Last update: Fri, 01 Jul 2016 01pm

Articles and Letters

Articles  Letters

Wither new NFC Award?

Published on July 01, 2016Budget in Brief, the official document explaining highlights of budget 2016-17, while stating the obvious that "presently 7th National Finance Commission (NFC) Award is in practice", says "the 8th NFC Award was constituted on July 21, 2010, but it did not give any Award. The 9th NFC was constituted on April 24, 2015 and its 1st meeting was held on April 28, 2015. NFC, in its first meeting, constituted four working groups to undertake thematic studies and put forth their recommendations for consideration by the Commission." What happened since then is not made public. This is a sad reflection on meeting the constitutional obligations on the part of the federal government. However, nobody has taken note of it, as so-called well-informed-vibrant broadcast media (sic) is found to be complacent.Read full story

Intimidating the judiciary

Published on July 01, 2016With Karachi relatively safer than it was two years ago, we must not be lulled into thinking that terrorists and political target killers have been eliminated; their deep roots still remain very strong. Starting with drying up of sources of funding, it will still take years to root them out completely. Two recent "high profile" incidents have highlighted this despite an outstanding performance by the Sindh Rangers, viz (1) the kidnapping of Owais Shah, the son of Chief Justice of the Sindh High Court, Justice Sajjad Ali Shah and (2) the targeted assassination of the famous Qawwal Amjad Sabri. Sabri's murder could be a terrorist act, the CJ's son's unsolved kidnapping could possibly have been disguised as a terrorist act to camouflage possible political motives and ramifications thereof.Read full story

Euro cities jockey for clearing houses after Brexit vote

Published on July 01, 2016Well over a trillion euros' worth of financial transactions a year are at stake as European leaders eye London's clearing houses after Britain's vote to leave the EU. Clearing houses guarantee buyers and sellers in financial markets that a deal will be completed, protecting them from the risk of one side backing out. Both parties are required to deposit cash with the clearing house guarantee the transaction. "The slightest problem with a clearing house can create a risk across all markets," said Antoine Pertriaux, partner at Equinox-Cognisant. London currently "concentrates the majority of clearing house trades if you look at all products, including products sold in euros," he added.Read full story