Newsletter - Page 200 of 311

Stocks Surge to New Heights Amid Positive Economic Outlook

KSE-100 Index Rebounds, Gains 500 Points

The stocks, on Thursday, soared to an intraday high of over 88,300 points. Investors showed strong interest in rate-sensitive sectors, anticipating significant monetary policy easing from the central bank. The overall economic outlook remains upbeat, driving investor confidence.

The benchmark KSE-100 index surged by 1,125.84 points, or 1.29%, reaching 88,320.37 points around 1 PM. This marked an increase from the previous close of 87,194.53 points, highlighting a significant rally in the Pakistan Stock Exchange (PSX).

As the first-quarter (1QFY25) corporate results rolled in, investors focused on high-performing sectors. Key sectors included auto-makers, cement, commercial banks, oil and gas exploration, oil marketing, and power generation. These sectors showed strong potential for growth, attracting significant investment.

Read: Gold Hits Record High in Pakistan as Global Prices Surge

Saad Ali, Director of Research at Intermarket Securities, commented on the PSX rally. He noted, “The PSX has been rallying since the approval of the International Monetary Fund’s (IMF) loan.” Additionally, recent political developments, such as the passage of the 26th Amendment, have further boosted market sentiment.

Interest Rate Expectations

The expectations of a 200 basis points (bps) rate cut are fueling the market rally. Ali highlighted that this anticipation has generated optimism among investors. Brokerage Arif Habib Limited (AHL) reported that the KSE-100 index surpassed the 88,000 points level, trading at an all-time high.

“This remarkable performance reflects a 41% gain CYTD (calendar-year-to-date) in 2024 and an 8.5% month-on-month increase,” AHL stated. This achievement positions the PSX as the fourth-highest performing equity market in the world.

Future Projections

The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) is scheduled to meet on November 4, 2024. Analysts expect a policy rate cut of 200 basis points, citing a consistent decline in inflation in recent months. Speculation has even emerged regarding a potential rate cut of up to 400 basis points by December. Analysts believe that easing measures could reignite foreign investors’ interest in Pakistan’s capital market.

Inflation has dropped to 6.9% year-on-year in September 2024, the lowest level since January 2021. This decline comes from a decrease from 9.6% in August. The reduction is attributed to several factors, including the high base effect, easing commodity and energy markets, and a stable currency, according to the Pakistan Bureau of Statistics (PBS).

In September, the SBP responded to falling inflation by slashing the key policy rate by 200bps to 17.5%, down from 19.5%. The central bank emphasized the need to address both headline and core inflation, which has decreased significantly over the past two months.

Bilawal Bhutto-Zardari Praises Outgoing CJP for Enacting 26th Constitutional Amendment

Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto-Zardari has commended outgoing Chief Justice of Pakistan (CJP) Qazi Faez Isa for facilitating the enactment of the 26th Constitutional Amendment. He asserted that such legislation would not have been possible under any other chief justice. This statement came as the Shehbaz Sharif-led government, with the support of allies like the PPP, successfully passed the controversial amendment in both the lower and upper houses of Parliament.

The 26th Constitutional Amendment alters the procedure for appointing the CJP, establishes a fixed tenure for the position, and creates constitutional benches. During an interview with BBC Urdu, Bilawal defended the timing of the legislation against criticism from the opposition, which argues that it was enacted at a “questionable time” and was “person-specific.”

Defending the Timing

When questioned about the timing of the amendment, Bilawal stated, “In the judicial history of Pakistan, there’s one man […] that has shown us that he’s willing to obey parliament even at the cost of his personal power.” He emphasized the unique position held by CJP Isa, suggesting that he had the integrity to prioritize parliamentary authority over personal ambition.

Bilawal, who previously served as foreign minister under PM Shehbaz, noted that allies utilized the opportunity while CJP Isa was in office. He explained, “We did have a window because we have seen how other judges have moulded the Constitution […] to serve their personal interests.” He appreciated CJP Isa’s ability to resist pressure from fellow judges who might have attempted to sway him away from supporting parliamentary initiatives.

Concerns Over Potential Leadership Changes

The interviewer raised a pertinent question about whether the government could have passed the amendments if Justice Mansoor Ali Shah, the senior-most judge, had become the CJP. Bilawal responded by criticizing previous judgments, particularly regarding reserved seats, claiming they were “orchestrated” to weaken parliamentary strength. He also argued that the ruling on Article 63-A was not grounded in the Constitution.

He expressed concern that the passage of such judicial reforms would have faced greater challenges had those decisions been enforced, regardless of who assumed the role of chief justice.

Justice Mansoor Ali Shah Not Planning to Resign as Supreme Court Judge

ISLAMABAD: Sources close to Supreme Court Justice Mansoor Ali Shah have confirmed that he does not intend to resign, despite being superseded for the position of Chief Justice by Justice Yahya Afridi under the recent 26th Constitutional Amendment. Reports suggesting that Justice Mansoor was advised to retire after being passed over for the chief justice role have been dismissed as unfounded.

Media outlets previously speculated that Justice Yahya had urged Justice Mansoor to step down during an in-chamber meeting. However, insiders have labeled these claims as “total lies,” asserting that no such conversation took place. When questioned about his future on the bench, sources close to Justice Mansoor confirmed that he plans to remain in his role as a Supreme Court judge.

Additionally, reports indicate that Justice Akhtar, another senior judge, also intends to stay on and has no plans to resign. It’s crucial to note that the Constitution does not require judges who have been superseded to step down. Historical precedents illustrate that many senior judges have continued to serve despite being passed over for the chief justice position.

Read: Blinken Meets Saudi Crown Prince to Push for Gaza Ceasefire

Historical Context

In 1994, the government chose to bypass Justice Saad Saood Jan in favor of Senior Puisne Judge Justice Ajmal Mian for the chief justice position. Out of respect for Justice Saad, Justice Ajmal declined the role, as did Justice Abdul Qadeer Chaudhry, the second senior-most judge. Ultimately, Justice Sajjad Ali Shah, who ranked fourth in seniority, accepted the position. Despite this, both Justice Ajmal Mian and Justice Abdul Qadeer continued their roles on the bench without resigning.

Similarly, in 1976, Justice Sardar Muhammad Iqbal’s four-year term as chief justice of the Lahore High Court ended when Justice Aslam Riaz Hussain was appointed to the position, bypassing Senior Puisne Judge Justice Maulvi Mushtaq Hussain. Despite being superseded, Justice Mushtaq did not resign and later served as acting chief justice after Justice Aslam was appointed as acting governor following the 1977 martial law.

Security Forces Eliminate 9 Terrorists in Bajaur Operation

RAWALPINDI: Security forces conducted an intelligence-based operation (IBO) on the night of October 23-24. As a result, they eliminated nine terrorists including two suicide bombers and a key ringleader, in Khyber Pakhtunkhwa’s Bajaur district. The Inter-Services Public Relations (ISPR) confirmed the operation’s success on Thursday.

The operation specifically targeted Said Muhammad, known as “Qureshi Ustad.” He was a ringleader actively involved in planning attacks against security forces and civilians. An intense exchange of fire ensued, ultimately leading to his death.

Following this, security forces initiated a sanitisation operation. Their goal was to root out any remaining threats in the area. During this operation, they recovered large quantities of weapons, ammunition, and explosives. The military’s media wing emphasized their commitment to eradicating terrorism from Pakistan.

Recent Operations and Trends

This operation in Bajaur follows recent successful IBOs. During these operations, security forces apprehended five militants in Balochistan’s Pishin district. Additionally, they killed two terrorists in a separate operation in Zhob district. These actions are part of a broader initiative by the government and security forces to combat rising terrorism.

According to the third quarterly report from the Centre for Research and Security Studies (CRSS), terrorist activities have resulted in more fatalities this year than last. Specifically, in the first three quarters of 2024, terrorists caused 1,534 deaths, surpassing the 1,523 fatalities for all of 2023. The report also highlights that attackers killed 722 individuals in 328 incidents during the third quarter alone. This figure includes civilians, security personnel, and criminals.

Balochistan and Khyber Pakhtunkhwa remain at the forefront of Pakistan’s battle against terrorism. They have suffered the most from recent attacks. The military’s ongoing operations reflect a determined effort to confront this increasing threat. Their goal is to ensure the safety of citizens and security forces alike.

The commitment of security forces to tackle terrorism underscores a significant focus on restoring peace and stability in these volatile regions.

Islamabad High Court Orders Imran Khan’s Presentation

ISLAMABAD: The Islamabad High Court (IHC) ordered, On Thursday, the Adiala jail administration to present incarcerated Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan before the court at 3 PM. This directive came during the hearing of a contempt of court case against the Adiala jail superintendent for preventing Khan’s lawyers from meeting him.

Imran Khan has been detained at Adiala jail for over a year, facing numerous legal challenges. Currently, only one case remains active against him—the New Toshakhana reference, which pertains to the alleged illegal sale of state gifts. Khan and his wife, Bushra Bibi, were arrested shortly after being acquitted in a separate case regarding an un-Islamic nikah.

Ongoing Legal Battles

In May, Khan appeared before the Supreme Court via video link in a case concerning amendments made by the National Accountability Bureau (NAB). The IHC’s recent order arrives amid the party’s vigorous attempts to secure Khan’s release. The situation has garnered international attention, with over 60 members of the United States House of Representatives writing to President Joe Biden, urging him to prioritize human rights in U.S. policy toward Pakistan and to advocate for Khan’s release.

Read: Blinken Meets Saudi Crown Prince to Push for Gaza Ceasefire

Judicial Concerns Raised

During the hearing, Justice Sardar Ejaz Ishaq Khan emphasized that the Adiala jail superintendent must provide valid reasons if Khan is not presented in court. He stated, “The court does not accept the security threats […] the lawyers were not allowed to meet, this is contempt of the court.” Justice Ishaq demanded that the superintendent furnish a report from the Interior Ministry detailing any specific threats that justified barring Khan’s lawyers from visiting him.

Contempt of Court Allegations

The case was brought forth by Advocate Faisal Chaudhry, who noted that Khan’s lawyers have been unable to meet him since October 3. He questioned, “If we go to jail, are there any security threats from us?” In response, the state counsel indicated that the Punjab government had imposed a ban on meetings in the jail due to law and order concerns.

Justice Ishaq challenged this reasoning, asking, “Is there a ban on lawyers meeting him? If the Punjab government has prohibited the meeting of the lawyers, it would have committed contempt of court.” He asserted that whoever issued the notification preventing these meetings had also committed contempt of court.

Court’s Directive for Presentation

Following objections from the additional attorney general regarding the court’s earlier instructions for a virtual meeting between Khan and his lawyer, the IHC shifted its directive. The court ordered the authorities to present the PTI founder in person. Additionally, the court summoned the joint secretary of the Interior Ministry and relevant records, issuing a notice to the attorney general’s office for assistance.

Blinken Meets Saudi Crown Prince to Push for Gaza Ceasefire

US Secretary of State Antony Blinken met with Saudi Crown Prince Mohammed bin Salman in Riyadh on Wednesday. The meeting is part of Blinken’s efforts to end the conflicts in the Middle East, particularly in Gaza. Blinken stressed the importance of ending the war in Gaza, freeing hostages, and helping the people of Gaza rebuild their lives without Hamas.

Blinken’s Middle East tour is aimed at pushing for a ceasefire in Gaza and preventing the conflict from spreading across the region. On Tuesday, he met Israeli Prime Minister Benjamin Netanyahu in Jerusalem. They discussed the “day after the war” in Gaza and a possible “governing framework” for the territory. Netanyahu’s office highlighted these discussions as key to the future of Gaza post-conflict.

Saudi Role in Regional Peace

Saudi Arabia has maintained that it will not normalize relations with Israel without the establishment of a Palestinian state. However, Blinken suggested there is still potential for a new direction in the region. He noted that despite the ongoing violence, there remains a significant opportunity for peace and normalization, with Saudi Arabia playing a central role in those efforts.

Read: Former Israeli Official Warns IDF May Be Committing War Crimes in Gaza

Postponed Visit to Jordan

Blinken was scheduled to visit Jordan to meet with Foreign Minister Ayman Safadi. However, Jordan’s Foreign Ministry announced late Tuesday that the visit had been postponed without explanation. Before Blinken’s arrival in Riyadh, King Abdullah II of Jordan had met with Crown Prince Mohammed Bin Salman. Both leaders emphasized the importance of securing ceasefires in Gaza and Lebanon, reaffirming their support for the Palestinian and Lebanese people.

During his trip to Israel, Blinken called for an end to the Gaza war, urging Israel to build on its recent military successes, including the killing of Hamas leader Yahya Sinwar. He emphasized that Israel should focus on bringing the war to a close and preparing for what comes next. Blinken stressed two main priorities: securing the release of hostages and ending the war with a clear post-conflict strategy.

Blinken’s trip marks his 11th visit to the region since the Gaza war began in October last year. This visit comes amid rising tensions between Israel and Hezbollah militants in Lebanon. Talks with Netanyahu focused on the ongoing Gaza conflict, efforts to broker a ceasefire, and the release of hostages. They also discussed the humanitarian crisis in Gaza and preparations for the aftermath of the conflict.

Stalled Ceasefire Talks

The US, along with Egypt and Qatar, has been trying to mediate a ceasefire deal for months. However, talks have stalled, with both sides accusing the other of obstructing the process. Despite these challenges, Blinken remains committed to finding a diplomatic solution and ending the violence in Gaza.

Former Israeli Official Warns IDF May Be Committing War Crimes in Gaza

Eran Etzion, a former deputy head of Israel’s National Security Council, is raising concerns over Israel’s military conduct in Gaza. A longstanding critic of Prime Minister Benjamin Netanyahu, Etzion is respected for his years of service under four Israeli prime ministers. He now warns that the Israel Defense Forces (IDF) might be committing war crimes in northern Gaza.

Etzion believes that Israeli soldiers should reject illegal orders if they are expected to commit actions that could be considered war crimes. “They should refuse,” he says. “If I were a soldier, I would refuse, and I think any Israeli soldier should do the same.”

He shares these views from his home in central Israel, far from the conflict zone. However, less than 40 miles away, Jabalia in Gaza is experiencing relentless Israeli military offensives. Civilians and medical staff are suffering due to lack of resources.

Read: Troops Deployed to Jewish Community Center in Sri Lanka After U.S. Warns of Possible Attack

Medical Staff in Gaza’s Desperate Situation

Doctors at the Indonesian Hospital in Jabalia are pleading for international help. One nurse describes the conditions as unbearable, stating, “We don’t have water, and we don’t know what will happen tomorrow.” The Israeli siege has severely impacted the area, leaving medical staff exhausted and supplies depleted.

Thousands of people are fleeing Jabalia as the Israeli army continues its offensive. Etzion expresses concern over the suffering of civilians, warning that Israel’s actions could lead to a dangerous erosion of moral norms. He acknowledges the trauma caused by Hamas’ attack on Israel on October 7, 2023, but stresses that Israel must adhere to international law.

Israel has faced increasing international criticism for its actions in Gaza. The United States has threatened to cut arms shipments unless aid is allowed into Gaza. The UN has accused Israel of blocking humanitarian assistance, particularly in northern Gaza.

The IDF denies these allegations, maintaining that it operates according to international law. Israel also accuses Hamas of using civilians as human shields, launching attacks from schools and medical facilities.

International Law Experts Weigh In

Prominent war crimes lawyer, Prof Philippe Sands KC, says Israel is violating international law despite its right to self-defense. He emphasizes the need for proportionality and adherence to international humanitarian law. Sands, who has led genocide cases, warns that what is happening in Gaza now could be considered war crimes.

The International Criminal Court (ICC) is reportedly seeking arrest warrants for Israeli leaders, including Prime Minister Netanyahu and the defense minister.

Israel’s Official Position

The IDF continues to reject allegations of war crimes and insists it follows international law. Israel’s humanitarian relief wing, COGAT, states that its policy is to facilitate the entry of aid into Gaza.

As the conflict continues, scenes of civilian suffering in Gaza challenge Israel’s narrative. Critics, including Etzion, urge the country to act within international law to maintain its standing in the global community.

Gold Hits Record High in Pakistan as Global Prices Surge

KARACHI: Gold surged by Rs2,000 on Wednesday, reaching a new all-time high of Rs285,400 per tola (11.66 grams). This marked the seventh consecutive day of record-breaking gains, driven by global market trends.

Meanwhile, the Pakistani rupee remained stable against the US dollar at Rs277.73 in the inter-bank market for the second day in a row. The stability suggests that the gap between the demand and supply of the dollar has significantly narrowed.

The All Pakistan Sarafa Gems and Jewellers Association reported that gold prices also rose internationally. The precious metal increased by $20 to a new high of $2,757 per ounce (31.10 grams).

In the past seven days, gold has surged by 3.78%, or Rs10,400 per tola, in local markets. In global markets, it has increased by 3.92%, or $104 per ounce, during the same period.

Analysts attribute this surge to rising demand for gold as a safe-haven asset. Investors are preparing for a potential second consecutive interest rate cut by the US central bank and political uncertainty ahead of the US presidential election in mid-November.

Additionally, geopolitical tensions in the Middle East, particularly the Israeli aggression against Palestine in Gaza, and the ongoing Russia-Ukraine conflict have fueled the rally in gold prices. Since the conflict began in October 2023, gold has soared by over $950 per ounce.

Commentators expect a potential correction in gold prices but believe the commodity may continue its upward trend in the medium to long term. The rupee’s stability is attributed to Finance Minister Muhammad Aurangzeb’s efforts to secure climate funding of $1-2 billion from the IMF and World Bank.

Ishaq Dar Urges Youth Leadership at Commonwealth Dialogue in Samoa

Deputy Prime Minister and Foreign Minister Ishaq Dar has called for greater youth leadership at the Commonwealth Intergenerational Dialogue in Samoa. He stressed that young people are essential to building a resilient and inclusive Commonwealth.

Moreover, Dar highlighted Pakistan’s commitment to empowering its young population. He pointed to initiatives like the Prime Minister’s Youth Programme. This program has benefited millions of young Pakistanis.

Through education, employment, and engagement, it provides them with opportunities. As a result, young people in Pakistan are better equipped to take on leadership roles.

He also shared Pakistan’s efforts in revising the Commonwealth Youth Programme Memorandum of Understanding (CYP-MOU). This revision aims to create more opportunities for youth empowerment. Another key initiative is the launch of the Commonwealth Asia Youth Alliance (CAYA), which brings together young leaders from across Asia to drive change.

Dar stressed that young people are not just the leaders of tomorrow; they are active contributors to policymaking today. He praised the efforts of young leaders, especially in areas like climate action and digital innovation. Their contributions are already making an impact, he noted.

In his address, Dar urged fellow Commonwealth leaders to embrace youth as partners in shaping the future. He called for stronger intergenerational collaboration to ensure that the Commonwealth becomes more resilient and sustainable. This, he said, is crucial for lasting progress in the global community.

The Deputy Prime Minister highlighted that young people have the potential to shape policies that will affect their future. By including them in decision-making, Commonwealth nations can build a stronger foundation for progress. Dar noted that Pakistan remains dedicated to providing platforms that allow young leaders to flourish.

The Commonwealth Intergenerational Dialogue brought together leaders from various countries. It focused on how intergenerational collaboration can lead to a more inclusive and sustainable future. Dar’s message was clear: youth must be given a seat at the table, not just as future leaders but as partners in current policymaking.

As the Commonwealth continues to navigate challenges, Dar believes that youth leadership is key to overcoming obstacles. He emphasized that Pakistan will continue to champion youth empowerment on both a national and international level. The initiatives, such as the CYP-MOU revision and CAYA, are only the beginning, he said. They reflect Pakistan’s dedication to nurturing young talent and preparing them for leadership roles.

In conclusion, Ishaq Dar’s speech at the Commonwealth Intergenerational Dialogue was a call to action. He urged leaders to recognize the importance of youth leadership and intergenerational collaboration. For Dar, the future of the Commonwealth depends on empowering the next generation today.

WhatsApp Introduces Encrypted Contact Databases

WhatsApp has unveiled a new privacy-focused encrypted storage system, Identity Proof Linked Storage (IPLS), aimed at enhancing contact management security.

This innovative system addresses two major issues that WhatsApp users faced for years. Losing your phone shouldn’t mean losing your contacts! WhatsApp’s new feature eliminates the risk of losing your contact list and finally makes syncing across multiple devices seamless and hassle-free.

With IPLS, contacts now form a link to the user’s account rather than the device, allowing seamless management when switching or replacing devices. Additionally, users can now maintain separate contact lists for multiple accounts on the same device, with each list securely stored and isolated.

Enhanced Security Through Encryption

IPLS ensures a strong encrypted storage system by using a combination of encryption, key transparency, and Hardware Security Modules (HSMs).

When a contact is added, its details are encrypted with a symmetric encryption key generated on the user’s device and stored in WhatsApp’s tamper-resistant HSM-based Key Vault.

When users log in from a new device, they initiate a secure session with the Key Vault to retrieve their contacts by authenticating with the cryptographic keypair linked to their account, a feature created during registration.

Read: Australian Lawmaker Confronts British Royals: “Not My King”

End-to-End Encryption for Contacts

All contact information remains encrypted end-to-end, meaning the data is encrypted on the user’s device and stays encrypted throughout its journey across WhatsApp’s infrastructure, protecting it from interception or unauthorized access by Meta employees.

WhatsApp has also partnered with Cloudflare for independent audits of its cryptographic operations. Cloudflare acts as a third-party auditor for the Auditable Key Directory (AKD), signing each update and ensuring its integrity.

WhatsApp publishes auditable consistency proofs for AKD updates on an Amazon S3 instance, enabling users, researchers, and auditors to independently verify the system’s security.

Security Audits and Improvements

Before the public release of IPLS, WhatsApp enlisted NCC Group to conduct a security audit. The audit uncovered a critical vulnerability that could have allowed impersonation of Marvell HSMs, potentially exposing users’ private contact metadata.

Majority of Americans Stressed by Upcoming Election

The majority of Americans stressed by the upcoming election shows us the feel of how concerned the U.S. citizens are about their future. A recent survey by the American Psychological Association (APA) reveals that over 69% of American adults feel stressed about the upcoming presidential election. This survey, conducted online in August by The Harris Poll, included more than 3,300 adults aged 18 and older residing in the U.S.

Majority of Americans Stressed by Presidential Elections. Why?

The survey highlights other significant stressors as well. About 77% of adults express anxiety about the future of the nation. California resident Andrew Peyton shared his experience, stating, “It doesn’t help to have your phone buzzing with headlines and stuff. There’s always kind of like a background radiation of stress happening.”

Similarly, Vanessa Apkenas, another Californian, noted that her stress “trickles down from the political landscape of the last several years.” Compared to previous elections, stress levels in this survey mirror those from the 2020 election but are considerably higher than those recorded in 2016.

Fear of Election Violence

What distinguishes the 2024 poll from past APA election surveys is the heightened concern over potential fallout from the election results. Over 70% of participants worry about election violence or violence stemming from the election. Moreover, more than half fear that this election could signal the end of democracy. Notably, these concerns are shared by both Democrats and Republicans.

Read: Troops Deployed to Jewish Community Center in Sri Lanka After U.S. Warns of Possible Attack

Mixed Emotions: Hope Amidst Stress

Despite the stress, over 60% of adults surveyed express hope regarding the changes the election might bring. This reflects a complex emotional landscape where anxiety coexists with optimism.

Experts suggest several strategies to manage election-related stress. APA CEO Arthur C. Evans emphasizes that engaging in the political process can help alleviate anxiety. He also recommends limiting the intake of information, especially when feeling fatigued.

Psychiatrist Dr. Sue Varma advises setting a timer on social media apps to curb doomscrolling and establishing boundaries around phone notifications. “It’s crucial to create sacred spaces throughout your day without constant notifications,” she explains. For instance, during family meals, it’s important to avoid distractions from news updates, allowing for meaningful conversations and connections.

Focus on What You Can Control

Focusing on controllable aspects of life can also be beneficial. Psychologist Dr. Susan Albers from the Cleveland Clinic advises that individuals should concentrate on what they can manage, rather than what they cannot. “We naturally want to feel in control, but elections can undermine that feeling,” she notes. Incorporating daily routines, exercise, and self-care into your life can restore a sense of control.

As the election approaches, it’s clear that many Americans are grappling with stress and uncertainty. By implementing effective coping strategies and focusing on personal well-being, individuals can navigate these turbulent times with greater resilience and hope

PIA’s Final Auction Set for October 30 After Initial Delays

The government has officially set October 30, 2024, as the date for the final auction of Pakistan International Airlines (PIA), following several delays. This announcement came on Wednesday during the seventh session of the National Assembly.

Auction Delayed Due to Low Bidder Interest

Initially, the privatisation process was scheduled to conclude on October 1, 2024. However, it faced delays due to a lack of bidder interest and unresolved internal issues within PIA. According to Parliamentary Secretary for Communication Gul Asghar Khan, challenges such as legal disputes, an ageing fleet, and civil aviation concerns contributed to the postponement.

During the National Assembly session, Khan responded to concerns raised by Pakistan Peoples Party (PPP) MNA Sharmila Faruqui. He provided a detailed overview of the privatisation process and explained why the auction had to be rescheduled.

Read: Pakistan, Turkiye Pledge to Strengthen Bilateral Ties at Istanbul Expo

PIA’s Privatisation Process Underway Since February 2024

The privatisation journey for PIA began in February 2024. Despite the delays, Khan assured lawmakers that the process is now back on track. The final auction, which is expected to bring an end to the airline’s privatisation, will occur on October 30.

Khan explained that the privatisation is being conducted under the supervision of the Privatisation Commission Board. The board is chaired by the minister, with Secretary Usman Bajwa playing a pivotal role in managing the auction and ensuring transparency throughout the process.

Key Challenges in PIA’s Privatisation

The delay in the auction was largely due to unresolved legal and operational issues surrounding PIA. The airline, which has struggled with profitability for years, has been burdened by an ageing fleet and significant civil aviation concerns. These challenges made it difficult for the government to attract serious bidders in the initial phase.

However, Khan noted that these hurdles have been addressed in recent months. The government’s efforts have now created a clearer path for the privatisation process to move forward. He also emphasized that PIA’s operational assets have been separated from the main entity to streamline the auction process and make the airline more attractive to potential buyers.

Final Bid Documents Shared with Six Consortia

Last month, Secretary Usman Bajwa updated the National Assembly’s Standing Committee on Privatisation regarding the status of the auction. He confirmed that final bid documents had been shared with six pre-qualified consortia. These consortia are competing for a 60% stake in the national airline.

The list of potential bidders includes prominent names such as Fly Jinnah Limited, Air Blue Limited, and Arif Habib Corporation Limited. Other contenders include consortia led by YB Holdings (Private) Limited, Pak Ethanol, and Blue World City.

Privatisation Process Nearing Conclusion

The Cabinet Committee on Privatisation has approved the privatisation plan, with the final auction marking a significant step in the government’s efforts to privatise PIA. The process is expected to conclude at the end of this month with the successful bidder acquiring a majority stake in the airline.

PIA’s Future in Focus

With the final auction date set and key challenges addressed, PIA’s privatisation is nearing its final stages. The government hopes that this auction will bring new investment and management expertise to the airline, positioning PIA for a more stable and profitable future.

The auction on October 30 is expected to be closely watched. For now, the government remains focused on ensuring a smooth and transparent conclusion to PIA’s privatisation process.

Adnan Siddiqui Criticizes Kriti Sanon for Reshma Song ‘Rip-Off’

Adnan Siddiqui, a well-known Pakistani celebrity, has voiced strong disapproval of Bollywood’s T-Series for releasing a remix of the iconic song “Akhiyaan De Kol.” This beloved track, originally sung by the legendary Pakistani artist Reshma, is part of the soundtrack for the upcoming film Do Patti.

Siddiqui took to social media to express his dissatisfaction with the remake. On X, he stated, “Imitation can be flattering, but not when it means tearing apart a classic by a legend. Please show some respect for Reshma jee and the legacy she left behind.” He highlighted that Reshma’s music deserves dignity and should not be diminished to “just another sordid rip-off.”

The remix has ignited significant backlash from social media users. Many flooded the YouTube comment section with criticisms. One user exclaimed, “Stop stealing Pakistani songs,” while another lamented, “Seriously!! They’ve ruined one of the best songs.” A third commenter added, “Reshma ji would have never imagined her song being portrayed this way.”

Reshma’s Musical Legacy

Reshma is celebrated for her soulful voice and many popular songs, including “Dama Dam Mast Kalandar” and “Lambi Judai.” Her original composition of “Akhiyaan De Kol,” penned by Sehrai Gurdas Puri, has received acclaim over the years. It even featured a notable rendition by the legendary Lata Mangeshkar for Raj Kapoor’s 1973 film Bobby.

Fans cherish the original song for its emotional depth and cultural significance. Reshma’s interpretation remains a classic in both the Pakistani and Indian music scenes, making any remix attempt particularly sensitive for her admirers.

The new rendition of “Akhiyaan De Kol” features Indian singer Shilpa Rao, with music composed by Tanishk Bagchi and lyrics by Kausar Munir. For the film Do Patti, Bagchi has reimagined the song to introduce it to a new audience. However, many critics argue that the essence of the original has been lost in translation.

Do Patti marks actress Kriti Sanon’s debut in film production. The film will be available for streaming on Netflix starting October 25. Alongside Sanon, the cast includes notable actors such as Kajol, Tanvi Azmi, and Brijendra Kala.

Cultural Implications

The controversy surrounding the remix highlights the ongoing tension between the music industries of India and Pakistan. Artists and fans alike often express concern over cultural appropriation and the preservation of their musical heritage. Siddiqui’s condemnation resonates with many who believe that people should respect and honor iconic songs instead of repurposing them insensitively.

As the release date for Do Patti approaches, the debate over the remix of “Akhiyaan De Kol” continues to generate discussion. Many hope that this situation will prompt greater respect for the artistic contributions of legendary artists like Reshma in future projects.

Apple Declares iPhone 17 to Be “Most Ambitious Product”

Apple has made a significant announcement regarding its hardware engineering team, with three executives being promoted to vice president roles. This reshuffling comes amid a series of leadership changes and is part of Apple’s ongoing strategy to innovate and restructure.

John Ternus, Apple’s head of hardware engineering, has promoted Richard Dinh, Dave Pakula, and Donny Nordhues to vice president positions. Each of these leaders will now take on new responsibilities within their departments, playing a key role in shaping Apple’s future product lineup. Thus, coming years promise to be filled with more innovation and creativity.

Richard Dinh will oversee the development of the upcoming iPhone 17 series, which Ternus has called “the most ambitious in the product’s history.” While this statement might seem bold, there are several indications that the all new iPhone could indeed be a groundbreaking release.

Read: Qualcomm introduces cores for phones with Snapdragon 8 Elite

Speculation Surrounding the New iPhone Series

iPhone 17 Slim/Air/Ultra: Rumors are circulating that Apple may introduce a new premium model, potentially named the iPhone 17 Slim, Air, or Ultra. Moreover, this high-end device could offer a more luxurious design and come with a steeper price tag.
Expanded lineup: If the Slim model is a possibility, then iPhone lineup will consist of five models: iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, iPhone 17 Plus, and iPhone 17 Slim. This would make it the largest iPhone lineup to date, although some speculate that the Plus model may discontinue.
Design and features: The iPhone 17 series will showcase a new design, potentially featuring thinner bezels and a periscope lens for enhanced optical zoom. However, other rumored improvements include better camera capabilities, a larger battery, and significant advancements in processor technology.

Pakula and Nordhues Take on New Roles

Dave Pakula is the new vice president of product design, overseeing the iPad, Apple Watch, audio products, input devices, soft goods, and the China-based Mac teams. His experience will be crucial in shaping the next generation of these product lines.

Donny Nordhues will serve as the vice president of program management for the hardware engineering organization. His focus will be on streamlining processes, improving efficiency, and ensuring that projects meet deadlines and stay within budget.

However, these promotions come at a time of significant change within Apple’s hardware engineering group. Several top executives are no more a part of the organization, and Ternus is responsible to fill these vacancies.

According to Bloomberg’s Mark Gurman, Dave Pakula’s promotion is particularly significant. His new role overlaps with that of Kate Bergeron, a long-time deputy to Ternus. This overlap may indicate that Apple is preparing for possible succession planning or assigning Bergeron to a different role within the company.

Apple’s leadership changes reflect its ongoing efforts to adapt to an ever-evolving technological landscape and maintain its leadership position in the industry. Thus, as Apple continues to introduce new products and services, the expertise of these newly promoted executives will be vital to driving the company’s future success.

John Kelly Labels Trump as “Authoritarian,” Suggests He’s a Fascist

Washington — Former Marine Corps Gen. John Kelly, who served as Donald Trump’s longest-tenured White House chief of staff, said in a recent interview that Trump prefers a dictatorial style of governance, has made comments praising Adolf Hitler, and disliked being seen with veterans who had lost limbs.

In an interview with The New York Times just two weeks before Election Day, Kelly discussed his former boss’s views on military service, disabled veterans, and how Trump would like to govern. Kelly clarified that he wouldn’t tell Americans how to vote, but during his time as Trump’s chief of staff from July 2017 to January 2019, he observed Trump’s behaviors and opinions firsthand.

Why John Kelly Labels Trump as a Fascist

When asked by The Times’ Michael Schmidt whether Trump fits the definition of a fascist, Kelly responded:

“Looking at the definition of fascism — a far-right, authoritarian, ultranationalist political ideology and movement, characterized by a dictatorial leader, centralized autocracy, militarism, forcible suppression of opposition, and belief in a natural social hierarchy — those are the kinds of things he seems to believe would work better for running America. He certainly falls into the far-right, authoritarian camp, admires dictators, and has expressed that. So yes, in my experience, he fits the general definition of a fascist.”

Kelly, a career military officer, found Trump’s attitudes toward service members troubling, particularly his inability to understand why someone would serve their country. Schmidt asked whether Trump repeatedly referred to fallen service members as “suckers and losers,” to which Kelly affirmed:

“Yes, he said it more than once. He would go off on tangents, often focusing on Senator John McCain’s military service. Trump, as you know, has said in the past he prefers ‘people who weren’t captured.’ He could never grasp why people would willingly serve their country, always asking, ‘What’s in it for them?’ That was a recurring theme.”

In response to Kelly’s interview, Trump’s campaign dismissed the claims as false, labeling Kelly’s remarks as “debunked” and “fabricated.”

“John Kelly has made a fool of himself with these fabricated stories. He failed to serve President Trump well and now suffers from Trump Derangement Syndrome,” said Trump campaign spokesperson Steven Cheung. “President Trump has always respected the sacrifices of our military men and women, while Kamala Harris has disrespected the families of those who made the ultimate sacrifice, such as the Abbey Gate 13.”

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Discomfort Around Veterans and Controversial Comments

Kelly also recalled that Trump expressed discomfort with appearing alongside veterans who had lost limbs, saying it “didn’t look good for him.”

“Trump would say things like, ‘It doesn’t look good for me’ when it came to being seen with amputees — veterans who had sacrificed their limbs defending this country. It’s an interesting mindset for a commander-in-chief,” Kelly said. “But I’m not a psychiatrist, so I can’t diagnose him. That’s up to the experts.”

Kelly further shared that Trump occasionally praised Hitler, saying, “You know, Hitler did some good things, too.”

“He would mention that from time to time,” Kelly said. “But if you know history, which I believe he does not, it’s difficult to argue that Hitler did anything good.”

This wasn’t the first time Kelly discussed Trump’s comments about Hitler. He also shared similar stories in The Atlantic.

Kelly concluded by emphasizing that Trump admires authoritarian leadership and has expressed a desire to govern similarly.

“He prefers a dictator’s approach, where he could simply tell people to do things and they would obey without worrying too much about legalities,” Kelly noted. “I didn’t know him before he entered politics, but it seems he liked running his business that way, and he’d prefer to run the country similarly.”

Vice President Harris’s Reaction

On Wednesday, Vice President Kamala Harris responded to Kelly’s revelations during a statement from her residence, criticizing Trump’s comments and warning of the dangers of his potential return to power.

“It is deeply disturbing and dangerous for Donald Trump to invoke Adolf Hitler, the man responsible for the deaths of 6 million Jews and countless Americans,” Harris said. “This is a glimpse into who Donald Trump really is, as revealed by those who worked closest to him in the Oval Office and the Situation Room.”

She added, “Trump is increasingly unstable. In a second term, figures like John Kelly would no longer be there to act as guardrails against his dangerous tendencies.”

Troops Deployed to Jewish Community Center in Sri Lanka After U.S. Warns of Possible Attack

Sri Lankan authorities have deployed troops and increased police patrols around a Jewish community center in a popular surfing town, following a warning from the U.S. embassy about a potential attack on tourist hotspots in the area.

The enhanced security measures come after social media posts called for a boycott of Israeli-owned businesses in Arugam Bay, a town in eastern Sri Lanka known for its surf tourism.

Police spokesperson Nihal Thalduwa confirmed that the focus of the threat is a location called ‘Chabad House,’ an Israeli-run community center. Thalduwa noted there had been recent tensions between Jewish tourists frequenting the center and the area’s Muslim-majority population.

In response, the army, navy, and police commandos have been mobilized to increase patrols and set up roadblocks around the town.

Growing Tensions and Security Concerns

Local protests against Israel’s military actions in Gaza and Lebanon have gained support from various communities across Sri Lanka, a predominantly Buddhist nation. These protests increased the tensions, especially in regions where Jewish tourists are in majority.

Although Israeli visitors make up a small percentage of Sri Lanka’s tourists—less than 1.5% of the 1.5 million tourists who visited the island in the first nine months of this year—Arugam Bay remains a popular destination for Israeli travelers.

In a rare alert, the U.S. embassy in Colombo issued a warning on Wednesday, advising that it had received “credible information” about a potential attack targeting popular tourist areas in Arugam Bay. The embassy imposed an immediate travel restriction on personnel, urging U.S. citizens to avoid the area.

Both Britain and Canada echoed the U.S. warning, while Russia’s embassy advised its nationals to avoid crowded places in Sri Lanka.

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Israel Raises Travel Alert

Israel’s National Security Council (NSC) has increased the travel alert level for Sri Lanka, particularly for tourist-heavy coastal areas, due to the heightened terrorism threat. Israeli citizens in affected areas, including Arugam Bay, Galle, and Hikkaduwa, forced to leave or move to Colombo, where security is tighter.

The NSC also advised Israeli travelers to exercise caution and avoid displaying visible symbols of their nationality or religion.

Past Security Incidents in Sri Lanka

Sri Lanka has not experienced any major attacks since the devastating 2019 Easter Sunday bombings that killed 279 people. The attacks, carried out by a local jihadist group aligned with ISIS, targeted churches and luxury hotels.

The country’s tourism sector, which suffered after the bombings and during the 2022 economic crisis, has been recovering. In response to the recent threats, Sri Lankan authorities have announced plans to protect tourists and resorts nationwide, including the launch of a dedicated security hotline for visitors to report any safety concerns

CNN’s Clarissa Ward Recounts Terrifying Detainment in Darfur

CNN’s veteran correspondent, Clarissa Ward, revealed a harrowing experience of being held captive by a militia in Darfur, Sudan. The incident occurred while she was reporting on the civil war that has devastated the region. Ward, 44, was accompanied by cameraman Scott McWhinnie and producer Brent Swails when they were detained by armed fighters for two days.

Just hours after arriving in North Darfur, Ward and her team were stopped by a militia led by a man known as “the general.” The armed fighters surrounded their vehicle and shouted aggressively, warning them not to film. Ward described the terrifying moment when the general fired a shot, narrowly missing them. “I was relieved the gun wasn’t pointed at us,” she recounted, “but still disturbed by his erratic behavior.”

The team had been invited to Tawila by a faction of the Sudan Liberation Movement (SLM-AW), a neutral party in the war. However, when they reached the meeting spot in Aby Gamra, they were instead confronted by a rival militia armed with rocket-propelled grenades and machine guns.

Interrogation and Captivity

Ward and her team were detained, their driver taken to a local jail, and the crew interrogated for three hours in a small, windowless room. Afterward, they were forced into their vehicle and driven deeper into Darfur, with their captors firing weapons and shouting orders.

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During the ordeal, Ward pleaded with the militia, telling them she was a mother with three young children. One of the militia leaders attempted to reassure her by saying, “Don’t be frightened… We are human beings.” In a chilling move, the militia called the CNN team’s relatives to assure them they were safe, while also warning they could be held for many years if they spoke about the situation.

Two Days of Fear and Uncertainty

For two days, the CNN crew was held captive under the watch of armed men, some as young as 14. Ward described her time in captivity as filled with anxiety and physical discomfort, limiting her water and food intake due to the lack of private space. She and her team slept outside, under acacia trees, hoping for the nightmare to end.

“Sleep, when it came, was a mercy,” Ward recalled, “a reprieve from the panic of not knowing when I would see my children again.”

After 48 long hours, the general informed the CNN crew they would be released. He explained they had initially believed the team were spies but had since decided to let them go. Overcome with relief, Ward and her colleagues were finally freed, posing awkwardly for a photograph with their captors before leaving the makeshift prison.

Ongoing Conflict in Darfur

Despite their release, Ward’s team never made it to their original destination of Tawila. The conflict between the Sudanese military and the Rapid Support Forces (RSF), which erupted in April 2023, continues to rage across the country, particularly in Darfur. According to the UN, more than 20,000 people have been killed, and over 10 million displaced since the fighting began.

Ward’s firsthand account underscores the dangers journalists face while reporting in conflict zones and the immense toll the civil war has taken on Sudan’s people.

Pakistan, Turkiye Pledge to Strengthen Bilateral Ties at Istanbul Expo

Pakistan’s Federal Interior Minister Mohsin Naqvi met with Turkiye’s Defense Minister, Yasar Guler, on Wednesday during the International Istanbul Expo. The meeting highlighted both countries’ commitment to deepening cooperation in various sectors.

Deepening Cooperation Between Pakistan and Turkiye

Yasar Guler expressed his appreciation for Mohsin Naqvi’s participation in the expo, emphasizing how such events contribute significantly to enhancing global partnerships. During the meeting, Naqvi extended an official invitation to Guler for the upcoming Ideas Expo in Pakistan, a major event focused on showcasing regional innovation.

The discussion revolved around mutual interests, particularly the need to increase trade and strengthen cooperation between the two nations. Both ministers acknowledged the positive trajectory of their bilateral relationship, agreeing on the importance of exploring new avenues for collaboration.

Boosting Trade and Agriculture Cooperation

One of the key points raised during the meeting was the potential to increase Pakistan’s meat exports to Turkiye. The Turkish government pledged its support in facilitating these exports, signaling strong interest in expanding trade ties between the two countries. Mohsin Naqvi welcomed this development, emphasizing the importance of agriculture in the broader economic relationship between Pakistan and Turkiye.

Naqvi also highlighted the value of regular high-level visits to ensure continuous dialogue and cooperation. “Building a strong foundation for bilateral collaboration requires ongoing interaction,” he remarked, underlining the importance of sustained engagement to solidify ties.

Significance of the International Expo

Naqvi praised the Turkish government for successfully organizing the International Expo, which he described as an important platform for countries to showcase their progress and innovation. The event, he noted, plays a crucial role in promoting international cooperation and enhancing bilateral partnerships.

Senior officials from both countries, including Pakistan’s Ambassador to Turkiye, Dr. Yusuf Jind, were present during the meeting. The high-level nature of the discussions underscored the importance of the visit in strengthening the strategic and economic ties between Pakistan and Turkiye.

Pakistan Air Force Leads Multinational Exercises

In parallel to the diplomatic meeting, the Pakistan Air Force is leading multinational air exercises, dubbed Indus Shield 2024, alongside key allies such as Turkiye, Saudi Arabia, and Egypt. These exercises aim to bolster strategic military partnerships and enhance operational capabilities among participating nations.

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Army Chief General Syed Asim Munir is expected to observe the exercises and receive briefings on the scope and objectives of the operations. This initiative reflects ongoing efforts to strengthen military cooperation and improve readiness to address shared security challenges in the region.

Overall, the visit to the International Expo and the ongoing military exercises demonstrate Pakistan’s active engagement in both diplomatic and defense initiatives with key regional allies.

Abhishek’s Absence Fuels Divorce Rumors

Aishwarya recently attended a cousin’s birthday party, but Abhishek was notably absent. This absence fueled further speculation about their marriage. Aishwarya posed for photos with her daughter Aaradhya, mother Vrinda Rai, and other family members, but the lack of her husband in the frame raised eyebrows.

Netizens quickly reacted to Abhishek’s absence. One user stated, “Seriously, we need to normalize failed marriages and divorces. People grow apart without anyone being at fault.” This comment highlighted the idea that it’s okay to co-parent happily rather than maintain appearances in a failing relationship.

Abhishek Bachchan and Aishwarya Rai Bachchan have long been considered one of the most powerful couples in the Hindi film industry. They have been married for over 17 years and share a daughter, Aaradhya. Recently, however, rumors of their divorce have started circulating on social media. The speculation intensified after Abhishek appeared at an event without his wedding ring.

In response to the swirling rumors, Abhishek previously told a reporter that the gossip was exaggerated. He emphasized that his married life is stable, despite the unfounded rumors.

Mixed Reactions from Netizens

Another user suggested that the Bachchans should address the rumors directly. They wrote, “I agree with you, but I feel like this is on the Bachchans and not the fans/public. They need to normalize failed marriages and release a public statement.” This sentiment resonated with many who believe that celebrities should clarify their situations to reduce speculation.

Despite the concerns, some users shared positive comments about the family gathering. One netizen praised the simplicity of the family’s attire, saying, “Love how everyone is dressed so humbly, nothing too flashy or over the top.” Another remarked, “It’s such a wholesome and homely picture.” Many appreciated the down-to-earth appearance of the family, commenting that everyone looked real and normal.

Upcoming Projects for Abhishek Bachchan

While personal rumors swirl, Abhishek Bachchan remains focused on his work. He has Housefull 5 coming up, marking his return to the franchise after appearing in the third installment in 2016. He also has upcoming films with directors Remo D’Souza and Shoojit Sircar, both of which promise to be heartfelt stories.

The couple’s love story began in 1997 when they met on the set of Aur Pyaar Ho Gaya. During an interview, Abhishek revealed that he proposed to Aishwarya while filming abroad in 2006. He did so with a fake ring, and she happily accepted.

Their journey from co-stars to one of Bollywood’s most celebrated couples has inspired many fans. Despite the current rumors, both stars have consistently supported each other throughout their careers.

As speculation continues, fans remain hopeful for clarity regarding the couple’s relationship. The public eagerly awaits further updates on both their personal lives and professional endeavors.

Sheikh Hasina’s Party’s Student Wing Banned After Violent Protests

The Bangladesh government has officially banned the Bangladesh Chhatra League (BCL), the student wing of the Awami League, on Thursday. This move comes after the group’s involvement in violent attacks during student protests. These protests played a significant role in the ousting of former Prime Minister Sheikh Hasina’s government in August.

The ban was imposed under the Anti-Terrorism Act, according to an official government statement. The decision reflects growing concerns over the Chhatra League’s activities during the Awami League’s long rule.

Over the past 15 years, the Chhatra League has been involved in numerous violent incidents. The group has faced serious allegations including murder, rape, attacks, and extortion during the Awami League’s last three terms in power. Their actions during this time have disrupted public safety, leading to widespread criticism.

According to reports, BCL leaders and activists frequently used violence to maintain control on university campuses. The group reportedly set up “torture rooms” in public universities across the country, targeting general students who opposed their authority.

Allegations of Extortion

Accusations of extortion within the Chhatra League have persisted for years. The most recent allegations surfaced during the student uprising in July, where many pointed fingers at the BCL for exploiting the unrest for financial gain.

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The government notification claims there is sufficient evidence linking the group to these crimes, which only added to the justification for the ban.

The Chhatra League has also been accused of participating in conspiracies and destructive activities after Sheikh Hasina’s government fell in August. Their alleged involvement in terrorist acts further pushed the government to take decisive action.

The interim government imposed the ban under Section 18(1) of the Anti-Terrorism Act of 2009. This legal framework allows for banning organizations that pose a threat to public safety or engage in terrorism-related activities.

What’s Next for Bangladesh?

The ban on the Chhatra League marks a significant moment in Bangladesh’s political landscape. The student wing has been a powerful force for years, often playing a major role in supporting the Awami League.

This decision reflects the interim government’s commitment to restoring peace and order in the country, following the unrest earlier this year. Whether this move will bring about long-term change or spark further protests remains to be seen.

For now, the Chhatra League has been officially disbanded, leaving a vacuum in the Awami League’s support base among students.

PTI to Challenge 26th Constitutional Amendment

Pakistan Tehreek-e-Insaf (PTI) leader Shoaib Shaheen declared on Wednesday that the party will challenge the recently passed 26th Constitutional Amendment. He described it as a threat to the independence of Pakistan’s judiciary. This announcement came during an interview with a local news channel.

The amendment, passed by the ruling coalition with a two-thirds majority, makes significant changes to the judicial system. Among the changes, it allows parliament to select the next Chief Justice of Pakistan (CJP) from the three most senior judges of the Supreme Court.

Justice Yahya Afridi, one of the senior-most judges, has been nominated by a Special Parliamentary Committee as the next CJP under these new rules. President Asif Ali Zardari has approved the nomination in line with the constitutional changes.

Shaheen emphasized that PTI is not opposed to Justice Afridi’s nomination but is concerned about the broader implications of the amendment. He argued that it undermines judicial independence and violates the judiciary’s long-standing tradition of appointing the senior-most judge as CJP.

He also accused the government of manipulating the parliamentary process to push through the amendment. According to Shaheen, there were concerns that lawmakers were pressured into supporting the bill, raising questions about the transparency of the process.

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Impact on Judicial Independence

Shaheen expressed concerns that the amendment has created divisions within the Supreme Court. He said it grants the government too much influence over judicial appointments, which could compromise the independence of the judiciary.

He further criticized the amendment’s impact on the formation of constitutional benches, stating that the new law allows the government to interfere in judicial matters. According to Shaheen, this violates the principle of judicial autonomy, which is a key part of Pakistan’s Constitution.

PTI plans to request that their challenge be heard by a full court. Shaheen argued that a constitutional bench formed under the new law should not judge the legality of the amendment that created it.

He also condemned changes made to the Judicial Commission of Pakistan (JCP). Under the new rules, the JCP has greater power over forming benches to hear cases. Shaheen claimed this limits the autonomy of the courts and puts them under government influence.

JUI-F’s Response

Jamiat Ulema-e-Islam-Fazl (JUI-F) Senator Kamran Murtaza, who was part of the committee that nominated Justice Afridi, disagreed with PTI’s stance. He criticized PTI for boycotting the committee meetings, saying they had an opportunity to engage in discussions but chose not to participate.

Murtaza also denied claims that JUI-F lawmakers were pressured into supporting the amendment. He asserted that Justice Afridi was chosen through a constitutional process and enjoys broad respect within the judiciary.

PTI’s legal challenge to the 26th Constitutional Amendment is expected to escalate the debate over judicial independence in Pakistan. The party insists the amendment undermines the judiciary, while government supporters argue it was passed constitutionally. The court’s ruling on this matter could have lasting implications for the country’s judicial system.

Terror Attack at Turkish Aerospace Facility

ANKARA: A terrorist attack struck the Turkish Aerospace Industries’ (TUSAS) headquarters on Wednesday, killing four people and wounding 14 others. The incident occurred near Ankara, where witnesses reported hearing gunfire and an explosion.

Interior Minister Ali Yerlikaya confirmed that security forces killed two attackers during the incident. Three of the injured are in critical condition. “Two terrorists were neutralized in the terror attack on the TUSAS Ankara Kahramankazan site. Sadly, we have three martyrs and 14 wounded in the attack,” he stated.

Turkish President Tayyip Erdogan condemned the attack while attending a BRICS conference in Kazan, Russia. He accepted condolences from Russian President Vladimir Putin. NATO, the United States, and the European Union also condemned the attack, expressing solidarity with Turkey.

The cause of the explosion and the identities of the attackers remain unclear. No group has claimed responsibility for the attack yet. Prosecutors have initiated an investigation, according to state-run Anadolu Agency. Some reports suggested it might have been a suicide attack, and there were claims of hostages inside the building, although officials have not confirmed these details.

Eyewitness Accounts

Witnesses recounted a chaotic scene inside the TUSAS building. Authorities took employees to shelters, restricting their movement for several hours. As employees were leaving work, they heard multiple blasts at different exits. Eventually, personnel evacuation began, and buses were allowed to leave once the operation concluded.

Media coverage showed images of a damaged gate and footage of gunfire exchanged in a parking lot. Attackers armed with rifles and carrying backpacks entered the building during the assault. Following the incident, ambulances and helicopters rushed to the scene to assist the injured.

TUSAS is Turkey’s largest aerospace manufacturer, producing training aircraft, combat helicopters, and civilian helicopters. The company is also developing Turkey’s first indigenous fighter jet, named KAAN. Owned by the Turkish Armed Forces Foundation and the government, TUSAS employs over 10,000 people.

NATO Support for Turkey

NATO Secretary General Mark Rutte condemned the attack and reaffirmed the military alliance’s support for Turkey. In a statement, he expressed deep sympathy for the victims’ families and emphasized the need for unity against terrorism.

As the investigation continues, security has heightened around key facilities across the country. Authorities are working to determine the full extent of the attack and ensure the safety of citizens. Eyewitness accounts and ongoing investigations will play a crucial role in uncovering the motives behind this tragic event.

The government has vowed to take decisive action to address these threats and maintain public safety. The incident serves as a stark reminder of the challenges Turkey faces in combating terrorism and ensuring national security.

KSE-100 Index Soars Past 87,000 Points at Pakistan Stock Exchange

Shares at the Pakistan Stock Exchange (PSX) reached a new all-time high on Wednesday. The benchmark KSE-100 index crossed the 87,000-point barrier, closing at 87,194.53 points. This marked an increase of 727.96 points or 0.84% from the previous close of 86,466.57 points. The index even reached an intraday high of 87,309.22 points.

Mohammed Sohail, CEO of Topline Securities, attributed this significant rise to several factors. He noted the decline in secondary market yields, political stability, the successful Shanghai Cooperation Organisation (SCO) summit, and local mutual fund buying as major contributors. The trading session reflected positive momentum, fueled by expectations of an upcoming rate cut in the monetary policy announcement scheduled for November 4.

Investor enthusiasm also surged for K-Electric Limited (KEL) following the announcement that the National Electric Power Regulatory Authority approved the generation tariff for all its power plants effective from June 2023. This news sparked increased interest in KEL shares.

Yousuf M Farooq, director of research at Chase Securities, echoed Sohail’s sentiments. He emphasized the market’s anticipation of a substantial rate cut in the next monetary policy announcement. He noted that three-month treasury bills were now trading at 14.24% in the secondary market.

Political Clarity Fuels Market Optimism

Sana Tawfik, head of research at Arif Habib Limited, added her perspective on the rally. She linked the surge in the index to recent clarity on the political front, particularly following the passage of the 26th constitutional amendment. Improving macroeconomic indicators, expectations regarding monetary policy, and the successful SCO summit also played vital roles in boosting investor confidence.

On Wednesday, a total of 699,294,030 shares were traded, slightly down from 722,209,194 shares the previous trading day. The total value of shares traded stood at Rs 26.824 billion, an increase from Rs 25.024 billion on the last trading day.

The trading session saw 447 companies transacting shares. Out of these, 214 recorded gains, while 173 sustained losses. The share prices of 60 companies remained unchanged.

Top Performers

KEL led trading with 207,635,816 shares traded at Rs 4.67 per share. WorldCall Telecom followed with 42,917,587 shares at Rs 1.29 per share, and Pak International Bulk rounded out the top three with 33,969,303 shares at Rs 5.96 per share.

Unilever Pakistan Foods Limited experienced the highest increase, with a rise of Rs 96.84 per share, closing at Rs 18,263.67. Siemens (Pakistan) Engineering followed with a Rs 92.57 increase, closing at Rs 1,018.23.

In contrast, Rafhan Maize Products Company Limited saw the maximum decrease, closing down Rs 61.88 at Rs 7,300.00. Pakistan Engineering Company Limited also saw a decline, closing down Rs 28.60 at Rs 896.39.

Recent Market Trends

The index previously surged on Tuesday, hitting an intraday record high of 86,846.04, gaining 788.52 points. This was largely attributed to economic optimism, supported by a second consecutive monthly current account surplus and increasing foreign direct investment.

The robust trading and positive momentum indicate growing confidence among investors in Pakistan’s economic outlook. With expectations of further policy adjustments, the market’s performance may continue to rise in the coming weeks.