Legal Eagles to fight Panama battle now.

Legal Eagles to fight Panama battle now.

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ISLAMABAD: The Supreme Court of Pakistan has directed the Pakistan Tehreek-e-Insaf (PTI), Pakistan Muslime League Nawaz (PML-N) and other parties to submit written response on Thursday regarding finalisation of Terms of References (TORs) to form a commission to probe the issue of Panama Papers leaks.

A five-member larger bench of the Supreme Court headed by Chief Justice Anwar Zaheer Jamali heard the petitions submitted against Prime Minister Nawaz Sharif by Pakistan Tehreek-e-Insaf (PTI), Jamaat-e-Islami (JI) and Awami Muslim League (AML).

The apex court had earlier directed both the government and PTI to submit their comments after consulting with their respective leaderships on the formation of a commission and adjourned the hearing for two hours.

As the case hearing resumed, the government and Pakistan Tehreek-e Insaf expressed their consent for the formation of the commission.

The court asked the parties to present in writing their proposal for formation of the commission.

Chief Justice Anwar Zaheer Jamali said the commission will report to the Supreme Court, adding that it will hold powers equal to the apex court.

“We are determined to resolve this issue. We will solve it and we will solve it as soon as possible. Now the highest forum in the country in regards to dispute resolution has taken up this matter, so now you hold your positions, please restrain,” Justice Asif Saeed Khosa, one of the five judges hearing the case told the court.

The bench further made it clear that the court will settle the issue of TORs by itself if any party failed to respond.

PM WELCOMES SC DECISION

Speaking to reporters outside the Supreme Court, Minister for Defense Khawaja Asif said that Prime Minister Nawaz Sharif has openly welcomed the formation of the commission on Panama Papers. He said the Prime Minister wants early conclusion of the case.

Asif said the PML-N has whole-heartedly accepted the court’s orders and Pakistan Tehreek-e-Insaaf should also take back the protest call.

He reiterated that there is no justification of the protest following the court’s proceedings on the matter.

Minister for Railways Khawaja Saad Rafique expressed the confidence that the PTI leadership will show maturity and take back the protest call for return of normalcy to the country.

Counsel of PTI Hamid Khan in his remarks said the PTI agrees to the formation of the commission.

Gold edges higher.

LONDON: Gold edged higher on Thursday in response to a lower dollar and also uncertainty about the outcome of a tight US presidential race.

“Risk-off sentiment has helped gold above $1,300 yesterday ... and as long as uncertainty around the outcome of US elections continues, we can see support,” Saxo Bank head of research Ole Hansen said.

Spot gold, lower initially, rose 0.2pc to $1,298.91 an ounce at 1537 GMT. It touched a one-month high of $1,307.76 in the previous session, before retreating as Federal Reserve signalled it could raise interest rates next month.

Among other precious metals, silver fell 1.1pc to $18.23, retreating from a high of about $18.73 on Wednesday, its best level since Oct. 4. Platinum was up 0.6pc at $991.40 and palladium dropped 0.8pc to $623.25.

Samsung Reportedly Stops Production of the Galaxy Note7

 

 

 

 

 

 

What was inevitable is now finally rearing its head. According to news agency Yonhap in South Korea, Samsung’s home market, the company has temporarily halted production of its Galaxy Note 7 flagship.
The news comes after yet another Note 7 replacement caught fire, the fifth replaced phone so far to have been reported with the same fault in the United States alone. The phone caught fire while sitting on a table as its owner had lunch. Reports from elsewhere, including Taiwan mean the number could be higher.
The news agency claims that the halt in sales is in compliance with consumer safety regulations in South Korea, the US and China.”This measure includes a Samsung plant in Vietnam that is responsible for global shipments (of the Galaxy Note 7),” a Samsung official was recorded as saying to the agency.
Samsung at the time of the fifth incident released a statement where it said it was “working diligently” to find the cause of the issue and will share findings soon. It would have taken steps in compliance with the safety agencies if there’s an issue relating to product safety.
Earlier, the US carrier, T-Mobile ended the sale of all Note 7 replacement units and instead offered refunds, while AT&T and Verizon have also concluded their replacement programs for affected units. In a memo obtained by The Verge, Samsung is also said to have “temporarily paused” shipments of the phone to Australian carrier Telstra.
Samsung had previously recalled an unprecedented 2.5 million of the affected devices worldwide, but it seems that the problem is bigger than that. With calls for Samsung to axe the affected release, it is looking extremely likely that the solution would be harder to pinpoint.