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Israel bombs civilian areas in Lebanon

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AIN QANA: Smoke rises after an Israeli airstrike targeted a building in this southern Lebanese village, violating a truce.—AFP BEIRUT: One person was killed and eight others were injured on Monday as the Israeli military conducted strikes on multiple locations in southern Lebanon, targeting civilian areas in two villages. Despite a November 2024 truce that sought to end more than a year of hostilities including two months of all-out war between Israel and the group, Israel has kept up regular strikes on Lebanon and has maintained troops in five areas it deems strategic. Justifying the destruction, the Israeli military claimed that it was targeting “weapons storage facilities”. It further attempted to legitimise the bombing of residential neighbourhoods by reciting its standard claims, saying fighters hiding among “civilian infrastructure”. The Israeli army had previously sent evacuation warnings for the towns of Kfar Tibnit and Ain Qana in southern Lebanon. Lebanon’s state-run ...
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New Punjab police chief on the cards

LAHORE: The federal government has decided to transfer Punjab Inspector General of Police Dr Usman Anwar and appoint him as the director general (DG) of the Federal Investigation Agency (FIA), it emerged on Monday. A highly-placed source confirmed to Dawn that the government has given approval to change the Punjab police high command. The source said that a summary has been submitted to the prime minister for final approval. It added that Anwar’s posting as the FIA DG was likely on Tuesday. Meanwhile, reports suggested that the provincial government has prepared a panel of three candidates for the role of the Punjab police chief. Lahore Capital City Police Officer Bilal Siddique Kamyana, Punjab Counter Terrorism Department Additional Inspector General Wasim Sial and Special Branch Additional Inspector General Rao Abdul Kareem are among those under consideration. As per reports, Khyber Pakhtunkhwa Inspector General Zulfiqar Hameed is also in the race. Dr Anwar was appointed Punj...
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Pakistan’s export fragility exposed

The recently finalised EU–India Free Trade Agreement (FTA), described by Brussels as “the mother of all agreements”, is a crucial development that should prompt Pakistan to reassess its export strategy. The European Union or EU is not just another market for Pakistan; it is the cornerstone of the country’s export economy. Approximately 40pc of Pakistan’s exports head to the EU, with textiles and clothing representing nearly 76pc of those exports in 2024. This heavy concentration on a single market and product category brings both advantages and risks. On one hand, European demand has traditionally been stable, and the Generalised Scheme of Preferences Plus (GSP+) has provided Pakistani exporters with sustained market access for value-added textiles. On the other hand, such reliance makes Pakistan highly vulnerable. Any reduction in competitiveness — whether through tariffs or non-tariff barriers — can quickly lead to lost orders, idle factories, job losses, and increased pressure on...
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Where next with private credit?

In an economy scarred by one crisis after another, Pakistan’s banking sector has been a notable exception even as others struggled. With interest rates peaking at 22 per cent two years ago, sustained government borrowing allowed the sector to lock in high returns by parking liquidity in fixed Pakistan International Bonds (PIBs), earning bumper profits with minimal balance sheet risk. However, the past is another country, and now things seem to be returning towards normalcy — whatever that means in Pakistan’s context. For the most part, monetary policy has already been eased as the key rates have reverted towards their long-term (20-year) average of 10.35pc, naturally raising expectations that it would revive private sector activity. Unfortunately, the data is troubling as private sector credit becomes increasingly divergent from the broader monetary cycle, reflecting structural incentives that favour the deployment of liquidity into government securities rather than lending to the re...
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Prominent names feature in fresh Epstein files dump

• US commerce chief Lutnick visited private island in 2012 • Musk inquired about ‘parties planned’ • Fed nominee Warsh on guest list for holiday gathering • Epstein ‘helped Bill Gates obtain drugs, facilitated illicit trysts’ • DoJ says papers carry ‘untrue and sensationalist claims’ about President Trump WASHINGTON: A fresh cache of files released on Friday related to the investigation into the late convicted sex offender Jeffrey Epstein contains documents that refer to numerous high-profile figures. President Donald Trump, Microsoft co-founder Bill Gates, Commerce Secretary Howard Lutnick and SpaceX founder Elon Musk are among some of the people named in the documents. The disclosure offers a sprawling look into the elite circles Epstein inhabited before his death, implicating prominent figures in politics, business and entertainment. The documents were published following a deadline mandated by a bipartisan congressional law requiring the public release of all files relat...
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Parliament meets tomorrow, likely to amend NAB law

• President summons National Assembly, Senate sessions; houses to adopt resolutions on Kashmir • Opposition expected to raise concern over Imran’s health, delay in ECP chief appointment ISLAMABAD: President Asif Ali Zardari has summoned separate sessions of both houses of parliament on February 2, which are likely take up an amendment related to the National Accountability Ordinance to allow the incumbent NAB chief to remain in office beyond his term set to expire in the first week of March, said sources. The agenda of these sessions has not been shared but insiders said the NAB amendment would be the sessions’ highlight to pave the way for the incumbent NAB chairman to remain at the helm until the appointment of his successor. Retired Lt Gen Nazir Ahmad became the NAB chairman on March 4, 2023, for three years after his predecessor Aftab Sultan resigned citing “interference” and “pressure” as the reasons for his departure. The opposition PTI had claimed Mr Sultan was being coerced...
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Govt hikes diesel price by Rs11.30 as petrol remains unchanged

The government on Saturday hiked the rate for high-speed diesel (HSD) by Rs11.30, while leaving the price of petrol unchanged for the coming fortnight. In a late-night notification, the Petroleum Division said the revision followed movements in international markets and recommendations from the Oil and Gas Regulatory Authority (Ogra). According to the notification, the ex-depot price of HSD was set at Rs268.38 per litre from Rs257.08 per litre. Most of the transport sector runs on HSD. Its price is considered inflationary as it is mostly used in heavy transport vehicles, trains and agricultural engines like trucks, buses, tractors, tube-wells, threshers, and particularly adds to the prices of vegetables and other eatables. Meanwhile, the ex-depot petrol price was unchanged, remaining Rs253.17 per litre. Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes. The notificati...
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