LISTED BANKS’ PROFITS RISE TO RS597B IN 2024 DESPITE HIGHER TA XES
Pakistan reconsiders full disclosure of UN anti- corruption review amid IMF commitment
Country Review Report six months after pledging transparency to the International Monetary Fund (IMF), The Express Tribune reported Prime Minister Shehbaz Sharif has constituted a committee led by the law minister to evaluate whether the report should be published in full or limited to its executive summary The decision comes ahead of the IMF’s ongoing review, where the lender is expected to seek an update on Pakistan’s commitments including the publication of the report The nine-member IMF mission currently in talks with Pakistani authorities for the release of a $1 1 billion tranche under the $7 billion Extended Fund Facility, is set to conclude its discussions on March 13 As per the report Pakistan ratified UNCAC in 2007 and has undergone two review cycles under the convention While the country has the discretion to decide the extent of the report s publication, it had assured the IMF in
September last year that it would release the complete findings upon completion of the review The commitment was outlined in the Memorandum of Economic and Financial Policies, which also led to an IMF-led Governance and Corruption Diagnostic Assessment mission visiting Pakistan last month
The review committee comprising federal ministers, senior bureaucrats, and a National Accountability Bureau (NAB) official, is expected to finalise its recommendation before the IMF review concludes The cabinet has tasked the committee with analyzing Pakistan s anti-corruption assessment conducted by Nigeria and Qatar and exploring options regarding its publication
The UN review report, prepared in collaboration with the United Nations Office on Drugs and Crime (UNODC) spans between 80 to 300 pages with an executive summary condensed to 7-12 pages The report focuses on preventive measures and asset recovery, highlighting areas such as overlapping functions of NAB and the Federal Investigation Agency (FIA) regulatory improvements and transparency measures
While Pakistan has already implemented some recommendations includ-
ing improving inter-agency coordination and refining regulatory frameworks the IMF has urged further reforms It has called for legal amendments requiring civil servants in BPS-17 to BPS-22 and their spouses to declare their assets, a measure initially suggested by an anticorruption task force Additionally the task force proposed extending asset declaration requirements to non-elected advisers and special assistants to the prime minister
The task force had also recommended amendments to NAB and FIA laws to define their mandates clearly establish joint jurisdiction lists and enhance coordination Other proposals include training for investigative officers on jurisdictional boundaries, reassigning FIA officers from airport immigration duties and launching a public awareness campaign on citizens’ rights under the Right to Information Act
Despite these ongoing reforms the government s reconsideration of its transparency pledge raises concerns about the final outcome of the UNCAC report’s disclosure The committee’s decision will be critical as Pakistan navigates its commitments under both the UNCAC and the IMF programme
lack
regulator y reforms,
of understanding about monopolies and their detrimental effects on the market, Dar said, emphasizing that the CCP, led by Chairman Kabir Ahmed Sidhu, is making notable progress in combating these challenges CCP Chairman Kabir Ahmed Sidhu highlighted that the new headquarters will centralize the commission s operations leading to better efficiency
China’s Zhipu AI raises over 1b yuan as AI competition heats up
Petroleum dealers c all off strike af ter successful talks with govt
g APPDA withdraws protest following assurances on deregulation and profit margins
He stated that the
association that the
process would not impact the dealers profit margins Additionally, Butt said the minister promised to take action against the smuggling of oil from Iran, a key concern for the dealers Last month the petroleum minister announced plans for a deregulation policy which would allow oil marketing companies (OMCs) to set their own fuel prices, encouraging competition This move sparked opposition from the APPDA, who feared it could lead to foreign dominance in the local oil market In response the APPDA threatened a nationwide strike and demanded that the government address their concerns by March 4, arguing that they had been excluded from discussions on the matter
with Petroleum Minister Dr Musadik Malik, a spokesperson for the APPDA announced that the strike call had been withdrawn “Petroleum dealers have taken back their strike call for tomorrow ” the spokesperson confirmed Sources familiar with the discussions revealed that both parties agreed that the APPDA would be involved in the process of deregulating the petroleum sector moving forward In a statement to the media APPDA central spokesperson Noman Ali Butt declared the
COMMENT
Inflation dips fur ther
Wi T h February’s inflation reading down to 1 5 percent, the lowest it has been since september 2015, the Prime Minister can be forgiven for making crowing noises, but there are concerns raised about whether the country is being treated to too much of a good thing Therefore, the next meeting of the state Bank of Pakistan s Monetary Policy Committee, scheduled for March 10 will not only face a further demand for an interest rate cut but will be inclined to grant it The state Bank itself has projected a further fall in inflation in March before a rise which should last until ifat least september The MPC will have to consider whether there should now be a stimulus imported to the economy The way the banking system works, there was to be a degree of inflation to keep the economy growing, so the layman’s ideal of falling prices would actually mean that the banking system was on the verge of collapse and the economy was in the throes of a full-fledged recession, perhaps even a full-blown depression
The MPC might feel that the time to worry would be if inflation did not start going up after April, or if it went up too fast if inflation is going to go up in controlled fashion, maintaining interest rates at around the present level might seem the best strategy, even though both the public and private sectors would like rates to go down The private sector would like lower rates so that the cost of investment is brought down while the government would like rates to come down so that it can pay less in debt servicing
Musk’s attack on us was wrong and dangerously irresponsible
Th i s past week began on a deeply disturbing note Elon Musk reposted on X (formerly Twitter) a dangerously false attack on more than a dozen American entities who had received UsAiD or state Department grants over the past decade The original post referred to the groups as “terrorist-linked ” in his repost Musk commented “As many people have said why pay terrorist organizations and certain countries to hate us when they re perfectly willing to do it for free?
recognized had equally important impressive records of service What was obviously most troubling to me was that my organization, the Arab American institute, was second on the list This was upsetting for two reasons: the charge was profoundly off-base and irresponsibly dangerous
The fact is that the institute received a state Department grant in 2018 (during the first Trump Administration) to create partnerships between Arab American elected officials and public servants with local elected officials in Tunisia The institute, which was founded in 1985, has a proud history of encouraging Arab Americans to get elected to local office As our work progressed we realized that many of these young leaders had never been to the Middle East and if they had gone at all it had simply been to the countries from which their parents had come i had long hoped to create a programme that would enable them to both get exposure to and an understanding of the broader Arab World, and to be able to share their experiences and what they had learned in American political life with their counterparts in Arab countries The
Dedicated to the legac y of late Hameed Nizami Arif Nizami (Late)
As the PM noted inflation for the financial year is 5 9 percent whereas the corresponding figure for the year before was 28 percent however, the PM’s unspoken complaint was that the common man was not noticing Perhaps an important reason is that the consumer, the investor, indeed all economic actors, have gone through several similar boom-bust cycles before Each time, recovery has been harder, and has had harsher conditions attached to the inevitable iMF bail-out An important milestone would be the completion of the current iMF programme, followed by sticking to the reforms introduced as a condition Only then would the man in the street believe that the cycle had been broken Also, until the economy has picked up enough for young people to get jobs, the government should not expect to be credited M A Niazi
The groups listed in the original post had apparently been compiled by an individual with an antiArab or anti-Muslim bias he appears to have gone through a list of grant recipients and randomly culled out entities with “Arab” or “Muslim” in their name or who had done work in the Middle East i don t know all of the groups mentioned but those i do know for example American Near East Refugee Aid (ANERA) have been in the forefront of providing lifesaving support to refugees or victims of war or natural disasters, and, in the process, building better ties between the UsA and affected communities in need across the
Some have cautioned us not to react to MuskÊs incitement, hoping that it would just fade away I disagree In the end, the best defense we have is to point out both how wrong he has been and the danger posed
Demise of contemporary organizational studies
number of professions: medical doctors and teachers are probably on the hit list Though the need for human intervention cannot be replaced because of complex decisions in medical treatments and developing critical and social skills in students will certainly require human beings however diagnostics and dyadic lecturing will be replaced most probably by machines and humanoids resulting in reduced demand for these professions Most of the data driven and repetitive jobs with standard procedures such as analysts translators manufacturing & assembly workers and even the logistic sector will see massive automation opening a new era for organizational studies where people will find it convenient to deal with cobots and humanoids i wonder if our existing understanding of management & leadership, motivation and commitment and diversity and inclusion will sustain in the world of humanoids it will be irrelevant to master theories of leadership and management it will probably be useless to expand knowledge of human resource management when the majority of the workforce will constitute humanoids that will perform their tasks without any shadow of doubt and tiredness Organizations will engage customized cobots to serve their specific needs Work-life balance theories will vanish and control as a management function will cease to exist when objectives will be delivered exactly as envisioned or fed We have always been in need of eloquent and charismatic leaders to inspire and influence fellow beings towards their shared objectives
Future workplaces will probably not require any persuasive leaders because humanoids will not be in need of any oratory to perform their jobs
The way i look at the future workplaces is at least a partial demise of existing body of organizational studies Because it will be probably the matter of planning and executing what we desire to achieve however setting directions and allocating resources to achieve organizational objectives will only require human intellect thus reducing the burden for the experts of organizational studies however, new dimensions of human behaviors will need new in-
sights to understand evolving challenges for human behaviors under new automated workplaces New disciplines may emerge needing fresh minds new thoughts and new theories
Because it is a time to explore human – humanoid relationship where your customized coach will be a click away having thousands of ideas in a moment fulfilling strategic needs Ai is also enabling us to look into our own future, which has both pros and cons, creating a whole new field for behavioral scientists i remember a major shift in the curriculum of business schools after the Enron scandal in 2001 resulting in emphasis on incorporating ethics as an important component of organizational and business studies Today again there is a need to revamp the curriculum of organizational and business studies to develop a workforce with relevant knowledge and skills for future workforce Our existing curricula seem redundant due to the rise of Ai interventions in business applications where learning reasoning and self-correction will probably manage every business or organizational process Machine learning, deep learning and augmented reality is making it even more convenient for future workforces to simulate and project their operations Learners in schools and universities are far more informed and capable to adopt these emerging technologies than our teachers We can conveniently squeeze our conventional curriculum of Bs level to be delivered in half of the time and the remaining time we can dedicate to learn these emerging technologies to make sure that our future workforce is capable of coping with the deception capabilities of Ai for smooth business operations
Because, it has been proven through recent experiments that Ai has the ability to deceive even without being taught to do so Therefore, it is high time once again for business schools around the globe to redesign organizational studies to avoid complete death of the discipline
The writer is Associate Professor of Management Sciences and head Center of Islamic Finance, COMSATS University Islamabad, Lahore Campus
Severe AQI Aler t
Freelancer suppor t
A test of justice
commodities Theories of motivation successfully determined that needs drive human efforts Job enrichment served as a tool to enhance
engagement, satisfaction and productivity But rapidly evolving robotic technology has enabled
machines to replace humans who needed such interventions for their effective and efficient performance Robody is transforming elderly care, though leading to further dryness in the aging population but at least making sure that they are engaged and less dependent on fellow human beings Ai and robotics have already threatened a
A vic tims of Musk ’s hate speech
Dr AbDus sAttAr AbbAsi
Europeans forced into a rethink
EU
Klaus
infamous quote, “You will own nothing and be happy,” is now being interpreted as a grim prophecy rather than a utopian vision
The skepticism extends to concerns about political rhetoric Many see the discourse surrounding figures like Ukrainian President Volodymyr Zelensky as exaggerated, questioning the credibility of those who label him a “hero ” Detractors argue that Eu-
ropean leaders could have just as easily fabricated a threat from extraterrestrials highlighting what they see as the absurdity of the current narrative The focus they claim should not be on an external aggressor but rather on the internal decisions that have led to economic hardship and political instability across the continent A significant segment of European public opinion believes that Russia has not provoked the EU NATO or France but rather that European leaders are pushing for a prolonged confrontation with a nuclear power that possesses 5,000 warheads Critics warn that such reckless policies could lead Europe into another catastrophic conflict just as the continent was at the centre of two world wars in the past century Calls for rearmament are met with sarcasm as some Europeans express mock enthusiasm about facing Russia alongside Sweden, questioning the feasibility and necessity of such a move Public concern is growing over von der Leyen’s authority and the legitimacy of the decisions she is making on behalf of European nations Detractors argue that these actions undermine national sovereignty and democracy, concentrating power in Brussels while stripping individual nations of their ability to determine their own paths The criticism does not stop at von der Leyen; Macron Scholz and other European leaders are also being accused of leading the continent down a destructive path The argument is that the push for increased military spending diverts crucial funds away from essential public services, environmental sustainability, and social welfare programmes Instead these resources are being funneled into a cannon fodder project that benefits the wealthy elite at the expense of the general population The war means according to them, raising taxes, which could lead to public
This growing frustration among European citizens mirrors sentiments expressed by Trump, who has repeatedly criticized NATO and questioned its role in global conflicts Many Europeans now share TrumpÊs perspective that NATO initiated the war under false pretenses, framing it as an act of aggression As public discourse shifts, more people in Europe are aligning with the idea that the conflict is not in their best interests but rather serves as a means to fur ther impoverish ordinary citizens while enriching the powerful
‘ N o o t h e r l a n d ’
while allies into the arms of its adversaries In an increasingly unstable world prudence suggests the United States must do more to build capacity at home to ensure an adequate, stable supply of critical minerals, metals and other materials Unfortunately, we have not made good progress toward doing so in large part because environmental interests have stood in the way
The government has spent billions of dollars to nurture domestic production through President Joe Biden s Inflation Reduction Act and bipartisan infrastructure law, among others These efforts did not appreciably move the needle, however, largely as they failed to overcome environmentalists opposition and streamline the permitting process enough to enable large-scale mining projects
The United States possesses enormous reserves of lithium, essential for the production of batteries for electric vehicles
However the country has only one operating lithium mine in Nevada Environmental defenders and other opponents have resisted and slowed down approvals for more mines Something similar has happened with rare metals
Trump has little patience for environmentalists’ resistance Yet he is unlikely to have better luck increasing U S mineral production New Republican majorities in Congress may be itching to do away with regulatory obstacles to mining across the landscape, but they are perhaps unwittingly setting up a new roadblock by ending support for the clean energy technologies that create demand for minerals
Nixing federal support for the IRA to develop batteries and wind energy and cutting back subsidies meant to expand the U S electric vehicle fleet, will weaken the business case for investing in supply chains for lithium, graphite and other materials not only in the United States but also among trading partners Perhaps the need for alternative sources of
at the Oscars, and having been “picked up for distribution in 24 countries ” No Other Land could not find a US distributor “due to its subject matter according to the IMDb website
Co-director Yuval Abraham an Israeli investigative journalist, said in his acceptance speech that when he looks at Adra he sees “my brother, but we are unequal ”
“We live in a regime where I am free under civilian law and Basel is under military laws that destroy his life and he cannot control Abraham said
ISRAELI CRITICISM
The film s win has been slammed by Israel’s Culture Minister, Miki Zohar, as a misrepresentation of Israel’s “image” in the world ‘The Oscar win for the film ‘No Other Land is a sad moment for the world of cinema Instead of presenting the complexity of Israeli reality, the filmmakers chose to amplify narratives that distort Israel’s image vis-à-vis international audience’ Zohar said on X He added that freedom of expression was an important value but turning the defamation of Israel into a tool for international promotion is not art it is sabotage against the State of Israel, especially in the wake of the October 7th massacre and the ongoing war ”
‘MILITARY TRAINING GROUND
said the goal for producing No Other Land was not the award itself, but to get to the people’s hearts Because we want people to see the reality of what is going on in my community of Masafer Yatta in all the West Bank and the daily life under this brutal
The film s website describes Masafer Yatta as a beautiful mountainous region dotted with twenty ancient Palestinian villages on the Southern edge of the West Bank In 1980 the Israeli military declared the land of Masafer Yatta a closed military training zone –meaning it was officially declared off limits for Palestinians the
Qamar Bashir
TRUMP HALTS AID TO UKRAINE AFTER CL ASH WITH ZELENSKYY
CORPORATE CORNER
SENATE PANEL PREVENTS RS60 BILLION LOSS BY BLOCKING PORT QASIM
SAYS
S u k k
r: Ms Sayeeda Leghari
Sukkur
Violence Against Women" at Pakistan Letreture Festival in Sukkur, along with Mehtab Akbar Rashidi, Noor ul Huda Shah, Nafisa Shah, Arfana Mallah, and Fiza Pitafi PR
AkhtAr IqbAl DAr InvItes sher Afz Al MArwAt to PtI-n
each has been lodged in Attock and Gujranwala In Rawalpindi 11 cases from May 9 have been registered against Pervaiz Elahi The submission of this report follows a petition seeking details of all cases filed against him The former Punjab Chief Minister has been facing legal challenges amid ongoing investigations into political unrest and alleged misconduct Pak-Japan dialogue explores avenues for enhanced economic cooperation
ISLAMABAD
S TA F F R E P O R T A Pak-Japan Parliamentary Group meeting convened by Senator Nadeem Ahmed Bhutto and organized by Secretary Misbah Khar, was held at Parliament House on Tuesday to bolster bilateral economic ties Senator Bhutto, alongside Senate Secretariat officials, welcomed Japanese Ambassador Akamatsu Shuichi Senator Bhutto emphasized the longstanding importance of Pakistan-Japan relations highlighting potential mutual benefits He pointed to Pakistan s scenic northern regions as a tourism asset and acknowledged Japan s support through the
KARACHI S TA F F R E P O R T A settlement has been reached in the Karachi assault case involving Shahzain Marri and his guards, where they allegedly attacked two men near Boat Basin last month Victim Barkat Soomro said he forgave the attackers for the sake of Allah after political figures mediated between both parties Speaking to local media, Soomro expressed gratitude to journalists for highlighting the case He added that his family elders were in contact with the accused leading to reconciliation
The accused acknowledged their wrongdoing and offered to pay compensation but Soomro refused choosing to forgive them instead Political and feudal figures, including Mir Nadir Magsi, Nawab Gazain Marri, Saeed Ghani and Nasir Hussain Shah were present during the negotiations
South Police said they became aware of the settlement through media reports but had not received official legal confirmation Authorities maintained that Marri would be arrested if found in Karachi with the case proceeding in court The assault which occurred on
February 19 gained public
tion after a video of the attack went viral prompting police action Seven suspects including four guards, were arrested, and weapons were recovered While the police successfully apprehended the attackers’ security guards Shahzain Marri managed to flee to Quetta following the assault Deputy Inspector General (DIG) South, Syed Asad Raza stated that among the arrested security guards are Ghaus Bakhsh, Jalad Khan, Ali Zain, Hassan,
Imran Khan won’t make deal despite ‘govt pressure’: Aleema
health She dismissed claims that he was suffering from a brain infection stating “These rumors are baseless Allah is protecting him Moreover Aleema Khan highlighted concerns about restrictions on Imran Khan s communication with his personal doctor and family
She added that he was not being allowed to speak with his children, further emphasising that PTI’s legal team, led by Salman Akram Raja, had been assigned to handle his personal petitions Aleema Khan also revealed that the verdict on the Al-Qadir case might be announced within a week despite efforts by some individuals to delay it Regarding his stance on political matters, Imran Khan reiterated his refusal to compromise, saying, “No matter what, I will not make a deal ”
Six terrorists killed as security forces foil attack in Bannu Cantt
RAWALPINDI
S TA F F R E P O R T
Security forces on Tuesday foiled a major terrorist attack in Bannu Cantonment in Khyber
Pakhtunkhwa and killed at least six terrorists, security forces said
Sources added that suicide bombers belonging to the militant group Tehreek-e-Taliban Pakistan (TTP) drove two explosive-laden cars into the compound s perimeter, triggering massive explosions
Facing stiff resistance from security forces, two explosiveladen vehicles were rammed into the Cantt’s perimeter wall in an attempt to force entry added security sources Meanwhile, security personnel
at various entry points neutralised six terrorists and apprehended others
Sources reported that the explosion caused damage to a nearby mosque and led to the collapse of a house’s roof, causing damage to
civilian life and property
In a statement a spokesperson for the District Headquarter Hospital said that several civilians were martyred in the blast, while others sustained injuries
