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SuSPeCTS In nAzIm JOkHIO murder FLee COurT AFTer BAIL reJeCTIOn

kArACHi

Staff RepoRt

FIvE 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 brotherAfzal Jokhio. “MPA Jam Awais alias Gohram, along with Niaz Salar,Ahmed Shoro, HaiderAli and MehrAli, 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 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 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.

SeCP consolidates circulars to facilitate insurance sector

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.

Pakistan records highest one-day tally in coronavirus cases since September

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

SBP declared best central bank in world for promoting Islamic finance

kArACHi

newS DeSk

TheIslamicFinanceNews (IFN), an armof REDmoney Group, Malaysia, has announced StateBank of Pakistan as thebestcentralbank of 2021 across theworld in promoting Islamicfinance.According to statementissued by theSBP, theresults of globalvoting weredisclosed onThursday. IFN BestBanks Pollis regarded as oneof theprestigious accolades in theglobalIslamicfinancespace. Bank Negara Malaysiastood second whiletheSaudiCentralBank secured third position, itsaid.Thecategory of thebest centralbank in promoting Islamicfinanceis oneof the closely foughtcontests among regulators competing for supremacy through exceptionaladvances madeduring the year.TheSBPis honoured to havewon this award for the 5th timeduring lastseven years. Previously, SBPwas bestowed with this coveted award for theyear 2015, 2017, 2018, and 2020. IFN in its cover story whilecongratulating theStateBank of Pakistan for yetanother win as thebest centralbank in promoting Islamicfinancestated thatthey welcomeback aleading lightof theindustry. In aclosely foughtcontest, 2020’s victor cameroaring back to takethe crown, said theIFN. IFN whileannouncing thepollresult also stated thatwith its Governor Dr RezaBaqir, recently promoted to bethenew chairman of theCouncilof the IFSB, fromhis roleas thedeputy chairman in 2021, they can hopefully look forward to even stronger supportand leadership fromthecentralbank over thecoming year.The IFNAward to SBPas thebestcentralbank is theglobal endorsementof its initiatives for promotion of Islamic banking in thecountry.Theaward reflects an international recognition of thestrategicmeasures undertaken by SBPto putin placearobustpolicy environmentfor Islamic banking to prosper.Thestatementsaid thattheSBPhas consistently promoted and encouraged Islamicfinance within Pakistan, and has taken severalsignificantsteps. Theseincludelaunch of 3rd fiveyear StrategicPlan for Islamicbanking 2021-25, Shariah compliantstanding ceiling facility and open marketoperations, strengthening of Shariah governancemechanism, Shariah compliant regulations for thelender of thelastresort(LOLR) facility and licensing regimefor digitalbanking covering the Islamicsegment;besides taking initiatives for promoting better awareness amongstthemasses, and strengthening internationallinkages.TheStrategicplan 2021-25 envisages to takeIslamicbanking shareof 30% in terms of assets and 35% in terms of deposits in theoverallbanking system.

04 NEWS Karachi central Jail inmate bags rs1m scholarship to pursue degree in chartered accountancy

NEWS DESK

aKarachi Central Jail inmate, imprisoned for the past 11 years, has won a scholarship worth Rs1 million to pursue a degree in chartered accountancy for his exceptional academic performance.

The Institute of Chartered Accountants of Pakistan (ICAP) has awarded the scholarship to prisoner Naeem Shah.

As per the details revealed by the Senior Superintendent of Central Jail Muhammad Hassan Sehto, Shah was sentenced to life imprisonment for murder and was behind bars for the last 11 years, stated.

“While in prison, he resumed his studies, ” the superintendent said. “He gave his matriculation exams and then undertook intermediate examination, in which he secured excellent marks, and attained a position in the top 20 students. ”

Sehto added that after his Intermediate results, Shah approached ICAP, requesting them to be given a chance to become a CharteredAccountant for higher studies. He was offered a scholarship because of his outstanding academic performance.

Letters were exchanged in this regard in which ICAP stated that Shah was eligible for their scholarship programme, and has been given a scholarship of Rs1 million, the superintendent added.

It is due to Shah’s own dedication along with the support of the prison authorities, he was able to achieve this position today, the superintendent stated.

“Naeem Shah showed good manners whilst in jail and spent most of his time studying instead of talking to fellow prisoners.The jail authorities also him encouraged fully and provided him with all possible help in his studies, ” Sehto concluded.

India‘not averse’to demilitarisation of Siachen glacier: military boss

NEW DELHI

anadolu agency

The threat China poses to India has by no means diminished despite partial disengagement along the two countries’de facto border, the Indian army chief said.

“War or conflict is always an instrument of last resort. But if resorted to, we will come out victorious, ” asserted Gen. Manoj Mukund Naravane at a virtual press conference ahead of India’s Army Day on Saturday.

Underlining that the Indian Army would deal with the People’s Liberation Army (PLA) of China in a firm manner as it maintains maximum operational preparedness along its northern borders, Naravane said New Delhi would at the same time engage with the neighbouring military through dialogue. He noted the Indian military had increased its force levels in the region since a military standoff in 2020 and that this would continue this year, as well.

The two countries were engaged in a face-off along the Line of Actual Control (LAC) — the de facto border between China and India in the disputed territory of Ladakh in the disputed Himalayan region of Jammu and Kashmir.

Tensions soared in June 2020 after at least 20 Indian and four Chinese soldiers were killed in a border clash in the region.

Though the situation calmed after several rounds of talks, the two sides are yet to reach a resolution and have increased military deployment along the border.

However, there have been positive developments along the country ’s northern and western borders since January last year as Indian forces have engaged with Chinese troops through dialogue, he said.

When asked about the 14th round of military dialogue with China, which began on Wednesday, he expressed optimism on the resolution of difficulties at Patrolling Point 15 in eastern Ladakh, from where Chinese troops moved out in 2020 as part of disengagement efforts at the border.

However, China urged the Indian army chief to “refrain from unconstructive remarks. ”

“China and India are working through diplomatic and military channels to ease border tension. We hope individual personnel from India will refrain from making unconstructive remarks, ” Wang Wenbin, spokesperson of China’s Foreign Ministry, told a news conference in Beijing on Thursday.

Speaking on tensions with long-time rival Pakistan, Naravane said there had been an increase in the concentration of “terrorists” in various areas, from which he said they have launched “repeated infiltration attempts which have once again exposed the nefarious designs of our western neighbour. ”

“We have resolved to show ‘ zero tolerance’on terror, ” he said.

The army chief added that India was not “averse to the demilitarisation of the Siachen Glacier” , the world’s highest battlefield in the Himalayan region, that has claimed the lives of hundreds of soldiers.

“We are not averse to the demilitarisation of the Siachen Glacier, but the precondition for that is Pakistan’s acceptance of theActual Ground Position Line (AGPL), ” said Naravane, claiming the dispute on Siachen “occurred because of Pakistan’s unilateral attempts. ”

Troops from Pakistan and India militaries have been stationed at Siachen since 1984. Successive talks on de-militarisation have so far failed to defuse the stalemate.

India wants the current position of the two countries’ troops be accepted for demilitarisation to occur, though Pakistan has rejected this. DisputeD region: The Himalayan region of Kashmir is held by Pakistan and India in parts and claimed by both in full. A small sliver of Kashmir is also held by China.

Since they were partitioned in 1947, Pakistan and India have fought three wars – in 1948, 1965 and 1971 — two of them over Kashmir. Their troops have also fought intermittently in the northern Siachen region since 1984. A cease-fire took effect in 2003.

Pakistan welcomes P5 statement on prevention of nuclear war, arms race

ISLAMABAD

Staff RepoRt

Pakistan said that a joint statement by the five permanent members of the United Nations on the avoidance of war between the nuclear-weapon nations and the reduction of strategic risks was a positive development.

According to the statement published by the Kremlin on January 3, China, Russia, Britain, the United States and France agreed that a further spread of nuclear arms and a nuclear war should be avoided.

France also released the statement, underscoring that the five powers reiterated their determination for nuclear arms control and disarmament. They would continue bilateral and multilateral approaches to nuclear arms control, it said.

“This understanding among the permanent members of the UN Security Council can pave the way for concrete measures for strategic stability at the global and regional levels, ” the Foreign Office said Thursday.

The spokesperson said that as a responsible nuclear weapons state, Pakistan supported the objectives of global and non-discriminatory nuclear disarmament and non-proliferation, in line with the stipulations of the First Special Session on Disarmament of the UN General Assembly (SSOD-I) — with equal and undiminished security being the defining consideration.

He said the statement from the so-called P5 group rightly acknowledged the imperative of creating a conducive security environment for meaningful progress on nuclear disarmament.

This will include addressing the underlying security concerns of states, pacific settlement of outstanding disputes, and cessation of destabilizing arms buildups that accentuated asymmetries, he added.

In the context of SouthAsia, Pakistan’s proposal for a Strategic Restraint Regime, encompassing nuclear and missile restraint, conventional balance and settlement of disputes, could contribute significantly towards maintaining strategic stability and avoiding military conflict, the spokesperson noted.

This will also entail eschewing misplaced notions of space for war in a nuclearised environment.

“Pakistan fully agrees with the need for effective measures by all nuclear powers to guard against any unauthorised or unintended use of nuclear weapons,

sindh govt directed to respond to objections on controversial lg law

KARACHI

Staff RepoRt

The Sindh High Court (SHC) on Thursday served notice on the Sindh government on a petition moved by Jamaat-i-Islami to challenge the Sindh Local Government (Amendment) Act, 2021. The petition was moved by the party ’s Karachi president Hafiz Naeem ur-Rehman, maintaining the Pakistan Peoples Party (PPP) has concentrated virtually all municipal powers with the provincial government, leaving the elected local bodies largely toothless and the cities, particularly Karachi, in an utter mess. The high court ordered the provincial government to submit its response in the next hearing of the case before adjourning further proceedings for an indefinite period of time. The petitioner requested that the bill — passed on December 11 — was “illegal and in blatant violation of Article 140A of the Constitution” . Rehman in the petition requested the SHC to declare the new amendments in the bill as unconstitutional and void. It merits a mention here the JI has been protesting against the local government bill in front of the Sindh Assembly in Karachi for the last two weeks. The House had passed the amendment bill aimed at setting up a new local government regime with a majority amid the strong protest from the opposition. The bill also sought to give powers to the mayor to head Solid Waste Management Board. It is important to mention here Governor Imran Ismail had rejected the bill over apparent disempowerment of urban provincial towns.

money laundering case against tiktok star after viral foreign currency stunt

ISLAMABAD

Staff RepoRt

The cybercrime wing of the Federal Intelligence Agency (FIA) launched a money laundering probe against famous TikTok actor Hareem Shah after a video showing her admitting to bringing wads of British currency from Karachi to the United Kingdom went viral on the internet. Shah, whose real name is Fizza Hussain, posted the video on January 11 at 2:45 pm but deleted it after it went viral, prompting the agency to take legal action against her. Shah traveled to the UK via Doha by Qatar Airways from the Jinnah International Airport in Karachi on January 10, Amir Farooqui, Sindh director for the agency, told Arab News. “We have registered a case against her and started investigating the alleged money laundering after watching the confessional video, ” the publication quoted Farooqui as saying. Imran Riaz, head of the Sindh chapter of authority ’s cybercrime wing, tweeted that “a [legal] notice is being issued to her to explain her position [on the matter]” . A communiqué issued by the agency said it had also decided to write to the National Crime Agency (NCA) of the UK to initiate action against Shah. “The illegal transfer of money comes under the orbit of money laundering, ” the handout read, observing that a stash of money could also be seen in the video. In the video, the actor appears to be “acknowledging the offence of money laundering and denying it later on and terming it as a ‘fun video'” , Riaz said. He said the video was an “act of ridiculing, disrupting and defaming […] Pakistan as well as state institutions using cyberspace” and, therefore,

“comes under the preview of glorification of the offence of money laundering” . An often controversial figure, Shah rose to fame in 2019 when she shared a video of herself in the Foreign Office on TikTok. Her name has since been making headlines, with millions of followers and views on her videos.