Pakistan Affairs

Year: 2023

  • Remarks on woman judge: Islamabad court issues non-bailable arrest warrant against Imran

    A Pakistani court has issued a non-bailable arrest warrant for Imran Khan, the chairman of the political party Pakistan Tehreek-e-Insaf, over alleged use of threatening language against a judge. In August last year, the federal capital police accused the former prime minister of breaching Section 7 of the Anti-Terrorism Act regarding his comments against the judge. Khan’s party filed a petition to exempt him from appearing in court during the present hearing, but the Senior Civil Judge, Rana Mujahid Rahim warned that non-bailable arrest warrants would be issued if Khan failed to attend. Consequently, the court instructed police to arrest and present Khan before the court by 29 March 2018. Earlier this year, Khan expressed regret for his remarks against Judge Zeba Chaudhry, and stated his support for women’s rights in Pakistan. Khan’s party has previously led calls for an independent judiciary in the country, following allegations of corruption against Prime Minister Nawaz Sharif.

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  • Diplomacy urged to ease concerns over US CHIPS Act

    South Korea\’s semiconductor industry is under pressure to choose a side in the rivalry between the US and China as Washington announced requirements for its $52bn semiconductor funding program. The South Korean government is also concerned as the requirements of the CHIPS Act call for subsidy applicants to share business information and excess profits with the US government, leading to calls for South Korean President Yoon Suk Yeol to negotiate directly with US President Joe Biden. However, the incentives set out in the act come with several strings attached that industry watchers claim are too burdensome for subsidy recipients, with conditions including providing sensitive operational information, sharing a portion of any profit that exceeds projections, and limits on Chinese operations. Industry observers call for the South Korean government to play a more active role in easing concerns, especially on issues such as information sharing and investment in China.



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  • Freeland\’s budget has to tread a narrow path between competing demands for cash: sources | CBC News

    The 2023 Canadian federal budget, to be unveiled on March 28, will prioritize three main areas: affordable living measures, investments in the clean industrial economy, and additional resources for provincial healthcare funding. Despite these priorities requiring significant spending, the budget will be constrained by a worsening fiscal situation. Experts suggest that Canada needs a focused approach to its economic recovery and policies centered on factors such as electric vehicles, batteries, green manufacturing, biosciences, and growing the electrical grid. The budget is also expected to include a training component, as the country transitions to these new sectors, which will require upskilling jobseekers. In addition, the budget will aim to promote simplicity and ensure that the benefits of the budget will be easily accessible. With regards to healthcare, the budget will include $198.6 billion over 10 years, with $49 billion of that being new funding, for the Canada Health Transfer and other agreements. The budget will also provide insight into the financial implications of healthcare packages on the country\’s bottom line. While there are few surprises expected in this budget, defense spending remains a concern as the Canadian military continues to assist Ukraine in defending itself from Russia.



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  • What Britain should learn from Biden’s IRA plan

    The UK needs to adopt a more strategic approach to economic policy and not simply react impulsively to global developments, such as Joe Biden\’s Inflation Reduction Act and its green subsidies. To respond effectively, the UK must first accept the reality of the situation, which is that the US is pursuing a powerful combination of national security and political goals. In response, the UK should focus on its own industrial policy related to achieving net-zero emissions and support green growth industries with active government intervention. This includes prioritising green technologies that have smaller economies of scale, where energy security is an issue, or where the UK has a comparative advantage. The UK should also consider the benefits of allowing other countries to subsidise production in areas where it can result in cheaper prices or more resilient supply chains. Finally, the UK\’s economic strategy should look beyond net-zero and focus on the country\’s long-established advantages, such as services, beverages, aerospace, and culture. The US approach serves as a wider lesson for the UK and shows what strategic economic thinking looks like.



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  • Hascol board approves modified scheme of arrangement as it looks to deal with debts

    The board of directors of Hascol Petroleum Limited (HPL) has approved a scheme of arrangement that will restructure its debt once it has been approved by the company\’s secured creditors and members. The modified scheme was prepared under Sections 279 to 282 and 285 of the Companies Act, 2017, and incorporates feedback from HPL\’s creditors. The scheme of arrangement will be submitted to the High Court of Sindh at Karachi once it has been approved. HPL filed for the scheme so that it can restructure its debts through the court system. Last year, the Federal Investigation Agency arrested HPL\’s founder, Mumtaz Hasan, as part of the investigation into an alleged Rs54bn scam involving the National Bank of Pakistan and HPL. Hasan will remain in judicial custody after a Special Banking Court rejected his interim bail application in February. Dozens of officials from other petroleum companies were also placed in judicial custody for their alleged involvement in the scam.



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  • Power to the people

    The upcoming week will see a focus on sustainable energy and electric cars, as the EU is set to unveil its Net Zero Industry Act on Tuesday, aimed at allowing homegrown green energy firms to provide 40% of the European bloc\’s capacity needs in five low-carbon technologies. The Act is seen as an effort to maintain ties with green tech companies in the face of the US Inflation Reduction Act, which has provided $369bn in tax credits and subsidies for clean energy technologies. Meanwhile, UK Chancellor Jeremy Hunt is set to deliver his Budget day speech on 15 March, with energy prices expected to be one of the key focuses. Alongside defense spending for Ukraine and encouragement for a return to work and childcare help, Hunt will also seek to address the limit on the price householders pay per unit of gas and electricity, which could increase from April 1. In other news, Volkswagen, one of the continent\’s largest carmakers, will report on Tuesday, Deliveroo will announce its full-year results on Thursday, and the John Lewis Partnership will publish its annual results on the same day.



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  • Australia is set to announce a nuclear submarine deal. Here\’s what we know so far

    Australia will reportedly purchase three US nuclear-powered submarines, with the option to buy two more, in what is expected to be the nation\’s largest defence acquisition costing at least $100bn. Prime Minister Anthony Albanese will unveil the deal through the AUKUS trilateral security pact with the UK and US in San Diego. The submarines, using common technology, are expected to increase interoperability between the navies and Australian crew will rotate through US and UK nuclear submarines to build skills. However, the submarines are not due to be in the water until at least the late 2030s, and acquiring two different models of nuclear-powered submarines could be a risk. Analysts also note that Australia will not have a domestic nuclear industry and have to rely on the US and UK for certain repairs. China has urged Australia, the US and the UK to \”abandon the Cold War mentality\” around defence capabilities. The deal is forecast to lead to the creation of about 20,000 jobs across the next three decades.



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  • US and UK bid to stem fallout from Silicon Valley Bank collapse

    Silicon Valley Bank UK has been sold to HSBC in a bid to prevent a potential banking crisis after the bank\’s historic failure. The UK Treasury and the Bank of England announced the purchase of the bank, guaranteeing the safety of £6.7bn of deposits. The purchase came after UK officials worked tirelessly over the weekend to seek a buyer for the UK subsidiary of the California-based bank. The collapse of Silicon Valley Bank is the second-largest bank failure in history. US regulators also worked across the weekend, but their efforts to find a buyer for the bank appeared to have failed by Sunday. Signature Bank, based in New York, also failed and was seized on Sunday. The bank had assets of over $110bn, making it the third-largest bank failure in US history. Analysts have said that the US Federal Reserve’s recent expansionary emergency lending programme should help calm the financial markets. The scheme allows banks to borrow money from the Federal Reserve to assure customers that they will have access to their accounts 24/7.



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  • China set to tighten grip over global cobalt supply as price hits 32-month low

    China is set to boost its global share of cobalt supply to 50% over the next two years, up from its current level of 44%, as the surge in production drops the metal\’s price to a 32-month low. China\’s refining activity in cobalt has more than doubled in the past five years to 140,000 tonnes, equivalent to 77% of global refining capacity, while volumes processed elsewhere in the world stood at 40,000 tonnes. The increased supply has come despite western efforts to control critical minerals such as cobalt, which is key in making electric-car batteries. Demand for the metal has dropped 60% to $16 a pound from its peak of more than $40 a pound in May this year, as Swiss commodities group Glencore ramped up production at Mutanda, the world’s largest cobalt mine in the Democratic Republic of Congo.



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  • The second-largest bank collapse in US history just happened. Should Australia be worried?

    California-based Silicon Valley Bank (SVB), which specialised in financing tech startups, has collapsed, reportedly after a flawed capital raise and deposit withdrawals. The bank held $209bn in assets and $175.4bn in deposits. Nearly half of all tech and life sciences firms in the US that received funding were said to bank with SVB. The bank\’s collapse is the second-biggest in US history since the fall of Washington Mutual during the 2008 financial crisis. The US authorities have issued sweeping measures to enable full rescue of depositors\’ money, which will be made available from 13 March. Reports suggest that no contagion is expected to spread to the wider banking sector, but Australian banks, and UK and Israeli tech firms, could be affected to some extent. The fallout from the SVB illustrates the challenges of the tech sector, highlighting the insecurity of start-up firms in that sector. Professor Paul Kofman, Dean of the Faculty of Business and Economics at Melbourne University, highlighted the knock-on effect on superannuation funds, among other concerns.



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