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PM SHEHBAZ, PRESIDENT ZARDARI CONDEMN AS FIVE KILLED IN ANKARA TERRORIST ATTACK Thursday, 24 October, 2024 I | 20 Rabi ul Sani, 1446
Turkish Interior Minister says two attackers and three of the injured in critical condition
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Blast at Turkish Aerospace Industries occurred as a major trade fair for defence and aerospace industries taking place in Istanbul
STAFF REPORT
RESIDENT of Pakistan Asif Ali Zardari and Prime Minister Shehbaz Sharif on Wednesday strongly condemned the terrorist attack in Ankara in which five people were killed and 14 others wounded. The attack targeted the Turkish Aerospace Industries’ headquarters on Wednesday, the government said, while the witnesses said they heard gunfire and a loud explosion at the site near Ankara. Turkish Interior Minister Ali Yerlikaya said two attackers were killed in what he called a terrorist attack, adding three of the injured are in critical condition. TV broadcasters earlier showed footage of armed assailants entering the TUSAS building. President Tayyip Erdogan, alongside Russia’s Vladimir Putin at a BRICS conference in the Russian city of Kazan, also called it a terrorist attack. No group had claimed responsibility while cause and perpetrators of the blast and subsequent gunfire remained unclear. Prosecutors have launched an investigation, state-run Anadolu Agency reported. Some media reports claimed a suicide attack had occurred and that there were hostages inside the building, though officials have not confirmed this. The reports, quoting witnesses, said the blasts they heard may have taken
place at different exits as employees were leaving work for the day. Broadcasters showed images of a damaged gate and footage of an exchange of gunfire in a parking lot, as well as attackers carrying assault rifles and backpacks as they entered the building. Ambulances and helicopters later arrived. Pakistan’s President, PM strongly condemn terrorist attack In separate statements on Wednesday, both President Asif Ali Zardari and PM Shehbaz Sharif expressed deep condolences and affirmed Pakistan’s solidarity with Turkiye in this time of grief. President Zardari extended his heartfelt condolences to the families of the victims and expressed solidarity with the
PSX crosses 87,000 mark for the first time in record-breaking rally g
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Turkish government and people. “We stand in full solidarity with our Turkish brothers and sisters in this difficult time,” he said, adding that Pakistan understands the pain caused by such brutal acts, having endured the scourge of terrorism. “Terrorists are enemies of peace and humanity,” Zardari stated, stressing the need for united global efforts to combat terrorism and ensure a secure future for all nations. PM Shehbaz took to social media platform X to express his shock and sorrow over the attack. He offered condolences to President Recep Tayyip Erdogan and the Turkish people, stating, “Pakistan stands in complete solidarity with its Turkish brothers.” Sharif also prayed for the families of
the victims and wished a speedy recovery for the injured. Both leaders reiterated Pakistan’s strong stance against terrorism in all its forms. ‘NATO stands with ally Turkey amid deadly attack’ Following the attack, NATO head Mark Rutte said the military alliance would stand with its ally Turkey amid a deadly attack against the headquarters of Turkish Aerospace Industries. “Deeply concerning reports of dead and wounded in Ankara. #NATO stands with our Ally #Turkey. We strongly condemn terrorism in all its forms and are monitoring developments closely,” Rutte said in a post on X. Russian President Vladimir Putin also met Turkish counterpart Recep Tayyip Erdogan at the BRICS summit in Kazan on Wednesday, offering his condolences over a deadly attack on a defence firm near Ankara. “We are very pleased to welcome you to Kazan, but before we begin our work I would like to express my condolences in connection with the terror attack,” Putin said at the start of talks with the Turkish leader. TUSAS is Turkey’s largest aerospace manufacturer, currently producing a training craft, combat and civilian helicopters, as well as developing the country’s first indigenous fighter jet, KAAN. Owned by the Turkish Armed Forces Foundation and government, it employs more than 10,000 people.
Govt notifies new CJP as President assents to KSE-100’s bullish momentum appointment on PM’s advice was fueled by buying spree in index-heavy energy stocks
PROFIT MONITORING DESK
The Pakistan Stock Exchange (PSX) continued its record-breaking rally as the benchmark KSE-100 index surged past the 87,000 mark for the first time on Wednesday. According to the PSX website, the market opened on a bullish note. However, it observed some crests and troughs during the intraday trading. Around 01:00 pm, the benchmark index dipped nearly 200 points and fell to 86293 points from the previous close of 86,466.57 points. At 03:15 pm, the KSE-100 touched the highest level of 87,309.22 points for the first time. At the day’s end, the benchmark index settled at 87,194.53, up by 727.96 points or 0.84%. Today’s unprecedented rally was mainly fueled by heavy buying in index-heavy energy stocks, with shares of companies including HUBCO, KEL, PPL and OGDC, ATRL traded in the green zone. Market analysts have attributed the bullish run to anticipation of another reduction in the key policy rate by the central bank amid expectations of a lower inflation reading in October. Globally, Asian stocks inched higher on Wednesday as investors were reluctant to place major bets ahead of a hotly contested U.S. election. MSCI’s broadest index of Asia-Pacific shares outside Japan was last 0.3% higher. Tokyo’s Nikkei fell 1% ahead of Japan’s election this weekend. China and Hong Kong stocks gained on Wednesday, buoyed by the promise of government help for the economy even though the scope and timing of stimulus measures remain uncertain. The listless mood was set to continue in Europe, with Eurostoxx 50 futures 0.08% higher, German DAX futures up 0.11% and FTSE futures down 0.04%.
ISLAMABAD
STAFF REPORT
The Ministry of Law and Justice on Wednesday notified the appointment of Justice Yahya Afridi as Chief Justice of Pakistan after President Asif Ali Zardari approved the appointment for a period of three years. According to the notification, “In exercise of the powers conferred by clause (3) of Article 175 A read with Article 177 and 179 of the constitution of the Islamic Republic of Pakistan, the President of the Islamic Republic of Pakistan is pleased to appoint Mr Justice Yahya Afridi, Judge of Supreme Court, as Chief Justice of Pakistan, for a term of three years with effect from 26-10-2024.” The president approved the summary of Justice Yahya Afridi’s appointion as the next CJP on the advice of PM Shehbaz Sharif following the recommendation of the special parliamentary committee. Justice Yahya Afridi will take over the role from October 26 for a three-year term. The president has also given his approval for the oath-taking ceremony, scheduled for October 26. This decision follows a recommendation from a parliamentary committee, which met for a second time to finalise Justice Afridi’s appointment. The committee, which deliberated for over an hour and a half, approved Justice Afridi’s name with a two-thirds majority from a panel of three judges. All parties except Pakistan Tehreek-e-Insaf (PTI) participated in the proceedings. PTI boycotted the committee session, refusing to take part in the
discussions on the new chief justice. Despite efforts to bring PTI to the table, the party declined to engage, citing disagreements over the selection process. The incoming chief justice Yahya Afridi will take oath as CJP on Saturday and is likely to form constitutional benches—another feature of the 26th Amendment. Cases involving articles 184, 186, and 185 of the Constitution would be heard by the constitutional
benches. Justice Afridi came from the Peshawar High Court, where he served as the youngest chief justice from December 2016 to June 2018. He was previously ignored for elevation to the Supreme Court during the tenure of former chief justice Saqib Nisar. Earlier, the Supreme Court’s registrar had submitted three names to the parliamentary committee for consideration.
PTI to challenge constitutional amendment in Justice Afridi-led SC: Shaheen ISLAMABAD
STAFF REPORT
Pakistan Tehreek-e-Insaf (PTI) leader Shoaib Shaheen on Wednesday declared that the party will challenge the 26th Constitutional Amendment recently passed by the government with two-thirds majority, terming it an “attack” on the country’s judicial system. “We and the lawyers’ community will challenge this {contentious amendment} as a whole,” PTI leader Shoaib Shaheen said while clarifying that the party was not against the appointment of Justice Afridi as CJP rather against {the way and manner}. Talking to a private TV channel, he pointed out that the seniority principle was formulated after the late Justice Sajjad Ali
Shah, fourth on the seniority list, was appointed as chief justice. “Later in 1998, all judges of Supreme Court and high courts sit together chalked out the seniority formula and decided that the senior most judge will become the next chief justice,” Shaheen added. The ‘contentious’ 26th Constitutional Amendment brought numerous changes to the country’s judicial system, including taking away suo motu powers, formation of constitutional benches, and performance evaluations of high court judges from Supreme Court. In light of the fresh amendments, a Special Parliamentary Committee nominated Justice Yahya Afridi, third on the seniority list (excluding the incumbent CJP Qazi Faez Isa), as the next chief justice of Pakistan.
Pakistan sees uptick in imports from India despite trade suspension PROFIT
MONITORING DESK
Despite ongoing trade suspensions, Pakistan’s imports from India showed an increase in August 2024, marking a 5% rise from the previous year. The latest figures reveal that imports reached $2.33 million in August 2024, up from $2.23 million in August 2023, according to government sources. This trend of increased imports from India was also noted in January and March of 2024, and in February and May of 2023, indicating a recurring pattern under the current administration. Notably, this isn’t the first instance of import growth from India this year; a similar increase was recorded in March. The continuity of imports from India occurs despite Pakistan’s decision to suspend trade relations in August 2019. While the appointment of a trade officer in India was halted due to the trade suspension, Pakistan has made exceptions for the import of life-saving medicines, slightly easing the restrictions. This step underscores the complex nature of Pakistan-India trade dynamics, where essential needs momentarily bridge the gap created by broader political decisions.
Pakistan sees ‘encouraging’ response from China over debt reprofiling talks PROFIT
BLOOMBERG
Pakistan is getting a promising response from China over its request to lengthen maturities for Belt and Road Initiative loans, according to its finance minister, signaling potentially more breathing room for the nation that has been squeezed by costly past borrowing. The South Asian nation is looking to increase the maturities for debt taken to build power plants and “create enough space” to lower electricity prices, Muhammad Aurangzeb said in an interview in Washington. Electricity prices have tripled for some people in Pakistan in the past few years and surpassed house rent for some. “We have just started that discussion and the response is encouraging,” Aurangzeb said in an interview Tuesday on the sidelines of the annual meetings of the International Monetary Fund and World Bank. “These are early days in terms of those negotiations. The former JPMorgan Chase & Co. banker discussed debt with Chinese officials during a July visit to China.
IHC grants bail to Bushra Bibi in Toshakhana 2.0
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ISLAMABAD
STAFF REPORT
The Islamabad High Court (IHC) has granted bail to Bushra Bibi, wife of incarcerated former prime minister Imran Khan, in the ongoing Toshakhana case. The bail was approved by Justice Mian Gul Hassan Aurangzeb during a hearing on Wednesdsy, with Bushra Bibi required to submit a bond of Rs1 million. This decision provides temporary relief to Bushra Bibi, who faces allegations related to the improper handling of state gifts. During the hearing, Justice Aurangzeb questioned the Federal Investigation Agency’s (FIA) investigative officer about the necessity of further interrogation of Bushra Bibi. The officer confirmed that no additional investigation was required, after which the judge granted bail. The court further referenced similar practices in other countries, noting that the British Prime Minister had also taken gifts home, citing regulations. The judge highlighted how other nations, like Azerbaijan, display gifts in museums, with the only photograph of a Pakistani leader being that of Benazir Bhutto. The Toshakhana case involves allegations of corruption against Imran Khan and his wife Bushra Bibi, specifically regarding the sale of gifts received from foreign dignitaries. Indictment of Imran, Bushra postponed in Toshakhana2.0 Meanwhile, the indictment proceedings against both Imran Khan and Bushra Bibi, scheduled for the same day, were postponed due to security concerns.
Global economy to grow by 3.2% in 2025 amid persistent inflation, geopolitical risks: IMF g
Fund says rising energy costs, inflation, and geopolitical tensions continue to weigh on recovery efforts in both advanced and emerging markets PROFIT
NEWS DESK
The IMF projects global economic growth to stabilize at 3.2% in 2025, with growth expected to reach around 3.3% by 2026, amid ongoing inflationary pressures and geopolitical uncertainties that continue to hinder the recovery of several major economies. In its World Economic Outlook report, the IMF warned that persistent inflation, rising energy prices, and geopolitical conflicts could disrupt global trade and investment flows, with some regions expected to feel the impact more severely than others. Advanced economies are forecast to grow at a slower pace, particularly in Europe, where inflation and energy constraints
remain significant challenges. In contrast, the U.S. economy is expected to perform better than anticipated, driven by strongerthan-expected consumer demand and labor market resilience. However, even with these improvements, global financial market volatility and rising interest rates could weigh on future growth prospects. Emerging markets and developing economies are expected to experience mixed outcomes. Strong demand for commodities and manufacturing in Asia, particularly in sectors like electronics and semiconductors, could spur growth in certain regions. However, many emerging economies, including Pakistan, face heightened risks due to their vulnerability to global commodity price fluctuations and the
potential impacts of escalating geopolitical tensions. For Pakistan, the global economic outlook presents both opportunities and challenges. As an emerging market economy, Pakistan stands to benefit from increasing demand for exports in sectors like textiles and agriculture. However, the country remains exposed to global risks, such as the ongoing volatility in commodity prices, which could exacerbate inflationary pressures domestically. The IMF also emphasized that rising energy costs and disruptions in global supply chains, particularly due to geopolitical conflicts, could have a detrimental impact on Pakistan’s recovery. Furthermore, the tightening of global financial conditions could
limit Pakistan’s access to foreign capital, making it more difficult to finance development projects and stabilize its fiscal position. Globally, the IMF expects world economic growth to stabilize at 3.2% in 2024, with developed economies showing mixed recovery patterns. While the U.S. economy is forecast to outperform expectations, Europe’s largest economies are expected to face slower growth due to persistent inflation and energy constraints. For emerging markets like Pakistan, the global economic outlook poses both risks and opportunities, particularly in navigating the challenges of fluctuating commodity prices, geopolitical tensions, and financial market volatility. The IMF cautions that unexpected
global economic shocks—such as renewed surges in energy prices due to geopolitical conflicts or disruptions in key commodity markets—could derail Pakistan’s fragile recovery. Rising protectionism and potential trade disruptions could further strain Pakistan’s export competitiveness, while exacerbating inflationary pressures, and limit growth in key sectors such as textiles and agriculture. In this challenging global landscape, policymakers in Pakistan will need to balance short-term economic stability with long-term growth prospects by focusing on strengthening fiscal policies, improving export competitiveness, and mitigating the risks of global financial and commodity market volatility.