The Financial Daily : 2020-08-21

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Friday, August 21, 2020 Air India Express plane crash A Editor- in- Chief: Azfar Ashary Executive Editor: Manzar Naqvi Editor: Agha Masood Hussain Resident Editor ( Islamabad): Munawar Naqvi Editor- at- Large: Mohammed Arifeen Nov. 12, 1996, when a Saudi Arabian Airl ines fli ght banged midair with a Kaz akha st an Airl i ne s Fli ght nea r Charki Dadri in Haryana state. The t otal death was abou t 349 on board t he t wo planes. An offi cial inquiry would be carried out by I ndia ' s Aircr a f t Acc i dent Investigat­i on Bureau. The i nfluence with t he lowest of t he drain resulted t he fusel age t o break in two, an d that t he f r o nt h alf was ve r y poorl y c r ushe d an d destroye d. The f i r st responders were able to rescue the passengers as th e plane did not catch fi re. Earlier many people were killed i n Kerala's Idukki district after monsoon- season flo ods caused a la ndsli de. Fuel had flowed out so it was a wonder t hat t he plane did not catch fi re, otherwise the death could have been very high . Kozhikode i s contemplat­ed a sensitive airport as it has a t able- top runway with an abrupt drop at one end. Indian avi ation on t he t op are bl aming on the pil ot, not t he r unway. Crash was ver y much identical t o another, much dangerous Indian ai r acci dent at a t abletop runway i n 2010, which had resulted nearer l ook at comparable hillt op runways. In India t here are about five of t hem. The Indi an civil aviation ministry formed a safety advisory council t hat i ncl ude d avia t i o n e x pert s who i n 2011 warned that Kozhikode's Runway 10 was hazardou s. In t his context a safet y zone was recommende­d at t he end of the runway. Captain Ranganatha­n stated i n an i nt er view th at he was depressed t o know t hat th e pilot t ri ed t o l and i n t he ver y situ atio n t hat he had warned about. The captain, Deepak Sathe, a f ormer Indian Air Force t es t pil ot, appears t o have underestim­ated t he dis t ance he r equir ed t o br i ng t he plane t o a stoppage. The manner t he a nnouncem ents were made t o t he passenger s did not comfort ei t her, p as s en ge r s . Th e c a bi n c r e w u s e d Hin di a nd En gl i s h , I n di a ' s most l argel y spoken l anguages. Most passengers f rom Kerala State h ad been pe r f or ming j obs l i ke f o r i ns t a nce c l ea r i ng t ab l e s or dr i v i n g t r u ck s . Th e y s po ke Mala y al a m, Kera l a ' s t ongue. More l i ves might have been s a v ed i f t he cr e w h a d made t he a n no un c e ments i n Mal a ya l a m. A l arge number of t he survi ving passengers remained i n hosp i ta l s. I t i s r eported t hat af te r some had t ested pos i ti ve f or co r onavir us, sur vivors were not per mitt ed t o l eave th e hospit al s j ust yet. n Air India Express plane with 190 peopl e on board has crashed at an airport i n the southern state of Kerala, killing at minimum 18 people. The Boeing 737, en route from Dubai, sl ipped t he runway in rain and broke i n t wo after l anding at Calicut airport, aviation. The fl ight was repatriati­ng Indians grou nded by t he coronaviru­s cri sis. The li fe saving operation at t he crash sit e has now been fi nished and those who were aliv e have been t aken t o hospitals in Calicut and Malappuram. The two pilots were among t he dead. Fli ght IX 1134 was carryi ng about 184 passengers, containing 10 i nfants, and six crew members. The plane reportedly overshot the runway upon l anding among heavy rain. The plane surpassed the runway upon la nding amid heavy rain. The ai rcraft was brok en in the runway in rainy condit ions, and t hen fell down 35 feet, before crumbling i n two par ts. The fi rst responders were abl e to save the passengers as the plane did not catch fi re. Survivors have been taken t o hospitals in Calicut and Malappuram. At t he t ime of t he plane's drop Kerala was bei ng battered by heavy rains, which are common in India at th is t ime of t he year, owing t o the season- al monsoon. Prime Minister Narendra expressed his heartfelt sympathy for t hose who l ost their beloved ones i n t he crash. Kerala Governor was heartbrok en t o know of this misfortune. Rahul Gandhi, who i s an MP for a dist rict i n Kerala, was shocked at the dest ructive news of t he plane t ragedy i n Kozhikode. At t he same t ime it was t oo earl y t o know t he reason of th e crash. Most prob ably the annual monsoon condit ions emerged to be a reason. Low l ight and soaked runway, all lead t o ve r y bad braki ng ac t i on . The European Aviation Safety Agency and t he U. S. Fed er al Avi at i on Administra­tion were asked to assist with the Indian government's i nvesti - gation. All local residents who were i nvolved i n t he rescue effort were asked to go into quarantine as a preventive measure. The survivors were being approved for t he virus. The Air Indi a Express fl ight was on the Indian gove r nment' s d i s t i nc t r ep a t r i at i on mission to bring Indian citi zens back t o t heir country. Almost all the passeng ers were r eturning from the Gulf countries. Usual commercial flig hts have been discontinu­ed in Indi a due t o t he cor ona vir us ep i dem i c . The depressed air disast er i n India was on Honorary Advisory Board Tariq Iqbal Khan, FCA Amir Abbas Ashary Sikandar Ali Shah Nuzaira Azam ( U. S. A) Asim Abbas Ashary, CPA Shiraz Ahmed Siddiqui Dr. A. Hadi Shahid, FCA Mubasher Mir M. Zaheer Quindeel Syed Ibne Hassan Head office 111- C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92- 21- 35311893- 6 Fax: 92- 21- 35388428 URL: www. thefinanci­aldaily. com Email Address: editor@ thefinanci­aldaily. com Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92- 42- 6675595 Fax: 92- 42- 6664349 Email Address: editor@ thefinanci­aldaily. com Disclaimer: All re ports and recom mendation s have been prepared for your informatio­n only. Summary and Analysis are not recommenda­tion to buy or s ell. This inform ation should on ly be used by investors who are aware of the risk inherent in securities tr ading. The facts, informatio­n, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completene­ss cannot be guaranteed. The Financial Daily Internatio­nal and its employees are not responsibl­e f or any lo ss arising from use of these r eports and recommenda­tions. Challenges to media - facts or alarmism different media houses in different capacities throughout Pakistan . The bigger the name of tv channel, and newspaper it helps in the publicity of journalist­s affiliated with such organisati­ons and they all enjoy special privileges . They owe their publicity to the organisati­on they serve and not because they are something big. They take liberties under the cover of big papers and freedom of press. There is no absolute freedom of press anywhere in the world, no one is against freedom but there are limits etiquettes and manners, and if someone crosses the limits he is bound to face the music. It is very strange that in Pakistan media enjoys more freedom but even then they are not happy and keep criticisin­g the government for which there is no justificat­ion. There are few journalist­s who always seen protesting against freedom of press accusing agencies and exploit and sell their narrative on account of few missing persons out of which some of them were later found being actively engaged in anti state activities. Latest case is that of Matiullah Jan known to be strong critique of establishm­ent. Many people are ignorant reason of his being against the establishm­ent. He joined army but during training he was thrown out on disciplina­ry action therefore his hatred is understand­able. Since the case is in court therefore reserve my comments. But it provides food for thought as to why time and again few known journalist­s come in lime light. Is it something wrong with them? What is their motive? Why remaining thousands of journalist­s have no problem? The responsibi­lity can never be one sided, no journalist under the cover of freedom can exceed limits rules regulation­s framed are meant for all the journalist­s and there is no exception whatsoever, but if it is there it must be protested. Law comes in to action when these are by passed or broken there is no unchecked liberty anywhere. As mentioned earlier there are hundreds of journalist­s who enjoy good reputation not because they are in pay roll of the agencies but because of their balanced approach. It has become a fashion on the part of certain journalist­s to criticise and target VIP's by floating different stories and indulge in their character assassinat­ion, but they show restraint and remain unmoved. Can someone answer just one simple question as to why out of hundreds of journalist­s some become controvers­ial? The number of such journalist­s is very insignific­ant but since they get wide projection due to being in known media group therefore remain in lime light. Why every time we find this small group to remain in focus and alleged to be picked up by the agencies, why not others. That simply means that there is something wrong with them. Some journalist­s also stage dramas by themselves for publicity and cheap popularity and at time succeed in their mission and gain sympathies but this is temporary and they soon get exposed. Majority of the journalist­s are fed by agencies, organizati­ons. Their informers in the government offices supply photo copies of confidenti­al letters, copies of contracts of various ministries by making some payment. That is what we witness on daily basis. With advance IT science you can get any informatio­n on google without doing any hard work, but for the inside informatio­n you have to pay. Majority of the journalist­s now fall under the category of internet journalist­s. But the informatio­n obtained through various sources when mixed with own self created story when aired sometimes attracts provision of misuse of freedom of speech and when questioned by PEMRA it is termed as attack on media. It is also true media at times has suffered uncalled for censorship and restrictio­ns imposed directly and indirectly and press has been very vocal and has been voicing concerns about it on all the appropriat­e forums. But 2 years of PTI has seen many good changes regulariza­tion of ads and stoppage of ads to dummy papers and direct payment to the papers instead of agencies . At present media tycoon and owner of biggest media group in Pakistan is facing detention since March by NAB on a 35 years old case of purchase of land. This arrest has come under great criticism the world over but so far Mir Shakil has not been able to get bail. PTI 2 years has seen many ups and down including drastic effects of COVED 19 but at the same time government's right policy to avoid complete lock down bore fruits. Government provided relief to millions of people who were without job but even then they kept facing criticism by media in general. There is need of grand dialogue between various media groups and the government to end the confrontat­ion and release of Mir Shakil ur Rahman could be a good starting point. There is no ideal solution anywhere in the world therefore we all have to play our right role so that country keeps moving in the right direction. One thing that stands out is that things have changed, no media group can influence government on any issue and that is what Nia Pakistan is, we must congratula­te IK for his success that has come after struggle of 23 years. In the words of Albert Camus "Absolute freedom mocks at justice. Absolute justice denies freedom. To be fruitful, the two ideas must find their limits in each other" I t is very strange that still certain gr oups in Pakistan, a section of media and some journalist­s are engaged in negative propaganda against prime minister and security forces and spare no time to criticize the armed forces specially army under one pretext or the other and then keep crying fowl against government about curbing freedom of press and speech. This is an honest fact that Pakistani journalist­s enjoy unpreceden­ted freedom of speech as compared to rest of the world, instead of appreciati­ng government­s liberal attitude they indulge in uncalled for criticism. It was Gen Musharraf who being dictator gave freedom to media and granted hundreds of tv channel licenses to anyone who applied and allowed them free hand to say anything. Gen never bothered about criticism unless it was against the state. In fact like NRO this has been his second blunder to grant TV licenses without carrying out proper scrutiny and clearance of the applicants ultimately he paid the price. What would anybody term this gesture on the part of government, freedom , chains or challenges It is so unfortunat­e that if something happens to any journalist straight away security agencies are blamed. While doing so we forget that security agencies do not operate like this . It is no good to indulge in false propaganda t hat ultimately creates problems for everyone. There are thousands of journalist­s serving in Mukhtar Ahmed Butt The writer i s a freelance j ournalist and defence Analyst. IPP ‘ agreement’ Khurram Husain Nauman Wazir of the ruling PTI has already referred to the IPPs as "criminals", said an FIR ought to have been registered against ' them' - presumably their sponsors and management, for the "excess profits" that the inquiry report alleged they have made over the past couple of decades. In a TV appearance he said the MoU signed between the government and the IPPs "will l egalise t heir criminalit­y" and t otal ly rejected the understand­ings contained within it. The next day he followed these words up with more objections during the Senate panel hearing. Let's see if others join him in rejecting the MoU. Read: MoU signed with IPPs to cut cost, says minister After the approvals a second challenge looms. Before an agreement can even be reached, Clause 10 of the understand­ing says all outstandin­g dues owed to them should be settled "within an agreed time period". The amount the government will have to pay for this settlement is estimated by the IPP management­s to be above Rs200 billion. The total outstandin­g owed to power producers is Rs600bn, but not all of those producers are part of these talks. The IPP team tells me they expect a full settlement of all outstandin­g receivable­s owed to them before they will consider activating any of the other clauses in the MoU. But the language of Clause 10, where this understand­ing is written, does not specifical­ly make activation of the terms of the agreement conditiona­l on prior payment of outstandin­g receivable­s. The MoU simply says there will be "agree- ment on payment of receivable­s within an agreed time period". The language of the clause is carefully crafted to leave just enough ambiguity to let the IPPs decide either way, to either press for full payment or activate the terms against an agreed timeline only. They will probably check the temperatur­e at decision time before choosing their course of action on this clause. The other clauses in the MoU are minor details, even the IPP management­s agree. The revised formulae for sharing of efficiency gains or the revision in the Delayed Payment Rate are nothing special. The reduction in the DPR is only for the first 60 days, for example, after which it reverts to an exorbitant Kibor plus 4.5 per cent. The switch to "take and pay" - a reference to eliminatin­g capacity payments - has been thrown indefinite­ly into the future since both sides agreed it can only happen after a competitiv­e trading arrangemen­t comes into being, an idea that has languished for more than 20 years already. There is little reason to believe it will happen in the next five years, and even that is being optimistic. The committee has also agreed to abide by the principle of first in first out when making all future payments, which will prove to be costly for the government. Common practice that helped save the government money was to pay off those bills first that came with the highest interest rates, and FIFO ends that discretion. The biggest allegation that launched this entire exer- cise in the first place was the one of "excess profits" that the IPPs were said to have made by misreprese­nting their costs or their fuel consumptio­n or their efficiency levels. The government marched into these talks alleging trillions of rupees worth of wrongdoing in "excess profits". Yet under the MoU, the whole matter has been lobbed into Nepra's court, which will decide only whether the profits were made in accordance with the 2002 policy, the tariff determinat­ions and the power purchase agreements of the IPPs, based on numbers that were reconciled between government and the IPPs during these talks. The rupee indexation of returns for local investors sounds good on the surface, until you see that the rupee has been indexed at 148 to a dollar. Given these plants made their equity investment­s in the year 2002, when the dollar was around a third of this value, the indexation compensate­s the IPPs very generously in return for losing their dollar- based certainty. The government has done the right thing to seek these talks, and it has also done the right thing to ensure sovereign guarantees are not violated in the process. But these terms do little for the vaunted goal of tariff reduction. The terms in the MoU are meek and the IPPs have largely escaped the kind of accountabi­lity that the government was screaming about when this whole affair was launched. In the meantime, the circular debt, power sector governance and the rising power bills of consumers will remain large challenges for the government.- T he first thing to note about the recent ' agreement' signed on Aug 13 between a group of power- producing companies and a government committee is that there is, in fact, no ' agreement'. What we have at the moment is an agreement to have an agreement at a later point in time, hence why they are calling it a Memorandum of Understand­ing ( MoU) for now. So the natural question to ask is what all needs to happen before we can get to an ' agreement'. There are two hurdles that need to be cleared before an agreement can be reached, and both of these hurdles present their unique challenges. And the government has six months in which to clear both these hurdles failing which the understand­ings will expire. First is that the 13- point MoU needs to be cleared by respective authoritie­s from both sides of the negotiatin­g table. It needs to be cleared by the management of the IPPs as well as their boards, which is unlikely to present major issues. A challenge is possible on the government's side. The committee that negotiated these understand­ings now needs to present them for approval to the federal cabinet as well the power sector regulator, Nepra. At the cabinet level, the terms outlined in the understand­ing might activate some politics, and those who are unhappy with the outcome try and oppose the MoU. The natural question to ask is what all needs to happen before we can get to an ' agreement'. Some of t his may have already begun. Senator Courtesy: Dawn Kabul wants Biden as president Imran Jan ry. He t ri ed co untless strategies to avoid for peace to retu rn to Afghanista­n and for t he Americans t o withdraw. He even went so f ar as t o declare war on t he Taliban after wrongfully accusing t hem of making t he maternity ward attack in Kabul. That was t he work of ISIS, whose i nt erest s are more aligned with I ndia's. Fin al l y, Ghani rejected rel easing t he fi nal batch of t he Taliban prisoners arguing t hat t hey were i nvolved in high- profile te rrori st at ta ck s. Behind all t his noise li es th e ulteri or motive, which i s to delay t he ex ecuti on of t he peace agreement signed between t he Taliban and t he United States i n February. It is quite th ought provoking t o realise t hat t he ragtag warriors of t he erst while call ed t he Taliban are t he ones who want peace t oday and th e Kabul r egime l ed by a welleducat­ed man i s in te rested in keeping t he war and occupation going. The end of th e lo ngest war i n histor y has alr eady lo st it s importance i n t he minds of t he American people and so Trump perhaps may not be able t o gain from t outing i t . The media drumbeat i n America has made t he fi ght against t he pandemic the number one issu e th at will define t his election. The i nteresting fact is th at t he Trump ad ministrati on tweaked t hing s t o ensure t hat Ghani r emains t he presi de nt i n s t e ad of hi s r i v al Abdulla h Ab dul l ah . However, now Ghani i s t weaking t hi ngs by delayi ng peace i n Afghanista­n, t o ens ure Trump's defeat. Trump had helped Ghani j ust so th at t he peace deal between th e Taliban and th e US goes t hrough successful l y. Ghani wants Trump t o l ose so t hat t hat peace deal i s killed. Ghani wants Biden t o win so t hat th e t raditional American presidenti­al habit of keeping countries occupied r emains i nt act . Pa ki s t a ni s s hou l d wel c ome a Tru mp vi ct or y bec a us e Bide n i s go i n g t o ke ep t he war i n Afghanista­n going and Pakistanis are quite well familiar with th e heat t hat reaches Pakistan fr om an Afghanista­n t hat i s on f ir e. Trump's victor y i n 2016 took t he world several steps cl oser t o exti nction when he withdrew fr om t he Par is Climate Agreement. However, his defeat t his ti me around could pro ve even worse for world peace because India, being an ir responsibl­e state l ed by a majo r t e r r o r i s t , i s doi ng i t s s he na ni ga ns i n Afghanista­n. While Pakistan i s a responsibl­e state, there i s a li mit t o to le rating a relentless assault on i t s defence. Both are nuclear- ar med states. The t hreat of a nuclear war i s th e other reason, besides Cli mate Change, t hat can cause human exti nction. An ongoing war on th e soil of a dest ab i li sed Afgha ni s t an, l e d by Ghan i a nd p ol i c ed by t he Americans, i s what I ndia wants because t hat i s t he only way i t can continue to hurt Pakistan f rom i t s western bor der. If Trump wins, India and Kabul lo se, peace i n Afghanista­n wins, Pakistan wins. If Biden wins, Afghan peace l oses, I ndia wins, Kabul wins but Afghanista­n l oses. I t is th at si mple.- U sually, t his happens i n movies. When a kidnappe r c all s f or r a nso m money, t he l a w enforcemen­t per sonnel t ry t o t rack t he cr iminal's lo cation by t racing t he call ' s origin. But t he phone conversati­on has to go on for a certain durati on. The i ntense scene usually has t he u pset family member keeping t he ta l ks going while t he te ch guys are t rying har d to l ocate t he cr iminal caller. The strategy pays off only if t he caller is sti l l hanging in t here in stead of hanging up. Kabul seems t o be doing th e same. Presid ent Ashraf Ghani's ai m is t o keep t he peace i n abeyance until t he US presidenti­al election, which would be held on November 3. He t hinks t hat if he can drag t his on unti l November, he may get a l if eline. His survival depends on i t . Ghani knows i t i s Presid en t Trump who wan t s t o e nd Americ a ' s a nd Afg ha nis t a n' s lo ngest war. Biden bel ongs to the t raditional cl ass, th e one th at wages, not end, wars. Therefore, Ghani is really hoping f or a Biden victo- Courtesy: The Express Tribune The writer is a professor at the Lonestar College in Houston and also a PhD candidate at the University of Houston PRINTED AND DISTRIBUTE­D BY PRESSREADE­R PressReade­r. com + 1 604 278 4604 O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y COPYRIGHT AND PROTECTED BY APPLICABLE LAW

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