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.
ISLAMABAD: The amount of airtime for Indian content in Pakistan will mimic the format India has adopted for the airing of Pakistani content,...
