ISLAMABAD // A gunman assassinated the governor of Pakistan's Punjab province, a senior member of the ruling party, in Islamabad on Tuesday, an aide said, as a new political crisis gripped the strategic U.S. ally.
Salman Taseer was killed by one of his guards because of his opposition to Pakistan's controversial blasphemy law, Interior Minister Rehman Malik said, citing initial reports.
Rights groups say the law is often exploited by religious extremists as well as ordinary Pakistanis to settle personal scores.
Islamist groups have been angry over what they believe were government plans to change or scrap the law.
The killing came as Pakistan's Prime Minister Yusuf Raza Gilani tried to muster support for the government after a main coalition partner quit over government fuel price policies.
A witness at the scene said Taseer was stepping out of his car at a shopping area when he was shot.
"The governor fell down and the man who fired at him threw down his gun and raised both hands," said the witness, Ali Imran.
The shooting left blood stains on a parking area on the edge of the Kohsar shopping centre, which is popular among foreigners in Islamabad.
Taseer, a liberal and charismatic politician close to President Asif Ali Zardari, had no role in day-to-day central government but his killing will compound a sense of crisis.
Earlier, the main opposition Pakistan Muslim League (PML-N), led by former Prime Minister Nawaz Sharif, said it would not demand a vote of no confidence in Gilani because to do so would exacerbate instability in the South Asian nation.
That offered a reprieve but left the coalition weak.
The PML-N, believes a no-confidence vote would "damage the whole country", chairman Raja Zafar-ul-Haq told Reuters.
Sharif told a news conference he would present the government with demands such as a rollback of fuel price rises and the sacking of ministers accused of corruption, and gave the government three days to agree.
He threatened to evict members of the ruling Pakistan People's Pary (PPP) out of the Punjab provincial government, which his party dominates. Sharif suggested there may be a need for new national elections, but did not say when.
Taseer's assassination in broad daylight will reinforce the impression that the government is nowhere near to stabilising the country.
The blasphemy law came under the spotlight after a court sentenced a Christian mother of four, Asia Bibi, to death in a case stemming from a village dispute.
The law enjoys widespread support in Pakistan, which is more than 95 percent Muslim, and most politicians are loathe to be seen as soft on the defence of Islam.
But Taseer had visited Bibi in prison in a campaign for her release.
"I was under huge pressure sure 2 cow down b4 rightist pressure on blasphemy. Refused. Even if I'm the last man standing," Taseer wrote on his Twitter page last Friday.
Malik said the slain politician's guard, identified as Malik Mumtaz Hussain Qadri, confessed and had been arrested but investigations would determine if others were involved.
"Salman Taseer is a blasphemer and this is the punishment for a blasphemer," Qadri said in comments broadcast on Dunya television.
Analysts said Taseer's death would compound political tension as the opposition closes in on the government.
The second-biggest opposition party also said it would not push for a no-confidence vote, suggesting the opposition may prefer to wear down a weak prime minister by blocking legislation or staging protests to force an early election.
"The opposition will want this government to collapse rather then they moving against it. All opposition parties will pounce on Gilani in the parliament," said political analyst Hasan Askari Rizvi.
That could add to the difficulties of the government in pushing through economic reforms demanded by the International Monetary Fund (IMF), which has been propping up Pakistan's economy with an $11 billion loan agreed in November of 2008.
Even before the latest political turmoil, the government faced opposition from almost all political parties to its bid to implement a new sales tax -- a key condition of the IMF for the release of the sixth tranche of the loan.
The tax had originally been scheduled for implementation in July but has been delayed several times. It is under review in parliament.
The delay will squeeze Pakistan's budget as its spending is surging to deal with the aftermath of floods last year that caused almost $10 billion in damage.
Endemic tax evasion means the country's tax-to-gross domestic product ratio is about 10 percent, one of the lowest in the world.
Pakistani Taliban militants may also seize on Gilani's vulnerability by stepping up its violent campaign of suicide bombings to destabilise the government.
The upheaval coincides with increased U.S. pressure on Pakistan to hunt down militant groups to help it turn around the faltering war in Afghanistan.
HOW TO WATCH
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Burnley 3
Barnes 63', 70', Berg Gudmundsson 75'
Southampton 3
Man of the match
Ashley Barnes (Burnley)
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.”
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE group fixtures
Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
UAE squad
Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed
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Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
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Investment raised: $4 million
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Volvo ES90 Specs
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
RESULT
Norway 1 Spain 1
Norway: King (90 4')
Spain: Niguez (47')
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Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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Director: Jared Hess
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COMPANY%20PROFILE
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
UAE rugby season
FIXTURES
West Asia Premiership
Dubai Hurricanes v Dubai Knights Eagles
Dubai Tigers v Bahrain
Jebel Ali Dragons v Abu Dhabi Harlequins
UAE Division 1
Dubai Sharks v Dubai Hurricanes II
Al Ain Amblers v Dubai Knights Eagles II
Dubai Tigers II v Abu Dhabi Saracens
Jebel Ali Dragons II v Abu Dhabi Harlequins II
Sharjah Wanderers v Dubai Exiles II
LAST SEASON
West Asia Premiership
Winners – Bahrain
Runners-up – Dubai Exiles
UAE Premiership
Winners – Abu Dhabi Harlequins
Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens
Winners – Dubai Hurricanes
Runners-up – Abu Dhabi Harlequins
UAE Conference
Winners – Dubai Tigers
Runners-up – Al Ain Amblers
