Category Archives: Finance

Pakistan: Former PM Imran Khan, wife Bushra Bibi sentenced to prison in corruption case

Pakistani court sentences Imran Khan to prison
Former Pakistan PM Imran Khan sentenced to prison in corruption case. Photo Courtesy: Sayed Z Bukhari X page

A Pakistani court on Friday sentenced former Prime Minister Imran Khan and his wife Bushra Bibi to prison after finding them guilty in a 190 million British pounds (USD 240 million) case.

Khan, a cricket legend who captained the national team to 1992 World Cup victory, was sentenced to 14 years in prison.

His wife received seven years of imprisonment.

Khan is currently lodged in jail.

Accountability Court Judge Nasir Javed Rana announced the order in a courtroom inside Rawalpindi’s Adiala Jail, where Khan has been kept for the past one year.

In addition to the prison sentences, the court imposed fines of PKR 1 million on Imran and PKR 500,000 on Bushra, reported The Express Tribune.

In case the fines are not paid, Imran would need to serve an additional six months in prison.

Bushra Bibi will have to stay in prison for three more months.

As per Dawn News report, the case alleges that Imran and Bushra obtained billions of rupees and land measuring hundreds of kanals from Bahria Town Ltd for legalising PKR 50 billion that was identified and returned to the country by the United Kingdom during the previous PTI government.

Amid tight security, the court announced the verdict, following which Bushra Bibi was arrested in the courtroom.

Calling the verdict politically motivated, PTI has announced it will challenge the conviction.

Khan was ousted from power in 2022 after a no-confidence motion was passed against him.

PTI leader Meher Bano Qureshi reacted to the development and wrote on X: “The real question here is why did Malik Riaz over pay? What favours were granted in return and when does NAB plan to pursue that case because this falls under corrupt practice.”

Singapore Airlines to continue as title sponsor of Singapore Grand Prix till 2028

Widely regarded as one of the most anticipated annual events in Singapore, The Singapore Grand Prix is a crown jewel not only for the city-state but also for the F1 fans.

Singapore Airlines is the title sponsor of the Singapore Grand Prix. Photo courtesy: www.instagram.com/f1nightrace
Singapore Airlines is the title sponsor of the Singapore Grand Prix. Photo courtesy: www.instagram.com/f1nightrace

With all the glitz and glamour surrounding the event, the sponsors arguably play a big part in it. For years now, Singapore Airlines (SIA) has played the role of the title sponsor of the mega event and it’ll remain that way for the next few years.

ALSO READ: Singapore Grand Prix: 15th edition to begin with new race-themed programmes across country

According to an official news release, SIA has renewed its title sponsorship of the Formula 1 for another four years. The airline has been the title sponsor of the event for 11 years now, beginning with the 2014 edition of the race.

This latest extension will cover the event, which will continue to be called the Formula 1 Singapore Airlines Singapore Grand Prix.

The 2025 edition of Singapore Grand Prix is scheduled for 3 to 5 October at the Marina Bay Street Circuit.

ALSO READ: Singapore Grand Prix 2025 to take place in October

The new deal will remain in effect till the 2028 edition.

Renowned as one of F1’s premier events, the Singapore Grand Prix features drivers racing through the city streets against the spectacular backdrop of its night-time skyline.

The event has bolstered Singapore’s reputation as a business and tourism hub, with numerous international events and meetings organised to coincide with the race, complementing SIA’s global network.

Lee Lik Hsin, Chief Commercial Officer, Singapore Airlines. Photo courtesy: www.singaporeair.com
Lee Lik Hsin, Chief Commercial Officer, Singapore Airlines. Photo courtesy: www.singaporeair.com

Lee Lik Hsin, Chief Commercial Officer, Singapore Airlines, said, “The Singapore Grand Prix is an important event in Singapore’s sporting and tourism calendar. It has become iconic not just for showcasing our beautiful skyline, but also for highlighting Singapore’s position as a key global hub. This extension underscores Singapore Airlines’ long-standing commitment to supporting the development of sports and tourism in Singapore.”

Emily Prazer, Chief Commercial Officer, Formula 1. Photo courtesy: corp.formula1.com
Emily Prazer, Chief Commercial Officer, Formula 1. Photo courtesy: corp.formula1.com

Emily Prazer, Chief Commercial Officer, Formula 1, said, “We are delighted that Singapore Airlines will continue as the Title Sponsor of the Formula 1 Singapore Airlines Singapore Grand Prix. Singapore has become one of the most revered Grands Prix on the calendar, and it is through the hard work and dedication of partners such as Singapore Airlines that we can continue to deliver such a strong event. We look forward to continuing to work with them to further elevate this event for years to come.”

Doctors remove knife from Saif Ali Khan’s spine, actor out of danger

Bollywood actor Saif Ali Khan on Thursday, January 16, underwent a surgery at a hospital in Mumbai to remove a knife from his spine after he was repeatedly stabbed by an intruder at his home, and is now “out of danger”, doctors said.

Actor Saif Ali Khan. Photo courtesy: www.instagram.com/saifalikhan_online/
Actor Saif Ali Khan. Photo courtesy: www.instagram.com/saifalikhan_online/

Khan, 54, was on the path of recovery following the emergency surgery, said doctors at the Lilavati Hospital where he was rushed following the incident that took place around 2.30 am at his house in ‘Satguru Sharan’ building.

Speaking to reporters, Lilavati Hospital’s Chief Operating Officer (COO) Dr Niraj Uttamani said, “We removed a 2.5-inch piece of knife from the spine.”

Asked about the actor’s injuries, he said there were two severe, two intermediate injuries and two abrasions.

“We wish to inform you that fortunately Saif Ali Khan’s surgery has been done very well. He is on the recovery path. He has been shifted to the ICU. Maybe in a day or two he will be shifted to the ward,” Dr Uttamani told reporters.

The injuries were deep, however, doctors at the hospital managed to do the surgery well, he said, adding that a neurosurgery and a plastic surgery have been performed.

“Khan is looking fine and is on 100 per cent recovery path as per our initial understanding,” Dr Uttamani said.

Dr Nitin Dange, neurosurgeon at the Lilavati Hospital, said Khan had sustained a major injury to his “thoracic spine.”

“He sustained a major injury to his thoracic spine due to a knife lodged in his spine. Surgery was performed to remove the knife and also to repair the leaking spinal fluid. There were two other deep wounds on his left hand and right side of the neck which were repaired by the plastic surgery team,” he said.

“Khan is completely stable now. He is in recovery mode and is completely out of danger. We will shift him out of the ICU tomorrow morning and maybe plan a discharge in a day or two,” he added.

PIA’s ad over resuming Paris flight triggers row for evoking 9/11 memories

PIA's ad over resuming Paris flight triggers row for evoking 9/11 memories
PIA’s latest advertisement on Paris service resumption triggers row. Photo Courtesy: X page video grab

An advertisement for state-run Pakistan International Airlines (PIA), that evoked eerie memories of the 9/11 attacks in the USA, triggered a massive row, forcing PM Shehbaz Sharif to order an investigation, media reports said.

The advertisement in question was created to celebrate the resumption of flight service between Pakistan’s Islamabad city and French capital Paris.

The PIA shared the image on X which showed a flight heading towards the Eiffel Tower.

With the French flag in the backdrop, the image was shared with the caption: “Paris, we’re coming today.”

Deputy Prime Minister and Foreign Minister Ishaq Dar informed the Senate about the premier’s decision, reported The News International.

On 9th September 2001, shocking the world, two planes hijacked by al-Qaeda terrorists crashed into Twin Towers of the World Trade Center. 

The attack mastermind, Osama Bin Laden, was killed during a military operation in Pakistan’s Abbottabad city on May 2, 2011.

The European Union Aviation Safety Agency (EASA) has lifted its ban on Pakistan International Airlines (PIA) from operating in the EU bloc in November last year.

EASA suspended PIA’s authorisation to operate in the EU in June 2020 over concerns about the ability of Pakistani authorities and its Civil Aviation Authority (PCAA) to ensure compliance with international aviation standards.

K-pop: BTS’ ‘Dynamite’ shatters record with 2 billion streams on Spotify

South Korean K-pop band BTS' 'Dynamite' shatters record with 2 billion streams on Spotify
BTS band’s Dynamite reaches 2 billion streams on Spotify  Photo Courtesy: Wikimedia Commons

K-pop band BTS has written history after its 2020 hit song ‘Dynamite’ achieved 2 billion streams on global music streaming giant Spotify.

BigHit Music, the group’s agency, shared the development.

BTS is now the first K-pop group to reach such a milestone.

“Among solo artists in the industry, BTS member Jungkook became the first to surpass 2 billion streams with his individual single ‘Seven’,” Yonhap news agency.

The song was released on  August 21, 2020.

The song’s achievement reflected the mass appeal it had to music lovers across the world.

With the song, the septet became the first K-pop act to top the Billboard Hot 100 and earn a Grammy nomination, the South Korean news agency reported.

Apart from its chart success, the song featured in shows like Bridgerton and Emily in Paris.

South Korea: First hearing of President Yoon Suk Yeol’s impeachment trial ends in minutes

Formal hearing of impeachment trial of South Korean President Yoon Suk Yeol begins
Formal hearing of impeachment trial of South Korean President Yoon Suk Yeol begins. Photo Courtesy: Wikimedia Commons

The first formal hearing of South Korean President Yoon Suk Yeol’s impeachment trial ended in just four minutes, after he did not appear before the court, media reports said.

The next hearing is scheduled for 2 p.m. on Thursday, and the court will proceed with the trial regardless of whether Yoon is present or not, acting court President Moon Hyung-bae was quoted as saying by Yonhap news agency, citing the relevant law.

Yoon’s failed martial law imposition bid had plunged South Korea into a deep crisis.

The hearing was held exactly a month after a National Assembly voted to impeach Yoon from his position.

Yoon’s lawyers were quoted as saying by Yonhap earlier that the president, who has been suspended from his duties, will not attend the hearing due to concerns about his personal safety amid investigators’ attempt to detain him on charges of insurrection and abuse of power related to his martial law decree.

Moon said the court decided to dismiss Yoon’s request to exclude one of eight justices — Chung Kye-sun — from the trial.

The decision was unanimous among the seven other justices, he said.

Yoons lawyers demanded Chung’s exclusion by citing concern that her past work as the leader of a progressive law research society could undermine the chances of a fair ruling.

“It is regrettable that our request was dismissed for no particular reason,” Yun Gap-geun, a lawyer for Yoon, told reporters after the hearing, as quoted by Yonhap.

“I believe a justice with common sense will recuse herself,” the lawyer said.

The court now has 180 days to decide whether to uphold or reject Yoon’s impeachment from the day it received the case on December 14.

If upheld, Yoon will be removed from his office, a move that can trigger snap polls within 60 days.

If dismissed, he will be reinstated.

Pakistani-origin English cricketer Saqib Mahmood yet to get a visa for upcoming tour to India: Reports

Pakistani-origin English pacer Saqib Mahmood facing visa issue.
Saqib Mahmood is yet to get a visa for the India tour. Photo Courtesy: Saqib Mahmood Instagram page

Pakistani-origin English cricketer Saqib Mahmood was forced to miss the upcoming training camp of the England cricket team in the UAE ahead of the series against India after his visa was delayed.

The ECB expects that the issue will be resolved before the rest of the team travel to Kolkata on Friday ahead of Wednesday’s first T20I but the delay is a familiar issue for England players with Pakistani heritage, reported ESPNcricinfo.

The ECB declined to comment but is understood to be optimistic that Mahmood will secure his visa in time to board the team’s flight, the cricket-based news portal reported.

Adil Rashid and Rehan Ahmed are the other two Pakistani-origin cricketers in the squad.

According to reports, they have received their visa.

Ahead of the India tour, Mahmood was scheduled to visit Abu Dhabi and join teammates Jofra Archer, Gus Atkinson, Brydon Carse and Mark Wood for the pace bowling camp.

British cricket icon James Anderson will be overseeing the camp as a bowling consultant.

Mahmood was required to surrender his passport as part of the visa process, and was therefore unable to travel, reported ESPNcricinfo  .

He is also a part of the Champions Trophy squad.

The multi-nation tournament will begin in Pakistan and the UAE in February.

Mahmood did not face this issue for the first time. In 2019 he could not tour with the England Lions.

According to reports, he was denied a visa in 2024 when Lancashire visited India.

Israel-Palestine conflict: Hamas likely to release 33 hostages during first phase of emerging ceasefire deal

Hamas likely to release 33 hostages during first phase of emerging ceasefire deal
A family in Gaza receives a box of food. Photo Courtesy: WFP/Ali Jadallah

Hamas is likely to release 33 hostages during the first phase of the emerging ceasefire agreement between Israel and Palestine that is being finalised by negotiators in Qatar, media reports said, a move that may halt the violence in the region ongoing for the past 15 months.

Hamas reportedly holds 94 hostages out of the 251 people it had taken from Israel during its October 7, 2023 attacks.

Israel believes that most of the 33 hostages to be released in the first phase of the deal are alive, a senior Israeli official told reporters as quoted by CNN on Monday.

The senior Israeli official said the parties appear to be on the verge of an agreement and that Israel is prepared to implement the deal once it has been inked.

A Palestinian official familiar with the negotiations told BBC that the terms of a deal between Israel and Hamas for a ceasefire in Gaza and the release of hostages are being finalised.

Meanwhile, US President Joe President, whose term will end soon, said his administration is working hard to try and reach a deal to bring hostages home.

“My Administration is working hard to try and reach a deal to bring hostages home, end this war, and bring immediate relief to Palestinians in Gaza,” Biden posted on X.

Biden recently held a discussion with both Israeli Prime Minister Benjamin Netanyahu and Qatari Emir Sheikh Tamim bin Hamad Al-Thani over the deal recently.

According to reports, Sheikh Tamim bin Hamad Al-Thani is meditating on the negotiations.

As per a White House released statement, during his discussion with Netanyahu, Biden stressed the immediate need for a ceasefire in Gaza and the return of the hostages with a surge in humanitarian aid enabled by a stoppage in the fighting under the deal.

Biden thanked Qatari Emir Thani for his leadership and praised Prime Minister Mohammed bin Abdulrahman Al Thani for his mediating role throughout the process.

A diplomat close to the negotiations told CNN a final round of proximity talks to finalise any issues was scheduled to take place in Doha on Tuesday.

The UN Humanitarian Coordinator for the Occupied Palestinian Territory called on Sunday for an end to the war in Gaza to ensure a better future for children there and the entire region.

Muhannad Hadi, who is also the Deputy Special Coordinator for the Middle East Peace Process, made the appeal during a visit to Gaza City, where he met with representatives from non-governmental organizations (NGOs).

The senior official also visited Holy Family Church, where he recorded a video message on the church steps, surrounded by displaced children.

“Needless to say that churches, mosques, civilians, and all civilian infrastructure, must be protected. They can only be protected by the end of this war; by a ceasefire,” he stressed.

Over 200,000 people living without electricity after severe winter storm batters parts of US

Massive winter storm hits parts of the USA
Severe winter storm hits parts of the USA. Photo Courtesy: Pixabay

More than 200,000 homes and businesses in central and eastern USA remained powerless after a deadly winter storm hit the area, putting the region under a massive snow blanket, media reports said on Wednesday.

The storm ravaged the central and eastern half of the country on January 5-6.

The storm hammered a swath of the country from Kansas and Missouri to Virginia and New Jersey with heavy snow and ice, triggering emergency declarations as disruptions piled up on roads and at airports, USA Today reported.

The storm reportedly shattered snowfall records in several states across central and eastern America.

Heavy snow forced widespread closure of schools and federal office buildings in Washington, D.C.

The inclement weather also impacted the schedule of Tuesday’s funeral events to honour former President Jimmy Carter, USA Today reported.

The precarious weather conditions also disrupted flight services in airports in the affected regions.

The US might witness severe weather in the upcoming days with blizzard conditions persisting across several regions in the nation.

A state of emergency was declared on Monday in multiple states, including Kansas, Kentucky, Arkansas, West Virginia and Virginia.

Public Utility Commission of Texas posted on X: “Freezing temps, snow, and ice forecast across #Texas could trigger LOCAL power outages. If you experience outages, contact your LOCAL utility. Monitor outage maps and find utility contact information on the PUCT’s Storm.”

PJM Interconnection, a major power grid operator of the country, issued a  ‘Cold Weather Alert’ for its Western Region for January 8–10.

“Asian” label on grooming gangs: Indian diaspora in UK condemns generic terminology, demands greater accuracy in reporting

A number of Indian diaspora groups in the UK have strongly objected to the use of the generic term “Asian” with reference to a historic child sexual abuse scandal across different parts of England, largely involving gangs of men of Pakistani heritage.

British Prime Minister Keir Starmer received flak for his use of Asian terminology. Photo courtesy: x.com/Keir_Starmer
British Prime Minister Keir Starmer received flak for his use of the ‘Asian’ terminology. Photo courtesy: x.com/Keir_Starmer

Defending his record, British Prime Minister Keir Starmer said on Monday, January 6, that he had reopened such cases and brought the first prosecution of an “Asian grooming gang” in Rochdale, north-west England, during his time as the head of the Crown Prosecution Service (CPS) between 2008 and 2013.

The Network of Sikh Organisations (NSO) reacted to Starmer’s statement to highlight that the charity had first complained about the use of “vague” terminology referencing the country’s wider South Asian community in connection with the crime back in 2012.

“This use of the vague reference to ‘Asian’ grooming gangs is extremely disappointing from the Prime Minister,” NSO said in a statement.

“Part of the problem with this issue has been a fear of not speaking openly about the ethnicity and (or) religion of the majority of perpetrators. This has, in some instances, made it worse for the victims,” it said, calling for “greater accuracy in reporting”.

“This is a matter of significant public interest, and criminality that has impacted our communities too,” the charity added.

Generic reference for political correctness?

Sikh Federation UK echoed similar concerns following Starmer’s comment, warning against using the generic reference “for reasons of political correctness”.

“Politicians by continuing to use the misleading term ‘Asian grooming gangs’ shows they are more worried about votes and do not have a clue how to address a perverse upbringing mixed with a religious philosophy of forced religious conversion that has been allowed to thrive for decades without being called out,” it posted on X.

Some British Hindu groups also raised similar concerns around political correctness among the UK authorities that is failing the victims of such crimes.

“Due to political correctness and the fear of being labelled racist or Islamophobic, the authorities have preferred to use the term ‘Asian’ to define these gangs and worse, some have buried their heads in the sand hoping that the problem will go away,” noted community organisation Insight UK.

Home Secretary says UK to adopt tougher measures

It came as UK Home Secretary Yvette Cooper told the House of Commons on Monday that her department would be pursuing plans to include tougher measures in the Crime and Policing Bill to make it mandatory for organisations and institutions to report child sexual abuse.

UK Home Secretary Yvette Cooper told the House of Commons on Monday that her department would be pursuing plans to include tougher measures in the Crime and Policing Bill. Photo courtesy: x.com/ukhomeoffice
UK Home Secretary Yvette Cooper told the House of Commons on Monday that her department would be pursuing plans to include tougher measures in the Crime and Policing Bill. Photo courtesy: x.com/ukhomeoffice

During her parliamentary statement, the minister pointed to official reports dating back 10 years ago which found that “1,400 children had been sexually exploited, raped by multiple perpetrators, trafficked across other towns, abducted, beaten and threatened with guns”.

“Girls as young as 11 had been raped. Those reports a decade ago identified a failure to confront Pakistani heritage gangs and a ‘widespread perception’ that they should ‘downplay the ethnic dimensions’ for fear of being seen to be racist,” noted Cooper.

The issue has been brought back into sharp focus since Tesla CEO Elon Musk began using his X platform to attack the UK government’s handling of the scandal, opening up a war of words with the Starmer-led government. While the Opposition Conservatives have been using it to mount attacks on the Labour government, ministers are keen to highlight Tory failures from when the party was in charge.