Nawaz Sharif claims victory in landmark Pakistan election

May 12, 2013

Nawaz_Sharif_claims_victoryIslamabad, May 12: Former Pakistani Prime Minister Nawaz Sharif declared victory following a historic election marred by violence Saturday, a remarkable comeback for a leader once toppled in a military coup and sent into exile.

The 63-year-old Sharif, who has twice served as premier, touted his success after unofficial, partial vote counts showed his Pakistan Muslim League-N party with an overwhelming lead. The party weathered a strong campaign by former cricket star Imran Khan that energized Pakistan's young people.

Sharif expressed a desire to work with all parties to solve the country's problems in a victory speech given to his supporters in the eastern city of Lahore as his lead in the national election became apparent based on vote counts announced by Pakistan state TV.

The results, which need to be officially confirmed, indicated Sharif's party has an overwhelming lead but would fall short of winning a majority of the 272 directly elected national assembly seats. That means he would have to put together a ruling coalition.

"I appeal to all to come sit with me at the table so that this nation can get rid of this curse of power cuts, inflation and unemployment," Sharif said, as his supporters clapped, cheered and danced in the streets.

Despite attacks against candidates, party workers and voters that killed 29 people Saturday, Pakistanis turned out in large numbers to elect the national and provincial assemblies. The high participation was a sign of Pakistanis' desire for change after years of hardship under the outgoing government, and it offered a sharp rebuke to Taliban militants and others who have tried to derail the election with attacks that have killed more than 150 people in recent weeks.

"Our country is in big trouble," said Mohammad Ali, a shopkeeper who voted in Lahore. "Our people are jobless. Our business is badly affected. We are dying every day."

The vote marked the first time a civilian government has completed its full five-year term and transferred power in democratic elections in a country that has experienced three coups and constant political instability since it was established in 1947.

The election was being watched closely by the United States, which relies on the nuclear-armed country of 180 million people for help fighting Islamic militants and negotiating an end to the war in neighboring Afghanistan.

Passion and energy were seen throughout Pakistan, as millions of people headed to the polls, waving flags and chanting slogans in support of their party. Some were young, first-time voters and others elderly Pakistanis who leaned on canes or friends for support as they dropped their vote in the ballot box.

One man, Bilal Masih, even came to a polling station in the central city of Multan dressed in his wedding attire, saying his bride could wait until he voted. He decorated his wedding car with flowers and a stuffed tiger, the symbol of the Pakistan Muslim League-N party he supports.

"I thought that this was my national duty," said Masih, who was wearing a white and red turban and had garlands of flowers around his neck.

The Pakistani Taliban, which has been waging a bloody insurgency against the government for years, tried to disrupt the election because the militants believe the country's democracy runs counter to Islam. The government responded by deploying an estimated 600,000 security personnel across the country to protect polling sites and voters.

Many Pakistanis seemed determined to cast their ballots despite a series of gun and bomb attacks.

" Yes, there are fears. But what should we do?" said Ali Khan, who was waiting to vote in the northwestern city of Peshawar, where one of the blasts took place. "Either we sit in our house and let the terrorism go on, or we come out of our homes, cast our vote, and bring in a government that can solve this problem of terrorism."

Many of the attacks in the run-up to the vote targeted secular parties. That raised concern the violence could benefit hard-line Islamists and others who take a softer line toward the militants, like Sharif and Khan, because they were able to campaign more freely.

The chief of Pakistan's election commission, Fakhruddin Ebrahim, said turnout was near 60 percent of registered voters, the highest since the 1970 election. Many Pakistanis expressed pride that so many of their fellow citizens chose to vote.

"More political activity means more awareness," said Nasira Jibran in Lahore. "More awareness means more accountability."

The apparent victor, Sharif, is the son of a wealthy industrialist, and his party is seen to have a pro-business stance. He is perhaps best known for testing Pakistan's first nuclear weapon in 1998.

Sharif was toppled in a military coup by then-army chief Gen. Pervez Musharraf in 1999 and spent years in exile in Saudi Arabia before returning to the country in 2007. His party came in second in the 2008 elections to the Pakistan People's Party and is seen as more religiously conservative.

Sharif faced a strong challenge from Khan's Pakistan Tehreek-e-Insaf party. The winner of the 1992 cricket World Cup tapped into the frustrations of many Pakistani youths fed up with the country's traditional politicians.

"It's now our turn. We youngsters want our say in national affairs," said voter Rubina Riaz in Lahore.

Khan couldn't vote Saturday because he was in the hospital following a horrific accident this week at a campaign event in Lahore in which he fell off a forklift and broke three vertebrae and a rib.

Sharif countered the challenge from Khan by pointing out how much more experience in government he has and touting key projects he completed while in office, including a highway between the capital Islamabad and his hometown of Lahore.

"It's all about delivering," said Nayyar Naseem, a voter in Lahore. "Nawaz Sharif has delivered. He is experienced."

Sharif also relied on old-style Pakistani politics, which focuses on doling out political patronage, such as government jobs, to win the loyalty of voters.

The battleground between Sharif and Khan was in Pakistan's most populous province, Punjab, where both parties appealed to urban middle class voters. The province contains nearly half of the 272 directly-elected seats in the national assembly.

The outgoing Pakistan People's Party was expected to fare poorly in the election because of unhappiness with its performance leading the last government. The party, which rose to power in 2008 in part by widespread sympathy after the death of party leader Benazir Bhutto, has carried out what many called a lackluster campaign.

The vote in the southern city of Karachi was not only marred by violence Saturday, but also threats to election commission staff. The commission said it would re-do the vote at 40 polling stations in one constituency in the city.

Sharif inherits a country struggling on a number of fronts. Pakistanis suffer from rolling blackouts that can be as long as 18 hours a day as well as a stuttering economy. The government's shaky financial situation means it will likely have to seek another unpopular bailout from the International Monetary Fund.

The country is also battling Taliban militants who want to overthrow the government, while on the western border there are fears that a U.S. military departure from Afghanistan will send violence spilling over into Pakistan.

Sharif has favored negotiations with militants in the country's tribal areas. That could put him at odds with the country's powerful military, potentially exacerbating a relationship that is already prickly because of the coup carried out against the former prime minister.

While Pakistan has been under civilian rule for the last five years, the military still is considered the country's most powerful institution and usually makes the major decisions when it comes to militancy or foreign policy issues such as Afghanistan or India.

In what appeared to be a show of support for democracy in Pakistan, the country's most powerful military officer, Gen. Ashfaq Parvez Kayani, went to the voting booth himself instead of mailing in his ballot. His gesture was broadcast live on local TV.

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News Network
June 2,2020

Jun 2: A new female billionaire has emerged from one of Asia's most-expensive breakups.

Du Weimin, the chairman of Shenzhen Kangtai Biological Products Co., transferred 161.3 million shares of the vaccine maker to his ex-wife, Yuan Liping, according to a May 29 filing, immediately catapulting her into the ranks of the world's richest.

The stock was worth $3.2 billion as of Monday's close.

Yuan, 49 this year, owns the shares directly, but signed an agreement delegating the voting rights to her ex-husband, the filing shows. The Canadian citizen, who resides in Shenzhen, served as a director of Kangtai between May 2011 and August 2018. She's now the vice general manager of subsidiary Beijing Minhai Biotechnology Co. Yuan holds a bachelor's degree in economics from Beijing's University of International Business and Economics.

Kangtai shares have more than doubled in the past year and have continued their ascent since February, when the company announced a plan to develop a vaccine to fight the coronavirus. They slipped for a second day Tuesday following news of the divorce terms, losing 3.1% as of 9:43 a.m. in Hong Kong and bringing the company's market value to $12.9 billion.

Du's net worth has now dropped to about $3.1 billion from $6.5 billion before the split, excluding his pledged shares.

The 56-year-old was born into a farming family in China's Jiangxi province. After studying chemistry in college, he began working in a clinic in 1987 and became a sales manager for a biotech company in 1995, according to the prospectus of Kangtai's 2017 initial public offering. In 2009, Kangtai acquired Minhai, the company Du founded in 2004, and he became the chairman of the combined entity.

China's rapidly growing economy has been an engine for the country's richest, and Du is not the only tycoon who's had to pay a steep price for a divorce. In 2012, Wu Yajun, at one point the nation's richest woman, transferred a stake worth about $2.3 billion to her ex-husband, Cai Kui, who co-founded developer Longfor Group Holdings Ltd. In 2016, tech billionaire Zhou Yahui gave $1.1 billion of shares in his online gaming company, Beijing Kunlun Tech Co., to ex-wife Li Qiong after a civil court settlement.

Sometimes, a goodbye can be time-consuming too. South Korean tycoon Chey Tae-won's wife filed a lawsuit in December asking for a 42.3% stake in SK Holdings Co. valued at $1.2 billion. That would make her the second-largest shareholder of the company should she win the case, which is still ongoing.

The most expensive divorce in history is that of Jeff and MacKenzie Bezos. The Amazon.com Inc. founder gave 4% of the online retailer to Mackenzie, who now has a $48 billion fortune and is the world's fourth-richest woman.

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Agencies
May 17,2020

Washington, May 17: The overall number of global coronavirus cases has increased to over 4.6 million, while the death toll has surpassed 311,000, according to the Johns Hopkins University.

As of Sunday morning, the total number of cases stood at 4,634,068, while the death toll increased to 311,781, the University's Center for Systems Science and Engineering (CSSE) revealed in its latest update.

The US currently accounts for the world's highest number of cases and deaths at 1,467,796 and 88,754, respectively.

In terms of cases, Russia has the second highest number of infections at 272,043, followed by the UK (241,461), Brazil (233,142), Spain (230,698), Italy (224,760), France (179,630), Germany (175,752), Turkey (148,067) and Iran (118,392), the CSSE figures showed.

Meanwhile, the UK accounted for the second highest COVID-19 deaths worldwide at 34,546.

The other countries with over 10,000 deaths are Italy (31,763), Spain (27,563), France (27,532), and Brazil (15,662).

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News Network
May 6,2020

Washington, May 6: At a time when the coronavirus pandemic has squeezed them, multi-national companies in America are laying off workers while paying cash dividends to their shareholders. Thus making the workers bear the brunt of the sacrifices while the shareholders continue to collect.

The Washington Post said in one of its reports that five big American companies have paid a combined USD 700 million to shareholders while cutting jobs, closing plants and leaving thousands of their workers filing for unemployment benefits.

Since the pandemic was declared an emergency, Caterpillar has suspended operations at two plants and a foundry, Levi Strauss has closed stores, and toolmaker Stanley Black & Decker has been planning layoffs and furloughs.

Steelcase, an office furniture manufacturer, and World Wrestling Entertainment have also shed employees.

Executives of those companies told the Post that the layoffs support the long-term health of their companies, and often the executives are giving up a piece of their salaries. Furloughed workers can apply for unemployment benefits.

But distributing millions of dollars to shareholders while leaving many workers without a paycheck is unfair, critics argue, and belies the repeated statements from executives about their concern for employees' welfare during the coronavirus crisis.

Caterpillar, for example, announced a USD 500 million distribution to shareholders April 8, about two weeks after indicating that operations at some plants would stop. The company however declined to divulge how many workers are affected.

"We are taking a variety of actions globally, but we aren't going to discuss the number of impacted people," spokeswoman of the company, Kate Kenny, said in a reply to an email by the Post.

This spate of dividends is also likely to revive long-standing debates about economic rewards.

"There are no hard-and-fast rules about this," said Amy Borrus, deputy director of the Council of Institutional Investors, a group that argues for shareholder rights and represents pension funds and other long-term investors.

Many large US companies choose to issue a regular, quarterly dividend to shareholders, often increasing it, and they boast about these payments because they help keep the share price higher than it might otherwise be. Those companies might be reluctant to announce that they are cutting or suspending their dividend during a crisis, Borrus was further quoted as saying.

But "companies have to be mindful of the optics of paying dividends if they're laying off thousands of workers," she added.

On March 26, Caterpillar had announced that because of the pandemic, it was "temporarily suspending operations at certain facilities." Two plants, in East Peoria, Ill., and Lafayette, Ind., were coming to a halt, as well as a foundry in Mapleton, Ill., according to news reports.

"We are taking a variety of actions at our global facilities to reduce production due to weaker customer demand, potential supply constraints and the spread of the covid-19 pandemic and related government actions," Kenny said via email.

"These actions include temporary facility shutdowns, indefinite or temporary layoffs," she added.

Similarly, Levi Strauss announced April 7 that the company would stop paying store workers, and about 4,000 are now on furlough. On the same day, the company announced that it was returning USD 32 million to shareholders.

"As this human and economic tragedy unfolds globally over the coming months, we are taking swift and decisive action that will ensure we remain a winner in our industry," Chip Bergh, president and chief executive of the company, also told the Post.

Stanley Black & Decker announced on April 2 that it was planning furloughs and layoffs because of the pandemic. Two weeks later, it issued a dividend to shareholders of about USD 106 million.

The notion that a company's primary purpose is to serve shareholders gained prominence in the 1980s but has come under attack in recent years, even from business executives, the newspaper reported.

Corporate decisions to suspend dividends and buybacks are complex, however, and it is difficult to know whether these suspensions of dividend and buyback programs were motivated by a desire to conserve cash in anticipation of bad times, and how much they are prompted by a sense of obligation to employees.

Over recent decades, the mandate to "maximize shareholder value" has become orthodoxy, for many, and it is often unclear what motivates companies to pare dividends or buybacks for shareholders, said William Lazonick, an emeritus economics professor at the University of Massachusetts at Lowell, who has been one of the leading critics of companies that distribute cash to shareholders through stock buybacks and dividends rather than reinvesting the profits into employees, innovation and production.

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