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Rs 15.00 | Vol XIV No 195 I 8 Pages I Islamabad Edition
COURT TO INTERVENE IF ECP COMMITS ANY UNCONSTITUTIONAL ACT: CJP ECP’S CHALLENGE TO PHC DECISION ON PTI’S ELECTORAL SYMBOL’
PTI’S HAMID QUESTIONS MAINTAINABILITY OF PLEA, SAYING ECP APPEAL HAS NO LEGAL GROUND TO BE HEARD
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BOTH ECP, AND PTI COUNSELS SEEK TIME TILL TODAY TO PREPARE FOR PRESENTING ARGUMENTS
STAFF REPORT
HIEF Justice of Pakistan (CJP) Justice Qazi Faez Isa on Friday observed that regulating political parties is the job of the Election Commission of Pakistan (ECP) and the court will not interfere in its domain. However, if ECP commits any unconstitutional act then the court can look into it. Chief Justice of Pakistan (CJP) Justice Qazi Faez Isa made the remarks while hearing the Election Commission of Pakistan’s (ECP) appeal against the Peshawar High Court (PHC) verdict restoring the Pakistan Tehreek-e-Insaf’s (PTI) electoral symbol — bat. The apex court’s bench, led by Chief Justice Qazi Faez Isa, comprising Justice Muhammad Ali Mazhar and Justice Musarat Hilali. The proceedings of the case are being broadcast live on the SC website and YouTube channel. ECP counsel Makhdoom Ali Khan and other legal team members were present in the court as the hearing started. PTI Chairman Barrister Gohar Ali Khan, Hamid Khan, Shoaib Shaheen, PTI Chief Election Commissioner Niazullah Niazi were also present. Barrister Ali Zafar joined the proceedings through video link from Lahore Registry. The ECP can file a review on appeals else there will be no worth of its decisions, the CJP remarked and added if the argument of PTI is accepted then questions will also be raised on its appeal in Peshawar High Court. The CJP Isa asked the ECP’s counsel Makhdoom Ali Khan whether the PHC’s written order had been issued or not, to which the latter replied that not yet. The lawyer then read out the PHC order that restored the PTI’s ‘bat’ symbol. He said that the ECP had not yet received “any notice” of the PHC order, to which the chief justice said, “I have not read the case file either.” The top judge asked Makhdoom Ali Khan when he would be ready to present the case, at which the counsel urged the SC to adjourn the hearing till Monday. Makhdoom further said that the political parties would be allotted electoral symbols tomorrow. Hamid Khan took the stance that his client had not received any notice as yet. The CJP said he had not
My only fault is saying absolutely not: Imran ISLAMABAD
STAFF REPORT
Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan’s lawyer, Naeem Haider Panjutha, quoted his client as saying that he was paying the price for unequivocally stating “absolutely not”. In an interview with Jonathan Swan of ‘Axios on HBO’ in 2021, Imran, who was prime minister at that time, had said that Pakistan would “absolutely not” allow any bases and use of its territory for any sort of action inside Afghanistan. “Absolutely not. There is no way we are going to allow any bases, any sort of action from Pakistani territory into Afghanistan. Absolutely not,” he had said. The term attained iconic status, emerging as a talking point among his supporters, particularly in the realm of social media discussions. “My only fault is saying absolutely not. I was told that I would be charged under the Official Secrets Act, but I stood my ground for genuine freedom,” Panjutha quoted Imran as saying after meeting him in Adiala Jail in Rawalpindi. Panjutha shared details of his conversation with Imran Khan, quoting the PTI leader as saying that small thieves do not face any punishment, while big thieves are given a clean chit. “There is no case against those who conspired. In contrast, the one who exposed the conspiracy is being punished,” he added. Imran said that Aun Chaudhry, a former close confidante, is being presented as a witness. “The people who are trying to keep us away from elections are being presented as witnesses. What significance does such a testimony hold,” he questioned. On Toshakhana case, Imran was quoted as saying: “Our requests related to the Toshakhana case have been pending in the high court for 12 months. Neither are our requests being withdrawn nor are the cases proceeding.” Imran Khan said that Pakistan Muslim League-Nawaz (PML-N) supreme leader Nawaz Sharif has effectively ended his political career.
Fazl terms meeting with Taliban supreme leader a ‘successful’ endeavor ISLAMABAD
STAFF REPORT
gone through the case file as yet. The CJP then asked Hamid Khan how much time he needed to advance his arguments in the case. Hamid Khan said he would be ready to present argument by Monday. The ECP counsel prayed to the court to let the commission allot election symbols on Saturday. The CJP remarked that in case of proceedings in the case to start on Monday, the court will have to suspend the PHC decision. He then said the court was ready to conduct hearing of the case even on Saturday and Sunday. Hamid then sought time till Saturday to prepare himself for the case. The ECP took the stance that PTI held its last intra-party polls in 2017. The party was bound to hold election in 2022. The ECP issued notice to the PTI for not conducting polls as per party constitution. As the CJP inquired about notification of the chief election commissioner for party’s elections, Hamid stated that he needed some time to furnish the required documents. He then requested the court to hear first arguments regarding maintainability of the ECP appeal. He said he
would give arguments that ECP appeal had no legal ground to be heard. The PTI counsel maintained that ECP could not file appeal in the Supreme Court. Only the affected party could go to the apex court and the ECP had no legal grounds to approach the court itself. The CJP asked should the ECP not defend its decision. The PTI counsel then asked could any judge file an appeal to the higher court against any verdict issued against his court. The ECP lawyer then sought time till Saturday (tomorrow) to prepare for the case. PHC VERDICT: Pakistan Tehreek-e-Insaf (PTI) Wednesday got back ‘bat’ as its election symbol after the Peshawar High Court (PHC) nullified the Election Commission of Pakistan’s (ECP) order to strip the party of using the ‘bat’ symbol. Pakistan Tehreek-e-Insaf moved Peshawar High Court to challenge the Election Commission of Pakistan’s (ECP) decision declaring the intra-party election as null and void and revoking their electoral symbol “bat”. A two-member Peshawar High Court (PHC) bench comprising Justice Ijaz Anwar and Justice Arshad Ali announced the verdict.
Another resolution lands in Senate, seeking 3-month delay in polls ISLAMABAD
STAFF REPORT
With the February 8 general election less than a month away, a fresh resolution was tabled on Friday in the upper house of the parliament seeking the elections be postponed for three months. On January 5, a thinly-attended session of the upper house of parliament had become the talk of the town after it adopted a resolution, albeit a non-binding one, seeking the postponement of the general elections over security and bad weather concerns. The widely panned resolution, which was not initially scheduled for discussion, was introduced by independent Senator Dilawar Khan and received support primarily from Balochistan Awami Party (BAP) senators. However, it also appeared to have the tacit support of some other parties, and the absence of lawmakers from mainstream political parties raised several questions. PPP Senator Bahramand Tangi not only kept silent at the time of the voice vote, but also delivered a speech stressing the need for peace before polls. He was later issued a
show-cause notice by his party for deviating from its policy. The passage of the resolution was subsequently condemned by politicians and lawyers, who termed it a “conspiracy against democracy” and asserted that polls be held on time. Subsequently, another resolution was submitted in the Senate by Senator Mushtaq Ahmed Khan, emphasising the need to adhere to “constitutional requirements” and ensure the timely conduct of the polls. Further, senators belonging to the PTI, PPP and Jamaat-i-Islami on Thursday requisitioned a session to discuss the timely conduct of free and fair polls. PTI Senator Syed Ali Zafar submitted the requisition notice, signed by lawmakers from the three political parties, advocating for holding general elections on February 8. Today, independent Senator Hidayatullah submitted a resolution in the Senate Secretariat, which stated that the upper house of Parliament had taken note of an increase in attacks targeting candidates. It said that an increase in terrorist and armed attacks in the country, specifically in Waziristan,
Bajaur, Swabi and Turbat, had led to an elderly politician being injured and the death of a candidate. “This has created an atmosphere of fear and lack of security in the country,” the resolution said. It went on to say that threatening pamphlets were being sent to candidates’ homes and election officers. “The upper house of Parliament recognises that holding general elections is a constitutional duty. “Where the Constitution emphasises that elections must be free and fair, it also ensure the fundamental right of protecting people’s lives and property,” it said. It highlighted Article 9 (right to security of person) of the Constitution, saying that it stated that it was the state’s primary responsibility to protect people’s lives and property. The resolution urged the Election Commission of Pakistan and the Supreme Court to delay general elections for three months due to current security challenges. During this time, the resolution said, the government should focus on creating an environment which guaranteed a level-playing field for all political parties and candidates.
Jamiat Ulema-i-Islam Fazl (JUI-F) chief Maulana Fazlur Rehman on Friday confirmed he met Taliban supreme leader Haibatullah Akhunzada and held “comprehensive and inclusive talks” on all issues. The JUI-F chief has become the second prominent figure to meet the Taliban chief following the Qatari prime minister’s meeting with him in Kandahar last year. Fazl had travelled to Kabul on Sunday along with an 11-member delegation on the Afghan interim government’s invitation after the JUI-F chief conveyed his desire to visit Afghanistan to discuss issues that had been souring ties between the two countries. During his visit, Fazl, who undertook the trip in the middle of a hectic election campaign, met key Taliban leaders, including the Afghan prime minister. It was his first trip to Afghanistan since the Taliban’s assumption of control following the US withdrawal in 2021. In an interview with Afghan National Radio and Television today, which will be aired on Saturday, Fazl confirmed meeting the Taliban chief. The interview was conducted in Kabul hours before the JUI-F chief wrapped up his six-day trip to Afghanistan, which the JUI-F has described as “highly successful”. When asked about his earlier remarks that he would travel to Kandahar to meet Akhunzada, Fazl said, “We were in contact with them for this purpose. They positively responded to us. We received their full support and I am thankful to him.” To another question regarding his meeting with the Taliban chief, he said: “Of course. I am not making hollow claims.” “We discussed all issues between the two countries,” Fazl said. “The purpose of my visit was that we do not confine ourselves to only one issue. We held comprehensive and inclusive talks. We covered all issues and exchanged suggestions for cooperation in all fields. They endorsed our stance in a very proper way,” the JUI-F chief added. Separately, in a statement on social media platform X today, the JUI-F media cell said Fazl held meeting meetings with Afghan Deputy Prime Minister Abdul Ghani Baradar, Defence Minister Mullah Yaqoob Mujahid, Interior Minister Sirajuddin Haqqani and Refugee Minister Khalil ur Rehman Haqqani.
Massive protests break out in Yemen after US-UK attacks
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REUTERS
Tens of thousands of Yemenis gathered in several cities on Friday to hear their leaders condemn US and British strikes on their country in response to attacks by Houthi fighters on Red Sea shipping. The US and Britain carried out dozens of air strikes on Houthi military targets overnight, widening a wave of regional conflict unleashed by Israel’s war in Gaza. “Your strikes on Yemen are terrorism,” said Mohammed Ali Al-Houthi, a member of the Houthi Supreme Political Council, referring to the United States. “The United States is the Devil.” After Gaza’s Hamas rulers attacked Israel on Octoer 7, triggering Israel’s assault on Gaza, the Iran-aligned Houthis began attacking shipping lanes and firing drones and missiles towards Israel, saying they would not stop until Israel’s offensive stopped. The Houthis, who rule much of Yemen, said they would target all ships heading to Israel, more than 1,000 miles away, and warned international shipping companies against using Israeli ports. The Houthis are one of several groups in the Iranaligned “Axis of Resistance” that have been taking aim at Israeli and US targets since their Palestinian ally Hamas killed more than 1,200 people in Israel on Oct. 7. The groups hold the US, Israel’s closest ally, partly responsible for the crisis and the scope of Israel’s massive response.
Faraz, Gandapur sideline senior PTI leadership in award of tickets in KP INFIGHTING OR VESTED INTEREST ISLAMABAD
SALEEM JADOON
The new leadership of Pakistan Tehreek-eInsaf (PTI) is under strong criticism from the party's second and third tier leadership in award of party tickets, for [once again] ignoring the party loyalists who stood their ground in the face of extreme pressure and brutal repression. Informed sources in the PTI, requesting anonymity, told daily Pakistan Today that the party's most loyal leaders including Asad Qaisar, Ali Mohammad Khan, Atif Khan, Shahram Tarakai, Shah Farman and Shehryar Afridi were totally ignored in award of party tickets for KP Assembly. "Rather only a few individuals decided the party tickets in “blatant violation” of the
principles set by party's founding chairman Imran Khan. Shibli Faraz and Ali Amin Gandapur led the party tickets distribution process while Omar Ayub Khan and Ali Asghar Khan were also a part of the group," said a well-informed source. Another source said that Imran Khan had given clear directions to the party leadership including Barrister Gohar Khan to take onboard Ali Mohamad Khan, Shehryar Afridi, Atif Khan and Asad Qaisar etc who better understood the party cadre but all the advice were ignored on behest of Shibli Faraz and Ali Amin Gandapur who prevailed over the new leadership. "Gandapur neither awarded party tickets to Asad Qaisar, Atif Khan and Tarakai for KP Provincial Assembly, for the fear of being
the potential candidates if the party comes into a position to form government in Khyber Pakhtunkhwa (KP) Assembly after the elections. He refused them tickets claiming that the party chief Imran Khan had asked not to award party tickets to anyone contesting for National Assembly and Provincial Assembly simultaneously," the source said. The source said it was interesting to note that while this rule was applied to deny KP Assembly tickets to Atif Khan, Asad Qaisar and others, Gandapur was awarded party tickets for both the National and Provincial Assembly simultaneously. "Not only Ali Amin Gandapur was awarded tickets for both the national and provincial assembly, his brother was also awarded tickets for national and provincial
assembly constituencies," the source added. Moreover, the source said that the new leader Sher Afzal Marwat was also sidelined and was not included in the consultation process despite the fact that it was one and only Marwat who had raised the party flag when entire party leadership was either underground or arrested. "Sidelining Marwat is a great disservice to the party which would haunt the party for a long time. Ignoring such a man who has been the iconic figure and raised party flag high when entire party leadership had either been arrested or had gone into hiding is very unfortunate," the source added. The source said that the party had been hijacked by a “coterie of compromised people.” Some party workers are again blaming
Gandapur for selling party tickets despite the fact that party's loyalist workers are facing worst sort of crackdown. "I fear that this all may prove to be detrimental for the party and the morale of the party's rank and file may again get affected," the source maintained, adding that the party leadership was yet to digest how Shibli Faraz had managed to avoid arrest in most critical times of the party and its workers. This scribe made repeated attempts to contact PTI leaders – Shibli Faraz, Ali Amin Gandapur, and Information Secretary Maoof Hasan to seek their comment on the issue but to no avail. Similarly, Asad Qaiser, Atif Khan and Shehram Tarakai were contacted on their cell nos but all attempts remained fruitless.
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NATIONAL CREDIT GUARANTEE COMPANY LAUNCHED TO BOLSTER FINANCIAL ACCESSIBILITY FOR SMES
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Saturday, 13 January, 2024 | ISLAMABAD
NEWS
NCGCL will prepare financial products for 1.5m SMEs PROFIT
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HE government has launched the National Credit Guarantee Company Limited (NCGCL) in a move to enhance the financial accessibility for Small and Medium Enterprises (SMEs). The NCGCL, a collaborative venture between the Government of Pakistan and Karandaaz Pakistan, aims to revolutionise the SME sector by broadening the avenues
for finance. Addressing the launching ceremony on Friday, the caretaker Finance Minister Shamshad Akhtar expressed her optimism about the NCGCL’s capacity to transform the SME landscape through widespread financial access. She said that the company is set to establish a framework that will address market challenges faced by SMEs, preparing financial products for an estimated 1.5 million SMEs, with a market size exceeding PKR 3.7 trillion.
The NCGCL’s strategy includes partnering with financial institutions to ensure the consistent availability of credit, thereby facilitating the SMEs’ growth and development. With SMEs accounting for approximately 40% of Pakistan’s GDP and employing 80% of the non-agricultural labor force, the sector represents a vital component of the economy, particularly for the lower-income groups. The establishment of the NCGCL is heralded as a landmark institutional reform, aimed at invigorating the SME sector, which
has been impeded by insufficient investments. This initiative is expected to pave the way for sustainable economic growth and development in Pakistan. Earlier, the Senate Standing Committee on Industries and Production, during its meeting on January 11, extensively delved into the role and impact of SMEs, shedding light on their pivotal economic significance. The standing committee disclosed that Pakistan has 5.2 million Small and Medium Enterprises (SMEs), constituting a robust 40% contribution to the GDP. The committee scrutinised the operations of the Small and Medium Development Authority (SMEDA), where
SIFC proposes measures to save Rs149bn in federal spending g
Decision involves dropping 76 provincial projects worth Rs121b, freezing expenditure on parliamentarians’ schemes PROFIT
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The Special Investment Facilitation Council (SIFC) has proposed significant budgetary measures to save Rs 149 billion in federal spending. According to a report by Express Tribune, this decision involves dropping 76 provincial projects valued at Rs 121 billion, freezing further expenditure on parliamentarians’ schemes and the Prime Minister’s
initiatives, and prioritizing projects in the least developed districts. Despite these cuts, the federal government will continue to fund 247 provincial projects, requiring an estimated Rs 800 billion in the coming years to see them to completion. The original plan to transfer all 323 provincial projects, totaling Rs912 billion, to provincial governments was met with resistance, leading to the current compromise. The SIFC has also frozen further
Pakistan to repay over $27b in foreign debt within a year
funding for parliamentarians’ schemes and prime minister’s initiatives, known as the Sustainable Development Programme (SDGs), saving an additional Rs 28 billion. Moreover, spending on six prime ministerial schemes has been halted, conserving Rs55 billion more. A summary of these decisions will be presented to the National Economic Council (NEC) for final approval. The SIFC’s recommendation to transfer projects with minimal spending to the
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KSE-100 Index settles only 20 points high from previous close PROFIT
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PROFIT
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The State Bank of Pakistan (SBP) has recently disclosed that Pakistan has to repay foreign debt amounting to $27.47 billion by November 2024. This repayment includes both the principal loans and interest costs. A detailed analysis of the SBP data reveals that from December 2023 to November 2024, Pakistan is obligated to repay $23.83 billion in foreign debt and an additional $3.64 billion in interest payments. The bank’s latest update, issued on Wednesday, said that $4.29 billion in debt and interest costs had to be paid in December 2023 alone. As per the repayment schedule, Pakistan must fulfill payments of $3.47 billion in January and February, and a further $19.71 billion is due from March to November. Economic experts think that Pakistan will require another IMF loan program to ensure the smooth repayment of its debts following the conclusion of the current standby arrangement in March 2024. The payments due are marginally higher than the average forecast of $2022 billion for the next 12 months. The interim finance minister, Shamshad Akhtar, had previously indicated in November of the last year that Pakistan’s fragile economy might necessitate continued borrowing from the IMF. The anticipated next IMF loan program is expected to provide a critical safety net to bridge the projected current account deficit. In December 2023, SBP Governor Jameel Ahmad stated that Pakistan was scheduled to pay $24.6 billion in foreign debt and debt servicing by the end of June 2024.
Bomb blast near Bajaur district leaves two injured BAJAUR
Staff RepoRt
As many as two individuals sustained injuries in a bomb blast that occurred in Utman Khel, a subdivision located in Bajaur District, Khyber Pakhtunkhwa (KP) on Friday. According to the initial reports, a bomb blast was reported from Bajaur district leaving two individuals injured including a woman. Meanwhile, the rescue officials shifted the injured to the nearby hospital where the doctors termed their condition, out of danger. Last week, at least five policemen were martyred and 13 were injured Monday in an IED bomb blast targeting cops’ vehicle in the Bajaur district in KP. According to rescue officials, the blast took place in the Mamund area of Bajaur. The policemen were going to provide security to polio vaccination teams when their vehicle was targeted with an IED bomb. The bodies and injured were moved to the hospital, where an emergency was declared, they added. A nationwide anti-polio drive of varied duration has begun to administer vaccine drops to children under five years of age. During the campaign, Polio teams of the health department will go door to door in all 159 districts of the country. In Punjab, during a week-long polio campaign over twenty-three million children will be administered polio drops.
provinces will also be considered by the NEC. The SIFC has prioritised the completion of provincial projects with over 80% financial progress within the current fiscal year, while no further federal PSDP funding will be allocated from the next fiscal year. The council has granted permission to complete 38 projects in the least developed districts, requiring an additional Rs65 billion. However, the remaining Rs28 billion allocated for parliamentarians’ schemes will not be released, following the PDM government’s expenditure of Rs61 billion before its term ended.
Stocks at the Pakistan Stock Exchange (PSX) failed to maintain intraday gains on Friday and settled with a mere 20.07 points up from the previous close. According to the PSX website, the KSE-100 Index reached 65,356.85 as of 10:29 am, marking an ascent of 732 points or an increase of 1.17%. At 02:00 pm, when the trading session was suspended for a short period, the index was hovering at 65,093.24, with an increase of 475.68 points or 0.74% high. But, bulls could not sustain their momentum and retracted to 64,637.63 level, gaining only 20.07 points or 0.03% as compared to the previous close of 64,617.57 points. During the intraday trade, the trading floor buzzed with activity, as sectors such as cement,
chemicals, commercial banking, oil and gas exploration, oil marketing companies, and refineries all saw their stocks climb. As per market experts, the intraday upward trend and surge in investor confidence was backed by the decision of the Executive Board of the International Monetary Fund (IMF) which concluded the first review of Pakistan’s $3-billion Stand-By Arrangement (SBA) and approved a $700 million tranche for the country The IMF’s Executive Board gave its nod to the first review of Pakistan’s economic reforms, a move that greenlights an immediate disbursement of SDR 528 million (approximately $700 million). This latest tranche raises the total funds released under the SBA to SDR 1.422 billion (around $1.9 billion), signaling a strong endorsement of Pakistan’s financial stewardship.
officials emphasized the creation of an impressive economic value of Rs. 9.85 for every rupee invested. It is important to know that only the entities totaling 80 million Rupees fall within the SME category. As of now 64% of these entities are concentrated in Punjab. Comprising a diverse array of businesses, from manufacturing to services, SMEs represent the heartbeat of entrepreneurial vitality. In Pakistan, SMEs account for nearly 90% of all businesses, employing over 80% of the non-agricultural workforce. SMEs play a pivotal role in poverty reduction and regional development.
Lucky Core Ventures abandons acquisition of Lotte Chemical Pakistan PROFIT
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In an unexpected development, Lucky Core Ventures (Private) Limited (LCV) has retracted its intention to purchase Lotte Chemical Pakistan Limited (LCPL), as announced in a notice to the Pakistan Stock Exchange (PSX) on Friday. Lucky Core Ventures said in its notice that the initial declaration, made on May 2, 2023, and reiterated on September 22, 2023, has been withdrawn due to unfulfilled conditions within the agreed timeframe of the Share Purchase Agreement dated January 26, 2023. “The conditions required for the completion could not be met within the time stipulated in the SPA and accordingly LCV has decided not to proceed with the transaction,” read the notice. LCV, a wholly owned subsidiary of Lucky Core Industries Limited, had planned to acquire approximately 75.01% of LCPL’s issued capital. However, the transaction will not proceed as anticipated. TRE Certificate Holders of the Exchange have been notified of this change.
Renowned actor Khalid Butt passes away in Lahore LAHORE
Staff RepoRt
Veteran actor and director Khalid Saleem Butt passed away in Lahore Thursday night at the age of 76. Butt began his career in the 70s and appeared in both Urdu and Punjabi films, as well as TV series. His most recent production was the on air Khaie, in which he played Faysal Quraishi’s father. He also directed a film over the course of his career and was a recipient of the Pride of Performance award for his services to the arts. He was well known for his PTV productions Jangal Pura (1997), Boota to Toba Tek Singh (1999), and Landa Bazaar (2002). Condolences poured in on social media from his fellow actors. Quraishi, his Khaie co-star, posted a lengthy video on Instagram in which he reminisced about the actor and their journey together.
Abbasi terms upcoming elections purposeless to contest ISLAMABAD
Staff RepoRt
Former Prime Minister Shahid Khaqan Abbasi has officially announced his decision not to contest the upcoming election, citing personal reasons and expressing discontent with the current state of Muslim League-N’s politics. During a TV Channel program, Abbasi stated that he considers the election purposeless and believes political leaders have failed to guide the country. Abbasi emphasized that his decision not to contest is personal, disclosed six months ago, but clarified that he remains responsive to calls from Nawaz Sharif. Commenting on the Murree constituency, he mentioned that party recommendations favored a worker for the ticket, leaving the final decision to the people. Addressing concerns about alliances with other
parties, Abbasi acknowledged the need for seat adjustments and asserted that his stance doesn’t involve seeking favors from the party. He touched upon the Mazahir Naqvi case, suggesting resignation due to charges, and questioned the circumstances surrounding Justice Ijaz ul Ahsan’s resignation. Expressing skepticism about the government’s commitment to investigating the May 9 incident, Abbasi criticized the failure to prosecute through the PDM. He questioned the impact of imprisoning politicians and stressed the importance of political parties presenting their cabinets to the public. Abbasi lamented the lack of unity among political parties and advocated for collaborative problem-solving. He criticized the hollow promises in party manifestos and urged transparency about ministerial appointments. He concluded by emphasizing the need for parties to negotiate and address issues collectively.
273 Pakistani textile firms shine at Heimtextil 2024 ISLAMABAD
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The International exhibition of textile made ups, Heimtextil 2024 concluded, hosting over 2800 exhibitors from 60+ countries globally. As per details shared by Trade Development Authority of Pakistan (TDAP), Pakistan emerged as the fourth leading exhibiting country, with 273 Pakistani innovators seizing the opportunity to showcase their products, including bedsheets, towels, kitchen linen, and other home textile items on an international stage. Sustainability took center stage at Heimtextil 2024, with a dedicated area, the Econogy Hub (formerly Green Village) in Hall 12.0. Six Pakistani companies were among the 30 exhibitors emphasizing sustainable practices at this premier international trade fair for home and contract textiles. As per the details the Pakistani exhibitors aimed to forge global connections beyond European buyers, engaging with individuals from various sectors within the international textile industry. Esteemed names in the Pakistani
home textile industry, such as Gul Ahmed, Alkaram Textile Mills, Lucky Textile Mills, Sadaqat Limited, Gohar Textile Mills, Nishat Chunian, Nishat Mills, Adamjee Enterprises, and Orient Textile Mills, participated in Heimtextil 2024, located in hall level 10. The TDAP led Pakistan’s robust representation at Heimtextil Frankfurt 2024, assembling over 58 companies to showcase the nation’s textile excellence, underlining Pakistan’s strong
commitment to the event. The participation of small and medium-sized companies under the TDAP banner further enriched the exhibition. Ms. Amna Naeem, Trade & Investment Counselor in Frankfurt, Germany, praised Pakistan’s impressive representation. She emphasized the significance of the textile industry for Pakistan, highlighting its role as a primary contributor to the country’s exports. The participating companies aimed to connect
not only with European stakeholders but also with a global audience, working diligently to meet international standards. Mr. Mohd Asif Shaikh, CEO of United Textile Printing Industries, expressed satisfaction with the company’s 30-year presence at Heimtextil. He noted a positive increase in footfall this year, surpassing previous levels, signaling the industry’s resilience and potential for the future. Mr. Bilal Zafar, Marketing Director at Zafar Fabrics Pvt Ltd, highlighted the company’s two-decade involvement in Heimtextil and praised this year’s exhibition. He emphasized a notable increase in buyer traffic and the company’s commitment to excellence in textile marketing. Mr. Wahid Tumbi, Director of Sales and Marketing at Orient Textile, emphasized Heimtextil’s vital role for their business. Despite COVID challenges, the number of buyers increased, and their sustainability-focused offerings were well-received. The show attracted buyer groups from 130 countries, with a significant presence of trade visitors from Pakistan at Heimtextil Frankfurt 2024.
Saturday, 13 January, 2024 | ISLAMABAD
SIX ALLEGED CRIMINALS KILLED IN RAWALPINDI POLICE ENCOUNTERS
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RAWALPINDI
Staff RepoRt
IX alleged criminals have been killed by Rawalpindi police in two separate encounters, including the mastermind behind a brutal crime against a British-Pakistani citizen. The first encounter unfolded near Race Course Police Station, where four bandits, identified as Sajid alias Guttu, Hassan, Muhammad Ali alias Babio, and Waseem, were involved in a fatal confrontation with the police. These criminals were reportedly part of an inter-provincial gang
responsible for various crimes, including the recent robbery that led to the tragic death of Tasir Mehmood, a British-Pakistani citizen. The police swiftly responded, resulting in the elimination of all four suspects. Recovered items included the deceased victim’s laptop and bag, as well as weapons and police uniforms used in their criminal activities. Woman arrested for selling neighbour’s 5-month-old baby for Rs200,000 In the Morgah Police Station area, a second encounter occurred when officers on patrol tried to stop four motorcycle riders. The suspects, refusing to comply,
opened fire on the police. In the exchange of gunfire, two assailants, including Ahmed Khan, known for street crime, were killed, while
the remaining two managed to escape. Ahmed Khan had a history of confronting the police, previously injuring ASI Shoaib in an incident.
Bandits loot Rs8m from businessman in Karachi KARACHI
Staff RepoRt
The biggest robbery of the year was reported from Karachi, Korangi area, where a businessman was looted of Rs 8 million in broad daylight on Friday. According to the details, a trader who had withdrawn Rs 8 million from a bank was robbed in Karachi’s Korangi area. The police have registered a case and obtained CCTV footage from both inside and outside the bank. The CCTV footage revealed that the two suspects on a motorcycle were waiting outside the bank, while
one accused went inside the bank for recce. After the CCTV footage inspection, the police officials identified one of the accused as Saeed Alam, according to the CRO, more than 14 different types of cases have been registered in different police stations. The police officials have identified the accused through CCTV footage and assistance from NADRA. Currently, law enforcement is actively pursuing the arrest of the suspect. Earlier, a young boy was reportedly shot dead by culprits for resisting a robbery bid in Karachi’s Surjani town area.
According to the police officials, the bandits on the bike opened fire, leaving the father-son duo injured after they resisted a robbery, while the robbers fled the scene. Both the father and son were shifted to the Abbasi Shaheed Hospital, where the young man died during treatment. The police officials stated that the deceased youth was identified as Faiz Muhammad, aged 20, and was a first-year student. The police revealed that the victim sustained three bullets in his head, meanwhile, the body has been shifted from Jinnah Hospital to the mortuary.
Woman of Pakistani descent elected as New Jersey mayor ISLAMABAD
CTD arrests two Daesh terrorists from Peshawar PESHAWAR
Staff RepoRt
Counter Terrorism Department (CTD) on Friday claimed to have apprehended two terrorists of the banned organization Daesh from Peshawar, says in media reports. The SSP operations CTD, Najam Husnain Liaquat, during the presser, claimed that the arrested terrorists were planning to target the leader of Jamiat Ulema-e-Islam (JUI-F) Fazlur Rahman and Awami National Party (ANP) leader Aimal Wali Khan. The SSP further revealed that the suicide bomber was identified as Adil, who allegedly took his training from the Paktia province of Afghanistan. The police arrested a suicide bomber and a facilitator meanwhile, two suicide jackets, three hand grenades, and a pistol were recovered from the location pointed out by the arrested accused. Last year, CTD of Punjab claimed to have arrested five women terrorists in intelligence-based operations (IBOs) from Lahore and Sheikhupura.
Terrorists planning to attack Maulana Fazl, Aimal Wali arrested PESHAWAR
Staff RepoRt
The law personnel arrested a suicide bomber from Matni area of Peshawar, on Friday. The terrorist was identified as Adil Sheikh. On his pointation, another terrorist was arrested from Achini. The terrorist wanted to attack Jamiat Ulema-e-Islam Chief Maulana Fazlur Rehman and Awami National Party leader Aimal Wali. Both the arrested terrorists belonged to Daesh Khurasan and they had completed the recce of different places in order to accomplish their terrorist activities in these areas.
Ambassador Hashmi meets Litong Group to establish food park in Pakistan BEIJING
Staff RepoRt
In a positive development, a Pakistani-American woman Fauzia Janjua has been elected as the town mayor of New Jersey. Hailing from Chakwal, Punjab, Fauzia took the oath of her new responsibility on the Holy Quran alongside her husband and children at the Township Hall. She is the first Muslim lady of Pakistani origin to have been elected town mayor from New Jersey. In her speech on the occasion, Fauzia described her election as a moment of pride. New Jersey State Representative, Carol Murphy, wrote on X: “It is such a great honour to administer the
oaths of office tonight in Mount Laurel. It was extremely special to celebrate my dear friends — Mayor Fozia Janjua (1st Muslim; South Asian Mayor in township history); Deputy Mayor Nik Moustakas on this historic occasion” Fauzia’s father Idris belongs to Chakwal while her mother hails from Lahore. Her father migrated to the US in the 70s where Fauzia was born. She said she has opted for community service and is imparting education to poor children and prisoners. With her election to the town, the mayoral position has gone to Democrats for the first time in 36 years. Prior to her election, the mayor slot was always held by a Republican representative.
Fazl terms meeting with Taliban supreme leader a ‘successful’ endeavor CONTINUED FROM PAGE 01
Sirajuddin Haqqani also made similar comments and said his government wants cordial relations with Pakistan. “Talks between Pakistan and Afghanistan on border affairs should move forward with consensus,” the JUI-F quoted Haqqani as saying. It also quoted Mullah Yaqoob as saying that Fazl’s visit would help in reducing tensions between the two countries. “I hope that situation will change after the visit,” said Mullah Yaqoob, who has been very critical of Pakistan on several occasions. Meanwhile, Afghan Refugee Minister Rehman, who also met the JUI delegation, expressed serious concerns
over Pakistan’s policy towards Afghan refugees and called for an end to the “unfair” treatment, the JUI-F said. The minister also urged Pakistan to give time to Afghans for the volunteer repatriation. The meetings between the JUI-F chief and Afghan leaders come at a time when relations between Pakistan and Afghanistan have suffered due to a spike in terrorist attacks, mostly claimed by the outlawed Tehreek-i-Taliban. Islamabad has stated that the TTP and other groups use Afghan soil against Pakistan. While the Afghan Taliban have denied the charge, authorities remain unconvinced and have demanded action against the TTP, its sanctuaries, and the handover of its leaders.
AC extends 3-day physical remand of Fawad Chaudhry ISLAMABAD
Staff RepoRt
The Accountability Court of Islamabad on Friday approved a further three-day physical remand of Fawad Chaudhry, extending his custody in the ongoing case. Fawad Chaudhry was presented before duty judge Shahrukh Arjamand upon the completion of his initial three-day physical remand. During the hearing, NAB (National Accountability Bureau) sought an extension for Fawad Chaudhry’s physical remand, a request that the court reserved its decision on before ultimately granting the additional three days. At the previous hearing, NAB revealed that Fawad Chaudhry had already undergone a 20-day physical remand. The prosecutor further requested an
additional 10 days for further investigations. Fawad Chaudhry’s lawyer raised objections during the proceedings, emphasizing that the determination of whether a case would be filed against him remains uncertain. The lawyer requested an adjournment until Accountability Court judge Muhammad Bashir, currently in Adiala Jail, becomes available. Addressing the court, Fawad Chaudhry expressed his concerns about the ongoing proceedings, pointing out the unusual circumstance of appearing before a duty judge despite Judge Muhammad Bashir being present but not presiding over the case. The NAB prosecutor clarified that Judge Muhammad Bashir is currently in Adiala Jail and not in the office. Fawad Chaudhry contended that presenting arguments at this stage could lead to a case of discharge.
Staff RepoRt
Pakistan’s Ambassador to China, Khalil Hashmi, visited Litong Food Group in Chengdu, Sichuan Province of China, and invited the group to establish “Litong Food Park” in Pakistan. Ambassador Khalil Hashmi stated that the establishment of the food park aims to promote value-added products in Pakistan, tapping into the country’s vast agricultural resources. This initiative is expected to create numerous employment opportunities and contribute significantly to the economy, according to a report published by Gwadar Pro on Friday. “Glad to meet today and exchange views with Mr. Chen Changwei, Chairman of Puji Group – a subsidiary of which has been growing dry chilies and is now exporting them from Pakistan. We reviewed ongoing cooperation and discussed plans,” he stated. He emphasized that this collaboration would strengthen bilateral ties between Pakistan and Asian countries, opening up new avenues for trade and economic growth. The delegation from Litong Group expressed their keen interest in Pakistan’s agricultural potential and its strategic location for trade with Asian markets. As part of their investment plan, the group intends to establish a cutting-edge laboratory in Multan City, Pakistan, focusing on the research and development of dry chili, sesame, broad bean, and sorghum. The Chinese side briefed that the establishment of the laboratory in Multan will not only facilitate research and development but also provide local farmers with access to advanced agricultural techniques.
Govt fails to find investor for Kot Addu plant for fifth time CONTINUED FROM BACK PAGE
The crux of the matter is not that the project is unappealing — it’s simply that the rate fixed by the Government of Pakistan is not enticing enough. This reluctance is further exacerbated by what existing energy players perceive as unjust treatment meted out over the years by the Government of Pakistan. “One of the significant hurdles that the project developers encountered was that the benchmark tariff was unrealistic. At 3.4 cents, it was untenable,” explained Haneea Isaad, Energy Finance Specialist at the Institute for Energy Economics and Financial Analysis (IEEFA), when we reached out to her for the aforementioned article. The Request for Proposal (RFP) set a benchmark tariff that was too low for investors. A benchmark tariff — the price per kilowatt-hour (kWh) generated that the PPIB would have awarded any bidder for the duration of the Power Purchase Agreement (PPA) — signifies the return any investor would have reaped from the project. This benchmark tariff was also unveiled at a reverse auction, and thus was the maximum that could have been granted. We engaged in conversation with one potential
investor who was contemplating making a bid for the project before the December 11 deadline, under the assumption that bids above the reference for proposal would now be acceptable. They have evidently refrained from submitting any bid at all. Is the benchmark tariff the sole culprit? Not entirely. There is also the general risk premium associated with Pakistan. “We are a very precarious market compared to everyone else in our vicinity. From an investor’s perspective, looking at other comparable investment destinations such as India, Bangladesh or even Nepal and Sri Lanka, there is an added risk premium because of the state of our power market in terms of the circular debt and policy inconsistency,” explained Dr Ayesha Ali, Assistant Professor of Economics at LUMS, when we reached out to her for the aforementioned article. “It is a very challenging environment for investors, both internally and externally. Externally, there is a lot of political risk, whilst internally, IPPs have struggled to receive payments from the authorities,” Isaad also added. The IPPs and their disputes with the authorities regarding payments, is a recurrent phenomenon with IPPs frequently entangled in tribunals, arbitration, and litigation against the authorities because they feel aggrieved.
NEWS
03
Achakzai withdraws from NA-265 in favour of Maulana Fazlur Rehman QUETTA
Staff RepoRt
Chairman Pashtunkhwa Milli Awami Party (PKMAP) Mehmood Khan Achakzai has officially withdrawn his nomination papers from the National Assembly Constituency NA-265 on Friday. The move, made on the final day for candidate withdrawals, signals a strategic decision in favor of Maulana Fazlur Rehman. January 12 marks the deadline for candidates to retract their nomination papers in anticipation of the general elections scheduled for February 8, as per the Election Commission’s revised schedule. The Election Commission of Pakistan is set to release the final list of candidates today, following the withdrawal process. Candidates who have submitted their papers retain the option to withdraw from the election, influencing the composition of the final candidate list. Tomorrow, the Election Commission is slated to allocate election symbols to participating candidates. Additionally, the Election Commission has made changes to the election schedule for specific seats, particularly those reserved for women and minorities in the National and Provincial Assemblies. A recent notification stipulates the scrutiny of nomination papers for these seats until January 13, while political parties and independent candidates nationwide have until February 6 to submit their nomination papers. General elections are scheduled to take place on February 8.
Journalist Aziz Memon’s killer arrested in Khairpur KHAIRPUR
Staff RepoRt
Police on Friday claimed to have arrested the killer of journalist Aziz Memon from Sindh’s Khairpur district. According to the senior superintendent of police (SSP) Khairpur, the prime suspect, Ameer Hassan, was arrested from the Khairpur Link Road after a ‘shootout’ The police official said Ameer Hassan was planning a robbery at the Link Road when the police party reached after getting information about the presence of the dacoits. Seeing the police party, the dacoit opened fire and in retaliation, he was arrested in injured condition, the SSP said and added Hassan along with his accomplices killed journalist Aziz Memon. President Mehrabpur Press Club Aziz Memon was strangulated to death in Sindh’s district of Naushero Feroze in 2022. According to police, the journalist was found dead and initially, the probe found that he was strangulated using a wire.
PPP, ITP settle various issues in 2nd round of talks on electoral understanding ISLAMABAD
Staff RepoRt
Pakistan Peoples Party (PPP) and Islami Tehreek Pakistan (ITP) have settled various issues in second round of talks between the central leaders of the two parties regarding the electoral understanding. From Pakistan People’s Party side, Central Secretary General Syed Nayar Bukhari, former ministers Syed Nasir Hussain Shah and Mukesh Kumar Chawla participated in the talks while on behalf of Islamic Tehreek, Central Secretary General Allama Dr. Shabir Hasan Maithmi, Central Information Secretary Zahid Ali Akhunzada, Central Deputy Secretary Syed Sikander Abbas Gilani and Deputy Secretary Information Syed Altaf Kazmi attended the negotiations.
04 COMMENT
China’s economic strategy for growth in 2024
Fazlur Rehman in Kabul
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JUI(F) chief Maualana Fazlur Rehman’s trip to Kabul has not brought much result
UI(F) chief Maulana Fazlur Rehman chose the runup to the elections to go to Kabul, and though he met the acting PM of the Afghan government, the Pakistani Foreign Office, in a statement by its spokesperson, washed its hand off him, saying that the visit was in a personal capacity. Still, though the Maulana has ideological links to the Taliban, there is some difference on the Tehrik Taliban Pakistan. While the Islamic Emirate has given it asylum, it has attempted to assassinate Maulana Fazal. The Maulana’s opinion is shared by the establishment now, which is very different from when the Taliban first took over in Kabul two years ago, when a strange triumphalism prevailed, with ISI chief Lt Gen Faiz Hameed behaving as if he had masterminded the US withdrawal. However, the tone of the establishment changed after the uptick in the attacks by the TTP, which not only attacked Pakistani law enforcing agencies, but got not just safe havens in Afghanistan, but also the American arms abandoned by the US forces when they retreated. While the Maulana has been denied by the state, it is difficult to believe that the establishment was unaware of the visit. However, at this stage, an emissary, even one having more official status than the Maulana, would not serve much useful purpose. The Kabul government may consist of mullahs, but it would be aware than the current government not only represents no one, but has also overstayed its constitutionally mandated time limit. As such, there is no need to search for better representatives than the Maulana, but it is now time to wait until elections throw up a government representing the entire nation. Such a government would do well to have a large and well-balanced delegation go to Afghanistan, which includes those who know the country and the issues bedevilling ties, so that outstanding issues like trade (not the present smuggling) and refugees (rather than illegal immigrants) can be discussed in a result-oriented manner. Until then, there seems no point in such quasifree-enterprise missions as Maulana Fazlur Rehman’s. All that allows, is what he is doing, exploiting such issues for partisan purposes. Does the country really need to have as its representative someone with the chequered history that Maulana Fazl and his family have?
China’s benefits must spread globally
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Dr iMrAn KHALiD
MIDST the tempests of global trade, with forecasts hinting at a subdued 2024, China stands resilient, charting a course that will further cement its pivotal role in the world economy. In this era marred by economic unpredictability, China emerges with a strategy distinct from the West’s wavering economic commitments. While the global tide of trade ebbs, China’s resolve to enhance its trade partnerships and attract foreign investors remains evident. Unlike the protectionist tendencies gaining traction elsewhere, Beijing’s mantra revolves around openness and collaboration. The appeal of its mature industrial ecosystem and vast market, filled with an expanding middle class eager for goods and services, is undeniable. These factors, coupled with its vast economic expanse, render China indispensable in the global economic matrix. Global investors acknowledge that overlooking such a profitable market would be a mistake. On the other hand, Beijing also recognizes that maintaining this appeal requires more than mere numerical figures. It requires a commitment to openness, transparency and mutual growth. Hence, with the advent of 2024, China has unveiled plans for a “high-level opening-up,” a testament to its determination to be not just a “market” but a “partner” in global progress. As uncertainties loom large elsewhere, China’s message is clear: in an interconnected world, collaboration trumps isolation, and Beijing is ready to lead the charge. Looking at the state of global trade in 2024, the recent forecast from the United Nations Conference on Trade and Development (UNCTAD) presents a picture of worldwide uncertainty. The world is grappling with a pessimistic outlook, marred by a forecasted 5 percent dip in 2023 global trade. Geopolitical tensions, waning demand, increased trade barriers, volatile commodities and complicated supply chains have created a challenging milieu. However, China, a key player, sees an opportunity to showcase resilience. In this complex tapestry, Beijing envisions tackling uncertainties by adhering
Dedicated to the legacy of late Hameed Nizami
Arif Nizami (Late) Founding Editor
Yousaf Nizami
Overpopulation alarm Editor Umar Aziz M. A. Niazi Joint Editor
Executive Editor
New census, old problem
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AttiyA MunAwer
HE current population of Pakistan has reached 241.49 million with an annual growth rate of 2.5 percent. But the country is one of the few in the world with a comprehensive population policy and programme roadmap at the federal and provincial levels, however, there is a need to initiate implementation of these policies and programmes in collaboration with other stakeholders as Pakistan’s rapid population growth and economic conditions will make it more difficult for Pakistan to meet the needs of its population in the coming days. Apparently, the increasing rate of population in Pakistan compared to the world is alarming but the ring of this alarm is not being heard nor are the rapidly escalating statistics being seen. According to the Pakistan Census 2018, the total population was 207.68 million, but as per an estimate in 2022, this population has crossed 220 million and now it has exceeded 241 million. The number of men in this population was 106.3 million and the total number of women was 101.3 million, the rural population was 132 million and the urban population consisted of 756 million people while now this rate has increased further. Looking at the rapidly increasing population rate in Pakistan, it seems that the land availability will shrink in the next few years. Currently, 260.88 people reside in one square kilometer in Pakistan while this rate is 409 people in KPK, 183.93 in FATA, 535.63 in Punjab, 339.6 in Sindh and 35.53 in Balochistan. The country’s population over the age of 18 is 53.40 percent and those over the age of 65 are 3.71 percent. Khyber Pakhtunkhwa has a population of roughly three million, the population of FATA is 4.99 million people, the population of Punjab is 10.99 million, Sindh is 4.78 million and Balochistan is 12.3 million. These figures show that there is no equivalence between this growing population and resources. On the one hand, the population is increasing rapidly and on the other hand, the resources are decreasing at the same rate, the most obvious example of which is the scarcity of water. Similarly, facing an energy crisis due to shortage of other resources like oil and gas, the infrastructure of the country is also proving to be insufficient in terms of population size and it is becoming very difficult for any government
to provide adequate educational institutions, hospitals and roads for such a large population. Pakistan has always been plagued by social, economic and cultural barriers and lack of political leadership commitment to family planning, due to which the fertility rate declined only 1.5 percent from the previous year and our cities are becoming more densely populated while our rural areas are deprived of economic development and understaffed. It has been the failure of every government that despite the big claims, they have not implemented population control programmes nor have they made any viable plans to increase resources. Only, some measures have been adopted here to create leisure, the consequences of which all are witnessing. Although the United Nations has made a global policy of population control, and its Population Action Plan has been available to both developed and developing countries, since the rate of rapid population growth has been higher in developing countries, so reassurances of population control are taken from developing countries and population targets are made conditions for granting loans and development funds. Yet population growth is gradually leading to alarming problems if the issue is not tackled on an urgent basis, as otherwise this will provoke a very serious situation. In order to control this situation, where the government has to play its responsible role, the
to multilateralism and strategic recalibration. The broader strategy of China is three-pronged: finding new drivers for foreign trade, effective utilization of foreign investment and optimization of the business environment China’s December Central Economic Work Conference spotlighted the imperative of diversifying trade. The focus? Amplifying intermediate goods, services, digital commerce and cross-border e-commerce exports. Reflecting this strategy, as per the customs data, China’s trade metrics for 2023 underscore resilience: with total trade hovering around 37.96 trillion yuan, exports nudged up 0.3 percent year-on-year to 21.6 trillion yuan. While global headwinds persist, Beijing’s targeted approach reflects its adaptability and determination to recalibrate amidst challenges, ensuring China remains a formidable force in the international economic arena. In the current scenario, China’s external trade exhibits a commendable equilibrium, showcasing stability in scale and tangible expansion in exports. Notably, the surge in three pivotal tech-intensive green commodities— solar batteries, lithium-ion batteries, and electric vehicles— illustrates sustained growth. This upward trajectory extends to growing sectors like services trade, digital commerce, crossborder e-commerce and intermediate goods trade. The rapid ascent of these emerging trends underscores China’s enduring resilience and competitiveness in the realm of international trade. Amidst global flux, China’s foreign trade emerges as an example of stability. China places immense importance on foreign direct investment (FDI), recognizing its pivotal role in propelling the nation’s economic and societal progress. Through the recent central economic work conference, China has conveyed a favorable message of broadening its doors for global investment. Consequently, there will be enhanced market accessibility for foreign investments in service sectors like telecommunications and healthcare. This development follows China’s announcement in October 2023, wherein it pledged to eliminate all constraints
The recent Central Economic Work Conference, defining the economic trajectory for 2024, emphasized the paramount importance of advancing highstandard opening-up.
Saturday, 13 January, 2024
on foreign investment in the manufacturing domain, signalling a concerted effort to foster a more inclusive and dynamic investment environment. Ensuring stability for foreign investors, China’s resolute commitment to openness and foreign investment proves pivotal amid the existing uncertainties across the globe. Government figures depict a 10 percent decrease in actual Foreign Direct Investment (FDI) into China during the first 11 months of 2023. Despite this decline, China’s FDI exceeded 1 trillion yuan, maintaining a robust level. Such fluctuations in FDI are natural, influenced by multifaceted factors ranging from economic dynamics to geopolitical shifts. The lingering effects of the COVID-19 pandemic, combined with the broader global downturn— where global FDI dwindled by about 12 percent to $1.3 trillion in 2022— as highlighted by UNCTAD figures, accentuate the resilience and relative attractiveness of China’s investment landscape despite prevailing challenges. Ensuring stability, fairness, transparency and predictability is integral to evaluating any country’s business milieu, and China prioritizes these aspects for investors. Welcoming multinational corporations and overseas small to medium-sized enterprises, China is working hard to foster collaboration as a pivotal avenue for foreign investment into its market. The Chinese government’s commitment underscores its perseverance in providing a conducive environment for international businesses. Enhancing the business milieu encompasses investment liberalization, facilitation, promotion, and protection, as outlined in China’s Foreign Investment Law. Clear specifications and requirements delineate the commitment to these aspects. Streamlining approval procedures reflects a concerted effort to facilitate investment, coupled with intensified initiatives from local governments for investment promotion. The post-pandemic era is witnessing a notable simplification in cross-border travel, contributing to a more accessible and conducive environment for international business engagement in China. In the unfolding narrative of 2024 China’s strategic intent to substantial opening-up is anticipated to soar, underscoring not only market enlargement but also the establishment of a top-tier business environment. The recent Central Economic Work Conference, defining the economic trajectory for 2024, emphasized the paramount importance of advancing highstandard opening-up. The agenda encompasses fostering new dimensions in foreign trade, fortifying its overall trajectory along with foreign capital and amplifying ventures in intermediate goods trade, services, digital realms, and cross-border e-commerce exports. It appears that China, poised as a catalyst for global economic growth, is seriously inviting the world to partake in the opportunities emerging from its modernization drive. The writer is a freelance columnist
Editor’s mail
general public also has to consider its behaviour. Nowadays, every individual complains about rising inflation, unemployment and non-availability of resources but no one is contemplating how to get out of such a crisis. Why does our country maintain a high birth rate if we cannot provide or meet the conditions of standard living for every citizen? Such abandoned children are seen begging, working in houses and workshops, picking garbage, polishing shoes, selling flowers and even servicing cars. It is a bitter truth that due to the high birthrate of the country and the inability to fulfil basic needs, many children suffer a lot, often they are unemployed, illiterate, use drugs and this bitter truth cannot be denied. How long will we continue to run away from the facts and how long will we continue to deny them? We have to not only face these facts instead we also have to remedy them, reduce the rapid rate of population incline and develop our resources. For this, the government will have to take serious measures at all levels, and the people will also have to cooperate with the government, otherwise this rapidly growing population will deplete the country’s resources not in centuries but in a few years. What will happen next, panic begins, alarm bells start ringing but no sound is heard in this growing storm of overpopulation? The writer tweets @AttiyaMunawer
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
Love for books
THE 18th Karachi International Book Fair was held at the Expo Center from 14 to 18 December. People from different identities and cultures visited the international book fair, finding much to explore and learn. Some friends and I also planned to attend, observing many old and middle-aged people searching for books, showcasing their deep affection for knowledge. It was disheartening not to see book enthusiasts from Balochistan. However, it might not be because they lacked the desire to explore their favourite books; perhaps it was challenging for them to reach the venue. Last year, thousands of books were purchased at a book fair in a district of Balochistan, setting an international record. As the saying goes, “Today’s readers are tomorrow’s leaders.” Therefore, it is a request to the concerned federal and provincial governments to take collective steps for the betterment of our education system. We need to organise events like book fairs and other educational activities that can contribute to the improvement and development of our education system. It is also emphasised that education is the only weapon through which we can change the world. ASLAM AZEEM AWARAN
Malnutrition
PAKISTAN has been a developed country, but it is facing numerous problems of malnutrition that are getting worse by the day. The citizens of Pakistan, particularly, are facing various difficulties regarding this paramount matter. The main causes of malnutrition include a lack of food, inflation, overpopulation, and many more. These factors have brought significant challenges for poor communities to fulfil their needs properly. Unfortunately, the authorities have not taken any significant steps to curb this paramount matter. Many people are being affected by malnutrition, which may be caused by eating bad-quality food. Malnutrition has a major impact on physical and mental growth. Our country has grappled with this alarming issue, particularly Balochistan, which is facing immense problems regarding malnutrition. It is my humble appeal to the relevant authorities to take immediate and decisive action to curb it seriously. ROZAL MAJEED LAHORE
Women’s football club
How long will we continue to run away from the facts and how long will we continue to deny them? We have to not only face these facts instead we also have to remedy them, reduce the rapid rate of population incline and develop our resources. For this, the government will have to take serious measures at all levels, and the people will also have to cooperate with the government, otherwise this rapidly growing population will deplete the countryÊs resources not in centuries but in a few years.
Lahore – Ph: 042-36300938, 042-36375965
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Karachi – Ph: 021-35381208-9
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Islamabad – Ph: 051-2204545
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IN the Chitral Valley, a women’s football club has been formed, indicating progress in gender equality. More women are now entering fields once dominated by men. The team not only showcases athletic talents but also contributes to social change through sports. Women in sports are breaking stereotypes, promoting equal opportunities in a region with limited initiatives. AMIN BALOCH TUNK
Agriculture and technology
IN today’s world, technologies powered with artificial intelligence (AI), such as precision farming and automated machinery, have streamlined agricultural operations. This not only optimises resource utilisation, but also contributes to sustainable practices by minimising waste. The integration of AI in agriculture marks a significant step towards achieving a more resilient and environmentally conscious food production system. It is important to acknowledge the positive impact AI has on crop monitoring and disease detection. By leveraging advanced algorithms and machine learning, AI can swiftly identify signs of crop diseases or nutritional deficiencies. We need to be proactive in our approach. ADNAN DAWOOD KECH
Web: www.pakistantoday.com.pk
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Email: editorial@pakistantoday.com.pk
COMMENT 05
Disqualification on Anti-Army propaganda Saturday, 13 January, 2024
Anti-Army propaganda is because of vested interests
P
abdul basit alvi
ROPAGANDA aimed at undermining or distorting the image of armed forces can have profound and far-reaching consequences on military institutions and the nations they serve. Recognizing the vital importance of upholding the reputation and morale of their military, numerous countries have proactively enacted measures by passing resolutions in their legislative assemblies to counter anti-army propaganda. In the USA, Congress has consistently displayed bipartisan support for resolutions condemning anti-army propaganda. Given the central role of the armed forces in US national security, these resolutions aim to reaffirm the commitment to supporting military personnel and their families. They often stress the significance of accurate information and discourage activities that could harm the military’s reputation. China, with its expanding and rapidly modernizing military, has implemented measures to counter anti-army propaganda. While China’s political system may not follow traditional parliamentary resolutions, the government actively regulates information to maintain a positive image of the People’s Liberation Army (PLA). Strict controls on media and online platforms are integral to efforts preventing the spread of negative narratives about the military. Russia, boasting a rich military history, has taken legislative steps to counter antiarmy propaganda. The State Duma has passed resolutions condemning activities that undermine the reputation of the Russian Armed Forces. These resolutions underscore the importance of national unity and the im-
perative to protect the image of the military amidst evolving security challenges. The passage of resolutions in legislative assemblies against anti-army propaganda signifies a collective acknowledgment of the importance of maintaining a positive image of the armed forces. In these countries, the resolutions not only denounce disinformation campaigns but also highlight the broader societal need for unity, national security, and respect for those serving in the military. As the global landscape evolves, such measures play a vital role in cultivating a society that values and supports its armed forces while promoting the responsible dissemination of information. In recent times, Pakistan has grappled with the repercussions of false anti-army propaganda circulating through various mediums. While propaganda and misinformation pose longstanding challenges for any nation, the impact of such campaigns can be particularly detrimental when directed at the armed forces— an institution pivotal to maintaining national security and stability. The false anti-army propaganda finds its origins in both internal and external sources. Within the country, individuals with vested interests may be responsible for spreading misinformation to advance their agendas. External actors seeking to destabilize Pakistan or sow discord may also play a role in promoting such propaganda. Social media stands out as a primary channel for the dissemination of false anti-army narratives, with platforms like Facebook, Twitter, and WhatsApp providing fertile grounds for the spread of misinformation. The ease of information dissemination on these platforms allows false narratives, distorted images, and manipulated videos to quickly go viral, creating a challenging ripple effect to contain. The consequences of false anti-army propaganda go beyond damaging the reputation of the armed forces. They can erode public trust in the military, potentially leading to a decline in morale among soldiers. Additionally, the divisive nature of these narratives can contribute to internal strife and impede efforts to foster national unity. The Pakistani government and military are actively addressing the issue by launching awareness campaigns to educate the public about discerning credible information from misinformation. Legal
measures are also being explored to hold individuals accountable for spreading false narratives that harm national interests. The problem of false anti-army propaganda in Pakistan has international dimensions, as external actors may be orchestrating and disseminating such campaigns. Diplomatic channels and international organizations are being engaged to address this concern and hold accountable those attempting to destabilize the nation through disinformation. In the face of rampant misinformation, media literacy becomes crucial in helping citizens distinguish between fact and fiction. Educational initiatives and awareness campaigns are vital components in the fight against false propaganda, and citizens have a responsibility to critically evaluate the information they encounter and refrain from sharing unverified content contributing to the spread of false narratives. In Pakistan, many politicians have been involved in heinous and malicious propaganda against the Pak Army, unfortunately gaining more acceptance and spreading rapidly in society. Media outlets that encourage negative content are also disappointing. Recently, the Senate in Pakistan passed a resolution calling for severe punishment, including a 10-year disqualification from public office, for those engaging in negative and malicious propaganda against the Pakistan Army and other security forces. The resolution, presented by Pakistan Peoples Party (PPP) Senator Bahramand Tangi during a session chaired by Chairman Senate Sadiq Sanjrani, emphasized the indispensability of a strong military, especially in the face of hostile neighbours. The unanimous approval of the resolution reflects cross-party consensus on the need for stringent measures against those spreading anti-military narratives on social media platforms. It acknowledged the significant sacrifices made by the armed forces in the war
against terrorism and expressed deep concern over the negative and malicious propaganda circulating on various social media platforms. The resolution called on the government to take necessary steps to impose severe punishment as per the law, highlighting the Senate’s concern over derogatory content targeting the Pakistan Army on social media and urging strict action against those involved in spreading anti-military propaganda. The Pakistan Army stands as a formidable pillar of national defence, symbolizing sacrifice and resilience. Since the inception of the country, the Pakistan Army has played a pivotal role in safeguarding the nation’s integrity, contributing not only to its security but also to various aspects of societal wellbeing. The primary duty of the Pakistan Army is to defend the nation’s borders against external threats. Throughout a history marked by conflicts and challenges, the army has consistently demonstrated unwavering commitment and bravery in protecting Pakistan’s sovereignty. Through military operations and border management initiatives, the Pakistan Army remains at the forefront, ensuring the safety and security of the nation. Pakistan has confronted significant challenges related to terrorism, and the Pakistan Army has been actively engaged in counterterrorism operations to eliminate extremist elements threatening the peace and stability of the country. The army’s efforts, often carried out in challenging and hostile environments, have contributed to reducing the impact of terrorism and creating a safer environment for citizens. Beyond its military duties, the Pakistan Army has played a vital role in providing humanitarian assistance and disaster relief. Responding swiftly to natural disasters, from earthquakes to floods, the army has conducted support, rescue operations, and medical assistance to affected populations. The
The nation acknowledges the remarkable services of the Pakistan Army and welcomes the Senate resolution to disqualify those engaged in anti-army propaganda. There is a need for strict legislation and punishment for individuals involved in such heinous activities
Mr Biden, you are a war criminal
army’s ability to mobilize quickly in times of crisis has saved lives and mitigated the impact of disasters on communities. Actively involved in nation-building projects, the Pakistan Army has contributed to infrastructure development, education, and healthcare. Army engineers have been instrumental in constructing roads, bridges, and critical infrastructure, enhancing connectivity and facilitating economic development in remote areas. Pakistan has been a significant contributor to United Nations peacekeeping missions, and the Pakistan Army has played a crucial role in these efforts. Pakistani peacekeepers have been deployed to conflict zones globally, working to maintain peace, protect civilians, and promote stability. The army’s participation in international peacekeeping reflects Pakistan’s commitment to global peace and security. The Pakistan Army has actively promoted education and healthcare within the country. Through the establishment of schools and medical facilities, especially in remote and underserved areas, the army has contributed to improving citizens’ quality of life. Educational initiatives, including scholarships and training programmes, aim to empower the youth and build a skilled workforce. The services rendered by the Pakistan Army extend far beyond conventional military operations. The army’s multifaceted contributions encompass defence, counterterrorism efforts, humanitarian assistance, nation-building projects, peacekeeping missions, and the promotion of education and healthcare. As a stalwart guardian of the nation, the Pakistan Army continues to play a pivotal role in shaping the country’s present and future, safeguarding its citizens, and contributing to overall progress and well-being. COAS Gen Asim Munir has played a remarkable role in alleviating economic crises and attracting foreign investment. Due to the initiatives taken by the COAS and the Pakistan Army, the rates of the dollar, fuel, and inflation are decreasing day by day, leading the situation towards improvement. The nation acknowledges the remarkable services of the Pakistan Army and welcomes the Senate resolution to disqualify those engaged in anti-army propaganda. There is a need for strict legislation and punishment for individuals involved in such heinous activities. The writer is a freelance columnist
Approximately 92 per cent of Israel’s arms industry is either financed by or delivered from the US
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MIDDLE EAST MONITOR
dr. JohannEs dragsbaEk schmidt
N case you forgot Joe Biden, you are the commander in chief and the president of the United States. You are responsible for the slaughter and mass atrocities in Gaza. More than 24,000 have been killed in three months and almost 60,000 have been injured; 8,000 more are missing. About twothirds of those figures are made up of children and women. According to the WFP, 70 per cent of the population is starving and half of the physical infrastructure, housing, hospitals etc have been bombed to rubble. You have signed the death sentence of these innocent human beings. Israel’s leaders openly promote collective punishment and without any hesitation brutally attack hospitals, schools and UN facilities. Untreated sewage and overcrowding are leading to the rapid spread of disease, with the full support of the White House in Washington. The consequences are that your country is sinking together with Israel and your friend the war criminal Benjamin Netanyahu. Your country is isolated both diplomatically, politically and morally. Your support of the most intense bombing campaign in history is not only related to human rights, which you normally use as a weapon to coerce other countries, it is also undemocratic, goes against the Geneva Convention and is an attempted genocide and ethnic cleansing. South Africa has filed a case at the main judicial body for the United Nations, the International Court of Justice in The Hague, accusing Israel of committing genocide in Gaza. Your country is not only complicit, but in real time Israel would not be able to commit genocide without your help.
CRIMES AGAINST HUMANITY: Let us take it one by one. The crimes against humanity include mass starvation and famine. The denial of water, fuel, electricity, medical supplies and food to the 2.3 million Palestinians living in the camp, ghetto, prison or whatever you prefer, is not only a war crime it is genocidal examples of aggravated war crimes explicitly prohibited by provisions of the 4th Geneva Convention on Belligerent Occupation. Israel as the Occupying Power does not enjoy any right of self-defence against an Occupied People and is under a pervasive duty to protect the civilian population under all circumstances. Human Rights Watch (HRW) recently said: “For over two months, Israel has been depriving Gaza’s population of food and water, a policy spurred on or endorsed by high-ranking Israeli officials and reflecting an intent to starve civilians as a method of warfare.” According to HRW: “Providing weapons that knowingly and significantly would contribute to unlawful attacks can make those providing them complicit in war crimes.” The same organisation has called for an arms embargo to be imposed on Israel to stop its unlawful attacks. On 25 December 2023 the Times of Israel wrote that 245 US transport planes and 20 ships have delivered more than 10,000 tonnes of military aid. The Defence Ministry has made 40 billion shekels (almost $2.8 billion) in additional purchases from the US of armaments and military equipment since the start of the conflict. According to Bloomberg, your country has sent
“2,000 laser-guided Hellfire missiles that can be launched from Apache helicopters,” as well as an array of other mortars and ammo, including “36,000 rounds of 30mm cannon ammunition, 1,800 of the requested M141 bunker-buster munitions and at least 3,500 nightvision devices.” Approximately 92 per cent of Israel’s arms industry is either financed by or delivered from the US. These weapons are used to kill Palestinian refugees including women and children in an unprecedented manner. This is not all. Other sources note that Israel is using 155mm shells and 120mm mortar shells to strike both Lebanon and Gaza with white phosphorus. Your Administration has also provided intelligence and logistics help in order to expedite a smooth genocidal war against the Palestinians. In addition, there are at least 15 US navy ships in the region, air surveillance, American drones over Gaza, fighter squadrons and thousands of troops to project US military strength in support of Israel’s war crimes in Gaza and the West Bank and as a deterrence against Israel’s neighbours.
MR BIDEN THIS IS YOUR LEGACY: Your government cannot support a ceasefire in the UN Security Council in the unjust onslaught of the people in Gaza, the West Bank and East Jerusalem. In fact, there is no war. There is no self-defence. One of the best equipped armies in the world is committing attempted genocide by using a scorched-earth annihilation strategy. There is no real war taking place. There are some 300,000 soldiers against a small group of 30,000 guerilla fighters with light weapons. This cannot be described as a war. The biggest forced displacement in history of more than two million people, or more than 80 per cent of the total population, in the shortest span of time is the disaster that will taint your records for future historians. Your unwavering support for the genocidal regime in Tel Aviv is undermining future references to human rights and democracy by your Administration. My guess is that the Orwellian Newspeak of ‘pauses’ instead of ceasefire and ‘no visa for violent and militant settlers’ from the West Bank (implicitly recognising the illegal settlements) are blatantly clear examples of the primitive hypocrisy coming out of the White House. It is easy to see that the attempt to mislead the world by claiming that the US is trying to moderate Israel’s brutal massacre against the Palestinian people is pure propaganda and spin. This is also the case with your government’s rebuke against the fascist ministers in Israel suggesting mass deportation of Palestinians from Gaza. May I remind you that Secretary of State Antony Blinken in the beginning of October aggressively tried to force Egyptian President Abdel Fattah Al-Sisi and Jordan’s King Adullah to take in hundreds of thousand refugees. In December, your friend Netanyahu told members of the Likud party that Israel is “working to facilitate the so-called ‘voluntary migration’ of Gaza’s Palestinians.” Danny Danon, Israel’s former ambassador to the UN, was interviewed by Kan Bet radio and claimed he had been contacted by “countries in Latin America and Africa that are willing to absorb refugees from the Gaza Strip.” “We have to make it easier for Gazans to leave for other countries,” he said. “I’m talking about voluntary migration by Palestinians who want to leave.” There is no existential threat against Israel from an enemy with no army, no air force, no navy, no state and almost no civilian infrastructure, this is indeed a combat between David and Goliath. As stressed by Jeremy Scahill from the Intercept, Mr Biden you have shown unwavering and staunch support for Israel over the past 50 years. The Palestinians do not have hundreds of nuclear weapons which are in the possession of the so-called Israel Defence Forces (IDF). Israel can burn Gaza and its people to the ground because the US facilitates it, politically and militarily. It does not have hundreds of nuclear
weapons. Mr Biden, you have been defending Israel’s disproportionate use of force, collective punishment and brutal massacres in plural. Your government is also supporting the more than 60,000 American settlers in the West Bank. They believe in the heroism of the terrorists and racists Baruch Goldstein and Meir Kahane, two American citizens whose followers are part of the Likud led government. They are seen as the prophets of the settler movement and the American fanatics who compose approximately 15 per cent of the total settler population in the occupied West Bank. In addition, there are about 100,000 US citizens in occupied East Jerusalem. During the invasion of Lebanon in 1982, as Scahill notes, in public you Mr Biden were neutral, but in private you met with then Prime Minister of Israel, Menachem Begin, and it appears from Begin’s biography that your support for the brutality of the invasion even outstripped the Israeli standpoint. According to Begin’s account, you said you would go even further, even if that meant killing women and children. Israel’s former Ambassador to the United States from 2009-2013, Michael Oren, writes that in Israel’s alliance with America, the first principle was ‘no daylight’. The second, ‘no surprises’. The US and Israel always could disagree but never openly. This is the point as he says “we are an ultimate ally for the United States.” When elected three years ago, after four years with Donald Trump, you said that you would promise to reclaim the mantle of global leadership as “a strong and trusted partner for peace, progress and security.” But now we see your real purpose as a full time promoter of apartheid in Israel and disaster in Gaza. Israel’s violations of international law include collective punishment, an emerging famine and diseases due the restriction of food, water, medicine and fuel. It is unprecedented and is eroding all narratives about democracy and human rights. You are even violating US law. According to the US Foreign Assistance Act section 620I “No assistance shall be furnished to any country when it is made known to the president that the government of such country prohibits or otherwise restricts, directly or indirectly, the transport or delivery of US humanitarian assistance.”
CATHOLICISM AND TERROR: Mr Biden, you once referred to himself as “Israel’s best Catholic friend.” A friend who supported and supplied Israel with more than 22,000 guided and unguided bombs which have been dropped on Gaza. According to reports in the New York Times, the Biden Administration is so committed to fuelling the carnage in Gaza that it has even invoked rare emergency powers for transferring tank ammunition without Congressional review. The arms shipment was put on an expedited track right after Washington vetoed a ceasefire proposal in the Security Council. According to military historian Robert Pape: “Gaza will also go down as a place name denoting one of history’s heaviest conventional bombing campaigns,” comparable to the carpet bombing of German cities in World War II. Mr Biden, you probably don’t care. Your Administration’s corporate ties illustrate your personal involvement as a warmonger. Your Secretary of Defence and comrade in arms, Lloyd J. Austin III, serves on the board of Raytheon, one of the world’s largest weapons makers while Blinken is affiliated with Pine Island Capital Partners, an investment firm which specialises in defence companies. Both companies have high stakes in delivering deadly weapons for the ethnic cleansing and genocide in Gaza. The recent Memorandum on United States Conventional Arms Transfer Policy (CAT) from 23 February 2023, states clearly: “The United States CAT Policy will bolster the security of allies and partners and contribute to shared security objectives; enhance global deterrence; promote respect for international humanitarian law and human rights; adhere to international nonproliferation norms; strengthen partnerships that preserve and extend our global influence. Hypocrisy is evident and the world is watching.” Mr President, you and your government do not comply with international humanitarian law, but it also seems as though you do not uphold your own laws. This can be seen in the light of the humanitarian tragedy unfolding in front of our eyes. Security Council resolutions were met with a veto from you. It is shameful and shows that you are a war criminal directly supporting famine and genocide. Mr Biden, you, your government and Congress are enabling these annihilations.
Time to crack down on perpetrators of hate
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He told police he hoped to inspire other young men to do what he had done, to “send a message” to Muslim Canadians TORONTO SUN Editorial
N London, Ont., a sentencing hearing is being held for Nathaniel Veltman, the white supremacist who murdered four members of a Muslim family who were simply out for an evening walk. Whatever the legal definition of terrorism is with regard to this crime, in the common understanding of that word, Veltman, 22, is a terrorist. He described himself as one. He told police he hoped to inspire other young men to do what he had done, to “send a message” to Muslim Canadians. He went out hunting for a Muslim family on June 6, 2021 and he drove his pickup truck into them when he found one. Veltman committed the planned and premeditated murders of Salman Afzaal, 46; his wife, Madiha
Salman, 44; their 15-year-old daughter, Yumna, and her 74-year grandmother, Talat Afzaal. He left Madiha’s and Salman’s nine-year-old son — who was seriously injured, but survived — an orphan. A jury convicted him of four counts of first-degree murder and one count of attempted murder. Now, relatives, friends and community leaders, who are testifying at his sentencing hearing, are recounting their grief, fears and the devastating impact this hate-filled act has had on them. But as members of the Afzaal family have said, this wasn’t just an attack on their family, or on Muslims, but an attack on all Canadians. This is where hatred of people simply because of who they are leads. It needs to be fought now, with Muslims in Canada being subjected to hate crimes because of Hamas’ terrorist attack on Israel on Oct. 7, for which they are in no way responsible.
06 NEWS
RUSSIA’S MEDVEDEV WARNS OF NUCLEAR RESPONSE IF UKRAINE HITS MISSILE LAUNCH SITES
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senior ally of President Vladimir Putin warned on Thursday that any Ukrainian attacks on missile launch sites inside Russia with arms supplied by the United States and its allies would risk a nuclear response from Moscow. Former Russian President Dmitry Medvedev, now deputy chairman of Russia’s Security Council, said that some Ukrainian military commanders were considering hitting missile launch sites inside Russia with Western-supplied long-range missiles. He did not name the commanders or disclose more details of the alleged plan and there was no immediate reaction from Ukraine to his threat. “What does this mean? It means only one thing – they risk running into the action
Saturday, 13 January, 2024 | ISLAMABAD
of paragraph 19 of the fundamentals of Russia’s state policy in the field of nuclear deterrence,” Medvedev wrote on the Telegram messaging app. “This should be remembered,” Medvedev said. Paragraph nineteen of Russia’s 2020 nuclear doctrine sets out the conditions under which a Russian president would consider using a nuclear weapon: broadly as a response to an attack using nuclear or other weapons of mass destruction, or to the use of conventional weapons against Russia “when the very existence of the state is put under threat.” Medvedev made specific mention of point “g” of paragraph nineteen which deals with the nuclear response to a conventional weapons attack. Putin is the decision-maker when it comes to Russia’s vast nuclear arsenal, but diplomats say Medvedev’s views give an in-
dication of hawkish thinking at the top of the Kremlin which has cast the war as an existential struggle with the West. Kremlin critics have dismissed some of Medvedev’s nuclear threats in the past as attempts to grab attention or to dissuade the West from supplying Ukraine with more weapons. The United States and its allies have pledged nearly $250 billion in military and other support to Kyiv. The risk of nuclear escalation has hung over the Ukraine war since Russia sent thousands of troops into its neighbour in February 2022. Washington feared a Russian nuclear escalation in late 2022 and Jake Sullivan, the White House national security adviser, that year communicated concerns to Moscow about any steps towards the use of a nuclear device. Russia and the United States are by far the world’s biggest nuclear powers: Putin
controls 5,889 nuclear warheads while U.S. President Joe Biden controls about 5,244 nuclear warheads, according to the Federation of American Scientists.
Oil soars as US, UK strike on Houthis stirs up geopolitical worries PROFIT
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The oil price surged on Friday, as the escalating conflict in the Red Sea region threatened to further disrupt global trade, while stocks rose in light of U.S. inflation data that reinforced investors’ view that interest rates could soon fall. Oil rose by 4% after the United States and Britain said they had launched strikes from the air and sea against Houthi military targets in Yemen in response to the group’s attacks on ships in the Red Sea, a dramatic regional widening of the IsraelHamas war in Gaza. Brent futures were last up 4% at $80.52 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 4.1% to $74.99. “Oil prices have climbed sharply following the attacks, with Brent Crude now around 7% higher since early December, before Houthi rebels began targeting ships in the Red Sea,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, said. “Reports coinciding with the UK/US
military action suggest the British government is modelling scenarios which could see prices rise by $10 a barrel, if the Red Sea crisis continues, with gas prices at risk of going up by 25%,” she added. Meanwhile, global stocks rallied, underpinned by the prospect of a drop in interest rates. The MSCI All-World share index (.MIWD00000PUS) was up 0.2%, reflecting a bounce in Europe, where the STOXX 600 (.STOXX) rose 0.7%, led partly by a rally in shares of aerospace and defence companies, where the sector index hit a record high. (.SXPARO) U.S. stock futures fell 0.2%, while government bond yields edged lower, reflecting demand among investors for safehaven assets. The dollar rose against a basket of major currencies, as did gold , which benefited from investor risk aversion, rising 0.9% to $2,046 an ounce. Other classic safe-havens such as the Swiss franc held mostly steady, a situation that some analysts said could change. “If we see a massive escalation of the situation … then the traditional flight-tosafety will see U.S. Treasuries, safe-haven
currencies like yen and Swiss franc benefit.” said Khoon Goh, head of Asia research at ANZ in Singapore. In Asia, Japan’s Nikkei (.N225) extended its impressive gains so far this year, jumping 1.5% to another 34-year high, helped by solid results from Fast Retailing Co (9983.T), owner of clothing brand Uniqlo. Chinese inflation data showed the country’s economic recovery remained weak in December, with the consumer price index falling 0.3% from a year ago. However, separate trade data showed exports rose at a faster than expected clip last month while imports returned to growth. Data on Thursday showed U.S. consumer prices rose more than expected in December, with a closely watched core measure coming in slightly above consensus. However, the details of the report showed that pressures picked up in specific pockets of the consumer market, such as energy and the cost of used cars, as well as other seasonal factors that should abate, according to economist Mohit Kumar at Jefferies. “Our view remains that for the Fed to
cut rates aggressively they need to either see the economy falling off a cliff or a sharp fall in inflation. And we do not see either scenario,” he said in a morning note. Fed officials drew few new conclusions from the data. Richmond Fed President Thomas Barkin said it did little to clarify the path of inflation. Futures showed traders are attaching a 73% probability of a rate cut by March, compared with 68% a day earlier. They are also pricing in around 150 basis points (bps) of easing this year. Treasuries held steady after a powerful rally in the shorter-dated bonds overnight. The two-year yield was virtually unchanged at 4.27%, having fallen 11 basis points overnight, as was the 10 year at 3.98%. Euro zone government bonds drew in flows, pushing the yield on the benchmark 10-year German Bund down 4 bps to 2.165%. Adding some support in the European bond market were comments from European Central Bank (ECB) President Christine Lagarde who said rate cuts could happen if the central bank had certainty that inflation had fallen to its 2% target.
US urged to ‘do more on peace’ as Pentagon’s first industrial strategy hypes ‘China threat’ BEIJING
Staff CorreSpondent
The Chinese Foreign Ministry on Friday urged the US to do more to contribute to peace and stability and not to introduce bloc confrontation, conflicts and wars into the Asia-Pacific, in response to the China-related content in the US’ first-ever National Defense Industrial Strategy (NDIS), which highlighted the need to reform its defense industry and team up with “Indo-Pacific” allies to counter China. Chinese experts said on Friday that the US’ exposing the shortcomings of the defense industry does not necessarily mean that its defense capabilities are truly weakening, as the Pentagon’s real intention seems to be targeting possible future scenarios of military conflict between major powers and strengthening its armed forces preparations by hyping the “China threat” theory. In the NDIS report released by the US Department of Defense on Thursday local time, the US acknowledges that a declining industrial base, supply-chain constraints and the outflow of weapons to Ukraine have left America vulnerable, as companies supplying the Pentagon face mounting frustration over its lumbering pace, according to media reports. The NDIS document includes more than 20 recommendations to build a “fully capable 21st century defense sector,” including diversifying the Pentagon’s suppliers, training more workers for industry-related careers, increasing commercial acquisitions, and sharing more
technology with US partners, according to the Defense News. The report said that “while America continues to generate the world’s most capable weapons systems, it must have the capacity to produce those capabilities at speed and scale to maximize its advantages,” as US competitors, such as China, have “became the global industrial powerhouse” in many key areas. The report also called on the Pentagon to bolster safeguards against strategic Chinese investments, which could increase US vulnerability, according to a South China Morning Post report. The NDIS also recommends that the US work with countries in the “Indo-Pacific” region to build a strong defense industrial base and production capacity to prepare for any potential future conflicts and counter China. Working with close al-
lies to make more weapons abroad was imperative, the report stated. “As the world’s No.1 military power with the highest military expenditure, the US lacks not in the capacity to launch wars, but the capacity to make and uphold peace,” Chinese Foreign Ministry spokesperson Mao Ning said on Friday. “Peace and development is the shared pursuit of Asia-Pacific countries. The US needs to respect the call of countries in the region, do more things that are conducive to peace and stability, and refrain from introducing bloc confrontation, conflict and turmoil to the Asia-Pacific,” Mao said. Li Haidong, a professor at the China Foreign Affairs University, told the Global Times on Thursday that the Pentagon has always considered itself to be in the most critical and resource-hungry position in the strategic competition with China. Ac-
knowledging “shortcomings” is more about offering a pressing argument for a greater allocation of financial resources. Echoing Li, a Beijing-based expert requesting anonymity said the US complaining about its own defense industry does not mean that the US has truly weakened its defense capacity. The US is probably aiming to further stimulate its own defense industry development by setting up a visible enemy, the expert said, noting that the ultimate goal is about taking the opportunity to prepare for great power competition and even possible military conflict scenarios. It is very dangerous for the US to woo its allies and form a defense industry alliance, said Li. He said that the document showed a strong intention to deeply bundle and integrate Taiwan authorities’ defense industry with that of the US, which is a process of arming Taiwan secessionists to a deeper level to resist reunification. China’s Foreign Ministry on Thursday urged the US to abide by the one-China principle and stop sending wrong signals to secessionists after reports revealed that the Biden administration will dispatch a delegation comprised of former senior officials to the island of Taiwan shortly after the island’s regional leader election to be held on Saturday. Liu Jianchao, head of the International Department of the Communist Party of China (CPC) Central Committee, visited the US this week, urging it to abide by its commitment to not support “Taiwan independence.”
Medvedev cast himself as a liberal moderniser when he was president from 20082012, but now presents himself as one of the fiercest anti-Western Kremlin hawks.
Britain to hike funds for Ukraine to buy drones, Sunak visits Kyiv LONDON
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British Prime Minister Rishi Sunak travelled to Kyiv on Friday to announce an increase in military funding to help Ukraine purchase new military drones, including surveillance, long-range strike and sea drones. London has been one of Kyiv’s staunchest supporters since Russia’s invasion and Sunak said Britain would increase its support in the next financial year to 2.5 billion pounds ($3.19 billion), an increase of 200 million pounds on the previous two years. Britain said it would provide the largest delivery of drones to Ukraine from any nation, with most of them expected to be manufactured in Britain. “The Ministry of Defence will work with international partners to significantly scale up the number of drones provided for Ukraine’s defence,” the government statement said. Sunak’s office said the two countries would also sign a historic UK-Ukraine Agreement on Security Cooperation, following on from an agreement by the Group of Seven nations to provide Ukraine with bilateral security assurances. Britain said the agreement “formalises a range of support the UK has been and will continue to provide for Ukraine’s security, including intelligence sharing, cyber security, medical and military training, and defence industrial cooperation”. Sunak said Ukraine had been fighting for the principles of freedom and democracy for two years. “I am here today with one message: the UK will also not falter,” Sunak said in a statement. “We will stand with Ukraine, in their darkest hours and in the better times to come.”
China’s foreign trade grows 0.2% in 2023 despite odds BEIJING
Staff CorreSpondent
China’s foreign trade grew 0.2 percent year-onyear to 41.76 trillion yuan ($5.87 trillion) in 2023, with December data gearing up expansion at a rate of 2.8 percent in yuan-denominated terms, customs data showed on Friday, a stable growth that adds to an array of positive signs underscoring that the world’s second-largest economy is consolidating the recovery momentum despite multiple sources of pressure. While the full-year reading was a slowdown compared with previous years, officials said it was still a “hard-won” achievement. The data provides a comprehensive picture of how China’s trade juggernaut has overcome hardships – from feeble overseas demand and rising geopolitical tensions to a US-led blockade – throughout the year, and managed to quickly roar back from the downturn in the third quarter with gritted teeth and topdown endeavors. It also gave the global market more confidence in China’s rosy trade outlook for 2024, as stable data from last year highlighted that new export drivers, led by high-tech and new energy, have been making a foothold, and that Chinese traders’ decisive efforts to diversify export destinations are panning out successfully. Some industry observers anticipate China’s trade growth to bounce back to 5 percent to 6 percent this year.
WHO sees ‘incredibly low’ Covid, flu vaccination rates as cases surge LONDON/CHICAGO agenCieS
Low vaccination rates against the latest versions of Covid-19 and influenza are putting pressure on healthcare systems this winter, leading public health officials told Reuters. In the United States, several European countries, and other parts of the world, there have been reports of rising hospitalizations linked to respiratory infections in recent weeks. Death rates have also ticked up among older adults in some regions, but far below the Covid pandemic peak.Spain’s government has reinstated mask-wearing requirements at healthcare facilities, as have some US hospital networks. “Too many people are in need of serious medical care for flu, for Covid, when we can prevent it,” said Maria Van Kerkhove, the World Health Organization’s interim director of epidemic and pandemic preparedness. She cited “incredibly low” vaccination
rates against flu and Covid in many countries this season, as the world tries to move past the pandemic and its restrictions. Governments have struggled to communicate the risks still posed by Covid and the benefits of vaccination since a global public health emergency was declared over in May 2023, infectious disease experts and health officials said. Only 19.4% of US adults have received this season’s Covid vaccine based on the US Centers for Disease Control (CDC) and Prevention’s National Immunization Survey, despite a recommendation that all adults get an updated shot to protect against serious illness. That compares roughly with 17% of adults who got the bivalent booster in the 2022-2023 season, based on actual vaccine data reported to the CDC by states. Nearly half of US adults over 18 got a flu shot this season (44.9%), roughly the same as last year (44%), according to the CDC. “We don’t think enough people
have gotten the updated Covid vaccine,” CDC director Mandy Cohen said in an interview. “Folks still aren’t understanding that Covid is still a more severe disease than flu.” VACCINE FATIGUE Flu represented 5.2% of US emergency visits compared with 3% for Covid in the week ended December 30. Yet Covid accounted for 10.5 out of 100,000 hospitalizations in that time, compared with 6.1 per 100,000 for flu. Most of the updated shots being used in the US and European Union are made by Pfizer (PFE.N) with German partner BioNTech (22UAy.DE), or Moderna. In Europe, flu is circulating at a higher rate than Covid, the European Centre for Disease Prevention and Control (ECDC) said. In total, 24% of a representative sample of tests came back positive in the last week of 2023, up from 19% a fortnight earlier. The rates are in line with previous flu seasons, said ECDC’s respiratory virus ex-
pert Edoardo Colzani. But “now we have Covid -19 as a new, unwanted guest”, he said. The ECDC did not have vaccination rates for the continent for flu or Covid, but Colzani said early data showed Covid vaccine uptake well below pandemic levels. In Europe, the new Covid shots are recommended for high-risk groups only, such as seniors and the immunocompromised. Among these groups, the WHO says there should be 100% coverage. Covid rates are also rising in the southern hemisphere during their summer, the WHO said, because it is not yet a seasonal virus. Last month, 850,000 new Covid cases and 118,000 new hospitalizations were reported globally, a rise from November of 52% and 23%, respectively, according to WHO, which added that actual figures were likely higher. The vaccines are still very effective at preventing serious illness, even if they do not block infection, experts said.
A recent study in the Lancet Infectious Diseases journal from the Karolinska Institutet and Danderyd Hospital in Sweden found the updated vaccine, which targets the XBB.1.5 coronavirus variant, reduced the risk of Covid hospitalization by 76.1% in people affected by more recent variants, based on public health records from adults over 65 years old. This year’s flu shots, made by a range of manufacturers, is estimated to reduce hospitalization risk by 52%. But “fatigue for Covid vaccination” is hampering uptake, Colzani said. In Italy, for example, 8.6% of the eligible population have had their third Covid booster after the initial vaccination series, Ministry of Health data from January 7 showed. The data for flu is not yet available, but a study by Federfarma, the association of Italian pharmacies, said 15% of Italians had been vaccinated against flu this autumn, compared to just over 20% last season.
Saturday, 13 January, 2024 | ISLAMABAD
CORPORATE CORNER Zong 4G, ASA Pakistan team up for communication and data connectivity solutions
ISLAMABAD: Zong 4G, Pakistan's leading digital communication company, has signed a corporate partnership agreement with ASA Pakistan Limited, a leading Microfinance Bank, to provide data and voice services for their customers.Zong Business team strives to provide each client with industry-leading tailored solutions that can enhance their business productivity and streamline their processes. This partnership was finalized with a signing ceremony conducted on 2nd November 2023 at ASA microfinance bank Pakistan ltd head office in Karachi. Mr. Farooq Raza Khan, Director Govt. & Corporate Sales & Services Zong CMPAK and CEO ASA Pakistan Mr. Saeed Uddin Khan signed the partnership on behalf of their respective organizations.The Official Spokesperson of Zong 4G added, “Our partnership with ASA Pakistan (MFB) Limited is a testament to our commitment to excellence and innovation. We are dedicated to providing our customers with customized GSM and data products that cater to their communication needs.”Mr. Saeed Uddin Khan. PR
Save on your holiday or stopover to Dubai this winter with Emirates
KARACHI: Emirates has today announced an exciting new offer for travellers planning to visit Dubai this winter. Starting from 12th January, people who have bought flights to Dubai or add a stopover in Dubai of 8 hours or more can enjoy free tickets to two of Dubai’s biggest attractions – the Museum of the Future and Atlantis Aquaventure. The Museum of the Future is the newest jewel in the Dubai skyline where you’ll be transported into the world 50 years from now. Furthermore, you can cool off on the slides and rides at Atlantis Aquaventure, the world’s largest waterpark. This special offer is valid on tickets bought between 12th January to 1st February 2024, for travel between 15th January and 31st March 2024. The offer is available in all cabins and bookings made on emirates.com, Emirates call centre, Emirates ticketing office or via travels agents can be redeemed at least 96 hours before you travel. PR
Govt urged to resume affordable house financing scheme KARACHI: The government should resume the affordable house financing scheme through commercial banks to facilitate masses for purchasing and constructing residential housing units to revive economic activities across the country. This was stated by the real estate tycoon and founder of Shangrila City, Syed Afzal Hameed, at the annual meetup of developers and the launch of one-window solutions for allotees of the international housing project at a local hotel here on Thursday.Speaking to the media, he said the real estate stirs commercial activities in construction and various allied sectors, including steel, cement, paint, cable, marbles, etc, which ultimately benefits the economy through taxes and employment opportunities.The real estate is the mother of construction industry, it contributes a significant role to the GDP every year, he remarked.Despite various challenges, the administration of Shangrila City introduced housing projects for middle income groups, including an international themed apartment, and began the process of procession to allotees. PR
Conduct phase of naval exercise Sea Guard-24 held
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LOWER INCOME GROUPS BEAR BRUNT OF STEEP INFLATION RISE PROFIT
NEWS DESK
N a continuing trend of economic challenges, Pakistan’s inflation rate has escalated for the third consecutive week. The Sensitive Price Indicator (SPI) for the Combined Group witnessed a 1.36% weekover-week increase as of January 11, 2024. This rise follows last week’s increase of 0.81%. The Pakistan Bureau of Statistics (PBS) reports a significant year-overyear inflation surge. The Combined Index, standing at 317.92 compared to last year’s 220.53, marks a staggering 44.16% increase from the same period in the previous year. The inflationary trend is evident in the price shifts of 51 monitored items. Over the past week, prices of 21 items rose, 8 decreased, and 22 remained unchanged. Notably, significant hikes were
seen in the costs of tomatoes (15.63%), onions (8.94%), chicken (6.42%), electricity charges for Q1 (5.11%), and eggs (4.31%). Conversely, potatoes (5.92%),
vegetable ghee (0.84% for 1 kg, 0.29% for 2.5 kg), sugar (0.43%), and mustard oil (0.26%) saw price drops. The SPI’s impact varies across dif-
IT Ministry to launch ‘Smartphone for All’ project on easy installments: Minister ISLAMABAD APP
Caretaker Federal Minister for Information Technology and Telecommunication, Dr Umar Saif, on Friday said that the Ministry of IT is set to launch the "Smartphone for All" project, allowing individuals to acquire smartphones through easy instalments. In a statement on his official social media account, he said that the ministry is concurrently establishing a research and development fund to support mobile phone man-
ufacturing companies and facilitate the growth of the mobile phone manufacturing sector. Regarding the "Smartphone for All" project, he explained that in the event of failure to pay instalments, the Pakistan Telecommunication Authority (PTA) would block the handset following the pattern of the Device Identification, Registration, and Blocking System (DIRBS). The minister said that the objective is to encourage responsible financial behaviour and ensure the continued expansion of smartphone accessibility. Under this policy, he
said that telecom companies will have the opportunity to directly offer smartphones to customers through instalment plans, thereby extending the advantages of mobile broadband, particularly among the low-income segments in Pakistan. Dr Umar Saif said that Pakistan ranks as the seventh major mobile phone market globally, with 190 million mobile phones in use. He expressed the government's goal to reduce mobile phone imports by promoting the manufacturing of affordable and high-quality mobile phones within Pakistan.
Rainfed areas to remain under water stress conditions due to lack of rain:PMD ISLAMABAD APP
The Pakistan Meteorological Department (PMD) Friday said that the rainfed areas will remain under water stress conditions next week due to persistent dry and cold weather conditions, advising the citizens to use water judiciously. The PMD, in its advisory, informed that due to stable weather conditions, cold and dry weather is expected in most parts of the country during the next week. Very cold weather conditions are likely to continue in plains of Punjab during the next week. Dense foggy conditions are also likely to continue in plain areas of Punjab, Khyber Pakhtunkhwa and upper Sindh in patches. Frost is also expected to occur in upper parts of Khyber Pakhtunkhwa, Pothohar region including Islamabad and Kashmir.
Light rain with light snowfall over the mountains is expected in Chitral and Gilgit-Baltistan on January 13, January 16 and 17. The PMD has also termed the rumours on social media regarding snowfall in plains of Punjab as baseless and urged the public to ignore fake information. About the impacts, the PMD said that the rainfed areas will remain under water stress conditions so the general public is advised to use the water judiciously. Due to foggy conditions in plain areas, day temperatures are likely to remain 04 to 06 degrees celsius below normal. The farmers are advised to manage their crops and keep their livestock at warm places due to prevailing cold weather conditions. The travellers are advised to remain extra cautious during foggy days. The latest updates about the weather conditions can be accessed through https://www.pmd.gov.pk/en/.
ISLAMABAD
President Dr Arif Alvi on Friday said the government was taking steps to promote Foreign Direct Investment (FDI) in Pakistan. Talking to a German delegation of international food wholesaler, METRO Group, led by its CEO Dr
Steffen Greubel here at Aiwan-eSadr, the president said Pakistan was an attractive destination for the foreign investment and business. The president also appreciated the METRO Group for their investment in Pakistan. The delegation briefed the president about business and investment of the METRO Group in Pakistan.
The delegation told that keeping in view the conducive environment for the foreign investment in Pakistan, the METRO Company desired to further expand the business activities in the country. Besides, the delegation was of the view that Pakistan was an attractive destination for business, investment and tourism.
Inaugural session of Rawalpindi district level Kashmir consultative committee held
ISLAMABAD: The inaugural session of the Rawalpindi District-level Kashmir Consultative Committee was held. This committee is established under the Broader Kashmir Consultative Committee led by Special Assistant to the Prime Minister for Human Rights and Women Empowerment, Mushaal Hussein Mullick. The primary objective of the district-level consultative committees is to address the Kashmir issue at the grassroots level for comprehensive understanding, engagement with the community and to create a platform for meaningful discussions, advocacy, and actions that resonate with the local population. Speaking at the occasion, Special Assistant to the Prime Minister for Human Rights and Women Empowerment, Mushaal Hussein Mullick, highlighted the significance of such meetings. She emphasized that similar gatherings would be organized in various districts. She announced that the inaugural sessions of the District-level Kashmir Consultative Committees in Lahore, Faisalabad, and Gujranwala. APP
'Global Health Security Summit' ends, projecting positive image of Pakistan globally: Minister ISLAMABAD APP
Caretaker Federal Minister for Health Dr Nadeem Jan Friday congratulated nation over the successful conclusion of Global health Security summit with participation of more than 70 countries leading health experts and diplomats which has projected the Pakistan's image positively. Talking to a Private news channel, minister said that Pakistan has initiated a platform to boost the health system strongly and it would provide a regular platform for nations to review progress, share insights, and discuss emerging health challenges on a global scale. He said that this health summit forum will also boost the confidence of world for Pakistan's health system, adding, Pakistan has a capable pharmacy workforce whom we can export and utilize for other countries
ferent income groups. All quantiles experienced an increase ranging from 1.2% to 1.34% weekly. The lowest income group faced a 1.2% rise, whereas the highest income group saw a 1.34% increase. Yearly analysis presents a more daunting picture, with SPI increases between 36.06% and 47.48% across the income spectrum. The financial strain extends to essential commodities. The average price of Sona urea now stands at Rs4,622 per 50 kg bag, marking a slight 0.07% increase over last week and a significant 66.35% increase from last year. In contrast, the average cement price decreased by 0.39% from the previous week to Rs1,221 per 50 kg bag, yet it’s still 17.17% higher compared to last year’s prices. The continuous rise in inflation is a growing concern for Pakistan’s economy, affecting various sectors and straining household budgets across income groups.
Enhanced bilateral cooperation in interest of Pakistan and Malaysia: Tessori
KARACHI: Governor Sindh Kamran Khan Tessori has said that bilateral cooperation between Pakistan and Malaysia was in the interest of both the countries as it would boost the economies mutually.This he said while talking with eleven member delegation headed by Tan Sri Rastam Bin Mohd Isa, Chairman Felda Global Venture, engaged in Palm oil productionRenowned Industrialists Bashir Jan Muhammad and Rasheed Jan Muhammad were also present on the occasion. Governor Sindh further said that Pakistan want to learn from the experience of Malasia in Palm plantation. "The coastal but from Karachi to Thatta was ideal for this purpose and we have already started a pilot project in this regard", he added.Kamran Khan Tessori said that there were ample opportunities of investment available in agriculture, health, energy and education sectors and the investors from Malaysia can benefit from the conducive investment environment in Sindh. "We would extend all possible help and assistance to them, he assured. PR
Dr Amjad Saqib reviews progress on bISP’S social protection initiatives
Government taking steps to boost FDI: President Alvi APP
KARACHI: Conduct phase of Pakistan Navy's maiden EXERCISE SEA GUARD is being undertaken from 10-13 Jan 24. EX SEA GUARD served as a platform for all stakeholders to engage in tactical exercises, exchange best practices and foster mutual understanding. Various scenarios based on contemporary asymmetric challenges being faced in maritime domain were rehearsed, wherein, personnel and assets of PN Coastal and Fleet Command, PMSA, Customs, FIA, Coast Guards, ANF and other national stakeholders participated. This exercise aimed at enhancing interoperability and showcasing shared resolve for ensuring robust coastal security.PR
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PAKISTAN FACES RISING INFLATION FOR THIRD CONSECUTIVE WEEK, SPI CLIMBS 1.36% NEWS
in time of any Pandemic like situation. Collaborative efforts of policy makers, experts, policymakers, and stakeholders from around the world will further improve the health systems of poor countries, he added. He emphasized the need for continued collaboration, and the implementation of evidence-based strategies to safeguard global health. He said the moot had served as a great opportunity of bringing together international and national experts to share expertise and knowledge for a safer world. Dr Nadeem Jan said holding of the international conference had proved that the country could play a key role in the health sector and it also sustained the dignity of Pakistan globally. The summit symbolized unwavering commitment to furthering a safer world, where health security knew no borders, he added.
Chairperson of Benazir Income Support Programme (BISP), Dr. Amjad Saqib, presided over a high level meeting to review the progress on Benazir Income Support Programme’s key initiatives, including Enrollment of Widows, inclusion of Adolescents in Nashonuma, Hybrid Social Protection Scheme, and Benazir Social Protection Accounts.During the meeting, Dr. Amjad Saqib emphasized BISP's commitment to serving the impoverished. He underscored the importance of opening bank accounts for needy women, emphasizing digital literacy and financial inclusion.Secretary BISP, Amer Ali Ahmad, provided a detailed overview of the agenda items during the meeting. The Director General (DGs) of various wings also updated Chairperson Dr. Amjad Saqib on the discussed topics. PR
Special Traffic education, enforcement drive in full swing
ISLAMABAD: Islamabad Capital Police took prompt action against underage motorcyclists and drivers and imposed fines on them under the campaign of Special Traffic education and enforcement.CTO Following the directions of Islamabad Capital City Police Officer (ICCPO) Dr. Akbar Nasir Khan, the Islamabad Capital Police launched a special traffic education and enforcement campaign in order to solve the traffic related problems faced by the citizens on roads, a police public relations officer said. He said that, campaign is underway against underage bikers, those involved in rash driving and violating traffic rules. Under the supervision of chief traffic officer Islamabad, zonal DSP’s are ensuring strict action against those violating traffic rules. In this regard, Islamabad capital police already formed special squads to set up special roadblocks in major highways and squares of Islamabad in order to take strict legal action against underage drivers and other traffic rules violators. PR
COAS INAUGURATES NASTP’S SECOND CHAPTER IN KARACHI
Saturday, 13 January, 2024
PRAYER TIMINGS
NEWS
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ISLAMABAD
STAFF REPORT
ENERAL Syed Asim Munir, the Chief of Army Staff (COAS), graced the inauguration ceremony of the second chapter of the National Aerospace Science and Technology Park (NASTP) Silicon, held in Karachi on Friday. As the chief guest at the occasion, General Munir expressed his optimism about the project’s potential to propel technological progress and cultivate self-reliance in the nation, the Inter-Services Public Relations (ISPR) said in a statement. COAS Munir hailed NASTP as a project of national and strategic significance that is poised to bring about manifold benefits for the country. He highlighted the crucial role it would play in fostering innovation and providing a platform for the nation’s youth and future generations to contribute to the fields of aerospace, cyber, and information technology. Praising the collaborative efforts of the Pakistan Air Force (PAF), its leader-
ship, and skilled personnel, Gen Munir celebrated the achievement of yet another milestone in the form of NASTP Silicon. He acknowledged the pivotal role played by the PAF in making the project a reality and lauded their commitment to technological advancements. Chief of Air Staff, Air Chief Marshal Zaheer Ahmed Baber Sidhu, also shared
his vision for NASTP to evolve into one of the best Aerospace, Cyber, and IT Clusters. He envisions the park transforming the national landscape with state-of-the-art design, research and development (R&D), and innovation centers, focusing on emerging and disruptive technologies. The goal is to maximize social, economic, security, and scientific
dividends for the country. Upon his arrival at the venue, the army chief was warmly received by Air Chief Marshal Sidhu. The cooperation and synergy between the army and air force leadership were evident, reflecting a united commitment to the advancement of the nation’s technological capabilities. Following the inauguration ceremony, Gen Munir visited the Corps Headquarters Karachi. The Corps Commander Karachi Corps welcomed the Chief of Army Staff and provided a comprehensive briefing on operational preparedness, training initiatives, and administrative measures undertaken for the welfare of troops and the families of Shuhada (martyrs). The visit underscored the holistic approach of the military leadership in addressing not only technological advancements but also the well-being and preparedness of the armed forces. The COAS expressed satisfaction with the measures taken and reiterated the importance of a strong, well-equipped, and well-supported military in safeguarding the nation’s interests.
Govt fails to find investor for Kot Addu plant for fifth time g
PROFIT
Security forces neutralise two terrorists in North Waziristan IBO
DANIYAL AHMAD
ISLAMABAD
STAFF REPORT
600MW HAS PREVIOUSLY FAIL TO RECEIVE A BID IN APRIL, MAY, OCTOBER, AND DECEMBER
As the country battles the scourge of terrorism, security forces Friday gunned down two terrorists in an intelligence-based operation (IBO) in North Waziristan, the Inter-Services Public Relations (ISPR) said in a statement. As per the military’s media wing, the IBO — conducted on reports of terrorists’ presence — resulted in an intense exchange of fire. During the conduct of the operation, two terrorists identified as Abdullah Khadri and Khalid alias “Janan” were sent to hell, the statement added. The ISPR underscored that the gunned down terrorists remained actively involved in numerous terrorist activities in the area including target killing of innocent civilians. Meanwhile, security forces are carrying out a sanitisation operation to eliminate any other terrorists found in the area. “[…] the security forces of Pakistan are determined to wipe out the menace of terrorism from the country”, the military’s media wing noted. The IBO comes days after two soldiers embraced martyrdom during a gun battle with terrorists in Khyber Pakhtunkhwa’s Lakki Marwat district. The martyrs included Sepoy Muhammad Afzal, 29, resident of district Bhimber, Azad Kashmir, and Sepoy Ibrar Hussain, 27, resident of district Mansehra Pakistan has witnessed an alarming surge in terrorrelated incidents since the Taliban-led administration took over Afghanistan in 2021. The year 2023 saw as many as 586 terror attacks with 17% claimed by banned terror outfits such as Tehreek-e-Taliban Pakistan (TTP), Balochistan Liberation Army (BLA), Daesh, and others. Meanwhile, security forces conducted 197 operations against outlaws leaving 537-545 of them dead. As per the Annual Security Report released by the Centre for Research and Security Studies (CRSS), the country witnessed 1,524 deaths and 1,463 injuries in the previous year.
The Government of Pakistan has suffered a defeat in its quest to secure a bid for the 600 megawatt solar power plant at Kot AdduMuzaffargarh. This marks the fifth consecutive instance of such a rebuff, with the initial request for proposal (RFP) having been floated in February 2023. This ambitious project was supposed to be the first of its kind in the country, a landmark achievement in the acquisition of renewable energy through international competitive bidding (ICB). The project was aligned with the long-term Indicative Generation Capacity Expansion Plan (IGCEP) — roadmap for the future of energy in Pakistan. The government had tried everything in its power to attract potential bidders, from multiple rounds of bidding to revisions in incentives, all under the already approved
Framework Guidelines for FastTrack Solar PV Initiatives 2022. The initial deadline for the bids was set for April 2023, which was subsequently extended to May. Following the initial disappointment, the RFP was once again floated in September, with the project being showcased in Dubai as part of an international roadshow in October — the 30th of October was also the cut-off date for the bids. Yet, the outcome was the same — no bids. Undeterred, the Private Power and Infrastructure Board (PPIB), the entity tasked with overseeing the bidding for the project, extended the deadline for bids to December 11. The PPIB then further stretched the deadline to January 11; however, this date too has passed without the Government securing a single bid for the project. This publication has previously delved into the reasons behind why the Kot
Addu-Muzaffargarh has been unable to secure a suitor. The fact that the Kot AdduMuzaffargarh solar power plant has remained unclaimed for nearly a year by any bidder is nothing short of astounding. Ever since the early 1990s, one of the most sought-after business ventures in Pakistan has been owning and operating a power plant. Rising to the rank of an Independent Power Producer (IPP) has been a coveted aspiration for many corporations. Herein lies an opportunity to not only become part of one of the largest sectors in the country but also to have the government as a sole, guaranteed customer that will incessantly demand more power from you. It would be reasonable to anticipate that corporations and investors would be jostling to bid for the solar power plant being envisaged at Kot Addu-Muzaffargarh.
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Voicing discontent, PML-Q decides against seat adjustment with PML-N LAHORE
STAFF REPORT
The Pakistan Muslim LeagueQuaid (PML-Q) on Friday decided against seat adjustment with the PML-N for the February 8 general election, voicing discontent with the latter over its “double standards”. The development comes a day after it emerged that PML-Q President Chaudhry Shujaat Hussain, who had helped the PML-N-led coalition in ousting ex-premier Imran Khan in 2022, was accommodated by the PML-N with just four seats, two each for the National and Punjab assemblies. The PML-N left NA-64 and PP-31 Gujrat open for Salik and
Shafey, sons of Shujaat Hussain. It had also refused to oblige PMLQ’s Wajahat Hussain and his son Musa Elahi on National Assembly seats in Gujrat. The Istehkam-i-Pakistan Party (IPP), home for PTI deserters, also faced a setback as the PML-N allocated them only a limited number of seats for the next month’s general elections. An official statement released by the PML-Q today, said that Shujaat had chaired an emergency meeting. “The PML-Q has always played a role in the development and prosperity of Pakistan and its people and will continue to do so,” the party said. It alleged that the PML-N had issued tickets to can-
didates competing against PMLQ’s candidates. It said that as a result, the party had decided that it would not allow its candidates to fall victim to such “double standards” and will not “go for seat adjustment with the PML-N”. The statement quoted Shujaat’s son Salik as saying that the PMLN should issue tickets to its candidates from Gujrat — which is considered a PML-Q stronghold — against him and his brother. He asserted that the PML-Q’s candidates stood with the party, adding that the party would stand with them if the PML-N chose to compete against them. “We are ready to compete without any seat adjustment,” he said.
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ECP delists 13 political parties ISLAMABAD
STAFF REPORT
The Election Commission of Pakistan (ECP) Friday announced its reserved verdict on the intra-party elections of 15 political parties, resulting in the delisting of 13 of them. Only two political parties have been granted permission to participate in the upcoming elections. The ECP delisted political parties comprise All Pakistan Minority Alliance, All Pakistan Tehreek and Awami Party Pakistan, Bahawalpur National Awami Party, Sab ka Pakistan, National Peace Council, Pakistan National Muslim League, Pakistan Aman Party, and Pakistan Barabri Party. Additionally, Christian Awami Party, Pakistan Qaumi Yakhjati party, and Sunni Tehreek have also been included in the list of parties no longer eligible for participation. Notably, election symbols have been allotted to Nizam Mustafa and Pakistan Muslim League Jinnah. Furthermore, Jammiat Ulema-ePakistan Noorani has received approval to contest in the upcoming elections.
President accepts Justice Ijazul Ahsan’s resignation ISLAMABAD
STAFF REPORT
President Arif Alvi on Friday accepted the resignation of Justice Ijazul Ahsan of the Supreme Court on the advice of the caretaker prime minister. He was the second most senior judge of the apex court and was due to be the next chief justice in October after superannuation of incumbent Chief Justice Qazi Faez Isa. He was one of the bench members who heard the Panama case against former prime minister Nawaz Sharif. He disagreed with the Supreme Judicial Council for action against for justice Mazahar Ali Naqvi and abstained from the council meeting held to ponder the issue. He dismissed the allegations levelled against former judge Naqvi as baseless. Former justice Ahsan wrote in his resignation that “he is resigning from the office under Article 206 A of the Constitution. It is an honour to be a judge of the Supreme Court and Chief Justice of the Lahore High Court. It may be noted that former justice Naqvi, who was facing charges of misconduct, has also tendered his resignation.
PM for boosting trade, investment ties with Italy in diverse sectors ISLAMABAD
STAFF REPORT
Acknowledging Pakistan’s longstanding friendly ties with Italy, Caretaker Prime Minister Anawaarul Haq Kakar on Friday emphasized the need for boosting bilateral trade, investment and cooperation in diverse areas, including migration, mobility, agricultural technology, education and tourism. The bilateral ties were discussed in a meeting with Ambassador of Italy to Pakistan Andreas Ferrarese who paid a farewell call on him, a PM Office statement said. During the meeting, the prime minister appreciated the ambassador’s contributions to strengthening bilateral relations, noting his efforts to foster economic ties and facilitate cooperation in various fields. The Italian ambassador thanked the prime minister for receiving him and expressed gratitude for the excellent cooperation he received throughout his stay in Pakistan. He also briefed Prime Minister Kakar on key developments during his tenure. The ambassador lauded the valuable contributions of the vibrant Pakistani diaspora to Italy’s economic development. The prime minister wished the outgoing ambassador success in his future endeavours.
Breaking down stock market performance g
HOW HAVE SECTORS PERFORMED IN CONTEXT OF INFLATION AND INTEREST RATES PROFIT
ZAIN NAEEM
As the year ends, it can be said that this was one of the better years in the Pakistan Stock Exchange. The market yielded a rate of return of 55 percent which is the most for the last 10 years seen in the market. The second best year was 2016 with a return of 46 percent. After that the returns fell to 27 percent in 2014. These returns include dividends which might have been distributed by the companies which constitute the KSE-100 index. Before you start calling up your favourite broker and ask for a tip on an investment to be made, this performance needs to be put into some context. The stock market consists of boom and bust cycles. The period between 2016 and 2023, the best years, the market actually saw a negative return of -13 percent from 2017 through to 2022. This means that even if you had before 2016, you would have seen a rise of 46 percent and then seen your portfolio lose value on a daily basis. Many investors who invest in the stock market locally are looking for a quick return and do not have the patience to wait for their
investment to turn good. Many investors would have sold their holdings between the period of the two peak years making up 6 years as their portfolio would have been stagnant or even given them a lower return they could have earned if they sold in 2016. The keywords while investing in stock market, doing comedy and batting are three things. Timing, timing, timing. The need to know when to get on the roller coaster and when to get off. This is vital. That is one part of the strategy. It is sometimes even seen as collecting pennies in front of the bulldozer. The decision to get into the market and then get out is crucial or an investor can end up making a loss. But this is only one side of the coin. The other side is to buy a stock and hold for a long time. The goal of this strategy is to be able to buy good stocks which have consistently shown performance and might even give dividends to its shareholders. In case that strategy was followed, it can be seen that based on the returns of the last 10 years, they would have earned a compounded return of 117 percent. This spans a period of 10 years and would have meant a steady return of 11.7 percent per year over
the investment horizon. So the point is to either look to follow a strategy of trading on a daily basis and try to time your decisions right or choose a good portfolio of stocks and then forget to ever follow their rates. In order to do so, an investor can buy the stocks in the same ratio and proportion as the KSE-100 index itself. There are murmurs that can be heard. What about inflation? Wouldn’t inflation eat away at much of these returns? Yes, that objection is justified. Once inflation is accounted for, it was seen that over the last 10 years, compounded inflation was around 91.8 percent. This means that the stock market earned an inflation adjusted return of 25 percent for the 10 years considered. This dampens the per year return to 2.52 percent. Has that made you lose some of the enthusiasm in investing in the stock market? Well let’s compare it to what a bank deposit would have earned for the same period. Taking the base rate as a proxy, we can see that interest rates or more appropriately, bank deposits would have yielded a compounded return of 100 percent. If this amount is adjusted for inflation, the ad-
justed return comes down to 8 percent and an yearly return of less than 1 percent. Can I see you picking up that phone again? Well put it down. Noone and absolutely noone in this world is so perfect that they will be able to earn the return stated above. I know the research department of your favourite brokerage is the best and their analysis is always spot on. Noone can predict the best time to buy a stock and sell it. It will be a fools’ errand in trying to perfect your timing. For people who do not want to buy a part in the whole index, the next best thing is to consider sectors which are making up the index in the first place. Now it is understood that the index is a weighted average of some key sectors and shares listed in the stock market. This could mean that if you select the right sector, you can earn better returns compared to the index on the whole. Similarly, you can also make worse returns than the index so that is one risk that is being taken when a sector is being selected. Out of the 14 sectors categorised in the market, the best sector to perform was the autoassembler sector giving compounded returns of more than 285 percent followed by cement
Published by Asad Nizami at Plot # 7, Al-Baber Centre, F/8 Markaz, Islamabad, for PT Print (Pvt) Limited. Ph: 051-2204545. Email: newsroom@pakistantoday.com.pk
and chemical each giving a return of 201 percent. This simply means that if an investor had invested in either of these sectors, their Rs. 100 would be Rs 200 by now. Once these amounts are adjusted for inflation, the returns fall to 193 percent for auto assemblers and 109 each for chemical and cement respectively. Just like you could have doubled your money, in the auto sector, you could have made a smaller gain in other sectors. The top three worst performing sectors for the last 10 years were oil and gas exploration companies yielding a return of 58 percent, food and personal earning a return of 73 percent and miscellaneous shares which gave a return of 100 percent. Adjusted for inflation, these become -34 percent for oil and gas exploration, -19 percent for food and personal and 8 percent return for miscellaneous stocks. So if you are still interested in investing in the stock market, either be actively involved in it to earn a good return and make the market everything in your life. Or take a more distant approach and invest in the market for the long haul. Choose companies with good track records and then sit back and relax and watch your investments grow.