Saturday, 13 February 2021

 

'Shocking' that CJP order released to media before it was sent to me: Justice Isa

ISLAMABAD, FEB 13: A day after Chief Justice of Pakistan Gulzar Ahmed dismissed a case concerning allegations that the premier had distributed development funds among lawmakers, observing in the written order that Justice Qazi Faez Isa should not hear cases involving the premier, a letter from Justice Isa — who was part of the bench — to the apex court registrar expressed 'shock' that the judgement was released to the media before it was sent to him, it emerged on Saturday.

The copy of a letter by Justice Isa to the Supreme Court registrar, dated February 12, surfaced today, in which the judge says that as per "settled practice" the judgement, once written by the judge heading the bench, is sent to the next senior-most judge.

"[...] Honourable Mr Justice Ijazul Ahsan apparently received it, but I never did, and the world knows of it before I've seen it," the letter reads. Justice Ahsan follows Justice Isa in seniority.

The five-page written order, authored by the CJP, said it "would not be proper" for Justice Isa, who is slated to become chief justice in 2023, to hear cases against the prime minister as the judge has, in personal capacity, filed a petition against PM Imran Khan.

In his letter to the registrar, Justice Isa raised four questions, along with the demand that the case file be sent to him so he could read it. The questions, quoted from the letter, are as follows:

  • Why the order/judgement was not sent to me?

  • Why the settled practice of sending it (the judgement) to next senior judge was not followed?

  • Why was it released to the media before I read it (let alone had the opportunity to sign it in agreement/disagreement)?

  • Who ordered its release to the media?

CJP's remarks

A five-member bench had taken up a case relating to the distribution of Rs500m uplift funds among the legislators.

Prime Minister Imran had denied that the funds were distributed among the parliamentarians and said no money would be given to the legislators for carrying out any development scheme.

But Justice Isa, a member of the five-judge special bench, questioned the assurance by presenting a WhatsApp message he said had received from an unknown source on Wednesday. The message contained supporting documents showing doling out of massive amounts recently for building roads by the Pak-PWD department in the constituency NA-65 that belongs to an important coalition partner.

The chief justice, however, disposed of the matter with an observation that there had been a contest between a judge and the prime minister.

In the judgement, released on Thursday, the top judge had noted that since Justice Isa had, in personal capacity, filed a petition against PM Imran, it "would not be proper" for the former to hear cases involving the PM in order "to uphold the principle of un-biasness and impartiality".

"It would be in the interest of justice that the honourable Judge [Justice Isa] should not hear matters involving the Prime Minister of Pakistan," the written order reads.

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COURTESY DAWN NEWS

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Friday, 12 February 2021

 

Justice Isa should not hear matters involving PM Imran, says CJP

ISLAMABAD, FEB 12: Chief Justice of Pakistan Gulzar Ahmed said on Thursday that Supreme Court Justice Qazi Faez Isa "should not hear matters involving the prime minister" in a written order on a petition pertaining to allegations that the premier distributed development funds among lawmakers.

Dismissing the petition, the top judge noted that since Justice Isa had, in personal capacity, filed a petition against PM Imran Khan, it "would not be proper" for the former to hear cases involving the PM in order "to uphold the principle of un-biasness and impartiality".

"It would be in the interest of justice that the honourable Judge [Justice Isa] should not hear matters involving the Prime Minister of Pakistan," the written order reads.

These remarks came after the order highlighted that Justice Isa had raised questions over federal and provincial governments' insistence that funds had not been doled out to ministers or members of assemblies.

It adds that Justice Isa submitted before the court copies of some documents that he said were sent to him by someone through WhatsApp.

However, the "honourable judge also stated that he was unsure if the documents were genuine", the order notes.

In response, Attorney General for Pakistan (AGP) Khalid Jawed Khan urged the court not to make the documents a part of record since their authenticity was questionable, the order recalls, adding that the AGP further pointed out that if these documents were made part of the record, "the Hon. Judge [Justice Isa] would become a complainant in the matter and in that capacity it would not be appropriate for the Hon. Judge to hear the matter".

Accepting responses by the governments that no funds had been handed out to lawmakers, the order says "it appears that the queries raised by this Court in the order dated 03.02.2021 have been responded/addressed by all the respective Governments and thus, we see no reason to further proceed with the matter."

“The divergent opinions and the sharp divide among the judges were in display in the Courtroom No 1 today,” observed a senior counsel who witnessed the arguments in court on Thursday.

Case details and hearing

The five-member bench had taken up a case relating to the distribution of Rs500m uplift funds among the legislators.

Prime Minister Imran had denied that Rs500 million public funds were distributed among the parliamentarians and said no money would be given to the legislators for carrying out any development scheme.

But Justice Isa, a member of the five-judge special bench, questioned the assurance by presenting a Whatsapp message he had received from an unknown source on Wednesday. The message contained supporting documents showing doling out of massive amounts recently for building roads by the Pak-PWD department in the constituency NA-65 that belongs to an important coalition partner.

The chief justice, however, disposed of the matter with an observation that there had been a contest between a judge and the prime minister.

At the outset of the hearing, Justice Umar Ata Bandial, also a member of the bench, asked the AGP whether he had considered that the prime minister was ever answerable in his personal capacity.

“Why don’t you raise the question of protection available to the prime minister,” Justice Bandial asked the AGP. He said that the court could go against the prime minister only if he was answerable since the government spoke through (departmental) secretaries.

“Don’t cause us to do illegal and unconstitutional things,” Justice Bandial emphasised.

The AGP conceded that this was a matter of jurisdiction and the Constitution and he would object to that.

“What are you objecting to, whether the Constitution or the February 3 court orders,” Justice Isa inquired. “Both,” the AGP replied.

“I don’t understand,” Justice Isa said, adding that the AGP should have raised objection at the last hearing on February 10. The AGP replied that constitutional objection could be raised any time.

Justice Mushir Alam, another member of the bench, asked the AGP to read out the statement he was required to do under the February 10 court orders, which he did and the chief justice observed that it was a comprehensive reply.

Then Justice Isa referred to the WhatsApp message and wondered whether it was not a favour on behalf of the government through disbursement of public money or was it a mere coincidence that NA-65 was represented by an important coalition partner.

“We are not enemies but we are only trying to follow the Constitution and want to ensure that corrupt practices are guarded against,” Justice Isa observed and spoke about a barrage of tweets against him.

“Please be reminded that we are guided by the Constitution which requires the Election Commission of Pakistan to ensure that no corrupt practice takes place, especially at a time when Senate elections are round the corner,” Justice Isa observed.

Was this not in the knowledge of the prime minister, he observed, adding that the judges knew that the prime minister was protected under Article 248 of the Constitution but there was a difference between his political matters and official acts.

The chief justice, however, observed that the court did not control the prime minister office and that the premier had already denied the media reports.

When Additional Advocate General of Punjab Qasim Ali Nawaz Chowhan assured the court that no public funds were being distributed among the lawmakers, Justice Isa asked whether the document, which he had provided to him and the judges, looked genuine or not.

The AGP came to the rescue of Chowhan by saying that it was a genuine complaint and it needed to be examined since a judge was the complainant.

Justice Isa responded that he was only drawing attention by asking whether the document was genuine or not.

“No, no, this is a complaint because it is your Whatsapp message,” the AGP replied but the chief justice immediately intervened to dispose of the case.

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COURTESY DAWN NEWS

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Joint statement from seventh ministerial meeting of the Southern Gas Corridor Advisory Council

  • Joint statement by the co-chairs Minister of Energy of the Republic of Azerbaijan, Parviz Shahbazov, and European Commissioner for Energy, Kadri Simson, as well as European Commissioner for Neighbourhood and Enlargement, Olivér Várhelyi

BAKU, FEB 12: The seventh ministerial meeting of the Southern Gas Corridor Advisory Council, held in Baku on the 11th of February 2021 via videoconference, acknowledges the strategic energy partnership between the Republic of Azerbaijan and the European Union and welcomes the completion of the Southern Gas Corridor project and the start of gas supplies from Azerbaijan to the European Union. 


This historic achievement was built on the strong cooperation between the governments, international institutions, financial lender organizations, operators of upstream ventures and transportation systems, contractor companies, communities and local authorities along the entire 3500 km long value chain.


We recognize the Southern Gas Corridor as an important new transmission system, which enables secure, reliable and competitive supply of gas from the Shah Deniz field in the Republic of Azerbaijan to Europe. It serves the strategic goal of enhancing the energy security of European countries, further facilitating the integration of the European energy market and contributing to the operational connectivity of gas networks across Southern and Central Europe.


We emphasize the fundamental role of the government of the Republic of Azerbaijan for its long-term commitment to the implementation of the Southern Gas Corridor to secure diversified and stable gas deliveries to Europe and to bring the benefits of greater economic partnership.


We support the efforts of all interested partners to explore the possibility of extension of the Southern Gas Corridor towards new energy markets based on technical, regulatory and commercial opportunities, including the Western Balkans, as they progress in their transition towards a de-carbonised energy system.


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COURTESY ec.europa.eu

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Mastercard Will Support Cryptocurrency Payments Later This Year

ISLAMABAD, FEB 12: Mastercard has become the latest payment company to give cryptocurrencies it's a blessing. The financial services firm has begun preparations to support select cryptocurrencies later this year, Mastercard’s digital asset and blockchain VP Raj Dhamodharan said in a blog post.

Of course, if you want to be part of the establishment, you have to play by the rules. After seeing a surge in crypto transactions, Mastercard is gearing up to onboard select currencies that meet its criteria around security, reliability and compliance. That effectively means that many virtual currencies may not make the cut at the first hurdle. At the same time, the move will allow many more retailers to accept crypto as a form of payment.

The primary metric that a stablecoin will be judged by is consumer protection, including privacy and strict oversight of consumer information — essentially “the same level of security people have come to expect in their credit cards,” Dhamodharan said.

In addition, cryptocurrencies will need to implement strict compliance measures, including “Know Your Customer,” which put simply is the customer verification process used by the financial services industry. They must also adhere to local laws and regulations in the regions they operate in. Finally, the digital assets must be accepted as a form of payment, instead of functioning as an investment opportunity.

“This is a big change that will require a lot of work. We will be very thoughtful about which assets we support,” Dhamodharan adds.

Mastercard’s decision to fully embrace crypto follows in the footsteps of fellow payments firm PayPal — which began allowing US users to buy, sell and hold virtual currencies in November. Tesla also recently purchased $1.5 billion in Bitcoin and said it would soon start accepting it as a payment.

For its part, Mastercard has dabbled in crypto, but has never allowed the currencies to move through its network, instead relying on its partners (including Wirex and BitPay) to convert the digital assets into traditional currencies for spending. It also holds 89 blockchain patents globally, with an additional 285 applications pending.

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COURTESY whenwherehow

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Families grieve as Indonesia releases report into plane crash

  • One month after Sriwijaya Air crash, investigators say it is too early to determine exact cause of the accident.

Jakarta, FEB 12: – One month ago, Rahmania Ekanda and her two young daughters boarded a flight at Indonesia’s Soekarno-Hatta Airport.

The family lived in Jakarta, while the girls’ father worked in West Kalimantan.

They were preparing to move to the Borneo province to be together. Rahmania had already changed her daughter’s school enrollment ahead of the move.

On January 9, he waited at Pontianak airport for them to disembark.

But the family never got the chance to reunite.

Rahmania Ekanda and her daughters – aged six and the other, two-and-a-half – were three of the 62 passengers on board flight SJ182, when it crashed into the Java Sea minutes after takeoff.

In Kediri, East Java, her family is in mourning.

Her younger sister Neyna Rahmadani told Al Jazeera they are still in shock.

“We need to take our time to grieve. My mum still cries if she mentions them,” she said.

When the remains of Rahmania were brought to Kediri, her elderly mother was so overcome with grief that she fainted.

“We are very sad. This is a big disaster for us, three of our family died,” Rahmadani said.

Families grieve as Indonesia releases report into plane crash

“She was my eldest sister. She set an example for us. She was a very firm person, and very generous too.”

The funerals have already been held – and a month on, Rahmadani said they are waiting to know what caused the disaster.

“Plane crashes happen very rarely, not even once a year. How come it happened to our family?”

It is a question investigators are working swiftly to answer.

Search for answers

Preliminary findings released on Wednesday suggest a malfunctioning throttle might have caused pilots to lose control of the plane. However, investigators from Indonesia’s National Transport Safety Commission (KNKT) told reporters that the exact cause of the crash remained unclear.

“The left [engine throttle] was moving backwards too far while the right one was not moving at all – it was stuck,” said investigator Nurcahyo Utomo. “But what would have caused this anomaly? We can’t conclude anything just yet.”

The Boeing 737-500 aircraft was 26 years old but passed an air-worthiness check only weeks before the crash.

The investigators have analysed data from the Automatic Dependent Surveillance Broadcast, which shows the aircraft was still capable of sending data before it plunged into the sea. In addition to the auto-throttle system, they are also looking at other components that may have contributed to the crash, including the Ground Proximity Warning System.

The investigation also confirmed that based on the spread of debris, the plane was fully intact before it hit the water.

Navy divers were able to retrieve the flight data recorder and investigators have already downloaded its data.

But the search for the cockpit voice recorder (CVR) continues, and aviation experts say it is an essential part of the investigation.

“The Flight Data Recorder will tell you what happened but it can’t tell you why it happened. It doesn’t mean the investigation can’t be concluded without the CVR, but it will be more concrete once it is found and that data is analysed,” said aviation analyst Gerry Soejatman.

Families grieve as Indonesia releases report into plane crash

“We need to know what the pilots were talking about, if they faced problems and how they dealt with those.”

Soejatman, who has worked in aviation safety for 20 years, said Indonesia has made progress in improving airline safety.

“Indonesia has a bad history, there is no denying that. But 10 or 15 years ago, we used to have an accident once every month or two months,” he said.

“Since 2011, there have been a lot of changes. Each accident reminds us, there is still work to be done. I think everybody in the industry is pushing for that.”

While there is no indication yet that pilot error caused the recent crash, Soejatman says improving pilot training is an important step in making Indonesia’s airlines safer.

“Pilot training is something we were quite far behind in, especially about 2007. Some of the airlines have caught up with global standards, or in some cases, exceeded it,” he said.

“Some airlines are still thinking about training in the old way and others are meeting current practices. We need to encourage the airlines left behind to follow new practices.”

Emotional toll

The Sriwijaya Air crash is Indonesia’s third big plane crash in less than 10 years.

In 2014, an Indonesia AirAsia flight from Surabaya, Indonesia, to Singapore crashed into the Java Sea with 162 people on board. There were no survivors.

In 2018, a Lion Air plane from Jakarta to Pangkal Pinang also crashed into the Java Sea – all 189 people on board died.

Families grieve as Indonesia releases report into plane crash

Bayu Wardoyo is an experienced diver, who volunteered his services to assist in the search efforts for all three disasters.

“Every operation has its own challenges. For me, one of the hardest was AirAsia because the body of the plane was still intact, broken into three pieces … the victims were still strapped inside, mostly in their seats,” he said.

He helped find human remains and the belongings of those on board in the aftermath of the Sriwijaya crash.

“The situation is similar to Lion Air. Quite murky with thick mud … and often we are faced with zero visibility and forced to search with our hands,” he told Al Jazeera.

“They crashed in the same waters, around Jakarta Bay. But the wreckage from Sriwijaya was smaller and spread around a larger area. So the search effort was even more difficult.

The work of Wardoyo and all the divers is essential not only in the investigation, but in allowing grieving relatives a chance to say goodbye to their loved ones.

It is dangerous and exhausting work, but for him, the heaviest burden is the emotional toll.

The search for human remains is now over, but he says he still thinks about the families of the passengers.

“I found several children’s clothes … like a Marvel t-shirt. That was so emotionally draining for me,” he said.

“The end of the operation is always emotional because we know that there were still some that we didn’t manage to find. We tried so hard to bring their loved ones home.”

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COURTESY AL JAZEERA

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Thursday, 11 February 2021

 

Chairman PARC visits PARC-Research and Training Station in Multan

ISLAMABAD, FEB 11: Dr. Azeem Khan, Chairman PARC together with Dr. Sarfraz Ahmad Member Incharge Natural Resources/Finance visited the PARC Research & Training Station (PRTS) BZU, Multan where they were received by Director PRTS Multan Mr. Mumtaz Hussain. While Dr. Nazim Hussain Labar, Chairman Department of Agronomy BZU, Dr. Aamir Nawaz Chairman (Horticulture) BZU Multan were also present.

The Worthy Chairman PARC witnessed the various field trials of oilseeds, pulses and cereals particularly the National Uniform Yield Trials (NUYT) on taramira, rapeseed, mustard and chickpea at the experimental area of the station.

Chairman Dr. Azeem Khan was briefed about the Farmers Field Trials regarding the cultivation and promotion of Ispaghol on sandy soil in Southern Punjab and about the Cultivation of Zincol Wheat on Ridge Sowing for demonstration on farmer’s field clay loam soils respectively.

On the occasion they also planted the trees at the lawn of PRTS, Multan to promote the Prime Minister’s campaign of “Clean and Green Pakistan”. The worthy Chairman PARC Dr. Azeem Khan and all other experts visited the IPM lab in which they observed the rearing of Sitotroga cereallela and Chrosopyrilla and prepration of Trichogramma cards for Bio-control of Sugarcane, pulses and vegetables.

The Chairman PARC urged to promote organic agriculture and rename the station into “Organic Agriculture Research Centre, PARC, Multan and bring forward to extend the cooperation between the faculty of Agricultural Sciences and Technology, BZU, Multan.

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COURTESY pakobserver

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RIC, CGSS and Uzbek Embassy jointly organized int’l event on “Legacy of Zaheer-Ud-Din Babur”


LAHORE, FEB 11: A one-day international event titled “Legacy of Zaheer-Ud-Din Babur and Its Relevance in Contemporary Bilateral Relations between Pakistan and Uzbekistan” was held at University of the Punjab, Lahore.

This event was jointly organized by Regional Integration Center, University of the Punjab, Lahore, Embassy of the Republic of Uzbekistan to Pakistan and Center for Global & Strategic Studies (CGSS), Islamabad.

Aybek Arif Usmanov, Ambassador of the Republic of Uzbekistan to Pakistan visited the University and was received by Prof. Dr. Niaz Ahmad Akhtar, Vice Chancellor, University of the Punjab, Lahore.

RIC, CGSS and Uzbek Embassy jointly organized int’l event on “Legacy of Zaheer-Ud-Din Babur”


During the occasion, a Memorandum of Understanding was also signed between University of the Punjab, Lahore and NUKUS State Pedagogical Institute named after Ajiniyaz Republic of Karakalpakstan, Uzbekistan for cooperation in the academic and research exchange.

Aybek Arif Usmanov, Ambassador of the Republic of Uzbekistan to Pakistan also attended the Art Exhibition on “The Rich Cultural and Islamic Heritage of Uzbekistan” which was organized by the College of Arts & Design, University of the Punjab, Lahore. His Excellency appreciated the students for their inspiring art work.

RIC, CGSS and Uzbek Embassy jointly organized int’l event on “Legacy of Zaheer-Ud-Din Babur”


Later, an International Conference on “Legacy of Zaheer-Ud-Din Mohammad Babur and Its Relevance in Contemporary Bilateral Relations between Pakistan and Uzbekistan” was also held.

The Conference highlighted the socio-cultural and historic legacy and common heritage of the two countries and avenues of cooperation and collaboration between Uzbekistan and Pakistan.

The Conference commenced with the speech by Mr. Khalid Taimur Akram, Executive Director, Center for Global & Strategic Studies (CGSS), Islamabad. Mr. Khalid welcomed the worthy guests and participants of the event. He stated that Pakistan and Uzbekistan enjoy cordial relations and can collaborate in other economic and social spheres as well for further enhanced cooperation.

Prof. Dr. Faraz Anjum, Department of History and Pakistan, University of the Punjab, Lahore highlighted the legacy which Babur bequeathed to his descendants and which served as an example for them to follow. He stated that Babur’s personality became an example for the latter rulers to follow.

Dr. Mehmood Ul Hassan Khan, Member Board of Experts, CGSS and Regional Geo Political Analyst stated that Babur is the most captivating personality in oriental history. He created one of the most powerful Empire in the history of East and was the first one to establish a divine connection with the soil of Pakistan.

Prof. Dr. Rukhsana Iftikhar, Department of History and Pakistan, University of the Punjab, Lahore stated Babur’s life is documented more than any other figure in the entire precolonial Islamic world.

Prof. Dr. Shabir Ahmad Khan, Director, Area Study Centre (Russia China & Central Asia), University of Peshawar stated that Babur was a man of extraordinary qualities. He was a leader, a soldier, an architect and an administrator. Zaheer ud Din Babur was a lover of nature. He was best in generating loyalty and devotion amongst his followers.

Dr. Mahboob Hussain, Chairman, Department of History and Pakistan Studies, University of the Punjab, Lahore highlighted the significance of the newly established Babur Center. He stated that a framework will be devised for academic exchange between University of the Punjab, Lahore and Universities in Uzbekistan to find out the relevance in the shared history for the study of the contemporary world.

A Documentary was also screened at the occasion on “Uzbekistan-Pakistan: Shared Cultural & Islamic History” which was produced by the students of the Institute of the Communication Studies, University of the Punjab, Lahore.

His Excellency Aybek Arif Usmanov in his address expressed his gratitude and thanked CGSS, faculty and students of University of the Punjab, Lahore for their efforts in organizing this event.

He vowed to further enhance the bilateral relationship between the two brotherly countries. He also praised the hard work of the students for their impressive art pieces and documentary production.

Concluding the event, Prof Dr. Saleem Mazhar, Pro-Vice Chancellor, University of Punjab, Lahore in his remarks stated that University of the Punjab, Lahore will organize exchange programs for students and faculty. We also plan to invite Uzbekistan scholars to participate and study in Pakistan and also interact with the student fraternity of Pakistan.

RIC, CGSS and Uzbek Embassy jointly organized int’l event on “Legacy of Zaheer-Ud-Din Babur”

RIC, CGSS and Uzbek Embassy jointly organized int’l event on “Legacy of Zaheer-Ud-Din Babur”


In the end, prize distribution ceremony was held where His Excellency Aybek Arif Usmanov, Ambassador of the Republic of Uzbekistan to Pakistan presented shields and certificates to the winners and participants of the Art Exhibition and Documentary Production. Memento to speakers of the Conference were also presented.

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COURTESY CGSS

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NORWAY SPECIAL REPORT: Canceled exams raise concerns about gaps in education in Norway

OSLO, FEB 11: After Minister of Education Guri Melby (V) canceled written exams in junior high schools and upper secondary schools on Monday, several people expressed worries about the effects.

“The Minister of Education’s move of canceling this year’s exams… should sound the alarm at universities and colleges,” Live Olsen Hølmo, leader of Econa Student, told Norwegian Broadcasting (NRK).

Econa is an interest and employee organization for students, master’s graduates in economics and administration, and others.

“The problem is not whether they are ready for the exam, but whether they are professionally ready for higher education,” she said.

Eivind Aabakken, leader of Econa’s local student group at Nord University, fears that more people will drop out.

Aabakken: Measures necessary

If they are not ready to transition from upper secondary school to university, measures must be introduced. If no measures are implemented, there is a higher risk of more people dropping out. Nobody wants that, he emphasizes.

In a commend, Melby noted that she is aware that the school year has not been ideal and that many students have had several periods away from school, in addition to more digital teaching.

Minister of Research and Higher Education Henrik Asheim (H) says he expects the universities and colleges to follow up on all students.

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COURTESY norwaytoday

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WHO recommends AstraZeneca’s corona vaccine for the elderly

GENEVA, FEB 11: World Health Organization (WHO) experts now also recommend AstraZeneca’s coronavirus vaccine for people over 65 years of age.

The 15 members of the WHO’s vaccine expert group have had an extraordinary meeting to reconsider the advice previously given about the AstraZeneca vaccine.

Several countries, including Norway, do not recommend that the AstraZeneca vaccine be given to anyone over the age of 65 due to a lack of evidence of efficacy.

“When we look at the totality of the evidence, the WHO recommends the use of the vaccine for people aged 65 and older,” the expert group said in a statement.

Another question that has been raised is the vaccine’s effect on new virus mutations. A study suggesting a limited effect on the South African mutation has received much attention.

South Africa decided this weekend to stop using the vaccine completely.

The WHO nevertheless recommends the use of AstraZeneca’s vaccine, even in countries where mutations of the coronavirus circulate.

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COURTESY norwaytoday

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Govt Waives Income Tax On Debt Profit Made Via Roshan Digital Accounts

ISLAMABAD, FEB 11: The government has waived income tax on the profit earned by overseas Pakistanis from the investment they make in the country’s debt market through the Roshan Digital Accounts, sources told The News.

Officials privy to the development say that the federal cabinet has given the green light to a tax amendment ordinance that would provide tax exemption and concessions on investments through RDAs.

Sources say that the ordinance will be promulgated in the coming days after being signed by President Arif Alvi.

Using their RDAs, non-resident Pakistanis can avail digital banking facilities, including access to online banking, domestic funds transfer, utility bills and tuition fee payment in Pakistan, as well as investments in government bills, stock exchange, and real estate sector with the option of full repatriation.

The country’s foreign exchange inflows through RDAs have already shot past $400 million since the launch of the initiative in September of last year.

So far, the total number of accounts opened for RDAs has hit 80,000, according to the SBP. Tax exemptions of 10% to 15% apply to profit made from deposits in the banking system.

Officials have also revealed that the government has approved concessions to the investment made through RDAs. This will include a reduction in tax rate from 15% to 10% on capital gain on the disposal of shares in the stock market, which will be the final tax.

The government has also decided that the taxation on sale and purchase of immovable property will be set at 1% as the final tax instead of the capital gain tax.

The tax amendment ordinance will also reduce the tax rate from 20% to 10% on profit on debt from Naya Pakistan Certificates as final tax.

The amended law would allow waiver from the filing of returns to non-resident RDA holders and resultant investors in shares, Naya Pakistan Certificates and immovable property.

The non-residents would be allowed on ATL to avoid higher tax rates. The amendment would allow an exemption to Islamic Naya Pakistan Certificate Company Limited from corporate income tax, a minimum tax on turnover, and withholding taxes.

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COURTESY whenwherehow

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