Tag: politics latest

  • Textile industry marks record growth after 10 years

    Textile industry marks record growth after 10 years

    The textile industry in Pakistan has achieved a record increase of 26% growth in quantitative terms after 10 years, according to a statement issued by All Pakistan Textile Mills Association (APTMA).

    APTMA states that the growth did not directly reflect in dollar amounts due to a substantial worldwide decrease in textile prices, however, if this growth in quantity had not been achieved the exports would have been less than $ 8.5 billion as the international prices have now recovered.

    Further records reveal that the profits of companies were over 5% and that the companies have posted a turnover of $ 16 billion out of which $ 13.3 billion was exported and $ 2.8 billion were sold in the domestic market.

    The industry has contributed a total of Rs40 billion to the exchequer through income tax as well as various other indirect taxes and levies of over Rs 35 billion.

    As a result of the profits posted, the industry has strong balance sheets and an equity fund of $ 1 billion earned directly from the international market. These funds can be leveraged to invest at least $ 4 billion in the next year alone.

  • Nawaz’s assets jumped from Rs2.7 million to Rs1.8 billion in 20 years of politics: report

    Nawaz’s assets jumped from Rs2.7 million to Rs1.8 billion in 20 years of politics: report

    Ousted prime minister (PM) Nawaz Sharif’s assets jumped from Rs2.7 million to Rs1.82 billion in twenty years of his political career from 1993 to 2013, media reports have revealed.

    As per the details, Nawaz owned assets worth Rs 261.6 million in 2012, but that saw a six-fold increase and reached Rs 1.82 billion in 2013 — the first year of his third stint as the country’s chief executive, making him a declared billionaire for the first time.

    His assets in 2014 crossed the Rs2 billion-mark, but in 2015 declined slightly to Rs1.96 billion. Earlier in 2011, he owned assets worth Rs166m.

    According to the statements of assets of lawmakers, released by the Election Commission of Pakistan (ECP) in 2017, the value of his assets further declined to Rs1.72 billion in the year that ended on June 30, 2016.

    The former premier, however, only owned assets worth Rs2.7 million by the year 1993, media reports said.

    Citing the details submitted to the National Accountability Bureau (NAB) by the Federal Board of Revenue (FBR) in the assets beyond known sources of income and money laundering cases against the Sharif family, a private media outlet claimed that Nawaz’s total assets in 1986 stood at a bit over Rs0.13 million.

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    The assets kept on increasing over the years, the report said, adding that Nawaz’s assets rose by only Rs23,319 in 1986. “According to FBR records, the same swelled by Rs98,588 in 1987.”

    These assets also included those owned by his children, the report claimed.

  • Azadi March: PML-N asks PTI govt to provide container, tents and biryani

    Azadi March: PML-N asks PTI govt to provide container, tents and biryani

    A lawmaker of the Pakistan Muslim League-Nawaz (PML-N) has submitted in the Punjab Assembly a resolution demanding a container, tents and biryani from the government for Jamiat Ulema-e-Islam-Fazl’s (JUI-F) forthcoming Azadi Marchi.

    “Prime Minister (PM) Imran Khan had promised giving opposition parties a container, tents and biryani for their sit-in after his election as the country’s chief executive,” PML-N’s Uzma Bukhari stated in the resolution submitted to the secretariat of the provincial house.

    Speaking to journalists earlier this year, the premier had said if the opposition wanted to stage a protest, his government was “ready to provide them a container at D-Chowk”.

    “We [the now ruling Pakistan Tehreek-e-Insaf] staged a sit-in for 126 days, let’s see for how many days can the opposition protest,” he had said, challenging his rivals to launch a movement.

    The resolution in the Punjab Assembly comes after JUI-F chief Maulana Fazlur Rehman’s announcement to set out on a long march against the government on October 31, which will culminate in the capital, where the party also plans to hold a sit-in.

    With Fazl repeatedly reminding the government of its promise to provide the protesters with said facilities, the resolution by the PML-N leader has also demanded the same.

  • World Bank to give $10 million to help solve Karachi’s waste problem

    World Bank to give $10 million to help solve Karachi’s waste problem

    The World Bank (WB), on the recommendation of Sindh Chief Minister (CM) Murad Ali Shah, has allocated $10 million to help solve Karachi’s garbage problem through the Sindh Solid Waste Management Authority (SSWMA), Profit reported.

    According to the details, the allocated amount will be used for capacity building, technical expertise and construction of a new landfill site for the SSWMA.

    CM Murad held a meeting with an eight-member WB delegation on Wednesday, where he said, “It is a new organisation and would definitely take time to achieve expertise, but even then there is a dire need to operate in a scientific manner and make it a leading SWM organisation in the country.”

    At this, WB Global Director Dr Dameh said that in Karachi Neighbourhood Improvement Programme (KNIP) there was a provision for solid waste management and agreed to help in solving the city’s waste problem.

    The provincial chief executive also said that he was keen to develop a most modern and environment-friendly landfill site on the outskirts of the city.

    “This landfill site must be equipped with all the necessary machinery, gadgets, equipment and technical staff and useful for power generation,” he added.

    Moreover, on the request of the CM, the World Bank agreed to construct a landfill site over an area of 500 acres in the outskirts of the city for which the government would provide land.

  • Breakthrough expected on Kashmir during PM Khan’s Saudi visit: report

    Breakthrough expected on Kashmir during PM Khan’s Saudi visit: report

    A breakthrough on Kashmir is expected during Prime Minister Imran Khan’s visit to Saudi Arabia.

    According to Geo News, the major development will happen during PM Khan’s meeting with Saudi Crown Prince Mohammad Bin Salman.

    As per a Foreign Office schedule, PM Khan is expected to leave for Saudi Arabia on October 29 on a two-day official visit to attend Future Investment Initiative Conference on the invitation of King Salman. Indian Prime Minister Narendra Modi will also be attending the conference which will take place in Riyadh.

    PM Khan has been vocally raising the matter of Kashmir ever since the Modi-led government revoked the special status granted to Indian occupied Kashmir on August 5. He also highlighted Indian atrocities in the occupied territory while addressing the United Nations General Assembly session in September.

    Meanwhile, PM Imran is also expected to visit Iran this month to mediate between Riyadh and Tehran.

  • PM Khan declared ‘Man of the Year’

    PM Khan declared ‘Man of the Year’

    Prime Minister Imran Khan’s popularity keeps on rising.

    Jordan’s Royal Islamic Strategic Studies Center has named PM Khan as its ‘Man of the Year’ in its recent list of the most persuasive Muslims in the world.

    According to Arab News, the center is an autonomous research entity with the Royal Aal Al-Bayt Institute for Islamic Thought in Jordan.

    At the same time, PM Imran Khan has also become the sixth most popular world leader on Twitter, boasting 10.5 million followers.

    “If The Muslim 500 was in print back in 1992 and I was the Chief Editor then, I would have nominated Imran Khan as our Muslim Man of the Year because of his brilliant performance in cricket, which culminated in Pakistan winning the 1992 Cricket World Cup — a sport I have always admired for its combination of elegance and intense competitive play,” said Professor S Abdallah Schleifer, a Professor Emeritus of Journalism in the American University in Cairo, who chose Imran Khan as winner of the title.

    Schleifer was quick to add that Khan’s role in cricket was not the only criteria for him being bestowed with the title. He was also impressed with Khan launching a successful fund-raising campaign to establish Shaukat Khanum Memorial Cancer Hospital & Research Centre, which is devoted to both the care of cancer victims and its research.

    “This was his magnificent response to the loss of his mother to cancer in 1985 and given Khan’s extraordinary popularity with Pakistanis both at home as well as among the large number of Pakistani expats – along with his own, no doubt, generous personal contribution — he raised sufficient funds so that by 1994, the Shaukat Khanum Memorial Cancer Hospital opened its doors in Lahore whereby 75 percent of its patients receive free-care,” he added.

    However, it was PM Khan’s desire for peace with neighboring India which earned him the title, Schleifer said.

    Khan assumed the office of Prime Minister of Pakistan last year after devoting 22 years of his life to building an opposition political party that was committed to reform and confronting Pakistan’s civilian political establishment over the issue of embedded corruption and mismanagement, the report said.

    This and his other accomplishments, professor Schleifer says, are detailed in the biography that accompanies his ranking (Number 16) in the latest edition of The Muslim 500.

    “But what is particularly to his credit is that upon taking office in August 2018, Khan made it quite clear that one of his top priorities was to work for lasting peace with India,” Schleifer said.

  • Abhinandan leads MiG-21 formation on Indian Air Force’s 87th birthday

    Abhinandan leads MiG-21 formation on Indian Air Force’s 87th birthday

    Wing Commander Abhinandan Varthaman, who was captured by Pakistan after an aerial dogfight led a formation of the MiG-21 Bison as the Indian Air Force (IAF) put up a show on its 87th birthday on Tuesday.

    According to the details, three Mirage 2000 aircraft and two Su-30MKI fighter aircraft flew in ‘Avenger formation’.

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    Responding to IAF’s violation of Pakistani airspace on February 26, PAF had hit back by sending fighters to strike Indian targets the following day.

    In the pursuit, a PAF fighter jet had downed at least one Indian MiG-21 aircraft and captured Abhinandan, who had ejected and landed within Pakistani territory.

    He was later handed over to India by Pakistani authorities as a goodwill gesture within 60 hours of the standoff.

  • British journalist claims Shehbaz Sharif still hasn’t filed a lawsuit

    British journalist claims Shehbaz Sharif still hasn’t filed a lawsuit

    British journalist, David Rose of Daily Mail, has once again denied receiving any lawsuit from former Punjab chief minister and Leader of the Opposition in the National Assembly Shehbaz Sharif against his story exposing alleged theft of earthquake relief funds.

    “Hello Pakistani friends. A lot of you have been asking if Shehbaz Sharif has commenced a lawsuit against me and my newspaper yet. He hasn’t [sic],” he tweeted.

    Resharing his July 14’s story, the journalist wrote, “Sources tell me that investigation by NAB [National Accountability Bureau] and the Asset Recovery Unit into allegations against Shahbaz Sharif have continued with some vigour since my article was published. This may explain why he hasn’t filed a lawsuit: they have been keeping him busy.”

    Shehbaz had earlier claimed having served a legal notice to the newspaper on July 26, alleging it was a “politically motived” report. He had also shared a copy of the legal notice on Twitter.

    The tweets had come after a series of indirect spats between Shehbaz and Rose over Twitter following the latter’s news story according to which British authorities had decided to initiate a probe into the funds worth millions of Pounds that were sent to the Shehbaz-led Punjab government as aid for quake victims.

    The Daily Mail UK report claimed that the paper was given exclusive access to some of the results of a high-level probe ordered by the government of Pakistan and it was also able to interview key witnesses held on remand.

    One of the witnesses had claimed that he laundered millions on behalf of Shehbaz’s family from a nondescript office in Birmingham without attracting suspicion from Britain’s financial regulators.

    The paper had also alleged that Shehbaz and his family were embezzling tens of millions of pounds of public money and laundering it in Britain.

  • Pakistan owes China more money than it owes the IMF

    Pakistan owes China more money than it owes the IMF

    Pakistan needs to repay China more than double the amount it owes the International Monetary Fund (IMF) in the next three years, Al Jazeera reported.

    According to the details, the country owes $6.7 billion in commercial loans to China over the three years through June 2022, according to the IMF, which this year approved a new program to bail out Pakistan from an economic crisis.

    On the other hand, the country needs to pay the multilateral lender $2.8 billion in the same period.

    “The borrowing picked up after the Belt and Road started,” said Hafiz Faizan Ahmed, head of research at Karachi-based Optimus Capital Management Pvt.

    He added, “A bulk of the Chinese lending happened about two years ago when dollar reserves were dwindling, so the government kept borrowing and borrowing.”

    Pakistan, one of the biggest beneficiaries of China’s Belt and Road Initiative, has been borrowing from Beijing to tide over a financial crisis.

    Still, the money was not enough to completely bridge the financing gap and pushed the country to knock at the IMF’s doors.

  • PTI leader resigns after Jahangir Tareen forced him to change party’s constitution

    Pakistan Tehreek-i-Insaf (PTI) Central Additional Secretary-General Abu Hassan Ansari has resigned after developing differences with former secretary-general Jahangir Tareen over the party’s constitution, Dawn has reported.

    As per reports, Hassan is the author of the PTI party constitution 2019. He was being forced by Tareen, who holds no official position in the party, to alter the constitution as per his recommendations. The two also had arguments in the past during several party meetings.

    Reports further reveal that Hassan believes that Tareen has taken over the party. “Although Tareen has spent his money for the party, we all spent our time and money for the PTI,” he was quoted as saying.

    Hassan
    submitted his resignation to PTI Chief Organiser Saifullah Niazi,  However, no decision has been taken on the
    resignation as Prime Minister Imran Khan has told the party’s members that he
    will take up the matter after his return from China.