Thursday, May 12, 2022

President Alvi writes to CJP to form judicial commission on 'Regime change conspiracy'

President Dr Arif Alvi
President Dr Arif Alvi has written a letter to Chief Justice of Pakistan (CJP) Umar Ata Bandial to form a judicial commission to conduct open hearings and probe the allegations of a regime change conspiracy, a statement issued by the president's secretariat said Thursday.

The president has asked the CJP to form a commission chaired preferably by the CJP himself to avert a political and economic crisis in the country and keep the political powder keg from igniting, the statement said.

Underlining the importance of constituting the commission, President Alvi said that a serious political crisis was looming in the country and major polarisation was taking place in politics, in the wake of recent events, as well as among the people of Pakistan.

In his letter, the president also emphasised that it was the collective duty of all institutions to make utmost efforts to avert damaging consequences to the country and prevent further deterioration.

He also regretted the fact that random comments were being quoted out of context, misunderstandings were increasing, opportunities were being lost, confusion was prevailing, the economy was plunging into crisis, and the situation on the ground was approaching a political powder keg that could have been ignited at any time, the statement added.

President Alvi pointed out that the Supreme Court had taken initiatives to constitute judicial commissions in matters of national security, integrity, sovereignty, and public interest in the past.

“A judicial commission, headed by Chief Justice Nasir ul Mulk and two hon'ble judges of the Supreme Court, inquired into rigging allegations in 2013 elections. Similarly, judicial commissions were established to investigate the Memogate matter, and a still functional judicial commission exists for missing persons, that is headed by a hon'ble judge of the Supreme Court”, he observed, per the statement.

He further stated that there seemed to be a political consensus in the country as, according to press reports, Prime Minister Shehbaz Sharif had also expressed a desire for establishing a commission.

"The nation held the Supreme Court in high regard and expected it to meet its expectations," said the president, adding that the commission should investigate the matter based not on technicalities of law but in the real spirit of justice.

President Alvi said that it, undoubtedly, would be a great service to our country, as the people of Pakistan deserved clarity on such a matter of national importance. He also said that in world history there existed myriad examples of regime change operations through conspiracies which were later confirmed by the declassification of top-secret documents.

He lamented that it happened much later after the destinies of these countries had been significantly damaged by these illegal interventions.

“Who knows better than your Honour that to prove, that a 'smoking gun' has been identified in the hand of a conspirator, or to find a possible money trail, or to identify meetings where people have been motivated towards cover action, or where people have been bought and sold, could be a vigorous exercise.

“I am of the strong opinion that even recorded circumstantial evidence can lead the way towards some conclusions, based not on technicalities of law but in the real spirit of ‘justice’”, he added.

The president also regretted that in Pakistani history, people had alleged and strongly believed in many obvious but unfortunately unproven conspiracies such as the murder of the first PM of Pakistan Shaheed Liaquat Ali Khan, the Agartala Conspiracy case, former PM Zulfiqar Ali Bhutto’s public waving of a letter and allegation of a conspiracy against him, former president Ziaul Haq’s plane crash, Abbottabad incident, and many other matters that remained inconclusive.

He requested that the Judicial Commission should conduct an in-depth and thorough investigation into what may or may not have been planning and preparation, starting before or following the overt threat, in the form of a possible regime change conspiracy.



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Gold rate breaks new record in Pakistan

Gold rate breaks record in Pakistan
Gold has continued to make and break new records since the formation of the new government followed by the ongoing economic crisis.

It hit a fresh all-time high of Rs136,000 per tola (11.66 grams) in Pakistan on Thursday, providing protection to investors from rupee depreciation.

According to the All Sindh Sarafa Jewellers Association (ASSJA), the price of gold per tola rose by Rs300. Meanwhile, the price rose by Rs257 per 10 grams to settle at Rs116,598.

With the latest increase of Rs300 per tola today, the gold price has surged by a total of Rs4,000 in the last six sessions (Friday-Thursday).

Gold has emerged as a safe asset in these challenging times of the economic crisis. People were aggressively buying gold to protect their cash from deflation.

The drop in the rupee value — which slumped to an all-time low of Rs191.77 against the US dollar in the interbank market — forced the gold trading body to revise up the bullion price significantly as Pakistan meets the local demand for the precious yellow metal through imports.

Earlier, commenting on the rising prices, a gold dealer had said that the metal remains a safe haven against inflation (rupee depreciation and increase in essential commodity prices) and people invest in gold to avoid the impact of the devaluation of the local currency.

He predicted that the gold price will continue to hover at a high level along with the depreciating rupee as the market sees the local currency crossing the critical 200-mark.

However, despite the wedding season, the demand in the market remains subdued due to a lack of purchasing power.

In the international market, the price of yellow metal recorded a decrease of $6 per ounce to settle at $1,846.

Gold rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market rose significantly by Rs60 per tola and Rs51.44 to settle at Rs1,560 and Rs1,337.44 today.



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Wednesday, May 11, 2022

Bitcoin falls 7.2% to $28,758

Bitcoin
Bitcoin fell 7.23% to $28,758.29 at 22:05 GMT on Wednesday, losing $2,241.68 from its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, is down 40.4% from the year’s high of $48,234 on March 28.

Read more: Bitcoin falls to 10-month low as stock markets tumble

Ether, the coin linked to the ethereum blockchain network, dropped 11.56% to $2,071.46 on Wednesday, losing $270.66 from its previous close.



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Toyota cuts production due to Covid lockdown in Shanghai

Toyota company
Toyota says it will suspend operations at more production lines at its factories in Japan this month due to the coronavirus lockdown in Shanghai.

The firm says the production halt will come into effect on Monday and stay in place until of end of next week.

Read more: Pakistani Rupee drops at a record breaking level

It is the latest big car maker to announce that it is being impacted by the Covid-19 measures in China.

Meanwhile, Tesla has reportedly halted most production at its Shanghai plant due to problems with sourcing parts.

"Due to the impact of the semiconductor shortage, we announced our revised production plan for May," Toyota said in a statement.

The company previously said it planned to produce around 750,000 vehicles globally this month but said it had now cut that forecast by about 50,000 due to the lockdown.

Also on Wednesday, Toyota revealed that its quarterly profit had slumped by a third as it felt the impact of production disruptions caused by a global shortage of computer chips and China's Covid-19 restrictions.

The world's biggest car maker by sales posted an operating profit of 463.8 billion yen ($3.56bn; £2.9bn) for the three months to the end of March, well below market expectations.



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Ukraine reports battlefield gains as Europe's energy worries grow

Ukraine
Ukraine on Wednesday (May 11) reported pushing back Moscow s forces in a counterattack that could signal a shift in the momentum of the war and shut gas flows on a route through Russian-held territory, raising the spectre of an energy crisis in Europe.

Ukraine s armed forces general staff said it had recaptured Pytomnyk, a village on the main highway north of the second largest city of Kharkiv, about halfway to the Russian border.

Read more: Fighting traps civilians in Ukraine plant as Putin urges defenders to disarm

"The occupying forces moved to the defence in order to slow down the pace of the offensive of our troops," it said. "The settlement of Pytomnyk ... was liberated."

Following days of advances north and east of Kharkiv, one Ukrainian military source said on condition of anonymity that Ukraine s forces were within just several kilometres of the Russian frontier by Wednesday morning.

Beforehand, Russian forces had been on the outskirts of Kharkiv, a city 40km from the frontier.

The advance appears to be the fastest that Ukraine has mounted since it drove Russian troops away from the capital Kyiv and out of northern Ukraine at the beginning of April.

If sustained, it could let Ukrainian forces threaten supply lines for Russia s main attack force, and even put rear logistics targets in Russia itself within range of artillery.

In Vilkhivka, a shattered village east of Kharkiv, the thump of near constant artillery and swoosh of multiple rocket launchers could be heard from fighting at the front.

The Kremlin calls its actions in Ukraine a "special military operation" to demilitarise a neighbour threatening its security. It denies targeting civilians.

Ukraine says it poses no threat and that the deaths of thousands of civilians and destruction of towns and cities show that Russia is waging a war of conquest.



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MQM-P concerns over rising inflation in country

MQM-P
Muttahida Qaumi Movement-Pakistan (MQM-P) Rabita Committee meeting, held under the chairmanship of convener Dr Khalid Maqbool Siddiqui, has expressed concern over rising inflation and deteriorating economic situation in the country.

The meeting also condemned the targeting of the national institutions and the judiciary by some political parties and stressed on the need for resolving the issues through patience.

Read more: MQM-P recommends five names for Sindh governor's pos

The meeting also demanded immediate action from Federal Government on severe water shortage in Karachi and Sindh.

The MQM-P Rabita Committee also decided to start interviews of candidates from all over Sindh including Karachi regarding local body elections in the province.



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US discuss steps to further expand relations with Pakistan

US
Pakistan’s Ambassador to the United States Masood Khan held a meeting with Counselor of the US Department of State Derek Chollet in Washington on Wednesday.

According to sources, steps to further expand long-standing Pak-US relations came under discussion during the meeting. They also discussed expanding engagement on trade, climate, energy and health.

Read more: Imran Khan's allegations are propaganda and misinformation, USA

They also discussed US-Pakistan cooperation on Afghan stability and to combating terrorism as well as reinforcing 75 years of diplomatic relations between Pakistan and the United States.



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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...