Gold extended a six-day rally to print a fresh all-time high, as the prospect of US interest-rate cuts boosted the metal’s appeal and traders sought safety following a selloff in equity and bond markets.
Bullion for immediate delivery rose as much as 0.4% to hit 3,546.96 an ounce as markets opened in Asia on Wednesday, narrowly higher than Tuesday’s record. Prices have advanced 5% over the past six sessions, underpinned by increased haven demand amid renewed concerns over the Federal Reserve’s future and budget concerns in developed-world countries.
THE latest figures regarding the number of terrorist attacks in Pakistan indicate that rather than abating, militant insurgencies in KP and Balochistan continue to take a heavy toll. As per data compiled by the Pakistan Institute for Conflict Studies think tank, the country witnessed the highest number of militant attacks in a decade last month; at least 194 people were killed in 143 attacks, most of them security personnel and civilians, while over 230 were injured. KP saw the highest number of attacks, where banned groups such as the TTP have again become active, while Balochistan saw the second highest total, where separatist outfits like BLA have been waging a war against the state. It appears that if we continue on this troubling trajectory, last year’s terrorism-related numbers may be surpassed; according to the PIPS think tank, there were over 520 terrorist attacks in 2024, claiming over 850 lives.
Considering these stark numbers, it is surprising why the outcry against terrorist violence is not louder at both the political and social levels. While there have been large demonstrations in KP — condemning terrorist violence and rejecting continued military operations — the rest of Pakistan seems oblivious to the terrorist threat. Perhaps this is because unlike previous waves, when terrorist groups repeatedly hit the country’s urban centres, this time the violence is mostly limited to the ‘peripheries’, such as the merged tribal districts of KP, and Balochistan. Yet complacency will not buy the state or the public peace. Unless the state employs a holistic counterterrorism policy to permanently uproot the militant threat, this cycle of violence will continue. CT operations alone are not the sole solution; they need to be complemented by multi-sectoral solutions highlighted in NAP and NAP 2.0. People cannot be expected to suffer displacement due to military operations every decade or so, only to see militants return to areas previously cleared. Efforts to check infiltration from Afghanistan must be paired with internal operations to permanently secure territory. Moreover, in Balochistan, along with countering separatist violence, the political process needs to be promoted to help defeat the insurgency. The numbers are very unsettling, and if terrorist groups are not stopped now, they will start looking to expand their areas of operation. The civilian wing of the ruling set-up must clearly enunciate what concrete CT steps it has in mind.
IT was the largest gathering of the Shanghai Cooperation Organisation, with leaders of Eurasian nations seeking to establish a more just and equitable multilateral system as an alternative to a crumbling West-dominated world order. The recently concluded SCO summit in the Chinese city of Tianjin brought together countries with competing interests in times of great turmoil in global governance.
Initially formed as a security cooperation group over two decades ago, the SCO has evolved into a formidable forum for trade and economic development. Described as ‘SCO-Plus’, the conference was attended by more than 20 heads of state and government, as well as leaders of international organisations. The Tianjin summit reinforced China’s leading role in the emerging multilateral international order.
In his speech, President Xi Jinping called for “equal and orderly multipolarisation”. The Chinese leader stressed the need for the organisation to work towards a “more just and equitable global governance system” and urged regional leaders to shun a “Cold War mentality”.
It was pointed out that member states faced complicated security and development challenges in a “chaotic and intertwined” world. These remarks set the tone of the conference. His speech indicated China’s emphasis on geo-economics and connectivity.
As per media reports, “The organisation covers approximately 24 per cent of global land area and 42pc of the world’s population, with member states accounting for roughly one-quarter of global GDP and trade increasing nearly 100-fold in two decades.” China’s trade with SCO members, observers and dialogue partners reportedly totalled $890 billion in 2024. Donald Trump’s reckless trade war has massively increased SCO’s potential, as the bloc provides an alternative to America’s economic domination.
The Tianjin summit reinforced China’s leading role in the emerging international order.
The conference also brought the leaders of Pakistan and India face-to-face for the first time after their four-day conflict in May that had pushed the two nuclear-armed nations close to a wider conflagration. The tension was palpable with the two leaders not even shaking hands, let alone any possibility of meeting on the sidelines. Pakistan’s offer for a dialogue on all disputed matters between the two countries had gone unheeded by the Indian prime minister.
Without taking names, both leaders accused the other of perpetrating terrorist activities in their respective countries. New Delhi has hardened its position and does not want any bilateral talks with Islamabad after it was humiliated during its military action against Pakistan. India’s belligerence remains the main source of tension, hampering regional economic and trade cooperation. There seems to be no change in its stance despite foreign policy setbacks.
However, the conference provided an opportunity for China and India to ease the tensions in their relationship. It was the first trip of the Indian prime minister to China in seven years. Relations between the world’s two most populous nations remained strained after bloody border clashes in 2019 following India’s unilateral and illegal decision to annex the disputed state of Jammu and Kashmir and declare Ladakh as federal territory.
Although a ceasefire has been in place for some time, other issues have continued to strain their relationship. India has been part of a US-led anti-China coalition in the Indo-Pacific region. But the latest dispute with the Trump administration on trade tariffs seems to have forced India to mend fences with China. Interestingly, the 50 per cent tariff on exports to the US had come into force just before the summit. Once America’s so-called strategic ally, India now faces some of the highest tariffs imposed by the US. This factor, together with political reasons, has caused relations to sour between Washington and Delhi.
Although the Chinese and Indian leaders agreed they were not “rivals but partners in development”, unresolved issues remain between them, which can widen the existing trust deficit. These include the border dispute, which the Chinese president indicated should be put aside to focus on improved trade and economic relations.
Interestingly, despite their strained relations over the past years, trade between the two countries in 2024-2025 totalled $118bn, though with India’s trade deficit with China reaching $99.2bn.
The thaw in their relations has already resulted in the resumption of direct flights between the two countries and improved business environment. But China’s strategic relations with Pakistan continue to cast a shadow over any further breakthrough.
The summit also reinforced Russia’s return to the global stage after being ostracised by the West for invading Ukraine. President Putin blamed the West for triggering the war. The Russian president has also been invited to the military parade in Beijing this week to commemorate the 80th anniversary of the victory of the World Anti-Fascist War (World War II) and the founding of the United Nations. “It is a milestone prompting us to remember the past and create a better future together,” declared President Xi.
The gathering of leaders and observers from across Eurasia reflected the emerging alignment in the shifting sands of regional geopolitics. The bloc represents the emerging power of the Global South, which is challenging the unjust Western international global order.
The Tianjin Declaration, issued after the two-day parleys, reaffirmed the commitment to sustainable international peace and called for joint efforts to counter traditional and new security challenges. While resolving to fight against terrorism, separatism and extremism, the conference recognised the leading role of sovereign states and their competent authorities in countering terrorist and extremist threats.
The conference also adopted a 10-year SCO Development Strategy, which “defines the priority tasks and main directions for deepening multifaceted cooperation in the interests of ensuring peace and stability, development and prosperity in the SCO space”.
After the summit concluded, President Xi had a bilateral meeting with Pakistan’s prime minister and his delegation in Beijing, reaffirming the strategic and economic partnership between the two countries. They also agreed to initiate the second phase of CPEC. The SCO provides a great opportunity for Pakistan’s economic development.
LAHORE: An anti-terrorism court (ATC) on Tuesday again granted the prosecution time to produce the case record in the Jinnah House attack in connection with post-arrest bail petition of Shershah Khan, a nephew of incarcerated PTI founding chairman Imran Khan.
ATC-I Judge Manzer Ali Gill resumed the hearing of the bail matter, however, once again the record of the case was not presented by the prosecution.
A prosecutor stated that the record had been submitted to the Lahore High Court, therefore, more time was required to produce it. Shershah’s counsel opposed the prosecution’s request, saying the non-production of the record was a delaying tactic.
In response to the court’s query, the prosecutor said two to three days were required to present the record.
The judge allowed time for the record to be produced and adjourned further proceedings till Sept 4.
During the hearing, Shershah’s father Amir Sohail Khan was also present.
In his bail plea, Shershah contended that he had been implicated in the case on political grounds.
PESHAWAR: The chief minister of Khyber Pakhtunkhwa, Ali Amin Gandapur, has taken urgent notice of the potential spread of dengue fever following the recent spell of rains in the province and directed all the departments concerned to launch emergency anti-dengue measures without delay.
The chief minister’s secretariat has issued a formal communiqué to all the divisional commissioners, deputy commissioners and relevant departments, underscoring that stagnant rain water is providing breeding grounds for dengue mosquitoes which must be taken care of through immediate cleanliness and control drives.
The directives call for special attention to be given to the drainage of accumulated water at public places, construction sites, markets, schools, government offices and sewerage lines.
The health department has been instructed to ensure that hospitals are fully equipped in advance, with the availability of medicines, diagnostic facilities and treatment arrangements for dengue patients, while an integrated system is to be put in place for effective monitoring and timely reporting of dengue cases across the province.
The local government bodies have been made responsible for regular spraying and larvicide measures in all vulnerable areas.
Furthermore, the information department has been tasked, in collaboration with the health department and district administrations, to launch a large-scale awareness campaign to educate the public about preventive measures against dengue. This campaign will utilise print, electronic and social media platforms extensively.
Citizens have been urged to drain stagnant water in and around their homes, keep water tanks covered, and adopt precautionary measures such as using mosquito nets, repellents and protective clothing. The communiqué also directed mobilization of communities through mosques, schools and local notables to reinforce participation in preventive measures.
The CM emphasised that dengue prevention was a collective responsibility and that all the departments were accountable for ensuring public awareness as well as implementing effective on-ground interventions. He made it clear that the commissioners would be required to submit weekly reports on anti-dengue operations, hospital preparedness and awareness campaigns so that the drive against dengue could be pursued in a comprehensive and effective manner.
KARACHI: As consumers continue to pay inflated prices for various flour types, millers have accused the Punjab government of creating an artificial wheat and flour crisis by imposing a ban under Section 144 on the inter-provincial movement of wheat and related products.
The Pakistan Flour Mills Association (PFMA) South Zone argued that such restrictions contradict the wheat deregularisation policy and violate Article 151 of the Constitution, which allows the free movement of goods across provinces. The association warned that provincial-level curbs inevitably lead to nationwide disruptions.
PFMA South Zone Chairman Abdul Junaid Aziz, in a letter to Federal Minister for National Food Security and Research Rana Tanveer Hussain on Tuesday, said the ban had placed wheat stocks worth billions of rupees at risk in Punjab, especially in the wake of recent floods. The restriction also deprives consumers in other provinces of access to lower-priced flour.
He noted that Punjab accounts for 70pc of the country’s wheat output, making other provinces heavily dependent on its surplus. “We are a single nation. Our joys and sorrows are shared. Such measures damage national unity,” Aziz stated, calling on the federal government to intervene immediately.
He warned that the stored wheat in flood-affected areas could be destroyed if not moved promptly to safer locations in other provinces. “The Punjab government is taking a heavy risk by blocking the movement of wheat, endangering national food security and increasing financial losses to the exchequer,” he said.
Aziz added that Punjab currently holds sufficient surplus wheat stocks and there is no justifiable reason for the movement ban.
Chaudhry Aamir Abdullah, Central Executive Member of PFMA South, proposed that the government either lift the inter-provincial movement restrictions or allow the private sector to import one million tonnes of wheat to avoid an imminent wheat and flour crisis.
He noted that the Punjab government had set up checkpoints at exit routes and motorway interchanges to monitor and block the transport of wheat and flour to other provinces.Millers warned that failure to act swiftly could lead to a severe flour shortage and further price hikes in the coming months.
• PM expresses gratitude for ‘unflinching support to Pakistan’s territorial integrity, sovereignty’; Beijing raises issue of its nationals’ security • Pakistan, Russia keen to boost trade; Putin invites Shehbaz to visit
ISLAMABAD: Chinese President Xi Jinping in a meeting with Prime Minister Shehbaz Sharif on Tuesday pledged support for Pakistan’s home-grown capacity for development, expressing readiness to build China-Pakistan Economic Corridor 2.0 and upgrade the China-Pakistan Free Trade Agreement, and step up cooperation in industries, agriculture, and mining sectors.
Separately, Russian President Vladimir Putin noted that bilateral trade between Pakistan and Russia required to be enhanced and stressed on taking steps in this regard, while also extending invitation to PM Shehbaz to visit Russia in November.
The PM, who held separate meetings with President Xi and President Putin in Bejing during his visit to China to attend SCO summit, expressed gratitude to both countries for what he called ‘unflinching support to Pakistan’s territorial integrity, sovereignty’ and hope that the strong ties would add to the progress and prosperity of the region.
According to PM Office, Pakistan and China on Tuesday reaffirmed their commitment to strengthening the iron-clad and all-weather strategic cooperative partnership through enhanced cooperation, reflecting their unique bilateral relationship.
The bilateral ties and cooperation were discussed in a meeting between PM Shehbaz and Chinese President Xi at the Great Hall of the People, wherein they agreed that the relationship between both countries was unique and unparalleled, which should be reflected in their enhanced cooperation.
PM Shehbaz appreciated “China’s unflinching support to Pakistan’s territorial integrity, sovereignty, and socio-economic development, as well as the significance of the China-Pakistan Economic Corridor as a flagship project of President Xi’s Belt and Road Initiative (BRI) to help both countries to build an even stronger Pakistan-China community with a shared future”.
He reaffirmed the desire to continue working closely with China for the successful implementation of the next phase of upgraded CPEC, with its five new corridors.
BEIJING: PM Shehbaz Sharif shakes hands with Russian President Vladimir Putin.—APP
The PM Office quoted President Xi as saying that China would continue to assist Pakistan in all fields of economic growth and development, especially as the two countries were now ushering in second phase of CPEC that would focus on Pakistan’s most important economic sectors.
PM Shehbaz renewed his “most cordial” invitation to President Xi to undertake an official visit to Pakistan next year when both countries would celebrate the 75th anniversary of establishment of Pakistan-China diplomatic ties.
Security issue
Also, President Xi said China supports Pakistan’s efforts to combat terrorism and hopes “effective measures” would be taken to “ensure the safety and security of Chinese personnel, projects, and institutions in Pakistan, to create a secure environment for bilateral cooperation”.
According to Reuters, China pressed Pakistan to improve security of Chinese nationals, who have been repeatedly attacked by militants while working on Beijing-funded multi-billion-dollar infrastructure projects in the South Asian country.
However, Interior Minister Mohsin Naqvi, who joined the PM in China and attended the meeting with President Xi, confirmed to Dawn that the Chinese head of state has raised the issue of Chinese nationals’ security in Pakistan. “He (President Xi) said security is important,” the minister quoted the Chinese president as saying.
Meeting with Putin
Meanwhile, PM Shehbaz met President Putin and expressed gratitude to the Russian president for supporting Pakistan, saying that was viewed as ‘a balancing act in the region’.
Both leaders agreed to further enhance the bilateral ties and cooperation between the two countries in diverse fields.
PM Shehbaz said Pakistan respected Russia’s ties with India and wanted to establish very strong relations of its own, which would be “supplementary and complementary”.
Responding to Putin’s invitation to attend the SCO Heads of Government Summit in November, the premier replied that he was looking forward to it.
President Putin said, “Pakistan has always been a traditional partner and remains as such in Asia, and we cherish these ties,” adding that both sides had agreed to intensify their bilateral relations.
He noted that their bilateral trade needed to be enhanced and stressed taking steps to address the issue.
• AGP report finds Rs507bn scheme plagued by tunnel collapses, delays and cost overruns • Flagship project falls short on water rights, power output
ISLAMABAD: The Auditor General of Pakistan (AGP) has declared the Rs507 billion Neelum-Jhelum Hydropower Project a failure in terms of objectives, planning and execution, saying it neither secured Pakistan’s water rights nor delivered the designed energy output, as its multiple tunnel faults and collapses have raised serious questions about the quality of work on a project of national importance.
In its performance audit report for 2022-23, submitted to the president and parliament, the AGP noted that the findings did not even include the major collapse of the headrace tunnel last year, which has kept the project shut. The report was finalised based on responses from Wapda’s management to audit objections.
According to the report, the project faced considerable delays despite the provision of tunnel boring machines (TBMs) meant to speed up excavation, mainly due to design changes.
“The project could not reap envisaged benefits of generation of planned electricity, establishment of water rights over Neelum River, selling of carbon credits under CDM, and completion of mitigation measures to safeguard the environment,” the AGP said.
Although the first unit was commissioned in 2018, contractors failed to complete pending punch list items, fulfil contractual obligations, or supply spare parts needed for smooth operation. “The major collapse in the tailrace tunnel (TRT) of the powerhouse just a few years after construction also casts doubt on the quality of design and works,” it added.
The report recalled that Wapda was to execute the project in line with the original PC-I, approved by the Executive Committee of the National Economic Council (Ecnec) in December 1989 at a cost of Rs15.012bn. After three intermediate revisions, Ecnec approved the fourth revised PC-I in May 2018 at Rs506.808bn, against which Rs423.446bn had been spent up to June 2023.
The project was delayed by almost eight years, raising its cost from Rs84.502bn (first revised PC-I) to Rs419.454bn, a cost overrun of Rs334.952bn. The AGP said the project was not executed efficiently as resources were poorly managed and timelines under PC-I were ignored. Contractual issues also remained unresolved due to contractors’ delays.
On its effectiveness, the audit concluded the project failed to deliver its objectives of cheap electricity and securing water rights over the Neelum River. The TRT collapse forced the powerhouse to remain shut until March 2023, leading to massive generation losses and worsening load shedding. “Neither the envisaged benefits of generating 5,150GWh annually were achieved nor water rights over the Neelum River established, particularly after Pakistan lost the Kishenganga case in the International Court of Arbitration,” the report noted.
The four generating units came online between July and December 2018. Funding was arranged through cash development loans from the federal government, Wapda’s own equity, the Neelum-Jhelum surcharge on electricity consumers, and local and foreign loans. The audit was conducted under INTOSAI Auditing Standards, Performance Audit Manual, and relevant rules.
Key audit findings included failure to generate the planned 5,150GWh annually, failure to establish water rights on the Neelum/Kishenganga, a nine-year time overrun, and a cost overrun of Rs338.944bn. Other serious lapses cited were an increase in the project’s payback period from five to 12 years, non-realisation of $50.133m in revenue under the Clean Development Mechanism, reduced annual generation, and environmental damage due to poor studies at the planning stage worth Rs3.05bn.
The report also highlighted Rs70.44bn in lost revenue due to non-approval of reference tariff by Nepra, Rs20.387bn in generation losses from the TRT collapse without inquiry, unjustified excess payment of Rs1.78bn to contractors without verifying raw stone aggregate quantities, non-recovery of costs for unexecuted telecom works and advance payments for an 11kV overhead line, undue benefits to contractors due to non-reinstatement of spoil deposits, non-indemnification of a Rs42bn insurance claim for the TRT collapse, and non-supply of spare parts and failure to execute punch list items by contractors.
The AGP concluded that the Neelum-Jhelum project fell short on nearly every planned objective, leaving behind massive financial losses, unresolved contractual disputes, and serious structural flaws.
• Hanif Abbasi suggests defence minister resign instead of ‘abusing bureaucracy for publicity’ • PTI boycotts NA proceedings, holds parallel ‘public assembly’ outside Parliament House
ISLAMABAD: Differences within the federal cabinet surfaced on Tuesday during a National Assembly debate on the flood crisis when Railways Minister Hanif Abbasi openly criticised Defence Minister Khawaja Mohammad Asif for his remarks on the government’s handling of the disaster.
Although he did not name his cabinet colleague, Mr Abbasi made multiple references to the defence minister’s speech on the floor of the house a day earlier.
He even suggested that Mr Asif resign from the cabinet instead of “levelling allegations against parliament and abusing bureaucracy only to gain [media] publicity”.
Meanwhile, members of the opposition PTI boycotted the proceedings and staged a parallel “public assembly” outside Parliament House to protest alleged political victimisation.
Speaking in the debate, Mr Abbasi accused some politicians of attacking institutions simply to go viral on social media. “If this is all they have to say, they should leave the government benches and sit in the opposition, because such language does not suit treasury members,” said Mr Abbasi, who was elected MNA from Rawalpindi.
On Monday, Khawaja Asif had described the recent devastation as a “man-made disaster”, blaming politicians and bureaucrats for unchecked encroachments on waterways and for allowing housing societies and hotels on riverbeds.
He also urged local government elections, criticising his own party’s government in Punjab for failing to hold them.
He also blamed a “contracting company” for the flood devastation in his home constituency, Sialkot.
Responding to the defence minister’s speech, Mr Abbasi said that those who had been a part of the system for the past 40 years were now criticising the system and “demanding local government elections”.
Mr Abbasi took the floor when Mr Asif had already left the assembly hall after briefly attending the proceedings.
“Does a contractor dare to carry out substandard work and run away with money in Rawalpindi?” said Mr Abbasi, stating that it was the responsibility of the MNAs to keep a check on such activities.
He said blaming the entire bureaucracy was unfair, noting that the obsession with going viral in politics had become a “disease”. “I have seen politicians resigning from the cabinet whenever a finger is raised at them. They left the ministry but stayed in the party,” he said while indirectly suggesting the defence minister resign from the cabinet.
Federal Minister for Water Resources Mueen Wattoo said surveys were underway to assess flood-related losses, including damage to crops, livestock, and houses, with compensation to be provided to all affected families. He said estimates were being finalised to ensure timely financial assistance.
PTI’s protest
Earlier, before leading a walkout, PTI leader Asad Qaiser said his party was standing with the flood victims and the leadership had already directed the party workers to visit the affected areas.
However, he said the party had decided to boycott the National Assembly proceedings to protest the policies of the “fascist” government, adding that the PTI members had already submitted their resignations from the standing committees.
Meanwhile, talking to reporters after his meeting with former prime minister Imran Khan at Adiala Jail in Rawalpindi, PTI Chairman Barrister Gohar Ali Khan said the party’s decision to resign from standing committees was “final and irreversible”.
Quoting the jailed former prime minister, he reportedly said that Imran Khan fully endorsed the party’s decision to boycott by-elections and supported the resignations submitted by members from parliamentary committees.
BEIJING: China’s President Xi Jinping convened his Russian and North Korean counterparts in Beijing for the first time on Tuesday, a show of solidarity with countries shunned by the West over their role in Europe’s worst war in 80 years.
Xi hosted Vladimir Putin for talks at the Great Hall of the People and then at his personal residence, calling him his “old friend”. A few hours later, Kim Jong Un’s armoured train was spotted by a witness arriving in the Chinese capital. North Korean state media confirmed Kim’s arrival, showing his daughter Kim Ju Ae accompanying him.
Ju Ae, whom South Korean intelligence consider her father’s most likely successor, is making her international debut after years of being seen next to Kim at major domestic events. Xi, Putin and Kim are set to take centre stage at a massive military parade on Wednesday, where the Chinese president will flaunt his vision for a new global order as US President Donald Trump’s “America First” policies strain Western alliances.
Beyond the pomp, analysts are watching whether the trio may signal closer defence relations following a pact signed by Russia and North Korea in June 2024, and a similar alliance between Beijing and Pyongyang, an outcome that may alter the military calculus in the Asia-Pacific region. It would also be a blow for Trump, who has talked up his close relations with all three leaders and touted his peacemaking credentials as Russia’s three-and-a-half-year war with Ukraine has raged on.
Russia signs up new gas pipeline to boost supplies to China
In a thinly veiled swipe at this rival across the Pacific Ocean on Monday, Xi told a summit of more than 20 leaders of non-Western countries: “We must continue to take a clear stand against hegemonism and power politics.” Xi also held talks on Monday with Prime Minister Narendra Modi of India, whose country has been targeted by Trump over its purchases of Russian oil seen as helping finance Putin’s war effort.
Trump’s Treasury Secretary Scott Bessent called the summit “performative” and accused China and India, the biggest buyers of Russian crude, of being “bad actors” by fuelling Russia’s war.
As Putin and Xi met, Russia’s Gazprom and China National Petroleum Corporation signed a deal to increase gas supplies and penned an agreement on a new pipeline that could supply China for 30 years.
Alarm bells
At a time when Trump has set his sights on a Nobel Peace Prize, any new concentration of military power in the East that includes Russia will ring alarm bells for the West.
“Trilateral military exercises between Russia, China and North Korea seem nearly inevitable,” wrote Youngjun Kim, an analyst at the US-based National Bureau of Asian Research, in March, citing how the conflict in Ukraine had pushed Moscow and Pyongyang closer. “Until a few years ago, China and Russia were important partners in imposing international sanctions on North Korea for its nuclear and missile tests… (they) are now potential military partners of the Democratic People’s Republic of Korea during a crisis on the Korean peninsula,” he added, using the diplomatically isolated country’s official name.
The North Korean leader has supplied more than 15,000 troops to support Putin’s war in Ukraine.
