM pays tribute to sacrifice, valour in farewell visit to GHQ

tions (ISPR), said in a statement

visit was replete with moving ceremonies and heartrending tributes to the nation s fallen heroes The prime minister met with the Principal Staff Officers (PSOs) and was presented with the Guard of Honour and laid floral wreath at the Yadgar-e-Shuhada, military s media wing, the Inter-Services Public Rela-

He was also the chief guest at a ceremony organised to pay tribute to the Shuhadas and Ghazis at Army Auditorium PM paid rich tribute to the martyrs and warriors and their families for their countless sacrifices and contributions made for the defence of the motherland PM Shehbaz appreciated the role of armed forces in protecting the territorial integrity of the country and robustly fighting the menace of terrorism across Pakistan Shuhadas and Ghazis are our pride and their respect and honour is binding on each Pakistani We must never forget that the peace and freedom we enjoy today is due to the ultimate sacrifices rendered by these

brave sons of soil I salute their families for sacrificing their loved ones for Pakistan It is now our earnest duty that we realise the supreme sacrifices of our Shuhadas