Faisal Shakeel / Qaiser Zulfiqar

Jun 222017
 

KARACHI: Stocks bounced back on Thursday from the plunge seen in previous sessions and ended the week in the green zone for the second straight session before long Eid holidays. The positive activity continued since the morning and the KSE 100-share Index touched an intra-day high of over 980 points. At close of trading, the benchmark KSE 100-share Index finished with a rise of 857.85 points or 1.89% to close at 46,332.31. According to Elixir Securities, Pakistan equities extended gains and closed last working day of the week before long holidays positive with the benchmark index surging 1.9% and closing above 46,300. “The market kicked off trading on a positive note and increased steadily during the day as notable index names across major sectors inched upwards on healthy institutional buying. Habib Bank (HBL, +2.8%), Lucky Cement (+4.3%), Engro Corp (+3.4%), Fauji Fertilizers (+5%) and Dawood Hercules (+5%) were among top five movers,” stated the report. KSE-100 recovers amid institutional investors’ interest Moreover, K-Electric (+2.2%) closed higher and dominated the volumes chart after churning out most volumes since early February. Another highlight was Amreli Steels (+5%) that hit its upper price limit after the National Tariff Commission confirmed 24% anti-dumping duty on the import of Chinese steel billets. The market next week would be guided by multiple factors including direction of foreign institutional flows and global crude performance while politics would remain a drag with investors closely following developments in the Panama Papers case against the premier’s family, the report said. Pakistan [Read More…]

Jun 212017
 

HYDERABAD: For the protection of couples marrying of their free will and without the consent of their families, the Sindh High Court (SHC) has ordered the provincial government to prepare a mechanism for their safety. The order was given on Tuesday by Justice Salahuddin Panhwar in three identical petitions filed by women complaining about harassment and threats to their lives, while seeking safety. The judge observed that the couples approach the court for their security after the police and state institutions fail to ensure that their fundamental rights are protected. “[Couples] approach this court for safety and protection always after a complaint of failure of quarter concerned in discharge of its obligatory duty [generally against the police],” reads the order, adding that the three amicus curiae and as many counsels of the petitioners have all pointed to this fact. Sindh urged to ensure end to forced conversions During the last two years, as many as 1,837 petitions were filed in the SHC’s benches in Hyderabad, Sukkur and Larkana, according to the figures submitted during the hearing. These include 762 petitions in SHC Hyderabad, 544 in SHC Sukkur and 531 in SHC Larkana. Among them some 1,464 cases have been disposed of, while 373 cases – 173 in Hyderabad, 138 in Sukkur and 62 in Larkana – are still pending. During the last hearing on June 13, the SHC ordered Sindh IG Allah Dino Khawaja to submit details of FIRs registered under Section 365-B of the Pakistan Penal Code in the last [Read More…]

Jun 192017
 

KARACHI: Pakistan People’s Party (PPP) Chairman Bilawal Bhutto Zardari inaugurated the Manzil Pump flyover on National Highway in Karachi on Monday evening. Speaking on the occasion, Sindh Chief Minister Murad Ali Shah said the flyover had been constructed at a cost of around Rs515 million in a “record time” of three months. “This flyover will help in preventing traffic jams, particularly the flow of the heavy vehicles from the city’s industrial areas to the airport and then onto National Highway will be smooth and signal-free,” he added. Lowest provincial allocation for country’s financial hub Local Government Minister Jam Khan Shoro told Bilawal that construction of the flyover had started on March 8, 2017. The length of the bridge is 560 metres, including its 310-metre ramp.  The width of the three-lane carriageway is 10.9 metres. The chief minister said the construction of the Drigh Road underpass and Submarine Chowrangi underpass was under way at a rapid pace. The Drigh Road underpass will be inaugurated by the end of this month,” he added. The chief minister also said Shahrah-e-Faisal had not only been reconstructed but also widened by altering the Baloch Colony flyover. “This has improved traffic flow on Shahrah-e-Faisal.” The post Bilawal inaugurates Manzil Pump flyover in Karachi appeared first on The Express Tribune. Click for detailed story

Jun 192017
 

ISLAMABAD: The Supreme Court (SC) has raised serious questions over the conduct of Intelligence Bureau (IB) in the ongoing Panamagate case probe by a joint investigation team (JIT) into the Sharif family’s offshore wealth. A three-judge implementation bench of the apex court, headed by Justice Ejaz Afzal Khan, warned the civilian intelligence agency against harassing the JIT members, investigating the allegations of corruption against the ruling family in line with the top court’s historic April 20 verdict in the Panama Papers case. “Harassment of JIT members must be stopped forthwith, otherwise we will have to pass unpleasant orders,” remarked Justice Ijazul Ahsen. The judge asked Attorney General of Pakistan (AGP) Ashtar Ausaf Ali to tell government officials to “remain in limits”. SECP chief calls for a thorough inquiry in Whatsapp call controversy Another judge, Justice Azmat Saeed Sheikh, asked the AGP to tell the IB officials to immediately stop harassing members of the probe body. “Advise your government not to create obstructions in the operation of the JIT and don’t enforce us to pass any order,” Justice Sheikh said. “For god’s sake, don’t use IB in this matter.” The judge went on to ask whether the agency was working for private individuals or the state of Pakistan. He observed the IB committed a crime by passing on the information of JIT members to a private person (Hussain Nawaz). The bench sought legal assistance from AGP regarding IB’s role in the Panamagate proceedings. Justice Khan asked the AGP to inform the court [Read More…]

Jun 132017
 

LAHORE: Punjab Law Minister Rana Sanaullah on Tuesday advised the joint investigation team (JIT) probing the Sharif family’s offshore assets to summon Chief Minister Shehbaz Sharif as he had answers to all its queries. Talking to reporters at the Punjab Assembly, Sanaullah said Shehbaz could respond to the JIT’s questions about the Sharif family like no other. “Another advantage of calling Shehbaz Sharif is that he wouldn’t complain about the long hours of interrogation,” he added. Panamagate: Some case record tampered with, says JIT “Instead, the members of the JIT would tire of listening to Shehbaz Sharif briefing them about the details of the Sharif family.” The minister said it appeared that the JIT was trying to prepare a PhD thesis on the Sharif family. “Only writing a thesis can justify the abnormally long hours of interrogation,” he quipped. Sanaullah said Shehbaz had written a book, “Azam-o-Himmat Ki Dastaan and reading it would help JIT members. “The manner in which the JIT is handling interrogations is casting a shadow of doubt over its credibility,” he maintained. JIT summons PM Nawaz on June 15 The minister said levelling allegations of tampering with records, lack of cooperation, and not even disclosing details of the officer who leaked the interrogation picture of Hussain Nawaz was unfair on the part of the JIT. “The Supreme Court should take notice of this,” he added. “The Panama Papers case is not only a conspiracy against the Sharif family but against the progress of Pakistan.” The post JIT should call Shehbaz Sharif as he has all the answers: Rana Sanaullah [Read More…]

Jun 112017
 

KARACHI: Police in a raid on Sunday arrested three private security guards from a PML-F leader’s residence for assaulting Zubair Ashraf, a staffer of The Express Tribune. According to SSP South Saqib Ismail Memon, the police raided Pir Yasir’s residence in the Defence Phase 8 area of Karachi. The suspects detained during the raid included Majnon, Ghulam Shabbir and Altaf Hussain. The police have also detained three police guards for questioning. Ashraf was assaulted by the private guards when Pir Yasir’s convoy was crossing Korangi Road at around 7pm on Saturday According to Ashraf, he along with his colleague photojournalist Athar Khan, were heading to the office pillion riding a motorcycle, when the rashly driven vehicles in the convoy of Shah tried to overtake all other motorists in front of the National Medical Centre (NMC) Hospital. PML-F security men assault Tribune staffer Many motorists, mostly motorcycle riders, narrowly escaped being hit by the escort vehicles, as they kept pushing everyone aside to secure Shah, who was driving the vehicle himself. When riders tried to argue, the guards started threatening the public and a guard pointed a gun at Ashraf while another two started beating him with batons. An FIR was also lodged against the PML-F leader later on Saturday night. The PML-F Karachi chapter president has also admitted that the vehicle belonged to him and he was driving it. Condemnations Condemning the incident, Minister of State for Information Marriyum Aurangzeb assured that the law will take its course in the torture of [Read More…]

Jun 112017
 

ISLAMABAD: A 21-year-old man, who was allegedly subjected to sexual assault by four men and then deprived of his valuables, claimed on Sunday that he had to pay Rs16,000 to police to register a case against the assailants. X* was subjected to torture and then sexually assaulted by the four men at a flat in Bahria Town Phase 4 on May 26. They also took away his motorcycle, cell phone, and wallet. “They beat me, made me strip and then humiliated me by making me draw lines with my nose and then robbed me of all I had,” X told The Express Tribune. Most people pay up extortion: police X runs a catering business in Rawalpindi and says the attackers called him to the flat for a business deal. “They told me that they wanted me to supply them ‘deghs’ in Ramazan and had been calling me for several days to come over to finalise the rates,” he added. He claimed that the attackers also recorded footage of him and threatened to spread it if he disclosed what had happened. X said that the assailants also demanded Rs50,000 from him after the attack, threatening him to assault him again if he did not do so. He said that he went back home in the wee hours after the attack and reported it to the Lohi Bher police in the afternoon. “The police demanded Rs25,000 to register an FIR as well as the cost of the medical tests. However, I gave them Rs10,000 for the medical [Read More…]

Jun 082017
 

KARACHI: Opposition lawmakers in the Sindh Assembly decried the deteriorating health and education standard in the province and demanded accountability of billions of rupees spent on various projects that have not yielded results. During the budget discussion on Thursday, MPAs from Muttahida Qaumi Movement (MQM) and Pakistan Muslim League – Functional (PML-F) drew the house’s attention towards billions of rupees spent in the name of providing high-quality education that has yet to yield results. “Summer vacations have started but many students in Hyderabad division have not received their syllabi yet. Dozens of ghost schools have not been reopened. Hundreds of primary and secondary schools are still deprived of toilet facilities. I fail to understand where this huge amount goes every year,” said Sabir Qaimkhani of the MQM during his budget speech. He added that Sindh is being looted and plundered under the slogan of ‘roti, kapra aur makaan [food, clothing and housing]’. Sindh police likely to get major chunk of provincial budget yet again He said that people of Sindh have now awakened and will reject the ruling Pakistan Peoples Party (PPP) in upcoming election. Syed Sardar Ahmed, MQM’s parliamentary leader, said that it is a futile exercise to discuss the budget because the government will not incorporate opposition members’ suggestions in it. “As per the rules, the government has to seek suggestions from opposition parties on the budget but this never happens,” he lamented. “This is an accounting budget and a jugglery of words. It will not benefit the people,” [Read More…]

Jun 082017
 

KARACHI: The bourse again witnessed volatile trading on Thursday as the index opened negative, posted a slight recovery, but failed to sustain the momentum, falling below 50,000 points. At the end of trading, the benchmark KSE 100-share Index recorded a fall of 204.48 points or 0.41% at 49,958.33. According to Elixir Securities, Pakistan equities closed lower on profit-taking after experiencing another volatile and dull trading session. “The market opened on a negative note with index-heavy oil stocks leading early decline as investors tracked sharp overnight losses in global crude after a surprise rise in US stockpiles,” said analyst Ali Raza. “It was followed by a short-lived recovery on the back of gains in select index names including United Bank Limited (+0.1%) and Engro Corp (-0.5%) while select oil plays notably Pakistan Oilfields (-0.6%) and Pakistan Petroleum (-0.4%) also pared morning losses and aided the recovery.” Market watch: KSE-100 experiences another dull session, ends little changed The index, however, couldn’t hold positive territory for long as investors resorted to profit-booking in the wider market. At the day’s close, the index settled below 50,000 with major dent coming from Habib Bank (-3%) on reported local selling. “[We] see lacklustre trading on one-session Friday with flows mainly guiding the market direction. Volumes, however, are expected to pick up from next week as implementation of much-awaited leverage product gets under way,” said Raza. JS Global analyst Arhum Ghous said in line with expectations, the market remained volatile in Thursday’s trading session, touching an intra-day high [Read More…]

Jun 082017
 

KHAR: At least seven people were injured when a remote controlled bomb exploded on the roadside near a vehicle carrying passengers in Dabar area of Bajaur Agency. An official of the political administration said the explosion took place in the border area of Mamond. The injured were shifted to a hospital in Khar tehsil, he added. Earlier in January, a Levies Force man was killed after a remote-controlled IED exploded in Mamond area. The Levies official, identified as Dilawar Khan, died in the blast at the sentry post at Loy Mamond near the Pakistan-Afghanistan border. Two Hazara community members gunned down in Quetta Pakistan Army launched an operation in June 2014 to wipe out militant bases in the tribal regions and bring an end to a bloody insurgency that has cost thousands of civilian lives since 2004. It has conducted a series of military offensives as well as concerted efforts to block militants’ sources of funding. But the remnants of militant groups are still able to carry out periodic bloody attacks. The post Seven injured in IED explosion near passenger vehicle in Bajaur appeared first on The Express Tribune. Click for detailed story

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