Epaper_23-10-27 LHR

In partnership with

Profit

GOVT TO CHALLENGE SC’S VERDICT ON CIVILIANS’ MILITARY TRIAL: PM friday, 27 october, 2023 i 10 Rabi us Sani, 1445

g

Says without being apologetic, govt to look into citations, reasoning in court’s decision

US Ambassador calls on PM, discusses various matters, including repatriation of illegal foreigners

C g

ISLAMABAD

Staff RepoRt

ARETAKER Prime Minister Anwaarul Haq Kakar on Thursday said that the government would appeal the Supreme Court’s decision against the trial of civilians in the military courts as it had “serious” implications.

“Yes Insha Allah, we will go for appeal,” the prime minister said.

In interviews with two different private television channels, he said the law was promulgated by the parliament which was also the forum to change it but no one took up the issue there. He said without being apologetic, the government would look into the citations and reasoning which the court verdict was based on.

“After examining those reasons, we will definitely go for appeal because it (verdict) has serious implications. This is not just about one or the other group….” he commented and asked whether, any civilian would be let go based on this decision if he carries out any activity on anyone’s behest in the SPD (Strategic Planning Division).

He said the government would also look into the security situation as well as the social impacts and added that the military installations were directly linked with the national security. Discussing the political situation, Prime Minister Kakar said the government was committed to assisting the electoral process and ensure level laying field to all the political parties.

He said the PTI was faced with the post-May 9 challenge and the party gatherings were disrupted after the police raided there to arrest the party leaders accused of the arson. He said even during the martial laws, no one ever attacked the military installations which happened on May 9. The prime minister said the arrest of a political worker was nothing extraordinary as the law enforcement agencies could not be barred from apprehending anyone.

Rubbishing the notion of caretaker government’s tilt towards PML-N, the prime minister called it a part of the political discourse which he did not believe as the government had the policy of fear or favour to none. He said so far, he could not find any evidence of institutional interference in favour or against any party.

Prime Minister Kakar said the gov-

ernment was in a good working relationship with the Election Commission which was carrying forward the electoral process to accomplish it soon with the holding of general elections. He said the government had an also excellent working relationship with the Establishment and no individual or political party could alone address the country’s economic and other issues.

When asked about the future of Imran Khan, he said it was subject to the judicial outcomes of the cases against him. He told the interviewer that he had been following him since 1996 and had also voted his party in 2013 and 2018 polls getting impressed by his person, philanthropic services and considering him an answer to the country’s issues.

“But I did not vote him to declare war against the state,” he commented.

Rs 15.00 | Vol XIV No 117 I 8 Pages I Lahore Edition

Coming to the expulsion of illegal foreign nationals from Pakistan, Prime Minister Kakar said thousands of the people had left and many had also opted to go back voluntarily. The Afghan side is also mentally ready to accept them back, he added. He reiterated that registered refugees were not being deported rather the operation was to do with the illegal residents as well as those living with identity theft.

“We are conscious and careful. In extreme cases we may also go for DNA. An incentive-based mechanism will also be launched,” he remarked. He said following the expiry of the deadline the law would be enforced more effectively through intelligence based actions as well as the spot checking through organised check posts. However, he said Pakistan was not going to ban such Afghans permanently rather would allow them back subject to the issuance of Pakistani visas.

Asked how to end the terrorist attacks

by TTP from Afghanistan, he said Pakistan would exercise any option to ensure security of its citizens and the return of the illegal foreign national was also linked with the process. Coming to the economic situation, the prime minister said with depreciation of dollar value, the country’s debt burden declined by Rs4000 billion and provided relief to the people in form of reduced oil prices. The price control committees have been activated to trickle down impact on commodities’ prices.

He said the government was ready to go through the IMF review process and expressed the hope that the country would receive second tranche of the loan.

To another question, the prime minister said the next phase of the BRI was on the course for global cooperation comprising land, aerial and sea connectivity with Pakistan also being part of it.

IHC restores Nawaz’s appeals against Al-Aziza, Avenfield convictions g

NAB informs court neither interested in arrest of ex-PM, nor has any ‘objection’ to plea

g

Shah contends if court is to restore these appeals, decision must be made on merits

ISLAMABAD

Staff RepoRt

The Islamabad High Court restored on Thursday Nawaz Sharif’s appeals challenging conviction in Al-Aziza and Avenfield references after the national anti-graft watchdog submitted “no objection”.

The court was announcing its reserved verdict on Nawaz’s plea seeking the same.

Earlier, the National Accountability Bureau (NAB) informed the division bench, led by Chief Justice Aamer Farooq and comprising Miangul Hasan Aurangzeb, that it held no objections to the revival of Nawaz’s appeals.

During proceedings, when CJ Farooq inquired whether NAB wanted Nawaz’s arrest, to which the prosecutor replied in the negative.

At the outset of the hearing, NAB Prosecutor General Ghulam Qadir Shah said that a reference can only be taken back if it is yet pending verdict. “We have

reviewed these appeals as well as the facts and legalities of both references,” he said. Recounting case history, the NAB lawyer stated that the Avenfield reference was filed on the directives of the Supreme Court and a joint-investigation team was also constituted under the apex court’s order. A criminal appeal once admitted for hearing cannot be taken back, he

ECP clears TLP of ‘anti-state activities’ charges ISLAMABAD

Staff RepoRt

In the wake of Faizabad Dharna implementation case, which is set to be revisited by the Supreme Court next week, the Election Commission of Pakistan (ECP), one of the respondents in the case, submitted its report to the top court on Thursday. The report clearly states that the Tehreeke-Labbaik Pakistan (TLP) was not found to be engaged in any “antistate activity.” In a concise three-page response to the apex court, the election watchdog highlighted that the clearance of TLP from the aforementioned allegations was based on a report submitted by the Ministry of Interior and its affiliated agencies, as reported by Express News. The Ministry of Interior and the National Counter Terrorism Authority (NACTA) submitted reports, and after careful review, the Election Commission determined that TLP had no involvement in “anti-state activity” or “terrorism.” Furthermore, the ECP clarified that with these findings, the potential designation of TLP as a proscribed organisation was dismissed. Additionally, the Election Commission of Pakistan revealed that TLP had received a sum of Rs1.5 million, which was duly recorded in their official account. The report argued that if there had been any suspicion about the source of this income, suggesting it might have been obtained through prohibited funding, TLP would not have disclosed it. It was also noted that for TLP, this amount of Rs1.5 million was considered insignificant. The Faizabad sit-in case, presided over by the incumbent Chief Justice of Pakistan (CJP), Justice Qazi Faez Isa, marked a significant moment in Pakistan’s political history. During this case, the Supreme Court brought intelligence agencies into focus, citing their alleged failure to prevent the rise of violent extremism. Justice Isa has taken on the challenging task of ensuring the implementation of his 2019 judgment in the Faizabad Dharna case.

CONTINUED ON PAGE 03

maintained. He denied media reports claiming that NAB has ‘surrendered’ while contending that if the court is to restore these appeals, the decision must be made on merits of the case.

Nawaz’s appeals were dismissed due to non-compliance with court orders, recalled the prosecutor, adding that perpetual arrest warrants were issued. The court

had remarked that action be taken under the law when the proclaimed offender surrenders before it. The national antigraft watchdog has no objections to the restoration of these appeals, he said.

When it was his turn on the roster, Nawaz’s counsel Advocate Amjad Parvez argued that when the sentence was suspended, the court had examined the role of all parties. He referred to Maryam Nawaz’s acquittal, recalling that the court had observed then that NAB had changed its prosecutor thrice and had failed to establish the PML-N chief’s role.

He cited past precedents and maintained that he was not aware of a case in the past 30 years where appeals were not restored after the convict surrendered before the court. At one point during the hearing, Justice Aurangzeb wondered whether NAB has challenged Maryam’s acquittal as yet while observing that the “girl” was not relevant to this case.

CONTINUED ON PAGE 03

Safety, security of each Pakistani is of paramount importance: COAS RAWALPINDI

Staff RepoRt

Commenting on the subject of repatriation and deportation of illegal foreigners, Chief of Army Staff (COAS) General Syed Asim Munir on Thursday said that safety and security of each Pakistani is of paramount importance which cannot be allowed to be compromised at any cost. He said this while interacting with participants of National Security Workshop – 25, who visited the General Headquarters in Rawalpindi today, military’s media wing, the InterServices Public Relations (ISPR), said in a statement.

Earlier this month, the caretaker government had announced an ultimatum for all undocumented immigrants, particularly Afghan nationals, to exit the country by October 31. Beginning November 1, the government said such individuals found residing in Pakistan would be liable to imprisonment and deportation. The decision was taken during a meeting of the apex committee led by Interim Prime Minister Anwaarul Haq Kakar. The meeting, which was attended

by COAS General Asim Munir, among others, decided that movement across the border would be subject to passports and visas. Moreover, electronic Afghan identity cards would only be accepted until October 31. The participants of National Security Workshop – 25 were briefed about regional and internal security dynamics and national security environment, according to ISPR. While addressing the participants, the army chief said that, “Armed Forces of Pakistan and its security and intelligence setups have fought the menace of terrorism in an exemplary manner despite sustained and varied support of inimical forces. Success will be ours InshAllah (God willing) with the continued support of the people of Pakistan”. Gen Munir emphasised that intelligentsia and civil society has greater responsibility to ensure that our people, especially youth stay aware and steadfast against hostile propaganda onslaught being launched through soft offensive against the state institutions of Pakistan.

Cypher Case: IHC rejects Imran’s plea against indictment

CONTINUED ON PAGE 03

ISLAMABAD

Staff RepoRt

The Islamabad High Court (IHC) on Thursday rejected PTI Chairman Imran Khan’s petition challenging his indictment in the cypher case. IHC Chief Justice Aamer Farooq disposed of the former premier’s plea but directed that Imran be provided a “fair trial”. The cypher case pertains to a diplomatic document that the charge sheet claims was never returned

by Imran. The PTI alleges that the document contained a threat from the United States to oust Imran from office. The PTI chief was convicted and sentenced to three years in prison in the Toshakhana graft case on Aug 5. The IHC suspended his sentence on August 29 but he remained in jail because he was on judicial remand in the cypher case. On Sept 30, the Federal Investigation Agency (FIA) had submitted a challan — a charge sheet — in a special court established under the Official Secrets Act naming PTI leader Shah Mahmood Qureshi and Imran as the principal accused in the case. On Monday, both the PTI leaders were indicted in the case. According to sources, the two PTI leaders pleaded not guilty and subsequently, the judge summoned the witnesses on Oct 27 and asked the prosecution to place evidence to substantiate the allegations. Subsequently, Imran petitioned the IHC against his indictment, saying that the judgment was passed in “sheer haste”. It also urged the court to declare the exercise of framing of charges to be “illegal, unlawful and against the settled principles of the Code of Criminal Procedure”.

CONTINUED ON PAGE 03

Pakistan meets IMF-set budget deficit targets, but at what cost?

g

IMF delegation scheduled to arrive on Nov 2 to initiate discussions for initial review ISLAMABAD

Shahnawaz ali

Looking at the data for the first quarter of the fiscal year 2023-24 that was released on Wednesday, one could say that the country’s position has improved. The word improved here would mean that the position is not as bad as before, but in no way does it mean that it is good, or even significantly better.

The country has reportedly met the budget deficit targets set by the IMF for the first quarter on the back of heavy taxation and reduced spending. However, there is still a lot to be desired owing to high amounts of debt servicing, interest payments and the ever-so-tightening conditions of the IMF. Following is a run down of how

Pakistan fared in the first quarter?

The Numbers: Pakistan’s budget deficit has surged to Rs 963 billion (0.9 % GDP) during the first quarter of the current fiscal year 2023-24 which is 17% more than that of the same period in FY23.

According to fiscal operation data, the total expenditures for JulSep stood at Rs 3.648 trillion. This included Rs 3.17 trillion in current expenditure, Rs 1.39 trillion in mark-up payments, Rs 343 billion as defence expenditure, Rs 203 billion as pensions, Rs 131.9 billion for running the civil government, 2.49 billion for subsidies and Rs 177.3 billion on the account of grants. The total expenditure was up by 28% compared to the same period last year, whereas current expenditures are up by 23%.

It is also interesting to note here that 38% of the expenditure in the first quarter has been interest (mark-up) payments. An expenditure that is likely to increase further due to the prevailing interest rate and may exceed the budget allocations. This is also equal to 98% of the federal government’s net revenue of Rs 1.4 trillion.

During the first quarter, the development expenditure & net lending stood at Rs 282.387 billion during the first three months. According to the Finance division, Federal PSDP was Rs 40.925 billion and provincial Rs 245.53 billion while statistical discrepancy at Rs 193.563 billion.

Financing of the budget deficit was met through net external borrowing of Rs 425.170 billion and domestic borrowing of Rs 537.631 billion.

The primary balance was recorded at

Rs 416.811 billion (0.4 percent).

Tax revenue was recorded at Rs 2.216 trillion with federal board of revenue taxes stood at Rs 2.041 trillion with direct taxes of Rs 934.789 billion and indirect taxes of Rs 1.106 trillion which included taxes on international trade (Customs) Rs 252.220 billion, sales tax Rs 726.944 billion, federal excise Rs 127.594 billion. Provincial tax collection was Rs 175.391 billion.

Total non-tax revenue collection was Rs 468.815 billion with federal non tax revenue of Rs 452.069 billion which included mark-up (Provinces) Rs 18.142 billion, mark-up (PSEs & Others) Rs 66.762 billion, dividend Rs 33.816 billion, profit PTA & others Rs 3.581 billion, defence receipts Rs 6.600 billion, passport fee Rs 14.541 billion, discount retained on crude oil Rs6.317 billion, royalties on oil/gas Rs 41.652 billion, windfall levy against crude oil Rs 5.710 billion,

CONTINUED ON PAGE 03

02 NEWS

Friday, 27 October, 2023 | LAHORE

CABINET APPROVES TELECOM INFRASTRUCTURE-SHARING FRAMEWORK; FORMS 5G SPECTRUM AUCTION COMMITTEE

I

PROFIT

NewS DeSk

N a significant development for Pakistan’s telecommunications sector, the interim federal cabinet has given its nod to the much-anticipated telecom infrastructure-sharing framework and formed a committee to oversee the auction of 5G spectrum.

The telecom infrastructure-sharing framework allows telecom companies the option to jointly use critical resources like towers, antennas, cable ducts, and other essential infrastructure. The objective of this mechanism is to optimize resource utilization and potentially reduce operational costs.

Additionally, the framework is expected to create opportunities for new companies to

UBL slapped with Rs26.5m penalty for violating FX rules, alongside three other banks PROFIT

NewS DeSk

The State Bank of Pakistan (SBP) has imposed penalties on four banks for violating regulatory instructions related to foreign exchange and general banking.

United Bank Ltd (UBL) was slapped with the most significant penalty, amounting to Rs26.5 million.

Aside from the penalties, SBP has called on UBL to enhance its controls and ensure meticulous compliance. The Bank of Punjab received a penalty of Rs21.5 million, JS Bank Ltd with Rs18.5 million and Allied Bank Ltd with Rs15.6 million were the other two banks penalized during the quarter for violating regulatory instructions.

SBP’s enforcement actions were carried out for the July-September quarter and resulted in penalties totaling Rs83 million, representing a substantial 76.3 percent decrease from the previous quarter’s fines, which amounted to Rs350.8 million.

The central bank initiates ‘supervisory enforcement actions’ when banking entities fail to comply with regulations. In addition to imposing penalties, it may resort to ‘administrative and financial sanctions’ and seek assistance from law enforcement and prosecution bodies.

Data released by the SBP showed a decrease in the number of erring banks, reducing from six in the April-June quarter to four in the latest three-month period.

While SBP imposes monetary penalties on banks for regulatory violations, the Banking Mohtasib Pakistan (BMP) provides relief to banking customers, primarily for the wrongs they suffer from fraudsters. BMP is an independent statutory body established to resolve disputes between banks and their customers.

During July-September, the BMP provided relief amounting to Rs432.6 million to banking customers by addressing 6,421 complaints against commercial banks. The BMP received 6,994 new complaints, including 1,753 from the Prime Minister’s Portal, from July 1 to September 30.

Istehkam-e-Pakistan Party gets eagle symbol ISLAMABAD

Staff RepoRt

The Election Commission of Pakistan (ECP) has been allotted eagle symbol to Istehkame-Pakistan Party (IPP) for the upcoming elections. The IPP had requested the ECP for an election symbol of bat, bird and eagle.

The ECP decided that the election symbols of bat and bird have already been allotted to the political parties, but the eagle symbol was not allotted to any political party. The eagle symbol was earlier with the All Pakistan Muslim League (APML), the party of the late General Retired Pervez Musharraf. The ECP had declared that APML will not be able to participate in elections as a political party in the future.

The IPP is a new political party that was launched in 2022. The party is led by Jahangir Tareen Khan and Aleem Khan is its president. The IPP is expected to be a major contender in the upcoming elections.

enter the domestic telecom market.

During a press briefing, Caretaker IT Minister Dr Umar Saif said that auction committee, led by Caretaker Finance Minister Shamshad Akhtar, has been established to oversee the rollout of the faster 5G network. The committee is composed of ministers responsible for IT, science and technology, industries and production, secretaries from relevant ministries, and officials from the Federal Board of Revenue.

The committee’s primary responsibility will be to assess the availability of spectrum across different frequency bands, including 700 MHz, 1,800 MHz, 2,100 MHz, and 2,600 MHz. The auction of these spectrum resources will be based on recommendations provided by the Pakistan Telecommunication Authority (PTA). Dr Saif highlighted

that the current spectrum allocation to the four telecom companies operating in Pakistan may not be sufficient to meet consumer

Profit repatriation surge by 266% as Pakistan lifts ‘ban’ PROFIT

NewS DeSk

Profit repatriation by foreign investors surged by 266 percent to $213 million during the first quarter of fiscal year 2023-24, compared to $58 million in the same period of the previous year. This move comes after Pakistan lifted an unannounced ban on foreign companies, allowing them to freely send their earned profits to their headquarters abroad.

Data from the State Bank of Pakistan (SBP) reveals that multinational companies (MNCs) repatriated a 17-month high of $163.7 million in September 2023. This marks a staggering 447 percent increase compared to the approximately $30 million repatriated in September 2022 and a 247 percent rise compared to the $47 million repatriated in August 2023.

Over the past 18 months, repatriation of profit had been notably low, ranging from $2 million to $60 million per month.

This was primarily due to the country’s critically low foreign exchange reserves and the looming risk of default on foreign debt payments.

Foreign companies estimated that roughly $1.5 billion to $2 billion in accumulated profits and dividends had remained undispersed over the past year and a half, despite Pakistani laws allowing foreign investors to repatriate 100 percent of their profits.

Foreign companies can repatriate profits as the domestic economy witnesses a surge in US dollar supplies, sending a resounding message to global investors to consider resuming new investment projects in the country. The improved supply of foreign currency is attributed to a government crackdown on currency smuggling and hoarding, as well as initiatives to encourage overseas Pakistanis and traders to use official channels for remittance transfers.

The conclusion of the International Monetary Fund (IMF)’s $3 billion loan program in June 2023 has also played a pivotal role in this gradual recovery.

Various sectors contributed to this remarkable trend, with the petroleum refining sector leading in profit repatriation, sending nearly $54 million in the quarter compared to zero in the same quarter the previous year.

The financial sector followed suit, dispatching close to $37 million compared to a little over $5 million in the previous year.

The transport sector also saw a significant increase, sending nearly $22 million compared to less than $2 million in the corresponding quarter of the previous year.

Additional sectors, including mining and quarrying, transport equipment (automobile), and power, also made notable profit outflows to their headquarters. The United Arab Emirates (UAE) and Chinese

Industrialists reject massive increase in gas prices PESHAWAR

aziz BuNeRi

Industrialists have rejected the recent unprecedented increase in natural gas prices and called it detrimental for the economy, businesses, trade and industrialization and demanding of the government to immediately take back its decision in best interest of economy, businesses, trade and industries.

Ayub Zakori, who is president of Industrialists Association Peshawar (IAP) while chairing a meeting here at association office on Thursday said the government’s decision will increase the cost of business and industrial production and also bring a new storm of inflation that would severely affect the people associated with every sector of life including the business community.

He expressed fear that if this whopping increase in gas rates wasn’t withdrawn immediately, the existing industries will also be closed down, which would trigger massive unem-

ployment in the province.

The IAP senior members and executive members, industrialists were present during the meeting.

Ayub Zakori said that the 193% increase in gas prices would further add to miseries of the terrorism, Coronavirus pandemic lockdown business community and industrialists which have already upset over the government’s unfriendly and anti-business policies and actions. The IAP chief said that the industrial development in Khyber Pakhtunkhwa is already declining and after increase in gas and electricity rates by the government, the industries will

KP cabinet authorizes Rs529.118b expenditure for next four months PESHAWAR

Staff RepoRt

Caretaker Khyber Pakhtunkhwa Minister for Finance, Ahmad Rasool Bangash here Thursday said that Rs529.118 billion expenditure has been authorized by the provincial cabinet with Chief Minister in a chair for the second four months i.e (Ist November to 29th February 2024), showing 14pc increase as compared to Rs462.939 billion of the first four months (July to October 2023).

Addressing a press conference here, the Minister said that the total expenditure authorized for eight months is Rs992.055 billion for the fi-

nancial year 2023-24, showing 12pc increase as compared to Rs888 billion of the first eight months of the previous year’s budget.

He said Rs 417billion for the current and Rs112.118 billion for development expenditures of the second four months ie November to February 2024 showed a 19pc increase as compared to the first four months ie Rs350.041 billion current expenditure, was authorized.

The total current expenditure authorized for eight months is Rs767.040 billion in the current fiscal as compared to Rs609.200 billion for the eight months of the last financial year.

He said Rs366.298 billion current

further push to standstill position and complete the verge of closure and destruction. He said the 193% increase in gas prices will increase instead of circular debts instead of any decrease while the industries will suffer that would create unemployment in the province.

Ayub Zakori said that gradually increasing the prices of electricity and gas on the behest of the international financial institutions is not in the best interest of the economy, business, trade and industries. He asked the government to review its policies and provide relief to the business community by revising gas and electricity prices.

The IAP president emphasized that the government should reduce the gas circular debt and eliminate gas theft and the problem of leakage and take steps for resolving business community issues on priority grounds. He made it clear that the business community and industrialists will be compelled to protest if the government didn’t withdraw the recent exorbitant hike in natural gas prices. expenditure has been authorized for the second four months (Nov to Feb 2024) indicated 26pc increase compared to the first four months (July to October 2023) ie Rs309.498billion for settled areas.

The total authorized current expenditure for eight months is Rs675.796 billion compared to Rs526.533 billion for eight months of the last fiscal for settled areas.

For merged areas, he said the total current expenditure for the second four months is Rs50.702 billion against Rs40.543 billion of the first four months, showing 10pc increase.

He said the total development expenditure authorized for the second four months is Rs112.118 billion compared to Rs112.898 billion for the first four months, showing a 1pc decrease.

For settled areas, the development expenditure authorized for the second four months is Rs91.

PTI lambasts convicted Nawaz for striking deals for power ISLAMABAD

Staff RepoRt

Pakistan Tehreek-e-Insaf (PTI) spokesperson fired a broadside at the ‘fugitive and national criminal’ Nawaz Sharif for striking deals to pay ways to gain power time again since his political birth in the lap of editorship.

PTI spokesperson highlighted the compromised political history of the corrupt person of Jati Umra from his political birth from the lap of dictatorship to the current clandestine deal leaving behind his respect to vote slogan in the Avenfield flat bought with the nation stolen wealth.

He said that the entire life of the coward and fugitive convicted by the courts con-

change, and generating employment in the high-tech industry.

To further facilitate IT exporters and enhance exports, Dr. Saif mentioned that the State Bank of Pakistan (SBP) recently increased the retention limit for export proceeds from 35% to 50% in the Exporters’ Specialised Foreign Currency Accounts (ESFCAs). This change allows IT exporters to make payments from these accounts without requiring approval from the SBP or other banks.

Notably, the new initiatives also include financial assistance of Rs100,000 for freelancers to establish their e-working centers, addressing the need for suitable workplaces for freelancers. Dr. Saif emphasized that freelancers have the potential to earn up to $30,000 per year, making a significant contribution to the national economy.

demands, necessitating the auction.

He commended the IT ministry for its recent initiatives, which aim to boost exports in the IT and telecom sector. These initiatives include local mobile phone production, supporting freelancer growth, and reducing reliance on imports. Pakistan is recognized as the seventh largest mobile phone market globally, with a consumer base of 194 million. The government aims to promote local manufacturing of affordable and high-quality mobile phones.

Dr Saif acknowledged the efforts of previous governments and underscored the importance of the initiatives undertaken by the IT ministry over the past two months. These initiatives are expected to enhance exports in the IT and telecom sector, fostering local manufacturing, conserving foreign ex-

sisted of deceit, fraud, corruption and slavery and subservience. PTI spokesperson recalled that before his political birth in the lap of dictatorship, the crooked person used to play cricket matches in Lahore Gymkhana with umpires of his side.

He went on to say that after nurturing in the nursery of dictatorship, this incompetent person, deprived of ability and capability, became the chief facilitator of the undemocratic forces against the constitution and democracy. PTI spokesman said that this greedy politician continued to perform the shameful duty of undermining democracy in the country by taking money from ISI, adding that November 2012 decision of the Supreme Court in the Mehran Bank scandal

and the Asghar Khan case against this bandit was on the record.

He recalled that the IJI was formed to bring this corrupt person into the field to counter Benazir Bhutto, however, he polluted politics, adding that he kept receiving money from Osama bin Laden to weaken the foundations of democracy and politics in Pakistan. PTI spokesperson pointed out that when the national criminal of Jati Umra assumed power as a Prime Minister, he started a systematic process of loot and plunder of the national treasury through mega development projects.

He highlighted that as the role of his corrupt family in politics increased, his fortunes and properties began to spread out of the coun-

try to continents. PTI spokesperson hinted that after three decades of his power and politics, the Panama Leaks came to lime light to expose his corruption, as he even could not present a single receipt in his defence.

He lamented that this corrupt person, who was completely devoid of moral and ethical values, had been cultivating the culture of buying the consciences of judges, generals, government officials and journalists throughout his political career.

PTI spokesperson pointed out that his record of deeds included Quetta Bench, Changa Manga and pampering army chief with Mercedes gifts, besides placing the public servants of his choice institutions.

He highlighted that the convicted crim-

companies emerged as the top two profit senders in the quarter, dispatching $69 million and $19 million to their respective homelands.

However, the SBP’s annual report for 2022-23 indicated a decline in profit repatriation to $331 million in FY23 from $1.7 billion in the previous year. The drop in repatriation can be partially attributed to foreign exchange constraints and a decline in profits for some foreign corporations due to a slowdown in the domestic economy.

15 million individuals remain untaxed in Pakistan: Chairman FBR PROFIT

NewS DeSk

The Federal Board of Revenue (FBR) chairman, Zubair Tiwana, revealed a concerning tax deficit issue in Pakistan, with approximately 15 million individuals, including agricultural income earners, currently evading taxation. During a recent meeting of the Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, Tiwana emphasized that this sizable portion of the population remains outside the tax net.

FBR officials clarified that there are currently no policy proposals under consideration to change the existing exemption threshold for both salaried and business individuals, which stands at Rs600,000 per annum. Furthermore, the World Bank’s recommendation to lower this threshold limit for this class of individuals has not been heeded by the FBR. In the meeting, the FBR Chairman acknowledged that 75 percent of the tax revenue is contributed by just 13pc of the population. In response to a question, Mr. Tiwana explained that it is not feasible to impose taxes on lowincome individuals. However, he expressed hope that the tax deficit could be substantially reduced if 15 million potential taxpayers “fulfil their obligations.” He informed that the number of taxpayers had reached 4.9 million, with 1.2 million individuals added to the tax net in the previous year.

Despite agriculture contributing 40pc to the national income, Tiwana pointed out that this sector does not significantly contribute to tax revenue. However, he emphasized that the issue of agricultural taxation falls outside the purview of the FBR, as it is a provincial subject. He also highlighted the absence of a significant number of housewives in Pakistan from the tax roll, indicating another potential area for tax expansion. Senators Kamil Ali Agha and Mohsin Aziz requested the FBR to provide insights into the tax collection process from taxpayers, as well as contributions from both direct and indirect taxes. The committee also showed interest in understanding the impact of smuggling on tax evasion. inal’s departure to Jeddah after striking a secret deal with Musharraf and his subsequent escape to London under the guise of dropping platelets with the help of Bajwa were great precedents of his personality, character and politics.

PTI spokesperson said that now, after the approval of the job application from the people who matter, he returned to the country under judicial refugee leaving behind the slogan “Respect the vote” in the Avenfield flat.

He revealed that this corrupt and dishonest person was ready to compromise on the constitution, law, democracy and national interests at any time for his own political mileage.

PTI spokesperson made it clear that Pakistan changed now, thus the people have taken his case into their own hands to determine his fate and future in the upcoming general elections instead of leaving the matter at the mercy of the courts.

NEWS 03

Friday, 27 October, 2023 | LAHORE

security PAKISTAN’S ONLY ALUMINIUM CAN MANUFACTURER Safety, of each Pakistani is of importance, IS OFF TO A FLYING START. CAN THEY CONSOLIDATE? paramount says COAS CONTINUED FROM BACK PAGE

This happened in the backdrop of better control over selling, administrative and financial costs which lead to earnings per share increasing from Rs. 4.37 per share to Rs. 7.48 per share for FY 2022.

HOW HAVE THEY BEEN DOING SO WELL? With only six years under their belt, PABC is already looking to grow extensively in local and international markets.

The company has had a split strategy to look to find customers locally and internationally which has placed the company well in terms of capacity and looking to enter new markets.

The company has been able to corner the local market being the sole supplier to companies like Pepsi, Nestle, Coca Cola Pakistan, Murree Brewery and Mehran Bottlers. The company has done long term contracts with these customers which makes the revenue gener-

ation stable into the future. While Pepsico and Coca Cola are definitely the big fish, the company has been helped by the fact that Nestle has launched their own line of carbonated juices that are packaged in aluminium cans. On top of this, Murree Brewery has also tried to make a push again towards promoting their drinks in cans. Earlier, the company had shifted a lot of its iconic drinks mostly to plastic bottles because of the lower costs. The existence of PABC offers a cheaper alternative for them.

Even at this point, it is felt that there is potential for more sales and the company is looking to broaden the base of its customers. One of the biggest positives for the company is the fact that they enjoy a 10 year income tax holiday as it is located in the Special Economic Zone in Faisalabad which expires in September 2027.

The company is the only one manufacturing aluminium cans in the country which gives it a strong advantage in

PSDF completes programme for out-of-school adolescents in Punjab with UNICEF support LAHORE

Staff report

The project “Evidence Generation and Design of ‘Non-Formal Education to Job Placement’ programme for Out-of-School Adolescents (OOSA) of Punjab,” marked a significant milestone with its successful completion. The project was a collaborative effort between Punjab Skills Development Fund (PSDF) and UNICEF, with technical support from Oxford Policy Management (OPM) and Akhuwat.

The partnership harnessed collective expertise to conceptualize an innovative, evidencebased programme to integrate accelerated learning, skills training and labour market linkages. This created a model to offer a costeffective, hybrid solution whereby accelerated learning is integrated with skills development and linked with sustainable income generating and self-employment opportunities for out-ofschool adolescents.

Over 9,500 out-of-school adolescents aged between 9 and 19 from six districts in Punjab, Lahore, Faisalabad, Rajanpur, Dera Ghazi Khan, Rahim Yar Khan and Bahawalpur, shared insights for the accelerated learning programme design as part of a comprehensive household survey. The survey also identified households with out-of-school adolescent boys and girls who would be willing to register for an accelerated learning and skills development programme. In the pursuit of evidence generation, in partnership with other partners, PSDF actively contributed to the strategic development of a labour market linkage plan.

PSDF engaged over 200 delivery partners and labour market stakeholders, fostering collaboration with Non-Formal Education partners, skills development partners and potential employers. This blueprint was designed to establish connections between the out-of-school adolescents and a diverse range of employment and self-employment opportunities.

The collaboration between UNICEF, PSDF, Akhuwat and OPM demonstrates the power of strategic partnerships in effectively addressing intricate social challenges. “Programmes like this underscore our commitment to skills education and economic empowerment and also lay the groundwork for future endeavours aimed at transforming lives through such initiatives at every level,” shared PSDF’s Chief Operating Offer, Akbar Bosan upon the pilot programme’s completion. “Connecting accelerated learning with skills development and opportunities for job placement in one programme is quite unique in Pakistan and could help disadvantaged adolescent girls and boys bridge the gap from learning to earning”,” said Ellen van Kalmthout, Chief of Education, UNICEF Pakistan.

terms of having pricing power and control over it. Due to lack of competition, the company has practised a cost plus pricing model which allows the company to make a profit for every sale they make.

RISKS FACED BY THE COMPANY The risks that the company faces are an appreciation in Pakistan Rupee which will decrease the potential of earnings once the company expands its export sales. In order to protect itself from appreciation, the company has looked to hedge its dollar exposure in order to sustain that revenue and earnings stream.

The company saw its finance cost double compared to FY 2021 even though they paid back some of its short term borrowing. This shows that any increase in interest rates will eat into the profitability of the company.

The company is also exposed to risk in terms of stock in trade it holds which form nearly 50% of its current assets.

This is an illiquid asset which can dam-

age the working capital cycle of the company. Better inventory management will mean that the company can free up some of its funds and cash flow and look to improve the liquidity in the company.

OPPORTUNITIES FOR THE COMPANY The Coca Cola Company expects that the sparkling soft drink market will see a steady growth of around 4 to 5 percent from FY 23 till FY 26 and this market growth can be capitalised on by PABC. The company is also looking to move from traditional packaging to recyclable packaging mix. The current profits that PABC has achieved are at a time when g Pepsi, Coca Cola, Nestle, Shezan and Murree Brewery have all said that the industry is going through weaker demand for the past 6-18 months due to macrochallenges such as inflation, decline in buying power and residual income available to buy non-essential products like soft drinks.

Pakistan meets IMF-set budget deficit targets, but at what cost?

CONTINUED FROM PAGE 01

Petroleum levy on LPG Rs 870 million, gas infrastructure development cess Rs 378 million, petroleum levy RS 222.067 billion and others Rs 32.633 billion and provincial Rs 33.888 billion.

Pakistan has reportedly fulfilled a crucial requirement set by the International Monetary Fund (IMF) concerning the reduction of its budget deficit during the first quarter. This achievement was largely attributed to a 362% increase in petroleum levy collections and significant reductions in federal subsidies and development expenses.

The domestic debt servicing was

also recorded at Rs 1.25 trillion, Rs 417 billion or 50% compared to the last fiscal year. The country is now borrowing primarily to meet interest payments. In fact, even the amount of domestic debt servicing exceeds the budget deficit ergo, the debt in this quarter. The federal government has allocated Rs7.3 trillion for debt servicing, however some officials in the finance ministry have suggested that the cost may exceed Rs8.3 trillion.

COME THE IMF: A delegation from the IMF is scheduled to arrive in Pakistan on November 2 to initiate discussions for the initial review, and the successful conclusion of these negotiations will

result in the disbursement of the next loan instalment, amounting to $710 million, in December.

The budget of the first quarter stood at 25.1 % of the approved annual budget of Rs 14.48 trillion. However, past trends suggest that first quarter’s surpluses are turned into deficits in the next quarters. Just last year, Pakistan’s budget deficit for the last quarter was 8 times or 800% more than the first quarter. This means that having consumed one-fourth of the budget, Pakistan is staring down the barrel. It should also not be forgotten that the current fiscal discipline (whatever little there is present) is also expected to go away as soon as an elected government comes into office.

Cypher Case: IHC rejects Imran’s plea against indictment CONTINUED FROM PAGE 01

The petition was taken up by the IHC CJ today.

At the outset of the hearing, PTI lawyer Salman Safdar said that it took him 10 days to complete his arguments on another petition filed by Imran seeking bail in the said case. Justice Farooq remarked that he was also taking time in announcing the verdict because such a matter had emerged for the first time and arguments by both sides were presented properly.

Safdar then stated that the copies of the cypher case challan had been distributed in the court. “They clearly show that he [Imran] was indicted within a few days,” he said. “The entire case revolves around this document but the cypher is neither part of the challan nor the case file,” he contended, adding that his client wanted to record statements of three witnesses tomorrow. “Please grant us some relief,” the lawyer requested. He further highlighted that three things were ignored in the case. “The arrest was secret, the remand was secret and charges were framed on the sixth day,” Safdar added. After hearing the lawyer’s ar-

guments, the court reserved its verdict on Imran’s petition.

THE PETITION: The petition stated that the ex-premier was “compelled to associate in framing of charge proceeding and to the questions”. It reproduced a question posed by the court and Imran’s answer to the same. “Have you understood the charge,” the court had asked.

Imran’s answer was, “I have not been given the complete document. Until they are supplied to me, cannot possibly understand the charge?” The petition stated: “The above-mentioned answer reveals that complete document[s] were not provided, an essential procedural step not complied with by the prosecution and overlooked by the trial court.” The petition went on to object to the indictment, saying the trial judge had committed ‘gross illegality’ by framing the charge in the absence of the main documentary evidence around which the entire prosecution case is revolving as per the FIR. The remand application and challan, the whole “prosecution case allegedly relates to the unauthorised use of cipher telegram after twisting facts which are prejudicial to national security,” it added.

Govt to challenge SC’s verdict on civilians military trial: PM CONTINUED FROM PAGE 01

Asked about the controversy after his media interaction, the prime minister explained that he intended to initiate a conversation about the existing business model of the media outlets which was turning into dinosaurs. He viewed that the government advertisements, in one way or the other could influence the editorial policy.

He said despite being a prime minister, he could contribute to a public discourse which should also not be held back out fearing some people’s annoyance.

PM, US envoy discuss economy, repatriation of illegal foreigners Caretaker Prime Minister Anwaarul Haq Kakar and United States Ambassador Donald Blome discussed various matters, including repatriation of illegal foreigners.

According to details, United States Ambassador Donald Blome called on Caretaker Prime Minister Anwaarul Haq Kakar and discussed various matters of mutual interest.

During the meeting, the prime minister highlighted the steps being undertaken by the government in priority areas, particularly for stabilization of

the economy, repatriation of illegal foreigners, as well as the ongoing electoral process.

Regional developments, including the situation in Gaza, were also discussed, the PM Office said in a statement. PM Kakar emphasized the significance of strong ties between Pakistan and the United States.

Meanwhile, Defence analyst and security expert Ikram Sehgal called on caretaker Prime Minister Anwaarul Haq Kakar here on Thursday.

Various matters pertaining to the ongoing situation in the country came under discussion.

Degrees conferred on 6,000 students at 8th UoG convocation GUJRAT

Staff report

As many as 6,000 graduates from the sessions 2019 and 2020 were awarded degrees on the 8th convocation of the University of Gujrat (UoG) held here at Hafiz Hayat Campus on Thursday with Governor Punjab / Chancellor Eng Muhammad Baligh ur Rehman chairing the ceremony and conferring gold medals on 151 toppers from among the graduates from different departments.

The governor expressed his satisfaction over the progress made by the university under the visionary leadership of Prof. Dr Muhammad Mushahid Anwar after taking over the office of vice chancellor a few months ago. “Universities are primarily tasked with fashioning a culture of research and innovation. Apart from imparting knowledge, they must focus on character building of the youth,” said the governor.

He called upon the youth to have a meaningful goal or purpose of their endeavours in life and to always think positively. He said that a country cannot make any progress without investing in education. He warned the youth not to

let their minds get corrupted by the social media false campaigns. He advised them to investigate and verify any piece of information and not to believe everything without first confirming it.

Vice Chancellor Prof. Dr Muhammad Mushahid Anwar said that the UoG ranks 23rd among the national universities and 9th among those in the province.

He revealed that a Rs200 million Industrial Park project in collaboration with the Gujrat Chamber of Commerce & Industries is currently underway. The university is also working on a Rs150 million solar energy project for the academic blocks in a bid to overcome electricity crisis.

He said that 70 percent of the Rs4.6 billion budget for the fiscal year 2023-24 was arranged by the varsity’s own resources.

Among the guests of honour at the convocation ceremony were former parlimentarian Haji Nasir Mehmood, Haji Zafar Rehmani, Malik Hanif Awan, Nawabzada Tahir Ul Mulk, Maj (retd) Moin Nawaz Waraich and others.

Registrar Muhammad Naeem Butt and Controller of Examinations Tanzila Qamar assisted the governor in the gold medal distribution ceremony.

CONTINUED FROM PAGE 01

The forum was also apprised regarding host of measures being taken to curb illegal activities including smuggling, power theft, narcotics prevalence, border control measures, and repatriation of illegal foreigners from Pakistan. “Safety and security of each Pakistani is of paramount importance which cannot be allowed to be compromised at any cost,” Gen Munir emphasised while commenting on the subject of repatriation and deportation of illegal foreigners. The COAS also highlighted the economic positivity generated by multiple proactive steps especially the Special Investment Facilitation Council (SIFC). “Army is fully engaged in enabling national and provincial responses in different domains in step with other institutions of the state for the collective good of the people of Pakistan.

We are a resilient nation that has endured the tests of time on its path to achieving peace and stability,” the army chief maintained. The National Security Workshop is an annual event at the National Defence University participated by representatives from all segments of society. National Security Workshop – 25 is being attended by 98 participants including parliamentarians, senior civil and armed forces officers and representatives of the civil society.

IHC restores Nawaz’s appeals against Al-Aziza, Avenfield convictions CONTINUED FROM PAGE 01

PREVIOUS HEARING: At the last hearing, held earlier this week, the court issued notices to the NAB on Nawaz’s plea and extended his bail period as he surrendered before the bench against surety bonds worth Rs1 million. Nawaz was convicted in 2018 by an accountability court in the two corruption references. He had later left for London in 2019 on medical grounds and returned to the country on October 21 after nearly four years in self-imposed exile. Shortly after his appearance before the IHC, the Punjab government suspended the sentence handed to him in the Al-Aziza reference under Section 401 of the Code of Criminal Procedure (CrPC) – the legal provision pertaining to commutations, suspensions and remissions of sentences. Earlier that same day, the PML-N chief secured bail from an accountability court in Islamabad in the Toshakhana case against him.

CASE HISTORY: Nawaz was convicted in the Avenfield case in July 2018 and the Al-Azizia case in December of the same year. In 2019, he was granted bail by the IHC, while his appeals against his conviction were pending. While serving a seven-year jail term after his conviction in the Al-Azizia case, Nawaz was granted rare permission in October 2019 to seek medical treatment abroad. However, he chose not to return to the country, leading both the IHC and the accountability court to declare him a proclaimed offender. On June 24, 2021, an IHC bench led by Justice Farooq rejected Nawaz’s appeals due to his failure to appear in court for several hearings. In its nine-page judgment of June 24, 2021, the IHC stated that as Nawaz was a “fugitive from the law”, he had lost his right of audience before the court. The court had no choice but to dismiss his appeal, the order said. On October 19, 2023, both the IHC and the accountability court granted the former prime minister protective bail until October 24, 2023. The applications for the revival of appeals against his conviction were submitted by Advocate Amjad Parvaiz. In the applications, the lawyer had requested the court to reinstate the appeals and issue an order after hearing the arguments.

Islamabad Police allegedly kidnap Customs Inspector over confiscating NCP vehicle RAWALPINDI

Staff CorreSpondent

Islamabad Police allegedly kidnaped Customs Inspector and five other staffers over confiscating Non-Customs Paid (NCP) vehicles used by DSP. Sources said that staff of Customs Collectorate Islamabad had attempted to confiscate NCP vehicles used by a DSP Islamabad Police near G9 signal. Upon which, DSP Najeeb Shah directed the Karachi Company Police SHO to reach the spot immediately.

Sources said that Islamabad Police not only kidnapped the Customs car cell inspector and other staff but also beat them mercilessly. They informed that the capital police ‘reportedly’ detained two citizens for filming the spat between Islamabad police and Customs staffers. It is pertinent to mention here that DSP, who has the NCP vehicles, is the PSO to the IG Islamabad Police. The sources recalled that the Islamabad police and Pakistan Customs had a meeting a few months ago for devise a mechanism for conducting joint operations to confiscate NCP vehicles. The scribe attempted to seek comment from the IG Islamabad police as well as spokesperson or DSP Najeeb Shah about the episode but no reply received till filing of story. The Islamabad Police spokesperson, however, said that the DIG headquarters was investigating the matter and the DSP concerned had been removed from the position till finalization of report.

4

04 COMMENT

Back at the old stand?

Equality before the law?

T

Is the judiciary doing justice or compensating for past judgements?

A

The oddly subdued return of Mian Nawaz Sharif

HE present situation seems to be a mirror-image of that prevailing in 2018. The dictum says that the accused is the favourite child of the law. Now, it seems that status goes according to party affiliation.

PML(N) Quaid Mian Nawaz Sharif finds that whereas in 2018, he could not even get trial or appellate courts to rule in his favour on an application, let alone get an acquittal, is now finding the courts more than ready to accommodate him in whatever way he wants. Whereas he was only able to get out of the country because he was diagnosed with a life-threatening illness. Apart from the courts, he found the Punjab government unusually accommodating, in its readiness to suspend his sentence pending the appeal against his conviction.

This forms a stark contrast not just with his own past, but also with the present of the PTI, starting with its chief, Imran Khan, and going on to those of its workers and activists accused of involvement in the May 9 attacks on military installations. At the same time that the Punjab government was granting Mr Sharif’s application of suspension of sentence, Mr Khan’s application for his incamera trial at Adiala Jail in the cipher case be held in open court was being rejected by the Islamabad High Court. As for workers, the re-arrest of Khadijah Shah in another case after being bailed in the original case, of involvement in the attack on the house of the Corps Commander Lahore, reminded one of the arrest of PML(N) Punjab President for heroin smuggling under the PTI government. From being accused to a capital offence, he became Interior Minister in the coalition replacing the PTI, and now stands an excellent chance of being part of the next Nawaz Cabinet.

Someone, somewhere has lost the plot. A ‘level playing field’ does not mean favouring the party discriminated against in 2018. Discriminating against the party favoured then is no compensation. The only way of remedying past injustices is not by applying a stricter legal standard to the actions of members of one party than to those of another, but by applying a uniform standard of justice to all applicants and defendants. There is no need to attempt rectifying past errors by present discrimination.

Such attempts merely perpetuate a situation where today’s favourite becomes a monster, and thus to be tamed. The cycle must be broken if the country is to move forward, and so far the signs are not positive.

At Penpoint M A NIAZI

LL the uncertainties are over. PML(N) Quaid Mian Nawaz Sharif is back in Lahore. His first speech, at the much-heralded rally at Minar-e- Pakistan, was supposed to give the party a new narrative, one which would take it into the coming election. The narrative he gave was not new, and gave credence to the rumours swirling about his return, that he had done a deal with the establishment, and would no longer demand action against either the Chief Justices or the Army generals who had ousted him, in exchange for being allowed to contest the coming elections and be elected for a fourth time.

The theory goes that he is to be helped again because friendly countries want the solidity of his presence. Those friendly countries are all the more important because of the investments they have promised, and which are being run through the Special Investment Facilitation Council.

According to this view, the Shahbaz-led PDM coalition was a success. It led to the revival of the China-Pakistan Economic Corridor, as well as the establishment of the SIFC. If CPEC has been a Chinese enterprise, the SIFC was meant to provide a vehicle for Gulf investors. PTI chief Imran Khan as PM is accused of offending both China and the Gulf countries. Indeed, China is said to have gone against its longstanding and strict policy of non-interference by indicating both a distaste of Imran and a liking for Mian Nawaz. (China is finding out one reason why great powers interfere in the affairs of small ones: the need to protect investments.)

Mian Nawaz is thus returning with the greatest chance of returning to office. However, he has a longer track record than ever before, and his first priority will be to straighten out relations with the establishment. Though he was an establishment man, having first held office during the Zia Martial Law, when he served as Punjab Finance Minister, he developed differences with the establishment as early as his first term as Prime Minister.

His second term ended with a military coup, again indicating that he did not get on with the establishment. His third term also ended after the Dawnleaks scandal, and after he was disqualified by the Supreme Court. That disqualification was supposed to be for life, but a recent amendment to the Election Law limited the disqualification of five years, which he has now served.

Mian Nawaz also blotted his copybook in his last tenure by bringing Gen (retd) Pervez Musharraf to trial for high treason. The conviction of General Musharraf was not appreciated by the establishment, and it was then overturned by the Lahore High Court, However, it seems to have had the effect of preventing any further military takeovers.

The Constitution has not been broken, but it has been bent out of shape. The most egregious example

Dedicated to the legacy of late Hameed Nizami

Arif Nizami (Late) Founding Editor

Yousaf Nizami

is how the Punjab and KP caretaker governments have been holding office since January, even though the constitutional limit of 90 days for the holding of fresh elections to their dissolved assemblies passed in mid-April. Similarly, the National Assembly was dissolved on August 12, and thus elections were due

by November 10. While that date is still some way off, it is impossible to hold elections by that date, because the Election Commission cannot issue an election programme meeting the requirements of the Election Law. This is to ignore the fact that at present the ECP is engaged in fresh delimitations accordings to this year’s census, which means that only when the delimitations are complete will it be possible for the ECP to announce a date and an election programme.

Though the ECP has not given any date, it has indicated that elections would be held in January. This would not only mean that the Punjab and KP caretakers would complete a year in office, but also that the federal caretakers would get six months. This does not factor in the delay demanded by some political parties for an even further delay, because of the difficulties that would be created in the country’s northern areas of conducting the polls in the depths of winter. The ECP has not accepted this plea, but it has not rejected it either.

Mian Nawaz has not only avoided demanding elections within the constitutionally defined framework, but has expressed support for the ECP, thus placing himself on the side of those who do not support the constitutional limit. While this is not the only reason why he is being subjected to criticism by the PPP, it is certainly one of them.

The PPP is also not a particularly principled obeyer of the Constitution. What seems to be bothering it more than anything else is that the PML(N) seems to be designated as the winner of the coming elections is not. The PML(N) appears to feel that the longer elections are put off, the longer Mian Nawaz will have to get out of his legal entanglements. This provides the PPP a motive for wanting elections as

It cannot be a good sign for Mian Nawaz that even before he has won the 2024 election, there is already speculation about where he could clash with the establishment.

Unfortunately for him, his track record demands that the speculation be made

Strengthening Sino-Pak relations Editor Umar Aziz M. A. Niazi Joint Editor

Executive Editor

PM’s visit furthered the relationship

C

MuhAMMAd ZAhId RIfAt

HINA and Pakistan are time-tested, all-weather, trustworthy friends Their enviable friendship has withstood all challenges and tests over the years as leadership of both the countries remain committed not to allow any breach or dent in their time-tested friendship on any account or attempts from some hostile elements from time to time.

Mutually trusted and beneficial friendship between great neighbouring countries is further strengthened, promoted and consolidated with the exchange of visits by the highest level leadership and delegations as and when these take place on mutual understanding and need at the appropriate level of both the countries.

Caretaker Prime Minister Anwarul Haq Kakar has just paid an official visit to China which was quite productive, result-oriented and fruitful in more than one respect. The visit also coincided with another milestone in the bilateral ties as both China and Pakistan were celebrating the 10th anniversary of CPEC. This was yet another foreign visit since he assumed power in mid-August 2023. He undertook the visit at the invitation of Chinese President Xi Jinping to attend the Third Belt and Road Initiative (BRI) Forum for International Cooperation held on October 17 and 18 in Beijing which was attended by about 140 heads of states and governments from all over the world.

Caretaker Prime Minister Anwarul Haq Kakar’s quite significant visit, to say the least,

quite obviously emphatically reaffirmed Pakistan’s commitment to continue working and ensure timely completion of that great game-changer, the China-Pakistan Economic Corridor, projects, which form a major flagship under the banner of the BRI, besides profusely advocating the dire need for continuing making collective efforts for regional connectivity and shared prosperity.

Addressing the high level BRI Forum on “ Connectivity in an Open Global Economy”, the visiting Pakistani leader duly appreciated President Xi’s vision for creating a global community with a shared future and the BRI which were of immense significance for working and ensuring global connectivity, economic development and shared prosperity.

The visiting Pakistani leader told the Chinese President that relationship with China was the cornerstone of his country’s foreign policy, that Pakistan stands by China and trusts it blindly, called for resolving lingering, burning Kashmir issue in accordance with the UN Security Council resolutions in a peaceful manner and re iterated Pakistan’s continued support to One China.

At the end of the official visit, a joint statement was simultaneously issued from Beijing and Islamabad containing 31 points altogether.

Briefly it stated that Pakistan and China have reiterated the resolve to move forward together on the path of development and accelerate the building of an even closer Pak-China Community with a shared future in the new era, reaffirmed their support for each other on issues concerning their respective core interests and major concerns, also reaffirmed that mutual trust remained at the core of China-Pakistan relationship, agreed that China and Pakistan are All-Weather Strategic Partners and iron brothers and friendship between the two countries is time-tested and unbreakable and also recognized that China-Pakistan economic Corridor, as a pioneering project of the BRI, has yielded fruitful outcomes n the ten years since its inception and has now entered a new state of high-quality development.

Caretaker Prime Minister Anwarul Kakar, while going through a hectic schedule of meetings and other engagements, also availed the opportunity to meet a number of world leaders on

The outcome of Caretaker Prime Minister Anwarul KakarÊs successful and productive and forward looking maiden visit to the most friendly country China cannot be fully covered in all fairness and justifiably and as such there will be more later covering the prospects of further boosting cooperation under the great game changer CPEC framework in due course of time.

Lahore – Ph: 042-36300938, 042-36375965

Friday, 27 October, 2023

I

Karachi – Ph: 021-35381208-9

the sidelines of the BRI Forum’s deliberations and discussed with them matters of mutual interest and measures to further boost his country’s friendly relations for mutual benefits. They included Chinese Premier Li Qiang, UN Secretary General Antonio Guterres, Russian Federation President Vladimir Putin, Kazakhstan President Kassym Joman Tokoev, President of Sri Lanka Ranil Vickremesinghe , and President of Kenya William Ruto among others. He also held meetings with the CEOs and Executives of a number of leading Chinese companies and urged and encouraged them to explore and avail the vast investment potential and opportunities of Pakistan. and also visited Urumqi, and met there Member of CPC’s central Committee Ms Xingrui and also addressed the students of Xinjiang University.

During the visit, China and Pakistan signed as many as 20 agreements and Memorandum of Understandings (MoUs) covering cooperation on the Belt and Road Initiative (BRI), infrastructure, mining, industry, green and low-carbon development. health, space cooperation, digital economy, development cooperation and export of agriculture products to China. The Pakistani leader along with his Chinese hosts witnessed the signing of the agreements and MoUs by members of the high-level delegation which had accompanied Anwarul Haq Kakar in the official visit. Details of these agreements and MoUs will be given separately in some detail as and when these are available from the official quarters concerned.

Besides PM Anwarul Haq Kakar, other dignitaries who participated in the forum included the Russian Federation President, the Ethiopian Prime Minister, the Sri Lankan President, the Republic of Congo President, the Papua New Guinea Prime Minister, the Prime Minister of Cambodia, The President of Argentine, the Hungarian Prime Minister and the President of Indonesia, to mention just some of the large number of those present.

The outcome of Caretaker Prime Minister Anwarul Kakar’s successful and productive and forward looking maiden visit to the most friendly country China cannot be fully covered in all fairness and justifiably and as such there will be more later covering the prospects of further boosting cooperation under the great game changer CPEC framework in due course of time.

The writer can at zahidriffat@gmail.com

I

Islamabad – Ph: 051-2204545

be I

reached

early as possible, because with elections yielding an assembly without either Mian Nawaz and Imran, Asif Zardari or Bilawal Bhutto Zardari would be better able to stake a claim to the Prime Ministership.

However, it should not be imagined that Mian Nawaz is going to be a shoo-in. There is a lot of hard work he still has to put in. The hard work of campaigning will only start after the ECP gives a date, but the effort of reinvigorating the party will start almost immediately. The divisions within the party reflect not only a generational conflict between Mian Nawaz’s own generation, reflected in his brother Shehbaz, and the next, reflected in his daughter Maryam. They also reflect the ‘reconciliation’ narrative of working with the establishment, and the ‘anti-establishment’ narrative of punishing those responsible for ousting him. Though Mian Nawaz initially said that he wanted to see those responsible punished, his speech on return said he left his retribution to the Almighty, and that he preferred to concentrate on the economy.

The implication was that concentration on the economy was safe, and did not require any clash with the establishment. However, the establishment has developed a concern with the economy. The measures taken by the caretakers might not be sustained under an elected government. Worse, if the measures are sustained, but there is a downturn nonetheless, a blame game will ensue. The whole secret of averting a clash between institutions is to avoid the need to apportion blame for anything.

One of the advantages of the PTI government was that Imran had no hang-ups on the economy, not having any illusionists that he knew anything about it. When it was time to replace Asad Umar as Finance Minister with Hafeez Pasha, he did so, and then moved on to Shaukat Tarin. Mian Nawaz does not have a solution for the country’s economic woes.

Bringing back Ishaq Dar as Finance Minister may figure prominently on Mian Nawaz’s agenda, but there is no guarantee that this will find favour. Mian Nawaz may find himself running afoul of the establishment on matters of economic decision-making.

Still, that is a long way in the future. However, it cannot be a good sign for Mian Nawaz that even before he has won the 2024 election, there is already speculation about where he could clash with the establishment. Unfortunately for him, his track record demands that the speculation be made.

The writer is a member of staff

Editor’s mail

Send your letters to: Letters to Editor, Pakistan Today, 4-Shaarey Fatima Jinnah, Lahore, Pakistan.

E-mail: letters@pakistantoday.com.pk Letters should be addressed to Pakistan Today exclusively

Elite capture

NOW international lenders, who in the past avoided airing their views on the Pakistani economy, are openly calling a spade a spade. The IMF representatives continue to repeat their resolve in public that the Pakistani government(s) should tax untaxed sectors. The World Bank country director was more candid while passing scathing comments about powerful vested interests, including the military and political elite, not allowing reforms.

One reason that lenders and donors are openly making their reservations public is that they have been highly criticized by the media, and a public perception has been developed that the present pathetic plight of common Pakistanis is due to the policies of the IMF and World Bank.

Thus, these institutions are fed up with the non-compliance of the agreements by various governments.

The legislative and executive branches are dominated by big landholders, owners of sugar mills, and big businesses. Then how would these vested interests take action to tax themselves? These elites have always received largesse; they are not made to give. They have no stake or interest in the Pakistani economy; the ruling elites have very assiduously moved money and built assets abroad that neither they nor their coming generations need to worry about. The elite capture is pushing the economy and the common people to the precipice.

GULSHER PANHWER JOHI

Increase in overseas Pakistanis

THE revelation of the increase in the number of Pakistani beggars in foreign countries is a matter of concern and tarnishes Pakistan’s global prestige. Media reports about this are alarming. Every year, one million people are moving to foreign countries. On one hand, this network of beggars needs to be strictly broken, and on the other hand, those involved in this heinous business should be arrested immediately and brought to justice. Jails in Iraq and Saudi Arabia are full of these Pakistani beggars.

According to media reports, a developed country like Japan has demanded 340,000 skilled people from Pakistan. Unfortunately, only 200 people will be sent to Japan. India has sent 150,000, while Nepal has sent 91,000 skilled people to Japan. Skilled people from Bangladesh and Sri Lanka are also being sent to Japan.

According to government data, 50 thousand engineers are unemployed in the country. Thousands of highly educated people are leaving the country every year due to the current situation. 1.6 lakh Pakistanis work in the UAE, while 2 lakh Pakistanis work in Qatar. Among these countries, 90% of the donkeys are from Pakistan. It is sad that most of the pickpockets caught inside the Haram Sharif are Pakistanis. Such groups must be eradicated, as they are a source of shame for the country and the nation. From the government down to the beggars, the spread of poverty must stop.

IMRAN UL HAQ LAHORE

Shopping Malls

THE presence of shopping malls in residential areas causes difficulties and problems to the residents. The area gets packed with vehicles, and people remain stuck in traffic jams for lengthy periods of time. Moreover, the smoke and honking of cars, rickshaws and public transport vehicles cause noise and air pollution. The residents face trouble studying in their homes or while going out for their daily chores. In other countries, shopping malls and markets are constructed in commercial areas to avoid such disturbances. The local authorities should take immediate action against builders violating and ignoring rules and regulations.

SARA ZAHID KARACHI

Web: www.pakistantoday.com.pk

I

Email: editorial@pakistantoday.com.pk

COMMENT 05

Friday, 27 October, 2023

I

aqib sattar

N 2023, Palestinian history may come to reflect a resolute stance against longstanding colonial oppression, echoing a vehement defense of homes, humanity, and existence. Over the span of more than a century, Palestinians have grappled with the effects of what is called settler colonial violence.

Throughout this protracted struggle, the Palestinian people have not only endured but thrived. The act of resistance, rather than being framed as a mere right, is portrayed as an inherent mode of existence and a means of survival, deeply ingrained in the Palestinian experience. This year may, therefore, be remembered as a pivotal moment in the ongoing historical narrative of Palestinian resilience.

Over time, the terminology employed to describe the conflict has evolved from the Arab-Israel War to the Palestine-Israel War and, more recently, the Gaza-Israel War. Notably, the “Al-Aqsa Operation” undertaken by Hamas underscores the broader implications of the conflict, extending beyond the territorial confines of Palestine, given the deep-seated attachment of the entire Muslim Ummah to the Al-Aqsa mosque.

An additional significant facet of this conflict is the distinct division within Israeli society, characterized by the split between power-oriented Jewish factions and the liberal or secular Jewish segments. At present, the rightwing Israeli government, propelled by a vision of racial supremacy, appears to be resolutely committed to what some have described as the ethnic cleansing of the indigenous Palestinian population, casting a grim shadow over the ongoing dynamics of this protracted conflict.

The prevailing myth of Israel’s invincibility in matters of defense was punctured by the audacious Hamas attack, revealing Israel as less formidable than previously believed– akin to a “paper tiger.” Israel’s ideology, which projects a sense of superiority and chosen-ness, may have engendered a degree of hubris. Therefore, the crux of the issue lies not in Israel’s intelligence or defense systems, but in the rigidity of its racial ideology, which has remained impervious to transformation.

In contrast, the Palestinian populace has been galvanized by an unyielding motivation rooted in their fervent desire for land, freedom, and the reclamation of their dignity, ultimately aimed at terminating the protracted occupation and the attendant humiliations. A central belief of their collective consciousness is the willingness to face death with dignity, as opposed to subsisting under prolonged occupation and disgrace. The statement, “It’s never been resistance that protects the people of Gaza; it’s the people of Gaza that protect the resistance,” encapsulates the core ethos of their struggle, underscoring the symbiotic relationship between the common people and their resistance movements. This conviction reflects a resilient determination that transcends conventional notions of defence.

A vital commonality in the US political establishment, encompassing both the Democratic and Republican

Palestinian resilience in the face of settler colonial violence The humanitarian issue cannot be ignored

parties, is their connection to the Israeli Jewish lobby. It is undeniable that Israel represents an essential military extension of US influence within the Middle East, owing to its strategic significance and its status as the sole dependable regional partner for the USA. President Joe Biden’s speech, wherein he expressed solidarity with Israel while remaining evidently silent on the plight of Palestinian civilians, particularly children, women, and the elderly, has raised concerns of Western hypocrisy.

Furthermore, the recent visit of U.S. Secretary of State Blinken to Israel, characterized himself by reference as a Jew, amplifies the message of a deep-rooted and strategic partnership between the two nations. Western nations and their corporate media often depict Israel as the sole bastion of democracy in the Middle East. However, the assertion by Israel’s defense minister that “We are putting a complete siege on Gaza... No electricity, no food, no water, no gas– it’s all closed” challenges this notion. Such actions call into question the alignment of such policies with democratic principles, raising concerns about the compatibility of this approach with democratic values.

The ongoing conflict between Israel and Hamas has had repercussions on the diplomatic normalization process between Saudi Arabia and Israel. President Joe Biden had

regarded this normalization as a significant foreign policy achievement during his next election campaign, as his domestic accomplishments seem to be ordinary. However, the Israel-Gaza crisis and the Russia-Ukraine war have failed to yield concrete positive outcomes that could be leveraged in upcoming elections. Furthermore, the loss of 11 American lives in an attack by Hamas adds to the challenges facing the Biden Administration.

Several months prior, China facilitated a diplomatic breakthrough between Saudi Arabia and Iran, prompting the USA to intensify efforts to expedite the normalization process between Saudi Arabia and Israel. These developments collectively contribute to the evolving dynamics of global geopolitics and U.S. foreign policy objectives.

The recent G20 meeting witnessed India introducing a new trade route as a response to China’s Belt and Road Initiative (BRI). This new corridor would navigate the Middle East, including Israel, and culminate in Europe.

The ongoing Gaza-Israel conflict has the potential to impact this development, as regional instability may disrupt trade flows and investments. Simultaneously, international actors have exerted pressure on Pakistan to normalize relations with Israel. However, the current situation, compounded by the Gaza-Israel conflict, is

To mitigate the humanitarian crisis stemming from the Gaza-Israel conflict, a collaborative effort by Egypt, Turkey, Saudi Arabia, and Pakistan is imperative. By providing vital humanitarian aid, these nations can contribute significantly to alleviating the suffering of the Palestinian people and restoring stability to the region.

India is devouring its best and brightest

Writers like Ms Roy bear witness to the times they live in. Even if the government imprisons her and every last person with an independent mind, it will not change the story of the Modi years. It just means that much of that story will be told through the eyes of prisoners of conscience. History will remember those people as heroes. Their jailers will be condemned as tyrants

P

NEW YORK TIMES viDya KrisHnan

RISON. It’s just a word. But when you are using it to describe your own possible future, it leaves the lips with a heaviness and a bitter taste, like bile. Until a few years ago, ending up in an Indian prison because of my work or things I said seemed as unimaginable as my death — a grim but distant prospect. When I met with fellow journalists, we discussed stories we were working on or the latest political gossip.

But today the possibility of arrest and prosecution on fantastical charges lurks deep in my heart and in those of many Indian journalists, historians, writers, academics, intellectuals and others who openly criticize Prime Minister Narendra Modi and his government. Now when we meet, we talk about lawyers, potential charges and sentences, legal funds and making sure that our personal and financial affairs are in order. Since Mr. Modi came to power in 2014, the Hindu nationalist mob has targeted one supposed enemy after another — Muslims, students, activists, opposition politicians, lower-caste Dalits, gay men and lesbians — tearing our incredibly diverse country apart in a myopic attempt to remake it into a bastion of Hindu supremacy.

Another line was crossed two weeks ago when the government announced charges against the writer Arundhati Roy. Ms. Roy, whose works include the novel “The God of Small Things” and the essay collection “My Seditious Heart,” is one of the greatest writers of our time. She has been a voice for truth, tolerance and sanity in India for decades. Her books and essays record the utter apathy of the post-independence ruling class as India descended into the chaos of Mr. Modi’s right-wing politics. Jailing Ms. Roy would be not unlike America imprisoning a writer of the moral stature of Toni Morrison or James Baldwin.

The charges against her represent a pivotal moment for India; If Ms. Roy is incarcerated, she will become the country’s highest-profile prisoner of conscience. She would join a growing body of writers, activists and intellectuals.

Shortly after Ms. Roy was charged, 12 leading international human rights groups issued a joint statement accusing Indian authorities of abusing a counterterrorism law, financial regulations and other laws to “silence journalists, human rights defenders, activists and critics of the government.”

This has been going on for years. According to the People’s Union for Civil Liberties, in the five years before Mr. Modi took power, the central government filed just 69 cases under the draconian Unlawful Activities Prevention Act, an overly broad state security law that allows detention for extended periods without due process. Under Mr. Modi, the number of cases filed has jumped to 288 as of September 2022.

The charges against Ms. Roy are typically absurd. She is accused of provocative speech and promoting enmity between different groups merely for comments made in 2010 that ques-

tioned the Indian government’s claims to the disputed, restive region of Kashmir. But the real reason she is being targeted now — 13 years later — is surely her courageous criticism of the intolerance and violence unleashed under Mr. Modi. People like her are among India’s greatest assets because they stand for truth and decency, but they are being cast as enemies of the state. India is devouring its best and brightest.

It is worth noting that in September, before the charges were filed, Ms. Roy accepted the prestigious European Essay Prize for, as the prize jury put it, her use of “the essay as a form of combat, analyzing fascism and the way it is being structured.” It is not the first time that the word “fascism” has been used in the context of the Modi regime and its methods.

Among many others, the kinds of people facing unjust accusations in India include the Kashmiri human rights defender Khurram Parvez, who documented atrocities by Indian forces and militants in the region and now faces multiple terrorism-related charges; and the student activist Umar Khalid, accused of inciting violence after he led peaceful protests against a discriminatory citizenship law introduced by Mr. Modi’s government. Then there were the 16 people, including activists, journalists, poets, a professor and an older priest, accused of crimes such as fomenting an uprising against Mr. Modi after some of them spoke out against his government’s repressive methods. The priest, who suffered from Parkinson’s disease, contracted Covid while in custody and died in 2021.

Even before Mr. Modi, political violence was common in India, lower castes were doomed to live on society’s margins and women faced routine sexual violence. But while previous governments had the guile to at least pay lip service to the rule of law, officials in Mr. Modi’s party have openly encouraged mob violence. Last year, 11 men imprisoned in a high-profile gang-rape case were freed and welcomed with garlands by party officials.

It’s a modern version of the same old struggle between the powerful and those who dissent. But in the digital age, the powerful in India are aided by government-aligned media outlets, online smear campaigns and troll armies, whose lies are eroding truth and morality and fueling more violence. The dissenters, meanwhile, are armed with little more than the strength of their moral clarity. By jailing or silencing journalists, writers and other critics, India not only chips away at its democratic credentials; it loses the kinds of minds that gave the culture its stunning art, rich literature and philosophy, ancient temples, chess and the Kamasutra.

India is being dumbed down, and children are growing up in a climate of lies, propaganda and misinformation. Science has become suspect, with the government this year reportedly removing basic concepts such as evolution and the periodic table from some school curriculums (although some officials have denied this). In a telling comment in 2018, Mr. Modi’s minister in charge of higher education said evolution was “scientifically wrong” because nobody “ever saw an ape turning into a human being.”

Writers like Ms. Roy bear witness to the times they live in. Even if the government imprisons her and every last person with an independent mind, it will not change the story of the Modi years. It just means that much of that story will be told through the eyes of prisoners of conscience. History will remember those people as heroes. Their jailers will be condemned as tyrants.

Vidya Krishnan (@VidyaKrishnan) is an Indian journalist based in Goa who specializes in health issues.

She is the author of “The Phantom Plague: How Tuberculosis Shaped History.”

likely to reduce such efforts. A two-state solution, supported by both Pakistan and Turkey, remains the most viable option for the Palestinian people. This approach represents an international consensus that can lead to a sustainable resolution of the long-standing Israeli-Palestinian conflict.

In the realm of public opinion and diplomacy, the Palestinians have effectively advanced their narrative through the Boycott, Divestment, and Sanctions (BDS) movement. Nevertheless, some Arab leaders harbour reservations about Hamas, often rooted in their own political constraints and agendas.

To mitigate the humanitarian crisis stemming from the Gaza-Israel conflict, a collaborative effort by Egypt, Turkey, Saudi Arabia, and Pakistan is imperative. By providing vital humanitarian aid, these nations can contribute significantly to alleviating the suffering of the Palestinian people and restoring stability to the region.

The current Gaza-Israel conflict is a complex issue with multifaceted ramifications extending beyond the immediate region. The international community, along with regional stakeholders, must work collectively to address the underlying causes and consequences, seeking a just and lasting resolution for all parties which lies under a two-state solution.

The writer is a freelance columnist

Now you can chat with ChatGPT using your voice

The new feature is part of a round of updates for Open AI’s app, including the ability to answer questions about images

I

MIT TECHNOLOGY REVIEW Will Douglas Heaven

N one of the biggest updates to ChatGPT yet, OpenAI has launched two new ways to interact with its viral app. First, ChatGPT now has a voice. Choose from one of five lifelike synthetic voices and you can have a conversation with the chatbot as if you were making a call, getting responses to your spoken questions in real time.

ChatGPT also now answers questions about images. OpenAI teased this feature in March with its reveal of GPT-4 (the model that powers ChatGPT), but it has not been available to the wider public before. This means that you can now upload images to the app and quiz it about what they show.

These updates join the announcement last week that DALL-E 3, the latest version of OpenAI’s image-making model, will be hooked up to ChatGPT so that you can get the chatbot to generate pictures.

The ability to talk to ChatGPT draws on two separate models. Whisper, OpenAI’s existing speech-to-text model, converts what you say into text, which is then fed to the chatbot. And a new text-to-speech model converts ChatGPT’s responses into spoken words.

In a demo the company gave me, Joanne Jang, a product manager, showed off ChatGPT’s range of synthetic voices. These were created by training the text-to-speech model on the voices of actors that OpenAI had hired. In the future it might even allow users to create their own voices. “In fashioning the voices, the number-one criterion was whether this is a voice you could listen to all day,” she says.

They are chatty and enthusiastic but won’t be to everyone’s taste. “I’ve got a really great feeling about us teaming up,” says one. “I just want to share how thrilled I am to work with you, and I can’t wait to get started,” says another. “What’s the game plan?”

OpenAI is sharing this text-to-speech model with a handful of other companies, including Spotify. Spotify revealed that it is using the same synthetic voice technology to translate celebrity podcasts—including episodes of the Lex Fridman Podcast and Trevor Noah’s new show, which launches later this year—into multiple languages that will be spoken with synthetic versions of the podcasters’ own voices.

This grab bag of updates shows just how fast OpenAI is spinning its experimental models into desirable products. OpenAI has spent much of the time since its surprise hit with ChatGPT last November polishing its technology and selling it to both private consumers and commercial partners.

ChatGPT Plus, the company’s premium app, is now a slick one-stop shop for the best of OpenAI’s models, rolling GPT-4 and DALL-E into a single smartphone app that rivals Apple’s Siri, Google Assistant, and Amazon’s Alexa.

What was available only to certain software developers a year ago is now available to anyone for $20 a month. “We’re trying to make ChatGPT more useful and more helpful,” says Jang. A new kind of machine-learning model is set to improve automated decision making in finance, health care, ad targeting, and more.

In last week’s demo, Raul Puri, a scientist who works on GPT-4, gave me a quick tour of the image recognition feature. He uploaded a photo of a kid’s math homework, circled a Sudoku-like puzzle on the screen, and asked ChatGPT how you were meant to solve it. ChatGPT replied with the correct steps.

Puri says he has also used the feature to help him fix his fiancée’s computer by uploading screenshots of error messages and asking ChatGPT what he should do. “This was a very painful experience that it helped me get through,” he says.

ChatGPT’s image recognition ability has already been trialed by a company called Be My Eyes, which makes an app for people with impaired vision. Users can upload a photo of what’s in front of them and ask human volunteers to tell them what it is. In a partnership with OpenAI, Be My Eyes gives its users the option of asking a chatbot instead. “Sometimes my kitchen is a little messy, or it’s just very early Monday morning and I don’t want to talk to a human being,” Be My Eyes founder Hans Jørgen Wiberg, who uses the app himself, told me when I interviewed him at EmTech Digital in May. “Now you can ask the photo questions.”

OpenAI is aware of the risk of releasing these updates to the public. Combining models brings whole new levels of complexity, says Puri. He says his team has spent months brainstorming possible misuses. You cannot ask questions about photos of private individuals, for example.

Jang gives another example: “Right now if you ask ChatGPT to make a bomb it will refuse,” she says. “But instead of saying, ‘Hey, tell me how to make a bomb,’ what if you showed it an image of a bomb and said, ‘Can you tell me how to make this?’” “You have all the problems with computer vision; you have all the problems of large language models. Voice fraud is a big problem,” says Puri. “You have to consider not just our users, but also the people that aren’t using the product.”

The potential problems don’t stop there.

Adding voice recognition to the app could make ChatGPT less accessible for people who do not speak with mainstream accents, says Joel Fischer, who studies human-computer interaction at the University of Nottingham in the UK. Synthetic voices also come with social and cultural baggage that will shape users’ perceptions and expectations of the app, he says. This is an issue that still needs study. But OpenAI claims it has addressed the worst problems and is confident that ChatGPT’s updates are safe enough to release. “It’s been a remarkably good learning experience getting all these sharp edges sorted out,” says Puri.

06 NEWS

ARAB COUNTRIES CONDEMN ‘FLAGRANT VIOLATIONS’ IN TARGETING CIVILIANS IN GAZA

T

Friday, 27 October, 2023 | LAHORE

DUBAI

Agencies

HE United Arab Emirates, Jordan, Bahrain, Saudi Arabia, Oman, Qatar, Kuwait, Egypt and Morocco on Thursday condemned the targeting of civilians and “flagrant violations of international law” in Gaza which has been under heavy Israeli bombardment. The foreign ministers of the Arab countries said that Israel’s right to self-defence after a devastating Oct. 7 attack by Hamas fighters did not justify neglecting Palestinians’ rights.

Palestinians in Gaza said Israeli air strikes had pounded the territory again overnight and people living in central Gaza, near the Bureij refugee camp and east of Qarara village, reported intensive tank shelling all night.

“We emphasize that the right to self-defence

… does not justify flagrant violations of international law and international humanitarian law, or the deliberate neglect of the legitimate rights of the Palestinian people,” the foreign ministers said in their statement.

They also condemned forced displacement and collective punishment in Gaza and emphasized that “the absence of a political solution to the Palestinian-Israeli conflict has led to repeated acts of violence and suffering for the Palestinian and Israeli peoples and the peoples of the region”.

The ministers emphasized the need for a twostate solution, ensuring the establishment of “an independent, sovereign, contiguous and viable Palestinian state on the pre-June 4, 1967, lines, with East Jerusalem as its capital”.

Both the West Bank and East Jerusalem were captured by Israel in the 1967 Arab-Israeli war.

Family of Al Jazeera journalist killed in Gaza strike GAZA

Agencies

The family of an Al Jazeera journalist have been killed in an Israeli strike on Gaza, the Qatar-based network said in a statement as war rages between Israel and Hamas. Al Jazeera said the wife and two children of its Arabic-language channel’s Gaza correspondent Wael Al-Dahdouh were killed in a strike on the Nuseirat refugee camp in the Gaza strip. “The Al Jazeera Media Network extends its sincere condolences and sympathy to our col-

Vitality of China-US relations lies in sub-national areas: Xi BEIJING

Agencies

Chinese President Xi Jinping stressed that China’s policy toward the US is consistent, which is mutual respect, peaceful coexistence and win-win cooperation, noting China will continue to work in this direction and hopes that the US will work with China in the same direction, when meeting with California Governor Gavin Newsom on Wednesday.

Experts said that such a high-level reception for Newsom shows that China attaches great importance toward building

stable and mutually beneficial ties with the US, and values its relationship with US states, as well as people-to-people friendship between the two countries.

The recent interactions between Beijing and Washington at various levels provide a window of opportunity for the two countries to stabilize ties that have been spiraling, and pave the way for higher level meetings in the future, experts said. But they also warned the opening will not last long, so if the US is eager to improve ties, it should take more concrete actions amid China’s sincerity before the window closes.

Xi met with Newsom, governor of the US

state of California, at the Great Hall of the People in Beijing on Wednesday. Noting that China and the US, as the world’s two largest economies, account for more than a third of the global economy and nearly a quarter of the world’s population, and bilateral trade accounts for about a fifth of the global total, Xi said the interests of both sides are closely intertwined.

Xi said that the achievements of China-US relations have not come easily and should be cherished all the more.

The foundation of China-US relations lies among the people, the hope is in the people, the future lies in the youth, and the vitality lies in sub-national areas, the president said. Xi noted that he highly values and supports exchanges across various sectors and sub-national cooperation between China and the US, and expressed the hope that Newsom’s visit will enhance mutual understanding and play

league Wael Al-Dahdouh on the loss of his family in an Israeli airstrike,” it said.

“The indiscriminate assault by the Israeli occupation forces resulted in the tragic loss of his wife, son and daughter, while the rest of his family is buried under the rubble.” Israel launched withering strikes on the narrow Palestinian territory in response to a massive crossborder attacks by Hamas militants on October 7 that Israeli officials say have killed more than 1,400 people. More than 220 people were taken hostage and are currently held in Gaza, Israel says.

a positive role in expanding cooperation between China and California and promoting the sound and steady development of China-US relations. China and the US enjoy great potential for cooperation in the fields of promoting green development and addressing climate change. The two sides should strengthen cooperation in this aspect and make it a new highlight in the development of China-US ties, said Xi. Newsom said that no other bilateral relationship is more important than the one between the US and China, and the US-China relationship is vital to the future of the US and bears on the well-being of its people.

Newsom said he is willing to push California to strengthen exchanges with China and seek closer cooperation in fields such as climate change and new energy. California is willing to be China’s long-term, stable and strong partner, he added. Chinese Foreign Minister Wang Yi also met with Newsom in Beijing on Wednesday morning.

The high-level reception received by Newsom signals that China has always attached great importance to its relationship with the US, hoping to build stable, mutually beneficial bilateral ties, Li Haidong, a professor at the China Foreign Affairs University, told the Global Times on Wednesday.

Israeli strikes have killed more than 6,500 people in Gaza, a rise of more than 700 since Tuesday, according to the Hamas-run health ministry. In images and footage run by Al Jazeera and shared on social media, Al-Dahdouh was shown mourning over the bodies of his wife and children at a hospital in Deir el-Balah in the southern Gaza Strip. Al Jazeera said the family were staying in a temporary home after evacuating Gaza City following Israel’s warning for residents to move south as its forces intensified strikes targeting Hamas.

Senator Mushahid condemns US double standards on Gaza LUANDA

stAff RepoRt

Leader of the Pakistan Parliamentary delegation Senator Mushahid Hussain to the annual conference of the Inter Parliamentary Union (IPU), condemned the Israeli war crime against the Palestinian people on Thursday and accused the Western world of ‘hypocrisy and double standards’. In his address, the senator at the general assembly of IPU, urged to counter the Islamophobia that is causing an increase in the amount of violence against Muslims. The IPU comprises 170 member parliaments, in which Pakistan has an active role as an elected member of the Executive Council, the Committee on Human Rights of Parliamentarians, and the Committee on Peace and Democracy. In his speech, Mushahid made three fundamental points.

First, he said that Palestinian resistance to illegal Israeli occupation was ‘justified under international law and the UN Charter’, as it was a natural reaction to 56 years of occupation and brutal Israeli practices, including the killing of innocents, the senator added. Secondly, he added that ‘western hypocrisy and double standards’ specifically from the United States are complicit in Israeli war crimes that opposed a ceasefire in Gaza that has escalated causalities. The senator added that the US has been supporting Israel in the carnage that has resulted in numerous bombings of hospitals, including Al Ahli Hospital, where more than 500 children were killed.

Friday, 27 October, 2023 | LAHORE

CHINESE, IRANIAN FIRMS AMONG 150 COS TO PARTICIPATE IN PAKISTAN AUTO SHOW-2023 nEws

CORPORATE CORNER

ISLAMABAD: Major Genral Staff Pilot Ibrahim Naseer Mohamed Al-Alawi, Commander of Air Force & Air Defence of UAE calls on Air Chief Marshal Zaheer Ahmed Baber Sidhu at Air Headquarters.

TCL Pakistan opens 4th flagship store

ORE than 150 companies including a number of Chinese firms and Iranian automotive parts manufacturers are set to participate in the Pakistan Auto Show which is to be held in Karachi from October 27-29.

The show will have participation from various associations across the country, such as APTMA and PASPEDA for the first time to encourage interaction between the different sectors of the economy.

Also, several Chinese firms and Iranian auto parts manufacturers are marking their debut in the exhibition while some eminent participants which will show-

case their innovations in the exhibition include Honda, SITECH, Crown Group, HACPL, and Ayesha Steel.

Besides, numerous governmental and trade entities such as Engineering Development Board, Ministry of Commerce, SMEDA, PASPIDA, GDA, TMA, PAK Wheel, Trade Key, GDA, Auto Mark, Industrial Magazine, and Time's Trade Directory have pledged active support and engagement in this significant endeavor.

“The show is themed around ‘Synergizing Pakistan’ and the aim of the show is to highlight the hidden assets of the country in terms of value addition and manufacturing,” said the Zain Shariq convener of Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM), the organizer.

166 connections disconnected in Punjab, kP and Islamabad; rs. 8.973m fine imposed

LAHORE

Pakistan's leading LED TV brand, TCL Pakistan, is delighted to announce the opening of its 4th flagship store in Lahore, located at Shadewal Chowk in Johar Town. Committed to providing local consumers with the utmost convenience and premium shopping experiences, TCL is celebrating this milestone with flat 10% Off - limited time offer on its latest range of Mini LED TVs, QLED TVs, UHD TVs, AC soundbars, and complimentary gifts.Majid Khan Niazi, Head of Marketing TCL Pakistan, expressed his enthusiasm for this significant expansion, saying, "We are thrilled to extend our footprint in Lahore with the opening of our new store in Johar Town. This expansion is a testament to our dedication to providing Pakistani consumers with top-notch electronics and home appliances.

FFC announces Q3-2023 results ISLAMABAD

staff report

Fauji Fertilizer Company Limited (FFC) announced its financial results for the quarter ended September 30, 2023 in its Board of Directors meeting held on October 25, 2023. The Company has earned a net profit of Rs. 22.21 billion for the period ended on September 30, 2023 and registered an EPS of Rs. 17.46 compared to Rs. 11.67 last year. The earnings in dollarized terms stood at USD 80 million compared to USD 75 million in the previous year. This achievement is attributable to various initiatives including Company’s continued drive for cost economization and efficiency optimization, especially in view of persistent high rates of inflation, financial cost and weak rupee.

Plant sites delivered urea output of 1,926 thousand tonnes, around 7% higher than last year mainly due to improved reliability of Company’s production facilities.

LAHORE

staff report

During the ongoing crackdown against gas pilferers, SNGPL continued raids in Punjab, Khyber Pakhtunkhwa and Islamabad, disconnecting another 166 connections while imposing fine of Rs. 8.973 million and 212 under billing cases processed In Lahore, the regional team disconnected 17 connections on illegal use of gas and another 1 on use of compressor, 4 Under billing cases have been processed and amount of Rs 6.07 booked against gas theives and under billing cases.

The team also lodged one FIR against gas theives.In Bahawalpur, the regional team disconnected five connections on use of compressor . The company disconnected 15 connections on illegal use of gas while another three on use of compressor,130 Under

billing cases have been processed and fine of Rs 0.28 Million imposed against gas pilferers in Multan. In Sheikhupura, 17 on illegal use of gas while one on use of compressor were disconnected by the region and 30 Under billing cases have been processed, amount of Rs 0.3booked against gas theives and Under billing cases.

In Peshawar, the company disconnected 60 connections on account of direct use of gas and illegal connections. The regional team also lodged 4 FIRs against gas thieves. The team also imposed fine of Rs 1.79 against gas theives.In Rawalpindi the regional team disconnected 25 gas connections and 13 Under billing cases have been processed .The team also lodged 2FIRs against gas thieves .In Mardan Five connections were disconnected against illegal use of gas while imposing fine of Rs 0.12million.

In Sialkot, the team imposed fine of Rs 0.093 against gas pilferes . The regional team in Gujranwala 17 under billing cases processed and 3 meters were disconnected on the use of compressor and 1 on illegal use of gas. The region also imposed fine of Rs. 0.21 million on gas theft and under billing cases.

Bank Alfalah records an impressive profit growth KARACHI

staff report

The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on October 26, 2023, approved the Bank’s financial results for the period ending September 30, 2023.

Bank Alfalah continued its growth trajectory during the third quarter. The Bank announced a profit after tax of PKR 27.252 billion, demonstrating a 93.4% increase year-on-year (YoY). The Earning Per Share (EPS) stood at Rs. 17.28 (Sep 22: Rs. 7.93).

The Bank’s deposit base closed at Rs. 1.821 trillion as at September 30, 2023, representing a 31.5% YoY increase. CA and CASA ratios stood at 41.0% and 70.6%, respectively. Our focus throughout the year remains on improving our deposit base while having customer-centricity at the forefront.

The Bank reported its advances at Rs. 708.228 billion while upholding robust credit discipline amid

challenging market conditions. The Bank has sufficient provision against non-performing loans with a coverage of 112.5%, including general provision.

The Bank remains adequately capitalised with CAR at 15.50% as at September 30, 2023, staying comfortably above the regulatory requirement.

Through a strategic vision, a customer-centric approach, dedication to innovation, and a holistic focus on our human capital, Bank Alfalah is poised to embrace the future and achieve sustainable success. Our foremost goal is to grow our market share, extend our footprint and deliver unparalleled services to our valued customers while expanding our reach to a broader audience. Responding to everchanging business dynamics, we are expediting our digital transformation journey. The Bank also opened Pakistan’s first ‘Digital Lifestyle’ branch in 2023 and is looking to further enhance our customers’ experience by accelerating digital adoption while leveraging our core competencies.

ogdcL donates 9 ambulances to district ghotki, demonstrating commitment to community welfare

Unveiling Excellence in Hospitality: J7 Group welcomes Radisson Hotel at J7 Emporium

ISLAMABAD

staff report

LAHORE

J7 Emporium held Ribbon Cutting Ceremony welcoming the Radisson Hotel Group and its Vice President Mr. Elie Milky along with his team. Mr. Elie was warmly welcomed by Chairman J7 Group Mr. Maqbool Hussain, CEO Mr. Yaseen Masud, Project Director J7 Emporium Mr. Saad Khan, other Directors and team members of J7 Emporium. Mr. Elie at the welcoming ceremony expressed his optimism and commitment to collaborating for the enhancement of hospitality services in Pakistan. In addition to it he also admired the construction of J7 Emporium and its Professional Team.

Demonstrating its unwavering commitment to community well-being, the Oil and Gas Development Company Limited (OGDCL) marked a significant milestone by distributing a new fleet of nine ambulances in District Ghotki, with a total value of PKR 18.00 million. This remarkable event was held at the Deputy Commissioner's Office in Ghotki.

As the foremost contributor to Corporate Social Responsibility (CSR) initiatives within Pakistan's corporate sector, OGDCL has embarked on a transformative journey to bolster healthcare infrastructure by donating a total of 100 ambulances to communities across the nation.

The event was graced by the presence of notable dignitaries, including Chief Minister Sindh Retd. Justice Maqbool Baqir, who served as the Chief Guest.

The Minister of Home Affairs and the Inspector General of Sindh also attended the occasion.

These newly donated ambulances, set to be immediately deployed, are expected to significantly en-

hance the emergency healthcare system. These ambulances will play a crucial role in reinforcing the referral system, a key component of achieving comprehensive health coverage. This is especially significant for individuals residing in remote or hard-toreach areas, as well as those who cannot afford transportation. Chief Minister Sindh, in recognition of OGDCL's outstanding efforts, expressed his appreciation and later officially handed over the 9 ambulances to the Deputy Commissioner and District Health Officer of Ghotki for distribution among the already nominated Rural Health Centers (RHC) and Basic Health Units (BHU) within the district.

oIccI launches 2nd Pakistan climate conference to propose solutions for Pakistan’s climate emergency KARACHI

staff report

The Overseas Investors Chamber of Commerce and Industry (OICCI) unveiled details for the Pakistan Climate Conference (PCC) 2023, scheduled to take place on November 1, 2023. This is the second consecutive year that the OICCI is organizing a multi-stakeholder dialog to propose collective solutions for Pakistan’s climate emergency. Starting from 2022, the Pakistan Climate Conference brings together national and international experts to identify and implement efforts needed to promote positive

He also shared that there will be Symposium about “Synergizing Pakistan” featuring prominent members of the academia and industry as panelists and presenters on the 28th.

“The aim of the symposium is for academics and intellectuals in the country to share their views on challenges and pathways for the manufacturing talent of the country to better position itself in the local and international markets,” said Zain Shariq.

He added that “PAAPAM believes that the automotive vendor sector is the strongest and most globally competitive manufacturing base in Pakistan, spanning every technology and material.

“Our members are already exporting engineering goods manufactured locally to the tune of $200 million across 57

gas theft crackdown

staff report

staff report

M

KARACHI

staff report

climate actions and reduce climate change impact in Pakistan.

The Pakistan Climate Conference will also address the mitigating efforts needed to prevent the recurrence of natural disasters such as the devastating floods of 2022. Those floods alone caused a significant devastation in the country, affecting at least 33 million people, displacing nearly eight million people, and resulting in 1,700 casualties.

The PCC 2023 will bring together global climate experts, policy makers and corporate decision-makers to share learnings and best practices to help Pakistan develop necessary policy and climate interventions.

Amir Paracha, President of OICCI, stressed the urgency of tackling climate risks in Pakistan, "In 2022, Pakistan bore the weight of a devastating loss, exceeding $30 billion, brought about by catastrophic floods. The ongoing threat of climate and environmental change poses a dire threat, potentially reducing Pakistan's GDP by 18-20% by 2050. These stark numbers underscore the urgent need for a proactive approach to develop a national effort to mitigate climate change.”

Rehan Shaikh, Vice President of OICCI, added “Pakistan has a considerable amount of work ahead of it to live up to its ambitious Nationally Determined Commitments (NDCs).

07

countries catering to various segments such as aftermarket auto parts, safety equipment, packaging, medical goods, engineered products and subcomponents.

“Based on the 21-22 industry data PAAPAM facilitates an import substitution saving of 4 billion USD annually.

The nation produced approximately 8 billion worth of vehicles across all segments against an import of only 4 billion USD,” He said.

It is pertinent to mention here that local auto parts manufacturing industry with 500,000 direct and 2.4 million indirect employment is among top five tax paying industry as its annual contribution is Rs 16 billion to the national exchequer while its contribution to foreign exchange is around $15 million. The exhibition is managed by Petrol Solution.

HBL’s profit for 9M’23 rises to Rs 83.5b, whilst serving clients through sustainable banking KARACHI

staff report

HBL today declared another record quarterly profit for Q3’23 with a profit before tax (PBT) of Rs 32.0 billion.

The Bank’s consolidated PBT of Rs 83.5 billion for the nine months of 2023 was 50% higher than the PBT for 9M’22. Despite continued excessive taxation on the banking sector, the Bank’s profit after tax (PAT) for 9M’23 grew by 82% to Rs 43.0 billion over the same period last year. Earnings per share for the first nine months were Rs 29.20 compared to Rs 15.95 for 9M’22.

Along with the results, the Bank declared an interim cash dividend of Rs 2.25 per share (22.50%). This is in addition to the Interim Cash Dividend already paid at Rs 3.50 per share (35%). HBL’s fortress balance sheet grew by 19% over December 2022 to cross Rs 5.5 trillion, on the back of robust deposit growth. Domestic deposits grew by more than Rs 400 billion over December 2022 and now stand at Rs 3.3 trillion; HBL’s total deposits reached ~Rs 4.0 trillion. During the quarter, domestic advances increased by 5%; even in the face of macroeconomic headwinds, Consumer loans grew by Rs 4 billion over December 2022, agriculture lending touched new highs and microfinance loans increased by 12%.

The impact of rising rates continues to flow through to asset prices; the average domestic balance sheet grew by Rs 433 billion, while net interest margins improved by 194 bps. This was well supported by substantially higher interest income from the international business. Consequently, HBL’s total net interest income grew by 53% to Rs 178 billion. Trade, consumer finance and cash management also made solid contributions, delivering high double-digit fee growth.

PTCL Group to Transform Optical Ultra Long-Haul Network to Deliver 15T Capacity using Nokia’s state-of-art technology ISLAMABAD

staff report

PTCL Group, a leading telecommunications service provider in Pakistan, has announced its collaboration with Nokia to transform its nationwide optical ultra long-haul network to deliver an astounding 15 Terabits per second (15T) capacity, setting a new benchmark for network scalability and performance in Pakistan. In addition, at a grand handshake ceremony during GITEX Technology Week 2023 in Dubai, Jafar Khalid, Group Chief Technology & Information Officer of PTCL & Ufone 4G; and Roque Lozano, Senior Vice President of Network Infrastructure, Nokia MEA, announced further strengthening of the two companies’ long-term strategic collaboration to explore future technologies and use-cases toward a sustainable future for the people of Pakistan. During previous years, PTCL Group had deployed Nokia’s cutting-edge CD-F (Colorless, Directionless, Flex-grid) technology on its network to efficiently manage nationwide transport traffic, followed by successful demonstration of 1 Tera per lambda in its Metro network. With the emergence of more bandwidth-hungry applications in recent years, PTCL Group is now preparing to introduce Pakistan's first 'commercial deployment’ of 400G per lambda on its ultra long-haul network, using Nokia’s latest CDC-F (Colorless, Directionless, Contention less, Flex-grid) technology and 1 Tera in metro layer using newer chipsets. Adoption of CDC-F technology will enable to transmit any of the components of optical signal in any color, in any direction, at any time, guaranteeing highest capacity and lowest latency. The technology will efficiently scale up PTCL Group’s transport network capacity, serving the evolving needs of corporate, consumer and carrier customers. It will enable secure and resilient networks that can stand against multiple and simultaneous network failures, guaranteeing premium connectivity even in the worst conditions generated by the natural disasters. It is also a scalable futuristic architecture that will cater to PTCL’s high bandwidth forecasts.

PAKISTAN’S ONLY ALUMINIUM CAN MANUFACTURER IS OFF TO A FLYING START. CAN THEY CONSOLIDATE?

Tuesday, 27 October, 2023

pRayeR timiNgS

NEWS

PROFIT

ZaiN Naeem

HERE was never any doubt about whether there was a market out there for Pakistan Aluminium Beverage Can Limited (PABC) or not.

If anything, there were questions over why they hadn’t been in the public eye earlier. In 2022, the company posted a profit after tax of Rs 2.71 billion. This was up by 72% compared to the previous year (2021) when it posted a profit of Rs 1.58 billion.

What would make the company even more hopeful is that it has only existed since 2017 and wasn’t listed on the Pakistan Stock Exchange (PSX) until 2021. The company made an Initial Public Offering (IPO) back in June 2021, raised around Rs 4 billion in their book building process, and in October 2022 amped up production capacity by over 26% from 700 million cans a year to over 950 million cans.

So how does a company that is only six years old list itself on the stock exchange within four years and turn out increasingly massive profits two years in a row? For starters, the PABC was filling a gap in the market that everyone had somehow missed

or ignored for more than six decades. Soft drinks have been available in Pakistan since the 1950s in glass bottles and aluminium cans have been around since the 1970s albeit imported. The 1990s even saw factories being set up to process the filling of aluminium cans but still nobody seemed to have the bright idea of manufacturing the cans themselves.

This is despite the fact that Euromonitor

Telenor to make crucial futuristic decision in Pakistan by year-end g

ZUHR

ASR MAGHRIB ISHA

1:30

4:00

6:13

5:20

7:15

Company posted a profit of Rs2.71b in 2022 — an increase of more than 72%. But what are challenges they face as they look to charge ahead?

T g

FAJR SUNRISE

5:30

Company faces three principal choices: merger, a sale, or shift to different operational model PROFIT

NewS DeSk

Telenor, one of Norway’s leading telecommunications operators, is on the brink of making a crucial decision regarding the future of its operations in Pakistan. CEO Sigve Brekke revealed on Wednesday that the company is actively exploring multiple strategic options and is aiming to reach a resolution before the year’s end. “We are in contact with many parties now, which is why I say I’m rather optimistic that we will, by the end of the year, have a final solution,” Brekke stated, reflecting the urgency and commitment Telenor is showing toward its Pakistan business. Telenor currently faces three principal choices: a merger, a sale, or a shift to a different operational model.

These options are part of a broader strategy Telenor has been implementing in various parts of its Asian business operations. Federal IT and Telecom Secretary, Hassan Nasir Jamy, emphasized the government’s commitment to facilitating the growth of the telecom sector during a meeting with Telenor Group Head of Asia, Borre Furberg. Jamy highlighted the government’s support for the telecom sector, emphasizing the efforts to provide maximum facilities for its development. Furthermore, Jamy revealed that the caretaker IT Minister, Dr. Umar Saif, had shown a special interest in promoting the IT and telecom sector in Pakistan. These actions by the government are expected to create a more conducive and cost-effective environment for telecom companies operating in Pakistan.

International puts the size of Pakistan’s soft drinks market at 3.8 billion litres per annum.

It expects the market to grow at a five-year annualised rate of 7% to reach 5.3 billion litres in 2025 on the back of rising purchasing power, urbanisation and favourable demographics.

It was only in 2017 that PABC was created and took the untapped market in their own hands. And now it seems that the gam-

ble could prove even more lucrative than initially imagined. A recent report of JS Global has indicated that the company has seen “stronger than expected” export growth from new markets and new customers. There has also been an earlier than expected recovery in domestic sales, and the declining parity of the rupee with the dollar has meant increased earnings through exports. As a result of this JS Global’s report gives the PABC a Buy Rating of 70.

But what does that mean for the company? And is it going to be the next big thing?

THE ORIGIN STORY : Set up as a collaboration between Ashmore Investment Management Limited, Liberty Group and Soorty Enterprises, the company started its operations in 2017. It is the first and only company which is involved in the manufacturing of aluminium beverage cans in the country. Currently the company is held by Liberty Group and Soorty Enterprises, an associate company, with 74% of the shares.

It’s startling that the first local production of aluminium cans only began in 2017roughly 60 years after soft drinks were first marketed in Pakistan. Until then, bottlers in Pakistan and Afghanistan were dependent on

expensive imports to package their beverages in environment-friendly aluminium cans.

And then in comes the Pakistan Aluminium Beverage Cans Ltd (PABC). Better late than never, the company has constantly been reaping profits. Just three years after its formation, PABC sought an initial public offer (IPO) on the Pakistan Stock Exchange (PSX). The company planned on raising at least Rs 3.3 billion by offering a 26% stake to institutional and ordinary investors.

PABC supplied to the bottlers of all major carbonated drinks, including PepsiCo and Coca-Cola, in both Pakistan and Afghanistan. Exports to Afghanistan constituted 35% of the company’s sales in 2020.

From its inception in 2017 to expansion in 202, PABC had grown its revenue at an annualised rate of 18.7%. In the third full year of its operation (2020), the company’s net profit amounted to Rs 610.7 million, up 314% from 2019. The company made sales of around 14 billion in FY 2022 which was a 96% increase from the sales of Rs. 7 billion in 2021. Due to the pressure in international commodity prices, the company did see its gross margins fall from 39% to 35%.

Suzuki rebuffs speculation of slashing prices as Haval takes plunge on cutting prices PROFIT

DaNiyal ahmaD

The month of October is poised to witness a flurry of pricing decisions in Pakistan’s automotive industry. Hot on the heels of Hyundai and Honda, and closely following Toyota, Suzuki and Haval have made their own pricing announcements. The former has vehemently denied rumours that it had slashed its prices, whilst the latter has gone ahead and reduced prices from Rs 3.5 lakh to Rs 4 lakh across its portfolio.

Let’s start with Suzuki.

“The news with reference to reduction of prices of Suzuki vehicles are totally and completely wrong and fake. At present Suzuki has not reduced the price of any vehicle,” stated Shafiq Ahmed Shaikh, Head of Public Relations at Suzuki. When queried about the source of the whispers of the price decreases, Shafiq replied by saying that “we also learnt of this through the media”.

The notification Shafiq is referring to went viral on social media suggesting that Suzuki had cut the prices of all of its vehicles from anywhere between Rs 42,000 to Rs 1.1 lakh. According to the spurious notification, the whole Bolan line witnessed its prices slashed by Rs 42,000, the Alto saw price reductions of Rs 50,000 to Rs 75,000, the Wagon-R experienced reductions in the range of Rs 75,000 to Rs 85,000, the Cultus underwent reductions between Rs 85,000 to 95,000, and finally the Swift enjoyed

g

Haval slashes prices up to Rs4 lakh, whilst Suzuki stays its ground

its prices slashed in the range of Rs 95,000 to Rs 1.1 lakh.

In contrast to Suzuki, Haval has trimmed the prices of its entire H6 portfolio by Rs 4 lakh and its Jolion by Rs 3.5 lakh. The company has attributed the reduction to the Rupee’s appreciation in the foreign exchange market.

Haval’s decision is a bit of an oddity in the sense that its lineup of vehicles are part of the very few vehicles not trading at markdown rates in the secondary market. Looking across the aisle in terms of price reductions, most manufacturers have reduced the prices of their vehicles in line with the prices they retail for in the secondary market. “We are an honest and transparent company that values our customers and their hard-earned money.

We cannot speak for other brands, but you can compare the difference in the price reductions. Our duty is to our end users and as such we have passed on the maximum benefit to them,” asserts Ammar Hameed, Director at Sazgar Engineering. Haval’s decision coincides with the day the company posted a record-breaking quarterly profit of Rs 659 million. “Alhamdulillah, the response for Haval has been phenomenal and people are extremely satisfied with the quality of our vehicles,” Hameed remarks when questioned about Haval’s quarterly results for the first quarter of fiscal year 2024.

FM Jilani, Kyrgyz President discuss bilateral cooperation

ISLAMABAD: Pakistan and Kyrgystan have expressed a mutual desire to build stronger economic, political, and educational relations. Foreign Minister Jalil Abbas Jilani called on President of Kyrgyzstan Sadyr Zhaparov in Bishkek. The Kyrgyz President said Kyrgyzstan is interested in developing cooperation in bilateral and multilateral formats. He emphasized great opportunities for increasing the volume of mutual trade between the countries. The foreign minister also had meeting with his Kyrgyz counterpart wherein two sides agreed on a mechanism to enhance the bilateral political, economic, and connectivity relationship. Meanwhile, The Foreign Minister also met the SCO Secretary-General Zhang Ming and discussed areas of critical and practical cooperation, including connectivity, poverty alleviation, energy and others. The Foreign Minister reaffirmed Pakistan’s commitment to Shanghai Spirit for Regional Development and a shared future. The SCO Secretary General assured full support during Pakistan’s chair of the Council of Heads of Government. Staff RepoRt

LHC rejects millers’ plea for larger bench on sugar pricing

LAHORE: A division bench of the Lahore High Court on Thursday rejected the request of sugar mills owners for formation of a five-member larger bench on the matter of fixing price of the commodity by the Punjab government. The bench announced its verdict reserved on the petition of sugar millers who challenged a Punjab government notification of July 28.

According to the decision, the division bench would continue to hear millers’ petition. The bench would resume hearing on Oct 30, it added. It may be recalled that the food department had on July 28 issued the Punjab Foodstuffs (Sugar) Order 2023 empowering the cane commissioner to fix the ex-mill price of sugar after hearing the representative body of the millers. Staff RepoRt

CONTINUED ON PAGE 03

Published by Asad Nizami at Qandeel Printing Press, 4 Queens Road, Lahore, for PT Print (Pvt) Limited. Ph: 042-36300938, 042-36375965. Email: newsroom@pakistantoday.com.pk