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KSE-100 surges 1,800 points after Panamagate case verdict

The benchmark KSE-100 index has reacted positively to the Panama case verdict, with the index surging more than 1,869 points in the moments following the verdict. Volumes surged as 126 million shares worth Rs12.46 billion were traded. However, the benchmark index could not maintain the full momentum and adjusted to a gain of approximately 1,000 points in the hour after the verdict was announced. The Panama Papers scandal had taken a toll on the stock exchange in recent weeks, with the market mostly hovering between 47,000 and 49,000 points. Yesterday’s trading session had seen the greatest single day volatility when the benchmark index made an enormous swing of 1,668 points between the intra-day high and low.

April 20, 2017 at 3:03 pm | News Desk

Panamagate verdict: Supreme Court orders JIT probe of Sharif family

Neither a clean chit nor a conviction: the drawn out Supreme Court (SC) case probing the Sharif family’s alleged corruption ended today as the court ordered the formation of a Joint Investigation Team (JIT) to probe how money was transferred to Qatar. The prime minister and his party breathed a sigh of relief, as the fear of an 'extreme verdict' — the premier's ouster — dissolved and gave way to celebrations. A five-judge bench, comprising Justice Asif Saeed Khosa, Justice Gulzar Ahmed, Justice Ejaz Afzal Khan, Justice Azmat Saeed and Justice Ijazul Ahsan, had examined arguments presented by the PTI, the Jamaat-i-Islami (JI), the Watan Party and the All Pakistan Muslim League, who framed the case out of court as a campaign against ...

April 20, 2017 at 2:57 pm | News Desk

Pakistan re-opens Afghan border after 32 days

The activities at the Pak-Afghan border resumed today after Prime Minister Nawaz Sharif on Monday ordered immediate re-opening of the crossing as a ‘goodwill gesture’. The crossings -- Torkham at the famed Khyber Pass, and Chaman in Balochistan province -- were closed last month after a wave of militant violence killed 130 people across Pakistan and claimed by the terrorists based in Afghanistan. The prime minister ordered border reopening as it was hurting the common men and affecting the trade activities. According to the statement issued by the PM House, the premier hoped that the reasons for its closure would be addressed by the government of Afghanistan. “Despite the fact that those involved in terrorist activities in Pa...

March 21, 2017 at 12:11 pm | News Desk

Manpower export deal with Qatar to double remittances

Pakistan Overseas Employment Promoters Association (POEPA) on Saturday said business community unconditionally supports economic and energy vision of Prime Minister Nawaz Sharif who has put country on the path of progress and prosperity. Economy is growing, investors’ confidence continue to improve while energy import and manpower export deals with Qatar are highly significant, said Chairman POEPA Chaudhry Muhammad Afzal. Talking to POEPA leaders Rashid Sheikh, Ishaq Janjua, Aqeel Awan, Raja Sultan and others, he said that LNG deal would benefit industry, agriculture and domestic consumers while government will be in a position to reduce tariff to provide relief to masses. He said that deal over such a reduced price is great achi...

February 13, 2016 at 4:04 pm | News Desk

PM to visit Qatar from tomorrow

Nawaz Sharif will hold talks with Emir of Qatar and the prime minister of Qatar. Prime Minister Nawaz Sharif will pay a two-day visit to Qatar from tomorrow. He will be accompanied by a high-level delegation. During the visit, the Prime Minister will hold talks with Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa Al-Thani and his counterpart Sheikh Abdullah Bin Nasser Bin Khalifa Al-Thani on promotion of bilateral relations in different fields. These include energy cooperation, trade and investment, defence and increase in employment opportunities for the Pakistani workforce in Qatar. The two sides would also exchange views on regional and international issues of mutual interest. A number of Memorandums of Understanding in the ...

February 9, 2016 at 3:35 pm | News Desk

HEC, NBEAC organizing conference on Emerging Challenges of Business Schools

The National Business Education Accreditation Council (NBEAC) in collaboration with the Higher Education Commission (HEC) is organizing two-day international conference on “Emerging Challenges of Business Schools” in Lahore from February 17-18, 2016. NBEAC’s Deans and Directors Conference is a strategic level event for determining the future of management education in Pakistan, where over 100 deans of business schools participate annually to share experiences and to discuss areas of mutual interest. This year the conference will focus on strengthening business schools through creating partnerships among the schools and with other key players influencing or being influenced by business education. The participants will also delibe...

February 8, 2016 at 12:13 pm | News Desk

HEC Reviews Governance & Quality Assurance Mechanism of 100 Universities

  The Higher Education Commission (HEC) of Pakistan has constituted several Panels of Experts to review Higher Education Institutions across the country, with an aim to ensure adherence of universities’ policies and practices to the defined Quality Assurance criteria and guidelines for Good Governance. Complying with the special directive of the Prime Minister of Pakistan, HEC has so far reviewed quality assurance and governance mechanism of 100 universities, both in public and private sector, while 50 more universities will be reviewed in the coming week. It is hoped that current phase of this whole review will be completed by the end of March 2016. The initiative will not only improve quality of teaching and research in th...

February 6, 2016 at 2:38 pm | News Desk

Business community supports sale of PIA

Patron Islamabad Chamber of Small Traders and honorary Consul General of Ghana Shahid Rasheed Butt on Saturday said incumbent government has improved the economic situation which has bolstered the confidence of investors. Law and order situation has improved which has enhanced image of the country while bold steps aimed at reforms is being supported by the business community and the majority of the masses, he said. Talking to ambassadors and high commissioners of various countries and others during a recent reception, he said that Pakistan is progressing on fast pace and this country is becoming darling of the investors. Shahid Rasheed Butt said that business community unconditionally supports the right decision of the government t...

February 6, 2016 at 2:26 pm | News Desk

Deaths caused by the intense weather: NEPRA

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) investigation team probing the heatwave deaths in Karachi has cleared K-Electric of any liability, sources said on Sunday. Nepra in its report has said that the deaths have been caused by the intense weather and not load shedding. The regulatory authority went on to say that the victims were mostly those people who were exposed to the open sky and severe heat. The report further says that the power outages in the city have increased due to the rise in demand. The investigation team will present its initial report to Prime Minister Nawaz Sharif tomorrow (Monday).

June 28, 2015 at 9:21 pm | News Desk

Scotland Yard team arrives in Islamabad to investige Dr Imran Farooq murder

ISLAMABAD: A team from Britain's Scotland Yard (London Metropolitan Police) arrived in Islamabad on Saturday in relation to the investigation of the murder of Muttahida Qaumi Movement (MQM) leader Dr Imran Farooq. Islamabad had requested that a team visit Pakistan and assist in an ongoing investigation into the murder case as under way in Pakistan. The team is also expected to be taken to meet suspects who are in custody of Pakistani authorities. The team is scheduled to start its investigation from Monday and will carry out its operations under high security. Earlier this week, Interior Minister Chaudhry Nisar Ali Khan had said that the accused said to be linked to the murder of Dr Farooq would be brought to Islamabad where Britis...

June 28, 2015 at 1:59 pm | News Desk

INDIA fuelling militancy in Pakistan

Welcome to the June 2015 edition of Economic Affairs magazine. This edition, as you will note, comprises of more articles than usual, covering a wide variety of topics, domestic and global. This month, our cover story features the intricate operations devised by India's external intelligence agency, Research And Analysis Wing (RAW). Some well-documented proof points in the direction that RAW is quite actively involved in meddling in matters on Pakistani soil. This elaborate network set up by RAW involves structures which are present not only in Pakistan but also in Afghanistan, operating through multi-tiered organizations. The purpose is clear: create terror within Pakistan, a premise which is well-documented b...

June 28, 2015 at 1:07 pm | Sabria Chowdhury

Pakistan calls for urgent measures as heatwave toll tops 450

Pakistan's prime minister called for emergency measures as the death toll from a heatwave in southern Sindh province topped 450. The National Disaster Management Authority (NDMA) said it had received orders from Nawaz Sharif to undertake immediate response measures. The army has also been deployed to set up heat stroke centres and assist the NDMA, it added. Many of the victims are elderly people from low income families. Health officials say many deaths have been in the largest city, Karachi, which has experienced temperatures as high as 45C (113F) in recent days. Hundreds of patients suffering from the effects of the heatwave are being treated at government hospitals, provincial health secretary Saeed Mangnejo said. The demand for el...

June 23, 2015 at 3:11 pm | News Desk

Pakistan vows to respond ‘forcefully’ to any destabilization attempt

UNITED NATIONS: Reaffirming its commitment to eliminate all terrorists “without distinction,” top Pakistani diplomat Maleeha Lodhi warned of a forceful response to any attempt to destabilise parts of Pakistan or to attack its territorial integrity. “Let me be clear: we will be relentless in rooting out terrorism, whosoever its sponsors, external or internal,” Ambassador Lodhi told the UN Security Council on Monday. “Any effort to destabilise parts of our country or to attack its territorial integrity will be responded to forcefully,” the Pakistan envoy said in a debate on the situation in Afghanistan. Acknowledging that terrorism remained a common challenge, she told the 15-member council that Pakistan had condemned the recen...

June 23, 2015 at 2:12 pm | News Desk

Army Act not protected under Constitution, claims Asma

ISLAMABAD: Rights activist Asma Jahangir argued in the Supreme Court on Thursday that since an amendment to the Pakistan Army Act (PAA) 1952 through the Act 2 of 2015 and Ordinance 1 of 2015 giving retrospective effect to the trials before military courts were passed subsequent to the 21st Amendment by a simple majority, the PAA was not protected under Article 8 of the Constitution which declared laws to be void if inconsistent with or in derogation of fundamental rights. A 17-judge full court headed by Chief Justice Nasir-ul-Mulk had taken up petitions challenging the appointment procedure of superior court judges under the 18th Amendment and the establishment of military courts under the 21st Amendment to try hardened terrorists. Ju...

June 19, 2015 at 1:14 pm | News Desk

PPP to raise anti-army diatribe in the parliament

ISLAMABAD: Former president Asif Ali Zardari’s speech was the main topic of discussion in both houses of parliament on Wednesday. But contrary to the advice of the ruling PML-N or even fellow opposition members from the PTI, PPP legislators seemed to put their weight behind their leader as they continued to assail the military leadership and warned them against targeting the party. The PPP lawmakers in the National Assembly, one after the other, hit out at the military’s top brass for “violating their constitutional duty”. On one occasion, a lawmaker went so far in his remarks that the speaker had to expunge them from the parliamentary record. Know more: PPP leaders back Zardari's military remarks, decide to field Bilawal for NA...

June 18, 2015 at 9:21 am | News Desk

POLITICAL IMPASSE OR MALICE A FORETHOUGHT

The day I hit the keyboard with an intention to comment on the remonstration staged by Pakistan Tehrik e Insaf (PTI) and Pakistan Awami Tehrik (PAT), Pakistan played cricket series deciding ODI and got comprehensively beaten by Sri Lanka. I doubt if anyone, even a fervent cricketer, followed the match. The entire nation was held hostage to political stage show alongside the parliament telecast live in real time. We may be forgiven for missing out on the cricket match but can we defend ourselves on ignoring catastrophic issue of much greater national implications such as internally displaced persons (IDPs) bearing the inclement weather conditions under open sky besides lacking all the necessities they deserve as the citizens of Pakistan. Ne...

September 18, 2014 at 2:35 am | News Desk