Pakistan has resolved three of five operational issues for KE stake sale — Al-Jomaih official

An undated file photo of a Karachi Electric power station in Karachi, Pakistan. (Photo courtesy: K-Electric/Facebook)
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Updated 26 February 2024
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Pakistan has resolved three of five operational issues for KE stake sale — Al-Jomaih official

  • Al-Jomaih bought 66.4 percent share in KE in 2005 along with Abraaj Group and Kuwait’s National Industries Group
  • In 2016, consortium decided to sell stake to Shanghai Electric but sale stuck due to regulatory and other issues

KARACHI: The top official of a consortium that owns majority shares of Karachi Electric said on Monday Saudi investors were satisfied with the outcome of a committee formed by the Pakistani government to resolve regulatory hurdles and issues of payables that have been blocking the sale of the Pakistani utility to Chinese powerhouse Shanghai Electric Power (SEP) for years.

Al-Jomaih Holding Group, one of the largest business groups in Saudi Arabia, bought a 66.4 percent share in KE in 2005 as part of a consortium comprising Al-Jomaih, Abraaj Group and Kuwait’s National Industries Group (NIG). In 2016, the consortium decided to sell the stake to China’s Shanghai Electric Power and submitted an application for a National Security Certificate (NSC) to the Pakistani Privatization Commission. However, the group still awaits approval of the deal due to long-standing issues of regulatory approvals and KE’s liquidity constraints as a consequence of mounting circular debt plaguing the country’s power sector.

In January this year, Shanghai Electric reiterated its commitment to the deal. The government of Pakistan currently owns a 24.4 percent stake in K-Electric, which powers the country’s largest city and commercial hub of Karachi.

Shan Abbas Ashary, the Chief Investment Officer (CIO) of Al-Jomaih and a director at KE, said regulatory hurdles and disputes were being addressed at a “high pace” after the Saudi investment minister wrote a letter to the finance minister of Pakistan in December last year.

“After that, we had several meetings and the SIFC [Special Investment Facilitation Council] took up the matter and created a committee of three ministers,” Ashary told Arab News, referring to a civil-military body set up last year to fast-track foreign investments.

“Thanks to the Pakistani government, and thanks to the support from the Saudi government, this interim [Pakistani] government took it [KE’s issues] very seriously,” he said, adding that out of five key issues, three operational issues had been resolved while a committee had been formed to look into the remaining issues and progress was taking place.

“The outcome is satisfactory for us and I have reported it back to Al-Jomaih Group and they understand it and they appreciate it very much that progress is being made by the Pakistan government.”

He said he hoped the issues would be resolved in “several months not several years” due to the seriousness being accorded to the matter by the SIFC, whose committee comprised the ministers of law, energy and privatization.

When asked if Shanghai Electric, which had offered to purchase shares of KE for $1.7 billion six years ago, would revaluate its offer, the Al Jomaih official said:

“Shanghai Electric has just renewed expression of interest …. They will come back, do a complete due diligence because six years have passed, it’s a long time.”


After emphatic win, Pakistan face New Zealand in third T20I today

Updated 7 sec ago
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After emphatic win, Pakistan face New Zealand in third T20I today

  • Pakistan beat New Zealand by seven wickets on Saturday to go 1-0 up in five-match series
  • Fast bowlers Shaheen Shah Afridi, Mohammad Amir shared five wickets to restrict Kiwis to 90 

ISLAMABAD: Pakistan will lock horns with New Zealand in the third T20 match between the two sides today, Sunday, at the Rawalpindi Cricket Stadium as both prepare for the upcoming World Cup in June. 

Pakistan will head into the match confident after beating New Zealand convincingly on Saturday night by seven wickets. Pakistan’s fiery pace attack in the form of Shaheen Shah Afridi, Mohammad Amir and Naseem Shah shared six wickets between themselves to bowl New Zealand out for a weak 90 within 19 overs. 

“The third T20 of five-match series between Pakistan and New Zealand will be played in Rawalpindi today,” the state-run Radio Pakistan said in a report. “The match will start at 7:30 in the evening.”

Pakistan’s Mohammad Rizwan became the fastest T20 batter to reach 3,000 T20I runs on Saturday after his match-winning knock of 45 against New Zealand. Rizwan achieved the milestone in just 79 innings, beating his skipper Babar Azam and former Indian captain Virat Kohli who achieved the feat in 81 innings. 

Pakistan were off to a shaky start in their run chase, losing the wickets of openers Saim Ayub and Azam cheaply. Ayub scored only four runs from two balls while Azam made 14 from 13 balls before he was stumped off a Michael Bracewell delivery. 

Rizwan and Irfan Khan held their nerves to ensure Pakistan chased the 91-run target in 12.1 overs. 

Afridi was the pick of the Pakistani bowlers, returning figures of 3/13 while Amir, making his comeback to the national squad after nearly four years, bowled impressively to finish at 2/13. Spinners Abrar Ahmed and Shadab Khan returned figures of 2/15 each while pacer Shah ended up with 1/27. 

Both teams are preparing for the Twenty20 World Cup to be held in June in the United States and the West Indies.

New Zealand are missing a host of their top players due to playing in the ongoing Indian Premier League, unavailability and injuries.

The remaining matches are in Rawalpindi on Sunday followed by the last two in Lahore on April 25 and 27.

Squads:

Pakistan — Babar Azam (captain), Abrar Ahmed, Azam Khan, Fakhar Zaman, Iftikhar Ahmed, Imad Wasim, Mohammad Abbas Afridi, Mohammad Rizwan, Mohmmad Amir, Muhammad Irfan Khan, Naseem Shah, Saim Ayub, Shadab Khan, Shaheen Shah Afridi, Usama Mir, Usman Khan and Zaman Khan

New Zealand — Michael Bracewell (captian), Tom Blundell, Mark Chapman, Josh Clarkson, Jacob Duffy, Dean Foxcroft, Ben Lister, Cole McConchie, Jimmy Neesham, Will O’Rourke, Tim Robinson, Ben Sears, Tim Seifert, Ish Sodhi and Zak Foulkes.


Pakistan beats India 2-1 in Karate Combat 45 competition in Dubai 

Updated 31 min 18 sec ago
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Pakistan beats India 2-1 in Karate Combat 45 competition in Dubai 

  • Pakistan’s Shahzaib Rind beats India’s Rana Singh to seal the win 2-1 
  • Karate Combat hosts bouts between skilled fighters from various countriesHANK

ISLAMABAD: Pakistan edged India out 2-1 in the Karate Combat 45 competition in Dubai on Saturday night, with an “unstoppable” Shahzaib Rind convincingly beating India’s Rana Singh to seal the win. 

Karate Combat is a professional martial arts league featuring full-contact karate bouts. Karate Combat hosts events around the world, showcasing bouts between skilled fighters from different weight classes and countries. 

The match between the two countries was decided in the final round after Pakistan’s Rizwan Ali and India’s Himanshu Kaushik won the first and second competition of the match, respectively. 

“Shahzaib Rind is just unstoppable inside the pit!” Karate Combat wrote on social media platform X. “Pakistan beats India 2-1 with this victory.”

The competition began with Ali facing India’s Pawan Gupta. The bout was a one-sided one, with Ali knocking out Gupta soon earlier on and ending the match in Pakistan’s favor. 

India then leveled the match when its fighter Himanshu Kaushik overcame Pakistan’s Faizan Khan in the second fixture, making it 1-1 before Rind delivered decisive blows to Singh to seal the victory for Pakistan 2-1. 

The fixture between India and Pakistan was a much-awaited one, especially due to the pre-match hype between fighters of the two countries. 

At a pre-match news conference on Friday, Rind slapped Singh before both were separated by their team members. The video of the altercation went viral on social media. 


AI’s relentless rise gives journalists tough choices

Updated 20 April 2024
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AI’s relentless rise gives journalists tough choices

  • Generative AI has been opening new frontiers as well as raising concerns for a year and a half
  • Media professionals agree their trade must now focus on tasks offering the greatest ‘added value’

PERUGIA: The rise of artificial intelligence has forced an increasing number of journalists to grapple with the ethical and editorial challenges posed by the rapidly expanding technology.
AI’s role in assisting newsrooms or transforming them completely was among the questions raised at the International Journalism Festival in the Italian city of Perugia that closes on Sunday.
AI tools imitating human intelligence are widely used in newsrooms around the world to transcribe sound files, summarise texts and translate.
In early 2023, Germany’s Axel Springer group announced it was cutting jobs at the Bild and Die Welt newspapers, saying AI could now “replace” some of its journalists.
Generative AI — capable of producing text and images following a simple request in everyday language — has been opening new frontiers as well as raising concerns for a year and a half.
One issue is that voices and faces can now be cloned to produce a podcast or present news on television. Last year, Filipino website Rappler created a brand aimed at young audiences by converting its long articles into comics, graphics and even videos.
Media professionals agree that their trade must now focus on tasks offering the greatest “added value.”
“You’re the one who is doing the real stuff” and “the tools that we produce will be an assistant to you,” Google News general manager Shailesh Prakash told the festival in Perugia.
The costs of generative AI have plummeted since ChatGPT burst onto the scene in late 2022, with the tool designed by US start-up OpenAI now accessible to smaller newsrooms.
Colombian investigative outlet Cuestion Publica has harnessed engineers to develop a tool that can delve into its archives and find relevant background information in the event of breaking news.
But many media organizations are not making their own language models, which are at the core of AI interfaces, said University of Amsterdam professor Natali Helberger. They are needed for “safe and trustworthy technology,” he stressed.
According to one estimate last year by Everypixel Journal, AI has created as many images in one year as photography in 150 years.
That has raised serious questions about how news can be fished out of the tidal wave of content, including deepfakes.
Media and tech organizations are teaming up to tackle the threat, notably through the Coalition for Content Provenance and Authenticity, which seeks to set common standards.
“The core of our job is news gathering, on-the-ground reporting,” said Sophie Huet, recently appointed to become global news director for editorial innovation and artificial intelligence at Agence France-Presse.
“We’ll rely for a while on human reporters,” she added, although that might be with the help of artificial intelligence.
Media rights watchdog Reporters Without Borders, which has expanded its media rights brief to defending trustworthy news, launched the Paris Charter on AI and journalism late last year.
“One of the things I really liked about the Paris Charter was the emphasis on transparency,” said Anya Schiffrin, a lecturer on global media, innovation and human rights at Columbia University in the United States.
“To what extent will publishers have to disclose when they are using generative IA?“
Olle Zachrison, head of AI and news strategy at public broadcaster Swedish Radio, said there was “a serious debate going on: should you mark out AI content or should people trust your brand?“
Regulation remains in its infancy in the face of a constantly evolving technology.
In March, the European Parliament adopted a framework law aiming to regulate AI models without holding back innovation, while guidelines and charters are increasingly common in newsrooms.
AI editorial guidelines are updated every three months at India’s Quintillion Media, said its boss Ritu Kapur.
None of the organization’s articles can be written by AI and the images it generates cannot represent real life.
AI models feed off data, but their thirst for the vital commodity has raised hackles among providers.
In December, the New York Times sued OpenAI and its main investor Microsoft for violation of copyright.
In contrast, other media organizations have struck deals with OpenAI: Axel Springer, US news agency AP, French daily Le Monde and Spanish group Prisa Media whose titles include El Pais and AS newspapers.
With resources tight in the media industry, collaborating with the new technology is tempting, explained Emily Bell, a professor at Columbia University’s journalism school.
She senses a growing external pressure to “Get on board, don’t miss the train.”


Pakistan’s Rizwan completes fastest 3,000 T20I runs

Updated 20 April 2024
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Pakistan’s Rizwan completes fastest 3,000 T20I runs

  • Pakistan took a 1-0 lead in the five-match series against New Zealand with the first game washed out
  • This was Rizwan’s 79th Twenty20 innings, beating his skipper Babar Azam and Indian great Virat Kohli

RAWALPINDI: Pakistan’s Mohammad Rizwan became the fastest batsman to complete 3,000 runs in Twenty20 international cricket during the second match against New Zealand in Rawalpindi on Saturday.
The 31-year-old reached the milestone when he reached 19 during his innings of 45 not out which helped Pakistan chase down a modest 91-run target in 12.1 overs for a seven-wicket victory.
This was Rizwan’s 79th Twenty20 innings, beating his skipper Babar Azam and Indian great Virat Kohli who both completed 3,000 runs in 81 T20I innings.
Rizwan is the eighth batsman to score 3,000 or more runs in Twenty20 internationals with Kohli top of the charts with 4,037 in 117 matches.
Pakistan took a 1-0 lead in the five-match series with the first game washed out after just two balls, also in Rawalpindi, on Thursday.


Pakistan PM Shehbaz Sharif to visit China in May — state media

Updated 20 April 2024
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Pakistan PM Shehbaz Sharif to visit China in May — state media

  • The development comes amid efforts to restore China’s confidence in Islamabad regarding various projects
  • Scaled-back CPEC projects, attacks on Chinese nationals have lately strained ties between the two countries

ISLAMABAD: Prime Minister Shehbaz Sharif will visit China in May to restore Beijing’s confidence in Islamabad with regard to various projects, Pakistani state media reported on Saturday, citing a senior official.
Beijing is investing over $65 billion in energy and infrastructure projects in Pakistan as part of China-Pakistan Economic Corridor (CPEC), a major segment of its Belt and Road Initiative designed to give China a shorter, more secure trading route to the Middle East and beyond, while also boosting Pakistan’s economy.
Since its initiation in 2013, CPEC has seen tens of billions of dollars funnelled into massive transport, energy and infrastructure projects. But the undertaking has also been hit by Pakistan struggling to keep up its financial obligations as well as attacks on Chinese targets by militants.
Rana Mashhood, chairman of Prime Minister’s Youth Program, said PM Sharif wanted to make Pakistan a partner in economic development, which was why he was striving to bring investment from Pakistan’s friendly countries.
“From May 14, the Prime Minister will make an official visit to the People’s Republic of China, which will restore the confidence of the brotherly neighboring country and the CPEC project will move toward success quickly,” Mashhood was quoted as saying by the state-run APP news agency.
The comments came during his visit to China Window, a Chinese cultural center, in the northwestern Pakistani city of Peshawar. On the occasion, Mashhood visited different galleries at the center, signed the friendship wall and recorded his comments in the visitor’s book.
Beijing has been one of Islamabad’s most reliable foreign partners in recent years, readily providing financial assistance to bail out its often-struggling neighbor. In July last year, China granted Pakistan a two-year rollover on a $2.4 billion loan, giving the debt-saddled nation much-needed breathing space as it tackled a balance-of-payments crisis.
But ties have been strained by numerous hurdles in recent years, including scaled-back CPEC projects and attacks on Chinese workers in Pakistan. In the latest attack, five Chinese nationals and their Pakistani driver were killed in a suicide bombing in northwest Pakistan on March 26.
Mashhood appreciated the establishment of the Chinese cultural center in Peshawar and said it would be a pivotal hub for further enhancing the bond between Pakistan and China, according to the APP report.
Recognizing the importance of foreign languages for the country’s youth, the official said he had instructed relevant institutions to initiate language programs tailored to meet the diverse needs of different countries.
“He specifically mentioned plans to include the Chinese language in the programs offered by the National Commission for Technical and Vocational Training,” the report read.