Pakistanis hold mammoth rallies to show solidarity with Kashmiris

National Bank and First Women Bank also hold demonstrations in Karachi

Corporate Ambassador/ISLAMABD & KARACHI: Pakistanis participated in several rallies and protests on Friday throughout the country to express solidarity with Kashmiris living in IOK who are facing a fresh phase of Indian oppression and brutalities since August 5, 2019.

On the appeal of Prime Minister Imran Khan, a large number of Pakistanis came out on Friday to observe ‘Kashmir Hour’ from 12pm to 12:30pm to express solidarity with Kashmiris.

Educational institutions, government, private offices, bankers, traders, lawyers and military authorities took part in the events. All traffic signals turned red at noon.

Small and large rallies were also held across the country by citizens, lawyers, and people from other walks of life. Various leaders took part in Kashmir Hour events including Sindh Governor Imran Ismail, Balochistan Chief Minister Jam Kamal Khan Alyani, Khyber Pakhtunkhwa Chief Minister Mahmood Khan and Punjab Chief Minister Usman Buzdar.

Sindh Governor Imran Ismail, Federal Minister for Water Resources Faisal Vawda, PTI’s Dr Seema Zia and former cricketer Shahid Afridi at a Kashmir Hour event in Karachi.

In the federal capital, the main event was held outside the Prime Minister’s Office (PMO) where a large gathering was addressed by the prime minister. The national anthems of Pakistan and Azad Jammu & Kashmir were played at the start of the event.

“Today, all of Pakistan, wherever there are Pakistanis, whether they are our students, or shopkeepers or labourers — today all of us are standing with our Kashmiris,” the premier said.

“Our Kashmiris are going through a very tough time.”

The premier said that the ideology of the Rashtriya Swayamsevak Sangh (RSS) had taken over India, “the way the Nazi party had taken over Germany”.

“They think that Muslims should be taught a lesson, that they are not equal citizens. Today, the whole world is seeing what is happening in Kashmir.”

Prime Minister Imran said he has conveyed to all foreign leaders that if the international community does not stand up to Indian Prime Minister Narendra Modi’s “fascist government”, the effect would be felt in the whole world. The premier reiterated that if India planned to take any action in Azad Jammu and Kashmir, “every brick will be countered with a stone.”

“Forget the media; they did not let even [Indian] opposition leaders go to Srinagar.”

Another event was held at the Aiwan-e-Sadr where President Arif Alvi addressed the crowd.

National Bank holds big rally in Karachi

National Bank of Pakistan held a big rally at I.I. Chundrigar Road in Karachi. In this rally, hundreds of bankers belonging to NBP and other banks and corporate entities at Chundrigar Road joined this crowded demonstration. NBP also organized similar demonstrations in all its regional offices to show solidarity with Kashmiris and to voice concern against Indian oppression.

President NBP Arif Usmani led the rally in Karachi. The participants demanded freedom for Kashmiris living in Indian Occupied Kashmir and end to brutalities on the innocent Kashmiris.

First Women Bank demo

First Women Bank officials also held a demonstration outside the head office in Karachi to express solidarity with Kashmiris. President of the FWBL and other senior bankers participated in this demonstration.

Different social welfare organizations also held demonstrations in Karachi and other cities to condemn Indian oppression on Kashmiris.

 

NBP reports Rs20.4 billion pre-tax HY profit for 2019

Corporate Ambassador/KARACHI: National Bank of Pakistan has reported increase in its pre-tax profit to Rs 20.4 billion in first half of calendar year 2019. This the pre-tax profit is 18.8 percent higher than the corresponding period of 2018.

A meeting of the Board of Directors (BoD) of National Bank of Pakistan was held today i.e. August 28, 2019 at the bank’s Head Office in Karachi in which the BoD approved financial statements of the bank for half year ended June 30, 2019.

Profit before taxation amounted to PKR 20.4 billion, registering an increase of 18.8% against June, 2018. After-tax profit amounted to PKR 11.1 billion being 11.1% lower than PKR 12.5 billion of June 2018. The drop in after-tax profit is mainly due to the higher taxation charge of 46% compared to 27% for June 2018. Overall revenues of the bank amounted to PKR 53.8 billion which is highest in the banking industry, and is also 18.4% higher than the bank’s revenues for the corresponding period last year. Growth is attributed to volumetric growth in earning assets, and increase in the discount rate over the period. During the period, the bank paid PKR 47.1 billion as profit to its depositors. On the back of increased deposits and higher profit rates thereon, the profit paid is 81.9% higher than PKR 25.9 billion paid for the half year ended June 30, 2018.

While net interest income increased by 18.0% to PKR 35.6 billion, the bank’s non-fund income also increased by 19.3% to PKR 18.2 billion as against PKR 15.3 billion earned during the corresponding period last year. Complementing objectives of the government and SBP, the bank is aggressively promoting home remittances through banking channels. This has considerably increased the bank’s market share in home remittances business as transaction volumes and remittances grew by 29% and 19% respectively from June ’18.

Representing 13.8% of the banking industry’s total assets, total assets of the bank stood at PKR 2,864.0 billion which is 2.3% higher than PKR 2,798.6 billion as at December 31, 2018. Strength of the bank’s balance sheet is driven by the wide market outreach and branch banking network where the focus remains on low-cost deposit mobilization.

Representing 12.3% of the total banking industry loans, gross advances of the bank amounted to PKR 1,091.9 billion, marginally higher than PKR 1,059.5 billion as at December 31, 2018. However, compared to PKR 912.6 billion of June 2018, gross advances stand increased by PKR 179.2 billion or 19.6%. The bank’s deposits amounted to PKR 2,093.4 billion, higher by PKR 82.0 billion or 4.1% as against PKR 2,011.4 billion as of December 31, 2018. This represents 79.0% of the bank’s total liabilities and translates into 13.7% share of total banking industry deposits. Customer deposits that form 84.0% of the bank’s funding pool remained stable during the period and amounted to PKR 1,758.0 billion which is 5.0% higher than PKR 1,674.1 billion as of December, 2018

In its 70th year of service to the Nation, the bank is committed to delivering strong results. Its business strategy is evolving to ensure a focus on its “National Role” through reaching and supporting underserved sectors including SME, Microfinance, Agriculture Finance, and finance for Micro-Housing, all being developed with the highest standards. This is in addition to its dominant role in dealing with the public sector and its employees. Building a digital banking capability and a technology platform will be a central part of this strategy as will the development of a performance driven culture within the institution.

 

State Bank reports massive decline in Current Account Deficit

By J. Choudhry

State Bank of Pakistan has reported massive decline in the country’s current account deficit in the month of July 2019. Latest data issued at evening (Aug 20) shows that in July 2019, Pakistan has faced only US$664 million dollars CAD as compared to US$2,270 million in the same month last year. Thus, Pakistan has saved US$1.6 billion by trimming its current account deficit in the first month of the ongoing financial year.

In July 2019 the exports slightly surged, to US$2.233 billion as compared to US$2.012 billion in the same month in 2018. Similarly, imports recorded a big decline in July this year and fell to US$1.84 billion, from US$3.48 billion in the same month in 2018. Thus imports dropped by US$1.63 billion dollars in the first month of this financial year. The cost of the exports and imports is calculated by the State Bank on the basis of FOB (Freight on Board), excluding taxes. If this trend prevails further in 2019-20, the country would witness more than US$20 billion decline in imports while current account deficit would also shrink by more than US$14 to US$16 billion in FY-2019-20. How the government would cover up tax collection target from imports and anticipated slowdown in overall economy is a matter that needs to be examined to avoid unemployment, imposition of more taxes, hike in electricity, gas and petrol prices to generate revenues.

Magic of COAS extension: Pak Stock Exchange gains 800 points, India’s sheds 137

Prime Minister Imran Khan has given extension to incumbent chief of army staff General Qamar Javed Bajwa yesterday. Consequently, Pakistan Stock Exchange (PSX) has welcomed this decision by gaining 800 points till 2:25pm (Aug 20), whereas, Indian stock exchange (Bombay Stock Exchange) has lost 137 points ostensibly shocked by this unexpected decision of PM Khan.

Here is screenshot of Bombay Stock Exchange

Two days ago, India has dropped water bomb on Pakistan by opening flood-gates of its dams towards Pakistan. This Indian water aggression was being mourned throughout the country on Monday (Aug 19), but the PM Khan’s decision to give another 3-year term to present army chief has changed the scenario and many circles in Pakistan are treating it as if the country was got freed Indian Occupied Kashmir (IOK) from Indian forces.

Here is an image of Pakistan Stock Exchange (PSX).

Most of the analysts in Pakistan are terming extension in COAS Qamar Javed Bajwa’s term a need of the hour to meet the existing core security challenges. So it is obvious that enemies of Pakistan and army would find fault with this extension and weep and cry in desperation.

 

Global population exceeds 7.7 billion: Pakistan to emerge 5th largest population country

According to UN’s estimate, the world is welcoming 80 million

new babies every year

By J. Choudhry, Editor Corporate Ambassador/TV & Social Media Analyst

The current US Census Bureau world population estimate in June 2019 shows that the current global population is 7.577 billion, which far exceeds the world population of 7.2 billion from 2015. The US Bureau’s estimate based on the United Nations data shows the world’s population has surpassed 7.7 billion by June 2019. The United Nations latest estimate of August 2019 further confirms that global population has exceeded 7.7 billion mark.

China is the most populous country in the world with a population exceeding 1.4 billion. It is one of just two countries with a population of more than 1 billion, with India being the second. As of 2018, India has a population of over 1.355 billion people, and its population growth is expected to continue through at least 2050. Earlier, it was anticipated that by the year 2030, the country of India will become the most populous country in the world because of one-child policy of China. However, from 2018 China has adopted two-children policy as a result of which China is expected to remain the world’s leader in population.

The next 11 countries that are the most populous in the world each have populations exceeding 100 million. These include the United States, Indonesia, Brazil, Pakistan, Nigeria, Bangladesh, Russia, Mexico, Japan, Ethiopia and the Philippines. Of these nations, all are expected to continue to grow except Russia and Japan, which will see their populations drop by 2030 before falling again significantly by 2050.

Many other nations have populations of at least one million, while there are also countries that have just thousands. The smallest population in the world can be found in Vatican City, where only 801 people reside.

In 2018, the world’s population growth rate was 1.12%. Every five years since the 1970s, the population growth rate has continued to fall. The world’s population is expected to continue to grow larger but at a much slower pace. By 2030, the population will exceed 8 billion. In 2040, this number will grow to more than 9 billion. In 2055, the number will rise to over 10 billion, and another billion people won’t be added until near the end of the century. The current annual population growth estimates from the United Nations are in the millions – estimating that over 80 million new lives are added each year.

This population growth will be significantly impacted by nine specific countries which are situated to contribute to the population growth more quickly than other nations. These nations include the Democratic Republic of the Congo, Ethiopia, India, Indonesia, Nigeria, Pakistan, Uganda, the United Republic of Tanzania, and the United States of America. Particularly of interest, India is on track to overtake China’s position as the most populous country by the year 2030. Additionally, multiple nations within Africa are expected to double their populations before fertility rates begin to slow entirely.

Global life expectancy has also improved in recent years, increasing the overall population life expectancy at birth to just over 70 years of age. The projected global life expectancy is only expected to continue to improve – reaching nearly 77 years of age by the year 2050. Significant factors impacting the data on life expectancy include the projections of the ability to reduce AIDS/HIV impact, as well as reducing the rates of infectious and non-communicable diseases.

Population aging has a massive impact on the ability of the population to maintain what is called a support ratio. One key finding from 2017 is that the majority of the world is going to face considerable growth in the 60 plus age bracket. This will put enormous strain on the younger age groups as the elderly population is becoming so vast without the number of births to maintain a healthy support ratio.

Although the number given above seems very precise, it is important to remember that it is just an estimate. It simply isn’t possible to be sure exactly how many people there are on the earth at any one time, and there are conflicting estimates of the global population in 2016.

Some, including the UN, believe that a population of 7 billion was reached in October 2011. Others, including the US Census Bureau and World Bank, believe that the total population of the world reached 7 billion in 2012, around March or April.

World Population by June 2017

By June 2017 the global population has expanded to 7.51 billion. China was number one with 1.388 billion population, closely followed by India with 1.342 billion people. United States of America was hosting around 326.474 million people, Indonesia 263.510 million, Brazil 211.243 million, Pakistan 196.744 million, Nigeria 191.835 million, Bangladesh 164.827 million, Russia 143.375 million and Mexico 130.222 million by mid-2017.

According to the data provided by the Internet World Stats to weekly Corporate Ambassador, top-10 countries population increased to 4.358 billion people by June 2017, from 3.597 billion in the year 2000, showing 27 percent growth in 16 years. Top-10 most populated countries host more than 60 percent of the world’s population, whereas remaining more than 140 countries host 3.16 billion population. By the year 2050, the population of top-10 countries would increase to 4.95 billion while global population would grow to over 9.374 billion.

Total world population has expanded to 7.519 billion in 2017, from 6.084 billion in 2000, reflecting 23.6 percent growth.

From the year 2000 to June 2017, Nigeria has estimated 54.8 percent highest growth in its population, followed by India with 33.4 percent growth, Pakistan 29.1 percent growth in population in 16 years _ whereas Russia has reported 2.5 percent negative growth, China reported 9.5 percent growth, the lowest growth in comparison with top-10 most population countries in the world.

end

 

Lt-General who holds credit of RAW-operative Yadev arrest will retire next month

By J. Choudhry, Editor Corporate Ambassador

Lt-Gen. Amir Riaz, who holds the credit of arrest of the notorious RAW-operative, Kulbhushan Yadev, will retire in the third week of Sept 2019.

In Sept 2015, Maj-Gen. Amir Riaz was promoted as Lieutenant General and appointed as the commander southern command in Quetta, Balochistan. He remained commander of the Southern Command for two years and in Sept 2017 Lt-Gen. Amir Riaz was transferred and posted as Corps Commander, Lahore while at that time the director general ISPR Lt-Gen Asim Bajwa was appointed commander of southern command.

A few months ago, Lt-Gen. Amir Riaz has been appointed as the President National Defence University (NDU), Islamabad.

Arrest of RAW-operative Yadev

On March 26, 2016, six months after the appointment of Lt-General Amir Riaz as commander of the southern command that operates in Balochistan, the security forces arrested a high-profile RAW-agent Kulbhushan Jhadev (Yadev) who was later identified as a serving officer in the Indian Navy and deputed to the Indian intelligence agency Research and Analysis (RAW) Wing operating in Balochistan. Another important point to note is that when Yadev was arrested, General Raheel Sharif was the chief of the army staff. Gen. Raheel, at that time was popular as “Dabung Army Chief”. On Nov 21, 2016, hardly two months after the arrest of RAW-operative, COAS Raheel Sharif got retirement.

Soon after his arrest, Yadev was shifted to Islamabad for further interrogation, as he confessed his involvement in various acts of terrorism and other subversive activities in Balochistan province and Karachi, mega city of Sindh province. In Karachi, Kulbhushan supported sectarian terrorism and terror attacks. The credit of this arrest is being given to the commander of the southern command at that time, Lt-Gen. Amir Riaz and his team. Yadev was supporting terrorism in Pakistan for years, but his arrest was made possible just a few months after the appointment of Lt-Gen. Amir Riaz.

Who is Lt-Gen. Amir Riaz

Lt-Gen. Amir Riaz belongs to a feudal family of district Sheikhupura. A few of his close relatives have already served on important posts in Pakistan Army. For example, he is nephew (Bhaanja) of Brig. (Retd) Rahat Amanullah Bhatti and Major (Retd) Ijaz Bhatti and Maj (Retd) Qurban Bhatti. Brig. (Retd) Rahat Amanullah Bhatti has been elected as an MNA of Pakistan Tehrik-e-Insaf from district Sheikhupura in 2018 general elections. Former Corps Commander of Peshawar Lt-Gen. Asif Yasin Malik is also a close relative of Lt-Gen. Amir Riaz.

According to sources, Gen. Amir Riaz is regarded a highly professional and a patriotic army officer. He is also among the few competent Director-General Military Operations in Pakistan Army. His name appeared in WikiLeaks when he was appointed in Peshawar as Brigadier. At that time, the-then American officer sent a cable to USA telling his bosses that Aamir Riaz (then posted as a brigadier in Peshawar) was a difficult person to handle.

Lt-Gen. Amir Riaz, who is currently serving as the President of the National Defence University, Islamabad, is scheduled to be retired around Sept 19, 2019. He was transferred from the position of the Corps Commander Lahore on the recommendation of the army medical board. After his retirement, Pakistan Army will, indeed, lose a highly professional officer.

 

NBP partners with WorldRemit for digital money transfers to Pakistan

Corporate Ambassador/Using the WorldRemit app or website, Pakistanis living in over 50 countries can now send money directly from their smartphones to 1,500+ new cash pickup locations in Pakistan.

Islamabad and London, Leading digital money transfer service WorldRemit and National bank of Pakistan have launched safe, fast and low-cost international transfers to 1,500+ National Bank Pakistan (NBP) cash pickup locations and designated branches of Pakistan Post Office.

The Pakistani diaspora living in over 50 countries, including the USA, UK, Canada and Australia, can now send money to NBP cash pickup locations using their smartphone. WorldRemit is also offering its customers zero fees for transfers (terms and conditions apply) to Pakistan.*

WorldRemit is a global leader in online money transfers. WorldRemit saves customers time and money as they do not have to pay expensive fees at a money transfer agent to send money home. Over 90% of the company’s transfers are authorized within 10 minutes.

National Bank Pakistan, a leading Government owned bank in Pakistan, is committed to extending access to financial services to all income groups. National Bank of Pakistan is also the front line for SBP’s National Financial Inclusion strategy promoting financial inclusion to the unbanked. The bank recently launched special credit schemes for SME businesses across various industries, and is offering Qarz-e-Hasna loans to students.

Pakistan has the sixth largest diaspora population in the world, with approximately 7.6 million Pakistanis living abroad. According to the World Bank, Pakistan received over $20 billion in remittances in 2018, representing almost 7% of the country’s GDP.

Mr. Arif Usmani, President National Bank of Pakistan, comments: “Remittances play a vital role in the economy of Pakistan. It is the single largest source of foreign exchange for the country. The current government is specially focused on home remittances as well as on issues being faced by overseas Pakistanis. In line with the Government’s vision, we at National Bank of Pakistan are also playing a role in facilitating the overseas Pakistani’s across the globe in contributing towards the development of the country. We take the remittance business as our national duty.”

“National Bank of Pakistan has the most penetrative branch network in Pakistan and with the recent collaboration with Pakistan Post Offices, we will soon have the Largest Network for Remittance Payments in Pakistan. National Bank of Pakistan also holds the trust of millions of customers and has the largest customer base (account holders) among all the Pakistani Banks.

The collaboration between NBP and WorldRemit will not only be beneficial for both the institutions but will help us to facilitate the Pakistanis living abroad in sending their remittances to their loved ones in Pakistan more conveniently; and will also help improving our country’s economy by earning the much needed foreign exchange in line with the vision of the government and Prime Minister of Pakistan.”

Hamza Islam, Country Director for Pakistan at WorldRemit, comments: “National Bank Pakistan is a natural partner for WorldRemit, as we both look to extend access to remittances through formal and safe channels.

“WorldRemit is constantly looking for new ways to make it convenient for Pakistanis living at home and abroad to send and receive money. With this new partnership, we are delighted to extend our footprint across Pakistan, so that Pakistanis can receive money conveniently at over 8,200 cash pickup locations and into 14.5 million mobile wallets.”