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PAC will deliver three JF-17 to PAF in June

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ISLAMABAD: Chief of Air Staff Mujahid Anwar Khan has announced here today that Pakistan Aeronautical Complex (PAC) was all set to deliver the final three JF-17 Thunder Block II multirole combat aircraft to PAF in the month of June 2019. 

He further informed that next year production of Block III variant of JF-17 Thunder fighter jet (equipped with new Chinese radar) was expected to commence.  

 

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Trade worries encourage bears in Tokyo bourse

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TOKYO: Stocks here opened lower today on worries over the US-China trade war as bellicose rhetoric persisted between Washington and Beijing, pushing the safe-haven yen higher against the dollar.
The benchmark Nikkei 225 index lost 0.94 percent, or 199.04 points, to 20,952.10 in early trade, while the broader Topix Index was down 0.86 percent or 13.26 points at 1,527.32.
The US market “dropped sharply as worries intensified over the US-China trade war after China’s commerce ministry spokesperson said the US should correct its actions if it hopes to continue trade negotiations,” Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.
The Tokyo market “is seen falling significantly at the beginning following falls in the US and a higher yen,” he said.
On Thursday, China warned the United States that it must show “sincerity” if trade talks are to continue between the world’s top two economies.
“If the US wants to continue to talk, it should show sincerity and correct its mistaken actions. Only on the basis of equality and respect can the negotiations have the chance of continuing,” commerce ministry spokesman Gao Feng said at a press briefing.
The trade dispute has snowballed into a tech war, with the Chinese telecoms giant Huawei at the epicenter of a battle for supremacy in technologies that could shape the future of the world economy, such as next-generation 5G networks in which the Chinese firm is a global leader.
In Washington, US President Donald Trump for the first time linked a dispute over Huawei, which he views as a threat to American security, with a deal to resolve the US-China trade war.

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Economy

SC suspends LHC verdict regarding recovery of water bill charges

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ISLAMABAD: The Supreme Court on Thursday suspended the Lahore High Court (LHC) ruling regarding recovery of water charges from mineral water companies.
A three-member SC bench headed by Justice Umar Ata Bandial and comprising Justice Faisal Arab and Justice Ijaz Ul Ahsan heard the review petitions regarding recovery of charges over water extraction/installation for commercial use.
During the course of proceedings, Justice Ijaz Ul Ahsan asked as to how the high court had dismissed the notification ignoring the orders of the apex court.
He observed that the high court should have checked that the matter was in the Supreme Court. The high court verdict could not be maintained as it was the authority of the Water and Sanitation Agency (WASA) not that of the high court, he observed.
He remarked that the apex court was hearing the case regarding charges for water extraction.
He asked the counsel for the private mineral water company that his client should approach the apex court instead of the high court.
The counsel said the high court did not cancel the notification as it canceled the bill.
Justice Umar Ata Bandial remarked that the court did not want to punish anyone as it was hearing the matter for the only public interest.
The court remarked that the high court order regarding billing would remain suspended and the amount collected through bills would remain in bank accounts but would not be utilized.
Later the case was adjourned till after Eid holidays.

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Business

Naya Pakistan Housing and Devt. Authority Ord. promulgated!

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ISLAMABAD: Naya Pakistan Housing and Development Authority Ordinance, 2019 has been promulgated by the President of Pakistan.

Under the ordinance, Naya Pakistan Housing and Development Authority will be established for the purposes of planning, development, construction, and management of real estate projects.

The Prime Minister shall be the patron of the authority and shall review its performance and give general policy directions.

The patron shall constitute the policy board comprising not less than five and not more than 11 members, including chairman for a term of five years.

The authority shall identify immovable properties and projects suitable for the development of housing schemes.

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