Home Blog Page 3254

Loan default: Court gives Sharif cousins last chance to appear

LAHORE: A banking court on Monday expressed resentment over the cousins of former prime minister Nawaz Sharif for failing to appear in a case against them for allegedly defaulting on bank loans.

Judge Munir Joya warned that the accused persons’ identity cards, passports, and bank accounts will be blocked if they do not appear in court in a personal capacity. For the last ten months, they have been getting the case adjourned through their lawyers without showing up, he observed.

Adjourning the case until September 7, the court ruled that it is giving Shahid Shafi, Tariq Shafi, Javed Shafi, Ali Pervaiz and Ibrahim Tariq a last chance to appear before it.

A lawyer, who represented different banks, stated that the case was instituted against the accused persons for allegedly defaulting on loans worth Rs700 million obtained for Ittifaq and Kashmir sugar mills.

It was submitted that the former premier’s cousins were served multiple notices by the banks to pay back the loan but to no avail. The court, therefore, was requested to order action against them as per relevant laws.

Sindh nods for by-polls at vacant assembly seats under COVID-19 SOPs

KARACHI : The election commission has started preparations for by-election on two vacant seats of Sindh Assembly after given go-ahead from the provincial government.

Two Sindh Assembly seats, PS-88 and PS-52 in Malir and Umerkot districts, had been lying vacant after the deaths of MPAs Murtaza Baloch and Ali Mardan Shah.

Sindh Human Settlement Minister Ghulam Murtaza Baloch lost his life to the novel coronavirus in June this year, while Syed Ali Mardan Shah, a former provincial minister was died of cardiac arrest in January.The Election Commission of Pakistan could not conduct elections due to the COVID-19 situation in the province. The commission sought the assent of the provincial government to hold the election in this situation.

The government of Sindh after discussion on the matter in cabinet session decided to inform the ECP to hold elections in both the provincial constituencies under COVID-19 SOPs.

After assent from the provincial government, the election commission has started preparation for by-polls at provincial constituencies of PS-88 and PS-52 and will release polling schedule for the election accordingly.

China to absorb Pakistan’s textile yield significantly: Report

Islamabad, Aug 24 (DNA ): The market in China will absorb Pakistan’s textile yield significantly and support textile sector for its further rehabilitation in wake of COVID-19.

Gwadar Pro quoting Monthly Report of China Cotton Market released by China Cotton Net stated that the global economic recovery has been slow and gradual, while the Chinese economy has recovered steadily.

The textile imports volume of China rose 6.5% year-on-year in July, well ahead of market expectations.

Subsequently, China’s textile demand has continued to pick up significantly in August. as the orders of autumn and winter season fabric increasing, the related demands of textile have improved.

In July, Pakistan exported 36,600 tons of cotton yarn (up 19.33% year-on-year).

Meanwhile, Pakistan exported 959 million dollars of textile and clothing, only a year-on-year decrease of 5.44%.

This followed a 36.72% year-on-year fall in May and a 64.51% year-on-year fall in April.

According to a report released here this week, at present Pakistan’s domestic textile industry has fully recovered. Meanwhile, textile market in China has appeared strong demand.

Pakistan cotton price has continued to rise in the latest week as demand from downstream businesses increased.

Pakistani cotton price continued to rise to 72 cents per pound. Affected by the recovery in cotton price, yarn price has continued to rise in the past two weeks as well.

Meanwhile, textile and clothing factories have been resumed to full capacity production. Comparing with the same period in last year, the textile and garment exports have rose 14.4% in July.

As a result, domestic and export prices of cotton have risen by more than 2% in the past two weeks.

Although the overall prices are still lower than the same period last year, it has the potentials to continue rising in the future.

FWO resumes cleaning of sewerage drains in Karachi

KARACHI : The Frontier Works Organisation (FWO) on Monday has resumed its work to clear sewerage drains in Karachi ahead of heavy rain forecast.

The FWO teams along with heavy machinery are currently working on to clear Gujjar Nullah. Meanwhile, the operation to remove illegal structures built over sewerage drains in the city has been postponed.

The drive was set to resume today, but was postponed due to rain forecast in the city, sources privy to the development said.

The decision to kick-off an anti-encroachment drive at sewerage drains will be taken in the upcoming few days.
It may be noted that on Sunday, Federal Minister for Planning and Development Asad Umar had said that a budget of billions of rupees would be allocated for the cleaning of Karachi.

An operation would be launched from Monday (today) to remove encroachments on major drains of the city.

In this regard, NDMA has started its work, this opportunity is only for a limited time and work should start as soon as possible.

Afghan Taliban delegation arrives in Islamabad to discuss peace process

ISLAMABAD : A delegation of Afghan Taliban arrived in Islamabad on Monday to discuss the Afghanistan peace process with senior Pakistani officials.

The delegation reached the capital from Qatar at the invitation of the Ministry of Foreign Affairs to deliberate the Afghan peace process and other related issues.

Zahid Hafeez Chaudhry, a spokesperson for the Foreign Office, had confirmed the other day that an Afghan Taliban delegation will be visiting Pakistan to discuss the way forward in the peace process.

In October last year, a 12-member delegation of the Afghan Taliban under the leadership of Mullah Baradar had held dialogues with Foreign Minister Shah Mehmood Qureshi after reaching the Foreign Office prior to signing a historic peace deal with the US in February 2020.

The delegation had appreciated Pakistan’s efforts for peace in the region.

The United States (US) and the Afghan Taliban had signed the historic peace deal, marking an end to the 18-year-war in Afghanistan on February 29 this year.

US special envoy Zalmay Khalilzad and Taliban deputy leader Mullah Abdul Ghani Baradar had signed the agreement during a ceremony in Doha, Qatar which was witnessed by US Secretary of State Mike Pompeo, Foreign Minister Shah Mahmood Qureshi, Qatari Emir and representatives from fifty countries.

Court defers indictment of Syed Khursheed Shah in assets case

SUKKUR : The accountability court Sukkur on Monday deferred indictment of Pakistan People’s Party (PPP) leader Syed Khursheed Shah in assets beyond known sources of income case.

The hearing of the case was presided over by AC Judge Farid Anwar Qazi. PPP leader Khursheed Shah and other accused appeared before the court.

At the outset of the hearing, NAB’s counsel requested the court to defer the indictment as more evidence has been gathered against Shah and others.

Accepting NAB’s request, the court adjourned the hearing of the case till September 8.
Talking to newsmen, Shah said that the NAB has failed to register reference against him despite the passage of 12 months and vowed to fight corruption charges levelled against him.

The National Accountability Bureau (NAB) had also nominated two wives, two sons and son-in-law of Khursheed Shah in the reference.

It is pertinent to mention here that the anti-graft watchdog had filed assets beyond means reference of Rs 1.23 billion against Syed Khursheed Shah and 17 co-accused.

The accountability court had granted bail to Shah in December after the accountability bureau’s delay in filing reference against him. However, the Sindh High Court (SHC) Circuit Bench Sukkur later suspended the accountability court’s orders dated Dec 17 to grant bail to the veteran Peoples Party leader.

Earlier in the month of April, the SHC also rejected the plea filed by Pakistan People’s Party (PPP) Syed Khursheed Shah, seeking bail in the assets case.

Steely Bayern Munich edge PSG to claim Champions League crown

Lisbon : Bayern Munich were crowned European champions for the sixth time after beating Paris St Germain 1-0 thanks to a second-half header from former PSG youth academy graduate Kingsley Coman in an absorbing Champions League final on Sunday.

France international Coman appeared at the back post to head the decisive goal in the 59th minute as Bayern became the first team to lift the Champions League with a 100% record.

There were no fans to witness the triumph but Bayern celebrated as though 80,000 were cheering and, even as the lights went out nearly two hours after the final whistle, three players still sat in the centre circle, savouring the moment.

The victory at the Estadio da Luz, deserved after a dogged display once Bayern got in front, secured a second treble for the Germans, the Bundesliga and German Cup winners, and completed a remarkable first season for coach Hansi Flick.

Flick took over a struggling side in November after a 5-1 hammering by Eintracht Frankfurt led to the sacking of Niko Kovac with the club fourth in the Bundesliga.

“It feels fantastic, we have a long journey behind us,” said Bayern midfielder Thomas Mueller.

“We came from very low, at least that is what it felt like, in the autumn and put in a sensational run. We had a bit of luck tonight and had (Manuel) Neuer in goal,” he added.

PSG, who were playing in their first Champions League final, paid the price for wastefulness in the first half as Neymar and Kylian Mbappe failed to beat Neuer from close range.

The French club has benefitted from huge investment by Qatari Sports Investments but, while dominant in their domestic league, they fell short at the final hurdle in Europe.

“We’re sad but we don’t forget all the positive things we did this season,” said PSG’s Qatari president Nasser al Khelaifi.

INSPIRED DECISION

Flick opted to start with Coman instead of Croatian Ivan Perisic on the left flank and it was an inspired decision.

Jerome Boateng was deemed fit to start in Bayern’s central defence, having recovered from a knock picked up in the semi-final win over Olympique Lyonnais.

After a cagey opening, Neymar burst into life in the 18th minute, scampering into the box and firing off a left-foot shot but Neuer’s outstretched leg foiled the Brazilian.

It was hardly an easy chance but it was the kind of opportunity that PSG fans were hoping their 222 million euro ($261.89 million) striker would turn into a moment of glory.

Four minutes later Bayern’s goal threat, Robert Lewandowski, was found in the box by a left wing cross from Alphonso Davies and given too much room to turn but his shot struck the post.

PSG were certainly asking questions of the Bayern defence and the livewire Angel Di Maria, after a quick exchange on the edge of the area, created space for a shot but his effort, with his weaker right foot, flew high and wide.

Bayern’s gamble to start Boateng looked misplaced when he hobbled off in the 25th minute, being replaced by Niklas Suele.

PSG’s industrious midfielder Ander Herrera then had a fierce effort from distance deflected wide, while at the other end Lewandowski’s stooping header from close range forced a fine reflex save out of Navas.

Mbappe, PSG’s talented French World Cup-winning striker, should have done better just before the break when, after a smart one-two with Herrera, he shot straight at Neuer.

COMAN HEADER

It was a scrappy start to the second half with both sides struggling to find any composure but the game came alive just before the hour mark.

After a well worked move down the right Joshua Kimmich picked out Coman at the back post and he got behind Thilo Kehrer to head firmly into the bottom corner.

Coman threatened in the same area again moments later, after Mueller found him with a cross, and Thiago Silva had to block the volley.

Bayern were starting to look in control and PSG coach Thomas Tuchel responded by throwing on his Italian midfielder Marco Verratti in a bid to change the momentum.

But Flick’s side were in no mood to give up their lead and they fought for every ball with tenacity, reducing any chance PSG had to find openings for their expensive strikeforce.

One final opportunity did come, in stoppage time, when Mbappe broke down the inside-left channel and found Neymar who turned sharply but saw his shot go harmlessly wide.

The PSG dream was over, the debutant finalists defeated by the determination, organisation and remarkable consistency of the formidable and now six-times champions of Europe.

Country’s current account posted surplus of $424 million in July: PM Imran Khan

ISLAMABAD : Prime Minister Imran Khan took to Twitter on Monday to share latest data on the country’s current account balance saying it posted a surplus of $424 million in July 2020.

“MashaAllah Pakistan’s economy is on the right track. After current account balance posted deficit of $613 mn in July 2019 & a deficit of $100 mn in June 2020, in July 2020 current account balance swung upwards to a surplus of $424 mn,” he tweeted.

“This strong turnaround is a result of continuing recovery in exports, which rose 20 % compared to June 2020, & record remittances.”

Separately, the State Bank of Pakistan (SBP) in a Twitter statement confirmed Pakistan’s current account balance swung into a surplus of $424 million in July 2020 after posting a deficit of $100 million in June.

“This is the fourth monthly surplus since last October, and a significant improvement on the deficit of $613 mn in the same month last year,” the central bank said, adding: “strong turnaround is due to a continued recovery in exports and record-high remittances, with support from several policy and administrative initiatives by SBP and government. Exports sustained strong recovery, with m/m growth of further 19.7% in July on top of 25.5% in June.”

IHC fixes appeals of Nawaz, Maryam against Avenfield verdict for hearing

ISLAMABAD : The Islamabad High Court (IHC) has fixed appeals of former prime minister Nawaz Sharif, his daughter Maryam Nawaz and his son-in-law Captain Safdar against their conviction in the Avenfield reference for hearing.

A two-judge bench comprising Justice Aamir Farooq and Justice Mohsin Akhtar Kayani will hear the case on September 1. The appeals will come up for hearing after a passage of more than a year.

The accused have been out on bail since Sept 19, 2018 when the IHC suspended the 10-year, seven-year, and one-year imprisonment handed down to Nawaz, Maryam, and Safdar, respectively by an accountability court on July 6, 2018. The Supreme Court later upheld the suspension of their conviction while rejecting the National Accountability Bureau’s (NAB) appeal against the high court’s decision.

The court will also take up Nawaz’s appeal against his conviction in the Al-Azizia Steel Mills reference on September 1. NAB’s appeals, including one seeking an increase in the PML-N supreme leader’s sentence in the Al-Azizia case from seven years to 14 years and the other against his acquittal in the Flagship reference, will also be heard.
Accountability court Judge Muhammad Arshad Malik had handed the verdicts in the Al-Azizia and Flagship cases. He was later dismissed from his post following a video scandal.

Addressing a press conference alongside top PML-N leadership on July 6, 2019, Maryam had shown reporters a video in which judge Arshad Malik was heard saying that there was “no proof of corruption against the deposed premier” in the Al-Azizia reference and that he was coerced into convicting him.

Pakistan reports less than 500 coronavirus cases in 24 hours

ISLAMABAD : Pakistan reported 496 new coronavirus cases and nine deaths over the past 24 hours, bringing the number of confirmed infections in the country to 293,261 and fatalities to 6,244.

According to the National Command and Operation Centre (NCOC), 23,655 samples were tested for Covid-19 during this period, resulting in the emergence of 496 new cases.

Of the total confirmed cases, 276,829 patients have recuperated from the disease, thereby bringing the number of active cases of the virus down to 10,188.

A total of 1,163 patients are under treatment at 735 hospitals across the country, 115 of whom are struggling for their lives on ventilators. More than 2.4 million tests have been conducted thus far.

Earlier on Aug 23, the Punjab government had imposed “micro smart lockdown” in small neighbourhoods of three cities for a period of fourteen days to prevent the spread of deadly coronavirus that has affected over 96,000 people and killed 2,188 across the province.

The cities where localities were sealed include Lahore, Rawalpindi and Gujranwala. More than a dozen areas have been locked down in these cities, including Lahore’s twelve areas that reported 28 cases of late. As many as 19,538 residents of the provincial capital will be under lockdown.

Rawalpindi’s three areas with a population of 947 people have been sealed after they reported seven coronavirus cases while two localities have been locked down in Gujranwala where 53 locals will be under lockdown.

Stay Connected

64FansLike
60FollowersFollow

Latest Reviews

Exchange Rates

USD - United States Dollar
EUR
1.17
GBP
1.35
AUD
0.71
CAD
0.72