The Karachi Kings have truly become a force

Saturday 17th March, 2018: The Karachi Kings have truly become a force to reckon with. Defying all odds, the team shows more zeal and vigor to win, fighting till the last ball as the series progresses. Without a doubt, the addition of Shahid Afridi and captain ship of Imad Wasim has had a positive impact.

Shahid Afridi Karachi Kings

With some of the most memorable performances, the team made strides in all areas of the game. Afridi had outstanding stats in nearly every match. The batting lineup has been impressive, heavy hitters Colin Ingram, Ravi Bopara, Joe Denly, Shahid Afridi and Babar Azam ranked at the top of the list. The team also scored the highest total in the series. With electrifying fielding, Afridi, Denly and Imad taking close to impossible catches. Imad’s catch resulted in an injury taking him out of the game for a few matches, he is replaced by Eoin Morgan as captain for the time being. The match ended with a nail-biting finish in the climactic super over. Despite a few losses the Karachi Kings roared back, clenching the second position in the rankings. The support for Karachi Kings has been tremendous throughout, the fans along with superstars and celebrities of the industry fueled the team every step of the way. The Kings will face Islamabad in the qualifier match on 18th of March. International players Joe Denly, Colin Ingram, Ravi Bopara, Lendl Simmons, Tymal Mills and David Wiese are ready to travel to Pakistan to compete in the final spell of matches.

Speaking about the team performance, Mr. Salman Iqbal – owner Karachi Kings said ‘It makes us proud to watch our team give their best, Afridi, Ingram, Babar and Imad as captain have truly made a difference. We look forward to bringing cricket back to our home ground and emerge as the victors. Imad’s injury was very unfortunate, but he his healing well and we hope to see him on the field soon’. 

Shahid Afridi Karachi Kings

The management and members of the Karachi Kings team are deeply grateful to the love and support shown by the fans and especially our sponsors, Bahria Town (Titanium Sponsor), Nurpur and The Arkadians (Platinum Sponsor), Shield (Gold Sponsor), Imtiaz Super Store (Official Super Market),  Brighto Paints (Official Paint Partner), 5 Star Foam and Shahid Afridi Foundation (Official Partner), Naya Nazimabad (Official Home Ground Partner), Golden Pearl Cosmetics (Official Beauty Cream Partner), Zee International School (Official Academic Partner). We would also like to thank FM 107 and Radio Awaz (Radio Partners) and Lucky One, Ocean Mall and Dolmen Mall (Mall Partners).

Advertisements

PSL 2018: Yayvo Cricket Festival Becomes Greater Than Ever!

It’s the start of the spring and the fragrance of cricket is in the air. Yes, it’s time for PSL and the first week of the league has been astonishing for the fans. The matches have been fantastic so far, and the players are on fire. In short, the cricket fans are delighted with the overall league and enjoying the sport tremendously. For a nation who is passionate about cricket, starting its league was a huge milestone. Since its start in 2016, PSL has been going strong and successful in Pakistan and has been able to achieve the targets for which it was meant. Not only it has reawakened the passion of cricket in youngsters, but it has also reopened the gates of international cricket in Pakistan.  For PSL 2018, the eliminator playoffs and the final match will be played in Lahore and Karachi respectively.

Get Up to 75% Discounts on Yayvo Cricket Festival 2018

PSL is playing an exceptional role in revival of cricket in Pakistan and keeping up with that spirit; Yayvo.com has launched #YayvoCricketFestival18 which is highly unique and unseen before in the shopping world. The shopping festival has been going strong since the start, and Yayvo.com is taking it another step forward by increasing the discounts on 6th PM 2nd March 2018. Overall, there is a discount up to 75% on Mobile Phones, LED TVs, Gaming Consoles, Home Appliances, Kitchen Appliances & Sports Goods. Meezan bank is facilitating the Yayvo customers by providing an additional discount of 10% on all products.

If you pay for the products through Easypaisa mobile account, you will get cash back of 10% on every product. Vouch 365 and iFlix have also come forward and collaborated with Yayvo.com to become gifting partners in the #YayvoCricketFestival18.

Tickets for PSL 2018 Eliminator 1 and 2

People who want to get their #TicketToCricket should visit Yayvo.com because it is the official online ticketing partner for PSL 3. It’s providing the opportunity to its customers to book the tickets for Eliminator 1 and Eliminator 2 rounds and get them delivered at home. The Eliminator rounds will take place in Lahore, Gaddafi Stadium on 20th and 21st March respectively. Book your tickets before they get sold out.

Tickets Price for PSL 2018 Final

Cricket fans are over the moon because final match will take place in the City of Lights. The dates for final tickets will be announced soon. The prices of the final tickets are:

People who want to book the tickets for the Final Match of PSL 2018 can subscribe here for further updates.

Take Price Control in Your Hands with #WhatThePrice

This season, Yayvo.com is reaching unparalleled heights in facilitating its customers. They are introducing #WhatThePrice for avid Twitter users. All you have to do is retweet the tweet. Yayvo.com will reduce the price of the product based on the number of retweets. This social activity aims to give the price control in the hands of the customers. This competition will take place thrice during Yayvo Cricket Festival. Retweet now to reduce the price of Samsung LED TV in the first competition; names of following two products will be disclosed on Twitter later.

Official PSL Kits 2018

Like PSL 2017, this year Yayvo.com has restocked PSL Kits for the fans so that you can #WearYourTeam. Official jerseys, caps, bottles, mugs, and uppers are available on the website in the colors of Karachi Kings, Islamabad United, Peshawar Zalmi, Quetta Gladiators, and Multan Sultan. Yayvo.com is the official partner of Karachi Kings; you can get official merchandise of Karachi Kings from here.

Cricket fans can follow the social media pages of Yayvo.com and participate in the competitions to win signed jerseys by Imad Waseem and Babar Azam as giveaways.

Pakistan Stock Exchange down but not out

DAWN.com

Late last month, some believers slaughtered a couple of goats at the altar of the Pakistan Stock Exchange to drive away evil spirits that have come to haunt what, only a year ago, stood out as the best performing market in Asia, giving out a mouth-watering return of 44pc.

The celebrations continued well into 2017. But as all good things come to an end, so did the investors’ honeymoon with the market.

On May 25, the KSE-100 index hit the intra-day all-time high at 53,127 points. To the surprise of brokers and analysts who were espousing the index would close at above 60,000 points by the winter of 2017, it was a chilling moment when the market started to melt.

Almost four months on, the PSX has not found a foothold. By the middle of last week, the benchmark KSE-100 index stood at 42,310 points, representing a decline of 10,817 points or 20pc. From the closing on Dec 31, 2016 at 47,807 points, the Index has lost 5,497 points, representing the year-to-date negative return of 12pc.As the paper value of corporate Pakistan, signifying market capitalisation of all 561 listed companies combined, lost Rs1.04 trillion — sliding from peak of Rs10.44tr to Rs8.88tr — small investors, particularly, have been ruined.

Almost four months on, the PSX has not found a foothold. But for all that, in the PSX boardroom members continue to exude confidence

Things started to fall apart after an unkind federal budget for the stock market, which piled more taxes and provided few incentives. The deteriorating balance of payments situation and the souring of expectations of immense foreign flows following Pakistan’s MSCI Index reclassification to Emerging Market from Frontier Market were major setbacks.

But the crowning blow was the apparent loss of credibility of the ruling house of Sharif, which gave rise to prolonged ‘uncertainty’. There is a saying that, for the stock market, uncertainty is worse than bad news. Such uncertainty still plagues the market, forcing investors, both institutional and individuals, to stay on the sidelines.

But for all that, in the PSX boardroom members continue to exude confidence.

The Chinese strategic investors — China Financial Futures Exchange Co.Ltd, Shanghai Stock Exchange and Shenzhen Stock Exchange — had bought 30pc or 320 million strategic shares of the PSX for Rs8.96bn, at a per share price of Rs28.

In the ongoing bear run, the stock price has receded to Rs20.24, denting Chinese investment by Rs2.48bn or 28pc. Does that worry the Chinese buyers? “Apparently not”, says Haroon Askari, managing director, PSX. He contends that the Chinese have made a long term strategic investment.

“They are here for the long haul and are keen to launch the derivative market with the ‘Exchange Traded Fund’ as the first product”, says Mr.Haroon. It may be followed by other initiatives streamlined in the SECP’s capital market development programme.

Cross border listing and effort to attract Chinese investors to the local bourse are being pursued.

But many analysts are not very optimistic on immediate market prospects: Says Zubair Ghulam Hussain, CEO at Insight Securities: “Keeping the economic and political picture in mind, we feel that the market may not see broad-based upward movement in the next few months.”

Yet, he said, selective opportunities in specific stocks/sectors could open up, stemming from (possible) currency depreciation; governments focus on control of imports and boosting exports and a likely positive policy rate adjustment.

According to Insight Securities, the KSE-100 index is currently trading at 2018 price-to-earnings multiple of 9 times, compared to average MSCI Emerging Market index forward price-to-earnings of 12 times, indicating a discount of 28.6 times.

Analysts at brokerage Next Capital lamented that while it took about nine months (Aug 31, 2016 to May 25) for the KSE-100 index to add approximately 13,000 points (33pc return), but in barely three months (May 25 to early this month), most of those gains (about 22pc) were washed away.

“This may resonate with the fact that excesses in one direction often leads to an excess in the opposite direction”, they admitted.

But market observers pin much of the blame for the free-fall of the stocks on mutual funds.

In May, the last month of the rally, funds had bought shares worth $47m. All of that helped to absorb foreign portfolio outflows. With a scintillating growth over the last decade, the assets under management (AUM) of the mutual funds industry have surged to Rs625 billion.

Equity funds outperformed, both in size and growth. At the end of May, the size of equity funds stood at Rs309bn, making a half of the entire mutual fund industry’s AUM.

But all that has changed. In the current bear run, funds have been the major sellers and perhaps the spoilers of the market. According to a big broker, mutual funds are currently sitting on a cash pile of Rs70bn, waiting for the stocks to bleed further before entering to buy at cheaper valuations.

“There is nothing wrong or illegal in this strategy”, argued a manager of one of the three largest equity funds in the market. “We are not here to support the market but to protect the interests and returns of our certificate holders”, he asserted.

Published in Dawn, The Business and Finance Weekly, September 18th, 2017

Qatar to buy 24 jet fighters from UK

AFP

DOHA: Qatar on Sunday signed an agreement to buy 24 Typhoon fighter jets from Britain, a second major defence deal signed by Doha during its lengthening diplomatic dispute with its neighbours.

Qatari defence secretary Khalid bin Mohammed al-Attiyah and his British counterpart Michael Fallon signed a “statement of intent” for the UK to sell the planes, according to statements released by London and on social media.

“This will be the first major defence contract with Qatar, one of the UK’s strategic partners,” Fallon said. “This is an important moment in our defence relationship and the basis for even closer defence co-operation between our two countries,” he said.

The British ambassador to Doha, Ajay Sharma, took to Twitter to announce the deal, which he called a “major step” in defence relations between the countries.

 

There was no immediate comment from Qatar.

The agreement to supply the planes brings to a close a lengthy negotiating period. Fallon said a deal was “on the table” back in March 2016. It follows a separate major purchase from Washington.

In June this year it was announced that Qatar had agreed to buy F-15 jets from the US in a $12 billion (10 billion euros) deal.

And in 2016, Qatar agreed to buy 24 Dassault Rafale fighter jets from France in a deal worth a reported 6.7 billion euros.

But the timing of the UK and US deals was particularly crucial for Doha.

On June 5 — ten days before the US contract was announced — regional kingpin Saudi Arabia, Bahrain, the United Arab Emirates and Egypt cut ties with Qatar, accusing it of backing extremism and fostering ties with their Shia rival Iran.

Qatar denies the charges, claiming the dispute is an attack on its sovereignty. Analysts say the diplomatic crisis shows no sign of ending.

The deal also comes as Britain seeks to explore further trade deals outside Europe after voting to leave the European Union.

Paying heed to ECP’s ‘final’ warning, PTI submits financial records of past 7 years

DAWN.com

After months of foot-dragging over the issue, the Pakistan Tehreek-i-Insaf (PTI) on Monday finally submitted details of party accounts and foreign funding received in the last seven years to the Election Commission of Pakistan (ECP).

Unhappy with the constant defiance of its orders, the ECP had last week given PTI yet another final opportunity to submit financial documents and details of funds received from abroad, as well as the party’s accounts, by September 18 [today].

On Monday, the party submitted financial documents and details of funds received from abroad, as well as the party’s accounts of past seven years in five sealed volumes.

The PTI counsel once again urged the five-member ECP bench, headed by Chief Election Commissioner retired Justice Sardar Mohammad Raza, not to give details of party accounts to the petitioner, Akbar S. Babar — a former PTI member.

Hearing this, the chief commissioner remarked that according to a Lahore High Court ruling, the details of assets should be published online. He directed the PTI counsel to get the financial documents verified through concerned officials.

When the bench asked the counsel whether the financial records were the same as what the party had submitted in the Supreme Court, counsel Faisal Chauhdry said that there were additional documents as well.

The bench subsequently adjourned the hearing till October 16.

The ECP bench had made it clear during the hearing of the PTI foreign funding case that this was the last and final chance, failing which the commission would go ahead with ex-parte proceedings.

Prior to last week, the ECP had given numerous chances to PTI to submit financial details over the course of the hearings. On December 1 last year, the ECP had ordered the PTI to submit its accounts or face ‘legal consequences’. Instead of complying with the orders, the party had accused the ECP of ‘political bias’ which led to a contempt application against Imran Khan filed by petitioner Akbar S. Babar.

Long-drawn case

The case was filed on Nov 14, 2014 by Babar, after he developed differences with the PTI chief over internal corruption and abuse of laws governing political funding.

The petitioner had alleged that nearly $3 million in illegal foreign funds were collected through two offshore companies, registered under Imran Khan’s signature, and that money was sent through illegal ‘hundi’ channels from the Middle East to accounts of PTI employees. He also alleged that the foreign accounts used to collect funds were concealed from the annual audit reports submitted to the ECP.

In April 2015, after scrutinising PTI’s annual audit reports, the ECP had ordered that the party had failed to disclose the sources and details of foreign funds received.

But instead of submitting the accounts, the PTI had challenged the ECP’s jurisdiction to scrutinise its accounts.

In July, the Islamabad High Court rejected PTI’s plea to prevent the ECP from hearing Babar’s petition, saying that the case has been going on since 2014 and has already once been referred back to the ECP.

Parliament to elect new PM tomorrow

ISLAMABAD: President Mamnoon Hussain has summoned the National Assembly (NA) session to meet on Tuesday at 3:00pm to elect a new prime minister following the disqualification of Nawaz Sharif by the Supreme Court.

The Pakistan Muslim League-Nawaz (PML-N) leadership following a consultative meeting and parliamentary party meeting nominated Shahid Khaqan Abbasi for the slot of the prime minister for an interim period of nearly two months.

He would continue to hold the slot till (Punjab Chief Minister) Shahbaz Sharif’s election as member of the National Assembly (MNA) from NA-120 Lahore constituency to become permanent prime minister till June 4 next.

As per the election schedule, candidates received nomination papers from NA Speaker office by 3:00pm on Sunday. Nomination papers can be filed by 2:00pm on Monday and the Speaker will scrutinise the papers by 3:00pm the same day.

The election will be held at 3:00pm on Tuesday.

Meanwhile, the opposition has started efforts to bring a consensus candidate against the PML-N for the prime minister’s slot.

The consultations are being spearheaded by leader of opposition in the National Assembly Syed Khursheed Shah by contacting all the like-minded parties.

OPPOSITION GROUPING

Among the opposition parties, the Pakistan Peoples Party (PPP) to which Shah belongs is the largest in the National Assembly followed by the Pakistan Tehrik-e-Insaf (PTI).

Some smaller groups having a few seats also side with the opposition grouping.

Given the superior numerical strength of the PML-N and its allies in the Lower House of Parliament, the election of its candidate as prime minister is likely to be a smooth affair. However, its detractors keenly watch the number of MNAs, who, they believe, might defect from it for being against the party’s policies.

PML-N party has a strong majority in parliament and should have no problem installing Abbasi as the new leader of the nation.

The quick handover could ease political upheaval sparked by the Supreme Court’s decision on Friday to disqualify Nawaz Sharif for not declaring a source of income. The court also ordered a criminal investigation into him and his family.

But his foes slammed PML-N’s plans as dynastic and undemocratic, while opposition leader Imran Khan called it a form of “monarchy.”

Sharif said the plan is for former petroleum minister Abbasi to stay in power for less than two months until Shahbaz, who is the chief minister of the vast Punjab province, wins a by-election to the national assembly and becomes eligible to be prime minister.

“We wanted to make sure there is a smooth transfer of power, and no constitutional crisis,” said Miftah Ismail, a senior PML-N official and Sharif ally.

Abbasi and Shahbaz will have to hit the ground running to tackle Pakistan’s worsening ties with the United States, frayed relations with India, and persistent attacks by militants including the Pakistani Taliban and Daesh.

They will also need to boost economic growth above the current rate of 5.3 per cent to find employment for millions of young people entering the job market every year in a nation of nearly 200 million people.

Economists say this will prove tricky at a time when the current account deficit is ballooning and an overvalued currency is hurting exports.

Pakistan opposition fails to choose candidate for PM slot

ISLAMABAD: Pakistan opposition members on Monday failed to arrive at a consensus on a single candidate for the interim Prime Minister following Nawaz Sharif’s disqualification by the Supreme Court in the Panamagate case.

President Mamnoon Hussain has called a session of the National Assembly on Tuesday for the election of an interim Prime Minister, Dawn reported.

Pakistan Muslim League-Nawaz’s nominee Shahid Khaqan Abbasi, who is currently facing a Rs220 billion corruption inquiry being carried out by the National Accountability Bureau, submitted his nomination papers to Parliament Secretary Jawad Rafiq Malik on Monday.

Abbasi, who was chosen by the PML-N party unanimously, said once elected, he would continue with the policies of ousted Prime Minister Nawaz Sharif.

The opposition failed to agree on one nominee, with each party throwing its weight behind different candidates who too submitted their nomination papers.

The Pakistan Tehrik-e-Insaf (PTI), led by cricketer-turned-politician Imran Khan, put forward Awami Muslim League (AML) leader Sheikh Rashid’s name, but could not gain the support of any other party apart from Pakistan Muslim League-Quaid. The Awami Muslim League, significantly, was floated by former president Parvez Musharraf.

The Pakistan Peoples Party of the late Benazir Bhutto nominated Khursheed Shah and Naveed Qamar, Muttahida Qaumi Movement chose Kishwar Zehra, while Jamaat-i-Islami (JI) suggested the name of Sahibzada Tariqullah.

Defending the party’s decision to nominate Sheikh Rashid, PTI leader Shah Mehmood Qureshi said that the AML leader “deserved the honour” (of becoming the interim PM) as he fought the Panama papers case “on both political and legal fronts” along with PTI chairman Imran Khan.

Qureshi and PPP’s Khursheed Shah both expressed hope that the opposition parties would continue to make efforts to agree on a single candidate to be pitted against former Petroleum Minister Shahid Khaqan Abbasi.

Indo-Asian News Service