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LAHORE: The Pakistan Peoples Party has demanded that the Election Commission of Pakistan hold early elections to the 11 Senate seats presently lying vacant.
In a letter written to the chief election commissioner on Thursday, PPP Central Election Cell in-charge Senator Taj Haider asked the former to hold elections to the 11 vacant seats of the Senate as soon as possible.
Senator Haider said the upper house of the bicameral parliament is incomplete because its 11 seats, or about 10 per cent of the total strength, are lying vacant.
He said Section 127 of the Elections Act deals with by-elections to vacant seats in the Senate, while Section 107 prescribes the procedure for all elections to the Senate under which not more than one day is given to complete each stage of the schedule.
“It is requested that elections be held for the vacant seats in the Senate as soon as possible,” he said, giving names of the senators who have vacated the seats.
These senators are Yousuf Raza Gilani, Jam Mehtab, Nisar Khuhro, Ghafoor Haideri, Sarfraz Bugti, Nuzhat Sadiq, Sadiq Sanjrani, Prince Omar, late Rana Maqbool, Shaukat Tareen, and caretaker Prime Minister Anwaarul Haq Kakar.
LONDON: Bitcoin hit $60,000 on Wednesday for the first time in more than two years, as a flurry of capital into new US spot bitcoin exchange traded products fuelled a 42 per cent price rally in February, which would mark its largest monthly gain since December 2020.
Bitcoin was last up 6 per cent at $60,131, its highest since November 2021, when it hit a record just below $70,000. Bitcoin was also heading for its largest week-on-week gain in a year, up 18.5pc since Feb 21.
Traders have poured into bitcoin ahead of April’s halving event — a process designed to slow the release of the cryptocurrency. In addition, the prospect of the Federal Reserve delivering a series of rate cuts this year has fed investor appetite for higher-yielding or more volatile assets.
The bigger bitcoin exchange-traded funds (ETFs) have seen a definite pickup in interest this week.
“Bitcoin is being driven by the support of consistent inflows into the new spot ETFs and outlook for April’s halving event and June’s Fed interest rate cuts,” Ben Laidler, global markets strategist at retail investment platform eToro, said.
The value of all the bitcoin in circulation has topped $2 trillion this month for the first time in two years, according to crypto platform CoinGecko, while the price of the token itself has doubled in just four months.
The three most popular, run by Grayscale, Fidelity and BlackRock, have seen trading volumes surge.
On Monday and Tuesday, around 110 million shares in the biggest three changed hands, about 51pc of the 215 million shares traded in the market’s most valuable companies — Apple, Microsoft and Nvidia, according to LSEG data.
Three weeks ago, this percentage was closer to 15pc.
Meanwhile, the world’s second biggest cryptocurrency Ether, which underpins the Ethereum blockchain network, rose 3.2pc to $3,353, having hit another two-year high earlier in the day. The price has risen 47pc in February, the biggest monthly gain since a 70pc rally in July 2022.
ISLAMABAD: The prices of petrol and high-speed diesel (HSD) are estimated to increase by Rs1-4 per litre on Thursday (February 29) for the next fortnight due to minor adjustments in international prices, import premiums, and the exchange rate.
Informed sources said that the prices of both major petroleum products — petrol and HSD — moved slightly in both directions (10 to 50 cents per barrel) in the international market over the past fortnight, and the Pakistan State Oil (PSO) had to pay higher import premiums on petrol.
As a result, the price of petrol is estimated to be higher by Rs3-4 per litre than that of HSD by Rs1-1.5 per litre, depending on the final exchange rate calculation. The US dollar lost about 15 paise against the rupee on February 28. The prices of kerosene and light diesel oil are expected to remain stable.
For the purpose of price calculations, officials said the price of petrol had risen by about $0.5 per barrel to $90.78 from $89.20 per barrel over the last two weeks, while the HSD price inched down by about eight cents per barrel — to $101.05 from about $101.13. The rupee, on the other hand, generally remained stable. The premium paid by the PSO for securing product cargoes went up slightly for petrol to $10.45 per barrel this fortnight from $9.47 per barrel. It remained unchanged for HSD at $6.5 per barrel.
The government has already reached the Rs60 per litre petroleum levy — the maximum permissible limit under the law — on both petrol and HSD. The government had set a budget target to collect Rs869 billion as a petroleum levy on petroleum products during the current fiscal year under the commitments made with the International Monetary Fund.
It has already collected about Rs475bn in the first half (July-December) of the fiscal year, although the per-litre levy was gradually increased. The government is expected to mop up about Rs970bn by the end of the year, although the revised target has now been set at Rs920bn by end-June.
Petroleum and electricity prices have been the key drivers of the high inflation rate recorded at 27.5pc in January, as measured by the consumer price index.
Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers and has a direct impacting the budgets of the middle- and lower-middle class.
On the other hand, HSD price is considered highly inflationary as it is mostly used in heavy transport vehicles, trains and agricultural engines like trucks, buses, tractors, tube wells and threshers. It particularly adds to the prices of vegetables and other eatables.
At present, the government is charging about Rs82 per litre tax on both petrol and HSD. Although general sales tax (GST) is zero on all petroleum products, the government is charging Rs60 per litre PDL on both products.
On the other hand, it is charging Rs50 per litre on high octane blending component and 95RON petrol. The government is also charging about Rs17-20 per litre customs duty on petrol and HSD. Petrol and HSD are major revenue spinners, with their sales of about 700,000 to 800,000 tonnes per month compared to just 10,000 tonnes of monthly demand for kerosene.
• Party leaders demand CJP’s intervention, allege victories in Balochistan changed to defeats overnight
• Imran endorses Alvi’s refusal to call NA session
• Amir Dogar nominated for NA speaker slot
ISLAMABAD: The PTI has decided to take to the streets, again, to protest against the alleged theft of its mandate, urging all democratic forces to join hands with the former ruling party to “strengthen democracy” in the country.
This was announced by PTI leader and MNA-elect Sher Afzal Marwat during a press conference in Islamabad, alongside other senior party leaders, as well as PTI-backed candidates from Balochistan. Besides the protest drive, the presser focused on ‘massive rigging’ in Balochistan, which allegedly turned the victories of the PTI candidates into defeats overnight.
Mr Marwat said the PTI would organise a countrywide peaceful protest on March 2 on the directives of PTI founder Imran Khan and he had been tasked with leading a demonstration in Islamabad on Saturday morning. He said that if the nation did not raise its voice against the “mega polls theft”, then democracy would never flourish in Pakistan.
Speaking about the situation in Balochistan, the PTI leader said that the issue of election rigging in Balochistan was presented before the ECP but that proved an exercise in futility.
Speaking on the occasion, PTI leader
Ali Mohammad Khan alleged that the fundamental rights of the people of Pakistan “were breached through large-scale rigging” across the country, especially in Balochistan. He stressed that the public should be allowed to exercise its right to choose a government.
He assured that the PTI was not against any political party or an institution but they wanted that the public mandate must be respected.
“It is not a personal fight; it is a matter of people’s mandate. If we want to save democracy in Pakistan, then give it [government] to the ones who have the mandate,” he added.
“We request the chief justice of Pakistan to launch a probe into the allegations of the Rawalpindi commissioner regarding the massive poll theft.”
Polls in Balochistan
PTI leader Salar Khan Kakar alleged that seats were sold to “contractors, smugglers and apolitical figures” in Balochistan allegedly through massive rigging.
According to Mr Kakar, he had secured a clear victory as per Form-45 but a PML-N candidate who was in the eighth position was declared triumphant “fraudulently”. He claimed that he was denied entry into the RO’s office despite waiting outside the office all night.
PTI’s candidate for PB-41 in Quetta, Ghafar Kakar alleged he was warned of consequences through a letter if he did not halt the election campaign. He said he campaigned vigorously in the lead-up to polls, but his victory was snatched.
Mr Kakar claimed that he was kicked out of the RO office by the paramilitary personnel who allegedly manipulated election results to declare him a runner-up. Haji Noor Khan Khalji, who contested the PB-39 seat from Quetta, said that people came out in huge numbers to vote for Imran Khan.
“We were contacted at night and were asked that if we would stay with Imran Khan, they would not let us win,” he alleged. He said that he was winning with a clear margin on February 8 but “they” defeated him on February 9 by manipulating election results.
PTI’s candidate for NA-253, Saddam Tarin, stated PTI-backed candidates had Form-45, which clearly showed their victory in various constituencies, including NA-253.
He alleged that PTI’s mandate was stolen at midnight. However, the PTI candidate made it clear that “they would not surrender and were ready to render any sacrifice to get the stolen public mandate back”.
PTI’s candidate for NA-252, Alam Khan said that he had won the seat with a margin of 30,000 votes as per Form 45 but after three days, he was handed defeat by 2,000 votes on Form-47.
“I got 52,000 votes, the runner-up 28,000, but the person who emerged victorious secured 22,000 votes and was at the fourth position.”
Imran endorses Alvi’s move
Separately, PTI founder Imran Khan endorsed President Dr Arif Alvi’s decision to not convene a session of the National Assembly.
The people’s mandate has been stolen through massive rigging and the biggest dacoity, he said while talking to the media at the Adiala Jail on Tuesday.
Mr Khan said he had dictated a letter to the International Monetary Fund (IMF), adding that he was not in contact with the party leaders and the letter would be dispatched to the fund within a day after a discussion with his party leaders. He said that the IMF would be apprised that the economy could not be stabilised without political stability.
The former premier recalled that the PML-N and the PPP had demanded the withdrawal of cases for extending support to the legislation related to the Financial Action Task Force.
Mr Khan also demanded the resignation of the chief election commissioner over the rigging as he had failed to provide a level playing field to the PTI during the election. He criticised the ECP for depriving his party of the reserved seats.
He termed the caretaker government ‘hostile’ and that every effort was made to eliminate the PTI, which emerged stronger than before after the general election.
The PTI founder said his party was contacting all political parties whose mandate was stolen in the election and it would give a protest call on Saturday.
Dogar for speaker
PTI leader Omer Ayub, on the other hand, said Imran Khan had nominated Amir Dogar for the position of the National Assembly speaker while Junaid Khan would contest for the slot of deputy speaker.
The announcement was made after Mr Ayub and other party leaders held a string of meetings with the imprisoned PTI chief in the Adiala Jail.
Mr Dogar served as the chief whip in the NA during the PTI government. He also served as the special assistant to the prime minister on political affairs and was among the several PTI leaders who were arrested in the aftermath of the May 9 attacks.
ISLAMABAD: Moody’s Investors Service on Tuesday kept Pakistan’s ratings unchanged at ‘Caa3’ with a stable outlook but highlighted that significantly high risks of liquidity and external vulnerability challenges following highly controversial elections, severely constrained decision-making capacity of the coalition government-in-waiting.
The international rating agency — one of the top three global rating firms — said it had completed last week review of Pakistan rating assessments but neither it was announcing a credit rating action, nor an indication of whether or not a credit rating action is likely in the near future.
“Pakistan’s ratings, including its Caa3 long-term issuer rating, with stable outlook remain unchanged,” it said. The agency had downgraded the country’s rating to Caa3 from Caa1 in February last year, owing to challenges with the IMF programme and the resultant depletion of foreign exchange reserves.
“Political risks are high, following a highly controversial general elections held on Feb 8, 2024,” observed the agency, adding that a coalition government looked set to be formed primarily by PML-N and PPP, but there was high uncertainty around the newly elected government’s willingness and ability to quickly negotiate a new IMF programme soon after the current one expires in April.
“The forthcoming coalition government’s electoral mandate may not be sufficiently strong to pursue difficult reforms that will likely be required by a successor programme. Until a new programme is agreed to, Pakistan’s ability to secure loans from other bilateral and multilateral partners will be severely constrained.”
Maintains Caa3 rating with high risks of liquidity, external vulnerability
It said the country’s credit profile reflected the government’s “very high liquidity and external vulnerability risks” as the very low levels of foreign exchange reserves remain well below what is required to meet its very high external financing needs over the near to medium term. “The country’s very weak fiscal strength and elevated political risks also constrain its credit profile,” it said.
At the same time, Pakistan’s credit profile takes into account its large economy and moderate growth potential, which contribute to its moderate economic strength. It noted that the caretaker government had maintained economic stability and pushed through some reforms over the past few months, unlocking financing from the IMF and other multilateral and bilateral partners and resulting in a modest accumulation of foreign exchange reserves.
While Pakistan is likely to meet its external debt obligations for the fiscal year ending June 2024, there is “limited visibility” regarding the sovereign’s sources of financing to meet its “very high external financing needs” after the current IMF Stand-By Arrangement ends in April.
Pakistan’s “baa3” economic strength balances the country’s large economy and moderate GDP growth potential against its low per capita income. The score also incorporates Pakistan’s high exposure to extreme weather events, such as heatwaves and floods, which can create negative economic and social costs. Pakistan’s institutions and governance strength score is at “b3”, reflecting the country’s weak governance and low monetary and fiscal policy effectiveness. The “ca” fiscal strength reflects the country’s large debt burden and very weak debt affordability. The high debt-servicing requirements associated with the large stock of debt will reduce the fiscal flexibility to undertake key expenditures on infrastructure and social initiatives. Pakistan’s susceptibility to event risk is at “caa”, driven by very high government liquidity and external vulnerability risks.
The stable outlook reflects Moody’s assessment that the pressures that Pakistan faces are consistent with a Caa3 rating level, with broadly balanced risks. Continued IMF engagement, including beyond the current programme, would help support additional financing from other multilateral and bilateral partners, which could reduce default risk if this is achieved urgently and without further raising social pressures.
Lahore Qalandars’ troubles were further compounded after they received another beating at the hands of Multan Sultans at Qaddafi Stadium on Tuesday.
Chasing a mammoth target of 215, thanks to a superb 96 off 55 by Usman Khan who played his first game of this year’s Pakistan Super League edition, Lahore got bundled out for 154, primarily because of Multan’s frontline leg-spinner Usama Mir who picked up six wickets for 40 runs.
Despite a decent start to the chase, Lahore struggled to keep the momentum up once Multan broke the opening partnership.
With Fakhar Zaman being the first Lahore wicket to fall, nobody from the top and the middle-order was able to convert their starts.
For Lahore, Sahibzada Farhan top scored with 31 off 21 with Fakhar scoring 23, the centurion from Lahore’s previous game Rassie van der Dussen 30, Kamran Ghulam 12, and Sikandar Raza managing only 17 runs.
In yet another bizarre move by Lahore, captain Shaheen Shah Afridi came ahead of the West Indian star allrounder Carlos Brathwaite who was only sent in when the game was all but over for Lahore.
For Multan, the pick of the bowlers was Usama Mir who has further solidified his position as one of Pakistan’s leading leg-spinners going forward to the T20 World Cup.
Lahore’s bowling was also very disappointing despite having made early inroads when an Afridi special inswing bowled at full length got rid of the Multan Sultans captain Mohammad Rizwan for a duck.
That remained the only silver lining for Lahore who continued to struggle throughout the rest of the game.
Multan was playing with two foreign players, due to niggle to three of their overseas players. However, that did not stop them from cementing their position further as the leaders on the points table.
Multan’s batters, especially Khan, had a really good outing with him smashing 11 4s and two 6s. He was well supported at the other end by the South African Reeza Hendricks who scored 40 off 27, Tayyab Tahir who scored 21 off 14, and Iftikhar Ahmed who played a brilliant cameo of 40 off 18.
With zero wins out of the total six they have played, Lahore’s qualification chances for the playoffs are virtually over. They would need certain results to go their way even if they win the rest of their games by decent margins.
QUETTA: Balochistan caretaker Minister for Information Jan Achakzai has claimed the caretaker provincial government is leaving with Rs50 billion in the provincial treasury for the new elected government to spend on welfare and development projects.
Speaking at a press conference on Monday, the minister said the caretaker government took measures to check unnecessary expenditures and provided funds to complete ongoing development projects.
“Over the last six months, efforts were made by the caretaker government to resolve problems of the people of the province.”
“No scandal of corruption has surfaced under the caretaker government,” the minister claimed.
He congratulated the newly-elected members of the provincial assembly and expressed good wishes for them.
“I welcome the new assembly members on behalf of the caretaker government,” remarked Mr Achakzai.
He said the biggest challenge for the caretaker government was to send illegal immigrants back to their countries, which “we have successfully completed”.
He expressed the hope that the incoming government would continue this policy of zero tolerance as far as illegal immigrants are concerned in the province.
He said that over 700,000 illegal migrants were sent back to their countries and efforts were made to appreciate the value of rupee against major currencies.
Mr Achakzai said that efforts had been made over the last six months to address major problems being faced by the country and the province.
He expressed the hope that the new government would continue efforts to stabilise rupee and stop smuggling of goods to strengthen the country and provincial economy.
A one-for-the-ages 5-fer by Peshawar Zalmi’s Arif Yaqoob helped them script one of the most amazing comebacks in the history of the Pakistan Super League to beat the Islamabad United by 8 runs, with him taking four wickets and conceding just two runs in the 19th over of their match on Monday at Lahore’s Gaddafi Stadium.
Yaqoob picked up a 5-fer in the process and ensured that his team ended the Lahore leg of the PSL on a winning note.
At the start of the 19th over, Islamabad needed only 21 off 12 with six wickets in hand. By the time the over was bowled, Islamabad were left needing 19 with just two wickets remaining. The Peshawar captain Babar Azam, who had earlier that night scored a scintillating century, took a gamble to bring on a spinner to bowl the penultimate over.
However, poor bowling by Peshawar’s fast bowlers had nearly cost them the game, with Afghanistan’s Naveenul Haq and Salman Irshad going for plenty before the former dismissed the set Islamabad United batter Azam Khan in the 18th over. Islamabad soon lost the plot and catapulted under pressure, losing the next five wickets in the space of 11 balls, adding just 10 runs to the total.
Islamabad had started cautiously and were three down, including their captain Shadab Khan, Jordan Cox — who was brought in for Alex Hales due to his unavailability for this game — and Agha Salman back in the hut at the halfway mark of the second innings.
With 129 still needed off the last 10 overs, Azam arrived at the crease with a mission to decimate the Peshawar bowling line-up. He scored a quick-fire 75 off 30, hitting six 4s and as many 6s. He was supported on the other end by the veteran Kiwi batter Colin Munro who scored a superb 71 off 53 balls, hitting seven 4s and one 6.
For Peshawar, Yaqoob stole the show with the ball, giving just 27 runs and picking up 5 wickets in the process.
Earlier in the night, Saim Ayub and Babar continued their good form with the bat from last night, having put on an opening stand of 77 before Saim was castled by Salman on a delivery that held its line. Peshawar though soon found themselves in a bothersome spot, losing half their side in the space of seven overs. Left reeling at 124/5, Asif Ali joined Babar at the crease with the latter taking the charge.
Babar put on a batting master class yet again and scored 111* off 63, smashing 14 4s and two 6s. He took Islamabad’s Hunain Shah to the cleaners by hitting him for 23 runs in one over. In the end, he had ensured that his team had enough runs on the scoreboard to defend the total.
What did not appear so pronounced in politics has surfaced in the recent split electorate mandate: people’s urge for self-governance. An analyst says that the public has reclaimed the grounds that rightly belong to them by defying the chronic status quo and the culture of dread.
In the economic field, as evidenced by the mobility of labour, an increasing number of people are improving their livelihood and their quality of life by themselves. And human capital is turning out to be the most productive asset.
Landless peasants migrate to cities and towns for livelihood, and unskilled, skilled and top professionals find lucrative jobs in foreign countries.
An increasing number of young people, empowered by IT skills, work from home for companies located abroad. To cut costs, corporates everywhere prefer to hire consultants for specific assignments rather than retain talents and expertise. Self-employment is on the increase.
Similarly, job hopping is common among unskilled, skilled urban workers and highly qualified professionals. Apart from job hopping, anecdotal evidence suggests that to improve their earnings, even domestic female servants increasingly opt for piecework in two or three households rather than remain tied to one household job. These earnings help increase the income of poor families in the countryside.
In the post-election public discourse, one can witness growing awareness of what individuals can do to improve their lot, promoting collective national well-being
Workers remittances raise the standard of living and quality of life of millions. And in all areas of the country which receive substantial amounts of remittances, wages tend to go up. Besides, remittances provide several billions of dollars to reduce the country’s trade deficit and contribute significantly to consumption-led economic growth.
On the other hand, the state’s strong footprints in the economy and the rent–seeking culture it creates and nurtures are discouraging entrepreneurs and newcomers from helping build a competitive economy. The outcome is a flight of capital and brain drain. And the formal sector is induced to rely on an expanding informal sector for its sustenance and prosperity.
As corporate borrowings decline, commercial banks are reportedly willing to finance small businesses integrated with corporations as they tend to have reliable cash flows. The financial growth of small and medium enterprises results in development at the grassroots level and prosperity for all, says a banker.
In the post-election public discourse, one can witness growing awareness of what individuals and communities can do to improve their lot, promoting collective national well-being.
The new government’s focus should be to improve governance, without which the challenges facing the nation can’t be met
A citizen with insight says that if we (the young generation) do not want to be left behind, we must learn more in-demand skills. It will not only help us earn a good living as individuals but will also help our country in many ways. People get scammed when they focus on earning more money and not learning the skill.
Here, one may recall what social scientists said long ago: in the distant future, individuals acquiring about half a dozen trade skills would need to work only six hours with more productive, diverse and advanced means of production. Yet they would produce enough to meet human needs and earn a decent living while finding enough time to achieve a happier and fuller life.
In her article ‘Collective Action — For the People, by the People,’ Arhama Siddiqa, a Research Fellow at the Institute of Strategic Studies, observes: With persistence and unity, communities can compel the leaders to pay heed to their voices (as recently demonstrated by the Capital Development Authority’s approval to build 146km long two-way cycling track across Islamabad) or collective action (such as building Sialkot airport).
The secret ingredient for community engagement, she says, lies in awareness regarding issues to bring social change.
Public pressure has helped bring about a consensus among major parties on the need to empower local governments to catalyse economic and social progress.
Looking at historical records, analysts say inorganic creations (political parties) have short shelf-lives and limited appeal and, despite widespread manipulation of the system, are rejected by voters. Only those political forces thrive that either turn away from their creators or look only to the people for legitimacy. They also note that the powerful have had a lot of trouble lately keeping the people under their thumb.
In the ongoing dialogue, both PML-N and PPP are reported to have recognised that the political party/parties forming the government cannot afford any further lapses in governance. The new government’s focus should be to improve governance, without which the challenges facing the nation can’t be met.
Published in Dawn, The Business and Finance Weekly, February 26th, 2024
Peshawar Zalmi handed Lahore Qalandars their fifth consecutive defeat of the ongoing Pakistan Super League (PSL) on Sunday despite the fireworks from the latter’s Rassie van der Dussen, who scored a brilliant hundred.
In the end, Lahore fell short by 8 runs while chasing 212 as Peshawar moved to 4th on the points table.
Dussen kept Lahore in the game till the last over but little support from the other end meant that Peshawar were always ahead in the game.
With 18 needed off the last over, Peshawar’s Paul Walter conceded only nine runs to ensure Lahore remained winless in the ongoing edition with Dussen stuck at the other end at 104 off 52 which featured seven 4s and six 6s.
Hero from the previous game, Lahore’s opening batter Sahibzada Farhan’s stay at the crease lasted for only two overs as he lost his wicket to Afghanistan’s Naveenul Haq, trying to slash him through the square region.
He was caught for 15 off 12 by Peshawar’s wicketkeeper batter Haseebullah Khan.
Fakhar Zaman’s torrid run of form with the bat continued as he struggled to time the ball throughout his innings and got bowled by England’s Luke Wood for a paltry 4 off 8.
The West Indian Shai Hope joined Dussen at the crease and together they put on 71 before Salman Irshad bowled full outside off, leading to a thick inside edge with the ball rattling the timber.
Lahore made some questionable decisions throughout the game and sent in the young Ahsan Hafeez and Jahandad Khan ahead of the veterans Sikandar Raza and Carlos Brathwaite, when the required run rate was touching nearly 13 runs per over.
And although Hafeez and Khan chipped in with little batting contributions, sending them ahead of power hitters Raza and Brathwaite meant that the latter pair had an insurmountable target to achieve.
Earlier in the night, Peshawar’s captain and Pakistan’s star batter Babar Azam and the young attacking opening batter Saim Ayub set the foundation for a huge total, scoring 136 runs for the opening wicket. Babar scored a sensible 48 off 36 meanwhile Ayub smashed a 55-ball 88 runs which featured eight 4s and four 6s after a cautious start.
Babar was replaced by the West Indian Rovman Powell who smacked the bowlers all around the park and scored 46 off 20 at a strike rate of 230.
For Lahore, the only notable performance with the ball came from their captain Shaheen Shah Afridi who picked up three wickets for 33 runs in his 4-over spell.
Lahore were forced to play Mohammad Imran in place of the injured Haris Rauf. Imran though soon found himself at the mercy of Peshawar’s batters who took him to cleaners all over the ground.
Lahore used seven bowling options in all, none of whom, barring Afridi, could stop the assault by Peshawar’s batters.
Ayub was adjudged the player of the match for his match-winning knock of 88 runs.
KARACHI: PPP Chairman Bilawal Bhutto-Zardari on Saturday said the upcoming Sindh government led by the PPP would constitute a joint investigation team (JIT) to probe all violent incidents during the election campaign, promising exemplary punishments for those involved.
The PPP chief made these remarks after a visit to the residence of a party supporter whose 12-year-old nephew was killed in an apparent clash between two parties in New Karachi in the lead-up to elections. The PPP chairman met the victim’s family, offered condolences to his mother, Rasoola Bibi, and offered Fateha.
“By giving exemplary punishment to those involved in the violence as per the law, we will bring justice to our workers as well as all other political workers, while also ensuring that such incidents do not happen again,” he told reporters.
According to the PPP leader, there was alleged pressure on the victim’s family to announce that they were not associated with the PPP. He said that instead of providing justice to the victim’s family, the law enforcement agencies registered FIRs. He said that his party would not forget the injustices meted out to it during the recent general elections and the killing of the PPP workers.
Insists political parties protesting rigging never won elections in Sindh
The PPP chairman said: “We will not tolerate religious, linguistic and sectarian terrorism, neither in the metropolis nor in this province. Those parties who want to promote terrorism are mistaken…we will not allow this,” he warned.
Rigging protests
Speaking about protests against alleged irregularities in elections, the PPP chairman said the opposition parties holding protests against alleged rigging had never won an election in Sindh.
The PPP chairman said the 2024 elections were not much different from the 2018 elections, recalling: “I raised my objections to the election in front of the whole of Pakistan after the (party’s) Central Executive Committee meeting.”
According to Forms-45, PPP candidates had won PS-124 and PS-125, but candidates from other parties had been declared successful in these constituencies, he claimed.
Mr Bhutto-Zardari said the PPP would take its case to relevant forums and if it did not get justice, then the party would chart its future course. He said that those who are protesting “unnecessarily” in the name of rigging in Sindh these days had not won a single election in the past.
PTI-SIC alliance
Responding to a question about the PTI, Mr Bhutto-Zardari said that “now the Sunni Ittehad Council should tell the truth to its workers that it does not have the majority to form the government”.
He added that the PTI did not stop Shehbaz Sharif from becoming the prime minister. “If Shehbaz Sharif is going to become the prime minister, he will thank us and the PTI, [because] I think Khan sahib himself would have decided not to field a candidate against Shehbaz Sharif,” he said.
On the issue of former prime minister Imran Khan writing a letter to the IMF, the PPP chairman said that “writing a letter against Pakistan” to the lender would not accomplish anything. “However, after this letter, the real face of the person who loves his politics more than the national interest has been exposed,” the PPP chairman said.
LAHORE: An MQM-P delegation called on PML-N President Shehbaz Sharif here on Friday and discussed a power-sharing formula with him.
The delegation from Karachi comprised Sindh Governor Kamran Tessori, Farooq Sattar and Mustafa Kamal.
The MQM-P reportedly came to meet Mr Sharif, who is the candidate of six parties for the post of the prime minister, to get his assurance that the party will get ‘reasonable share’ in the upcoming government.
The Sindh governor’s slot is expected to go to MQM-P. Besides, the MQM-P wants some important ministries.
According to a statement issued by the PML-N after the meeting, the visiting MQM-P team and Mr Sharif discussed mutual cooperation.
Talking to the MQM-P delegation, Mr Shehbaz Sharif said that the mandate of every party should be respected.
“We should respect the mandate of every party. It is the duty of every one to steer the country out of the economic crisis. We need to prefer the national interest over political interest,” he said.
The MQM-P team said that under the leadership of Shehbaz Sharif, the country would overcome the problems it was facing today.
Meanwhile, a delegation of Balochistan Awami Party comprising Khalid Magsi, Senate chairman Sadiq Sanjrani and Senator Kahda Babar also met Mr Shehbaz Sharif.
The leadership of the two parties agreed to continue supporting each other to face the challenges.
“We all will have to sit together to steer the country out of crisis, especially the economic one,” Mr Sharif said, adding that the country could not afford anarchy. He promised to work day and night to give relief to the masses.
PML-N nominee for chief minister, Maryam Nawaz Sharif, and Marriyum Aurangzeb take oath as members of the Punjab Assembly.—Facebook/PML-N Lahore (Official)
• Over 300 newly elected MPAs take oath amid protests, delays
• Election for speaker, deputy speaker to be held today
• PML-N fields Malik Ahmad Khan, PTI-backed SIC nominates Malik Ahmad Bhachar for speaker slot
LAHORE: The 18th house of the Punjab Assembly came into being on Friday, with more than 300 newly elected MPAs taking the oath of office in the maiden session, amid tight security.
The house’s new speaker and deputy speaker will be elected today (Saturday), as Friday’s noisy proceedings were put off soon after the oath-taking and a roll call.
At least 313 MPAs — 215 belonging to the PML-N and allied parties and 98 PTI-backed independents — under the banner of the Sunni Ittehad Council (SIC) — took the oath administered by the outgoing Punjab Assembly Speaker Sibtain Khan.
The proceedings of the new assembly’s first session began over two hours behind schedule because the speaker was late to arrive.
Rumour had it that he was delaying the proceedings on the pretext that the Election Commission of Pakistan (ECP) had yet to notify all members on the reserved for women and minorities. However, he finally arrived as reports began to circulate that Governor Balighur Rehman was considering using his authority to appoint someone else to administer the oath to the members-elect.
However, when questioned by a reporter, the speaker downplayed the delay and argued that house proceedings had been put off for up to six hours in the past.
Inside the house, PML-N and rival MPAs indulged in sloganeering matches intermittently, with the PML-N members pointing to Imran Khan’s conviction in corruption references and the SIC members responding by highlighting corruption allegedly committed by the Sharif family.
The SIC did not win even a single seat in the Feb 8 elections, but PTI-backed independents have joined the party as part of an agreement.
Legal experts say no constitutional clause or law bars the two parties from doing so. “An independent candidate may join any party registered with the ECP within three days of notification of his or her win by the ECP, even if the party had not taken part in the polls,” Advocate Usama Khawar said.
“The Constitution talks of a parliamentary party, which comes into being after winning a poll, only once while discussing disqualification of a parliament’s member under Article 63. In all other places, including Article 106 (3c), which deals with reserved seats, it talks of political parties,” he said.
LAHORE: Newly elected members of the Punjab Assembly are being administered the oath of office by Speaker Sibtain Khan, on Friday.—M. Arif / White Star
Harassment allegations
The members-elect tried to take the floor even before taking the oath, only to be reminded by the chair that they could not speak before becoming formal members of the house.
PTI-backed members Rana Aftab and Rana Shehbaz complained of harassment at the hands of police and alleged that their guests were not being allowed to enter the visitors’ gallery to witness house proceedings, unlike workers of other parties. Another PTI-backed SIC member, Sheikh Imtiaz, highlighted that he only managed to reach the assembly premises by hiding in the rear seat of a car with tinted glasses.
SIC members alleged that Mian Aslam Iqbal, their candidate for the slot of chief minister, had been arrested and urged the speaker to ensure his recovery from police custody and called for postponing the session until then.
Speaker Khan promised to seek a report on Mr Iqbal and issue production orders for him if he was found to be arrested. However, he said the proceedings could not be delayed for long, even as the ECP has yet to notify some members on reserved seats, including 24 for women and three for minorities.
PML-N’s Malik Ahmed Khan objected to the discussion, pointing out that the chair should first administer the oath to members before doing any other business. The speaker then put off the proceedings for 45 minutes to let the members offer Friday prayers.
When the house met after the prayer break, the members took the oath of their office and signed the Roll of Call one by one, including the PML-N’s chief ministerial nominee, Maryam Nawaz Sharif.
Besides Ms Sharif, 192 other PML-N members took the oath as the party leadership had directed those leaders who had won both the national and provincial assembly seats to retain the former and vacate their provincial seats. Such leaders included former prime minister Shehbaz Sharif and his son, Hamza Shehbaz.
Besides, 98 members of the SIC, 13 of PPP, 10 of PML-Q, five of the Istehkam-i-Pakistan Party, and one each of the Tehreek-i-Labbaik Pakistan and PML-Zia also took the oath.
Later, the assembly secretary announced the election schedule for the speaker and deputy speaker slots, which will be held via a secret ballot today (Saturday).
Nominations for the two offices were to be accepted up till 5pm on Friday. Later, the speaker extended the time by one hour.
The PML-N fielded Malik Muhammad Ahmad Khan from Kasur for speaker and Zaheer Iqbal Channar from Bahawalpur for deputy speaker, while the SIC nominated Malik Ahmad Khan Bachhar from Mianwali and Moin Riaz from Multan for the two offices, respectively.
A press release quoted the assembly secretary, Amer Habib, as saying late in the evening on Friday that the papers of the four candidates had been accepted.
The Jamiat Ulema-i-Islam Fazl (JUI-F) staged protest rallies in various parts of Khyber Pakhtunkhwa’s Malakand and Hazara divisions on Friday against alleged poll rigging and a Supreme Court (SC) verdict in a case about ‘proscribed literature’.
Religious parties and social media users recently took exception to the SC decision ordering the release of a person accused of distributing supposedly proscribed religious literature, with the reaction coming almost two weeks after the apex court’s order on an appeal against a verdict of the Lahore High Court.
The government and the legal community came out against the “malicious and slanderous campaign” against the chief justice while the controversy had also prompted the SC to release its own clarification.
Protest rallies were called by the JUI-F central leadership today after Friday prayers with demonstrations held in Shangla, Lower Dir, Battagram, Buner and other districts of Hazara and Malakand divisions.
Demonstrations were also organised in KP’s merged districts.
Participants of the rallies shouted slogans against the superior judiciary and alleged rigging in the general elections.
In Shangla, the rallies were held in Bisham, Alpuri, Kana and Puran tehsils where JUI-F workers demonstrated and sloganeered against the election commission and caretaker government.
In Bisham, JUI-F workers blocked the Karakoram Highway and held a protest, which was addressed by Mufti Muhammad Anwar, Muhammad Jamil, Said Muhammad, Inayatur Rehman, Muhammad Faheem and others.
Mufti Anwar said the judiciary should consult religious leaders before giving verdicts if they were not aware of Islamic laws.
The speakers also claimed that their party was defeated in the elections through rigging, alleging that external forces tried to keep religious parties away from the Parliament but would not be allowed to succeed.
The Financial Action Task Force (FATF) said on Friday that it had removed the United Arab Emirates from its “grey list” of countries subject to increased monitoring, while Kenya and Namibia were added.
Countries on the list have “strategic deficiencies” in their efforts to counter money laundering and terrorist financing, but are cooperating with the global anti-money laundering watchdog to correct the problems and are subject to increased monitoring.
FATF head Raja Kumar said that Kenya and Namibia suffered deficiencies in their anti-money laundering systems and that action plans had been developed to remedy them.
A total of 21 nations are on the grey list.
In addition to the UAE, Barbados, Gibraltar and Uganda were removed from the grey list.
“They’ve all taken substantial steps to improve the anti-money laundering and countering financing of terrorism safety systems and address all items on their actions plans,” said Kumar.
UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan welcomed the FATF decision and said the changes would “strengthen the country’s leading status and competitiveness, and advance its position globally as an economic, trading and investment hub”, according to the country’s official news agency, WAM.
In recent decades the UAE has sought to use its location in the Gulf to become a financial, trade and travel hub linking Asia and Europe. It was put on the FATF’s grey list in 2022 over concerns about murky financial transactions and a flood of Russian money into the country.
More than 200 countries and jurisdictions have pledged to implement the recommendations of the FATF.
The FATF also has a “blacklist” of nations which are considered high-risk jurisdictions.
Countries are urged to apply countermeasures against Iran and North Korea to protect against money laundering and the financing of terrorism and weapons proliferation.
Meanwhile, countries are requested to apply enhanced due diligence concerning Myanmar.
The FATF also repeated its condemnation of Russia for its invasion of Ukraine two years ago.
It suspended Russia’s participation in the body last year and said its members are taking proactive measures to protect the global financial system given Moscow’s growing financial links to countries subject to FATF countermeasures.
ISLAMABAD: An MQM-P delegation led by Sindh Governor Kamran Tessori on Thursday called on caretaker Prime Minister Anwaarul Haq Kakar and discussed with him the country’s political situation.
MQM-P leaders Dr Farooq Sattar and Mustafa Kamal also attended the meeting, a PM Office press release said.
The MQM-P leaders lauded PM Kakar for the steps taken by the caretaker government to stabilise the country’s economy.
A source in the MQM-P told Dawn that the formation of the new government also came under discussion. The source said that after the PPP’s decision to not sit in the government in the Centre, the PML-N and MQM-P will be the two mainstream political parties in the forthcoming federal cabinet.
Political situation, govt formation also come under discussion
It may be recalled that MQM-P has already demanded four federal ministries in the federal cabinet to be headed by PML-N President Shehbaz Sharif as the prime minister.
It has been agreed between the PML-N and MQM-P that incumbent Sindh Governor Tessori, who is a senior leader of Muttahida, will continue to hold the coveted post in the province in the new set-up.
Sources claimed that MQM-P wanted the slot of deputy speaker in the National Assembly, but the PML-N had already given it to PPP. Now, the MQM-P is insisting on four portfolios in the federal cabinet.
In addition to its share in the cabinet, the MQM-P has demanded legislation to empower the local governments, a demand long held by the Karachi-based party for devolution of powers.
Meanwhile, a tug of war has started within the parties’ ranks to grab coveted positions in the centre as well as the provinces.
Sources in the PPP said that as it has been agreed between the PPP and PML-N that Shehbaz Sharif will be the prime minister and PPP leader Asif Ali Zardari will be the next president of the country. The PPP has also demanded that it should be given the post of governor Punjab.
KARACHI: The nation’s battle with debt repayment has intensified amid a drop in the State Bank’s foreign exchange reserves and rising political uncertainty, currency experts said.
The SBP reported on Thursday that its foreign exchange reserves fell by $44 million during the week ending Feb 16 due to debt servicing, highlighting the ongoing financial strain.
Despite an uptick in remittances in December and January, the challenge of debt repayment looms large, with the country requiring over $6 billion for foreign payments by the end of the fiscal year.
In the first half of the current fiscal year, the country dedicated $7.2bn to debt servicing, split between a $4.5bn principal amount and $2.7bn in interest.
SBP reserves fall $44m, rupee edges higher to 279.32 against US dollar
Bankers hope the formation of a new government in Islamabad in the next couple of weeks will bring stability. “Political stability is the most-needed element for economic growth,” a senior banker said, stressing that only the formation of a new government in Islamabad could solidify economic policies and stimulate growth.
Despite widespread speculation regarding the new government and its economic strategies, there is a consensus that the debt repayment crisis and a shortage of dollars will persist.
Experts predict the forthcoming administration will likely pursue the same path as the caretaker government, seeking additional loans from the International Monetary Fund (IMF). However, concerns are mounting that the State Bank’s current foreign exchange reserves, standing at $8.013bn, may be insufficient for upcoming debt servicing requirements.
“The situation may get worse in the next four months if the country fails to arrange $6bn for debt servicing,” the banker said.
Nevertheless, remittances, export proceeds and transactions through exchange companies are providing a lifeline, helping maintain the State Bank’s reserves near $8bn until the country negotiates new loans with the IMF.
The foreign exchange market remains under control thanks to stringent import regulations, but the IMF’s push for import liberalisation could threaten exchange rate stability.
Due to this exchange rate stability, the inflow of foreign exchange into the equity market remained high during the last couple of months. At the same time, the exchange companies sold $3bn to the commercial banks during the first seven months (July to January) of the current fiscal year.
Meanwhile, the State Bank reported the closing rate of the dollar in the interbank market at Rs279.32 on Thursday, with a decline of 17 paise in the dollar’s value. The open market also reported a 20-paisa decline in the dollar’s value and the trading rate was Rs282.30.
According to the SBP, the country’s total foreign exchange reserves now stand at $13.098bn, including $5.085bn held by the commercial banks.
ISLAMABAD: The Federal Board of Revenue (FBR) has initiated the process of gathering tax proposals from all stakeholders for consideration in the upcoming budget for the fiscal year 2024-25.
Three different notifications were issued on Thursday to solicit feedback from all taxpayers, including chambers of commerce and industries, associations, and trade bodies. All proposals should reach the FBR by March 11, 2024.
The proposals may suggest amendments to the income tax ordinance, sales tax act, federal excise act, and customs act.
According to the notifications, the proposals may focus on coping with any tax avoidance, leakages, broadening of the tax base, removal of any procedural lapses, removal of difficulties and anomalies, abolishing any outdated or obsolete provisions, simplification of the laws and rules, and tax facilitation.
The FBR further stated that the proposals are expected to be clear, meaningful, and implementable through further amendments to the laws, taking into consideration all stakeholders, including trade groups that may be adversely affected by the proposed measures.
The Quetta Gladiators beat Islamabad United on Thursday by three wickets after a late scare in their chase of 139 at Lahore’s Gaddafi Stadium, courtesy of handy contributions with the bat from their skipper Rilee Rossouw, Sherfane Rutherford, and Jason Roy.
On a wicket that looked dry and offered assistance to bowlers, Quetta won the toss and fielded first. The Islamabad United captain Shadab Khan said that they’d have bowled first too but he wanted to bat on the wicket since spinners would later come into play.
Islamabad almost made Quetta pay instantly and got off to a flying start with Alex Hales smashing 21 off 9 before he got dismissed off Akeal Hosein after having already hit two sixes in the over. The dismissal gave some respite to Quetta bowlers who came back in the game and controlled the flow of the runs.
The in-form Agha Salman hit Mohammad Hasnain four 4s in the final over of the powerplay, with Islamabad finishing at 60/1 after six overs. All hells were about to break loose though as Islamabad could not capitalise on the good start and lost the next eight wickets, adding just 78 more runs to the innings total, thanks to some decent middle-overs and death-overs bowling by Quetta. Among the bowlers, the mystery spinner Abrar Ahmed stood out for picking up three crucial wickets including that of Salman and Colin Munro.
None of the Islamabad batters could produce substantial contributions despite five of them getting off to decent starts. As the chase began, Quetta got off to a cautious start. The Islamabad United bowlers led by Naseem Shah bowled at some tight lines and lengths ensuring that Quetta were never in a comfortable position in the chase.
The trend of batters not being able to convert their starts continued later in the night with only three Quetta batters, including Roy, Rossouw, and Rutherford, knocking off 71 per cent of the chase total, leaving the rest up to others. And despite the flurry of wickets during the middle and death-over phases, Quetta were not completely out of the game.
In the end, they just needed Russouw to stay till the end. With support from Muhammad Amir with the bat at the other end, Quetta chased down the total with 10 balls to spare.
Russouw was awarded the Player of the Match for scoring 34 not out.
BEIRUT/DAMASCUS: Israeli airstrikes killed four people in Lebanon and Syria on Wednesday, media and security sources said.
One of the strikes killed a woman and a child in south Lebanon, sources said, days after Hezbollah vowed to inflict a price on Israel for killing civilians in the conflict across the Israeli-Lebanese border.
The woman and girl were killed in the strike in Majdal Zoun, a village some 6km from the border, according to two security sources and a medical source.
A statement from Israeli army spokesperson Lieutenant Colonel Avichay Adraee on X said the Israeli army had carried out an attack on “a military building” in the village of Yaroun in southern Lebanon, and that Israeli warplanes had launched raids on three Hezbollah operational headquarters in the south.
It did not mention Majdal Zoun, which is about an hour’s drive from Yaroun.
The Hezbollah movement announced more than half a dozen attacks on Israeli positions on Wednesday.
Strike in Syria
The Israeli airstrike hit a residential building in the Kafr Sousa district in Syria’s capital Damascus, killing two people, Syrian state media and a security source said.
A military source cited by Syrian state TV said the strike at about 9:40am (0640 GMT) wounded a number of other people, identifying the dead as civilians.
Images published by Syrian state media showed the charred side of a multi-storey building. The security source said the “attack did not achieve its aims”.
The neighbourhood hosts residential buildings, schools and Iranian cultural centres, and lies near a large, heavily guarded complex used by security agencies.
WASHINGTON: The Biden administration remains steadfast in its stance of non-interference in the formation of the government in Pakistan, dismissing calls from
US lawmakers and others to withhold recognition of the Feb 8 election results.
At Wednesday’s news briefing in Washington, US State Department spokesperson Matthew Miller reiterated this point when asked whether the prospective coalition set-up in Pakistan would be deemed representative.
“I don’t want to comment on the government before it is formed,” he said. “Ultimately, as is the case wherever you see coalition politics taking place in any given country, it’s a decision for that country itself. It’s not something we would weigh in on.”
During a similar news briefing on Tuesday, he characterised the efforts to form a coalition government as Pakistan’s internal matter. “I do not want to get into an internal Pakistani matter, which I very much believe that the formation of a new government is.”
Seeks probe into ‘irregularities’; calls on Pakistan to lift social media restrictions
And as in several previous briefings, Mr Miller reiterated his support for calls for a thorough investigation into any claims of interference, irregularities or voter intimidation. “We want to see a full investigation into any claims of irregularities,” he said.
On Wednesday, he also issued a strong appeal to Pakistan to restore social media access when informed that people had no access to Twitter for three consecutive days.
“We are concerned by any report of restrictions on freedom of association and expression in Pakistan, including the partial or complete government-imposed shutdowns on social media platforms,” he said. “We continue to call on Pakistan to respect freedom of expression and to restore access to any that has been restricted, including Twitter.”
He emphasised that in engagements with their Pakistani counterparts, US officials “have and will continue to emphasise the importance of respecting these fundamental freedoms.” The US concern on this issue, he said, has been communicated to Islamabad.
On Tuesday, he also responded to rigging allegations by former Rawalpindi commissioner Lia-quat Ali Chattha, saying, “When it comes to any claims of interference or allegations of irregularities, we want to see those fully investigated.”
Last week, White House Press Secretary Karine Jean-Pierre stressed, “We consistently convey clearly, both publicly and privately, to the Pakistani government and across the Pakistani political spectrum the need to respect the will of the Pakistani people.”
Social media restrictions
The US also called on Pakistan to lift restrictions on X, formerly known as Twitter, after days of disruption. “We are concerned by any report of restrictions on the exercise of the freedom of expression and association in Pakistan, including a partial or complete government-imposed internet shutdown,” Mr Miller told reporters.
“We continue to call on Pakistan to respect freedom of expression and restore access to any social media that has been restricted including Twitter, now known as X,” he said. “We have and we will continue to emphasise the importance of respecting these fundamental freedoms during our engagements with Pakistani officials.”
GILGIT: The Karakoram Highway (KKH) and Baltistan Road have once again been shut down due to landslides triggered by heavy snowfall and rain.
The closures, announced on Wednesday, follow brief periods of restoration for light traffic earlier in the week, aggravating the challenges faced by both residents and tourists due to adverse weather.
An official of the Gilgit-Baltistan Disaster Management Authority told Dawn the region’s weather was improving, but the damage from Monday and Tuesday’s severe weather events has led to significant disruptions.
The KKH was obstructed at several points near the Thore area of Chilas and the Diamer Basha Dam construction site, officials told Dawn. As a result, thousands of passengers were stranded once again on both sides of the highway.
Efforts to mitigate the impact include diverting light traffic through the old KKH route. Meanwhile, clearance operations are actively ongoing using heavy machinery.
Closures leave passengers stranded; residents brave power outages
Similarly, the Baltistan Road witnessed its fourth consecutive day of closure, with partial openings being short-lived due to new landslides near the Roundu area of Skardu, severing land communication for the residents once more.
Despite these challenges, GBDMA Director General Safdar Khan assured that traffic restoration efforts were in full swing across the affected areas, with no significant casualties or damage reported thus far.
The GB government has issued a weather alert effective until Feb 27, advising people to avoid non-essential travel. Meanwhile, aerial connections between Islamabad, Skardu and Gilgit face disruptions for the third day.
People in the region’s upper areas are in the grip of cold waves and are faced with power outages and communication disruptions.
Bayern Munich have decided to end their collaboration with coach Thomas Tuchel at the end of the current season despite a contract to 2025, the club said on Wednesday.
Bayern lost their last three games in all competitions, including a 3-0 defeat to league leaders Bayer Leverkusen and have now dropped eight points behind them in the Bundesliga.
They were also beaten 1-0 by Lazio in last week’s Champions League first leg and now risk going without any silverware for the first season in more than a decade.
Tuchel had taken over in March 2023 from Julian Nagelsmann with high expectations but he suffered a bumpy start, crashing out of the German Cup and the Champions League before snatching the Bundesliga title from Borussia Dortmund on the final matchday.
This season they have been equally mercurial, showing only glimpses of the form that saw them dominate German football for the past decade. They were eliminated from the German Cup by third-tier club Saarbruecken.
Bayern CEO Jan-Christian Dreesen said there would be “a new direction” next season with a new coach.
“In a good, open discussion, we came to the decision to end our working relationship by mutual agreement in the summer,” Dreesen said. “Our goal is to pursue a new footballing direction with a new head coach for the 2024/25 season.”
“Until then, every individual at the club is expressly called upon to achieve the maximum possible in the Champions League and Bundesliga. I also explicitly hold the team accountable in this regard.”
The coach, who in the past had been in charge at Borussia Dortmund, Paris St Germain and also won a Champions League title with Chelsea in 2021, said his remaining time in Munich would be focused on the remaining goals in the Bundesliga and the Champions League.
His first full season at Bayern had been hit by a string of injuries to key players and by what he had said was a relatively thin squad at the start of the campaign despite the arrival of Bundesliga record signing Harry Kane.
He also triggered the ire of Bayern fans, opting to play Joshua Kimmich in defence instead of a holding six and leaving veteran and crowd favourite Thomas Mueller on the bench for several games.
“We have agreed that we will end our working relationship at the end of this season,” Tuchel said. “Until then, I will of course continue to do everything I can with my coaching staff to achieve maximum success.”
Bayern, in second place in the Bundesliga on 50 points, host RB Leipzig on Saturday.
KARACHI: Researchers have found the brightest object in the universe, which is 500 trillion times brighter than the Sun.
According to the European Southern Observatory (ESO), the newly discovered quasar is the most luminous object ever observed, and it is powered by a massive blackhole which is eating a mass equivalent to one Sun per day, making it the fastest-growing black hole to date.
Quasars are the bright cores of distant galaxies, and they are powered by supermassive black holes. The black hole in this record-breaking quasar is growing in mass by the equivalent of one Sun per day, making it the fastest-growing black hole to date, according to ESO.
The Guardian reported that a group of scientists at the Australian National University first spotted the quasar at an observatory in Coonabarabran town near Australia’s New South Wales state. The discovery was then confirmed using ESO’s Very Large Telescope.
“We have discovered the fastest-growing black hole known to date. It has a mass of 17 billion Suns and eats just over a Sun per day. This makes it the most luminous object in the known Universe,” Christian Wolf, the lead author of the study, was quoted as saying by ESO.
The quasar, known as J0529-4351, is so far away from Earth that its light took over 12 billion years to reach us.
Another research said the brightest quasar had been remarkably hiding in plain sight.
“It is a surprise that it has remained unknown until today when we already know about a million less impressive quasars. It has literally been staring us in the face until now,” the study’s co-author, Christopher Onken, told ESO.
According to researchers, studies into distant supermassive black holes could answer some of the most prevalent questions about galaxies and their evolution and solve some of the mysteries of the early Universe.
ISLAMABAD: In yet another blow to struggling electricity consumers, the Central Power Purchasing Agency (CPPA) has sought a massive Rs7.13 per unit increase in fuel charges in the upcoming bills on account of electricity consumed in January to generate an additional Rs57 billion for power distribution companies (Discos) formerly under Wapda.
This is the highest-ever increase in fuel cost adjustment (FCA) demanded by the CPPA in history — almost 96pc higher than the pre-fixed fuel cost of Rs7.50 per unit already charged to consumers in January — and calls into question the capabilities of the power sector bureaucracy to forecast fuel costs even for six to seven months.
This increase in FCA is on top of about 26pc increase in the annual base tariff and another 18pc hike under the quarterly tariff adjustment currently in place. As a result, consumers will have to pay excessive bills despite minimum consumption in peak winter months. The National Electric Power Regulatory Authority (Nepra) has accepted the request for a public hearing on Feb 23 (Friday).
The higher proposed FCA on the consumption of January 2024 is mainly because of higher domestic coal and gas prices, although imported fuel prices, including furnace oil and LNG, were lower in January, and the exchange rate remained stable.
CPPA seeks unprecedented Rs7.13 per unit FCA in March bills to generate Rs57bn for Discos
In a petition, the CPPA, acting as a commercial agent of Discos, demanded an additional FCA of Rs7.1308 per unit in the billing month of March for electricity consumed in January. It claimed that the reference fuel cost for January was set at Rs7.489 per unit, but the actual fuel cost came in at Rs14.62 per unit.
It said that about 8,314 gigawatt-hours (GWh) of electricity was generated at an estimated fuel expenditure of Rs114.6bn (or Rs13.79 per unit) in January, of which 7,938 GWh was delivered to Discos at a cost of Rs116.059bn (Rs14.62 per unit).
This included a hydropower share of just 11pc in January compared to 24pc in December 2023 and 36.5pc in November. Hydropower, which has no fuel cost, is always lower in January than in other months because of canal closure for annual maintenance.
The biggest share in the national grind came from nuclear power at about 21pc in January compared to 19pc in December and 21pc in November. The second-largest share, 18.22pc, came from imported liquefied natural gas (LNG) in January, against 16.4pc in December and 10.6pc in November.
The third-largest share (16.5pc) was of local coal in January compared to 17pc in December; with the addition of about 7pc share of imported coal, the overall coal generation accounted for 23.4pc in January, higher than 22pc of total power production in December. Then followed the domestic gas-fired electricity with 12.45pc share in January, up from 10.7pc in December and 9.2pc in November.
The fuel cost of furnace oil-based power generation reduced to Rs35.4 per unit in January when compared to Rs38.5 per unit in December and Rs47 per unit in November. The furnace oil-based generation in January went up to 9pc from 2.2pc in December because of lower hydropower availability.
Diesel-based generation cost went up slightly to Rs45.6 per unit compared to Rs42 in December, and its total share also increased to 1.22pc in January compared to a negligible 0.08pc in December.
The LNG-based power generation cost in January declined to Rs24.3 per unit compared to Rs26.22 in December. On the other hand, the cost of domestic gas-based generation was slightly lower at Rs13.7 per unit compared to Rs14.6 in December, mainly because of increased production.
The cost of local coal-based generation in January amounted to Rs11.9 per unit compared to Rs12.33 in December and Rs15.3 in November. The cost of power generated from imported coal went up to Rs21 per unit against Rs17.25 in December and Rs14.53 in November.
Three renewable energy sources — wind, bagasse and solar — together contributed 3.4pc power to the grid in January, down from 4pc in December. Wind and solar have no fuel cost, while bagasse-based generation cost remained unchanged at about Rs6 per unit.
After approval by Nepra, the increase in FCAs would be adjusted in consumers’ bills in the upcoming billing month of March. The FCA is reviewed every month as per the tariff regime applicable across the country and is usually applicable to the consumer’s bills for one month only.
On approval, the higher FCA would apply to all consumer categories except lifeline power consumers and protected domestic consumers using up to 300 units, and agricultural consumers and electric vehicle charging stations .
The adjustment would also apply to domestic consumers having time-of-use meters irrespective of their consumption level.
Under the tariff mechanism, changes in fuel cost are passed on to consumers only on a monthly basis through an automatic mechanism, while quarterly tariff adjustments on account of variation in power purchase price, capacity charges, variable operation and maintenance costs, use of system charges and including impact of transmission and distribution losses are built in the base tariff by the federal government.
