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
January 3,2020

Islamabad, Jan 3: The United Arab Emirates has extended USD 200 million aid to Pakistan for the development of the small and medium-sized enterprises in the country, Finance Adviser to Prime Minister Imran Khan said.

The announcement came after Abu Dhabi Crown Prince Sheikh Mohamed Bin Zayed Al Nahyan concluded his one-day visit to the country on Thursday.

"The money will be spent on small business promotion and jobs. This support is testimony to the expanding economic relations and friendship between our countries," the adviser, Abdul Hafeez Shaikh, on Thursday said.

The Crown Prince directed the Khalifa Fund for Enterprise Development to allocate USD 200 million in order to assist the Pakistani government's efforts to create a stable and balanced national economy that will help achieve the country's sustainable development, Dawn News reported on Friday.

During the visit, the prince met Prime Minister Khan and held talks on bilateral, regional and international issues.

The UAE is Pakistan's largest trading partner in the Middle East and a major source of investments. The UAE is also among Pakistan's prime development partners in education, health and energy sectors.

It hosts more than 1.6 million expatriate Pakistani community, which contributes remittances of around USD 4.5 billion annually to the GDP.

This is the Crown Prince's second visit to Pakistan since Khan took office in August 2018. He had last visited Pakistan on January 6 last year, just weeks after his country offered USD 3 billion financial assistance to Pakistan to deal with its balance of payment crisis.

The Crown Prince's visit was considered by experts as an attempt to woo Pakistan against the backdrop of recent developments when Saudi Arabia and UAE apparently used pressure to stop Pakistan from attending the Kuala Lumpur summit held last month.

The summit from December 19-21 was seen by Saudis as an attempt to create a new bloc in the Muslim world that could become an alternative to the dysfunctional Organisation of Islamic Cooperation led by the Gulf Kingdom.

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News Network
January 12,2020

Washington, Jan 12: US president Donald Trump said Saturday the United States was monitoring Iranian demonstrations closely, warning against any new “massacre” as protests broke out after Tehran admitted to shooting down a passenger plane.

Iran said earlier it unintentionally downed a Ukrainian jetliner outside Tehran, killing all 176 people aboard, in an abrupt about-turn after initially saying that it had crashed due to mechanical failure. The firing came shortly after Iran launched missiles at bases in Iraq housing American forces.

President Hassan Rouhani said a military probe into the tragedy had found that “missiles fired due to human error” brought down the Boeing 737, calling it an “unforgivable mistake.”

Trump told Iranians -- in tweets in both English and Farsi -- that he stands by them and is monitoring the demonstrations.

“To the brave, long-suffering people of Iran: I've stood with you since the beginning of my Presidency, and my Administration will continue to stand with you,” he tweeted.

“There can not be another massacre of peaceful protesters, nor an internet shutdown. The world is watching,” he added, apparently referring to an Iranian crackdown on street protests that broke out in November.

“We are following your protests closely, and are inspired by your courage," he said.

The new demonstrations follow an Iranian crackdown on street protests that broke out in November. Amnesty International has said it left more than 300 people dead. Internet access was reportedly cut off in multiple Iranian provinces ahead of memorials planned a month after the protests.

On Saturday evening, police dispersed students who had converged on Amir Kabir University in Tehran to pay tribute to the victims, after some among the hundreds gathered shouted "destructive" slogans, Fars news agency said.

State television reported that students shouted "anti-regime" chants, while the news agency Fars reported that posters of Soleimani had been torn down.

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News Network
April 21,2020

New York, Apr 21: Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.

Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market's most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.

Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged.

Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.

Tanks could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.

Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough.

“Basically, bears are out for blood,” analyst Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.

Brent crude, the international standard, was down $1.78 to $26.30 per barrel. .

In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.

Pessimists have called the rally overdone, pointing to the severe economic pain sweeping the world and continued uncertainty about how long it will last.

The Dow Jones Industrial Average was down 364 points, or 1.5%, to 23,887. The Nasdaq was down 0.1%..

More gains from companies that are winners in the new stay-at-home economy helped limit the market's losses Amazon rose 1.4%, and Netflix jumped 3.8% as people shut in at home buy staples and look to fill their time. Clorox likewise rose toward a new record and was up 1% as households and businesses that remain open look to stay clean.

In Tokyo the Nikkei 225 fell 1.1% after Japan reported that its exports fell nearly 12% in March from a year earlier as the pandemic hammered demand in its two biggest markets, the U.S. and China.

The Hang Seng index in Hong Kong lost 0.2%, and South Korea's Kospi fell 0.8%.

European markets were modestly higher The German DAX was up 0.5%, the French CAC 40 was up 0.7% and the FTSE 100 in London gained 0.7%.

In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they're worried about the economy.

Stocks have been on a generally upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% since a low on March 23.

More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.

But health experts warn the pandemic is far from over and new flareups could ignite if governments rush to allow ”normal” life to return prematurely.

The S&P 500 remains about 15% below its record high in February as millions more U.S. workers file for unemployment every week amid the shutdowns.

Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted. They're essentially predicting that a line chart of the economy will ultimately resemble the letter “V,” with a wild ride down but then a quick pivot to a vigorous recovery.

That may be to optimistic. “We caution that a U-shaped recovery is also quite likely,” where the economy bottoms out and stays at that low level for a while before recovering, strategists at Barclays warned in a recent report.

Without strong testing programs for COVID-19, businesses likely won't feel comfortable bringing back their full workforces for a while.

”With risk assets now overbought, the chance for a correction has increased,” Morgan Stanley strategists wrote in a report.

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