Thursday, September 10, 2020

Pakistan-born Shahid Khan as 66th richest man in US

Pakistan-born Shahid Khan
Pakistan-born Shahid Khan has been featured as the 66th richest man in the United States (US) with a net worth $7.8 billion in the Forbes list of 400 richest Americans – published on Tuesday.

The 39th Forbes list ranks CEO and founder of Amazon, Jeff Bezos, as the richest man of the US for the third consecutive year. Bezos’ fortune of $179 billion, as of July 24, 2020, is up 57% from last year. Bill Gates has about $111bn and Facebook CEO Mark Zuckerberg has $85bn. He is the third on the list.

According to the Forbes report, there were 25 drop-offs who made the 2019 list but fell off this year’s ranking; ten of those were due in part to setbacks related to the COVID-19 outbreak.

An engineer by trade, Shahid Khan is the only Pakistani featured on the list. He had immigrated to the US at age 16 with $500 and a plane ticket.

He made his fortune in the car parts business.

Famously known as Shad Khan, the Pakistani billionaire is also the owner of the Jacksonville Jaguars of the National Football League (NFL), the English Football League Championship team Fulham F.C., and automobile parts manufacturer Flex-N-Gate in Urbana, Illinois which he bought on 1980.

Khan was also featured on the front cover of Forbes magazine in 2012 as the face of the American Dream.

“There are 18 newcomers on this year’s list including Eric Yuan, CEO of Zoom Video Communications, with a net worth of $11 billion; Jim Koch, co-founder and chairman of the Boston Beer Company, producer of Samuel Adams Beer, with a net worth of $2.6 billion; and at age 38 the youngest newcomer, Trevor Milton, founder of electric and hydrogen-electric truck maker Nikola,” the report highlighted.

Moreover, US President Donald Trump’s ranking dropped to number 352 from 275 in 2019, and his net worth dropped to $2.5 billion from last year’s $3.1 billion, as the value of office buildings, hotels, and resorts have taken a huge toll amid the ongoing coronavirus pandemic.

 



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Gold price jumps Rs1,400 per tola in domestic market

Gold price jumps Rs1,400 per tola in domestic market
The per tola gold price witnessed an increase of Rs1,400 to Rs114,750 in the domestic market on Thursday.

Likewise, the rate of 10 grams of the precious metal increased by Rs1,199 to Rs98,379, according to All Pakistan Jewelers Association.

Rate of the precious yellow metal in international markets increased by $19 per ounce to $1947, resulting in an increase in domestic prices of gold, said a spokesperson of the jewelers association.

According to Reuters, gold jumped 1% on Thursday, as the dollar weakened after the European Central Bank kept its policy unchanged and U.S. jobless claims held at high levels, dimming hopes of a quick economic recovery from the effects of the coronavirus pandemic.

Spot gold was up 0.7% to $1,959.93 per ounce at 11:42 a.m. EDT (1542 GMT), after hitting its highest level since Sept. 2 at $1,965.93.

U.S. gold futures were up 0.7% at $1,967.80.

Earlier on September 9, the per tola gold price had registered a decrease of Rs400 to Rs113,100 in the domestic market.

Likewise, the rate of 10 grams of the precious metal had been decreased by Rs343 to Rs96,965, according to the All Pakistan Jewelers Association.

 



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Hasan Ali backs former skipper Sarfaraz Ahmed

Speedster Hasan Ali and former Test skipper Sarfaraz Ahmed
Speedster Hasan Ali backed former Test skipper Sarfaraz Ahmed after he once again defied personal criticism on Twitter.

Replying to Sarfaraz’s tweet, Hasan said nobody can do bad for the one who is supported by Allah.

It must be noted here that Sarfaraz wrote a couplet in reply to a journalist who questioned the Pakistan Cricket Board (PCB) for dual policy in his case.

“Sarfaraz skipped Sindh’s captaincy in last year’s National T20 Cup, still he has made captain for this year’s event. Recently, he reportedly refused to play the third T20I against England.

Had Umar Akmal or Ahmed Shahzad done this, disciplinary action would have taken against them, why such dual standards by PCB?” he asked.



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Pakistan-born Shahid Khan as 66th richest man in US

Pakistan-born Shahid Khan
Pakistan-born Shahid Khan has been featured as the 66th richest man in the United States (US) with a net worth $7.8 billion in the Forbes list of 400 richest Americans – published on Tuesday.

The 39th Forbes list ranks CEO and founder of Amazon, Jeff Bezos, as the richest man of the US for the third consecutive year. Bezos’ fortune of $179 billion, as of July 24, 2020, is up 57% from last year. Bill Gates has about $111bn and Facebook CEO Mark Zuckerberg has $85bn. He is the third on the list.

According to the Forbes report, there were 25 drop-offs who made the 2019 list but fell off this year’s ranking; ten of those were due in part to setbacks related to the COVID-19 outbreak.

An engineer by trade, Shahid Khan is the only Pakistani featured on the list. He had immigrated to the US at age 16 with $500 and a plane ticket.

He made his fortune in the car parts business.

Famously known as Shad Khan, the Pakistani billionaire is also the owner of the Jacksonville Jaguars of the National Football League (NFL), the English Football League Championship team Fulham F.C., and automobile parts manufacturer Flex-N-Gate in Urbana, Illinois which he bought on 1980.

Khan was also featured on the front cover of Forbes magazine in 2012 as the face of the American Dream.

“There are 18 newcomers on this year’s list including Eric Yuan, CEO of Zoom Video Communications, with a net worth of $11 billion; Jim Koch, co-founder and chairman of the Boston Beer Company, producer of Samuel Adams Beer, with a net worth of $2.6 billion; and at age 38 the youngest newcomer, Trevor Milton, founder of electric and hydrogen-electric truck maker Nikola,” the report highlighted.

Moreover, US President Donald Trump’s ranking dropped to number 352 from 275 in 2019, and his net worth dropped to $2.5 billion from last year’s $3.1 billion, as the value of office buildings, hotels, and resorts have taken a huge toll amid the ongoing coronavirus pandemic.

 



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Donald Trump accepts 'playing down coronavirus danger'

Donald Trump
President Donald Trump admits he tried to minimize the seriousness of the threat from COVID-19 at the outset of the pandemic in audio recordings released Wednesday from interviews with veteran US journalist Bob Woodward.

"I wanted to always play it down," Trump said in an interview with Woodward on March 19, according to a CNN preview of the book "Rage," due to be published September 15.

"I still like playing it down, because I don´t want to create a panic," he said in the conversation with Woodward, which was recorded.

In another recorded interview, on February 7, he told Woodward the virus "goes through the air" — despite repeatedly mocking people who wear masks in the weeks and months after. It took until July before he was seen publicly wearing a mask.

Coming eight weeks before the November 3 presidential election, the revelations add new pressure on Trump. Opinion polls show around two-thirds of Americans disapprove of his handling of the virus and he has often been accused of minimizing the crisis in order to try and boost his reelection chances.

Speaking to reporters at the White House, Trump denounced the book as "another political hit job" and said if he´d downplayed Covid-19 it was to prevent a "frenzy."

"I don´t want people to be frightened," he said.

"I´m not going to drive this country or the world into a frenzy," he said. "We have to show leadership and the last thing you want to do is create a panic."

He slammed Woodward for doing "hit jobs with everybody" and said he "probably, almost definitely won´t read it because I don´t have time to read it."

However, "Rage" will give fresh ammunition to the Democrats arguing that Trump failed to prepare Americans for the severity of the coronavirus outbreak or to lead them into a proper response.

In the interviews with Woodward, Trump made clear he´d understood at the outset that the virus was "deadly stuff" — far more dangerous than the ordinary flu.

In public, however, Trump repeatedly told Americans during the initial weeks at the start of 2020 that the virus wasn´t dangerous and would "disappear" by itself.

"He knew how deadly it was," Democratic presidential challenger Joe Biden said while campaigning in Michigan. "He lied to the American people. He knowingly and willingly lied about the threat it posed to the country for months."

"It was a life and death betrayal of the American people," Biden added.

"It´s disgusting," Biden later told CNN. "Think about it. Think about what he did not do." Biden slammed Trump´s behavior as "almost criminal."

Mixed messages

But there was support for Trump from the highly respected infectious diseases expert Anthony Fauci, who has consistently told the public that the coronavirus requires a tough response — even when the president appeared to be saying something different.

"I don´t recall anything that was any gross distortion in things that I spoke to him about," he told Fox News.

Trump was keen to stop the country from getting "down and out," Fauci said.

The president has repeatedly insisted that he has successfully managed the Covid-19 pandemic, which is on track to take 200,000 lives in the country.

He points to early decisions to ban travel from China, where the virus first appeared, and from hotspots in Europe.

Read more: Despite warning from experts, Trump says he is taking hydroxychloroquine to avoid coronavirus

However, at minimum Trump delivered mixed messages at a time when the country was looking for guidance.

He veered from declaring himself the equivalent of a war-time president to contradicting government scientists and calling for the early reopening of the economy.

In February — well after he had been briefed by advisors on the dangers posed by the novel coronavirus — he said that the virus might go away by April "with the heat."

In March, he described the government´s "tremendous control over" the situation and said: "It will go away. Just stay calm."

That same month, Trump compared the coronavirus to the common flu, which he noted kills "between 27,000 and 70,000 per year" yet "nothing is shut down, life & the economy go on."

At the end of March, a grim-faced president announced that a death toll of 100,000 was looming. Shortly before, he´d been talking up the idea of people ending social distancing in time for Easter in mid-April.

Early on, he also frequently praised the Chinese government´s response, only later pivoting to ferociously blaming Beijing for the global health crisis.

Should Woodward have released his information earlier, and not hold it until his book publication in September?

"This question, a good one, has emerged frequently lately," tweeted David Boardman, dean of the Media and Communication college at Temple University.

"In today´s life-and-death situation, is this traditional practice still ethical?"

Without giving a firm answer, he said it is "a serious and nuanced question worth discussing, especially among journalists."



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Donald Trump accepts 'playing down coronavirus danger'

Donald Trump
President Donald Trump admits he tried to minimize the seriousness of the threat from COVID-19 at the outset of the pandemic in audio recordings released Wednesday from interviews with veteran US journalist Bob Woodward.

"I wanted to always play it down," Trump said in an interview with Woodward on March 19, according to a CNN preview of the book "Rage," due to be published September 15.

"I still like playing it down, because I don´t want to create a panic," he said in the conversation with Woodward, which was recorded.

In another recorded interview, on February 7, he told Woodward the virus "goes through the air" — despite repeatedly mocking people who wear masks in the weeks and months after. It took until July before he was seen publicly wearing a mask.

Coming eight weeks before the November 3 presidential election, the revelations add new pressure on Trump. Opinion polls show around two-thirds of Americans disapprove of his handling of the virus and he has often been accused of minimizing the crisis in order to try and boost his reelection chances.

Speaking to reporters at the White House, Trump denounced the book as "another political hit job" and said if he´d downplayed Covid-19 it was to prevent a "frenzy."

"I don´t want people to be frightened," he said.

"I´m not going to drive this country or the world into a frenzy," he said. "We have to show leadership and the last thing you want to do is create a panic."

He slammed Woodward for doing "hit jobs with everybody" and said he "probably, almost definitely won´t read it because I don´t have time to read it."

However, "Rage" will give fresh ammunition to the Democrats arguing that Trump failed to prepare Americans for the severity of the coronavirus outbreak or to lead them into a proper response.

In the interviews with Woodward, Trump made clear he´d understood at the outset that the virus was "deadly stuff" — far more dangerous than the ordinary flu.

In public, however, Trump repeatedly told Americans during the initial weeks at the start of 2020 that the virus wasn´t dangerous and would "disappear" by itself.

"He knew how deadly it was," Democratic presidential challenger Joe Biden said while campaigning in Michigan. "He lied to the American people. He knowingly and willingly lied about the threat it posed to the country for months."

"It was a life and death betrayal of the American people," Biden added.

"It´s disgusting," Biden later told CNN. "Think about it. Think about what he did not do." Biden slammed Trump´s behavior as "almost criminal."

Mixed messages

But there was support for Trump from the highly respected infectious diseases expert Anthony Fauci, who has consistently told the public that the coronavirus requires a tough response — even when the president appeared to be saying something different.

"I don´t recall anything that was any gross distortion in things that I spoke to him about," he told Fox News.

Trump was keen to stop the country from getting "down and out," Fauci said.

The president has repeatedly insisted that he has successfully managed the Covid-19 pandemic, which is on track to take 200,000 lives in the country.

He points to early decisions to ban travel from China, where the virus first appeared, and from hotspots in Europe.

Read more: Despite warning from experts, Trump says he is taking hydroxychloroquine to avoid coronavirus

However, at minimum Trump delivered mixed messages at a time when the country was looking for guidance.

He veered from declaring himself the equivalent of a war-time president to contradicting government scientists and calling for the early reopening of the economy.

In February — well after he had been briefed by advisors on the dangers posed by the novel coronavirus — he said that the virus might go away by April "with the heat."

In March, he described the government´s "tremendous control over" the situation and said: "It will go away. Just stay calm."

That same month, Trump compared the coronavirus to the common flu, which he noted kills "between 27,000 and 70,000 per year" yet "nothing is shut down, life & the economy go on."

At the end of March, a grim-faced president announced that a death toll of 100,000 was looming. Shortly before, he´d been talking up the idea of people ending social distancing in time for Easter in mid-April.

Early on, he also frequently praised the Chinese government´s response, only later pivoting to ferociously blaming Beijing for the global health crisis.

Should Woodward have released his information earlier, and not hold it until his book publication in September?

"This question, a good one, has emerged frequently lately," tweeted David Boardman, dean of the Media and Communication college at Temple University.

"In today´s life-and-death situation, is this traditional practice still ethical?"

Without giving a firm answer, he said it is "a serious and nuanced question worth discussing, especially among journalists."



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Roshan Digital Account big step for overseas Pakistanis to participate in nation-building: PM Khan

Prime Minister Imran Khan
Prime Minister Imran Khan on Thursday said that the Roshan Digital Account is a big step for Pakistani expatriates to participate in nation-building.

The Roshan Digital Account is an initiative by the State Bank of Pakistan to serve the banking needs for overseas Pakistanis so it is easier for them to invest in their home country.

"Our biggest asset is the overseas Pakistanis and we were unable to tap their potential previously," said the premier, at the outset of his address to the launch ceremony in Islamabad.

The prime minister said that progress made by India and China can be linked to their expatriate community.

"The way we should have brought overseas Pakistanis back and helped them in nation-building, we couldn't do that unfortunately. Hence, the opening of this Roshan Digital Account is a big step for Pakistan."

Listing various new projects, such as the Ravi City waterfront project and the ML-1 railway project, he said the help of overseas Pakistanis is needed for all of them.

PM Imran said that nearly half of the government's revenue is spent on payment of loans and there is a need for the country to move towards wealth creation.

"We need to increase our economic activity to an extent where we are able to comfortably pay off these loans," he said, adding that this was the aim of the construction sector, as it is one that in turn, supports 30 other sectors.

He said when the government came into power, there was a $40 billion trade deficit. "Our exports stood at $20bn, whereas our imports were roughly at around $60bn."

"And of course, [we had] a record-high current account deficit of $20bn — after deducting remittances."

He said with a reduction in dollars, the rupee falls, there is inflation and people stop investing.

"This results in a decline in wealth and investment [...] this is why we need dollar investments from overseas Pakistanis. We have seen an increase in remittances but now wish for there to be greater investment in the country."

He said the government had been unable to present any "viable" options to overseas Pakistanis in the past, but the two aforementioned mega projects are an excellent opportunity for them to invest.

Speaking of the perception surrounding dual nationals in Pakistan, he questioned why they are considered "traitors". "They are viewed with suspicion".

"We must understand why these nine million people left in the first place. We were unable to provide them jobs. And a lot of them acquired qualifications from abroad. They are so qualified that we do not have suitable jobs for them here. And for the jobs that we do have here, we cannot afford to pay the remuneration they deserve."

The prime minister said we must all recognise that overseas Pakistanis are "our greatest asset".

"There is no greater asset. We have excellent minds, brilliant professionals sitting in countries abroad and entrepreneurs. As soon as we create the right conditions, a large resource pool can return [to serve]," he said.

A central bank initiative

In a press release issued earlier today, Prime Minister's Office said that the initiative by the central bank will work with commercial banks operating in Pakistan.

"For the first time in the country’s history, Non-Returning Pakistanis (NRP) will be able to remotely open an account through an entirely digital and online process without any need to visit a bank branch, embassy, or consulate," it said.

"The customer can choose either foreign currency or rupee dominated account, or both. Funds in these accounts will be fully repatriable, without the need for any regulatory approval," the statement read.



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Islamabad court dismisses Gill’s bail plea in sedition case

A District and Sessions court of Islamabad dismissed the post arrest bail petition of PTI leader Shahbaz Gill on Tuesday. Additional Dist...