NEW DELHI: India’s top court has set up a mediation team to try to settle a land dispute between Muslims and Hindus over plans to build a Hindu temple on a site where hard-liners demolished a 16th century mosque.
Attorney Vishnu Jain says the court on Friday gave the three-member team four weeks to submit its report.
If the mediation bid fails, the Supreme Court will settle the dispute.
It is hearing petitions challenging a 2010 lower court ruling that 1.12 hectares (2.77 acres) of disputed land be partitioned among the Hindus and the Muslims.
The destruction of the mosque in Ayodhya in 1992 sparked massive Hindu-Muslim violence in the country, leaving 2,000 people dead.
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India’s top court orders mediation in Hindu temple dispute
India’s top court orders mediation in Hindu temple dispute
- It is hearing petitions challenging a 2010 lower court ruling that 1.12 hectares (2.77 acres) of disputed land be partitioned among the Hindus and the Muslims
- The destruction of the mosque in Ayodhya in 1992 sparked massive Hindu-Muslim violence in the country, leaving 2,000 people dead
Pakistan’s drug enforcement agency nets record ‘ice’ haul in major anti-trafficking operation
- The Anti-Narcotics Force seizes 224 kilograms of the substance while it was being transported to Belgium
- The authorities also apprehended three suspects, among them two Afghan nationals, who were trying to escape
ISLAMABAD: Pakistan’s Anti-Narcotics Force (ANF) announced on Thursday it had achieved a “monumental victory” in the ongoing battle against drug trafficking by intercepting the largest consignment of methamphetamine, popularly called “ice,” in the nation’s history.
Methamphetamine, known for its potent and addictive properties, has seen a significant rise in use not just in Pakistan but globally, contributing to a burgeoning health crisis.
The drug’s accessibility and escalating abuse have heightened law enforcement and public health efforts to curtail its spread.
This major seizure highlights the ongoing challenges and the critical need for continued vigilance and international cooperation in combating drug trafficking and its societal impacts.
“A total of 224 kilograms of Methamphetamine (Ice) was seized by the diligent ANF team at the Karachi port,” an official statement announced. “Disguised within five containers labelled as ‘Soapstone’ exports from Afghanistan to Belgium, this illicit substance was artfully concealed within the container’s roof and doors.”
The authorities also apprehended three suspects involved in the smuggling attempt, among them two Afghan nationals.
“The suspects were attempting to flee to Afghanistan via the Torkham border when they were intercepted by ANF Team,” the statement continued.
It added the intercepting the massive methamphetamine consignment by ANF prevented its distribution and potential harm to countless people.
SAR sees 9% annual growth in cargo transported
RIYADH: The volume of minerals and goods transported by Saudi Arabia Railways reached 6.34 million tonnes during the first quarter of 2024, an annual increase of 9 percent.
According to its quarterly report, SAR stated that over 2.7 million passengers utilized its services, marking a 23 percent growth compared to same period last year.
Passenger rides also increased by 3 percent, reaching a total of 8,252 trips across the East Train, North Train, and Haramain Express train networks.
Saudi financial sector expands ambitions, eyes foreign investment surge: report
RIYADH: Saudi Arabia aims to enhance its stock exchange appeal to foreign investors, targeting 17 percent ownership of free float shares by 2024, a new report has revealed.
According to the 2023 Financial Sector Development Program document, the Saudi Capital Market Authority plans to boost assets under management to 29.4 percent of gross domestic product by 2024 by increasing the investment environment and attracting more investors.
The report, published annually, highlights the achievements in the financial sector, particularly the Kingdom’s ongoing progress in competitiveness indicators related to the capital market, as stated by Mohammed Al-Jadaan, minister of finance and chairman of the FSDP.
Commenting on the development of the financial sector, Al-Jadaan emphasized the importance of innovation and investment in talent and technology.
“We have placed innovation and investment in both talent and technology at the top of our priorities, because we recognize the importance of building a dynamic financial environment that allows companies — especially startups — to flourish and succeed,” the minister stated.
In line with its commitment to facilitating financing in the capital market, the CMA also plans to accelerate the pace of listings by welcoming 24 new companies in 2024.
Moreover, there will be a focus on supporting the development of new and promising sectors, with a target of having micro and small enterprises account for 45 percent of total listings.
Another area of emphasis is the deepening of the sukuk and debt instruments market, with the goal of increasing the debt-to-GDP ratio to 22.1 percent by the end of 2024. These measures aim to provide diverse financing options for companies and further stimulate economic growth.
“The capital market ecosystem continued its efforts to contribute to developing the financial sector and achieving the Saudi Vision 2030,” stated Mohammed El-Kuwaiz, chairman of the CMA.
“By approving rules for foreign investment in securities and streamlining regulatory procedures, we have witnessed a significant increase in foreign investments in the capital market, reaching SR401 billion ($106.9 billion),” El-Kuwaiz added.
The Saudi Central Bank also reaffirmed its commitment to adhering to international standards and best practices to enhance the strength and stability of the financial sector.
Initiatives such as developing digital solutions for supervising the financial sector and enabling local and international FinTechs demonstrate the Kingdom’s dedication to embracing technological advancements.
Furthermore, the Financial Academy unveiled its new strategy for 2024-2026, focusing on enhancing human capabilities in the financial sector through training programs and professional certifications.
The academy aims to increase the number of trainees and improve the quality of its services to meet the evolving needs of the industry.
The 2023 FSDP report highlighted significant progress across sectors like fintech and digital banking.
The Kingdom saw a surge in fintech companies, surpassing 2023 targets with 216 in operation and launching two digital banks.
Saudi Arabia claimed the top spot in the Corporate Boards Index among G20 nations and secured second place in various indices. Foreign companies relocated headquarters to the Kingdom, deepening the capital market.
Moody’s, Fitch, and S&P Global Ratings revised Saudi Arabia’s outlook to “Positive” and affirmed its “A1” and “A+” credit ratings, citing fiscal policy development, economic reforms, and structural improvements.
Saudi Arabia led venture investments in the Middle East & North Africa, securing 52 percent of total investments in 2023, and allocated SR10 billion to support small and medium enterprises across economic activities and regions in the first half of the year.
Pakistan’s inflation sees lowest increase in nearly two years at 17.3% in April
- Pakistan has been beset by inflation above 20% since May 2022, registering a high of 38% in May 2023
- Month on month inflation was down 0.4%, showing negative growth for the first time since last year in June
KARACHI: Pakistan’s Consumer Price Index (CPI) for April rose 17.3% from a year earlier, data from the Pakistan Bureau of Statistics showed on Thursday, the lowest reading in nearly two years and below the finance ministry’s projections for the month.
Pakistan has been beset by inflation above 20% since May 2022, registering a high of 38% in May 2023, as it has navigated reforms as part of an International Monetary Fund (IMF) bailout programme.
Month on month inflation was down 0.4%, showing negative growth for the first time since June 2023.
The Finance Ministry in its monthly economic report said it expected inflation to hover between 18.5% and 19.5% in April and ease further in May to 17.5%-18.5%.
Pakistan’s central bank kept its key interest rate unchanged at 22% for the seventh straight policy meeting on Monday, hours before the IMF executive board approved $1.1 billion in funding under a $3 billion standby arrangement signed last year.
The bank’s monetary policy committee said in a statement it was “prudent” to continue with its monetary policy stance at this stage to bring inflation down to the target range.
‘Well aware of our constitutional limits,’ Pakistan’s army chief declares at PAF graduation parade
- General Asim Munir says Article 19 of Pakistan’s constitution sets limits on freedom of expression
- He says a strong air force is essential to prevent Pakistan from being at the mercy of aggressors
ISLAMABAD: Pakistan’s army chief General Asim Munir emphasized the armed forces’ awareness of their constitutional limits and expectations for legal compliance from others while addressing the graduation parade at the Pakistan Air Force (PAF) Academy in Risalpur on Thursday.
The military’s involvement in politics has been a contentious issue in Pakistan, with public criticism intensifying since the ouster of former prime minister Imran Khan in a no-confidence vote in April 2022.
The country’s military has publicly denied intentions to interfere in political affairs more recently, asserting a commitment to uphold democracy and remain apolitical, amid growing public scrutiny over its past involvements in political matters.
“We are well aware of our constitutional limits and expect others to prioritize adherence to the constitution as well,” the army chief was quoted as saying by the military media wing, ISPR, in a statement.
He said in his address to the graduating cadets that Article 19 of the Pakistani constitution set limits on freedom of expression as well.
“Those who openly violate the clear restrictions on freedom of expression set by the constitution cannot point fingers at others,” he asserted.
General Munir noted specific technologies, including artificial intelligence, robotics and quantum computing, were expanding the scope and transforming the use of air power.
However, he warned against an arms race in the region, saying it could disrupt the balance of power in and around South Asia.
The army chief pointed out that a strong air force was essential to prevent the country from being at the mercy of external aggressors.
“The recent war in Gaza is a fresh example of the miseries that wars can bring,” he said. “The indiscriminate killing of elderly, women and children in Gaza is proof that violence is increasing in the world.”
He also criticized India for its policies in the dispute Kashmir region, pointing out it would not be able to suppress the “voices of freedom” and promising continued Pakistani support on moral, political and diplomatic levels for those resisting New Delhi’s rule.
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