Imran Khan unveils 21-member cabinet; Shah Mahmood Qureshi is back as foreign minister

Agencies
August 19, 2018

Islamabad, Aug 19: Pakistan Prime Minister Imran Khan has announced his Cabinet comprising 21 members, the majority of whom previously held key posts in the regime of former military dictator General (retd) Pervez Musharraf. Out of the 21 names announced, 16 will be ministers while five others will perform their duties as advisers to the prime minister, Pakistan Tehreek-i-Insaf (PTI) spokesman Fawad Chaudhry said yesterday.

According to the list shared by Chaudhry on his Twitter account, Shah Mahmood Qureshi has been appointed as foreign minister, Pervaiz Khattak as defence minister and Asad Umer as finance minister.

Qureshi, the vice president of the party, was the foreign minister from 2008 to 2011 under the Pakistan Peoples Party government.

Asad Umar is the son of former Lt Gen Mohammad Umer who was part of the Pakistan Army during 1971 war with India.

Khattak served as the chief minister of Khyber-Pakhtunkhwa province from 2013-18.

The newly-announced Cabinet is expected to take oath tomorrow at the President's House.

At least 12 members of Khan's Cabinet served under General (retd) Musharraf, The News reported.

The new Cabinet includes a former spokesperson of Musharraf, his attorney and several members of his cabinet and core team, the paper said.

It said that five of the new Cabinet members, including Khattak and Qureshi, had served as ministers in past Pakistan Peoples Party governments.

Sheikh Rashid from Rawalpindi has been appointed as the railway minister. He previously held the same portfolio under the Musharraf regime.

Three women including Shireen Mazari, Zubaida Jalal and Fehmida Mriza are also part of the cabinet.

The five advisors who have status of ministers include known faces like former banker Ishrat Hussain, businessman Abdul Razzak Dawood and Babar Awan.

According to the Pakistan's Constitution, the size of the federal cabinet should be not more than 11 per cent of the total strength of the National Assembly and Senate.

Khan, the chairman of PTI, was administered the oath of office by President Mamnoon Hussain at a simple ceremony held at the Aiwan-e-Sadr (the President House) in Islamabad yesterday

His government is the third consecutive democratic government in Pakistan since 2008 when Gen Musharraf announced elections after serving as president from 2001 to 2008 following a bloodless coup in 1999.

The PPP formed the government in 2008, followed by the PML-N led by jailed former prime minister Nawaz Sharif in 2013.

Pakistan's powerful military has ruled the country through various coups for nearly half of the country's history since independence in 1947.

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News Network
June 4,2020

New Delhi, Jun 4: India's Defence Secretary Ajay Kumar tested positive for COVID-19 on Wednesday, following which the defence ministry carried out a massive contact-tracing exercise, official sources said.

Kumar's condition is stable and he is currently under home-quarantine, they said.

At least 35 officials working at the ministry's headquarters in South Block in the Raisina Hills have been sent on home quarantine after reports of Kumar testing positive for the infection emerged on Wednesday morning.

There was no official comment on Kumar's health condition. The defence ministry spokesperson refused to comment on the issue.

It is learnt that Defence Minister Rajnath Singh did not attend office as part of a precautionary measure.

The offices of the defence minister, the defence secretary, the Army Chief and the Navy Chief are on the first floor of the South Block.

The sources said all laid down protocols on contact-tracing and quarantining of people are being scrupulously followed.

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News Network
June 29,2020

Karachi, Jun 29: Four heavily-armed militants attacked the busy Pakistan Stock Exchange on Monday morning, killing four security guards and a police sub-inspector before being shot dead in an exchange of fire, media reports said.

The unidentified militants opened indiscriminate fire and lobbed hand grenades at the main gate of the building as they tried to storm it, Geo News reported.

Police said that all the terrorists have been killed while five persons injured in the attack.

Four security guards and a police sub-inspector were also killed in the attack.

"An unfortunate incident took place at the Pakistan Stock Exchange. They made their way from our parking area and opened fire on everyone," said Abid Ali Habib, Director of Pakistan Stock Exchange.

The firing by militants caused panic among the people in the building.

Sindh province Governor Imran Ismail condemned the incident.

"Strongly condemn the attack on PSX aimed at tarnishing our relentless war on terror. Have instructed the IG & security agencies to ensure that the perpetrators are caught alive & their handlers are accorded exemplary punishments. We shall protect Sindh at all costs," he said on Twitter.

Police and rangers have arrived on the spot and surrounded the area.

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News Network
June 19,2020

Jun 19: Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.

Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue in the past 58 days.

Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.

Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. "With these investments, RIL has become net debt-free," it said.

"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021," Ambani said.

Jio Platforms - which houses the country's youngest but largest telecom firm Reliance Jio, raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020.

Saudi Arabian sovereign wealth fund PIF buying 2.32 per cent stake in the unit for Rs 11,367 crore on June 18 "marks the end of Jio Platforms' current phase of induction of financial partners," the statement said.

Alongside, Reliance launched India's biggest right issue, which was subscribed to 1.59 times.

Though the rights issue size was Rs 53,124 crore, the company has got only 25 per cent of the money as the remaining is to be paid only next fiscal.

Ambani had at the company's annual general meeting on August 12, 2019, announced a roadmap for Reliance to become a net debt-free company before March 31, 2021.

"We have a very clear roadmap to becoming a zero net-debt company within the next 18 months that is by March 31, 202," he had said last year highlighting strong interest from strategic and financial investors in consumer businesses, Jio and Reliance Retail.

In the statement on Friday, he said he was both delighted and humbled to announce the fulfillment of the promise.

"Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance," he said.

"Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them," he added.

He said over the past few weeks, phenomenal interest was received from the global financial investor community in partnering with Jio.

"As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms," he said.

"I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue," he added.

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