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PDM CHUMS ‘CUDDLE UP’ TO RENEW COALITION, FORM UNITY GOVT
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Wednesday, 14 February, 2024 I 3 Shaban, 1445
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PPP’S ZARDARI INVITES PTI TO BECOME PART OF RECONCILIATION PROCESS
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ISLAMABAD
SHEHBAZ SHARIF IS CONSENSUS CANDIDATE FOR PM’S SLOT, ZARDARI FOR PRESIDENTSHIP
STAFF REPORT
ENEWING Pakistan Democratic Movement (PDM) coalition in a bid to form a government, Pakistan Peoples Party (PPP) Co-chairman Asif Ali Zardari on Tuesday said that he and other political leaders have decided to form the government together, inviting Pakistan Tehreek-e-Insaf (PTI) to also become part of the reconciliation process. “We have chosen to unite and form a government to steer Pakistan out of crisis. Regardless of the challenges Pakistan is grappling with— economic, terrorism, or reconciliation—PTI is also part of this reconciliation effort. We welcome them to join us in this process, and all political forces are invited to engage in discussions about reconciliation,” he said addressing the media after a multi-party gathering at PML-Q chief Chaudhry Shujaat Hussain’s residence in Islamabad. It is worth mentioning that the PTI chief dismissed any notion of an alliance with either PML-N, PPP or MQM-P and instructed Secretary Information PTI Raoof Hassan to gather all political parties except three to raise their voice against the alleged rigging.
Referring to the next prime minister of Pakistan, Imran said a decision has not been taken yet regarding the nomination of the next prime minister and will “consider it”. However, the PTI founder nominated Ali Amin Gandapur for the slot of K-P chief minister. MQM-P’s Khalid Maqbool Siddiqui, IPP’s Aleem Khan, Chairman Senate Sadiq Sanjrani and PML-N’s Shehbaz Sharif were also present on this occasion. Zardari emphasised the importance of common ground in economic and defence agendas during the reconciliation
Shutdown grinds Balochistan to halt against election rigging QUETTA
STAFF REPORT
A province-wide shutdown paralyzed Balochistan, as major political parties protest against alleged rigging in the recent general elections. Business centers remained closed, streets echoed with slogans, and sitins sprang up across the region, demanding transparency and accountability. The call for the strike came from a powerful alliance of four parties the Balochistan National Party (BNP), National Party (NP), PashtunKhwa Milli Awami Party (PKMAP), and Hazara Democratic Party (HDP). They accused the authorities of manipulating election results to favor other parties, effectively stealing their victories. In Quetta, the provincial capital, business centers remained shut, and major intersections witnessed sitins. The Balochistan Bar Council and Anjuman Tajran (Traders Association) extended their support to the strike, providing impetus to the protest. Nushki saw a complete shutdown, with markets and shops deserted in response to the four-party alliance’s call. People took to the streets, raising their voices against alleged poll rigging and demanding fair results. The BNP’s ongoing protest outside the Nushki district returning officer’s office entered its third day, blocking the national highway and intensifying pressure on the authorities. In Chaman, the Pakhtunkhawa Milli Awami Party (PKMAP) led a shutdown strike, causing businesses to close and essential services to be disrupted. Party workers staged sit-ins for the fifth consecutive day in front of the district returning officer’s office, demanding the declaration of results based on Form 45, the official polling station record. Banks, passport offices, NADRA offices, and post offices remained shut for the second day, highlighting the impact of the strike. Asghar Khan Achakzai, PKMAP’s provincial president, asserted that the protests would continue until the results based on Form 45 are declared. This unwavering stance underscores the determination of the political parties to see their demands met. The shutdown strike throws into question the normalcy of daily life in Balochistan. While peaceful protests are a legitimate expression of dissent, prolonged disruptions can negatively impact the economy and public welfare. The situation demands a swift and transparent response from the authorities to address the accusations of rigging and restore public trust in the electoral process.
Rs 20.00 | Vol XIV No 227 I 8 Pages I Karachi Edition
process. He stated, “We should collaborate to support Mian Nawaz Sharif and other associates in their endeavours for the success of Pakistan, its people, and to uplift them from poverty.” Acknowledging the existing financial obligations, the former president stressed on the need to address the challenges facing the country. “We are aware of the debt we need to address. We have a comprehensive understanding of the situation. Although we may have been opponents in the elections, we are now committed to coming together for the
greater good and sitting at the table for collaborative discussions,” he added. Maryam PML-N’s candidate for Punjab CM position: Shehbaz Shehbaz Sharif, while talking to the media announced that PML-N Senior Vice President Maryam Nawaz will be the party’s candidate for the Punjab chief minister position. Shehbaz, reminiscing about his previous term as PM, expressed, “When I was PM, I had announced Nawaz Sharif as our party’s candidate for PM, and I now request him to accept the position. Additionally, I am officially announcing Maryam Nawaz as our candidate for Punjab CM.” He highlighted the coalition government’s achievement in averting a default during his tenure, attributing the success to the collective efforts of the individuals present. He concluded by mentioning the formation of committees by both PML-N and PPP to determine the future course of action. Siddiqui urges setting aside political differences for country Dr Khalid Maqbool Siddiqui stated that Pakistan was undergoing a crisis and emphasised that the differences between political parties should not supersede the interests of the nation.
PPP to back PML-N form govt in Centre, but will not join cabinet: Bilawal
CONTINUED ON PAGE 03
ISLAMABAD
STAFF REPORT
PPP Chairman Bilawal BhuttoZardari said on Tuesday that his party would lend support to the PML-N to form government in the centre, saying the PPP will also not seek any ministries at the federal level. “We have accepted the election results, despite concerns, in the larger interest of the country as we do not want the country to hold another election, going towards another general election will only harm the country,” said Bilawal Bhutto Zardari while addressing the media after a meeting of the PPP’s Central Executive Committee (CEC). The Central Executive Committee (CEC) meeting was presided over by former president Asif Ali Zardari. Bilawal said the party’s CEC discussed the current situation and “the threats to political stability and the concerns regarding Pakistan reaching a crisis point.” “The PPP’s principal decision is to take Pakistan out of the current crisis,” he asserted. “The reality is that the PPP does not have a mandate to form a government in the federation and due to this I will not be putting myself forward for the candidacy of the prime minister,” Bilawal said, adding that the PML-N and independents had greater numbers to form a government in the Centre. Last week, the PPP and PMLN began hectic efforts to hammer out some sort of power-sharing formula in the national and Punjab assemblies after PTI-backed
independent candidates emerged to the top in the National Assembly polls, with at least 93 seats. PTI spokesperson Raoof Hasan has announced a coalition with the Majlis Wahdat-i-Muslimeen (MWM) in the Centre and Punjab. “And in Khyber Pakhtunkhwa, for reserved seats, we will form a coalition with the Jamaat-i-Islami,” he said at a press conference after meeting imprisoned PTI founder Imran Khan at Adiala Jail. The PPP chairman continued that the PTI had announced that it would not engage in dialogue with the PPP and hence it ruled out the possibility of an independent-led government. “The PPP has decided that we are unable or not in a position to join the federal government ourselves and therefore will be not interested in taking ministries in such a setup. “But we also don’t want to see political chaos in the country,” he stressed. Bilawal also recalled that his party ran for the Feb 8 polls on a manifesto based on issues of public importance and wanted to restore
political stability. “To that end, the PPP will be willing to support the case of important votes — a candidate of the PM of Pakistan — and issue to issue basis to ensure that the government is formed and political stability is restored,” he said. In that context, Bilawal continued, the PPP had decided to form a committee to engage with other political parties on an “issue-toissue basis” such as the premiership, budget and legislation. However, the PPP leader said he wanted to see his father as the president. “And I am not saying this because he is my father, I am saying this because the country is in a huge crisis at the moment and if anyone can douse this fire, it is Asif Ali Zardari,” he asserted. Further, Bilawal stressed that his party had concerns pertaining to the election results but had decided to accept them “in the larger interest of the country”. He said PPP members had specifically highlighted concerns on a level playing field with Asif Ali Zardari and the latter had assured that these complaints would be addressed.
PTI joins up with MWM in Centre, Punjab; JI in KP ISLAMABAD
STAFF REPORT
Pakistan Tehreek-e-Insaf (PTI) announced making a government in Centre and Punjab on Tuesday with the Majlis-e-Wahdatul Muslimeen (MWM) and with the Jamaat-e-Islami (JI) in Khyber-Pakhtunkhwa. Currently, the PTI-backed candidates hold more than 90 seats in the National Assembly, followed by the PML-N with 75, and the PPP with 54, out of a total of 266 seats in the lower house. Including the 70 reserved seats brings the total number of seats to 336. For a simple majority, a party needs to have at least 169 seats in the National Assembly. The PTI-backed candidates after joining the MWM, can get reserve seats as proportionate to their total number of seats in the NA. Roughly, if it happens, then they can get more than 20 seats. To get reserve seats after joining the MWM, the PTIbacked candidates will have to submit affidavits to the ECP stating that they were joining the MWM. Subsequently, the head of the MWM will have to give in writing to the ECP that he has accepted the independent candidates. The PTI’s announcement came shortly after JI Deputy Amir Liaquat Baloch confirmed that the party has been in contact with the PTI on the matter of forming the government. Baloch had a telephonic conversation with PTI Chairman Barrister Gohar, Ali Amin Gandapur, and Senator Azam Swati in this regard, following which JI gave its consent for unified action. Sources claim that leaders of the two parties will meet soon in Islamabad to hammer out further details and options available to form a government or take the role of the opposition. “We are in touch with PTI leaders, if PTI needs JI to protect their independent candidates, we will welcome them,” said Baloch while talking to a private TV channel. “As a political party, we are open and don’t have any demand PTI has yet to put forward their demands.” JI to discuss PTI overture Responding to the PTI’s announcement, JI deputy emir said “have received the message of forming government in KP from the PTI”. “Will respond to it following discussions with the party,” he added. Baloch said his party was even prepared for an unconditional alliance. “We were willing to provide JI as a platform if the PTI needed one for its independent candidates,” the JI leader said, adding that, “Now they have said something new. So, we will discuss it among ourselves.” Responding to a question about whether the JI was willing to sit with the MWM considering their different religious leanings, Baloch said the JI was “absolutely ready” to sit with the MWM. “We have good political relations with the MWM,” he clarified.
US backs freedom of assembly after Pakistan election WASHINGTON AFP
The United States called on Monday for respect of freedom of assembly as Pakistani authorities warned they would ban protests by supporters of jailed prime minister Imran Khan after his bloc’s shock election triumph. “We want to see the freedom of assembly respected anywhere in the world,” State Department spokesman Matthew Miller told reporters when asked about Pakistani police’s use of a colonial-era law against public gatherings. Independent candidates — most linked to Khan’s Pakistan Tehreek-e-Insaf (PTI) party — took the most seats in the election, scuppering the chances of the army-backed Pakistan Muslim League-Nawaz to win a ruling majority. However, independents cannot form a government, raising fears of prolonged political uncertainty as PTI leaders claim rigging and call for protests outside election offices. Miller reiterated previous US calls for an investigation into fraud claims but noted that the results showed a competitive vote.
PTI to challenge polls results in SC as Imran rules out alliance with PML-N, PPP ISLAMABAD
STAFF REPORT
The Pakistan Tehree-e-Insaf (PTI) will challenge the results of the February 8 elections in the Supreme Court, said party’s founder Imran Khan during an informal talk with the media in Adiala jail. A day earlier, the party demanded the immediate resignation of Chief Election Commissioner (CEC) Sikandar Sultan Raja, accusing him of dereliction of his constitutional and legal duties and playing the role of a facilitator in what it termed as ‘poll fraud.’ The PTI further insisted that not only should CEC Raja step down, but the members of the Election Commission of Pakistan (ECP) should also tender their resignations. It alleged that they colluded to strip PTIbacked candidates of the mandate bestowed upon them by the people in the February 8 general elections, marred by widespread reports of vote rigging. The PTI chief dismissed any notion of an alliance with either PML-N, PPP or
MQM-P and instructed Secretary Information PTI Raoof Hassan him to gather all political parties except three to raise their voice against the alleged rigging. Referring to the next prime minister of Pakistan, Imran said a decision has not been taken yet regarding the nomination of the next prime minister and will “consider it”. However, the PTI founder nominated Ali Amin Gandapur for the slot of K-P chief minister. He maintained that the rigged elections would have a negative effect on the economy and the country’s stability and free and fair polls are the only solution to the dire circumstances the country finds itself in. When asked about meeting with certain senior officials, Imran denied any meeting between him and officials within the premises of Adiala jail. ‘Peoples mandate has been stolen’ Former foreign minister and PTI Vice Chairman Shah Mahmood Qureshi, in an informal talk, said even international media is raising questions over the recent elections and calling them rigged.
He said the PTI is not celebrating its win but asking the powers that be not to steal the mandate of the people. “Even those who won are not accepting the election results.” Qureshi urged the chief justice to take notice and said he, along with Imran, has been kept in solitary confinement after the elections. He said political stability cannot be achieved after the controversial elections and urged all parties who had their mandate stolen to unite. This is not the first time PTI has demanded resignation from CEC as PTI founding chairman Imran Khan has demanded Raja’s resignation on several occasions in the past as well on the allegation that he had joined hands with the PML-N. Imran had even shown mistrust in CEC after his party’s resounding victory on 15 seats in the by-elections held in 20 constituencies of Punjab in 2022. On Sunday, the PTI spokesperson demanded the immediate resignation of CEC and members of the election watchdog, “who worked as main facilitators in the day-
light robbery on public mandate.” Hasan said that the CEC and ECP members did not have any right and moral justi-
fication to say any more on their position since “they completely failed in performing their constitutional and legal duties”.
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wednesday, 14 February, 2024 | KARACHI
NEW COMMITTEE TO ASSESS IMPACT OF UNREGULATED SOES ON BUDGET Decision emerges amid concerns over financial risk posed by these large entities to federal budget
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news Desk
HE government has announced the formation of a four-member committee aimed at assessing the legal status and fiscal implications of state-owned enterprises (SOEs) not governed by the SOEs Act of 2023. This decision emerges amid concerns
over the financial risk posed by these large entities to the federal budget. The committee, under the leadership of the Additional Secretary of Corporate Finance, includes prominent members such as the director-general of the Central Monitoring Unit (CMU) for SOEs, Legislative Adviser Law & Justice Hassan Mehmood, and the Executive Director of the Securities and Exchange Commission of
Pakistan (SECP), Mubasher Saeed. This initiative follows the introduction of the SOEs Governance and Operations Act 2023 in January of the same year, which aimed to increase oversight and ensure the financial health of the majority of SOEs as mandated by the International Monetary Fund (IMF). Despite this legislative step, a significant number of entities established
under specific acts of parliament remain outside the ambit of this law, necessitating a thorough legal review. The government’s move to establish the CMU, although delayed, signifies a commitment to adhere to the SOEs Policy required by the 2023 Act. This policy mandates regular financial monitoring of SOEs, especially focusing on 85 larger entities. Recent directives from the Ministry of Finance have underscored the limited fiscal autonomy of various ministries and their associated SOEs, aligning them with the broader objectives of fiscal responsibility
Saudi Arabia adjusts oil capacity expansion in response to energy transition PROFIT
news Desk
Saudi Arabia has revised its oil capacity expansion plans, attributing the change to the ongoing global energy transition. On January 30, the Saudi government directed the state-owned oil company, Aramco, to maintain its maximum sustained production capacity at 12 million barrels per day (bpd), scaling back from a previously set target of 13 million bpd to be achieved by 2027. This announcement was made by the
Saudi Energy Minister, Prince Abdulaziz bin Salman, during the IPTC petroleum technology conference in Dharan. The decision to adjust the expansion plan aligns with Saudi Arabia’s broader environmental commitments, including its goal to achieve net zero emissions by 2060, with Aramco aiming for net zero emissions from its operations by 2050. Prince Abdulaziz emphasized the kingdom’s substantial spare oil capacity, highlighting its readiness to mitigate potential disruptions in global oil supplies due to conflicts or natural disasters.
Aramco’s CEO, Amin Nasser, reaffirmed the company’s capability to adjust production levels as needed, noting a current spare capacity of approximately 3 million bpd. This flexibility is part of Saudi Arabia’s strategy to adapt to market demands and maintain its position as the world’s largest holder of spare oil capacity, under the current OPEC+ agreement which has Saudi oil production approximately 3 million bpd below its maximum sustainable capacity. The Energy Minister also expressed criticism of the International Energy
Agency’s decision to release oil from emergency reserves following Russia’s invasion of Ukraine, questioning the lack of appreciation for countries that maintain emergency oil capacities. Despite adjustments in production targets and the anticipated energy transition, Nasser predicts an increase in oil demand, projecting a rise to 104 million bpd in the current year and further to 105 million bpd by 2025. This forecast suggests a continued reliance on oil in the near term, despite the global shift towards renewable energy sources.
and regulatory compliance. Furthermore, in alignment with IMF recommendations, the caretaker government has already revised laws pertaining to four major SOEs — the National Highway Authority, Pakistan Post, Pakistan National Shipping Corporation, and Pakistan Broadcasting Corporation — to bring them under the scope of the SOEs Act 2023. These amendments are part of a broader effort to ensure that SOE operations are commercially viable and governed by robust corporate governance principles, as outlined in the new act.
Pakistan’s exports to Mideast increase by 32%, reaching $1.506b in six months
PROFIT
staff report
ABL profit surges to 41.3bn, marking a 94% increase year-on-year g
Increase is largely attributed to a 65.7 percent rise in interest-earning to Rs357b PROFIT
staff report
Allied Bank Limited (ABL) has reported a significant year-on-year growth in its financial performance for the year 2023. The bank’s profit after tax surged to Rs41.3 billion, marking a 94.38% increase from the Rs21.25 billion recorded in 2022. This was disclosed in the Financial Results sent to the Pakistan Stock Exchange (PSX) on Tuesday (today). This translates to an earnings per share (EPS) of Rs36.07, up from Rs18.56 in the previous year. In response to the robust financial results, the Board
of Directors at ABL has recommended a final cash dividend of Rs4 per share, which amounts to 40%. This comes in addition to the interim dividends already distributed at Rs8 per share, totaling an 80% dividend payout for the year. A key driver of ABL’s impressive performance has been its net interest income (NII), which rose by 69.26% year-on-year to Rs112.9 billion, up from Rs66.7 billion. This increase is largely attributed to a 65.7% rise in interest-earning to Rs357 billion. The bank also experienced growth in its total nonmarkup income, which increased by 19.33% to Rs25.6 billion. This was buoyed by a significant 32.3% increase in fee, commission, and brokerage income, reaching
Rs11.8 billion. Additionally, dividend income and foreign exchange income saw increases of 14.8% and 15.3%, reaching Rs3.5 billion and Rs9.2 billion, respectively. However, ABL reported a 39.7% decrease in gains from the sale of securities, which stood at Rs844.8 million for the year. Meanwhile, the bank also reported a provision reversal of Rs2.98 billion in 2023, a positive shift from the provision expense of Rs260.9 million in 2022. On the expenditure side, total non-markup expenses rose by 19.5% to Rs49.7 billion in 2023, from Rs41.6 billion in the preceding year. This increase was primarily due to an 18.5% rise in operating expenses, which climbed to Rs47.7 billion. Additionally, contributions to the Workers’ Welfare Fund were also higher during the year. In terms of taxation, ABL’s tax payments witnessed a significant increase, totaling Rs45.5 billion, which is 78.2% higher than the previous year’s payments.
Edible oil industry seeks tax reforms to spur growth g
Sector's annual turnover surpasses Rs2,400b, contributing up to Rs550 billion in duties, taxes, and levies PROFIT
By Monitoring Desk
Factory for the production of edible oils. Shallow DOFF. Selective focus. Edible oil manufacturers have called for significant tax reforms, including a reduction in the duty on Crude Palm Oil (CPO), the abolition of section 8B of the Sales Tax Act, and an increase in taxes on commercial importers.
These measures aim to stimulate industrial growth and support the agricultural sector. The industry imports over 3.2 million metric tonnes of palm oil annually and produces around 4.5 million metric tonnes of Banaspati and cooking oil to fulfil domestic demand. The sector’s annual turnover surpasses Rs2,400 billion, contributing up to Rs550 billion in duties, taxes, and
Legal cigarette production drops 40pc over five months, says PBS g
Decline in production is primarily attributed to increased excise duty PROFIT
Monitoring Desk
Data from the Pakistan Bureau of Statistics indicates a 40% decrease in legal cigarette production over five months, exacerbated by an increased price disparity between legal and illegal cigarette markets. This decline, as reported by Express Tribune, is primarily due to the raised excise duty, resulting in a 39.31% production drop from July to November in the current fiscal year, a rate fourfold higher than the average decrease observed in other large-scale manufacturing industries. In contrast, the overall large-scale manufacturing output saw a modest decline of 0.80% during the same period, highlighting the tobacco industry’s unique challenges. The sector’s total output reduction stood at 39.31% for July to November 2023, with tax-compliant tobacco companies reporting a 28.4% production decrease in the last fiscal year. Additionally, the average monthly production of legal cigarettes fell sharply from 4.41 billion in the first nine months of 2022 to 2.836 billion in the corresponding months of 2023. A significant factor contributing to the industry’s financial strain is the inadequate enforcement of the Track & Trace system, leading to revenue losses of over Rs310 billion, writes Express Tribune. Syed Saifullah Kazmi, Head of Investment Banking at Intermarket Securities, highlighted that legal tobacco companies paid Rs241 billion in taxes during the current financial year. However, he pointed out the critical issue of Rs310 billion lost to tax evasion by illegal manufacturers, emphasizing that these funds could have supported economic improvements. Kazmi advocates for the full implementation of the Track & Trace system, rigorous enforcement against the illicit trade at all levels, particularly retail, and the introduction of fiscal policies to mitigate illegal tobacco trade.
levies, as reported by The Express Tribune. Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and former chairman of the Pakistan Vanaspati Manufacturers Association (PVMA) criticized section 8B of the Sales Tax Act 1990 for creating a 10% tax differential that disadvantages industrialists compared to commercial importers, suggesting that
it hampers cash flow and industrial growth. Sheikh proposed that commercial importers should face higher tariffs than industries to support local manufacturers. He also advocated for reducing the duty on CPO to revive closed refineries and encourage industrial expansion. Additionally, Sheikh discussed efforts to develop oil palm plantations in the country, noting past challenges with yield due to weather conditions. KK Group of Industries CEO Khalid Islam Sheikh suggested adjusting tax rates for commercial importers could benefit the local industry and encourage farmers to diversify crops beyond wheat, potentially reducing the import bill for seeds. The industry relies on domestic cottonseed oil to meet a significant portion of local demand during a twomonth season. This indicates the importance of supporting diverse oilseed cultivation for industry sustainability.
Pakistan’s exports to the Middle East have witnessed a notable increase in the first half of the current fiscal year. According to the State Bank of Pakistan’s (SBP) recent data compilation, the exports escalated by 32.33 percent, reaching $1.506 billion compared to $1.138 billion in the same period last year. This growth has been primarily fueled by heightened demand for Pakistani products in countries such as the United Arab Emirates (UAE), Saudi Arabia, and Kuwait. Conversely, exports to Qatar and Bahrain saw a decrease during the same timeframe. The government’s recent initiative to sign a free trade agreement with the Gulf Cooperation Council (GCC) countries is anticipated to further enhance Pakistan’s export potential to this region. This agreement is a strategic move to boost trade relations and economic cooperation between Pakistan and the GCC member states. The detailed breakdown reveals a remarkable increase in exports to Saudi Arabia, which rose by 48.27 percent to $328.23 million in July-December of the current fiscal year, up from $221.37 million in the corresponding months of the previous year. Similarly, exports to the UAE saw a surge of 37.93 percent, reaching $1 billion compared to $725.99 million in the first six months of the previous fiscal year. However, the exports to the UAE experienced a decline of 20.23 percent in the fiscal year 2023 compared to the fiscal year 2022. Pakistan’s primary exports to the UAE include a variety of products such as rice, bovine carcasses and half carcasses, cotton ensembles for men and boys, and fruits like guavas and mangoes. Meanwhile, exports to Kuwait modestly increased by 2.21 percent to $62.05 million, and exports to Qatar and Bahrain showed declines of 14.9 percent and 1 percent, respectively. The overall export performance to the Middle East contrasts with the previous fiscal year’s downturn, where exports decreased by 12.62 percent. Furthermore, Pakistan’s import figures also reflected a downward trend, with a 7.24 percent reduction in the fiscal year 2023, amounting to $17.488 billion compared to $18.853 billion in the prior year. This rebound in exports to the Middle East marks a positive shift in Pakistan’s trade dynamics, indicating a recovery and potential for further growth in the international market.
22 Pakistani-listed companies added to MSCI indices g
Pakistan’s weight in Index is expected to be around 3% PROFIT
news Desk
Morgan Stanley Capital International (MSCI), an investment research company and stock markets index provider, has added 22 companies listed at the Pakistan Stock Exchange (PSX) to its indices. In its latest Quarterly Index Review, MSCI notified three additions for Pakistan to the MSCI Main Frontier Market Index and 19 companies to the Frontier Market Small Cap Index. All changes will be implemented as of the close of February 29, 2024. The new entrants from Pakistan into the MSCI Main Frontier Market Index are Bank AL Habib (BAHL), Interloop (ILP), and Sui Northern Gas Pipelines (SNGPL), bringing the total number of constituents in the main index to 20. Other companies in the index include Oil and Gas Development Company (OGDC), Mari Petroleum (MARI), Pakistan Petroleum Limited (PPL), Lucky Cement Limited (LUCK), MCB, United Bank Limited (UBL), ENGRO,
Habib Bank Limited (HBL), Pakistan Oilfields Limited (POL), Systems Limited (SYS), Fauji Fertilizer Company (FFC), The Hub Power Company (HUBC), Engro Fertilizers Limited (EFERT), Millat Tractors Limited (MTL), Bank Alfalah Limited (BAFL), Pakistan State Oil (PSO), TRG Pakistan Limited (TRG), Bank AlHabib Limited (BAHL), Interloop Limited (ILP), and Sui Northern Gas Pipelines Limited (SNGPL). Additionally, the MSCI Pakistan Frontier Market Small Cap index will see 19 new constituents
added and four removed. The new additions are Adamjee Insurance Company Limited (AICL), Attock Gen Limited (AGL), Aisha Steel Mills Limited (ASL), Askari Bank Limited (AKBL), Century Paper & Board Mills Limited (CEPB), Ferozsons Laboratories Limited (FEROZ), Ghani Automobile Industries Limited (GHNI), Ghani Global Glass Limited (GHGL), Hascol Petroleum Limited (HASCOL), IGI Holdings Limited (IGIHL), JS Bank Limited (JSBL), Murree Brewery Company Limited (MUREB),
Nishat Chunian Limited (NCL), Pioneer Cement Limited (PCAL), Pakistan Stock Exchange Limited (PSX), S.G. Fibre Limited (SGFL), Sui Southern Gas Company Limited (SSGC), Treet Corporation Limited (TREET) and Worldcall Telecom Limited (WTL). The companies being removed from the small-cap index are BankIslami Pakistan Limited (BIPL), Fauji Cement Company Limited (FCCL), Pak Suzuki Motor Company Limited (PSMC) and Sui Northern Gas Pipelines Limited (SNGPL), adjusting the total number of constituents to 56. Following this review, Pakistan’s weight in the MSCI Frontier Market Index is expected to be around 3%. This reclassification reflects the ongoing adjustments within the market, aiming to provide a more accurate representation of Pakistan’s economic landscape. This update follows Pakistan’s reclassification from an Emerging Market to a Frontier Market in November 2021, based on the evaluation of market size and liquidity standards.
Wednesday, 14 February, 2024 | KARACHI
MODI GOVT ORDERS MAGAZINE TO DELETE REPORT ON IIOJK YOUTHS’ KILLING IN ARMY CUSTODY
NEWS
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NEW DELHI
Staff RepoRt
N Indian news magazine revealed that the Modi government has demanded the deletion of an online report implicating soldiers in the torture and killing of civilians in Indian illegally occupied Jammu and Kashmir. The report, originally published by The Caravan, an esteemed Indian news magazine and later reproduced by the US-based media outlet
Barron’s, today, shed light on the deaths of three Kashmiri civilians who were detained by the Indian army in December. The official order from the information ministry mandated the removal of The Caravan’s story within a mere 24 hours. While The Caravan has expressed intentions to contest this order, the specifics of the directive remain undisclosed. However, it is a known fact that three Kashmiris were tortured to death in Indian army’s custody, and the story is all
about these tragic deaths in the occupied territory. According to the report “Screams from the Army Post”, those detainees who were able to survive endured torture, substantiated by leaked footage depicting physical abuse by Indian troops. The footage was widely circulated on social media platforms. The takedown order against Caravan reflects broader concerns about press freedom in India, particularly online censorship. The Modi government has faced criticism
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for restricting critical reporting, contributing to India’s decline in press freedom rankings. In response, local digital rights groups highlight the increasing censorship imposed on internet speech in India. Prateek Waghre of the Internet Freedom Foundation noted that such actions target reporting inconvenient for the government. India’s fall in press freedom rankings underscores the challenges faced by journalists reporting on sensitive issues, especially in conflict zones like Kashmir.
constable killed All parties to be part of cabinet, except PPP: Salik Police while on duty with
ISLAMABAD: Pakistan Muslim League-Quaid (PML-Q) leader Chaudhry Salik Hussain said that all matters related to the formation of a coalition federal government would be finalised within a week. Speaking at a private TV channel program, Chaudhry Salik Hussain said that PML-Q, Muttahida Qaumi Movement-Pakistan, and other parties except the Pakistan People’s Party (PPP) will be part of the cabinet. The PML-Q leader said that it has been decided that every party would form a committee for further course of action. He said that PPP President Asif Ali Zardari and Pakistan Muslim LeagueNawaz (PML-N) President Shehbaz
Sharif contacted Chaudhry Shujat Hussain and requested to hold a multiparty meeting at his residence in Islamabad Chaudhry Salik Hussain said that everything regarding the formation of the government would be finalized within a week. “PML-N’s Shahbaz Sharif also said that if PTI has enough numbers in the National Assembly, it should form the government,” he added. The PML-Q leader said that Chaudhry Shujaat would play a role in the politics of reconciliation. Chaudhry Salik Hussain said that they want to have good relations with Parvez Elahi and their family. “Moonis Elahi Elahi and Sumaira Elahi are not letting our relations normalize, the PMLQ leader added.
Earlier on Tuesday, PPP Chairman Bilawal Bhutto on Tuesday ruled out the possibility of becoming part of any coalition government, saying that his party will vote for prime minister candidate of Pakistan Muslim LeagueNawaz (PML-N) but sit in opposition “The PPP has decided that we are unable or not in a position to join federal government ourselves, nor are we interested in taking ministries in such a setup,” the party chairman said while addressing a press conference following a two-day long Central Executive Committee (CEC) meeting. Latif Khosa conveys PTI founder’s message to Pir Pagara Senior legal expert and Pakistan Tehreek-i-Insaf MNA-elect from NA122, Latif Khosa held a telephonic
conversation with Grand Democratic Alliance (GDA) chief Pir Pagara and conveyed PTI founder Imran Khan’s important message. During the telephonic conversation, Latif Khosa thanked GDA for not voting in no-confidence motion against the then-prime minister Imran Khan – who was ousted in April 2022. Both leaders discussed the country’s political situation after completion of February 8 general elections. PTI and GDA expressed determination to work together in future. A day earlier, Grand Democratic Alliance (GDA) Chief Pir Sadaruddin Shah Rashidi, popularly known as Pir Pagara rejected the results of the General Elections 2024 and announced vacate two Sindh Assembly seats.
SHC refrains Sindh Police from arresting Haleem Adil Sh in any further case KARACHI
Staff RepoRt
No govt can be formed without Imran Khan: Latif Khosa ISLAMABAD
Staff RepoRt
Speaking to the media in Islamabad, PTI leader Latif Khosa said that the election results were “correct” up till the issuance of the Form 45. “According to the Form 45, 170 of our people are winning. They are not independent because PTI exists as a legal and constitutional party. Calling us independent is wrong and illegal,” he said. He said that if reserved seats were added to this number, then the PTI would cross the 200 mark in the National Assembly. “The largest political party which emerges in the election is given the right to form the government,” he said. He also expressed astonishment at reports of a power-sharing formula between the PML-N and the PPP. “What joke is being done with democracy?” “Who are they — who have been rejected by the people — to divide among themselves […] No Assembly or Parliament can function without Imran Khan. No democracy can function and no government can be formed with Imran Khan. So rid yourself of the misunderstanding that by minusing Imran they will be able to operate a democracy or the government. You will have to bring Imran Khan back. “And because ours is the largest political party, he will be the prime minister. And no one can stop him,” he said.
The Sindh High Court on Tuesday refrained the police from arresting PTI leader Haleem Adil Sheikh in any further case. The court ruled against arrest of the PTI leader in any further case, directing the police not include the name of Haleem Adil Sheikh in any new case or chargesheet. A single-judge of SHC, comprising Justice Nimatullah Phalputo issued the directives while hearing a petition filed by PTI leader Haleem Adil Sheikh against his arrest in multiple cases. During a hearing, the SHC ordered the provision of the court order to the Sindh Inspector General of Police and the Jail Superintendent. Referring to a police report
dated November 2, 2023, which stated that Haleem Adil Sheikh was implicated in 21 cases, Justice Nimatullah Phalputo queried about the total number of cases registered against the PTI leader. At which, the Additional Advocate General confirmed to the court that a total of 21 cases have been registered against Haleem Adil Sheikh. On the occasion, Advocate Anwar Mansoor, the counsel for the petition, expressed frustration over the repetitive cycle of arrests and bail, emphasizing that Sheikh has been barred from new arrests on three separate occasions, only to find himself entangled in fresh legal challenges. The court has summoned a progress report from the police and other relevant parties within three weeks to assess the situation further.
PDM chums ‘cuddle up’ to renew coalition, form unity govt CONTINUED FROM PAGE 01
He expressed MQM-P’s support for Shehbaz Sharif, affirming the party’s commitment to honouring its promises. “If all of us, setting aside political interests, take steps to save the country and the state, then the situation can improve within a year,” he added. Sadiq Sanjrani, representing the Balochistan Awami Party, underscored the collective effort needed to stabilise the country and democracy. He mentioned his party’s support for Nawaz Sharif. Aleem Khan expressed gratitude to Chaudhry Shujaat for hosting the meeting and expressed optimism about the country’s prospects following the formation of a unity government. “The condition of the poor people is dire, inflation is soaring, and there are numerous challenges facing the populace. We will prioritise decisions for the country and its people,” he remarked. He further highlighted that the government led by Shehbaz Sharif would focus on decisions aimed at improving the
country’s welfare. Earlier in the day, PPP Chairman Bilawal Bhutto-Zardari said that his party would lend support to the PML-N to form government in the centre, saying PPP will also not seek any ministries at the federal level. “We have accepted the election results, despite concerns, in the larger interest of the country as we do not want the country to hold another election, going towards another general election will only harm the country,” said Bilawal Bhutto Zardari while addressing the media after a meeting of the PPP’s Central Executive Committee (CEC). The Central Executive Committee (CEC) meeting was presided over by former president Asif Ali Zardari. Bilawal said the party’s CEC discussed the current situation and “the threats to political stability and the concerns regarding Pakistan reaching a crisis point.” “The PPP’s principal decision is to take Pakistan out of the current crisis,” he asserted.
Pakistani restaurant business shines during China’s ongoing Spring Festival BEIJING
Staff RepoRt
Pakistani restaurants in China are experiencing a surge in customers, as locals and tourists alike flock to these establishments to celebrate the Chinese Spring Festival. The Chinese Spring Festival, also known as the Lunar New Year or the Chinese New Year, is one of the most important traditional festivals in China. It is a time when families come together to celebrate, exchange gifts, and enjoy special meals. Asif Jilal, owner of a Pakistani restaurant chain in China in Beijing told Gwadar Pro that Pakistani restaurants have become a popular choice for people looking for a unique dining experience during the Spring Festival. These restaurants offer a variety of Pakistani dishes, such as biryani, kebabs, and curries, known for their rich flavors and aromatic spices. “The popularity of Pakistani restaurants during the Chinese Spring Festival can be attributed to several factors. Firstly, the unique taste and presentation of Pakistani cuisine attract customers who are looking for something different from traditional Chinese
dishes. Additionally, the warm and welcoming atmosphere of these restaurants creates a festive ambiance, making them an ideal choice for celebrating the Spring Festival”, he added. Hammad Zaheer, CEO of ZamZam Pakistan restaurant said that the growing popularity of Pakistani food in China has also contributed to the success of these businesses. In recent years, Pakistani cuisine has gained recognition and appreciation among Chinese consumers, leading to an increased
demand for Pakistani restaurants. Other Pakistani restaurants also expressed that the influx of customers during the Chinese Spring Festival has been a boon for Pakistani restaurants in Beijing. Many of these establishments are reporting full reservations and increased sales during this festive period. This surge in business not only benefits the owners of these restaurants but also promotes cultural exchange between Pakistan and China.
judge in Karachi KARACHI
Staff RepoRt
A police constable assigned to guard a judge was ambushed and killed by unknown armed assailants who managed to escape the scene on Tuesday. The victim was serving as a gunman in Security One alongside the judge. According to Senior Superintendent of Police (SSP) Central, the attack is being treated as a targeted killing. Reports indicate that the assailants targeted the constable as he was leaving his home for duty on Tuesday morning. Police investigators recovered two 9mm pistol shells from the crime scene, which have been taken into custody as part of the ongoing investigation. Authorities are exploring various angles to unravel the circumstances surrounding the incident.a
PPP will not contact PTI-backed independent candidates, says Khursheed Shah ISLAMABAD
Staff RepoRt
Senior Pakistan People’s Party (PPP) leader Syed Khursheed Shah on Tuesday said his party will not take PTI-backed independent candidates onboard to increase its strength in the National Assembly. “We will only contact independent candidates, not PTIbacked ones,” Khrushed Shah said in a media interview. Shah underlined the need to respect the people’s mandate after the general elections 2024 and urged political parties against the inclusion of PTIbacked independent candidates. “PPP is not interested in increasing its mandate by stealing others,” he added. Replying to a question, the former federal minister said Nawaz Sharif had lost the election and it was not morally right for him to become prime minister for the fourth time.
Punjab govt approves fare hike for Orange Line Train, Multan Metro Bus LAHORE
Staff RepoRt
The caretaker government of Punjab has granted approval for an increase in fares for the Orange Line train and Multan metro bus, as per recent reports. According to media sources, the fare for the Orange Line Metro Train project will be raised by five rupees. Similarly, a five-rupee increase has been sanctioned for the Multan metro bus fares. Additionally, the caretaker Punjab government has approved a five-rupee hike in feeder bus fares. The decision to raise fares has been attributed to the recent surge in fuel prices. With this move, the Punjab Mass Transit Authority anticipates an annual income boost of Rs. 82.85 million from additional fare revenue. However, fares for the Lahore and Rawalpindi-Islamabad metro bus services will remain unaffected. Previously, caretaker Chief Minister Punjab Mohsin Naqvi had rejected a proposal for a Rs. 15 increase in Metrobus and Speedobus service fares. Naqvi stressed the need for innovative revenuegenerating strategies, directing efforts towards the construction and repair of metrobus tracks in Rawalpindi and Lahore. Furthermore, Naqvi gave preliminary approval for the introduction of electric buses at Lahore Railway Station and Tagrin Town, with 27 electric buses slated for operation in Lahore under a pilot project supported by the World Bank. The Punjab government has also decided to introduce electric buses for the Islamabad-Rawalpindi metro bus service. During a meeting of the Punjab Mass Transit Authority, a proposal to deploy diesel hybrid regenerative buses was also reviewed. In response to the shortage of human resources within the Punjab Mass Transit Authority, Naqvi ordered immediate measures to address the issue, reaffirming the government’s commitment to
04 COMMENT
Things that should but can’t be said
Wednesday, 14 February, 2024
Forming a government
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The PPP opts for the long game
HE PPP Central Executive Committee took the first decision of the process of government formation by deciding not to decide. The decision to support the PML(N) from the outside, of not taking any ministries while supporting the PML(N) candidate for Prime Minister, did meet the minimum requirement of making sure that the PTI-backed independents did not form the government, and at the same time ensured that the PPP would not have to be part of what was being called ‘PDM 2.0’, in which the PPP entered a PML(N) Cabinet. As the PML(N) had greater numbers, even if the PPP had taken the PMship, or a majority of Cabinet members, it would still have been the junior partner in the coalition. By implication, the PPP’s desire to stay away from the government indicates that it felt it had been damaged by the previous stint in government, when it had left the economic ministries to the PML(N), and also that it does not expect the PML(N) to do well this time around. By refusing to take positions in the Cabinet, the PPP has not given up hopes of such slots as the National Assembly Speaker and the Senate Chairman. That was made clear by PPP co-Chairman Bilawal Bhutto Zardari at the post-CEC press briefing, thus indicating that the PPP still intends to extract its pound of flesh from the PML(N) for its support. One of the elements of Mr Bhutto Zardari’s press conference was his noting that no one had been in touch from the PTI side, thus shedding light on one of the main disadvantages the PTI has suffered because of the imprisonment of its chief, Imran Khan: it has no one able to speak for it. It also seems the PPP has given up on the dream of getting coChairman Asif Zardari elected to the Presidency, leaving it open to the PML(N) to offer that position to JUI(F) chief Maulana Fazlur Rehman, who is said to want the job. It seems that the PPP has opted for the path which many have advocated, of going into the opposition. It also gives the PPP the option of bringing down the PML(N) government whenever it wants by withdrawing support. The PPP has played its role in government formation, but what it has done does not seem to have led towards the political stability that all desire.
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Keeping silent about the genocide
Washington Watch Dr JAmes J zogby
OUR months into Israel’s genocidal assault on Gaza, one might have thought that American policymakers and commentators would have learned some lessons. Instead, their discussions about the conflict appear to remain trapped in the same tiresome and, at times, delusional framing that existed before the current fighting began. As a result, they frustratingly tie themselves in knots struggling to explain what’s happening and what’s to be done in the future. They refuse to step outside the constraints imposed by conventional wisdom and dare not venture beyond the accepted terms of what is defined as correct political discourse. Conditioned, in this manner, there are things that should be said that they will not say. For example, despite the ruling of the International Court of Justice that Israel’s actions establish a plausible case for genocide, that word is verboten. When presented with the numbers of those killed, those facing starvation, and clear evidence of mass destruction of Gaza’s infrastructure, policymakers and commentators shift the discussion to the crimes committed by Hamas on October 7 or blame the civilian deaths on Hamas’ use of “human shields.” They also seek to absolve the USA from any responsibility for the deaths, insisting that the President and his administration continue to urge the Israelis to take measures to avoid civilian casualties. They then ignore the fact that Israel pays no attention to our “urging” while they continue to resupply Israel’s deadly munitions and block international efforts at a ceasefire. Equally frustrating is the US insistence that it stands behind efforts to provide humanitarian assistance to the desperate Palestinian population in Gaza, while at the same time refusing to hold Israel responsible for the fact that its cumbersome, duplicative inspection regime and continued bombing in the south of Gaza impedes delivery of supplies to those in need. Additionally, the recent US decision to withhold funds for UNWRA— the only agency with the capacity to deliver aid— makes a mockery of our commitment to providing humanitarian assistance. As obvious as these linkages may be, they may not be said. In acceptable US discourse Israel is never blamed. It’s all Hamas’ fault and the USA is doing everything it can to alleviate suffering. As for the decision to cut off UNWRA thereby punishing the entire Palestinian population for the alleged crimes of about 12 of the agency’s thousands of staff, it is not allowed to refer to this as collective punishment. After ignoring the reality that daily Israeli raids into West Bank Palestinian cities and towns have resulted in the murders of over 400 Palestinians and that 500 settler attacks on Palestinians in their homes, cars or fields have resulted in the deaths of eight and the
Dedicated to the legacy of late Hameed Nizami
Arif Nizami (Late) Founding Editor
destruction of thousands of olive trees, the US decided to take action by sanctioning four settlers. This was heralded by the pundits as “unprecedented” and “dramatic,” but scoffed at by the settlers as a hollow gesture— which, in fact, it was. But that cannot be said. What is not discussed are the root problems with the Israeli occupation (a term that Democrats have never allowed in the party’s platform), the ever-expanding settlement enterprise, the apartheid (another word that is not allowed) system that creates impunity for both settlers and the Israeli military. This self-censorship of terms that can be used is infuriating. Equally troubling are discussions about the “day after” that is gaining momentum in the US media and policy circles. In the first place, this topic is insensitive at best, racist at worst. What is the “day after” for 2.2 million people in Gaza? Are they supposed to forget the tens of thousands who’ve died? Their homes and entire neighborhoods that have been reduced to rubble? Where will they live? And what of the trauma to the hundreds of thousands of children who’ve been physically and psychologically maimed by this war? And what of the tens of thousands who are expected to die in the coming months from disease or starvation? These questions aren’t asked by pundits or policymakers. They’re not part of the accepted discourse. While official Washington has not yet presented its own plan, it has provided hints of their thinking in speeches and in discussions with journalists. From these we can discern an outline of ideas, that amount to “much ado about nothing.” It appears that the cornerstone of “the day after” construct is nothing more than “a pathway to an eventual Palestinian state”— reminiscent of the famous ancient Greek philosophers Heraclitus-Parmenides’ debate about the endless “half-the-way to half-theway to half-the-way” to the never reachable goal. In this fantasy “pathway,” the burden is placed on the Palestinians to create a credible, viable, democratic, functioning state that will pose no threat to Israel. The problem, of course, is that Palestinians must do this while the occupation continues with no restraints on the occupiers’ control over land, resources,
Babar Nizami Editor Profit
The opportunity for change must be taken
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AzhAr DogAr
AKISTAN’S political landscape may be undergoing a seismic shift, driven by the energy and tenacity of its youth, the power of technology and social media, and a growing demand for accountability, change, good governance and above all, rule of law. Pakistan’s power brokers need to pay heed as Pakistani people are demanding to renegotiate the decades=old social contract that has been in existence since independence in 1947. The recent February 2024 elections have served as a stark reminder of the potential for transformation in Pakistan, despite the entrenched grip of elite capture and the challenges posed by a powerful military establishment. Well over 60 million voted in this election if official figures are to be believed, and many of these were young voters as well as women. As Pakistan embarks on the next decade, the trajectory of Pakistan’s political future hangs in the balance, with the promise of a more democratic, inclusive, and prosperous society tantalizingly within reach provided people’s mandate is respected by all. At the heart of this transformation is Pakistan’s burgeoning youth population, which constitutes a significant portion of the electorate and will wield considerable influence in shaping the country’s political landscape. With over 60 percent of the population under the age of 30, young Pakistanis are increasingly vocal, engaged, and politically aware, challenging the status quo and demanding a seat at the table. Their enthusiasm, idealism, and willingness to embrace change are driving forces behind the push for a more accountable and responsive government. Coupled with the youth bulge is the advent of technology and social media, which have revolutionized the way information is disseminated, opinions are formed, and political activism is conducted. Platforms like Twitter (X), Facebook, Instagram, TikTok as well as the use of AI have provided a powerful voice to previously marginalized segments of society, enabling them to mobilize, organize, and advocate for their rights. The democratization of information is likely to empower citizens to hold
their leaders accountable, expose corruption, and demand transparency in governance. The recent elections stand as a testament to the resilience and courage of Pakistani voters, particularly its youth and women, who defied intimidation, coercion, and fear to cast their ballots and express their democratic rights. Despite facing unprecedented obstacles and a climate of uncertainty, Pakistanis turned out in large numbers to participate in the electoral process, sending a clear message that their voices will not be silenced, and their votes will not be suppressed. Central to this wave of change is the upholding of Pakistan’s constitution and the rule of law, which serve as the bedrock of any democratic society. The rule of law ensures that all individuals and institutions are subject to fair and impartial legal frameworks, fostering accountability, transparency, and justice. By upholding the constitution and respecting the rule of law, Pakistan can break free from the grip of elite capture and establish a more inclusive and equitable political system even though this will take time. As Pakistan looks to the future, the next decade will be critical in determining the course of Pakistan’s political evolution. The momentum
Dr James J Zogby is President, Arab American Institute.
When confronted with the fact that any future Israeli government would either be unwilling or afraid to withdraw from the occupied lands because of negative public reaction, the pundits fall silent out of their concern for Israeli public opinion. This underlies the racism that causes the entire fantasy to evaporate
The winds of change: Youth, technology and changing political landscape M. A. Niazi
Editor Pakistan Today
borders, and economy. This is no different that the bizarre plan proposed by then President Bush in 2002. The lesson that should have been learned then, but was not, is that as long as the Palestinians are not free to grow their economy and protect their land and people from the acquisitiveness and repression of the Israelis, no such credible state can come into being. The proposal, if it can be called that, is a mirage designed by the US to place the burden on the weakest party, while absolving the Israelis and ourselves from responsibility. When blame is directed at Israel, it is focused solely on Benjamin Netanyahu and his extremist partners, whom the pundits say are the major obstacle to moving forward. This fails to pass muster because any close examination of the Israeli electorate and their views would note that while Netanyahu and company are extreme, there is no conceivable coalition that can replace them that would be willing to end the occupation and withdraw from territories and settlements to allow for a viable independent Palestinian state to come into being. A recent Israeli poll showed that a majority of Israelis would reject the creation of a Palestinian state even if that were accompanied by recognition by Saudi Arabia and security guarantees. When confronted with the fact that any future Israeli government would either be unwilling or afraid to withdraw from the occupied lands because of negative public reaction, the pundits fall silent out of their concern for Israeli public opinion. This underlies the racism that causes the entire fantasy to evaporate. I say racism, because in the American mind, the opinions and fears of Israeli public opinion are always placed above those of those of Palestinians. But, of course, this cannot be said. And so Israel’s genocidal assault continues as does the detached-from-reality US political discussion. Change will not occur until we can free ourselves from the shackles of acceptable discourse that has led us into this dead end.
for change is palpable, driven by the energy and enthusiasm of the country’s youth, the power of technology and social media, and a growing demand for accountability and transparency. If Pakistan can harness this momentum and its youth continue to show courage, resilience and tenacity and realize that it is really a Test match or a long game and not a one-day or T20 match, to use the cricketing terms, uphold its constitution, and embrace the rule of law, it has the potential to break free from the shackles of elite capture and forge a new social contract and path towards progress and prosperity. Once again, Pakistan stands at a crossroads, poised on the brink of transformation. The winds of change are blowing, propelled by the aspirations and determination of its people. It is up to Pakistan’s leaders, institutions, and citizens to seize this moment and chart a course towards a more democratic, inclusive, and prosperous future. The time for change is now, and the promise of a brighter tomorrow beckons on the horizon only if people’s will and their mandate is respected.
The author is a senior international banker, with degrees in economics and political science from University of Pennsylvania and Brown University
Editor’s mail
Send your letters to: Letters to Editor, Pakistan Today, 4-Shaarey Fatima Jinnah, Lahore, Pakistan. E-mail: letters@pakistantoday.com.pk Letters should be addressed to Pakistan Today exclusively
Corruption hub
THE office of the sub-registrar in Karachi’s Orangi Town area has become a hub of corru- ption, making the lives of the residents miserable. Despite paying all the taxes, people are tortured, humiliated and forced to pay extra money for the regis- tration of various documents. Officials take documents home, and then declare some of them missing or lost. After extorting money from the people, the ‘lost’ documents magically reappear. The higher authorities should take action against the corrupt officials and save the people from mental and financial torture. This needs to be done urgently. SYED JAVED AHMED KARACHI
Steam, not stem
THE Science-Technology-Engineering-Math (STEM) stream of education is gaining popularity in Pakistan. Ignoring Arts is bound to produce disastrous results for an already struggling society, like the one we have in Pakistan. Subjects falling under the Arts umbrella develop empathy among students. They also spark imagination and creativity. Does education without empathy, creativity and imagination have any utility for our society? While Science provides ease to humans, Arts provides emotional comfort. Let us go for STEAM, not STEM. KAMRAN AKHTAR SIDDIQUI SUKKUR
Waste mismanagement
THE waste management mechanism in Sanghar is ineffective. The improper disposal of waste not only harms the environment, but also poses serious health risks to the citizens. Overflowing garbage bins and littered streets have become a norm. As responsible citizens, we must prioritise sustainable waste management to ensure a cleaner and healthier living environment. The local authorities should take immediate action by implementing comprehensive waste management systems, promoting recycling, and raising public awareness regarding responsible waste disposal. It is our collective responsibility to protect our environment and wellbeing of our future generations. MUHAMMAD SHAYAN SANGHAR
Dowry liberation
Once again, Pakistan stands at a crossroads, poised on the brink of transformation. The winds of change are blowing, propelled by the aspirations and determination of its people. It is up to PakistanÊs leaders, institutions, and citizens to seize this moment and chart a course towards a more democratic, inclusive, and prosperous future. The time for change is now, and the promise of a brighter tomorrow beckons on the horizon only if peopleÊs will and their mandate is respected
Lahore – Ph: 042-36300938, 042-36375965
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Karachi – Ph: 021-32640318 I
Islamabad – Ph: 051-2204545
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I am writing to express my concerns regarding the dowry system in our country, a practice that has inflicted pain and suffering on numerous families for far too long. It’s time for us to work together to solve this problem to free ourselves from the shackles of dowry-related obligations. In Pakistan, dowry is still a deeply rooted social issue, even if it is illegal. Fathers are forced by strong social pressure to pay outrageous dowry requirements for their daughters’ marriages. In addition to impacting the families involved, this financial hardship feeds a vicious cycle that jeopardises people’s well-being and mental health. We must challenge societal norms that support the practice of dowries and have discussions about the harmful effects of this custom. The media, religious leaders, and community leaders all have a significant impact on how people perceive things and how change is encouraged. We must come together as a society to push for change, highlighting the significance of marriage founded on love, respect, and common values as opposed to worldly belongings. By speaking up against the pressures associated with dowries, we open the door to a society that is more just and caring. SARA MUHAMMAD ALI KARACHI
Web: www.pakistantoday.com.pk
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Email: editorial@pakistantoday.com.pk
COMMENT 05
Climate policy around the globe Wednesday, 14 February, 2024
Status and future challenges
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dr rajKuMar sinGh
HE origin and development of climate change policy have been shaped by scientific discoveries, political negotiations, and societal shifts in understanding the impact of human activities on the global climate. In fact, the foundation for understanding climate change began in the 19th century with scientists like John Tyndall and Svante Arrhenius, who identified the greenhouse effect and the role of carbon dioxide (CO2) in regulating the Earth’s temperature. Further, throughout the 20th century, advances in atmospheric science led to a better understanding of the climate system. The mid20th century saw the development of computer models that could simulate climate, leading to more accurate predictions of global warming. The first major international conference on climate change was held in 1979 (the First World Climate Conference), which led to the establishment of the World Climate Programme. In the 1980s, the issue of global warming gained more visibility, leading to further scientific investigations and the formation of the Intergovernmental Panel on Climate Change (IPCC) in 1988 by the World Meteorological Organization (WMO) and the United Nations Environment Programme (UNEP). In the 1990s, the framework Convention and Kyoto Protocol paved the way for the United Nations Framework Convention on Climate Change (UNFCCC) which was established in 1992 during the Earth Summit in Rio de Janeiro, setting the stage for global efforts to combat climate change. The Kyoto Protocol was adopted in 1997, setting legally binding emission reduction targets for developed countries. It was a significant step for-
ward in international climate policy, emphasizing the need for global cooperation to reduce greenhouse gas emissions. In the 21st Century Paris Agreement and Beyond the Copenhagen Accord (2009) and the Cancun Agreements (2010) laid the groundwork for further negotiations, leading to the landmark Paris Agreement in 2015. The Paris Agreement for the first time brought almost all nations into a common cause to undertake ambitious efforts to combat climate change and adapt to its effects. The Paris Agreement set out a global framework to avoid dangerous climate change by limiting global warming to well below 2°C and pursuing efforts to limit it to 1.5°C. It also aimed to strengthen countries’ ability to deal with the impacts of climate change and support them in their efforts. In line, the climate policy landscape in 2024 is shaped by a combination of ongoing commitments, new initiatives, and the pressing need for action in the face of escalating climate impacts: A. COP28 COMMITMENTS: The World Wildlife Fund highlights the importance of actualizing the pledges made during COP28, including the launch of a $11 billion Loss and Damage Fund, commitments to significantly increase renewable energy and energy efficiency, and efforts to incorporate greenhouse gas emissions from food systems into climate mitigation plans. The focus is on transitioning away from fossil fuels towards clean energy, with an emphasis on the need for countries to implement their Nationally Determined Contributions (NDCs) effectively to achieve significant emissions reductions in line with the
Paris Agreement goals.
B. GLOBAL CLIMATE ACTIONS AND CHALLENGES: The World Resources Institute outlines four key areas to watch in 2024: the positioning of climate action within political campaigns, the enactment of ambitious policies to limit warming, ensuring equitable benefits from the low-carbon economy, and increasing support for climate action in emerging economies. Food sustainability, energy grid modernization, and protection against extreme heat are also highlighted as critical issues needing attention and action. C. RENEWABLE ENERGY AND EMISSIONS TRENDS: Yale Climate Connections notes the mixed record of 2023, with it being the hottest year on record yet also a year of significant progress in reducing climate pollution in some regions. The USA and European Union saw reductions in emissions, attributed in part to policy measures like the Inflation Reduction Act and increased clean energy deployment. However, emissions increases in China and India offset these gains. The outlook for 2024 is cautiously optimistic, with the potential for global heattrapping pollution to begin declining. D. EUROPEAN GREEN DEAL INITIATIVES: The European Commission continues to push forward with its Green Deal, introducing a range of proposals aimed at promoting repair of goods, securing critical raw materials, achieving net-zero industries, and reforming the EU electricity market to boost renewables
Developing and implementing climate resilience policies is essential to prepare for and adapt to the adverse effects of climate change. Incorporating these elements into climate change policies can help nations effectively tackle the challenges posed by climate change, making progress towards a more sustainable and resilient future.
and enhance industrial competitiveness. This comprehensive approach reflects the EU’s commitment to leading in the transition to a sustainable, climate-neutral economy. These updates underscore a global climate policy environment that is both ambitious and fraught with challenges. The emphasis is on translating commitments into tangible actions, addressing systemic issues within food and energy systems, and ensuring that climate policies are inclusive and equitable. Effective climate change policies are multifaceted and require a comprehensive approach that encompasses both mitigation of greenhouse gas emissions and adaptation to climate impacts.
Based on insights from various sources, the key requirements for climate change policy include: A. INTEGRATION OF SOCIAL SCIENCE INSIGHTS: Effective climate policies should incorporate findings from social science research to address consumer behaviours, political polarization, and misconceptions about public opinion. This can help create policies that are more likely to be accepted and adopted by the public, leading to meaningful change in behaviours and attitudes towards climate-friendly practices. B. REAL-WORLD EXAMPLES OF SUCCESS: Learning from successful climate policies implemented globally can provide valuable insights. The World Bank’s report on 25 effective climate policies from diverse countries highlights the importance of designing and implementing policies that take into account local contexts and compromises. These examples demonstrate tangible progress in various sectors and geographical locations, providing a blueprint for other nations. C. ADDRESSING ADAPTATION LIMITS: There are both hard (physical) and
soft (institutional or economic) limits to adaptation, and climate policies need to balance between mitigation and adaptation efforts. Policies should aim to minimize conflicts between these limits and target adaptation expenditures towards manageable risks without hitting nearterm limits. This requires a deliberate approach to adaptation, fundamentally shifting assumptions about risk and integrating climate considerations into socioeconomic systems. D. VALUING ECOSYSTEMS AND INCLUSIVE PARTICIPATION: It’s crucial for policies to fully value ecosystems and their services, ensuring broad and inclusive participation in the policymaking process. This includes engaging with Indigenous and local community institutions, establishing sustainable benefit-sharing mechanisms, and enhancing transparency. E. FOCUS ON NATURAL CLIMATE SOLUTIONS: Policies should prioritize natural climate solutions, such as conservation, restoration, and improved management of ecosystems. These solutions not only help in reducing greenhouse gases but also provide additional benefits like conserving biodiversity, creating sustainable livelihoods, and improving human health outcomes. F. BUILDING CLIMATE RESILIENCE: Developing and implementing climate resilience policies is essential to prepare for and adapt to the adverse effects of climate change. Incorporating these elements into climate change policies can help nations effectively tackle the challenges posed by climate change, making progress towards a more sustainable and resilient future.
The writer is a youth motivator and former Head of the University Department of Political Science, B N Mandal University, Madhepura, Bihar, India
Are pets replacing kids in Korea?
India’s elite worries about America
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KOREA HERALD Grace Kao
must confess that I have always had cats. I have no children. However, at least for me, my cats were not a cause or consequence of a child-free life. My husband and I both love cats and we cannot imagine our lives without our furry family members in our household. In fact, our lives with our non-human companions are typical of the average American household. In 2022, the US Census Bureau reported that 70 percent of US households included pets. In contrast, the proportion of households with children under 18 dropped from 48 percent in 2002 to 40 percent by 2022. In South Korea, the difference between the two is similar, but households with pets and/or children are far from ubiquitous. About 30 percent of Korean households reported having at least one pet in 2020, while 23 percent of Korean households included children. For both the US and South Korea, there is an upward trend in the proportion of households with pets and a downward trend in the shares of households with children. There are many stories of primary schools being shut down and the sales of pet strollers outpacing those of baby strollers in South Korea. In the US, there are occasional articles about the risk to small colleges from the shrinking size of the college population. Of course, this is happening at a much faster pace in South Korea. If you’re reading this article, I suspect you already know that South Korea currently has the lowest birth rate in the world, at 0.78. In contrast, that rate in the US is 1.66. Replacement level fertility is approximately 2.1, which roughly means that women have to have, on average, 2.1 children in their lifetime for the population to maintain its size. When I was in graduate school in Chicago studying sociology and demography, I could not have imagined fertility rates below 1.0, except in a dystopian science fiction film. However, correlation is not the same as causation. It would be a stretch to think that pets are somehow the cause of the declining numbers of births and children in South Korea. There are myriad reasons why women and men are
rejecting marriage and childbearing in South Korea, but I don’t think pet ownership is one of them. Still, the perception of the compatibility of children and pets may be different in the US compared to South Korea. In the US, dogs and cats are part of the traditional American idealized family that includes a heterosexual married couple with two children living in a house with a white picket fence in the suburbs. Pets and children go hand-in-hand with this image, and animals do not replace children. For example, there are growing numbers of apartments designed for single adults and their furry companions in addition to the increases in the sales of pet strollers and doggie day cares in South Korea that may hint at how pet owners perceive their pets. It is possible that this relationship between having children and pets in a single household differs in South Korea, where pet ownership is still relatively new and has become more commonplace when birth rates were already dropping. While I was rewatching the K-drama “The Glory” recently, the main male villain, Jeon Jae-jun, (spoiler alert!) discovers that he has a daughter with the main female villain, Park Yeon-jin. He fantasizes about taking custody of his biological daughter. The audience sees a worker remodeling a room in Jae-jun’s apartment in preparation for her. Jae-jun’s beloved dog Louis XI runs into the room, and the worker says to Jae-jun: “People with children generally don’t have dogs because the fur can cause allergies.” Jae-jun’s reaction is terrifying as he menacingly stares at his dog. We suspect that the dog will meet an unkind fate from this inhumane owner. This scene also strips the character of his only redeeming trait (his love for his dog). I later found that this scene struck a nerve with audience members. Perhaps Jae-jun would have never gotten the dog if his daughter lived with him — this would be an example of children displacing the possibility of pets and not the other way around. In fact, I know of many people with children whose pets were sent away once their children arrived and developed allergies or asthma. Pets in the household provide love and companionship, and individuals enjoy all types of physical and mental health benefits. Many of us talk to our pet companions and take comfort in petting and playing with them. Children are much more difficult to manage, but they offer very different rewards to their parents. Parents would not choose their pets over their children, but they would choose their children over their furry companions. If the decision to welcome an animal into one’s household led to lower birth rates, one thought experiment might be this: If pet ownership were somehow outlawed in South Korea, would people suddenly have more babies? I doubt it.
WALL STREET JOURNAL Walter russell Mead
spoke at the Global Business Summit, a conference organized here by an Indian media group, and spent several days talking to Indian business leaders, journalists and senior government officials. Most were very optimistic about the country’s prospects. India’s economic growth is trending at about 7% a year, and a massive infrastructure push is transforming the country. The flight of foreign (and Chinese) capital from China is driving investment to India, with companies such as Apple moving electronics production here. From the standpoint of government officials and many in the business world, there’s more. The Bharatiya Janata Party government is heavily favored in parliamentary elections this spring. With an approval rating of 78%, Prime Minister Narendra Modi remains the most popular leader in the democratic world and appears headed for a third term. Businesses like certainty, and even corporate chieftains who don’t share the BJP’s Hindu nationalism support a strong, stable and reasonably probusiness government in New Delhi. All this good news is a heady brew, but the officials I spoke with were anything but triumphalist. What sobers them is the gathering storm on the international horizon. The near-closure of the Red Sea by the Iran-backed Houthi militia is a direct threat to Indian trade with Europe and North America. Upheavals across the Middle East threaten the economic corridor through the United Arab Emirates, Saudi Arabia and Israel—a corridor that New Delhi hopes will boost trade and investment. Western efforts to isolate Russia have, in New Delhi’s view, driven it into China’s arms, creating serious problems for India. China casts a long shadow across the region. India’s neighbor and would-be rival Pakistan has moved steadily into China’s orbit. Beijing’s debttrap diplomacy has given it leverage in Sri Lanka. China has tightened its links with Maldives. The civil war in Myanmar offers China opportunities to
increase its influence in that resource-rich country. Chinese businesses and diplomats are working to solidify their influence across Africa. At the end of the day, though, what worries India’s leaders most isn’t China. It’s the U.S. India’s security and prosperity are closely tied to the U.S. and the international system Americans have done so much to build. Does the U.S. have the will and wisdom to keep the system afloat? Is America still ready to do what it takes to keep the peace in the Middle East and the Indo-Pacific? Is the American political system still capable of producing leaders who can navigate rough global seas? Indians read the American news. They know that a special counsel appointed by President Biden’s attorney general issued a report saying that the president appeared too elderly to remember basic facts. They also know that Mr. Biden’s leading political rival threatened to blow up the North Atlantic Treaty Organization over some members’ unwillingness to honor their commitments to contribute to the common defense. They know that Mr. Biden’s national security adviser boasted last year that the Middle East was calmer than it had been in decades, days before Hamas’s Oct. 7 attacks touched off a crisis that the U.S. still struggles to manage. India wants to reform the existing international system (among other things, to gain a permanent seat on the United Nations Security Council), but it needs that system to work. The safety of sea lanes like the Red Sea, stable access to reasonably priced fossil fuels from the Persian Gulf, opportunities for Indian exports around the world—these are necessary for India to prosper. As that system has come under attack, Indian diplomacy has shifted into high gear. One focus is the Persian Gulf. After speaking at the Global Business Summit, Prime Minister Modi will travel this week to inaugurate a Hindu temple in the U.A.E. Indians meanwhile celebrated the release of eight Indian naval officers who had been sentenced to death by Qatar on charges of spying for a “third country,” widely assumed to be Israel. As the prime minister prepared to fly west, External Affairs Minister Subrahmanyam Jaishankar was at the Indian Ocean Conference in Perth, Australia. He warned participants of “conflict, threats to maritime traffic, piracy and terrorism” on one side of the Indian Ocean and challenges to international law and the freedom of navigation on the other. Mr. Modi and his cabinet understand how closely Indian and American interests converge. They are asking whether Washington can still summon the intellectual coherence and political energy to do what needs to be done. It is a question many of America’s friends are asking. I wish I knew the answer.
TikTok Chinese Trojan Horse run by former CIA
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Grace Kao is an IBM professor of sociology and professor of ethnicity, race and migration at Yale University.
TikTok has spent more than $1.5 billion moving its data and security operations to Texas, where it has partnered with CIA-cutout company Oracle
MINTPRESS NEWS Mnar adley
EPUBLICAN Senators were quick to paint it as a nefarious Chinese plot to take down America. But apart from some blatantly racist questions, Senator Tom Cotton asked its Singaporean CEO Shou Zi Chew. A much bigger issue with TikTok is being swept under the rug that MintPress has previously investigated: that it is increasingly controlled by the US national security state.
Since 2020, TikTok has spent more than $1.5 billion moving its data and security operations to Texas, where it has partnered with CIA-cutout company Oracle. It has also hired dozens, if not hundreds, of US national security state officials to control and oversee its trust and safety, security, and content moderation departments, giving these former spooks and spies extensive control over how the platform functions and what the world sees in our feeds. Take, for example, TikTok’s head of European data public policy, Jade Nester. Before being recruited to TikTok, Nester was a high official in Washington, serving as the Director of Internet Policy for the State Department. Or what about Ryan Walsh, the company’s escalations management lead for trust and safety? Until 2020,
Walsh was the State Department’s senior advisor for Digital Strategy. Part of his job, according to his own resume, included “advanc[ing] supportive narratives” for the U.S. and NATO online. Since MintPress reported on that, Walsh has wiped that piece of information from his Linkedin, and we just so happened to get banned from TikTok. Coincidence? Perhaps If that’s not spooky enough for you, let’s take Greg Andersen. Before he became Feature Policy Manager at TikTok, he worked on “psychological operations” for NATO itself. Just like Walsh, Andersen removed that information from his resumé after we broke the story. There are also a number of “ex-”CIA agents working for TikTok. Among them is Beau Patteson, who advises
the company on threats from extremists. But until 2020, Patteson was a targeting analyst at the CIA, helping to choose who would be killed in CIA drone strikes around the world. Now he just decides who will be removed from the platform. Far from its stereotype as an anti-American platform, TikTok works closely with the US government to ensure Washington’s narratives are heard throughout the world. In 2022, for example, it announced it was deleting more than 320,000 accounts spreading proRussian messaging and was placing warning labels on Russian state-controlled media. Western state-run media did not get the same treatment. And so, while senators and corporate media pundits alike complain about Chinese-controlled media, remember that, under the surface, something very different is happening. The US government is trying to take control over TikTok, further blurring the line between big tech and Big Brother.
06 NEWS
INDIA, UAE SIGN PACT ON TRANS CONTINENTAL TRADE CORRIDOR
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DUBAI
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NDIA and the United Arab Emirates on Tuesday signed an agreement on a trade corridor that aims to connect Europe with India through parts of the Middle East by sea and rail, an ambitious plan backed by the US and the European Union. His trip comes ahead of India’s national election which is expected to begin in April. Modi was due to inaugurate the Middle East’s largest Hindu temple on Wednesday, a day after he addresses thousands of expatriates in a community event in the capital Abu Dhabi. The visit is largely focused on galvanising the diaspora, according to experts, even
though Indians in the UAE can’t vote from abroad. The UAE is home to about 3.5 million Indian nationals — the largest expatriate community in the Gulf country. Today, Modi met the UAE president Sheikh Mohamed bin Zayed Al Nahyan, according to the Indian foreign ministry and local state media, their fifth meeting in eight months. They inked several deals, including a bilateral investment treaty, building on a ComEconomic Partnership prehensive Agreement signed in 2022, India’s foreign ministry said. “This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity,” the ministry statement said.
Wednesday, 14 February, 2024 | KARACHI
comment on details of the agreement. Modi met with UAE President Sheikh Mohamed bin Zayed al Nahyan, who the Indian leader often refers to as his brother. “Today, our region is going through a difficult time but because of our relationship with you, we are building a lot of hope and looking forward to a future with India that is on par with our ambitions,” Sheikh Mohamed said at a meeting with Modi on Tuesday, according to video shared on Modi’s YouTube channel. REGIONAL INSTABILITY The UAE forged diplomatic relations with Israel in 2020 under a US-backed initiative known as the Abraham Accords that led to other Arab states including Bahrain establishing ties. The UAE has maintained those relations
The corridor, announced last September on the sidelines of the G20 summit in New Delhi, aims to extend from India across the Arabian Sea to the United Arab Emirates and through Saudi Arabia before connecting through Jordan and Israel to Europe. The ministry’s statement, however, made no mention of any country apart from India and the UAE, a regional Gulf Arab power, whose ties are built on over a century of trade links. The agreement on the India-Middle East Economic Corridor comes amid the more than four-month conflict in Gaza that has derailed US-backed plans to further integrate Israel with its Arab neighbours. Saudi Arabia has halted normalisation plans. The UAE foreign ministry did not immediately respond to an emailed request for
US wants Pakistan to probe election irregularities WASHINGTON
Amid forceful protests, farmers blame Haryana govt for turning state into another ‘Kashmir Valley’ NEW DELHI
Staff RepoRt
Saudi Arabia adjusts oil capacity expansion in response to energy transition PROFIT
By newS DeSk
Saudi Arabia has revised its oil capacity expansion plans, attributing the change to the ongoing global energy transition. On January 30, the Saudi government directed the state-owned oil company, Aramco, to maintain its maximum sustained production capacity at 12 million barrels per day (bpd), scaling back from a previously set target of 13 million bpd to be achieved by 2027. This announcement was made by the Saudi Energy Minister, Prince Abdulaziz bin Salman, during the IPTC petroleum technology conference in Dharan. The decision to adjust the expansion plan aligns with Saudi Arabia’s broader environmental commitments, including its goal to achieve net zero emissions by 2060, with Aramco aiming for net zero emissions from its operations by 2050. Prince Abdulaziz emphasized the kingdom’s substantial spare oil capacity, highlighting its readiness to mitigate potential disruptions in global oil supplies due to conflicts or natural disasters. Aramco’s CEO, Amin Nasser, reaffirmed the company’s capability to adjust production levels as needed, noting a current spare capacity of approximately 3 million bpd. This flexibility is part of Saudi Arabia’s strategy to adapt to market demands and maintain its position as the world’s largest holder of spare oil capacity, under the current OPEC+ agreement which has Saudi oil production approximately 3 million bpd below its maximum sustainable capacity. The Energy Minister also expressed criticism of the International Energy Agency’s decision to release oil from emergency reserves following Russia’s invasion of Ukraine, questioning the lack of appreciation for countries that maintain emergency oil capacities. Despite adjustments in production targets and the anticipated energy transition, Nasser predicts an increase in oil demand, projecting a rise to 104 million bpd in the current year and further to 105 million bpd by 2025. This forecast suggests a continued reliance on oil in the near term, despite the global shift towards renewable energy source
The United States said on Monday Pakistan should hold an independent investigation into the claims of election irregularities through its legal system. The US State Department’s spokesperson Matthew Miller, responding to a question about the demand for an independent probe, stated, “I don’t know what body are they proposing to conduct an independent investigation would be.” He added, “Right now, it’s a matter of first course, legal system play itself out in Pakistan, that’s the appropriate first step to take, and we think that’s the step that should be taken.” Miller mentioned that the United States was willing to explore other options, with some US lawmakers urging the Biden administration not to recognize the results of the Feb 8 elections until the proposed probe is completed. “If there are additional steps that ought to be entertained, we are happy to look into that,” Miller said. “Certainly, we want to see the freedom of assembly respected anywhere in the world.” While congratulating the people of Pakistan for participating in the elections, Miller also congratulated Pakistani poll workers, civil society,
agencieS
journalists, and election observers for their work to protect and uphold democratic and electoral institutions. Responding to a question about the US reaction to rigging allegations, he said: “We did express concerns publicly, we also expressed those concerns privately and joined the EU, the UK and other countries in doing so with some irregularities that we saw in the process.” The US, he said, had also conveyed to Pakistan the need for their government to respect the will of the election. “We emphasize that we want to see the rule of law, respect for constitution, free press, vibrant civil society respected in the run of the
elections, and we continue to believe that is the case,” said Miller while emphasising Washington’s commitment to democracy and freedom. The US official also acknowledged that restrictions placed on the internet and cellphone connections during the election had a negative impact on the process. “We condemn political and election-related violence and restrictions on internet and cell phone service; those negatively impacted the electoral service,” he said. “The claims of interference and fraud that we have seen raised we want to ensure are fully investigated by Pakistan’s legal system,” the US official added.
Amid the forceful ongoing protests, farmer leader Sarwan Singh Pandher has criticized the brutal tactics being employed by Haryana government, accusing it of transforming the state into another “Kashmir valley”. According to Kashmir Media Service, the statement comes amidst escalating tensions between farmers and authorities, with road blockades and concrete walls erected at the Punjab and Haryana borders, reminiscent of the heightened security measures seen in conflict-ridden regions. Pandher, the general secretary of the Kisan Mazdoor Sangharsh Committee, lambasted the government’s brutal tactics, alleging widespread harassment of farmers by deployed police forces and the use of water cannons to suppress dissent. He asserted that while the media often blames farmers for road blockades, it is the government itself that has been obstructing access to vital routes, intensifying the standoff between the two sides. “The Haryana government has sent policemen to every village to harass farmers,” Pandher declared, expressing solidarity with detained farmers in Madhya Pradesh and condemning what he perceives as a systematic effort to stifle dissent. Central to the farmers’ demands are legal guarantees for Minimum Support Price (MSP), implementation of the Swaminathan Commission’s recommendations, and justice for victims of the Lakhimpur Kheri violence. Despite a meeting with Ministers Arjun Munda and Piyush Goyal, negotiations remained inconclusive as farmers rejected proposed offers, including the formation of a committee to address their grievances.
Rafah attack fears as Gaza truce talk underway RAFAH
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Israel’s special forces raided Gaza’s Rafah early Monday, releasing two hostages and launching “waves of strikes” that killed at least 74 Palestinians, sources from both sides said. While celebrated as heroic in Israel, the operation stirred fear in Rafah, Gaza’s southernmost city, where more than half of the Palestinian enclave’s 2.3 million residents were seeking shelter from Israeli bombardments in other parts of Gaza. Suhaib Al-Hams, director of AlKuwaiti Hospital in Rafah, told Xinhua that a large number of injured in his hospital suffered from traumatic amputations and bad burns amid a severe shortage of medicines. Approximately 130 hostages remain in Gaza, with at least 30 reported killed, according to Israeli authorities. The two released hostages – Louis Har, 70, nd Fernando Simon Marman, 60, both of whom also hold Argentine citizenship – were airlifted to Sheba Hospital outside Tel Aviv. They underwent medical checkups
and were in “good” medical condition. RAFAH ATTACK FEARS The overnight bombardment came as Israeli Prime Minister Benjamin Netanyahu has been hinting at Israel’s imminent launch of a ground operation in Rafah. Some Palestinians feared Israel had begun a long-expected ground offensive in Rafah. UN Human Rights Chief Volker Turk called the prospect of an attack on Rafah “terrifying.” “Those with influence must
restrain, rather than enable,” he said in a statement. In addition to the pain and suffering incurred by the bombs and bullets, this incursion into Rafah may also mean the end of the meager humanitarian aid that has been entering and distributed with huge implications for all of Gaza, including the hundreds of thousands in grave risk of starvation and famine in the north, Turk said in the statement. Many Western leaders have expressed alarm at Israel’s offensive while continuing
Exclusive: India IT ministry fears losing out to China, Vietnam in smartphone exports race g
Smartphone manufacturing is a key plank of Prime Minister Narendra Modi's ambitions to boost the economy and create jobs by attracting companies PROFIT
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India risks losing out to China and Vietnam as it seeks to become a major smartphone export hub and must “act fast” to lure global companies with lower tariffs, the deputy IT minister said in government documents seen by Reuters. Smartphone manufacturing is a key plank of Prime Minister Narendra Modi’s ambitions to boost the economy and create jobs by attracting companies such as Apple (AAPL.O), Foxconn (2317.TW) and Samsung (005930.KS) to India, the world’s second-largest mobile market where production grew 16% year-on-year to $44 billion last year. That success, Modi’s government says, is mostly due to financial incentives given to companies to produce more. But lawmak-
ers and lobby groups for Apple and other firms argue India’s high tariffs are a deterrent for companies de-risking their supply chains beyond China, and nations such as Vietnam, Thailand and Mexico have raced ahead in phone exports by offering lower tariffs on components. A Jan. 3 letter and a confidential presentation drafted by Indian deputy IT Minister Rajeev Chandrasekhar, and sent to the Finance Minister, show the extent of his ministry’s concerns about losing out due to the uncompetitive tariffs. “India has high production cost due to highest tariffs amongst key manufacturing destinations,” wrote Chandrasekhar in the documents, which were seen by Reuters. “The geopolitical realignment is forcing supply chains to shift out of China … We must act now, or they will shift to Vietnam, Mexico and Thailand.”
with Israel throughout the conflict, though has also repeatedly criticised Israel’s bombing of Gaza and called for a ceasefire. The framework agreement between India and the UAE appears to signal that both states are pushing forward with the plan to establish the corridor, which may also undermine China’s global trade infrastructure belt and road connectivity strategy. It has also been signed as Yemen’s Houthi movement has launched attacks on shipping vessels sailing the Red Sea, which the group has said is in protest of Israel’s bombing of Gaza. The attacks have endangered trade via the sea route. The UAE and India also signed a bilateral investment treaty and exchanged cooperation agreements covering electrical interconnection, trade, and digital infrastructure. Modi is due to later address tens of thousands of the Indian diaspora at an Abu Dhabi stadium. He will also speak at a summit in Dubai on Wednesday before opening the first ever stone-built Hindu temple in the Middle East in Abu Dhabi. This is Modi’s seventh visit to the Gulf state since becoming prime minister nearly a decade ago, strengthening ties with one of India’s top trading partners.
Chandrasekhar and India’s IT ministry did not respond to Reuters requests for comment. Lower tariffs on components is key to India’s ambitions to attract smartphone manufacturers. “Made in India” phones use many parts made locally, but companies import many high-end parts from China and elsewhere due to supply chain limitations. These parts are then subject to the high tariffs the government has put in place to protect the local manufacturers, raising overall costs. U.S. Ambassador Eric Garcetti recently said foreign investments were not flowing into India at the pace they should be, and were going to countries like Vietnam instead, because of the tariffs. “If you tax inputs … you’re not protecting a market. What you are doing is limiting a market,” he said. Chandrasekhar in his documents flagged
how lower taxes in China and Vietnam helped boost their exports. Exports accounted for only 25% of India’s smartphone production last year, compared with 63% of China’s $270 billion worth of production and 95% of Vietnam’s $40 billion worth, he said. “MATCH CHINA, BEAT VIETNAM” ndia is seeking to account for 25% of global electronics manufacturing by 2029, but the official documents showed its stake was currently at just 4%, even though Apple, Foxconn and Xiaomi had all boosted production recently. Chandrasekhar’s documents were addressed to India’s Finance Minister Nirmala Sitharaman last month to lobby for lower tariffs in the annual budget. The finance ministry did lower taxes on some components, including battery covers, to 10% from 15%, but did not agree to many other tariff cut requests.
to support the country. European Union Foreign Policy Chief Josep Borrell on Monday suggested that the way to reduce civilian casualties would to be stop arms supplies to Israel. A Dutch appeals court said it had blocked the export of parts of F-35 fighter jets to Israel over a “clear risk of violations of international humanitarian law” in Gaza. However, the government said it would appeal. Britain urged Israel to agree to a truce to free its hostages, while Dutch Prime Minister Mark Rutte on a visit to Jerusalem said he had warned Netanyahu not to advance. CEASEFIRE TALK UNDERWAY Senior officials from the U.S., Egypt, Israel and Qatar were expected to meet in Cairo on Tuesday to work on a three-phase framework that would see the release of hostages and achieve an extended pause, sources familiar with the matter said. Egypt said on Monday that Israeli Finance Minister Bezalel Smotrich is sabotaging Gaza ceasefire talks in Cairo. On Saturday, Smotrich called on Netanyahu not to send an Israeli representative to Cairo for hostage talks, according to the Times of Israel news website. In a statement released on Monday, the Egyptian Foreign Ministry said Smotrich “continues to make irresponsible and inflammatory statements, which only reveal a hunger for killing and destruction, and sabotage any attempt to contain the crisis in the Gaza Strip.”
The finance ministry and Sitharaman’s office did not respond to requests for comment. India still imposes a 20% tax on parts including chargers, some circuit boards and fully assembled phones. The IT minister wanted those taxes to be reduced to 15% this year. Chandrasekhar also argued that Vietnam and China do not levy tariffs above 10% on components from their “most-favoured nation” trading partners or nations with whom they have free-trade agreements. India does not do that and imposes “high” tariffs on many components, he said. “We have to match China and beat Vietnam on tariffs to attract” global supply chains, Chandrasekhar wrote. “No country with high tariffs has or can attract” them. LOCAL MARKET SATURATING, EXPORTS FOCUS Last week, Xiaomi privately asked New Delhi to lower tariffs on more components used in cameras and USB cables, saying it will help “aligning with the competitive manufacturing economies like China and Vietnam.” While surging local demand has helped keep the local manufacturing industry profitable, Chandrasekhar said in his letter that this “domestic market of smartphones will shortly near saturation” and as users don’t change phones that often.
Wednesday, 14 February, 2024 | KARACHI
CORPORATE CORNER
Khushhali Microfinance Bank's Corporate Office team recently visited the Baithak School Network in Islamabad. Led by Kashif Ahmed Khan, Head of Liability and ADC Sales, the team interacted with the students during this visit. They emphasized the importance of education, nurturing aspirations, and instilling financial literacy for a brighter future while also distributing school bags to deserving students. PR
Mastercard expands partnership with BoP to redefine digital payments for commercial segment
KARACHI: Mastercard and the Bank of Punjab (BOP) have expanded their partnership to cover the commercial segment, ranging from large corporate entities and Small and Medium Enterprises (SME) to freelancer and gig workers. BOP will become the first bank in Pakistan to issue Mastercard BusinessCards® for SMEs, offering a range of solutions designed to cater to the country’s 5.2 million-strong SME market. BoP has also launched the first Foreign Currency Business Debit Card, enabling more than 2.5 million freelancers to digitize their payments. By facilitating a shift from cash to digital payments, BOP is not only revolutionizing the SME sector, but also promoting financial inclusion in Pakistan’s burgeoning gig economy. PR
Wake-up call for employers comes in biggest global talent survey across accountancy profession, ACCA
KARACHI: In a comprehensive survey, ACCA's Global Talent Trends 2024 highlights a critical diversity and inclusion culture, AI's role in the profession, and mental health concerns in the workplace, with an in-depth look at South Asia's unique market dynamics.This wake-up call for employers comes in the biggest global talent survey across the accountancy profession, ACCA’s (the Association of Chartered Certified Accountants) latest annual Global Talent Trends survey 2024 provides a unique and vital view of how people feel about their life at work.Almost 10,000 professional accountants from 157 countries were asked about the concerns they held around work in the future as well as aspirations for their careers. The survey also assessed key workplace issues such as hybrid working, diversity, mobility and mental health and the cost-of-living crisis.According to the survey, a significant 73% of professionals believe that a robust diversity and inclusion culture is crucial in choosing an employer, signalling an urgent call for organisations to broaden their diversity initiatives beyond traditional dimensions to include aspects such as age and neurodiversity PR
‘Three sisters’: Sahresh Ali, Mehwish Ali and Mahnoor Ali qualify for semi-finals Squash C’ship
KARACHI: Third Image All-Pakistan to Rasm Khan Squash Championship quarter-final stage is complete. done Top seed Saddamul Haq defeated Muhammad Zaman three-nil in the men's quarterfinals at Roosh Khan Jehangir Khan Pakistan Navy Squash Complex. Ashar Butt won from three games to two after a thrilling contest against Bilal Zakir. Ashar was declared the winner due to Bilal Zakir wasting time during the match. Naveedur Rehman defeated Talha Saeed by three zero games. Anas Ali Shah defeated Anas Khan by three nil.In the women's quarter-finals, the top-seeded trio of Siggy sisters cruised to a place in the semi-finals. Mehwish Ali defeated Elsa Imran by 3 nil. Sahar Ali piled up Sayeda Zanira in just twelve minutes Mah Noor Ali beat Sameer Shah by three zeroes. Anam Aziz qualified for the top four by defeating Anna Shaikh. The semi finals will be played on Wednesday. PR
DESPITE REVENUE GROWTH, ESCALATING EXPENSES AND HIGHER TAXES HAVE CONTRIBUTED TO COMPANY'S INCREASED LOSSES
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Dr Azra Yasmin, President Rotary Club Islamabad Metropolitan, presenting Rotary Flag to Ambassador of Belgium H.E Charles Delogne on the occasion of the meeting of the Rotary Club. PR
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PTCL’S LOSS WIDENS TO RS14.15B IN 2023 AMID RISING EXPENSES NEWS
PROFIT
MONITORING DESK
AKISTAN Telecommunication Company Limited (PSX: PTC) reported a wider aftertax loss of Rs14.15 billion in 2023, an increase from the Rs10.49 billion loss recorded in the previous year. Despite this, the company saw a 25.75% rise in revenue, reaching Rs190.61 billion, up from Rs151.58 billion in 2022. While the cost of sales grew by 26.50%, leading to a 22.88% increase in
gross profit to Rs38.64 billion, gross margins slightly declined to 20.27% from 20.74%. The company’s other income nearly doubled, rising by 96.70% to Rs30.61 billion. However, administrative and general expenses, along with finance costs and other expenses, witnessed significant increases of 26.27% and 73.98%, respectively. Tax payments also rose by 5.56% to Rs6.47 billion. Despite revenue growth, escalating expenses and higher taxes have contributed to the company’s increased losses, highlighting the need for strategic financial management.
Wellness Redefined: Embracing the Alternative Lifestyle with What's the Alternative
As the world recognizes how our collective choices have negatively impacted our health and overall wellness, it becomes evident that conventional lifestyles are no longer serving our needs. In Pakistan, the situation is becoming increasingly alarming. A study titled “The Burden of Mental Disorders in the Eastern Mediterranean Region, 1990-2013” revealed that Pakistan alongside Afghanistan, was witnessing a higher number of “chronic disorders including mental illness” in the region. More recently, a chapter in the book ‘Nutritional and Health Aspects of Food in South Asian Countries’ revealed that certain lifestyle factors, such as poor nutrition, and a lack of physical activity, are exacerbating diseases in the country. It was noted that this is particularly alarming since Pakistan does not have the medical infrastructure to tackle these illnesses should the numbers continue to rise. Perhaps most significantly, the consumerism-fueled lifestyle choices that have little room for reflection, are intrinsically unsustainable. Considering how climate change is exacerbating the challenges Pakistan faces, approaches to well-being must take sustainability into account. Because of this, we must be all aware of alternative lifestyle choices, that can greatly benefit and positively impact our overall wellness. We have to understand the building blocks of an alternative lifestyle, which are both sustainable for the environment at large, and also beneficial for our health and wellbeing. Yet, most platforms compartmentalize wellness and sustainability; focusing on one or the other but never both. Hardly any platform explores the link between wellness and sustainability. Spearheaded by SEED Ventures, What’s The Alternative (WTA) adopts a different approach. Envisaged as a holistic platform that not only looks at the environment, wellness and lifestyle, WTA delves into the interconnected nature of these three areas of focus. In particular, offering actionable ways to adopt a well-rounded, alternative lifestyle. Choosing To Do Better Commenting on “the power of individuals,” Shaista Ayesha, Chief Executive Officer at SEED Ventures emphasizes “the importance of making conscious choices and altering behaviours, as collective actions can yield substantial impacts.” Since the WTA platform is designed to be “solution-oriented” it empowers conscious and curious individuals by both highlighting how their individual choices add up to great impact, and allowing them information about the best alternatives for their needs, and the needs of the society as a whole. “By centering our focus on solutions,” she says “we transcend the overwhelming sense of crisis and embrace a mindset of possibility and positive action”. At a lifestyle event organized by Whats the Alternative, a platform owned and managed by Seed Ventures, Andleeb Uroos Ahmed, Head of Communications at Philip Morris (Pakistan) Ltd, said "The spotlight falls on the company's alignment with the United Nations' Sustainable Development Goals. The integration of a sustainability agenda into the business structure resonates with the global focus on harm reduction championed by Philip Morris International. Uroos elaborates on the ongoing product transformation, emphasizing the shift towards less harmful alternatives as a strategic move towards a smoke-free
future. PMI's commitment to addressing its environmental impact is highlighted through initiatives such as anti-littering campaigns and the adoption of sustainable energy sources. WTA offers individuals a wide range of educational resources, including easy-to-read articles, and thoroughly researched opinion pieces weighing in on prescient topics. The ultimate goal is to inspire conversations and change, by showcasing what options are available and the breadth of their positive impact. Build Your Alternative Lifestyle With WTA There are several steps that you can adopt when curating a lifestyle that while deviating from conventionality, serves your broad goals. WTA focuses on several aspects of this, opting for a holistic approach that prioritizes choice. While the platform also highlights the importance of institutional changes, it maintains how individual choices can be greatly beneficial given Pakistan’s current realities. In particular, the platform offers insight into the following; 1, Alternative Approaches Towards Nutrition: WTA’s focus is not just limited to nutritional needs during specific points in time in one’s life (during pregnancy for example). Rather, the platform encourages the adoption of mindful eating practices, highlighting the link between mental wellbeing and food, and how our food choices impact the planet as well. 2, Embracing Mindfulness as A Way of Life: Mental health is an important aspect of your wellness. An alternative approach to improving your mental health is to adopt mindfulness into your daily routine. By making practices such as journaling and meditation a part of your daily routine, you can greatly improve your overall mental health. 3. Going Beyond the Aesthetic Appeal of Fitness: A seemingly innocuous aspect of contemporary fitness is focusing solely on the physical aspects of fitness. No one can deny that aesthetics plays a part in people prioritizing physical activity. However, the more important aspects pertain to how exercising can improve the overall quality of your life. WTA offers insight about how specific activities impact your overall health (noting for example the link between weight training and bone health) so that you can make the best choice for your overall health goals. 4. Inculcating Community Level Changes: An important aspect of the platform is encouraging community-focused conversations. As noted by Shaista Ayesha, “By fostering a sense of shared responsibility within communities we strive to facilitate local change”. WTA does this by hosting events that ask pertinent questions and allow Pakistanis to get answers from experts. Through its online presence, it then disseminates the information shared in a bid to inspire continuing change. When you design an alternative lifestyle for yourself, you must have an aspect of community embedded in it. Ultimately, the impact of the WTA platform is multifaceted. But, because it posits wellness within a broader scope, it also offers an opportunity to foster a truly transformative lifestyle. It does this by empowering individuals with the knowledge they need to create the kind of changes in their lives that will have lasting and reverberating impacts on their wellness and the environment that they inhabit.
NADRA, FIA conclude joint internal probe into illegal issuance of ID cards to non-nationals ISLAMABAD INP
National Database and Registration Authority (NADRA) and Federal Investigation Agency (FIA) have concluded a joint internal investigation into illegal issuance of Pakistani national ID cards to nonnationals by its employees. A comprehensive internal review revealed the involvement of five individuals in illegal processing of identity documents. The details have been compiled and forwarded to the Federal Investigation Agency (FIA) Anti-Corruption Circle for legal action. Following reports of unauthorized issuance of national identity cards to non-nationals, NADRA's administration undertook a thorough analysis of its systems and operational protocols. Through a forensic audit of NADRA's databases, conducted within a well-structured framework, it became evident that five employees of different ranks were complicit in facilitating the issuance of identity cards to nonnationals. Following a rigorous internal inquiry, NADRA has transferred the case to the FIA AntiCorruption Circle accompanied by all revelant records, to ensure swift and effective legal proceedings. Legal action will be taken against the accused under Section 28/29 of the NADRA Ordinance 2000 (read with the FIA Act).
Timely collection of electricity bills from consumers top priority: IESCO
Besides the provision of quality services, uninterrupted power supply of electricity to valuable customers timely collection of electricity bills is also the most important responsibility of field formations which not only leads towards uninterrupted power supply to valuable customers but also a source of timely completion of system upgradation project for better customer services. In a statement given by the Chief Executive Officer IESCO Dr. Muhammad Amjad Khan said that during the ongoing recovery campaign IESCO recovery teams with the collaboration of the police and district administration, recovered 2026.52 million from running and dead defaulters while disconnecting the meters and transformers of non-paying consumers. CEO IESCO requested the consumers to show their national and moral responsibility to pay electricity bills on time and in case of non-receipt of electricity bills duplicate bills can be obtained from IESCO website www.iesco.com.pk, concerned SDO Office or from nearby Customer Service Centers. PR
Miftah Ismail foresees PTI as ‘strong’ opposition Inauguration ceremony KARACHI
STAFF REPORT
Pakistan Muslim League-Nawaz (PML-N) leader and former Finance Minister Miftah Ismail said that after Pakistan People’s Party (PPP) decision not to become part of the centre, it would be a ‘minority’ PML-N’s government. In a statement, Miftah Ismail said that if the PML-N is able to form the federal government, it would be a minority government and the Pakistan Tehreek-e-Insaf (PTI) would be a ‘strong’ opposition. He said that the PML-N would
find it very difficult to fulfill its promises to the people. “The next two years will be very difficult for the government as many reforms are to be done,” he added. Miftah Ismail said that the new government would have to engage with the International Monetary Fund (IMF), adding that the PMLN should be very cautious in dealing with the challenges. He said that he is not in contact with the PML-N leadership. “The party does not need my advice, nor do I have any advice for them,” the former finance minister said. He added that 90 million Pak-
istanis came below the poverty line, urging all the parties to make decisions in the wider interest of the country. “Long-term policy must be kept in mind. The new government would be compelled to take difficult decisions,” Miftah Ismail said. The former finance minister said that had there been good decisions in the 16-month government, the results would certainly have been different. “Had Ishaq Dar completed the IMF deal on time, the situation would have been different today,” he added.
Nawaz Sharif should not become prime minister: Javed Latif ISLAMABAD
STAFF REPORT
Pakistan Muslim League-Nawaz (PML-N) leader Javed Latif, who faced defeat in the general elections 2024, opined that party supremo Nawaz Sharif should not become prime minister. Speaking at a private TV Channel, the PML-N leader cast doubt over the elections’ legitimacy, claiming that results of candidates
belonging to every political parties have been changed. “Today, not me or any political party, but the state has been defamed”, Javed Latif said, pointing out the press conference of Pir Sibghatullah Shah Rashidi, popularly known as Pir Pagara – who announced his refusal to accept the results of the recent general elections. Speaking of his defeat, Latif claimed he was told 15-20 days earlier that a “cross has been made
on my name”. “The profess of declaring someone winner and loser should be stopped,” he demanded. PTI-backed independent candidate Khurram Shahzad Virk won the election for National Assembly constituency NA-115, Sheikhupura III by securing 130,255 votes. As per unofficial result, his runner-up was Javed Latif, who bagged 94,144, votes. Responding to a question, he said his opinion won’t matter now as he lost the election.
marks milestone achievements in maternal and child healthcare
KARACHI: PPHI Sindh successfully organised an inauguration ceremony of the rehabilitation work of the Maternal, Neonatal, and Child Health (MNCH) Block, coupled with the launch of C-Section services at Government Hospital Murad Memon, Malir Karachi. Additionally, the distribution of 17 ambulances to various districts was also held, further enhancing emergency healthcare services in the region. The event was graced by the presence of esteemed Chief Guest, Mr. Fazal-ur-Rehman, Chairman Board of Directors, PPHI Sindh. The ceremony was held at the MCHC Murad Memon, Murad Memon Goth, Malir, Karachi. This event marks a significant milestone in PPHI Sindh’s ongoing efforts to enhance maternal and child healthcare (MCHC) services across Sindh.
PTI crITIcIzes PPP’s decIsIon of backIng PML-n’s PM candIdaTe nEws
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ISLAMABAD
STAFF REPORT
N a robust response to Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto-Zardari’s press conference, where he announced support for the Pakistan Muslim League-Nawaz (PML-N)’s prime ministerial candidate while refraining from participating in the government at the Centre, the Pakistan Tehreek-e-Insaaf (PTI) has unleashed a barrage of criticisms. According to a statement issued by a spokesperson for PTI on Tuesday, Bilawal’s move is merely a ploy to deceive the public after being rejected in the elections. The spokesperson accused the remnants of the Pakistan Democratic Movement (PDM) of orchestrating a new drama, describing their actions as an attempt to mislead the people. “If Bilawal Bhutto-Zardari’s thinking were truly democratic, he would have recognised the available public mandate to PTI instead of siding with the pirates of Jati Umrah, the Sharif family,” the PTI spokesperson declared, adding
that the PPP has a dark history regarding the recognition of public mandates. The spokesperson further criticized Bilawal’s attempt to keep his family’s political legacy alive through alleged corruption and power-sharing influenced by Zardari’s cues. Drawing on historical events, the PTI spokesperson asserted that PPP’s facilitation had once led to the secession of Pakistan’s eastern wing, now known as
Bangladesh, due to open contempt for public mandate. “Today, Zardari’s son is trying to keep his family and hereditary politics alive through blatant corruption and power-sharing on Zardari’s cues,” the spokesperson remarked. The PTI spokesperson emphasised that Bilawal’s distancing from the PMLN after the distribution of constitutional, government, and parliamentary positions
would not sway public opinion. The spokesperson vowed to destroy what they termed as “disgusting plans” aimed at securing the future of current and future generations by holding them hostage. Highlighting the ideological differences, the spokesperson underscored that PTI, founded by Imran Khan, sees the PPP and the PML-N as two sides of the same coin, responsible for economic challenges and inflation in the country. “Imran Khan is making unprecedented sacrifices to change the rotten system of which both of them are beneficiaries and want to strengthen and sustain it,” the PTI spokesperson asserted. The spokesperson concluded by reiterating PTI’s commitment to thwarting any conspiracies or behind-the-scenes machinations, promising to make the country and its people safe from what they perceive as the harmful influence of PPP and PML-N. He confidently stated that whether it be government formation or opposition responsibilities, PTI holds the majority mandate and will ensure the country’s safety from the alleged schemes of its rivals.
Massive hike expected in diesel price for second half of February g
sc rejects Punjab govt’s probe report regarding Jaranwala incident ISLAMABAD
STAFF REPORT
The Supreme Court on Tuesday rejected the Punjab government’s progress report on the Jaranwala incident and Chief Justice Qazi Faez Isa expressed his disappointment over it, saying it is “worth throwing in the trash”. The chief justice’s remarks came during the hearing of a case about the rights of minorities where the provincial government of Punjab submitted its progress report about the incident. On August 16, a charged crowd vandalized several churches and set scores of houses on fire in Jaranwala town of the industrial district of Faisalabad after clerics made announcements in mosques inciting the mob to attack the Christian community under alleged allegations of blasphemy. Paramilitary troops were called in to handle the violence and bring the situation under control, according to a government order seen by Reuters. Soon after the incident, CJP Isa, who was the chief justice designate at the time, visited the neighborhood to meet and express solidarity with the Christian community. The interim Punjab government had also ordered a high-level inquiry to probe the burning and demolishment of properties belonging to the local Christian community in the neighbourhood. “I feel ashamed after seeing the report about the Jaranwala incident,” CJP Isa said. Questioning the additional advocate general for Punjab, the chief justice asked when the Jaranwala incident took place and how many people were caught so far. In his response, he said: “Jaranwala incident took place on August 16, 2023, 22 cases were registered, 304 people were arrested. [At least] 18 out of the 22 FIR challans have been collected.” “MashaAllah only these 18 challans were issued in 6 months?” the chief justice remarked sarcastically. CJP Isa lamented how Pakistanis make noise about Islamophobia in other countries but “what are they doing themselves?”. “Do you want to copy the way non-Muslims in India are treated?” he questioned. The chief justice asked the additional advocate general for Punjab about the time the first church was burned and at what is Fajr in August. Meanwhile, the Superintendent of Police (SP) Investigation Faisalabad, who was probing the Jaranwala incident, said the Muslim community in the neighbourhood met and decided to take action on the blasphemous act. “In Jaranwala, brave police stood watching the spectacle,” CJP Isa asked. In his response, the SP investigation said: “The desecration of the Holy Quran took place at 5:15am, when the Quranic scrolls were installed in a desecrating manner.” CJP Isa, during the hearing, asked if Pakistan was only made to protect Muslims. He further questioned the SP investigation about how many policemen were fired in the wake of the incident, responding to which he said: “An inquiry is being conducted against the police officials.” The SP also said that a joint investigation team was constituted to probe the incident. CJP Isa said a JIT is made when a task has to be stalled. Samuel Pyare, one of the Christian petitioners at the hearing, said the Tehreek-e-Labbaik Pakistan (TLP) threatened them after the Jaranwala incident. CJP Isa, who was agitated at TLP’s mention, said: “Did you hear now? These are the same people who protested in Faizabad. We have not learned from past mistakes.” The chief justice was upset after the SP investigation did not openly name the TLP. “If you don’t have the courage, [we’ll] give a notice to Tehreek-e-Labaik. They will accept it themselves,” he remarked.
PROPOSED CHANGES IN PETROL, DIESEL AND KEROSENE OIL PRICES ARE CALCULATED BASED ON CURRENT GOVERNMENT TAXES AND WITH AND WITHOUT EXPECTED EXCHANGE ADJUSTMENT PROFIT
AHMAD AHMADANI
The per liter price of high-speed diesel (HSD) is likely to witness approximately upto Rs 8/liter hike with the start of second half of the on-going month of February, 2024, it was learnt on Tuesday. According to sources, the already burdened masses should get ready to bear additional burden in the form of significant oil price hike as per litre prices of all petroleum products are estimated to witness a hike during the second fifteen days of February 2024. They said that petrol is expected to see a rise of Rs 0.85/litre, high-speed diesel (HSD) could rise by Rs 8.01 per litre, kerosene oil may witness an increase of Rs 0.41 per litre, and Light Diesel Oil (LDO) might go up by Rs 2.76 per litre. They said these estimates are based on the current tax structure, and if approved, would mean that con-
sumers could be paying Rs 273.74per litre for petrol, Rs 286.97 per litre for HSD, Rs 187.03 per litre for kerosene oil, and Rs 169.62 per litre for LDO, all starting from the second half of February 2024, said sources. These proposed changes in petrol, diesel and kerosene oil prices are calculated based on current government taxes and with and without expected exchange adjustment, they added. As per sources, petrol may see expected variation after adjustment of Rs 0.35 and HSD price is likely to witness Rs 6.31. At present, petrol is available at Rs 272.89/litre, HSD at Rs 278.96/litre, Kerosene oil at Rs 186.62/litre and LDO at Rs 166.86/litre. It is relevant to note that Petrol (Gasoline) is primarily used as fuel for cars, motorcycles, and other vehicles. High-Speed Diesel (HSD) is mainly used as fuel for heavy ve-
hicles like trucks, buses, and industrial machinery. It is also used in generators and some agricultural equipment. Kerosene Oil is used for cooking and lighting in households without access to electricity. Light Diesel Oil (LDO) is used in industrial boilers, furnaces, and certain types of engines. It’s commonly utilized in sectors like textiles, cement, and power generation. It is pertinent to mention that the likely upcoming increases in the price of oil may have a significant influence on already burdened masses’ day-to-day expenses, household budgets, and inflation rates as a whole. Besides, these proposed changes are subject to government approval and will depend on various factors, including global oil prices, currency exchange rates, and the financial implications for the energy sector.
ECC greenlights wheat import for flour export g
RAMZAN RELIEF PACKAGE WORTH RS7.4B APPROVED PROFIT
GHULAM ABBAS
The Economic Coordination Committee (ECC) convened on Tuesday and sanctioned the import of wheat with the intention of exporting flour. The Ministry of Commerce proposed the initiative titled “Permission to Import Wheat and Export of Wheat Flour under Export Facilitation Scheme 2021,” which received unanimous approval from the ECC. The committee further instructed relevant ministries to develop comprehensive proposals to bolster valueadded exports. Chaired by Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, the ECC meeting saw the attendance of various key figures including Minister for Privatization and Inter Provincial Coordination Fawad Hasan Fawad, Minister for Interior, Commerce & Industries Mr. Gohar Ejaz, Minister for Energy and Petroleum Division Mr. Mohammad
Ali, Minister for Planning, Development and Special Initiatives Mr. Sami Saeed, Minister of Maritime Affairs, Communication and Railways Mr. Shahid Ashraf Tarar, Deputy Chairman Planning Commission Dr. Muhammad Jehanzaeb Khan, Advisor to PM on Finance Dr. Waqar Masood, and Federal Secretaries alongside senior government officials. During the session, a summary from the Ministry of Commerce (Tariff Policy Wing) concerning “Individual Tariff Rationalization Proposals from Different Sectors for Review of Custom Duties” was deliberated upon and approved. The ECC stressed the necessity of coordinating tariff rationalization with the trade policy. Additionally, the ECC gave the green light to a proposal from the Power Division regarding the “Commissioning of 1263 MW CCPP Punjab Thermal Power (Pvt) Limited, Jhang (PPTL).” Another significant decision pertained to a proposal from the Ministry of Commerce regarding
the “Sharing of Subsidy on Imported Urea on 50:50 Basis Technical Supplementary Grant for the Ministry of Commerce.” The ECC endorsed the release of Rs. 6 billion to the Ministry of Commerce to settle arrears of subsidy from the previous fiscal year. It was clarified that no subsidy on this account has been allocated in the current fiscal year, with the ECC urging provincial governments to clear their respective arrears of subsidy on urea. The Ministry of Planning, Development & Special Initiatives briefed the ECC on the country’s inflation situation, prompting the committee to direct a thorough analysis of the data collected by PBS and its subsequent presentation for appropriate and timely measures. In a bid to alleviate the financial burden on the public during Ramadan, the ECC approved the proposed Ramzan Relief Package-2024, allocating a subsidy of Rs. 7,492.75 million to targeted beneficiaries of BISP, as stipulated in the 2023-24 budget.
wednesday, 14 February, 2024
PRAYER TIMINGS FAJR SUNRISE
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federal govt releases rs508b for development projects
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NHA, NTDC, AND PEPCO AMONG TOP BENEFICIARIES OF DEVELOPMENT FUND DISBURSEMENT PROFIT
MONITORING DESK
The federal interim government has disbursed Rs507.98 billion from its Public Sector Development Programme (PSDP) budget of Rs940 billion for the fiscal year 2024, aimed at funding various new and ongoing social sector projects. This allocation underscores the government’s commitment to enhancing infrastructure and services across federal ministries and divisions. Up to this point, Rs190.44 billion of the authorised funds have been spent on these projects, with the Ministry of Planning, Development, and Special Initiatives ensuring a structured release schedule: 20% in the first quarter, followed by 30% in both the second and third quarters, and the remaining 20% in the final quarter. Notably, departments such as the National Highway Authority (NHA), National Transmission and Despatch Company (NTDC), and Pakistan Electric Power Company (PEPCO) have received Rs127.07 billion of their Rs211.78 billion allocation. This investment highlights the government’s focus on improving national infrastructure and power distribution to foster sustainable development.
bulls and bears gear up for next round at PsX
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MARGINAL RECOVERY SEEMS PREMATURE AFTER RECENT MARKET BLOODBATH PROFIT
NEWS DESK
Bulls and bears gear up for the next round at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index experienced a dramatic reversal on Tuesday after plunging below 60,000 level by declining over 1,400 points in the opening minutes of trading. The initial decline was attributed to reports indicating the International Monetary Fund (IMF) was not onboard with the interim government’s circular debt plan and ongoing political uncertainty in the country after the February 8 election. As per the PSX website, despite hitting an intraday low of 59,613.17, the KSE-100 index closed at 61,226.93, showing an increase of 161.61 points or 0.26% from the previous close of 61,065.31 points. Market opened the week with a negative note by declining 2253.59 points or 3.58% mainly affected by the clouds of uncertainty hovering over the political horizon. Topline Securities said on Monday, “Continuing last week’s momentum, Pakistan equities commenced the business on a negative note, remained bearish throughout the sessions and ultimately KSE 100 index called the day at 61,065 levels (lost 1878 points; down 2.98%). The aforesaid selling spree can be attributed to further delay in circular debt management plan where IMF’s nod is awaited and may likely receive in this week as informed by Petroleum Division.” Therefore, today’s gain of 0.26% is promising for equity investors, as a portion of them are anticipating a post-election rally at the PSX. “We believe that the market requires clarity on government formation, key portfolios of finance, energy and industries ministries, challenged constituency results and clarity on circular debt plan for stability and investor confidence”, said Shahid Ali Habib, CEO of Arif Habib Limited. Therefore, the current dips in the PSX directly result from political instability and uncertainty. Investors and market moguls are closely monitoring political developments. Confidence among equity investors may recover once the process of forming a coalition government commences.
IHc bars fIa from harassing PTI founder’s sister ISLAMABAD
STAFF REPORT
The Islamabad High Court on Tuesday barred the FIA from harassing Aleema Khan, ordering the agency that any complaints or inquiries against her should be reported to her directly. IHC Chief Justice Amir Farooq issued the orders while hearing a plea filed by Aleema Khanum, the sister of PTI founder Imran Khan, against notices issued to her by the Federal Investigation Agency’s (FIA) cybercrime and anti-terrorism wing. During the proceedings, the High Court prohibited any disciplinary actions against Khan’s sister without due process. The IHC directed that any reports related to complaints or inquiries by the FIA be provided to her. Furthermore, the court prohibited any disciplinary action against Aleema Khan by the FIA. Aleema Khan’s lawyer emphasized that there is no evidence to suggest her involvement in any cybercrime.
SHC orders 40 PTI candidates to approach ECP against election results KARACHI
STAFF REPORT
The Sindh High Court (SHC) on Tuesday ordered all petitioners to approach the Election Commission of Pakistan (ECP) for resolution of their complaints against election results and dismissed all such petitions. The candidates of 40 constituencies had filed petitions in high court against election results. The court also directed the Election Commission of Pakistan to decide all petitions by February 22. The election commission should also review the
record of petitioners, the bench observed. The Additional Attorney General and lawyers of the election commission and petitioners appeared in the court during the hearing. Earlier, Barrister Farrogh Naseem told the court that the Lahore High Court has rejected all these petitions. Haleem Adil Shaikh’s counsel told the court that the success notification of the MQM candidate from NA-238 has been issued. “How could the notification be issued in night when all petitions have been under hearing of the court,” Chief Justice Aqeel Abbasi questioned.
The ECP lawyer said that the result of a constituency was prepared, so its notification was issued. ECP counsel said that the election commission has constituted two benches for hearing of petitions and proceedings being conducted over pleas coming to the electoral body. PTI-supported candidates Aftab Jahangir, Tariq Hussain, Rabistan Khan, Ataullah, Salehzada, Khurram Sherzaman, Ramzan Ghanchi, Murad Shaikh, Dawa Khan Sabir, Ghulam Qadir, Faheem Khan, Syed Faisal Ali, Shakeel Ahmed, Bashir Sodhar, Abdul Qadeer, M. Yasir and Shafeeq Shah have challenged the election results.
Published by Asad Nizami at Plot No 66-C, 1st Floor, 21st Commercial Street, Phase-II (Extension), DHA Karachi and printed at Ibn-e-Hassan Printing Press, Hockey Stadium, Karachi, for PT Print (Pvt) Limited. Ph: 021-35381208-9. Email: newsroom@pakistantoday.com.pk