Pakistan Army on Sunday made significant postings and transfers, including the transfer of the ISI chief and DG Rangers, Sindh.
The development comes two weeks after Gen Qamar Javed Bajwa took over as Chief of Army Staff (COAS).
Inter-Services Public Relations (ISPR) in a statement announced that Lt Gen Naveed Mukhtar was appointed as DG ISI. He will replace Lt Gen Rizwan Akhtar who has been posted as President National Defence University (NDU).
A suicide bomber killed 35 Yemeni soldiers and wounded around 50 on Saturday at a military camp in the country's southern city of Aden, military and medical sources said.
The militant Islamic State (IS) group claimed responsibility for the attack.
The bomber detonated his explosives belt as hundreds of troops gathered to receive their monthly pay at the barracks in Al-Sawlaban near the city's international airport, a military source said.
“A martyr from the IS detonated his explosives belt in Al-Sawlaban military camp in Aden during a gathering of the Yemeni army,” the IS-affiliated Amaq news outlet said.
Yemeni authorities have for months pressed a campaign against militants who remain active in the south and east of the war-torn country.
IS and its rival Al-Qaeda have taken advantage of a conflict between the government and the Huthi rebels, who control the capital Sanaa, to bolster their presence across much of the south.
The two groups have carried out a spate of attacks in Aden, Yemen's second city and headquarters of the internationally recognised government whose forces retook the port from the Huthis last year.
Al-Qaeda has long been the dominant force in Yemen, located next to oil-flush Saudi Arabia and key shipping lanes, but experts say IS is seeking to supplant its extremist rival.
In August an IS militant rammed his explosives-laden car into an army recruiting centre in Aden, killing 71 people in the deadliest attack on the city in over a year.
On Monday, Yemeni authorities arrested eight suspected IS militants implicated in a spate of attacks targeting security personnel in the city this year.
A Saudi-led coalition has since March 2015 supported loyalist forces fighting the Huthis.
The CIA has concluded that Russia intervened in the 2016 election to help President-elect Donald Trump win the White House, and not just to undermine confidence in the US electoral system, the Washington Post reported on Friday.
Citing US officials briefed on the matter, the Post said intelligence agencies had identified individuals with connections to the Russian government who provided thousands of hacked emails from the Democratic National Committee and others, including the chairman of Hillary Clinton's presidential campaign, to WikiLeaks.
The officials described the individuals as people known to the intelligence community who were part of a wider Russian operation to boost Trump and reduce Clinton's chances of winning the election.
“It is the assessment of the intelligence community that Russia's goal here was to favour one candidate over the other, to help Trump get elected,” the Post quoted a senior US official as saying, “That's the consensus view.”
The Post said the official had been briefed on an intelligence presentation made by the Central Intelligence Agency to key US senators behind closed-doors last week.
The CIA, in what the Post said was a secret assessment, cited a growing body of evidence from multiple sources. Briefers told the senators it was now “quite clear” that electing Trump was Russia's goal, the Post quoted officials as speaking on condition of anonymity.
In October, the US government formally accused Russia of a campaign of cyber attacks against Democratic Party organisations ahead of the November 8 presidential election.
President Barack Obama has said he warned Russian President Vladimir Putin about consequences for the attacks. But Russian officials have denied all accusations of interference in the US election.
A CIA spokeswoman said the agency had no comment on the report.
Trump has said he is not convinced Russia was behind the cyber attacks. His transition team issued a statement on “claims of foreign interference in US elections” on Friday but did not directly address the issue.
The hacked emails passed to WikiLeaks were a regular source of embarrassment to the Clinton campaign during the race for the presidency.
The CIA presentation fell short of a formal US assessment by all 17 US intelligence agencies, the Post said. A senior US official said there remained minor disagreements among intelligence officials about the assessment because some questions are unanswered, it said.
Intelligence agencies did not have specific intelligence showing the Kremlin directed the individuals to pass the hacked emails to WikiLeaks, another senior official told the Post.
The actors were “one step” removed from the Russian government rather than government employees, the official said.
WikiLeaks founder Julian Assange has said in a television interview that the Russian government was not the source of the emails, the Post said
It might seem strange to use this word for a man who meant such different things to different people, but when you heard Junaid Jamshed’s voice, the one thing it always felt was uncomplicated.
At the heart of the appeal of his various avatars was a voice that carried infinite hope and sunshine.
Junaid Jamshed’s life, career and legacy however, were not uncomplicated.
His journey represented a journey that Pakistani society seemed to have taken with him, and it represented the many contradictions that define our society.
But whether it was in his music videos or in his television appearances as an evangelist, there was always a considered appearance that he put out. It was almost like he always had an eager sincerity to play a construct.
At the time of his death, one of my first reactions was the realisation that a certain idea of Pakistan — of youthful exuberance in golden light amongst green hills — had died with him.
It meant that his legacy upon his death was inherently complicated. After his death, one segment of his fans put up his pop songs, making defiant proclamations of choosing to remember him for them.
Another group exhorted the media not to bring up his musical past, arguing that he had forsaken it. There was the memory of his misogynist statements, including one which led to a blasphemy charge, which his privilege allowed him to escape the usual punishment for. There were pictures and videos and tweets which were all used to make a claim on what he represented.
This article is not meant to address all those issues.
What prompted me to write it instead was the cascade of emotions that Junaid Jamshed’s voice in various pop songs evoked in me. At the time of his death, one of my first reactions was the realisation that a certain idea of Pakistan — of youthful exuberance in golden light amongst green hills — had died with him.
That was the setting he first emerged in, the setting that some of us only remember him as.
Stripped of its context, 'Dil Dil Pakistan' is a saccharine pop song that replaces the beloved with patriotism. But when you consider its appearance in the final days of Zia’s era, its radical impact gets clearer.
An appeal to modernity, to youth, to fun all embodied in the frail, attractive persona of Junaid Jamshed and his bandmates. The impact of the video was inherently complicated, yet Junaid’s uncomplicated voice singing about an uncomplicated love carried the song through all the tricky terrain.
Pakistani pop music had been little more than a concept before Junaid and the Vital Signs, and it became an entire phenomenon because of them. At the heart of its initial appeal was JJ himself, and his endless charisma as the frontman. He seemed to enjoy his reputation as a heartthrob, and yet also represented a very halal sexuality that wasn’t provocative.
Pakistani pop music had been little more than a concept before Junaid and the Vital Signs, and it became an entire phenomenon because of them.
But what Junaid’s voice achieved added far more heft to the pop scene. His ability to express emotions matched that of the most popular traditional singers, even when he had none of their training.
For an audience bred on ghazal and geet,it was his uncomplicated voice that allowed them to make the complicated transition to pop music. He set the template for the modern pop singer in Pakistan, comfortably at ease with corny, romantic numbers like 'Sanwali Saloni' as well as with deceptively melancholic tracks like 'Hum Tum'.
Indeed, the music that emerged in the 1990s largely followed the path set by the Signs, with almost all frontmen taking their cues from his uncomplicated voice and his complicated appeal. But while there were a few who could match his mastery over songs of love and heartbreak, there was no one who could match what he brought to patriotic songs.
It was only Junaid’s voice which could bring sincerity to this most overwrought of genres, and it was the reason that the Signs managed to produce several ‘national anthems’. The patriotic song is still an obligatory release for most musicians and bands, but none of them can bring the uncomplicated wholeheartedness that JJ brought to them.
Junaid’s uncomplicated voice also served as the bridge for the talents of two of Pakistan’s greatest creative polymaths.
On one end was the ideology of Shoaib Mansoor, whose songs both spoke of the urgent need to build a bright future and lamented of the loss of an idyllic (imagined) past. On the other end was the musical versatility of Rohail Hyatt, who kept searching for creative excellence even as the nascent industry demanded that the band produce easily digestible pop. Resolving all these contradictions and complications was Junaid’s uncomplicated voice, which was just at ease at emoting the intricacies of Shoaib’s verses as it was dealing with the challenging demands of Rohail’s compositions.
The music that emerged from all of this remains some of the most timeless produced in Pakistani pop. Even as the people that made it, particularly Junaid Jamshed himself, fell into contradictions and complications, the music continues to endure. The music continues to invoke an idea of this country created by the rhymes and dreams of a generation. That generation today is no longer young, and its dreams no longer true. But its music lives on forever, sung in that beautiful, uncomplicated voice.
Faryal Makhdoom recently made headlines when she alleged that her in-laws were harassing her, trying to cause a rift in her marriage to boxer, Amir Khan.
On Snapchat, Faryal, who is also building her own beauty brand, claimed that Amir's family had attempted to hit her and also tried to engineer a divorce when she was nine months pregnant with the couple's first child. She claimed that her husband was also a victim of their bullying tactics.
Chairing the last session as the head of Council of Islamic Ideology (CII) on Thursday, Maulana Mohammad Khan Sherani decried the proposal to rename the Quaid-i-Azam University's (QAU) physics centre after Professor Abdus Salam.
The council discussed the proposal after Prime Minister Nawaz Sharif forwarded a summary to President Mamnoon Hussain of his approval to rename the National Centre for Physics at QAU the “Professor Abdus Salam Centre for Physics”.
Addressing a press conference after the council's meeting, the CII chairman said changing the department's name would not set the right precedent.
“We have concerns over the change of its [physics centre's] name as it was earlier named to honour Dr Riaz,” said Sherani, but declined to offer any reason for the opposition.
He was also asked if the CII had objections over renaming of other institutions or roads but Sherani declined to offer any comment over the subject.
Nuclear physicist and Pakistan’s first Nobel laureate Professor Abdus Salam hailed from the country’s Ahmedi community.
Pakistan declared Ahmedis non-Muslims in 1974. In 1984, they were banned from calling themselves Muslims. They are banned from preaching and even from travelling to Saudi Arabia for pilgrimage. Their publications are prohibited.
In May 2010, suicide bombers killed 80 people at two Ahmedi places of worship.
'Sindh bill against forced conversions un-Islamic'
The council also discussed the minorities bill recently passed in Sindh, which criminalises forced conversions and bars conversion of minors.
Sherani said the law is "illegal, unconstitutional and un-Islamic". The council further declared that the legislation was against basic human rights.
“The law was not correct and it was not fair either,” Sherani said. “If anyone is forced to convert from his or her religion, then that is unfair, even if the person who has converted is a hundred years old.”
He added that the country's constitution allowed every person to adopt Islam as per their own will.
“Anybody who is sane and has decision making power has to be allowed to adopt Islam, but limiting this choice to the minimum age of 18 years is not correct,” he added.
“This law is against the spirit of Islam too and we will write to all concerned including Governor Sindh against this law,” he said.
The meeting also opposed any proposed amendment in the blasphemy law.
Sherani said the Senate Standing Committee on Human Rights had called to discuss the blasphemy law but that "disturbing the existing laws" wouldn't be right.
“Parliamentarians should instead focus on making the remaining laws Sharia compliant,” he added.
Sherani, who is also an MNA from the Jamiat-i-Ulema-i-Islam Fazl (JUI-F), is set to retire from the chairmanship of the CII on December 16, 2016 after completing two terms of three years each.
A team from France-based ATR will help probe the PK-661's Haveliyan crash of Dec 7 with a group of experts affiliated with the aircraft manufacturer expected to arrive in Pakistan in the next 24 hours, aviation sources told DawnNews.
Sources added that the French embassy has also ensured full cooperation in the investigation.
The plane's black box and audio recorder will be sent to France on Monday or Tuesday, sources told DawnNews, adding that data retrieved from the black box and recording device in France will be handed to Pakistan's Safety and Investigation Board (SIB).
Sources said data analysis will take another two to three weeks, adding that data decoded from the black box and the voice recorder will determine the direction of the investigation.
The PIA flight carrying 48 passengers and crew crashed on the way to Islamabad from Chitral on Wednesday. The Civil Aviation Authority confirmed there were no survivors from the ill-fated flight.
Popular singer-turned-preacher Junaid Jamshed also perished in the crash along with his wife.
Former Pakistan fast bowler Wasim Akram announced Saturday he will not be the bowling coach of the Kolkata Knight Riders (KKR) for the 2017 Indian Premier League (IPL) season on account of other "professional commitments and time constraints", ESPN reported.
"We will miss Wasim bhai who has been part of the KKR family for the last few years and has played a significant role in our title triumphs in 2012 and 2014," Venky Mysore, CEO and managing director of KKR, said. "We wish him the very best in all his endeavours."
Akram returned the sentiment, praising the team for its talent, camaraderie and synergy.
"I have loved the camaraderie in the KKR team and have enjoyed every opportunity to mentor [it] over the years," he said. "I am surely going to miss being part of the dressing room but I wish the team continued success."
Akram, who turned 50 in June, joined the KKR coaching staff in 2010. However, he took a break from IPL in 2013 to spend more time with his family.
Earlier, Sri Lanka Cricket Chief Thilanga Sumathipala said they invited the Pakistan Swing King to mentor local players in the next two years and visit the island at least twice a year.
“We have invited him to be with us in the next two years as our consultant in pace bowling,” said Sumathipala.
Akram is also working as the mentor for Islamabad United, the defending champion of Pakistan Super League (PSL). The next PSL season is set to start in February 2017.
Republican Donald Trump was elected the 45th President of the United States on Wednesday in a shocking defeat of Democratic candidate Hillary Clinton, AP and The Guardian reported.
Hillary Clinton called Donald Trump and conceded the race to the Republican, CNN reported.
Donald Trump upended US politics with a campaign of venom, audacity and history, and has become the oldest man at age 70 to be elected into the White House.
The billionaire businessman has inherited an anxious nation, angry and distrustful of leaders in Washington.
He will preside over an economy that is improving but still leaving many behind, and a military less extended abroad than eight years ago, but grappling with new terror threats.
Hillary Clinton declined to speak at Clinton HQ late at night as Trump gained an unassailable lead. Clinton's campaign chair urged supporters to go home. "We will speak to you tomorrow," he said.
Tough contest
The 2016 race was the most bruising in modern memory.
In a presidential campaign that focused more on the character of the candidates than on policy, Clinton, 69, a former US secretary of state, and Trump, 70, accused each other of being fundamentally unfit to lead the country.
Obama's election eight years ago as the nation's first black president had raised hopes of uniting Americans, but the current contest has only highlighted the country's divisions ─ and the fact that voters are not necessarily happy with their options.
Exit polls by ABC News and NBC News found that both Clinton and Trump were seen as untrustworthy by majorities of voters, while most found Trump's temperament unpresidential.
World markets appear uncertain on the back of the election, as Trump's surprise victory has rattled the dollar and slammed stock markets into reverse in wild Asian trading.
KARACHI: After a delay of about six years, the country’s biggest port strategically located at the eastern side of the Karachi port with a capacity of handling mother ships is set to begin test operations in the first week of next month.
As per details made available to Dawn, terminal operator South Asia Pakistan Terminals (SAPT) of the Pakistan Deep Water Container Port (PDWCP) has taken the initiative of expediting the process of completion of the port which has already suffered long delays.
Since the draft of the approach channel of the port is not as per the required depth, the operator plans to bring in smaller vessels with a loaded capacity of 4,000 to 5,000 TEUs (Twenty-Foot Equivalent Unit) against mother ships which can load between 14,000 and 18,000 TEUs.
The main objective of the test operations, a spokesman for the terminal operator said, was to remove teething problems which were normally faced in such mega projects, adding that the test runs would be judged as per the checklist and manual provided by the parent company, Hutchison Port Holdings (HPH) of Hong Kong.
He said the test operations would be simulated as per the big ship for which the port had been developed and this would provide the operator SAPT an opportunity to check flaws if any.
Work on the PDWCP started in 2007 and the port was scheduled to commence operations by the middle of 2011. The project was conceived by the Karachi Port Trust (KPT) under a landlord concept with designed draft of 18 metres and operational draft of 16 metres.
Under an agreement, the SAPT, a subsidiary of the HPH, was to complete on shore projects, including construction of terminal, deployment of equipments and manning the terminal. The KPT was to provide land for the port, develop navigational channel and aids, port basin and road connectivity. Although the KPT has completed the capital dredging of the port basin, it is lagging behind as far as provision of the required draft of the approach channel is concerned, which has become a bottleneck.
After the delay, the KPT had last week entered into an agreement with a Dutch company for capital dredging of approach channel by removing five million cubic metres of silt and sand at a contracted cost of Rs2.985 billion.
The terminal operator’s spokesman told Dawn that under phase-I of the project, the SAPT had completed construction of the terminal and brought in equipments, including five ship-to-shore gantry cranes and 15 rubber tyre gantries. The operator has also completed three building blocks for administration, customs and canteen purposes. A 28MW power house and a storage yard with a capacity of 550,000 TEUs per annum were also ready, he added.
However, the PDWCP is currently facing two major issues which cause the delay — dredging of the approach channel and the port’s connectivity for the movement of cargo in and out of the terminal.
But the most serious issue, the spokesman said, was that as per the agreement the cess of the Karachi Dock Labour Board was not to be applied on the PDWCP, but now it was being imposed at a rate of Rs1,300 per TEU.
Meanwhile, a spokesman for the KPT told Dawn that initially capital dredging of the approach channel had been awarded to the same Chinese company which had done the dredging job of the port basin.
The KPT later excluded the dredging job of the approach channel to engage its dredgers and save funds. Unfortunately, this could not be achieved as KPT’s dredgers were dry-docked for repair and maintenance due to some reason and attempts to get this job done by other dredgers also failed, he added.
LONDON (Web Desk) – Few days after hinting at his third marriage, it has been revealed on Tuesday that cricket legend-turned-politician Imran Khan has already married a woman belonging to Maneka family in a simple ceremony few days back in London
WASHINGTON: There’s no role for militancy in policy-making and non-state actors cannot be allowed to operate from the Pakistani territory, says a parliamentary delegation from Pakistan, which completed its five-day visit to the US capital on Saturday.
In a briefing to Pakistani, and later an Indian, journalists at the end of their visit, the prime minister’s special envoys on Kashmir also said that the United States was doing “positive pushing and prodding” for reducing tensions between India and Pakistan.
Senator Mushahid Hussain Syed, one of the two envoys sent to the United States to present Pakistan’s case on Kashmir, said that they would not be surprised if Indian Prime Minister Narendra Modi finally came to Islamabad to attend the Saarc summit “and embrace Prime Minister Nawaz Sharif”.
“There is no alternative for talks. And this is a message that the Americans are also sending to both India and Pakistan,” said the other envoy, MNA Shezra Mansab Ali, while explaining why she believed India and Pakistan would soon engage one another for reducing tensions.
A Pakistani media report that the civilian government sent a blunt message to the country’s military leadership last week, saying that Pakistan would be completely isolated if it did not stop cross-border militant attacks, also echoed at the briefing.
Senator Syed said that there was complete consensus on this issue in parliament, where all parties have jointly drafted a 22-point resolution, asking the government to end militancy. “There is no role for militancy in policy- making and non-state actors cannot be allowed to operate from the Pakistani territory,” he said
The militancy, particularly cross-border attacks, was an issue that the delegation had to confront at almost each of more than a dozen meetings it attended in Washington.
Since Sept 18, when militants attacked a military facility in Uri and killed at least 18 Indian soldiers, the US State Department, the White House and the Pentagon have almost daily spoken about the situation in held Kashmir and the consequent tensions between India and Pakistan.
In these statements, US officials regularly mentioned the Uri attack, calling it an act of “cross-border terrorism” and urging Pakistan to stop these attacks.
US officials and think tank experts also raised this issue with the Pakistani parliamentary delegation, reminding it of the need to end cross-border attacks if Pakistan wants its stance on Kashmir to be heard.
Uprising sidelined by Uri attack
In the US media, the Uri attack sidelined whatever sympathy the uprising in India-held Kashmir had attracted. In the initial days of the uprising, major US media outlets condemned Indian atrocities against civilians and stressed the need for resolving the Kashmir dispute. But after the attack, the coverage shifted to militancy, with some reports clearly blaming Pakistan for allowing militants to use its territory.
Pakistan faced a similar isolation at the UN General Assembly in New York last month where the prime minister forcefully raised the Kashmir issue but failed to gain as much sympathy as he would have, had there been no militant attack.
The State Department issued a statement after the prime minister’s meeting with US Secretary of State John Kerry, saying that the top US diplomat “reiterated the need for Pakistan to prevent all terrorists from using Pakistani territory as safe havens”.
UN missions of other world powers, including Britain and France, also issued similar statements.
Diplomatic sources in Washington say that the prime minister’s envoys have noticed the damage the militancy has done to Pakistan’s image in general, and to the Kashmir cause in particular, and it is likely to figure prominently in their assessment of the current mood in Washington.
At their media briefing, the two Pakistani envoys, however, said that they did notice a strong desire in Washington to help defuse the current tensions between India and Pakistan. Americans see Pakistan as an important ally and want to retain strong ties with this country, they added.
Senator Mushahid Hussain hoped that the new US administration would be different from the Obama administration, “which hopefully would have more balanced, strategic, sustained and consistent policy”.
SANAA: Saudi-led air strikes on a funeral in Sanaa on Saturday killed more than 100 people and wounded more than 500, the rebels in control of the Yemeni capital said.
Senior health ministry official Nasser al-Argaly warned that the toll from the air strike that targeted a building where mourners had gathered in southern Sanaa could rise further.
An earlier rebel toll said “dozens” were killed.
Emergency workers pulled out at least 20 charred remains and body parts from the gutted building while others scoured the wreckage in search for survivors, an AFP photographer at the scene said.
The rebel-controlled news site sabanews.net said that coalition planes hit a building in southern Sanaa where hundreds had gathered to mourn the death of the father of a prominent local official.
The Houthis did not say if the official -- rebel interior minister Jalal al-Rowaishan -- was present in the building at the time of the attack which they dubbed a “massacre” nor did they indicate if other senior figures were attending the funeral.
Rebel Almasirah television said Sanaa mayor Abdel Qader Hilal was among those killed.
People had come from all over Sanaa to attend the funeral, said Mulatif al-Mojani, who witnessed the air strikes.
“A plane fired a missile and minutes later another plane pounded the building," he told AFP.
Another witness, who declined to give his name, described the attack as “war crime”.
“This was a funeral for one man in Sanaa and now it has turned into a funeral for tens of Yemenis,” he said.
A security source, quoted by the rebel website, said a fire tore through the building after the strikes.
KARACHI: After the return of Mohammad Amir to international cricket earlier this year, Salman Butt and Mohammad Asif now seem to be completing the full cycle of redemption after being named into the gold and silver categories, respectively, for the second edition of Pakistan Super League (PSL) on Friday.
From "Bond, James Bond" to "Bahar, Pan Bahar", former 007 star Pierce Brosnan shows us "class never goes out of style" when endorsing an Indian paan masalaproduct... except it does.
We're just as horrified as you. First reaction: This is a hoax, obviously Photoshopped. Second reaction: Nooo! His face is plastered over a newspaper, it's true! Third reaction: There's a video too! OMG!
KARACHI: Pakistan’s ability to raise funds from global financial markets at a record-low rate shows investors’ optimism about Pakistan’s economic prospects, said a research report by Topline Securities.
Pakistan has raised $1 billion by issuing five-year Islamic bonds (sukuk) at 5.5 per cent. Pakistan witnessed total interest of $2.4bn from across the world. Out of total bids received, 38pc were from Europe, 27pc from North America and 6pc from Asia.
This new sukuk issue compares favourably with the previous five-year sukuk that was floated in December 2014 at the rate of 6.75pc. Furthermore, the government floated its last 10-year eurobond at 8.25pc in 2015.
Pakistan’s credit rating has remained stable or improved during the last few years. International credit rating agencies, Moody’s, Fitch and Standard & Poor’s rated Pakistan as B3 (stable), B (stable) and B- (positive), respectively, in their last ratings.
The issue of sukuk at a low rate is a strong indicator of Pakistan’s rating improvement in the future, said the report. The issue could have been at an even lower rate had the Line of Control flare-up not happened. Comparable bonds of other countries with similar ratings have been floated at about same rates.
For instance, Egypt (S&P: B-) floated its 10-year eurobond in 2015, raising $1.5bn at 5.875pc. Similarly, Kenya’s (S&P: B+) five-year and 10-year bonds worth $2bn were floated in 2014 at 5.875pc and 6.875pc, respectively.
Sri Lanka (S&P: B+) also raised during this year $1.5bn in five-year and 10-year bonds at the rate of 5.75pc and 6.825pc, respectively.
KARACHI: Moody’s Investors Service has maintained its stable outlook on Pakistan’s banking system, reflecting the rating agency’s expectation that the country’s banks will continue to benefit from a stable deposit base, high liquidity buffers and an accelerating economic growth under the International Monetary Fund (IMF) programme, which will create lending opportunities over the next 12-18 months.
“We expect the strengthening economy and the central bank’s monetary easing to provide banks with plenty of business opportunities and stimulate loan growth to around 12 per cent over the next 12-18 months,” says Elena Panayiotou, an assistant vice president at Moody’s.
The rating agency expects gross domestic product (GDP) growth to expand by 4.9 per cent in 2016-17, which would be the fastest pace since 2008, as the country completes for the first time an IMF programme and implements infrastructure projects under with the China-Pakistan Economic Corridor (CPEC).
“We expect problem loans will decline to around 10pc of total loans by the end of 2017 compared with 11.1pc at the end of June 2016. Banks, however, will remain heavily exposed to the low-rated Pakistan sovereign, linking the banks’ creditworthiness to that of the sovereign,” says Ms Panayiotou.
In terms of capital, the rating agency expects buffers will come under pressure due to weakening profitability and loan growth, reducing the banks’ ability to absorb losses. The pressure on profitability will stem from declining yields on government securities and lower interest rates, which are eroding net interest margins, while higher lending growth and lower provisioning requirements will only partially offset this pressure.
On the other hand, Moody’s expects Pakistani banks to maintain ample liquidity and continue to benefit from large volumes of low-cost and stable customer deposits. “We expect inflows of remittances from workers abroad will grow at lower pace but will remain substantial and continue to drive the growth in bank deposits and support banks’ funding bases,” says Ms Panayiotou.
Moody’s expects the sector to also maintain strong liquidity buffers, with cash and interbank placements at 9pc of total assets as of June 2016, and liquid securities, mainly in the form of government securities, at another 47pc of total assets.
WASHINGTON: The United States has assured Pakistan that it does not want to declare it a state sponsor of terrorism and desires to work with Islamabad “as cooperatively as we can” to eliminate terrorist safe havens from the South Asian region.
ISLAMABAD: The Pakistan Peoples Party (PPP) played the role of a vibrant opposition party today when it asked the government some tough question about its handling of the Kashmir issue.
On the third day of the joint session of Parliament today when a resolution was passed on Kashmir, PPP lawmakers systematically criticised what they said was the government's inability to make a strong case for Pakistan on the international stage.
"The day Prime Minister Nawaz Sharif says the name of Kulbushan Jadhav, I will donate Rs50,000 to the blind association," said Senator Aitzaz Ahsan. He was referring to PM Nawaz's UNGA speech, where he failed to mention the Indian spy caught by military officials months earlier.
PPP Senator Sherry Rehman slammed Pakistan's foreign policy, asking "Why are we not able to mount a serious, sustained, protracted defence of the federation of Pakistan?"
"Kashmir is one of the most important issues for us regarding our foreign policy... You cannot build your foreign policy through one speech," Rehman said, referring to Prime Minister Nawaz Sharif's UNGA speech.
Rehman echoed Aitzaz's address to the joint session a day earlier, during which the premier failed to mention the Indian spy caught by military officials months earlier.
Aitzaz Ahsan also had something to say about Jadhav during today's session: "The day Prime Minister Nawaz Sharif says the name of Kulbushan Jadhav, I will donate Rs50,000 to the blind association."
The Indian National Security Adviser Ajit Doval said if there was another terrorist attack in India, Pakistan would lose Balochistan, Rehman said. "Who is the NSA of India to say this?" she questioned. "How dare any Indian speak about the federation of Pakistan?"
"One-seventh of India is constantly under insurgency. That is their internal matter. Why did you not bring this matter up?" the PPP lawmaker said, addressing the prime minister who was not present at today's session.
India has made us appear responsible for terrorism before the whole world, the lawmaker lamented. "The US is already their ally. They have already started making bases there. Afghanistan is already blaming us," she continued. "You have no interests in common with the super powers," she said.
"Who is defending Pakistan? Our parliament is doing it. Our Army is fighting the largest inland war against terrorism in the world today and nobody knows about it," she said. "This is a failure of your diplomacy," she added to applause from the PPP benches.
"The military should always be the last line of defence. The first line is the foreign ministry, the foreign minister and its ambassadors.
"The military's job is to be standing there in the trenches. Do not make them do your job for you," she warned the government, "Because that's what they are being forced to do."
"They have to give speeches, they have to take positions, they have to take journalists to the Line of Control for briefings. What have you done?" she asked the government.
"You held a traditional 'All Parties Conference'. You didn't even do a DGMO briefing. What are you afraid of? What will happen? Where is a vacuum, someone always fills it," she warned.
Rehman also touched upon Indian Prime Minister Narendra Modi's decision to suspend Indus Waters Commission talks after the Uri attack.
"On the Indus Waters Treaty, India touched that which hadn't been touched in three wars. And this treaty is not a fair or just treaty with Pakistan. India has built dam upon dam.
"India has weaponised water. What answer did you give?" she asked.
Senator Rehman Malik also addressed the session, terming Indian Prime Minister Narendra Modi a "chief terrorist", held India responsible for "exporting terrorism to Pakistan".
Rehman Malik urged lawmakers not to isolate the Kashmir issue from CPEC. "What is happening right now is because of CPEC ─ certain world powers don't want it to be successful," he claimed.
Resolution on Kashmir
Adviser to the Prime Minister on Foreign Affairs Sartaj Aziz presented a resolution on Kashmir in the assembly which was unanimously endorsed by lawmakers in attendance.
The resolution highlighted Indian atrocities in Kashmir, calling for implementation of UNSC resolutions, rejected Indian accusations of Pakistani involvement in the Uri attack and condemned Indian sponsorship of subversive activity in Pakistan. It also took notice of India's efforts to isolate Pakistan diplomatically.
Senator Taj Haider addressing parliament earlier had said, "We should not move back even one millimetre from our point of view."
He added, "We have to voice very clearly that plebiscite in Kashmir is the only solution. We have to find a method to hold free and fair plebiscite without any pressure on Kashmir."
The senator raised concerns of smaller provinces over the CPEC, echoing the stance PPP Senator Aitzaz Ahsan took during yesterday's joint session.
Fata MNA Dr G.G. Jamal pointed out that a large number of the armed forces were deployed to the western border for Operation Zarb-i-Azb.
"The world should know that India, indirectly, does not want Zarb-i-Azb to finish. Indirectly, they don't want terrorism to end, they are helping it," he claimed.
Jamal said that India is diverting the world's attention towards war so that state terrorism in Kashmir is forgotten.
Senator Kamil Ali Agha, during the session said: "We have to see that the UN resolutions are in place, the Kashmiris are sacrificing so where are we lacking? Why is the world not paying attention?”
Agha also raised questions about CPEC. "Why has Gilgit-Baltistan been left out of CPEC?" and asserted that GB carries the potential to generate electricity.
"The corridor cannot be completed without investment in Gilgit-Baltistan," he maintained.
During yesterday's session, PPP and PML-N lawmakers clashed over Panamagate and allegations of corruption in the house just days after political leaders announced they were united on the Kashmir issue following an 'All Parties Conference'.
The upper and lower houses together also unanimously approved the anti-honour killing and anti-rape bills during Thursday's session.
ISLAMABAD: All communication channels between the Indian and Pakistani militaries remain open in wake of tensions that have gripped the South Asian nations over the disputed Kashmir region, Director General Inter-Services Public Relations (ISPR) Asim Bajwa has said.
Stressing the need for resolving issues through dialogue, Bajwa confirmed that the Director Generals of the Military Operations (DGMOs) from both sides have communicated after escalation in cross-border firing at the Line of Control (LoC).
"All communication channels including the hotline between the two militaries are open," he told Xinhua news agency in an exclusive interview.
He said Pakistan wants peaceful neighbourly relations with all countries in the region "and that is the policy of the state of Pakistan and that is the policy of the political government and every element of power in the country follows the same policy".
Bajwa reiterated that India violated the ceasefire along the LoC on Sept 29 and later claimed to have conducted "surgical strikes" inside Pakistan.
"We did check everything on ground and we found the claim was absolutely false."
Ties between Pakistan and India worsened after an attack on an Indian military camp in Uri inside India-held Kashmir on Sept 18, where around 20 Indian soldiers were killed.
India alleged that Pakistan-backed terrorists were involved in the attack and initially claimed that weapons recovered from them bore Pakistani markings. However, this assertion was debunked by the Indian media itself, forcing the Indian DGMO to retract the claim.
Since then, exchange of fire has taken place along the LoC on an almost daily basis. The escalation continued when India claimed it carried out "surgical strikes" across the control line on Sept 29,claims Pakistan rubbished as being baseless.
India last month pulled out of the South Asian Association for Regional Cooperation (Saarc) summit scheduled to be held in November in Islamabad. Several other Saarc members followed suit, leading to the postponement of the summit.
To prove its claims of conducting a 'surgical strike' across the Line of Control, the Indian army on Wednesday gave a go-ahead to its government to release the video footage of the operation
LAHORE: Around 700 small, medium and large scale Chinese companies are currently working in Pakistan investing in various sectors, including the China-Pakistan Economic Corridor (CPEC), and the number is likely to grow in the future.
Chinese companies are interested in investing in sectors such as electronics, automotive, education exchange programmes, insurance, agriculture, textiles, shoe manufacturing, chemicals, battery recycling plant and real estate.
“We are also expecting to introduce the first Chinese commercial vehicle to Pakistani market by the end of next year,” said newly elected Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) President Wang Zihai here on Tuesday.
He told reporters at the PCJCCI office that textile millers of Shandong province were in talks with their Pakistani counterparts for re-positioning of the textile industry in Pakistan.
The All Pakistan Textile Mills Association and Punjab Board of Investment and Trade have also expressed willingness for such joint ventures that would help local textile millers upgrade their outdated technology.
Zihai said $46 billion investment deal under the CPEC was not the end for Pakistan, as fresh investments and joint ventures between business groups of Pakistan and other nations under the corridor could push the investment figure to $100 billion.
To a question about major inflow of Chinese investment in Punjab under the CPEC or business-to-business groups, Zihai argued that Punjab was a big market with over 100 million people and its infrastructure and inter-city connectivity was much better than in other provinces.
Replying to a question about balance of trade, which was inclined towards China than Pakistan, he said majority of Pakistani businessmen did not realise what was being provided to them under the Free Trade Agreement.
He said China offered zero to 5pc tariff rates for Pakistani products, which were much lenient, adding that Pakistan needed to overcome smuggling and under-invoicing to improve balance of trade.
Earlier, the second Annual General Meeting of PCJCCI was held at its office which elected Wang Zihai, chairman of all Chinese companies working in Pakistan, as the unopposed president; Ahmed Faheem Khan as senior vice president; and Moazzam Ali vice president besides executive committee members.
NEW DELHI: Days after Bollywood superstar Salman Khan opposed ban on Pakistani artists, veteran actor Om Puri lent his support in favour of Pakistani actors, saying the ban on them will not change the situation, Indian media reported.
In a TV talk show, Om Puri said, Pakistani actors are not working illegally in India. If they are sent back, Indian producers, who have signed them for their films, will suffer heavy losses.
He said art and politics should be kept separate and banning the artistes will not change the situation.
During a live debate Om Puri said something which did not go down well with the audience and even his friends from the industry.
During the show, Puri blasted at the anchor while talking about Indian soldiers. He said, “Who had asked the soldiers to join the army? Who told them to pick the weapons?”
The veteran actor called for peace between India and Pakistan saying, "Do you want India-Pakistan enmity to turn like Israel and Palestine, and fight for ages?
Several Indians have their relatives staying across the border and vice-versa, how can they fight a war with their cross-border families, he said.
Om Puri’s remarks came days after superstar Salman Khan opposed the ban too, by saying “Pakistani actors are not terrorists”.
Following his remarks about Indian soldiers, a police complaint has been filed against veteran actor. The complaint was lodged at Andheri Police Station in Mumbai, the media reported.
Om Puri visited Pakistan in August to promote the Pakistani film 'Actor in Law"' in which he plays a key role.
Besides many several social media users, filmmaker Ashoke Pandit and veteran actor Anupam Kher came out against Om Puri and slammed him over his remarks.
KARACHI: The country’s cotton output has dropped by 14 per cent year-on-year to 2.635 million bales this season from 3.076m bales produced in the same period last year.
Punjab, which accounts for 80pc of the country’s total cotton output, has produced 788,000 bales so far, which is 41pc lower than 1.331m bales a year ago, according to the first phutti (seed cotton) arrivals report of the current season (2016-17) showing production figures of up to Sept 30.
In contrast, Sindh’s cotton output has risen 6.6pc to 1.856m bales from 1.741m bales in the comparable period of the last season.
Pakistan’s cotton production faced a drastic fall of 28pc in the previous season, too, mainly because of steep decline in Punjab output.
Spinners have so far purchased around 1.981m bales and private exporters have lifted 67,391 bales during the current season. Ginners have unsold stocks of 596,622 bales.
Karachi Cotton Brokers Forum Chairman Naseem Usman told Dawn that due to late arrivals of phutti in Punjab, 640 ginneries are operating across the country at present compared to 753 a year earlier.
He feared hot weather may damage the standing crop in cotton-growing areas of Sindh and Punjab.
“There are strong indications of the presence of white fly and pink bollworm in cotton plants in both the provinces,” he said, and urged the plant protection department to take appropriate measures to avoid a repeat of last year’s cotton crop debacle.
ISLAMABAD: The Asian Development Bank (ADB) has expressed serious concern over Pakistan’s slow progress in implementation of energy sector projects and their loan utilisation.
This is the outcome of $6.4 billion annual portfolio review by the Manila-based multilateral lending agency. Of the annual portfolio, about $3.1bn financing was meant for the energy sector projects, of which 43 per cent related to five multi-tranche financing facilities (MFF) and 29pc related to Jamshoro Power Project.
“Except for the MFF in the ANR (agriculture, natural resources and rural development) sector, more than half of the MFF amount remains uncommitted. A substantial under-utilisation is in the transport and energy sectors,” the ADB said in its “Country Portfolio Review: Pakistan 2016”.
At present, the energy sector is the biggest sector representing about 48.2pc of the ADB’s active portfolio. As a result of the assessment, the lending agency has asked the government to obtain approval of the project details by the Executive Committee of the National Economic Council before the submission of project documents to ADB’s management for approval to minimise the delays.
The ADB observed that “the time taken to award the first contract after loan approval is more than 13.1 months on an average; the last five years average shows that signing of first contract after approval took more than a year”. It also included projects where these contracts were signed prior to loan approval.
“The energy and ANR projects took relatively longer time to complete their first procurement; average time consumed is 18.1 months and 16.8 months respectively,” the ADB said, adding that on an average 18.5 months were passed in three loans where no contract was signed by Dec 31, 2015 since approval.
The ADB also highlighted key reasons for the delayed procurement. These were related to unavailability of design, weak procurement capacities of implementation agencies, litigation, delay in establishment of project monitory units and project administration challenges. As a result, the contract awards projection provided in the procurement plan could not be achieved.
For example, a project loan for the power sector was approved in December 2015 by the ADB but this approval could not become effective in the absence of approval of PC-1 (project documents by the Planning Commission).
“It is unfortunate that even though the project is procurement ready, no activity could be started due to issues relating to delayed PC-1 approval. Resultantly, the implementation of the project has been delayed for almost a year,” it noted.
The ADB highlighted weak performance of contractors and executing agency in contract management. This led to subsequent extensions in sub-projects completion dates resulting in project extension, incomplete works at loan closure and slippages in completion schedule to critical path against the loan closing date.
It also pointed out institutional arrangements bottlenecks as key problem. This included lack of ownership, decision making and frequent staff changes at the project monitoring unit, weak project management structure, multiple units and tiers in national transmission and despatch company resulting in impeding efficiency in project management and oversight by National Transmission Despatch Company.
On top of that there was ambiguity in roles and delegation of authority for implementation and delays in taking major decisions at the highest level. The projects also suffered because of procurement challenges because of court cases and specifications, mis-procurement and major re-biddings.
It said there was delay in mobilisation of consultants for preparation of next tranche and utilisation of loan amounts, delays in establishment of project management and allied actions while under-performance of implementation support consultants caused procurement delay and complaints on safeguards compliance.
Many projects also suffered due to a lack of understanding of ADB’s procurement guidelines and stipulations of projects and loan agreements on procurement which were challenged when found contrary to the government laws and regulations and absence of a fully functional internal approval mechanism leading to procurement processes inefficiency.
It said the ADB and government need to take certain measures to achieve full readiness for pipeline projects. At the upstream level, the government should create an enabling regulatory and legal environment without ambiguities, widespread dissemination of a project approval as well as key decisions on use of a particular procurement guidelines amongst key stakeholders and identify procurement risks on the onset while undertaking procurement capacity.
At the downstream level, executing agencies should formulate and implement a comprehensive procurement strategy, which should include enhanced and informed understanding of ADB procurement guidelines and refining of procurement skills.
ISLAMABAD: Prime Minister Nawaz Sharif chaired two meetings of top civil and military leadership on the National Action Plan (NAP) and national security on Tuesday, with a special focus on the situation along the Line of Control (LoC) and held Kashmir.
'Pakistan believes in peace and collective betterment'
Prime Minister Nawaz Sharif addressing a National Security Committee meeting focusing on the internal and external security of the country said, "Pakistan does not cherish aggressive designs against any country or nation. We believe in peace and collective betterment."
"However, our quest for peace must not be mistaken as a sign of weakness. Our armed forces are fully capable of thwarting any kind of threat to our sovereignty and territorial integrity," he said.
The meeting reviewed the situation along the Line of Control (LoC) and the operational preparedness of the armed forces, a PM Office statement said.
"Pakistan cannot be cowed down with hollow rhetoric and aggressive posturing," the meeting resolved, adding that the nation stands shoulder-to-shoulder with its armed forces to ensure defence of the country at any cost.
Participants of the meeting noted that escalation of tensions along the LoC and the eastern border will shift Pakistan's focus away from its counter-terrorism efforts at a critical juncture and would be detrimental to gains made in the war against terror on home soil.
The forum said that India should resolve the Kashmir issue for enduring regional peace instead of making 'futile efforts' to divert the world's attention through 'propaganda' and 'false claims' of surgical strikes, the statement said.
The meeting's participants called on India to halt atrocities in India-held Kashmir (IHK).
PM Nawaz said that the people of IHK are struggling for their inalienable right to self-determination guaranteed by United Nations Security Council resolutions, which cannot be suppressed through brutal oppression by Indian security forces.
"It is imperative that the UN and other countries fulfil their longstanding commitment to the innocent and defenceless people of Indian Occupied Kashmir," the prime minister said.
"Pakistan and Kashmir are inseparable. We will continue to extend our moral, political and diplomatic support to Kashmiri people at every forum," the premier reiterated.
'Need improved use of intelligence input'
National Security Adviser (NSA) retired Lt Gen Nasser Janjua briefed participants of a meeting on the implementation status of NAP earlier in the day in which each item of the anti-terrorism plan was discussed separately, a statement released after the meeting said.
It was agreed that there is a need to further improve collection, collation, analysis and use of intelligence input to defeat 'enemy designs'.
Participants of the meeting agreed that collective efforts at the national level and specific efforts at a provincial level were required to consolidate the gains made so far in NAP and move further in areas where progress had been unsatisfactory. The NSA stressed the crucial role of provincial governments in the implementation of NAP.
The meeting also agreed on a future course of action in terms of milestones and timelines for different components of NAP.
The secretary to the prime minister made a presentation on certain aspects of reform in the criminal justice system during the meeting. Proposals for reform in laws dealing with investigation, prosecution and judicial apparatus dealing with terrorism cases were presented to participants to evolve consensus on a future course of action.
Addressing the meeting, Prime Minister Nawaz Sharif claimed there had been a significant improvement in security in Pakistan. "We are fighting a war on terrorism and our fight against violent extremism as a national policy imperative," he said.
"The nation expects us to rid the society of these evils for all times and we will not fail them under any circumstances," the premier said.
Today's meetings come a day after political leaders during an 'All Parties Conference' resolved to raise the Kashmir issue at various international fora and said they stood united against Indian 'aggression' and violation of human rights in India-held Kashmir (IHK).
Tensions have simmered between Pakistan and India since an Indian crackdown on dissent in IHK following the killing by Indian forces of Burhan Wani, a separatist leader, in July.
Pakistan has strongly condemned Indian atrocities against the people of IHK. The use of pellet guns by Indian troops in the region have blinded over 700 Kashmiris, while more than 100 people have been killed.
Those attending today's meetings included all provincial chief ministers, along with Finance Minister Ishaq Dar, Interior Minister Chaudhry Nisar, Information Minister Pervaiz Rashid, Special Assistant to the Prime Minister on Foreign Affairs Tariq Fatemi, Foreign Secretary Aizaz Chaudhry, Chief of Army Staff Gen Raheel Sharif, Lt Gen (r) Nasser Janjua, Director General Inter Services Intelligence Lt Gen Rizwan Akhtar, Direction General Intelligence Bureau Aftab Sultan, Director General Military Operations Maj Gen Sahir Shamshad Mirza, Director General of Military Intelligence Maj Gen Nadeem Zaki Manj, Director General Counter Terrorism Maj Gen Tariq Qaddus.
As India and Pakistan hit full throttle on the banning spree, India's Central Board of Film Certification chief Pahlaj Nihalani explains why the ban on Pakistani artistes is unjustifiable.
After the Indian Motion Picture Producers' Association (IMPPA) passed a resolution banning Pakistani talent from working in India, Nihalani reportedly said, “To give a visa to any Pakistani is the sole decision of the government, and we as producers and actors, are saying they are not terrorists and that art and culture should never come in between."
Supporting Karan Johar and Shah Rukh Khan on their decision to work with Pakistani actors, he reasoned that the two had brought Fawad Khan and Mahira Khan on board their films while relations between both countries were good and to ban Ae Dil Hai Mushkil and Raees at this point would be unjustifiable.
He added, "These artistes who have worked in these films should not be asked to leave. They have every right to work here."
Increasing economic cooperation with China under the China Pakistan Economic Corridor could help boost growth of small and medium enterprises through joint ventures between businessmen of the two countries, and modernise existing SMEs through a transfer of technology.
Small and Medium Enterprise Development Authority (Smeda) officials believe that the development of the proposed industrial zones along the trade route will offer massive opportunities for investment. Both domestic and Chinese businessmen involved in joint small to medium sized ancillary businesses are expected to emerge after the completion of the corridor project.
A Chinese business delegation recently toured Lahore and met with Smeda officials for exploring the potential for joint ventures in SME-dominant sectors in Pakistan. The delegation comprised of entrepreneurs dealing in international logistics, building materials, high-end clothing production, supply-chain process, furniture, steel structure and the export-import business.
“Without developing the SME sector we cannot have equitable and inclusive economic growth. It is time that we took advantage of the opportunity being offered by CPEC for the development and modernisation of this sector”
“There is a wide scope for joint ventures between Pakistani and Chinese SMEs, especially in the fields of logistics, trucking, warehousing, fisheries, horticulture, minerals, food processing, construction, dairy and livestock, ICT and allied service, light engineering, apparel, and cold storage and supply chain business, etc.
“The corridor offers enormous opportunities for industry-led economic growth in Pakistan if we are able to take advantage of the emerging opportunities,” a senior Smeda official said.
“The cooperation between the two nations will also ensure a transfer of technology that shall help the country’s small to medium entrepreneurs modernise their existing technology to what is required for value addition.”
A manufacturer of surgical instruments from Sialkot believed that China could support the production-based structural transformation of Pakistan’s small and medium industry. “We must try and seek modern technology for the value addition of our products through joint ventures and technical cooperation with our Chinese counterparts.”
Smeda officials argue that Islamabad must develop an effective strategy to attract Chinese investment in joint ventures in the manufacturing industry, especially in the SME sector. “The focus of the strategy should be on creating partnerships and enhancing cooperation in order to develop joint ventures, rather than on competition between the entrepreneurs of the two countries,” the official insisted.
By establishing enterprises, contracting projects and technology transfer, China can support Pakistan in developing its comparatively advantageous industries in the mining, agriculture and manufacturing sectors, he further said.
Smeda has already prepared a long list of potential industrial cooperation projects in the SME sector for the government to formulate a policy on in order to attract Chinese investment. These projects can be initiated at the early harvest stage of the CPEC as “Pakistan’s regional endowments and existing clusters offer immense potential opportunities for Chinese businessmen.”
Government agencies estimate that SMEs constitute around 90pc of the 3.2m private enterprises in the industrial, services and trade sectors in the country, and employ around 70pc of the non-agriculture labour force. These enterprises also contribute over 30pc to GDP and 25pc to the country’s total export earnings. Their share in value-added manufacturing is estimated at 35pc.
In view of the critical importance of SMEs in low-cost job creation and poverty reduction, successive governments have tried in the past to focus on their development, but the sector remains uncompetitive in world markets owing to structural weakness, obsolete technology, lack of access to credit and marketing and management skills, unfriendly business and regulatory environment, and other factors, despite various initiatives both at the federal and provincial levels.
Smeda had formulated the first SME development policy in 2007 to address the issues facing small to medium sized enterprises to enable them to maximise their potential; but its implementation remained weak.
“A large number of our small and medium sized entrepreneurs involved in the manufacturing and production of surgical instruments, sports goods, leather products and apparel, textiles, etc, have long been a part of the global supply chain. But they have neither been able to go into value addition and grow big, nor develop their own brands because of a lack of government support.
Consequently, they continue to work for global brands and their products fetch a very low price in the international market compared with the same products exported by India and other regional countries,” a Surgical instruments manufacturer contended.
A recent conference on SMEs in Karachi called upon the government for preferential treatment and incentives to aid faster development in the SME sector. “Tariff protection, professional training and a technological support-base should be provided to raise the competitiveness of SMEs. Low value-addition and an undocumented economy are also big challenges,” it said in its recommendations for the development of the sector.
“Without developing the SME sector we cannot have equitable and inclusive economic growth. It is time that we took advantage of the opportunity being offered by CPEC for the development and modernisation of this sector,” the Smeda official concluded.
KARACHI: Pakistan Stock Exchange (PSX) has received interest from international companies including the Shanghai Stock Exchange to buy a stake, the head of the index said on Monday.
The index has been searching for a strategic investor and in July invited companies to show interest in buying a stake of up to 40 per cent.
The PSX index is a merger of the Karachi, Lahore and Islamabad stock exchanges and was inaugurated earlier this year.
The integration was expected to help reduce market fragmentation and create a strong case for attracting strategic partnerships necessary for providing technological expertise and assistance.
ISLAMABAD: The amount of airtime for Indian content in Pakistan will mimic the format India has adopted for the airing of Pakistani content, the Pakistan Electronic Media Regulatory Authority (PEMRA) announced Monday.
In the body’s 119th session in the federal capital, it was decided that Pemra will only allow airtime to Indian content if India allows airtime to Pakistani content.
A summary in this regard has been sent to the federal government, Pemra said, adding that the government has also been requested to make airing of the Indian content conditional with that of Pakistan’s content being aired in India.
Pemra said in the light of the recommendations it has sent to the government, policies made during the General (retd) Pervez Musharraf regime will have no legal standing, which will “benefit the Pakistan industry grow”.
The policies made during the Musharraf regime were put into effect by the then Prime Minister Shaukat Aziz so only federal government has the powers to revoke them, Pemra said.
It further said that from October 15, the body will take action against airing of all unauthorised content and TV channels in the country.
Last month, Pemra said it would launch a crackdown on the illegal Indian DTH and airing of excessive foreign content by TV channels and cable operators.
“Around three million Indian DTH decoders are being sold in the country. We not only want this sale stopped but will also ask the relevant agencies to trace the money trail to determine the mode of payments made to Indian dealers selling these decoders to Pakistanis,” Pemra chairman Absar Alam had said.
All stakeholders, including cable operators and the Pakistan Broadcasters Association, had been forewarned that steps would be initiated in near future against the airing of excessive foreign content, he said.
NEW DELHI: Indian police have arrested six people inspired by the militant Islamic State (IS) group suspected of plotting attacks on key figures and public places during the Hindu festival of Diwali, the national counter-terrorism agency said on Monday.
IS has struggled to win over many recruits in India, which is home to the world's third-largest Muslim population.
But over the past year or so, the National Investigation Agency (NIA) has found small groups of people in the southern states of Kerala and Tamil Nadu who have either travelled to Syria to join the militant group or planned attacks inside India.
On Sunday, the NIA picked up six men while they were in a meeting in a hilltop shrine in Kerala and said they were gathering explosives and other material to mount attacks in southern India during Diwali later this month.
“During the searches, incriminating material including electronic devices have been seized from their possession and search of their premises,” the agency said in a statement, calling them members of an “IS-inspired terror module”.
The men were between the ages of 24 and 30, an official at the agency said. Reuters was not in a position to independently confirm the police claims.
Earlier this year, investigators said 12 men, six women and three children went missing from Kerala and were later believed to have joined IS.
ISLAMABAD: The amount of airtime for Indian content in Pakistan will mimic the format India has adopted for the airing of Pakistani content,...
