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AJK outlook

AS the staggered polls for the AJK Legislative Assembly enter their final stretch, it appears that the PML-N is in a commanding position, and is already working on a governance plan for the region. Marred by violence as well as allegations of rigging by the PPP — the PML-N’s coalition partner at the centre — these polls have not been without controversy. Re-polling will be held at some polling stations in Bagh over the weekend, while votes will be cast in seven constituencies of Poonch division on Aug 20 or Aug 21 . Polling was postponed in these constituencies due to the volatile law and order situation. The AJK polls have exposed a widening gap between the PML-N and PPP, with the latter claiming that the AJK Election Commission had not ensured transparent polling. PML-N leaders, however, have downplayed these concerns, saying that their party head Nawaz Sharif will choose the next AJK prime minister. While the PML-N’s lead looks unassailable at this...
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AJK polls: Rathore’s LA-17 Haveli victory disputed, local PML-N announces indefinite strike

MUZAFFARABAD: A controversy emerged on Wednesday after the returning officer (RO) issued Form 27 declaring PPP’s Faisal Mumtaz Rathore, the sitting AJK prime minister, the winner from LA-17 (Haveli), despite rival PML-N candidate Engineer Mohsin Aziz being assured that the form would not be issued until the Election Commission took up his complaint. The development triggered fresh tensions in Haveli district, where PML-N workers announced a complete shutter-down strike and protest from Thursday (August 13) for an indefinite period. At a meeting in Forward Kahuta, chaired by PML-N Haveli president Syed Abid Bukhari, participants demanded that the Election Commission open all polling bags from LA-17, order a recount and determine the result on the basis of the original results issued by presiding officers at the polling stations. They warned that the scope of the protest would be expanded if the demand was not accepted. Polling in the constituency had been held on Monday amid seriou...
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Mideast outreach

OVER the past few days, Pakistan has been going the extra mile to assure Iran that the Makkah Joint Defence Agreement it signed last week with Saudi Arabia and Turkiye poses no threat to Tehran. In a recent telephone call, Foreign Minister Ishaq Dar told his Iranian counterpart Abbas Araghchi that the pact is “not an instrument of confrontation”. Moreover, Prime Minister Shehbaz Sharif told the cabinet that the agreement is “entirely for defence purposes”. Tehran seems to have understood the messaging, as the Iranian foreign ministry spokesman said his country had no reason to believe the pact was aimed at encircling it, and that it showed that countries of the region could not depend on the American security umbrella. Perhaps the reason for speculation surrounding the deal was the mutual defence component, which says that an attack on one signatory is an attack on all. Considering the targeting of US military assets in Saudi Arabia and other Gulf st...
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Why the Middle East war still convulses the oil market

After more than five months of conflict, oil markets continue to surge and tumble over the latest developments in the US-Iran clash, including United States President Donald Trump’s shifting pronouncements. What is behind the market’s volatility? The ‘shock’ of Hormuz While the potential vulnerability of the Strait of Hormuz has long been viewed as a risk, oil markets have still been caught off guard by Iran’s ability to largely close the crucial waterway . “What really shakes the market are surprises… and the Hormuz closure was a shock,” said Jim Burkhard, head of global energy crude oil research at S&P Global. Brent oil prices surged more than 13 per cent in the immediate aftermath of the US-Israeli siege against Iran on February 28. Since that time, prices have been jolted in both directions as the conflict has dragged on. “Number one, it’s the complete unexpectedness, unfamiliarity with what we are seeing,” Bob McNally, president of the Rapidian Energy Group and a forme...
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DawnMedia to host ‘Act for Nutrition’

KARACHI: As Pakistan faces one of the gravest development challenges of our time, DawnMedia is set to host a landmark national conference on malnutrition and stunting. ‘Act for Nutrition’ will be held on Sept 2 and 3 at the Serena Hotel, Islamabad, to shed light on “the emergency we can no longer ignore”, DawnMedia said in a statement. According to the statement, about 40 per cent of children in Pakistan under the age of five are stunted, while the country has one of the highest child malnutrition numbers in the world. “Maternal malnutrition, widespread micronutrient deficiencies, food insecurity, poor infant feeding practices, rapid population growth and persistent poverty continue to reinforce a cycle of deprivation that spans generations,” the statement said. According to recent estimates, Pakistan loses nearly $17 billion annually due to the economic consequences of malnutrition and undernutrition. Recognising nutrition as fundamentally an economic, governance and develop...
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Govt leaves petrol, diesel prices unchanged for Aug 11

The government on Monday kept the prices of petrol and high-speed diesel unchanged as Platts prices were not published on August 10. Petrol will continue to be sold at Rs327.62 per litre, while HSD will cost Rs380.86 per litre. The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on HSD. According to the Petroleum Division’s notification, the new prices will be applicable on August 11. The price of HSD has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing w...
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Revival of SME credit

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Between July and August, things are brought to almost a halt across much of Europe. Italy shuts down for Ferragosto, the French vanish on les grandes vacances, and the German offices empty out. During this window, everything — deadlines, emails, occasional sovereign crisis — can wait. For Pakistani economy nerds, late summer means something completely different, though no less exciting if you are warped enough. It’s because by this time, the data for fiscal year-end starts being released, giving a complete picture of how things panned out. Of all the numbers that land in this season, it is banking that appeals to me the most for a multitude of reasons. For starters, it has had quite an enviable run the past few years and remains highly profitable even as other parts of the economy struggle. Second, its data reporting is relatively richer and granular than most other sectors. Starting with the liabilities side, total deposits reached Rs39.8 trillion by FY2...
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