CCP Urge for Strict Enforcement of Laws

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CCP Urge for Strict Enforcement of Laws

CCP: Laws aim 25-30% cut, cartel removal, economic shift in Pakistan.

Speaking at a debate session hosted by the Lahore Economic Journalist Association on Monday, Kaunain expressed her opinion that it was crucial to enforce competition laws given Pakistan’s current crisis-like circumstances.

She demanded the development of a National Competition Policy in order to raise awareness among stakeholders, stating that “effective enforcement is the only way to protect consumers.”

The CCP chairperson also demanded the creation of a regulatory tribunal to handle issues especially involving regulators.

This will expedite the resolution of issues before authorities and enhance the nation’s overall business and investment climate, according to her.

Kaunain shared information about the various investigations into cartels and the anti-competitive behavior of various industries.

He made note that while commercial banks were cooperating with the CCP, the State Bank of Pakistan (SBP) was failing to provide the information necessary with regard to the investigation into T-Bills auctions.

She added that the abnormal volatility of the bank’s base rates during the auctions was also under investigation.

“During the inquiry period under view, banks spent 55% to 75% of their deposits into government T-Bills’ auctions,” she stated.

“The assistance of other governmental authorities could increase the effectiveness of the CCP. For the public to receive better services, all government regulators must work together, she said.

 

Why Imran Khan is Returning to NA?

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Why Imran Khan is Returning to NA?

Khan hint at forming caretaker govt claim communication with PML-N MP.

Speaking to senior journalists in Lahore, he declared, “If we don’t return to the NA, they (government) would construct the caretaker setup in consultation with Raja Riaz since they don’t have any ethics.”

Imran said that they have a strategy in place for the NA and mentioned that they had spoken to a number of PML-N MNAs.

Shehbaz Sharif will “have sleepless nights,” he said, “and we will test them (PML-N MNAs) first before we add them [to the party folds].”

He claimed that the “Bajwa theory” and “political engineering” are still active in the nation.

When asked about the local body elections in Karachi, the PTI leader responded that the Pakistan Peoples Party (PPP) cannot win without rigging.

He also acknowledged that the city’s inadequate party structure contributed to the PPP’s dismal showing in the elections on Sunday.

Imran claimed that because Finance Minister Ishaq Dar failed to raise oil prices as expected, the International Monetary Fund (IMF) would not disburse funding and the country’s foreign exchange reserves would continue to decline by $2 billion.

He emphasized that PML-future Q’s lay with PTI. “The PML-Q will prevail if they run for office, wearing a bat insignia. I’d like the coalition system to end as well “He continued.

After winning the trust vote in the Punjab Assembly, Imran Khan claimed on Saturday that his party has made the decision to put Prime Minister Shehbaz to the test through “various schemes,” including a confidence vote in parliament, in an effort to give his successor a taste of his own medicine.

In an interview with a local TV station, the PTI leader made the choice to confront the prime minister public.

We will undoubtedly put Shehbaz Sharif to the test. He put us to the test here in Punjab.

Asked if his party could ask the premier to win a vote of confidence, he replied, “Now it’s his turn to face the music.”

The party will decide on the timing of the confidence vote and other measures to put the current administration to the test at today’s meeting, according to the former premier, who was removed from office in April of last year following a vote of no-confidence proposed by the then opposition.

 

 

Diabetic Patients Became Hopeless as Insulin Rates Ascend

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Diabetic Patients Became Hopeless as Insulin Rates Ascend

The rising price of insulin poses a major stress on diabetic patients.

Particularly for life-sustaining pharmaceuticals like insulin for diabetic patients, pharmaceutical corporations have come under fire for taking advantage of the public by arbitrarily and unreasonably boosting the pricing of their products.

Diabetes is a chronic disorder that necessitates continuing management. Type 1 diabetes, which frequently requires lifetime insulin injections because there is no especially effective cure, is diagnose early in life.

This may result in individuals being unable to afford the insulin they require, which could have detrimental effects on their health.

Unfortunately, greater action is need from the federal regulators to address this problem. Businesses should not make money at the expense of the health and happiness of their customers.

To ensure that everyone can pay and have access to necessary medications, the situation demands prompt attention and action.

The government must think about strategies to reduce the price of these necessary medications while also offering financial assistance to people who cannot afford the exorbitant cost of care.

We can make sure that everyone has access to the care they require to keep their health intact and that no one is left to shoulder the burden of high costs alone in this way.

 

Ayeza Khan Celebrates her Lavish Birthday in Dubai

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Ayeza Khan Celebrates her Lavish Birthday in Dubai

Ayeza Khan birthday celebration with husband go viral on social media.

This year, the ‘Meray Paas Tum Ho’ actor, Ayeza Khan celebrated her birthday in Dubai with her husband, Danish Taimoor, at the Burj Khalifa.

Khan uploaded photos from the intimate celebration to the photo and video-sharing app.

Ayeza Khan Celebrates her Lavish Birthday in Dubai

“Birthday 2023,” she captioned the two photo galleries with a hand and heart emoji. Clicks show the two dressed to the nines as the handsome hunk feeds his better half the scrumptious-looking birthday cake.

The ‘Kaisi Teri Khudgarzi’ star also posted stunning photos on his Instagram feed, along with the sweetest birthday greeting for Khan.

He wrote in red ink,

“Happy birthday, darling… “More power to you,”

The viral photos were showered with love and received numerous birthday wishes from the power couple’s millions of fans as well as the entertainment fraternity on Instagram.

Her co-stars Imran Abbas, Nadia Hussain, Sami Khan, Farhan Malhi, and others also shared touching birthday messages for the actress.

Ayeza Khan Celebrates her Lavish Birthday in Dubai

Ayeza Khan married the handsome hunk Danish Taimoor in 2014, and the couple has two children, Hoorain, 7, and Rayan, 5.

 

Pakistan Seeks the US for a $2 Billion Aid to Cotton Import

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Pakistan Seeks the US for a $2 Billion Aid to Cotton Import

APTMA appeals $2 B loan from the USA for cotton import to Pakistan.

It states that a loan of $2 billion should be give to Pakistan for the cotton import in a letter from APTMA Patron-in-Chief Gohar Ejaz to Donald Bloom, the US ambassador to Pakistan.

Moreover, he pushed the US government to approve loans with favorable terms for Pakistan’s textile sector. He recommended that the US government create a strategy to make it easier for cotton importers to acquire finance.

A significant obstacle to the development of the textile sector is the fact that letters of credit (LC) are not being opened for imports.

Pakistan has had its lowest-ever levels of cotton production. Rains and floods caused the loss of 5 million bales during the year, costing 2 billion dollars in cotton crop losses alone. Between June and October 2022, floods in Pakistan took the lives of more than 1,739 individuals.

The US financing will help Pakistan’s balance of payments while also saving millions of jobs.

The country lost 15.2 billion dollars in economic output as a result of the recent floods, in accordance with the letter. Ten million cotton bales should be import into Pakistan for this season due to the tremendous challenges the textile industry is now experiencing due to the severely low local cotton production.

 

 

UAE Unveils Special Initiative for Low Performance Students

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UAE Unveils Special Initiative for Low Performance Students

 

UAE’s Emirates Schools launches scheme to aid students in grades 3-12.

The Endorse and Development Program for Pupils will give those students a second opportunity to succeed in their first term, as per the UAE Director General of the ESE Mohammed Al Qasim.

Students with fewer than 50% of the required marks can engage in the first and second phases of the program, which runs from 23 January to 3 February, while students with less than 60% of the requisite marks can enroll in the third phase.

Al Qasim emphasized that the first-term results enable them to evaluate students’ abilities and provide them with the appropriate support to improve their academic achievement.

Results for grades 9 through 12 in both public and private schools published by the ESE on January 9; results for grades 5 through 12 and 1-4 on January 10 and 11, respectively.

 

Ex-Lawmaker and “Fearless” Afghan Shot to Death

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Ex-Lawmaker and “Fearless” Afghan Shot to Death

Ex Afghan lawmaker and bodyguard killed in late-night Kabul attack.

In the US-back government that the Taliban overthrew in August 2021, Mursal Nabizada an Afghan serves as a member of parliament. As per Kabul police spokesman Khalid Zadran, “Nabizada and one of her bodyguards shot dead at her house.”

A brother of the former congressman was also hurt in the attack, which happen over the course of the night between Saturday and Sunday, he further states by adding that “the security forces have initiated a serious inquiry into the event.”

Former lawmaker Mariam Solaimankhil wrote on Twitter that Nabizada was a “fearless warrior for Afghanistan.” She referred to the woman as “a true pathfinder — strong, vocal who stood for what she believed in, even in the face of danger.”

She said, “Even though she was given the choice to leave Afghanistan, she decided to stay and fight for her people.

A member of the European Parliament named Hannah Neumann tweeted in response to the murder, “I am heartbroken and enraged and want the world to know!”

“She  murdered in the dead of night, while the Taliban establish their system of gender segregation in broad daylight.”

Nabizada, 32, a Kabul-based member of parliament since 2018, was a native of the eastern province of Nangarhar.

 

 

Why Russian Delegation is Arriving in Pakistan Tomorrow?

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Why Russian Delegation is Arriving in Pakistan Tomorrow?

 

Pakistan to discuss oil, LNG deal and $3B Pakistan Stream Gas project.

A Russian delegation of 80 people will arrive in Pakistan on January 17 for three days of bilateral talks under the Inter-Governmental Commission forum (IGC).

“For the IGC talks, the Pakistani side will be led by Federal Minister Sardar Ayaz Sadiq. To import Russian oil and LNG on a GtG basis, both countries must first negotiate an IGA (inter-governmental agreement), as was done in the case of the Pakistan Stream Gas Pipeline Project (PSGP), formerly known as the North-South Gas Pipeline Project,” they said.

The draught of the PSGP shareholding and facilitation agreement was not finalized when former Prime Minister Imran Khan visited Moscow on February 24, 2022.

Both sides wanted to sign the PSGP agreement during the Imran-Putin meeting, but it did not happen due to a disagreement between experts from both sides on some clauses of the shareholding agreement.

Currently, the G7 countries have imposed a price cap of $60 per barrel on Russian crude oil, as well as a ban on Russian ships transporting oil.

In exchange, Moscow has stated that it will prohibit oil sales to countries that join a Western price cap on the country’s crude.

During the negotiations, the Pakistani side must discuss the shipping cost, premium by shipping trader, insurance cover, and mode of payment.

The IGC agenda, on the other hand, focuses on trade and investment cooperation in areas such as agriculture, energy, customs, industry, education, science and technology, information and communication technologies, communication, roads and postal service, railways, and finance.

A resolution to Pakistan’s debt to Russia will also be discussed.

Both parties will also discuss potential areas of cooperation in electric power, hydropower, renewable energy sources, and oil and gas production.

Low-cost crude oil

Musadik Malik, Minister of State (Petroleum Division), announced on December 5, 2022, that Russia had agreed to provide discounted crude oil, gasoline, and diesel to Pakistan.

“Our trip to Russia proved to be more fruitful than expected,” Malik said. He also stated that Russia lacked LNG.

“Discussions with Russian private firms for LNG imports are underway, and we have also engaged Russia’s state LNG producers,” Malik said.

According to the State Minister

Significant progress has been made in talks with Moscow about pipeline projects.

During its visit to Russia, Pakistan requested a 30-40% discount on Russian crude oil, but the Russians said they couldn’t offer anything right now because all volumes were committed.

During discussions on gas pipeline projects, Moscow asked Pakistan to honor its commitment to the Pakistan Stream Gas Pipeline (PSGP), which will run from Karachi to Lahore, Punjab.

The Pakistani team proposed changing the PSGP project’s model in their response.

The Russian side stated

The project’s model had already been decided under a GtG (government-to-government) arrangement, with the exception of some clauses of the shareholding agreement, which would be finalized soon.

 

World Bank Diverts $615m for Flood-Relief Work

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World Bank Diverts $615m for Flood-Relief Work

World Bank reallocates $615 M from project to flood-affected areas.

The Washington-based lender announced this week at the Climate Resilient Pakistan Conference in Geneva that it would contribute $2 billion to flood relief, rehabilitation, and reconstruction efforts in flood-affected areas.

However, it is not new money because the World Bank has already approved projects or because funds were diverted from schemes that were moving slowly and the lender was considering canceling those loans.

Of the $2 billion pledged by the World Bank at the Geneva conference, $615 million was taken from schemes that had already been approved but were facing delays in implementation.

At the Geneva Conference

World Bank Vice President for South Asia Region Martin Raiser also emphasized this point.

He stated that $357 million was repurposed from the existing portfolio for immediate relief, supporting cash transfers, tent procurement, and emergency needs, as well as small urgent rehabilitation works.

In addition, Raiser informed the gathering of lenders and donors that another $258 million was mobilized from existing projects for reconstruction, bringing the total amount of repurposed funds to $615 million.

In addition, on December 19, 2022, the World Bank approved $1.3 billion in projects to aid in the recovery, rehabilitation, and reconstruction process.

These operations, some of which were carried out under emergency procedures, were in line with the priorities and principles outlined in the government’s Resilient Recovery, Rehabilitation, and Reconstruction framework, also known as the 4RF framework.

Pakistan received a total of $9.7 billion in pledges at the Geneva conference, including $2 billion from the World Bank in various forms.

Shehbaz Sharif, the jubilant Prime Minister, had addressed a news conference at his house after returning from Geneva, saying that the pledges had exceeded the government’s expectations and that if he had revealed the internal very low expectations, people would have gone crazy.

Finance Minister Ishaq Dar stated that loans accounted for more than 90% of total pledges.

According to Raiser, the World Bank also intends to approve new projects in Balochistan, Khyber-Pakhtunkhwa, and Punjab that will bring additional resources to support reconstruction across all affected districts of the country.

World Bank

In September of last year, the World Bank announced for the first time that it would provide $2 billion for flood-related activities, and in December, a month before the Geneva conference, it approved $1.3 billion in projects.

In August of last year, the World Bank identified at least nine troubled projects that could have resulted in loan cancellations totaling more than $730 million, including $400 million in concessionary financing.

These projects were canceled due to the poor performance of Pakistani authorities.

Economic Affairs

At the time, some in the Ministry of Economic Affairs claimed that they would not allow the World Bank to repurpose the existing portfolio, not realizing that the lever was in the hands of the lender due to Pakistani authorities’ poor performance.

It was reported that $615 million had been diverted from projects that were behind schedule. The cancellation of IDA lending was viewed as a serious issue because countries frequently fought for access to cheaper long-term loans, even if they had the financial muscle.

The World Bank is funding 54 operations in Pakistan totaling $13 billion in IDA and IBRD loans. However, 67% of the portfolio remained unpaid, compared to 61% for federal projects last year.

Foreign-funded projects were always behind schedule and frequently restructured due to implementation issues.

Delayed Projects

Projects such as the Punjab Sustainable Rural Water Supply and Sanitation Scheme, the Punjab Resource Improvement and Digital Effectiveness, the Punjab Agriculture and Rural Transformation Programme, the National Transmission Modernisation Project, the Pakistan Hydromet and Climate Services Project, and the Khyber-Pakhtunkhwa Economic Corridor were all delayed.

It was criminal to lose cheaper project financing, especially when there was little time left due to a heavy reliance on budget support loans.

According to a new report issued by the Economic Affairs Ministry, Pakistan signed new agreements worth $15.7 billion in the fiscal year 2021-22, with 62% of those for budget support and building foreign exchange reserves.

These commitments included Eurobonds and time deposits from Saudi Arabia, as well as multilateral and bilateral development partners.

According to the ministry, only 16% was project financing, while the remaining 14% was commodity financing.

 

Lotte Chemical to Sell Pakistani Unit for $156 Million

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Lotte Chemical to Sell Pakistani Unit for $156 Million

Lotte Chemical to sell 75.01% in Pakistani affiliate for higher-value.

Pakistani chemical business Lucky Core Industries will acquire the entire 75.01 percent ownership in Lotte Chemical Pakistan Limited (PSX: LOTCHEM), a division that primarily manufactures purified terephthalic acid (PTA).

The South Korean corporation will consolidate its operations focusing on cutting-edge materials and ecologically responsible goods by selling the 192.4 billion won ($156 million) stake to a local chemical company.

The proceeds from the sale are predicting to strengthen the company’s advanced materials division, improve the development of environmentally friendly synthetic chemicals, and modernize the current chemical products used as plastics’ feedstock.

Due to the sale of the Pakistani unit, Lotte Chemical will no longer sell PTA. In 2020, Ulsan, South Korea’s domestic PTA production line shut down.

Even if Novatex Limited changed its mind last week about buying 75% of the Pakistani subsidiary of the South Korean corporation, the sale is still proceeding as per schedule. LOTTE Chemical Pakistan’s 1.13 billion voting shares were the subject of initial interest from Novatex Limited.

Lotte’s stock was up Rs. 0.65 or 2.36 percent Monday, trading at Rs. 28.2 on the stock exchange, with 2.59 million shares changing hands.

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