39 18

corporate corner

LAHORE: Haleeb Foods has joined hands with Pink Ribbon to organize an awareness session for its female workforce. An engagement activity in this regard was held at the HFL Head Office, which was attended by the female employees of the group companies based in the city. PreSS reLeASe

ISLAMABAD: The Allied Bank Islamic Banking Group (ABL IBG) recently organized a seminar on the subject of Islamic Banking in Islamabad. The event was attended by notables from all walks of life including delegates from Islamabad Chamber of Commerce & Industries, renowned businessmen and leading existing and prospective clientele. PreSS reLeASe

ISLAMABAD: STEP has once again proved in supremacy in entry test preparation classes by bagging top three positions as well as 9 out of 10 top positions in NUMS Entry Tests 2020 Result. Nimra Afzal, Mohsin Rashid and Syeda Samar Hamdani secured1st, 2nd and 3rd positions with 190, 189 and 188 marks, respectively. PreSS reLeASe

DRAP notifies hike in prices of 94 lifesaving drugs

BUSINESS DESK

About a month after the federal cabinet announced to allow pharmaceutical companies to increase prices of 94 lifesaving medicines to end their chronic shortage in the market, the Drug RegulatoryAuthority of Pakistan (DRAP) on Wednesday issued a notification in this regard. Reportedly, the medicines that would witness price hikes included furosemide injections for emergency use in high blood pressure cases; acetazolamide tablets for glaucoma; hydralazine tablets to lower blood pressure and carbamazepine tablets for epilepsy.According to an earlier statement issued by the Ministry of Health, the designated maximum retail prices would remain in place until June 30, 2021. The government had in September announced that prices were increased only on drugs that were in the “hardship category, ” as recommended by the Drug Pricing Committee under the Drugs Pricing Policy, 2018. The “hardship category ” is a clause that allows increasing medicine prices for a company that stops the manufacturing of medicines by claiming its production has become non-viable due to the high cost of production.

buSiNeSS 09 jAzz IsLAmABAD offIce seALeD oveR non-PAyment of tAxes

ISLAMABAD SHAHZAD PArACHA

tHE Federal Board of Revenue (FBR) on Wednesday sealed an office of the Pakistan Mobile Communication Limited (PMCL) due to non-payment of income tax amounting to Rs25.3 billion.

According to documents available with this scribe, the FBR's Large Taxpayers' Office-Islamabad has sealed PMCL's F-8 office over non-payment of Rs22.03 billion income tax (Rs3.3 billion default surcharge) for the tax year 2018. "PMCLis an existing taxpayer falling in the jurisdiction of this office [LTU Islamabad].An income tax amount of Rs25,393,653,480 was outstanding against the said company, which has been refraining from clearing its liabilities deliberately, dishonestly and without any lawful excuse, thus causing huge loss to the national exchequer, " the documents read. "Therefore, on the basis of facts stated inter alia, I, Ahmad Shakeel Babar, Deputy Commissioner Inland Revenue,inexerciseofthepowersvestedinmeinterms of section 138 of the IncomeTax Ordinance, 2001 read withsection48oftheSalesTaxAct,1990,ordertoseal the business premises of the defaulter till the payment of outstanding dues in full or withdrawal of this order. "

It was further stated that any non-compliance/defiance to this order shall be tantamount to obstruction in discharge of functions of an income tax authority and shallbepunishableonconvictionwithafineorimprisonmentforatermnotexceedingoneyearorbothunder section 196 of the Income Tax Ordinance, 2001.

As per documents, the LTU had earlier directed the PMCL CEO to clear the payable amount till Wednesday (today) and also produce necessary evidence to that effect at the FBR's office. The PMCL was also warned that if the company does not comply in this regard, the tax department "could attach and sale the company's moveable or immoveable property, and arrest and detain the concerned for a period not exceeding six months" as specified under clauses (a), (ca) and (d) of sub-section (I) of section 48 of the Sales TaxAct, 1990.

Meanwhile, Jazz spokesperson maintained that the company "is a law-abiding and responsible corporate citizen, with significant contribution to Pakistan's economy over the past 25 years" . "We have received a notice from FBR this afternoon. Jazz has made tax submissions based on legal interpretations of the tax owed. We will review and take measures under our legal obligations and will collaborate with all concerned institutions for an early resolution of this issue, " he added.

1QFY21: Nishat Mills’ profit up 2.5pc to Rs946m

LAHORE HASSAN NAQVI

The Board of Directors of Nishat Mills Limited (NML) met on Wednesday to review the company ’s performance and announce its financial results for the quarter ended September 30, 2020.

As per details, the textile giant reported a net profit of Rs946.346 million (earnings per share: Rs2.69) for 1QFY21 as compared to the net profit of Rs923.702 million (EPS: Rs2.63) during the same period of last year, showing an increase of 2.5pc YoY.

Umer Farooq, an investment analyst atAKD Securities Limited, said that Nishat Mills’ profit of Rs946 million for 1QFY21 was 34pc ahead of AKD’s estimate.

He stated that the company ’s earnings came on the back of higher than expected "other income" , which was up 13pc YoY despite absence of dividend from the MCB (AKD awaits clarity from the management on this). "While core earnings were broadly in line with our (AKD) expectations, slightly higherthan-expected topline and lower-than-expected sales & administration (S&A) offset the impact of weaker gross margin, " he said.

Farooq said the company's topline remained flat on a yearly basis when compared to double-digit growth posted by listed peers. "The margins at gross level remained weak (down 211bps YoY/34bps QoQ), possibly on account of a tough operating environment in the low valueadded segment. "

He said that company's below the line expenses were down 5pc YoY, signifying cost rationalization during the pandemic. Its finance cost was down 8pc YoY due to interest rate cuts, he added.

Lack of coordination between Centre, provinces hampering CPEC progress

ISLAMABAD GHULAM ABBAS

A parliamentary committee on Wednesday observedthatthelackofcoordinationbetweencentre and provinces was hampering the progress on China-Pakistan Economic Corridor (CPEC) projects.Itdirectedtheconcerneddepartmentstoexpeditetheprovisionofutilitiestoexpeditetheprocess of industrialization and to attract foreign direct investmentin themulti-billion-dollar corridor. "Enhancing export-led growth, reducing imports, strengthening local industries and creating jobsforthepeopleofPakistancanbeachievedby timely provision of basic services, " said MNA SherAliArbab, chairman of the NationalAssembly ’sStandingCommitteeonCPEC.Themeeting was held in camera to discuss the provision of basicutilitiessuchasgas,electricityandroadsetc.

As per a statement issued after the meeting, the chairman, while assuring committee’s complete support, directed concerned ministries, divisions and other quarters to attach top priority to CPEC projects. In his view, the CPEC framework was of pivotal national importance and should be completed timely and effectively. "This project is important if we, as a nation, aretocollectivelymovetowardseconomicstability and prosperity, " SherAliArbab emphasized.

However, the committee members observed a lack of coordination between federal government and provincial government departments on CPEC projects. "Correspondence between federal and provincial governments takes too long. The best solution to this problem is to make all relevant officials sit together and settle matters amicably, " the committee chairman stated.

Speaking on the occasion, the concerned officials assured the committee members that their recommendation to include Torkham to Peshawar ML-1 in the CPEC project would be taken up in the 10th Joint Cooperation Committee (JCC).

The committee chairman said representatives from various industries would be invited in the upcoming meeting to discuss elaborate CPEC-related business plans.

Meanwhile, the Board of Investment sought the committee’s assistance in 53 different areas concerning Special Economic Zones, whereas secretaries of various ministries/divisions also briefed the members regarding issues pertaining to the corridor.

Dolmen Group, HBL join hands to develop construction, housing sectors

KARACHI: The Dolmen Group and HBL’s Islamic Banking arm have signed a Memorandum of Understanding (MOU). The MOU was signed in Karachi by Nadeem Riaz, Chairman & CEO -Dolmen Group and Muhammad Aurangzeb, President & CEO – HBL. HBL and Dolmen Group have entered into a strategic partnership to develop innovative financial solutions. Under the MOU, HBL’s Islamic Banking team will work on offering unique banking solutions to Dolmen Group, its customers, its retailers and its affiliates to cater to their financial needs. This will include, but is not limited to, providing developer financing to purchasers of Dolmen Group’s residential developments, and consumer financing to its customers on preferential rates. Under this arrangement, HBL Islamic Banking and Dolmen Group have agreed to develop unique products that can benefit the end customers of both parties. HBL will also work on developing new concepts and ideas to increase Islamic Banking awareness and market space, for which Dolmen Group will be enabling time to time promotions and advertising of HBL’s Shariah-compliant products. "This is a natural partnership between two of the most trusted brands in their respective areas to the benefit of the industry and the end consumer. It will provide greater accessibility to quality residential developments particularly for salaried individuals and young entrepreneurs. It will also grow the retail market with the introduction of technology led payment solutions and loyalty programs. HBL’s market position and vision for the future will be a key enabler in helping us achieve these goals. " - Nadeem Riaz, Chairman & CEO Dolmen Group. Commenting on this strategic partnership, Muhammad Aurangzeb, President & CEO - HBL said, “This agreement will enable HBL to support the construction industry while benefitting the very end consumer through customized product propositions. Simultaneously, this will help increase the market space for Shariah-compliant products. HBL recognizes the pioneering role, such as the launch of the first Islamic REIT in the country, being played by the Dolmen Group in spearheading the two strategic imperatives of Construction & Housing Finance and Islamic Banking solutions. ” The Dolmen Group is the pioneer of shopping malls and office complexes in Pakistan. The Group is now expanding its presence into residential developments. HBL is Pakistan’s largest bank. PreSS reLeASe

MARKET DAILY Stocks tumble 194 points on rising virus cases

KARACHI STAFF rePOrT

Bears extended their control on the Pakistan Stock Exchange (PSX) on Wednesday, with the indices failing to sustain morning gains and closing in the red amid fears of another Covid lockdown.

Global equity markets displayed a mixed trend, whereas crude oil prices dipped lower from the previous close;WTI crude price declining 4.60pc to $37.75 while Brent crude price falling 3.70pc to $40.08. "The investors have lately been discounting good corporate results due to concerns of rising Covid cases, as another lockdown might be imposed in future, " said a report issued byAHL Ltd.

Gaining 305.50 points in early trade, the benchmarkKSE-100Indexrecordedintraday highat41,687.33.It,however,failedtomaintain its flight and dropped to intraday low at 41,069.68 (-312.15 points).The index finally settled lower by 194.97 points at 41,186.86.

Among other indices, the KMI-30 Index plunged 695.80 points to end at 65,698.37, while the KSE All Share Index lost 137.33 points, closing at 28,976.13.

The overall market volumes fell from 481.02 million shares in the previous session to 368.42 million shares (-23pc). Average traded value also declined by 18pc, from $114.8 million to $94.3 million. Unity Foods Ltd (UNITY +2.82pc), Pakistan International Bulk Terminal Ltd (PIBTL -0.38pc) and Hascol Petroleum Ltd (HASCOL +1.34pc) led the volume chart, exchanging 60.25 million, 31.27 million and 26.88 million shares, respectively.

Sectorsthatdraggedthebenchmarkindex lower included banking (-84.66 points), cement (-66.72 points) and textile composite (43.88 points). Among the companies, Lucky Cement Ltd (LUCK -48.47 points), The Searle Company Limited (SEARL -39.35 points) and United Bank Ltd (UBL -29.71 points) dented the index the most.

Losing 1.44pc from its cumulative market capitalization, the pharmaceutical sector ended as session’s top loser, withThe Searle Company Limited (SEARL -6.62pc), GlaxoSmithKline Consumer Healthcare Ltd (GSCKH -4.45pc) and Ferozsons Laboratories Limited (FEROZ -1.06pc) posting significant losses.

Meanwhile, in a notification to the exchange, Treet Corporation Ltd (TREET 0.65pc) announced that the company will enhancethecapacityof“hygienerazor” .The board of directors has approved a CAPEX of Rs250millionforthiscapacityenhancement.

On the financial side, Indus Motor Company Ltd (INDU -3.15pc) announced earnings per share of Rs23.48 for 1QFY21 (Rs16.78 last year);Atlas Honda Ltd (ATLH +0.61pc) declared an EPS of Rs8.08 for 2QFY21 (Rs4.60 in 2QFY20); Hub Power Company Ltd (HUBC +5.46pc) recorded an EPS of Rs2.51 for 1QFY21 (Rs1.24 in 1QFY20); Abbot Laboratories (Pakistan) Ltd (ABOT +1.64pc) posted an EPS of Rs10.07 for 3QFY19 (Rs2.71 last year); while Pakistan Stock Exchange Ltd (PSX +0.68pc) registered an EPS of Rs0.19 for 1QFY21 (Rs0.04 last year).

10 FOREIGNNEWS THAI PM REfuSES To RESIgn dESPITE PRoTESTS

BANGKOK AGENCIES

THAI Prime Minister Prayuth Chan-ocha dismissed calls from opposition parties to resign during a special two-day session of parliament he had called to discuss months of protests demanding his departure and reforms to the powerful monarchy.

“I will not run away from problems. I will not leave my duty by resigning at a time when the country has problems, ” the former army ruler told the assembly on Tuesday. The parliament’s entire upper house is chosen by the military. Protests that have brought tens of thousands of people onto the streets since mid-July are the biggest challenge in years to an establishment that has long been dominated by military men close to the Royal Palace.

King Maha Vajiralongkorn’s Palace has made no comment since the start of protests that have smashed a taboo on criticising the monarchy. Prayuth said the rallies, which he referred to as illegal protests, needed to be brought under control. “Though the people have the freedom to protest based on the Constitution, authorities need to control the illegal protests, ” the prime minister said. “We do not want to see clashes or riots in the country, ” he added, accusing some protesters of “inappropriate actions” .

Opposition members of parliament told Prayuth to stop hiding behind proclamations of loyalty to the monarchy and step down. His critics said he engineered last year’s elections to keep power he seized in 2014. He said the ballot was fair. “You ’ ve been in power for six-and-a-half years – five years under your coup and one-and-a-half years when you benefited from an undemocratic constitution, ” said Prasert Jantararuangthong, party secretary of the opposition Pheu Thai party.

One of the protest leaders,Tattep “Ford” Ruang Prapai Kitseree, dismissed the parliament session terming it as “ useless” . Prayuth said he had agreed to set up committees to study the problems, but claimed he did not know who he should talk to because “there are no leaders. They are all leaders. ”

Some of the highest profile leaders are among dozens of people arrested this month in a crackdown under a week of emergency measures that were rescinded after they sparked much bigger protests. Shows of support by royalists have so far been far smaller than those of anti-government protesters.

More than 1,000 people have been reported to gather in a central Bangkok park the other day. “We want to show support and encouragement to his majesty, ” said Thatchapan Boriphet, 57. “I am neutral politically but I cannot stand it when there is a violation of the monarchy. ”

Protesters have accused the king of political involvement and marched to the German embassy on Monday to seek an inquiry into whether he exercised his powers during long stays in Germany, something Berlin has said would be unacceptable.

Airlines need more layoffs as travel demand remains muted: IATA

MONTREAL AGENCIES

Airlines need to cut more jobs to reduce costs as travel demand remains muted in the wake of the coronavirus pandemic, according to the International Air Transport Association. “To maintain last year’s level of labour productivity, measured by ASKs (available seat kilometres) per employee, employment would need to be cut 40 per cent. Further job losses or pay cuts would be required to bring unit labour costs down to the lowest point of recent years, ” Iata’s directorgeneral and chief executive Alexandre de Juniac said. Most airlines across the globe have either furloughed their workers or cut jobs as revenues ground to a halt when flights across the world were grounded to stem the spread of the pandemic. Although international travel has resumed in most countries, demand remains weak as a result of quarantine measures and fears of infection. Cathay Pacific Airways earlier this month announced that it will cut about 5,300 jobs based in Hong Kong and close its Cathay Dragon unit as part of a sweeping overhaul of the city ’s flag carrier triggered by the halt in air travel due to the coronavirus pandemic. American Airlines, United Airlines, British Airways, Lufthansa and many other carriers have all announced plans to cut thousands of jobs in recent months. “The industry has to get smaller at least for the next 12 to 18 months given the much-reduced outlook for travel and revenue and there must be some way of doing that without completely draining airlines of their cash reserves, ” Brian Pearce, IATA's chief economist, said.

Microsoft's quarterly profit climbs 30pc amid pandemic

WASHINGTON AGENCIES

Microsoft posted a 30 percent increasein firstquarter netprofit, beating analysts’ estimates as the companybenefitedfromashiftinthe way people are working due to the Covid-19 pandemic.

Net profit rose to $13.9 billion in the three months ending September 30, which was ahead of an average estimate of analysts polled by Bloomberg of $11.9bn. Revenue during the period increased 12 per cent to $37.2bn, beating analysts' average estimate of $35.8bn.The JulySeptember period marked Microsoft’s 13th straight quarter of double-digit revenue growth.

“The next decade of economic performance for every business will bedefinedbythespeedoftheirdigital transformation, ” Satya Nadella, chief executive of the Redmond-headquartered company, said in a statement.

“We are innovating across our full modern tech stack to help our customers in every industry improve time to value, increase agility and reduce costs, ” he added. The company's operating income rose 25 per cent annually to $15.9bn.

“Demand for Microsoft’s cloud offerings drove a strong start to the fiscal year with our commercial cloud revenue generating $15.2bn, up 31 per cent year over year, ”Amy Hood, executive vice president and chief financial officer of the technology giant, said. “We continue to invest against the significant opportunity ahead of us to drive long-term growth, ” she added.

Revenue from the company's intelligent cloud business providing server hosting grew 20 per cent year-on-year to $13bn. Its productivity and business processes arm, which includes both its Microsoft Office business and revenue from LinkedIn, increased 11 per cent to $12.3bn.

In its guidance for the second quarter,Microsoftforecastrevenuein

the range of $39.5bn to $40.4bn, at thelowerendof$40.43bnbyanalysts polled by Refinitiv. Microsoft said sales in its personal computing division, which includes PCs and Xbox, increased6percentto$11.8bn.Inthe PC market, revenue from sales of its Surfacedevicewereup37percentas this segment witnessed increased demand from users to support remote work, Ms Hood said.

Revenues from Xbox content and services increased 30 per cent on the prior year. Movement restrictions due to the Covid-19 pandemic has propelled user interest in gaming, industry experts said. Microsoft is expected to benefit further from this trend with the launch of the new Xbox Series X and Series S consoles on November 10.

Facebook enters cloud gaming market

SANS FRANCISCO AGENCIES

Social networking company Facebook isenteringtheburgeoningcloudgaming market currently dominated by the likes of Microsoft, Google, Nvidia and Intel.

Users can play games directly in the Facebook mobile app and on its browser, without downloading any new software as they would on app stores such as Android’s Google Play and Apple’sApp Store, the company said.

“We have launched several cloudstreamedgamesintheFacebookappand onthebrowser…playableinstantly,with no downloads required, ” Jason Rubin, vice president of play at Facebook, said.

“We recently had 200,000 people playing our cloud-streamed games per week in limited regions. Cloud game streaming promises to deliver unprecedented access to games across every screen … we are thrilled to play a part in that future, ” he added. Cloud games are run on remote servers and streamed directly to a user’s device.

Facebook is not spinning off a separatecloudgamingserviceandwillmake allcloud-streamedgamesplayableinthe same way that users currently play games on its portal, either in its gaming taborfromitsnewsfeed,theCaliforniabased company said in a blog.

The cloud gaming market is booming and is predicted to generate $585 million in revenue by the end of this year,upfrom$170mlastyear,according toareportlastmonthbymarketresearch company Newzoo. Revenue will reach $4.8 billion by 2023, the report said.

Users will not need any external gear, hardware or controllers to play cloud-streamed games on Facebook.

“Your hands are the controllers since we are launching with native mobile games ... and you can play these games with a mouse and keyboard on desktop, ” said Mr Rubin, adding that more than 380 million people currently play games each month on Facebook.

Consumerappetiteforcloudgaming rose rapidly in 2020 with the creation of new platforms such as Apple's Arcade and Google's Stadia. Movement restrictionsduetotheCovid-19pandemicalso propelledusers’interest,industryexperts said. “Much like every other aspect of our lives, Covid-19 had and is still having a profound impact on cloud gaming … there has been a reignited passion for gamingduringthesetryingtimes, ”Guilherme Fernandes, market consultant at Amsterdam-based Newzoo, said.

Heathrow loses top spot as Europe's busiest airport

HEATHROW AGENCIES

Heathrow has been overtaken as Europe’s busiest airport for the first time by Paris Charles de Gaulle amid falling air travel demand during Covid-19, as almost 200 airports in the continent face going bust by the end of the year. The UK airport said its passenger numbers were 84 percent down in the three months to September as a result of Covid-19, and it expects just 22.6 million passengers this year – a quarter of its 2019 levels – and 37.1 million in 2021. Heathrow's falling numbers come as 193 airports in the UK and Europe face going bust in the coming months if passenger traffic does not start recovering by the end of this year, according toACI Europe. Heathrow chief executive John Holland-Kaye blamed the UK government for not bringing in an airport testing regime to help kickstart travel, in turn allowing Charles de Gaulle and other rivals such asAmsterdam Schiphol to reopen faster. "Britain is falling behind because we've been too slow to embrace passenger testing. European leaders acted quicker and now their economies are reaping the benefits, " he said on Wednesday. "Bringing in predeparture Covid tests and partnering with our US allies to open a pilot air bridge toAmerica will kickstart our economic recovery and put the UK back ahead of our European rivals. "Airlines must cut more jobs to reduce costs as travel demand remains muted in the wake of Covid-19, the InternationalAir TransportAssociation said. Most airlines across the globe furloughed workers or slashed jobs when revenue stopped following the grounding of flights at the start of the pandemic. Although international travel has resumed in most countries, demand remains weak due to quarantine measures and fears of infection.ACI Europe said an estimated 193 European hubs, which provide 277,000 jobs and generate €12.4 billion ($14.58bn) in collective annual revenue, are considered “at-risk airports, ” with the threat of mass closures posing a significant threat to Europe’s air transport system. Olivier Jankovec, the director general ofACI Europe, said the figures “paint a dramatically bleak picture” for the future of the aviation industry, which has already suffered tens of thousands of job losses.

BRICS bank provides $10bn in emergency assistance to fight pandemic

SHANGHAI AGENCIES

The potential of the BRICS nations is unique, and the group’s New Development Bank (NDB) is showing high financial efficiency during the global Covid-19 crisis, Russian representatives at the Sixth BRICS Parliamentary Forum said.Approximately 60 projects in BRICS countries totalling about $20 billion have been approved, the chairman of the Russian State Duma, Vyacheslav Volodin, who chaired the virtual event via videoconference on Tuesday, said. The NDB has responded to the pandemic in a timely and effective manner and announced the creation of a special lending mechanism to deal with the aftereffects of the coronavirus pandemic, according to the chairwoman of Russia’s Federation Council, Valentina Matviyenko. She said that in total, $4 billion has already been allocated for projects to assist in the recovery of the BRICS economies, with the entire aid package exceeding $10 billion. InApril, the bank established the EmergencyAssistance Facility to meet the needs of its member countries. Emergency loans could be used to finance direct expenses related to the fight against the Covid-19 pandemic or provide support for government measures contributing to economic recovery. The Shanghai-based NDB, which was established in 2014, provides funding for infrastructure and sustainable development projects in emerging economies. With capital of up to $100 billion, it aims to continue issuing financial products denominated in the local currencies of its member countries – China, Russia, Brazil, India, and SouthAfrica.

SPORTS 11 RuSSell SAyS WIllIAmS exIt RumOuRS ‘FeD by PeReZ cAmP’ AS meRceDeS vOW tO bAcK hIm

AGENCIES

GEORGE Russell says he has a contract with Williams for 2021 and that rumours suggesting he was to be pushed out were being “fed by the [Sergio] Perez camp” after the Mexican was linked with the team.

Perez was let go by Racing Point, with four-time world champion Sebastian Vettel coming onboard next year alongside Lance Stroll, and the eight-time podium finisher has been exploring his options for 2021, one of which is understood to have involved talks with Williams’new owners Dorilton.

The belief is that Russell, rather than Nicholas Latifi, who brings significant financial backing, would be the driver to make way should Williams decide to change things up – but Russell was bullish about his future, having spoken to the new owners during the Portuguese Grand Prix weekend.

“Nothing’s changed from my side, ” said Russell, who is a Mercedes junior driver. “I try and do my talking on the track, and as I said before I am not concerned for next year. I know Mercedes and Toto [Wolff] have my back. They ’ ve told me that. Toto himself has told me that, which I absolutely trust.

“I think all this speculation has probably been fed by

the Perez camp who are trying to apply pressure on other teams further down the grid. Potentially [for] a Red Bull seat.Sothat’smyviewsonit,I’ vegotacontract,I’ vegot nothingtoworryaboutandI’mjustheretryingtodothat. “I spoke with them [the new owners], they said don’t worry, and everything’s going to be fine. We had a small chat about it and moved on to talking about the rest of this year, moving into next year and how we’re going to push theteamfurtherforward,whichisenoughforme. ”Russell added that he reckons “everything will be fine” and that thesituationwouldbe“100%clarifiedfromtheteam’sperspective, probably no later than the end of the week” .

Meanwhile Mercedes boss Wolff said it is up to Williams to decide what they do, and he would keep Russell on board if it was up to him, but if the team decide to go another way, Mercedes will continue to support their young driver. “I think it’s not looking bad to be honest, ” said Wolff of Russell’s future at Williams. “There are a lot of theories whether he stays or not and there are drivers, clearly good guys, also with a bit of budget there. I think the reason why the investors have come in is that they want to be competitive.

“They have made a sensible plan on how to increase performance every year and they are not expecting any wonders short-term but they have a clear path to success over the next few years and I think that George can play a role in there. He’s clearly performing very well, the team likes him. If I were them I would keep him. “Whether he stays or not, if he stays then we have to make a decision next year what to do and if he doesn’t stay then it becomes more of an imminent topic. Let’s see what happens. He added: “If George were to slip through the system I would be happy to take him in our squad, we will have a sensational reserve. I would put him through a mega testing programme and prepare him in the best way for a 2022 blast. ”

AlphaTauri confirm Pierre Gasly is to remain with the team for 2021

AGENCIES

AlphaTauri have confirmed Pierre Gasly will continue to drive for the team for the 2021 Formula 1 season.

The Frenchman began his F1 career with the team – then known as Toro Rosso – in 2017 before he was called up to the senior Red Bull team in 2019 to replace the departing Daniel Ricciardo.

After a tough time at the team he re-joinedToro Rosso mid-season in a swap with Alex Albon, but this year has been in fine form – not least when he took his maiden F1 victory in the Italian Grand Prix at Monza.

And today the team confirmed he would be remaining with the team for the 2021 season.

The 24-year-old said: “I’m extremely happy to continue with ScuderiaAlphaTauri for another season! This year is going very well, and we are on track to have our most successful season in the team’s history.

“I feel we have a very strong relationship, we have managed to take every opportunity that’s come our way, the best one at the Italian Grand Prix. Winning my first Formula 1 race in Monza was a very special moment for me, and it was made extra sweet to deliver a second win in the team’s history, so I’m very proud of that.

“I’ll do my maximum to push the team and take all my responsibility to bring it as far forward as I can. I’m looking forward to next year’s challenge and continuing withAlphaTauri both as a premium fashion brand and a racing team, to keep performing as much as I can to achieve even more success in the future. ”

AlphaTauri team boss Franz Tost added: “I’m delighted that Pierre will remain with us for the 2021 season. He has been part of the Red Bull driver pool for many years and I hope he will remain in the Red Bull family for many seasons ahead.

“Since he came back to the team last year, he consistently showed extremely good performances achieving two podiums, with a second place in Brazil in 2019 and a win at the team’s home race at this year’s Italian Grand Prix.

“Pierre has proven to be highly competitive also thanks to his great race craft, extracting the car’s potential at every race and giving valuable feedback to his engineers.

“He is mentally very strong, he is always motivated and when he sets a goal he gives it his all to achieve it. I’m looking forward to extending this cooperation and having a successful 2021 season together. ”

The team have yet to announce who will fill their second seat – currently held by Daniil Kvyat – but this announcement ends speculation that Gasly would return to Red Bull next season given his impressive form in 2020.

Bradburn looks to revolutionise Pakistan’s coaching structure

AGENCIES

Grant Bradburn, the head of high performance coaching in Pakistan wants to see a significant shift in redeveloping approaches for players growing up, emphasising the need for a team-centric approach than a player-centric approach. He was speaking to media on a day he structured a programme for coaches in the country to mentor players, and ingrain a culture that prioritised match-winning performances over those that only served to inflate a player’s individual statistics.

Over the last two years, Pakistan has restructured the entire domestic structure and made a major institutional revamp, combining domestic cricket and national academies into one high performance centre. Earlier, the PCB had coach education managers who had been designing the player development program and executing them with relatively little supervision But in the new structure, the PCB changed the title of the role to “head of coaching” giving the job extensive context, making it a programme to reeducate the coaches not only about the technical side of the game but also rethink the approach they took to working with youth and national cricketers.

There is a perception in Pakistan cricket and has often been a talking point about players playing in a way that might work well for them in terms of cement their place in the side, even if it happened to the detriment of the team. Bradburn may have seen this first hand, given he was involved with the national side as fielding coach before being given his role at the High Performance Centre. With a broad overview of Pakistani cricket culture, the former New Zealand cricketer reviewed local coaching methods and now targets Bradburn target the coaches’coaching style as the key to ensuring players develop a keen match sense from a budding age.

“One of the very important elements is game sense, ” said Bradburn. “Our players have a lot of knowledge and skill but as coaches we must be pro-

moting game sense so the players are versatile when they find themselves in various situations.These are the things we must search for in our selectionThat’s the complexity of selection and coaching and that is what we are trying to get our coaches to work on. We need to measure results by matches won, not individual statistics.

“Every player has their strengths but if we look at one very important difference, what we are promoting now is that our selectors and coaches look at winning performances. No longer are we are so interested in runs, wickets, averages and strike rates as we are in match winning performances. How many times does a player move the game in our favour? It’s about playing for the country and for the team and then it’s about playing for me and this needs to adopted as our central approach, and coaches need to reflect it. ”

Historically, Pakistan hasn’t been a major feeder of coaches to the cricketing world. Rashid Latif, Kabir Khan and Inzamam ul Haq went onto to take theAfghanistan coaching job at the time the country had Associate status in world cricket, but never quite stayed long enough in the job. Aqib Javed was the bowling coach of the UAE national side for four years, with the spell including the country ’s appearances at the 2014 World T20 and the 2015 World Cup. The current setup in the Pakistan coaching staff comprises entirely of Pakistanis, the first time since 2003 that has been the case. Over the years the PCB hired foreign coaches in one role or the other, avoiding an environment it was feared could feed into internal politics, trust deficits, and infighting that plagued the side in the late 1990s and early 2000s. Besides, the lack of professionally qualified coaches in Pakistan meant local options were limited.

According to Bradburn, there is enough skill and knowledge about cricket in Pakistan to breed local coaches, but it requires a level of expertise that needs working on. “In Pakistan, we are very lucky to have an amazing wealth of cricket experience, but that doesn’t necessarily relate to coaching knowledge, ” he said. “It’s my job to help out that wonderful experience ex-cricketers have, and to turn it into coaching expertise too. Coaches don’t need to spoonfeed players all the time, but enable them to understand the game and make good decisions at crucial times.

“These cricketers are valuable and they need to provide inspiration to the next generation of players.There are some very experienced cricketers and very passionate people in our coaching system but we need to continue to develop their coaching skills to provide what our player needs. So it’s the player who needs to be at the forefront so we need coaches who are determined to allow our players to be as good as they can be not to put a ceiling on them to instruct the players to be only good as they themselves were. “Developing good relationships and showing them what good coaching is starts and stop with good communication.All of our coaches from top to bottom must be experts in communicating. Sometimes these communication are difficult, but we must get away from our culture of telling our players exactly how they need to play. Our players know how to play and if we have a player-centric approach we need to allow them flourish and be the best in the world. ”

Pakistan vs Zimbabwe: Shadab Khan may miss first ODI due to injury

All-rounder Shadan Khan is still not fit completely to play the first ODI against Zimbabwe on October 30 and a final decision about his participation would be taken anytime today, a local news outlet reported Wednesday. A team official told the publication that Shadab was feeling discomfort and pain at the upper side of the thigh which restricted his moment. “This is not hamstring injury but muscle problems at the upper portion of the thigh. He could not attend the practice session on Tuesday as he was feeling pain and discomfort, ” the official said. When asked whether he would be in a position to play the opening One-Dayer against Zimbabwe, he said the decision would be taken before Thursday. “At this point we are not sure about that, doctors are working on his fitness, ” the official said. ALLPLAYERS, STAFFERS TEST NEGATIVE FOR COVID-19: All 107 cricketers and player support staff of Pakistan and Zimbabwe on Tuesday returned negative COVID19 tests.According to a press release by the Pakistan Cricket Board, the participants are now placed in a bio-secure bubble where they can interact with each other. Pakistan and Zimbabwe are scheduled to face each other, first in an ODI series in Rawalpindi from October 30 and later in a T20I series in Lahore from November 7. AGENCIES

FIA could introduce a big change that will upset many F1 drivers

On Monday, a meeting was held between all the F1 teams and Formula 1 itself to deliberate about certain topics pertaining to the future of the sport. One of the major outcomes of that meeting was the agreement of all teams to a drivers’ salary cap. The provisional idea is to give F1 teams a budget ceiling of $30 million to spend on their drivers’ salaries. This salary cap will come into power from the 2023 season onwards. What is more important to note is that this will not only include one driver, but both of them. So a combined $30 million cap is what teams will be granted. However, if teams choose to exceed this limit, they ’ll have to cut down on their budget cap for car development. In the earlier regulations that came about as a direct result of the pandemic, F1 teams were only allowed $145 million to spend on the development of their car for next year. The cap is set to drop down to $140 million and then to $135 million in 2022 and 2023, respectively. Moreover, any underutilization of the drivers’ salary cap cannot be added to the budget cap. Another important aspect that is supposed to be ensured is the commitment to driver deals for 2023 and beyond. The reason being the complexity of employment laws. However, keep in mind that none of these plans are official as of yet. The idea to introduce the salary cap came as a result of teams accepting further cost-cutting measures in light of the pandemic. When the budget cap was announced not everyone was happy that driver salaries were excluded from it. WHAT HAD MERCEDES F1 BOSS TOTO WOLFF SAID EARLIER? Back in July, Wolff, the Mercedes Team Principal, had said, “The salary cap is something that we have supported. I believe similar to the leagues in US, if you cap the team at $145 million with a downward slop, you need at a certain stage to also cap high salaries. ” “We have said we don’t want to lose the superstars of this sport. So it needs to be a gradual reduction. This is still my opinion. I think it would be good for the sport. ” Well, it looks like Toto’s wish is all set to be granted. However, it would be interesting to see how Mercedes split their drivers’ salaries to adhere to the cap, considering Lewis Hamilton is yet to sign a contract for next year. AGENCIES

PomPEobRINgsANtI-ChINA Collapse of Nagorno karabakh ceasefire RoAdshowtoINdIANoCEANIslANds disappoints trump WASHINGTON: U.S. President Donald Trump said on Tuesday that it was disappointing to see a U.S. -brokered ceasefire reached betweenArmenia andAzerbaijan over COLOMBO threats against the country. In those com- dent Gotabaya Rajapaksa and reversing erful executive presidential system since the Nagorno-Karabakh region collapsed. “It’s AGENCIES ments, the top US diplomat for SouthAsia, efforts a previous government had made 1978, but a reformist government in 2015 disappointing to see that, but that’s what Dean Thompson, warned Sri Lanka of the to curb authoritarianism. clipped much of the president’s powers happens when you have countries that have

US Secretary of State Mike Pom- dangers of allowing China to get a With the change, Rajapaksa will be and gave them over to Parliament and in- been going at it for a long time, ” Trump told peo on Wednesday brought the foothold on the island. able to hold ministries, as well as appoint dependent commissions, saying succes- reporters when asked about the collapse of the Trump administration’s anti“We encourage Sri Lanka to review and sack ministers. He will also be the ap- sive presidents had been more newly reached ceasefire betweenAzerbaijan China campaign to Indian the options we offer for transparent and pointing authority of the elections, public authoritarian. andArmenia. U.S. Secretary of State Mike Ocean islands considered par- sustainable economic development in con- service, police, human rights, bribery or Pompeo arrived in Sri Lanka late Pompeo held separate phone conversations ticularly at risk for whatAmerican officials trast to discriminatory and opaque prac- corruption investigation commissions. Tuesday from India, where he and Defense withArmenian Prime Minister Nikol allege is Chinese exploitation. tices, ” he said. “We urge Sri Lanka to Those commissions were perceived as Secretary Mark Esper had stepped up the Pashinyan andAzerbaijani President Ilham

Pompeo is visiting Sri Lanka and the make difficult but necessary decisions to independent with a constitutional council Trump administration’s anti-China mes- Aliyev, according to a statement issued by the Maldives to press the two countries to be secure its economic independence for comprising of lawmakers from different sage by playing on Indian suspicions about State Department earlier in the day. Secretary on guard against potential predatory lend- long-term prosperity, and we stand ready political parties and civil personalities the Chinese to shore up a regional front Pompeo pressed the leaders to abide by their ing and investment by China. He was to partner with Sri Lanka for its economic making the appointments. With the against Beijing, commitments to cease hostilities and pursue a making the case less than a week before development and growth. ” amendment, the constitutional council “The United States will stand with the diplomatic solution to the Nagorno-Karabakh theAmerican election in which President The Chinese Embassy said the com- was abolished for a parliamentary council people of India as they confront threats to conflict under the auspices of the OSCE Minsk Donald Trump is seeking to paint his ments were a blatant violation of diplo- whose observations the president is not their freedom and sovereignty. ” Pompeo Group Co-Chairs, and noted that there is no rival, former Vice President Joe Biden, as matic protocols and also chided the US for bound to implement. said, referring pointedly to ones posed by military solution to this conflict, ” said the weak on China. Even before Pompeo ar- organizing Pompeo’s 24-hour visit and im- Rajapaksa will also be able to dis- the Chinese Communist Party, ”Our lead- statement. The two warring parties agreed on a rived in Sri Lanka, China had fired back posing a major logistical burden on the solve Parliament after two years and six ers and our citizens see with increasing new humanitarian ceasefire in the Nagornoat the US message, accusing Washington country, which. like much of the rest of the months, instead of six months before its clarity that the CCPis no friend to democ- Karabakh region that would take effect 0400 of bullying smaller nations. world is in the midst of a spiraling surge in five-year term ends. And, he was able to racy, the rule of law, transparency, nor to GMT Monday, according to a Sunday joint

In Sri Lanka, the Maldives and then coronavirus cases. push through a clause that lifted a ban on freedom of navigation — the foundation statement between the United States, in Indonesia on Thursday, Pompeo plans “Does this approach truly prove your dual citizens holding political office, a of a free and open and prosperous Indo-Pa- Azerbaijan, andArmenia. However, shortly to press each nation to push back against respect to the host country? Is it helpful to move that will pave the way for a sibling cific, ” he said. after the truce came into effect, the two sides increasing Chinese assertiveness in the local epidemic prevention and control? Is who is a US citizen to enter Parliament, Just hours before the meetings in New broke the ceasefire and traded accusations and Indo-Pacific, which US officials com- it in the interests of the Sri Lankan peo- further strengthening his family ’s hold on Delhi began, theTrump administration no- attacks with each other. The defense ministry plain is highlighted by development and ple?” the embassy said in a statement. political power. tified Congress of plans for a $2.37 billion ofAzerbaijan said in a Monday statement that infrastructure projects that benefit China The US-China tug-of-war plays out Currently, Rajapaksa’s older brother, sale of Harpoon missile systems toTaiwan theArmenian side had shelled several regions more than the presumed recipients. against concerns that the Sri Lankan gov- former President Mahinda Rajapaksa, is — the second major arms sale in two including Tovuz and Gadabay inAzerbaijan

Ahead of Pompeo’s arrival in ernment is backsliding on democratic re- the prime minister.Another older brother weeks to the democratic island that Beijing since Monday morning. Meanwhile,Armenia’s Colombo, the Chinese Embassy in Sri forms. Last week, Parliament by a large and three nephews are also lawmakers — regards as a renegade province. China an- defense ministry spokesperson Shushan Lanka denounced his visit, accusing one of majority approved a constitutional amend- three of them ministers. grily reacted to the first sale by announcing Stepanyan accusedAzerbaijani troops of his top aides of making unacceptable ment concentrating powers under Presi- Sri Lanka has been ruled under a pow- sanctions on US defense contractors. opening artillery fire at the northeastern part of the Nagorno-Karabakh region soon after the ceasefire took effect. Monday ’s ceasefire agreement was the third within weeks. The two In-person meetings at UN headquarters suspended after 5 Covid-19 cases surface China urges US to stop undermining regional peace, stability other agreements were reached on Oct. 10 and Oct. 17, but both sides blamed each other for not observing them.Anew round of armed conflict broke out on Sept. 27 along the contact line of the Nagorno-Karabakh region. AGENCIES NEWYORK: All in-person meetings at the UN headquarters in NewYork were suspended after five diplomats of a country ’s UN mission tested positive for Covid-19, a UN spokesman said. “Yesterday, the UN Secretariat was informed by a permanent mission that they had five positive cases among their staff. The UN medical service immediately initiated contact tracing with the full cooperation of the permanent mission.As of now, all in-person meetings have been suspended for today, ” said Stephane Dujarric, spokesman for UN Secretary-GeneralAntonio Guterres, at the regular noon briefing. Dujarric refused to disclose the country name of the mission. Media reports said earlier that the five infected diplomats are from Niger, a member of the 15-member Security Council that last met in person on Thursday. Diplomats said people who attended Thursday ’s meeting were being tested for Covid-19, and an in-person meeting on Syria planned for Tuesday was instead held virtually. NEW DELHI AGENCIES The Chinese Embassy in India has urged the United States to “respect facts and truth, abandon the Cold War and the zero-sum mentality, stop hyping up the so-called ‘China threat, ’and stop the wrong actions that undermine regional peace and stability. ” The statement was issued against U.S. Secretary of State Mike Pompeo and Secretary of Defense Mark Esper for openly attacking China during their visit to India to attend the India-U.S. 2+2 Ministerial Dialogue. The statement said Pompeo and other senior officials repeated lies, attacked and made allegations against China, violated the norms of international relations and basicprinciplesofdiplomacy,instigated China’srelationswithothercountriesin the region, which once again exposed their Cold War mentality and ideologicalbias. “TheChinesesideexpressesits firm opposition to it, ” it said. “The U.S. side once again tries to shifttheblameontoChinaonCovid-19, which is indeed distorting facts to mislead the public, ” it said, adding that “ what China has done and achieved in our fight against the virus are open for alltosee.WehopeU.S.politicianscould focus on their own epidemic response and saving lives instead of shifting blame on others. ” The statement noted thattheso-called“Indo-Pacificstrategy ” proposedbytheUnitedStatesistostirup confrontationamongdifferentgroupsand blocs and to stoke geopolitical competition, in a bid to maintain the dominance oftheUnitedStates,organizeclosedand exclusive ideological cliques. China has been advocating that the development of bilateral relations between countries should be conducive to regional peace, stability and development, and not infringe upon the legitimaterightsandinterestsofathirdparty, thestatementsaid.Also, noting that the boundary question is a bilateral matter between China and India, the statement said that the two sides have been discussing disengagement and de-escalation in the border areas through diplomatic and military channels. “China and India have the wisdom and ability to handle their differences properly. There’s no space for a third party to intervene, ” it added. NEPRAlIkElytoAPPRovE Rs1.36PERUNIthIkEIN PowERtARIff ISLAMABAD: The National Electric Power RegulatoryAuthority (NEPRA) is likely to jack up electricity price by Rs1.36 per unit under fuel price adjustment for the month of September, 2020.The Central Power PurchasingAgency (CPPA), on behalf of power distributing companies (DISCOs), had earlier requested NEPRAto adjust monthly fuel charges for September and increase power price by Rs1.36 per unit.Subsequently, NEPRAcalled an online hearing on October 29 (tomorrow) to consider the proposed adjustment and to arrive at a fair decision in this regard. Through a public notice, NEPRAhad invited all interested/affected parties to raise written/oral objections as According to Dujarric, there had been 1,300 to permissible under the law. The variation in 1,400 swipes of ground pass into the UN actual and reference fuel charges was buildings at its NewYork headquarters over last two or three weeks compared to about the China plans to impose sanctions over US arms sale to Taiwan Rs2.8410/kWh in September, which is why CPPAhas asked NEPRAto allow Rs1.36/kWh 11,000 swipes before a work-at-home order was hike in the power tariff.Based on the monthly issued in March. Volkan Bozkir, president of the 75th session of the UN GeneralAssembly, wrote a letter to all member states on Monday evening, saying that the organization’s medical unit had suggested the cancellation of in-person conferences on the headquarters. Bozkir added that the conferences would likely be cancelled pending the outcomes of contact tracing. Dujarric told the media in an email saying that as of Tuesday afternoon, there had been 132 Covid-19 cases in the entire UN system, including 10 diplomats from relevant countries’ UN permanent missions and 45 international staff. When answering the question about how long the lack of any in-person meetings will take place, Dujarric said that “my estimate is that we BEIJING AGENCIES Recently, the US State Department approved potential foreign military sales of weapons worth billions of dollars to the country. Last week, the State Department approved a possible foreign military sale of AGM-84H standoff land attack missile expanded response (SLAM-ER) Missiles to Taipei Economic and Cultural Representative Office in the United States (TECRO). The department also approved a sale of 11 high mobility artillery rocket systems (HIMARS) M142 launchers for $436.1m and six MS-110 Recce Pods for $367.2m to TERCO. It also includes the sale of Harpoon Coastal Defense Systems (HCDS) to TECRO for $2.37bn. InAugust, Taiwan signed an agreement to purchase 66 F-16 jets from Lockheed Martin. The companies involved in the sales include Lockheed Martin, Boeing and Raytheon. Chinese Ministry of Foreign Affairs spokesperson Zhao LijianwasreportedbyCNNassayingthattheUSsaleofmissiles and weapons to Taiwan ‘seriously violate’ China’s security interests. He also urged the nation to sever the military relationship with the Taiwanese Government. Media quoted Zhaoassaying:“Wewillcontinuetotakenecessarymeasures to safeguard national sovereignty and security interests. ” Meanwhile, US State Department spokeswoman Morgan Ortagussaid:“WedeploreBeijing’seffortstoretaliateagainst USandforeigncompaniesfortheirsalesthatsupportTaiwan’s legitimate self-defence requirements, the necessity of which has been made abundantly clear through increasingly hostile incursions by China’s air force. ” data provided by CPPA, around 37.18pc of electricity was produced in the country from hydel sources, while 17.42pc was generated from coal, 5.82pc from furnace oil, 10.10pc from domestic natural gas, 21.40pc from imported LNG, 1.34pc from wind and 5.17pc from nuclear sources. Pursuant to section 31 (7) of the NEPRAAct and the mechanism for the monthly fuel price adjustment prescribed by the authority in the tariff determination of exWAPDADISCOs, the authority may on monthly basis make adjustment in the approved tariff on account of any variation in the fuel charges and policy guidelines as the federal government may issue and notify the tariff so adjusted in the official gazette. AHMAD AHMADANI will continue for a few more days. ” He said that for the secretary-general, “it is of foremost importance that staff be safe, that delegates be safe, that you be safe, all those who are coming into the building ... ” “I think our staff have done Pandemic halves global FDI: UN report a tremendous job during the lockdown, ” he added. On March 12, the first case of Covid-19 NEW YORK showed that FDI flows to European pected to decline by 30 to 40 percent this Italy, the United States, Brazil and at the UN headquarters was reported by a AGENCIES economies turned negative for the first year and “moderately ” in 2021, by five to Australia. diplomat with the Philippines mission to the time ever, falling to minus $7 billion ten percent. The figures cover cross-bor- China is bucking the trend, Zhan said. UN. The UN chief on March 13 demanded all AUnited Nations trade report has said that from $202 billion (€171 billion). For- der mergers and acquisitions, new green“Their FDI flows remain relatively stable. UN staff to work remotely from March 16 to foreign direct investment (FDI) has eign direct investment flows to the field investment projects and project For the first half of the year the decline April 12, to mitigate the spread of Covid-19 at plunged by 49 percent around the world in United States dropped by 61 percent to finance deals. was really modest and in fact according to the UN headquarters in NewYork. The the first half of 2020 from the same period $51 billion. According to the report, industrialized the latest data, for the first nine months altelecommuting rule has remained unchanged a year ago. “Global FDI flows for the first half of countries, which normally account for together this year FDI into China increased ever since. The UN Security Council held an in- FDI is on course to fall by up to 40 this year went down by close to half... It some 80 percent of global transactions, by 2.5 percent, ” he said. person meeting on July 14 at UN headquarters percent for the year, driven by fears of a was more drastic than we expected for the were hardest hit, with flows falling to $98 Most FDI investment in China was in in NewYork, the first of its kind since mid- deep recession, the UN has warned. whole year, ” said James Zhan, director of billion - a level last seen in 1994. electronic commerce services, specialized March when Covid-19 forced the Council to A report by the UN Conference for UNCTAD’s investment and enterprise di- Among major FDI recipients in technology services, and research and deconvene virtually. AGENCIES Trade and Development (UNCTAD) vision. He added that the flows are ex- 2019, flows declined most strongly in velopment, Zhan noted.