Friday, 14 January, 2022 | IsLAMABAD
SuSPeCTS In nAzIm JOkHIO murder FLee COurT AFTer BAIL reJeCTIOn kArACHi
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Staff RepoRt
IvE suspects in the murder of a young journalist escaped from a district and sessions court in Malir on Thursday after their request for interim bail was rejected. The body of Nazim Jokhio was found inside a Malir farmhouse in November. The victim had died apparently after being thrashed with sticks and punches in a scuffle. Jokhio had stopped and filmed some foreigners while hunting rare houbara bustards in his native
village in Thatta, according to the first information report (FIR) of the incident registered on the complaint of his brother Afzal Jokhio. “MPA Jam Awais alias Gohram, along with Niaz Salar, Ahmed Shoro, Haider Ali and Mehr Ali, killed my brother by kicking and punching, and beating him with batons close to the gate of Jam House,” the report quoted Afzal as telling the police. Jam Awais Khan Jokhio, a Pakistan Peoples Party (PPP) lawmaker, surrendered to the police days later after Jokhio’s relatives staged a sit-in on a highway. The suspects who escaped included Saleem
Salar, Dodo Khan, Muhammad Soomar, Muhammad Ishaq and Muhammad Khan Jokhio. The court reserved its verdict on their petitions on January 8 in the light of the investigation report and said to announce its decision on January 13. In a previous hearing, the court expressed annoyance over the police investigator for failing to complete the investigation in the murder. The investigation officer (IO) sought time to submit a final charge sheet, maintaining he was yet to receive reports of a forensic analysis of digital video recorder (DvR) footage recovered from cameras at the farmhouse and portable storage.
supply of furnace oil to power plants still plugged as refineries offer different prices AHMAD AHMADANi All five local refineries have offered different prices for the sale of furnace oil (FO) to power plants, and the petroleum division’s directorate-general (oil) has requested the power division to take appropriate action in this regard. The director-general (DG) of oil, through a letter on January 11, forwarded the responses of refineries on a proposal to reduce the furnace oil price, and also communicated the prices offered by different refineries for supply to power plants. According to the DG of oil, National Refinery Limited (NRL) offered a price of Rs 81,000 per metric tonne (/MT), Pakistan Refinery Limited (PRL) Rs80,000/MT, CNERGYICO – Rs86,000/MT and Pak Arab Refinery Limited (PARCO) at Rs83,000/MT price for sale to power plants. “Foregoing in view, power division is requested to look into the matter for appropriate action with regard to merit order for supply of FO to the power plants keeping in view the severe ullage issues faced by local refineries, especially PARCO,” according to the letter. All five refineries were earlier informed by the government that a meeting of the Ministry of Energy held under Minister Hammad Azhar discussed the state of supply to power plants and the ullage issues of refineries. Due to the ample ullage available with the power plants and unfavourable position of FO in the merit order, it was directed that the refineries may be approached to consider the possibility of rationalising the price of furnace oil by reducing
SeCP consolidates circulars to facilitate insurance sector
their margins or through appropriate discounts. The move may facilitate FO prices to become viable, match the merit order and enable increased consumption for a limited period, eventually easing the ullage issues at refineries. “The refineries are therefore requested to examine the matter and furnish their views/feedback on the matter by January 10,” said a letter from the DG of oil. In its response, CNERGYICO highlighted that the refining sector was already under severe cash flow stress and further discount in FO price was economically unsustainable. The petroleum division had also been asked by the refineries to convene a meeting of all relevant stakeholders including local oil refineries and the power division in order to agree upon a comprehensive and sustainable solution to the ongoing issue. CNERGYICO also suggested that the Ministry of Energy should assist National Electric Power Regulatory Authority (NEPRA) in amending the merit list of FO fired power plants which will enable independent power producers (IPPs) to pursue furnace oil stock build up as per their agreements with the government. Similarly, Pakistan Refinery Limited, National Refinery Limited and Attock Refinery Limited in their response also rebuked the suggestion of reducing furnace oil prices saying it was not viable. According to PRL, its ex-refinery price of furnace oil for the first two weeks of January 2022 was Rs86,000/MT against an import parity price of Rs92,434/MT and monthly average FOB price of
Pakistan records highest one-day tally in coronavirus cases since September
isLAMABAD newS DeSk
In order to facilitate the insurance sector in complying with the applicable regulatory requirements, the Securities and Exchange Commission of Pakistan (SECP) has issued a master circular, consolidating all existing applicable circulars, directives and guidelines issued up to December 31, 2021. According to a statement issued on Thursday, the master circular has been categorised into twelve key chapters i.e. licensing and authorisation, product approvals and disclosure, reinsurance and retakaful, corporate governance, financial and regulatory reporting, management expense limits, related party assets, information sharing, training and certifications, complaints handling, cybersecurity and miscellaneous. The circulars, either obsolete or repealed, have been excluded from the Master Circular. The SECP said that it is actively working for simplification and consolidation of its regulatory framework with a view towards promoting ease of doing business, reducing costs, and ensuring transparent and effective enforcement; and this master circular is part of that effort. It said the master circular has been uploaded for information of all stakeholders on SECP’s website.
reference crude (Arab Light for December 2021) of approximately Rs101,000/MT. “The above price comparison clearly shows refineries’ loss, and any further reduction in the price of furnace oil will further compound sustainability challenges,” the PRL had said in its response to the petroleum division. PRL stated that, “the proposed refinery policy, if approved, will comprehensively address refineries’ sustainability challenges and will also support the government’s endeavours of consumption of environment-friendly fuels”. Further adding “It is imperative that the draft refinery policy be approved without any further loss of time by the concerned authorities,” in its letter to DG oil. Similarly, NRL mentioned in their letter that it was extremely difficult to consider any further reduction in the ex-refinery price of furnace oil, elaborating that the proposed suggestion of discount on furnace oil price will deteriorate the companies’ financial position and ultimately lead to suspension of operations. “It is, therefore, requested that an economically viable and appropriate way forward shall be arrived at after discussion with the industry so that furnace oil offtake can be ensured on a regular basis,” summarised NRL in its letter. Attock Refinery Limited, in tune with PRL and NRL, also said that considering any further discount in furnace oil pricing would further aggravate the already precarious situation, and the proposal of pricing adjustments was not a financially viable option.
isLAMABAD Staff RepoRt
Pakistan reported over 3,000 new cases of Covid-19 on Thursday, the highest single-day total in the last four months, as the fifth wave of the coronavirus intensified, according to official data. The country registered 3,019 infections in the past 24 hours, bringing the caseload to 1.13 million, Ministry of National Health Services data showed. Five fatalities were also reported, taking the death toll to 28,992. On September 11, Pakistan registered 3,153 cases, which gradually decreased to 291 on December 29. However, infections again spiked earlier this month after the country reported cases of the latest Omicron variant in some cities. Since the outbreak in March 2020, 491,743 cases have been confirmed in Sindh, 449,843 in Punjab,
181,906 in Khyber Pakhtunkhwa, 109,944 in Islamabad, 34,719 in Azad Jammu and Kashmir, 33,675 in Balochistan and 10,437 in GilgitBaltistan. The government has so far performed 23,984,502 tests with 49,270 in the last 24 hours. 1,260,045 patients have recovered whereas 651 patients are reported to be in critical condition. The positivity ratio was recorded at 6.12 per cent. Over 100 million people have received their first dose of a coronavirus vaccine, including 386,788 in the last 24 hours. 75 million people have been fully vaccinated while 461,167 received their second dose in the last 24 hours. Asad Umar, the minister in charge of Covid-19 response, warned earlier this month that authorities have “clear evidence” of a new virus wave. He said a surge “has been expected for the last few weeks” and that genome sequencing shows a “rising proportion of omicron cases,” particularly in Karachi, the country’s largest city and a commercial hub of nearly 17 million people. The government has administered the first dose of a Covid-19 jab to over 100 million to date, while over 75.68 million people have been fully vaccinated, according to official data. “Achieved another major milestone in the vaccination campaign yesterday, crossing 100 million people who have received at least one dose […] Work not complete yet. Need to keep the momentum going,” Umar tweeted Tuesday. — With additional input from Anadolu Agency
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SBP declared best central bank in world for promoting Islamic finance kArACHi newS DeSk
The Islamic Finance News (IFN), an arm of REDmoney Group, Malaysia, has announced State Bank of Pakistan as the best central bank of 2021 across the world in promoting Islamic finance. According to statement issued by the SBP, the results of global voting were disclosed on Thursday. IFN Best Banks Poll is regarded as one of the prestigious accolades in the global Islamic finance space. Bank Negara Malaysia stood second while the Saudi Central Bank secured third position, it said. The category of the best central bank in promoting Islamic finance is one of the closely fought contests among regulators competing for supremacy through exceptional advances made during the year. The SBP is honoured to have won this award for the 5th time during last seven years. Previously, SBP was bestowed with this coveted award for the year 2015, 2017, 2018, and 2020. IFN in its cover story while congratulating the State Bank of Pakistan for yet another win as the best central bank in promoting Islamic finance stated that they welcome back a leading light of the industry. In a closely fought contest, 2020’s victor came roaring back to take the crown, said the IFN. IFN while announcing the poll result also stated that with its Governor Dr Reza Baqir, recently promoted to be the new chairman of the Council of the IFSB, from his role as the deputy chairman in 2021, they can hopefully look forward to even stronger support and leadership from the central bank over the coming year. The IFN Award to SBP as the best central bank is the global endorsement of its initiatives for promotion of Islamic banking in the country. The award reflects an international recognition of the strategic measures undertaken by SBP to put in place a robust policy environment for Islamic banking to prosper. The statement said that the SBP has consistently promoted and encouraged Islamic finance within Pakistan, and has taken several significant steps. These include launch of 3rd five year Strategic Plan for Islamic banking 2021-25, Shariah compliant standing ceiling facility and open market operations, strengthening of Shariah governance mechanism, Shariah compliant regulations for the lender of the last resort (LOLR) facility and licensing regime for digital banking covering the Islamic segment; besides taking initiatives for promoting better awareness amongst the masses, and strengthening international linkages. The Strategic plan 2021-25 envisages to take Islamic banking share of 30% in terms of assets and 35% in terms of deposits in the overall banking system.
