Who is Pakistan PM frontrunner Shehbaz Sharif, the 'can-do' administrator?


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Shehbaz Sharif, 70, the person most likely to be Pakistan's next prime minister, is not well known outside his home country, but has a reputation domestically more as an effective administrator than a politician.

The younger brother of three-time prime minister Nawaz Sharif, Shehbaz led a successful bid by the opposition in parliament to topple Imran Khan in a no-confidence vote early on Sunday that Mr Khan's supporters tried for hours to block.

Who is Shehbaz Sharif?

Analysts say Shehbaz, unlike his brother Nawaz, enjoys amicable relations with Pakistan's military, which traditionally controls foreign and defence policy in the nuclear-armed nation of 220 million people.

Pakistan's generals have directly intervened to topple civilian governments three times — and no prime minister has finished a full five-year term since the South Asian state's independence from Britain in 1947.

Shehbaz, part of the wealthy Sharif dynasty, is best-known for his direct, “can-do” administrative style, which was on display when, as chief minister of Punjab province, he worked closely with China on Beijing-funded projects.

He also said in an interview last week that good relations with the US were critical for Pakistan for better or for worse, in stark contrast to Mr Khan's recently antagonistic relationship with Washington.

Once Shehbaz takes office, analysts say he faces immediate challenges, not least Pakistan's crumbling economy, which has been hit by high inflation, a tumbling local currency and rapidly declining foreign exchange reserves.

Analysts also say Shehbaz will not act with complete independence as he will have to work on a collective agenda with the other opposition parties and his brother.

Nawaz has lived for the past two years in London since being released from jail — where he was serving a sentence for corruption — for medical treatment.

How is he viewed within politics?

As chief minister of Punjab, Pakistan's most populous province, Shehbaz planned and executed a number of ambitious infrastructure mega-projects, including the country's first modern mass transport system, in his home town, the eastern city of Lahore.

Local media reported that the departing Chinese consul general wrote to Shehbaz last year praising his “Punjab speed” execution of projects under the huge China-Pakistan Economic Corridor (CPEC) initiative.

The diplomat also said Shehbaz and his party would be friends of China in government or in opposition.

On Afghanistan, Islamabad is under international pressure to prod the Taliban to meet its human rights commitments while trying to limit instability there.

Shehbaz Sharif has a reputation domestically as more of an effective administrator than a politician. Reuters
Shehbaz Sharif has a reputation domestically as more of an effective administrator than a politician. Reuters

Unlike Mr Khan, who has regularly denounced India's Hindu nationalist Prime Minister Narendra Modi, the Sharif political dynasty has been dovish towards the fellow nuclear-armed neighbour, with which Pakistan has fought three wars.

In terms of his relationship with the powerful military, Shehbaz has long played the public good cop to Nawaz's bad cop, with the latter having had several public spats with the army.

Who are the Sharifs?

Shehbaz was born in Lahore, to a wealthy industrial family and educated locally. After that, he entered the family business and jointly owns a Pakistani steel company.

He entered politics in Punjab, becoming its chief minister for the first time in 1997, before he was caught up in national political upheaval and imprisoned after a military coup. He was then sent into exile in Saudi Arabia in 2000.

Shehbaz returned from exile in 2007 to resume his political career, again in Punjab.

He entered the national political scene when he became the chief of the Pakistan Muslim League-Nawaz (PML-N) party, after Nawaz was found guilty in 2017 on charges of concealing assets related to the Panama Papers revelations.

The Sharif family and supporters say the cases were politically motivated.

Both brothers have faced numerous corruption cases filed by the National Accountability Bureau, including under Mr Khan's premiership, but Shehbaz has not been found guilty on any charges.

Why is he being elected now?

No prime minister has completed a full five-year tenure in Pakistan's 75-year history — a trend extended with the ousting of Mr Khan.

Pakistan, a parliamentary democracy for most of its history, has had a total of 29 prime ministers since 1947 — one of whom took on the role twice in one year.

Supporters of Imran Khan, who has been removed as Pakistan's prime minister, attend a protest rally in Karachi. EPA
Supporters of Imran Khan, who has been removed as Pakistan's prime minister, attend a protest rally in Karachi. EPA

Prime ministers have been removed 18 times for different reasons, including corruption charges, military coups, forced resignations caused by infighting among ruling groups, and one assassination.

In 1993, there were five changes in the role.

The shortest tenure for a prime minister in the country's history was two weeks, while the longest was four years and two months.

Nawaz Sharif was elected prime minister three times — in 1990, 1997 and 2013 — the most for a single candidate.

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Cyclists must wear a helmet, arm and knee pads

Have a white front-light and a back red-light on their bike

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Avoid carrying weights that could cause the bike to lose balance

They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians

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Four tips to secure IoT networks

Mohammed Abukhater, vice president at FireEye in the Middle East, said:

- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version

- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number

- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently

- Always create a different guest network for visitors

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

TUESDAY'S ORDER OF PLAY

Centre Court

Starting at 2pm:

Elina Svitolina (UKR) [3] v Jennifer Brady (USA)

Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]

Not before 7pm:

Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)

Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]

 

Court One

Starting at midday:

Karolina Muchova (CZE) v Katerina Siniakova (CZE)

Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)

Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)

Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)

Sorana Cirstea (ROU) v Anett Kontaveit (EST)

Results

5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)

5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami

6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami

6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel

7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel

7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar

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Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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The specs

Engine: 1.6-litre 4-cyl turbo and dual electric motors

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says. 

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier. 

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Updated: April 11, 2022, 12:11 PM