ISLAMABAD: A Pakistani court on Thursday issued arrest warrants for ousted Prime Minister Nawaz Sharif in two cases of corruption spiraling from the Panama Papers leak, his lawyers said.
Sharif is currently in London with his wife Kalsum as she undergoes cancer treatment, and has not returned to Pakistan since he was indicted in the corruption allegations earlier this month, despite reports he would do so.
“The accountability court issued bailable warrants for the former prime minister in two cases of alleged corruption today and adjourned (the) hearing until November 3,” one of his defense lawyers, Zafir Khan said.
In late July the Supreme Court sacked Sharif following an investigation into corruption allegations against his family, making him the 15th premier in Pakistan’s 70-year history to be ousted before completing a full term.
The claims against the prime minister stemmed from the Panama Papers leak last year, which sparked a media frenzy over the luxurious lifestyles and high-end London property portfolio owned by his family.
Sharif has faced — and come back from — similar challenges in the past.
In 1993 he was sacked from his first term as premier for corruption, while in 1999 he was sentenced to life in prison after his second term in office ended with a military putsch.
Following the coup he was allowed to go into exile in Saudi Arabia, returning in 2007 before becoming prime minister for a third time in 2013.
Last month his wife Kalsum won his former parliamentary seat during a heated by-election in Lahore, in a poll seen as a key test of the ruling party’s popularity after Sharif’s sacking and ahead of a general election due to be held sometime next year.
Pakistan court issues arrest warrant for ex-PM Sharif
Pakistan court issues arrest warrant for ex-PM Sharif
Israeli military to remain in Gaza for years, minister says
LONDON: Israel’s food minister, Avi Dichter, said that the Israeli military would remain in Gaza for many years to fight against Hamas recruits, the British national daily The Guardian reported on Friday.
“I think that we are going to stay in Gaza for a long time. I think most people understand that (Israel) will be years in some kind of West Bank situation where you go in and out and maybe you remain along Netzarim (corridor),” Dichter said.
Israeli reservists who recently served in Gaza described to The Guardian the scale of the new military infrastructure built in the territory by Israel. This includes extensive new camps and roads across a swath of northern and central Gaza.
A demobilized officer said that he had spent days demolishing houses in Gaza to clear more ground for military bases in Gaza’s Netzarim corridor.
“That was the only mission. There was not a single construction left that was taller than my waist anywhere (in the corridor), except our bases and observation towers,” he said.
Israeli military strikes killed at least 21 Palestinians across the Gaza Strip on Thursday, medics said, as tanks pushed deeper into the north and south of the territory.
The escalation came a day after Israel and Iran-backed Hezbollah began a ceasefire in Lebanon, halting more than a year of hostilities and raising hopes among many Palestinians in Gaza for a similar deal with Hamas, which ruled the territory from 2007 until the current conflict.
Benjamin Netanyahu, Israel’s prime minister, has repeatedly said that Hamas must be completely destroyed and Israel must retain lasting control over parts of Gaza.
Israel’s campaign in Gaza has killed nearly 44,200 people and displaced nearly all the territory’s population at least once, Gaza officials say. Most victims are civilians.
Saudi corporate lending fuels bank loans growth to near-2 year high of 12.46%
RIYADH: Saudi Arabia’s bank loans reached SR2.88 trillion ($768.93 billion) in October, a 12.46 percent annual growth and the highest in 20 months, official data showed.
According to figures from the Saudi Central Bank, also known as SAMA, this growth reflects strong corporate and personal lending trends, driven by the Kingdom’s expanding economic activities.
Corporate loans were the main driver, surging 15.77 percent to SR1.54 trillion. This increase highlights the significant contribution of the real estate, wholesale, retail, and manufacturing sectors to the Kingdom’s economic dynamism.
Real estate activities led the charge, representing 20.29 percent of corporate lending and growing by 27.37 percent to SR312.4 billion.
Wholesale and retail trade accounted for 13 percent of corporate lending, reaching SR200.63 billion with an annual growth rate of 9.06 percent.
The manufacturing sector, a key component of Vision 2030’s economic diversification goals, represented 11.68 percent of lending at SR180.05 billion.
Meanwhile, electricity, gas, and water supplies contributed 11.32 percent to the total, growing significantly by nearly 30 percent to reach SR174.57 billion.
Notably, professional, scientific, and technical activities, though holding a smaller 0.54 percent share of corporate credit, witnessed the most significant surge, with a 53.55 percent growth rate to SR8.27 billion.
On the personal loans side, which includes various financing options for individuals, the sector grew 8.89 percent annually to SR1.34 trillion. This expansion underscores the continued confidence in consumer lending and the Kingdom’s economic diversification strategies.
In October, Saudi banks’ loans-to-deposits ratio also increased to 80.73 percent, up from 79.69 percent in the same month of 2023, as per data from the SAMA.
The calculation includes loans minus provisions and commissions, providing a clearer view of actual lending capacity.
SAMA has set a regulatory limit of 90 percent for loans-to-deposits ratios, balancing banks’ lending capacity with liquidity stability while supporting economic growth through corporate and individual borrowing.
Compared to other GCC nations, such as the UAE where loans-to-deposits ratios can exceed 100 percent, SAMA’s cap reflects a more cautious approach, prioritizing liquidity stability in the banking sector.
Saudi Arabia’s corporate and real estate lending are experiencing unprecedented growth, fueled by a combination of favorable economic conditions, government initiatives, and strategic investments under Vision 2030.
As the Kingdom accelerates its transformation, the demand for financing across key sectors, particularly real estate, has surged, reflecting its rapid urbanization and infrastructure development.
The Saudi Central Bank’s decision to mirror the US Federal Reserve’s policies, reducing interest rates by 50 basis points in September and an additional 25 basis points in November, has created an attractive borrowing environment.
This rate adjustment is anticipated to further boost real estate lending, allowing developers and individuals to capitalize on lower financing costs.
Real estate development remains central to Saudi Arabia’s economic diversification goals. Under Vision 2030, initiatives to position Riyadh as a global business hub and the Regional Headquarters Program have significantly increased demand for commercial real estate.
These efforts are complemented by giga-projects like NEOM and Red Sea Global, which are redefining urban landscapes with sustainable and energy-efficient designs.
The Public Investment Fund’s commitment to green building practices, with over $19.4 billion allocated to eligible green projects, underscores the alignment between real estate growth and environmental sustainability.
In October, PIF highlighted its green bond investments, including $6.3 billion earmarked for green building projects. These investments aim to set new standards in energy efficiency, saving up to 20 percent of energy compared to conventional buildings and avoiding thousands of tons of carbon emissions annually.
Projects such as NEOM’s sustainable water infrastructure further illustrate how the Kingdom is integrating advanced sustainability measures into its development agenda.
Wholesale and retail market
The growing share of wholesale and retail trade lending by Saudi banks reflects the sector’s pivotal role in the Kingdom’s economic evolution.
This expansion is underpinned by a combination of government incentives, private sector dynamism, and increased consumer demand.
The Saudi government has actively encouraged the growth of this sector through measures like tax exemptions, financing initiatives, and technology transfer programs.
These policies have created a fertile ground for local entrepreneurs and attracted foreign companies eager to capitalize on Saudi Arabia’s business-friendly environment.
Consumer demand is a key driver, with rising interest in diverse products such as electronics, apparel, and food items.
The emergence of e-commerce platforms has further revolutionized the sector, enabling online retailers to reach broader audiences with ease, thereby increasing market participation.
According to data from 6Wresearch, such initiatives have heightened competition, lowered prices, and benefited both consumers and traders, adding to the sector’s momentum.
The sector’s importance is also evident in employment trends.
According to a report by DataSaudi, the wholesale and retail trade sector employed over 1.64 million people in the second quarter of 2024, making it one of the largest employers in the Kingdom, alongside construction and manufacturing.
This employment surge highlights the sector’s contribution to economic stability and growth.
However, challenges persist. Intense competition, pricing pressures, and the entry of international brands partnering with local retailers are sparking pricing wars that could erode profit margins for some players, according to 6Wresearch.
Despite these hurdles, ongoing government support and initiatives like Vision 2030 promise to create new investment opportunities, reinforcing the wholesale and retail trade sector as a cornerstone of Saudi Arabia’s economic future.
France arrests 26 as South Asian migrant trafficking ring smashed
- The traffickers are suspected of having smuggled several thousand people from India, Sri Lanka and Nepal into France since September 2021
- The network generated millions of euros in illegal profits, which were laundered through construction firms, gold trafficking and informal transfers
PARIS: French authorities arrested 26 people and seized 11 million euros ($12 million) as they smashed a migrant trafficking ring suspected of bringing several thousand people from South Asia into France, border police told AFP on Thursday.
Charging between 15,000 and 26,000 euros per person, the traffickers are suspected of having smuggled several thousand people from India, Sri Lanka and Nepal into France since September 2021, the force said.
Authorities estimate the network generated several million euros in illegal profits, which were laundered through construction companies, gold trafficking and informal transfers of money back to South Asia.
The arrests took place between March and November 2024, said Julien Gentile, director of the French border force at Paris Charles De Gaulle airport.
“The smugglers facilitated migrants’ travel to the European Union via Dubai or African states, while providing them with illegally obtained tourist, work or medical visas,” said Gentile.
The head of the network is still at large, with France’s request for his extradition from Dubai yet to be agreed, according to the border force.
Of the 26 men arrested, 15 were placed in pre-trial detention with seven under judicial supervision.
The remaining four, who were recently arrested, were to be presented on Thursday to the investigating judge.
The 11 million euros’ worth of assets included properties, luxury cars, jewelry and gold.
Those arrested are accused of belonging to different levels of the gang, ranging from smugglers to money launderers and shady finance brokers.
“This is the exceptional nature of the case,” Gentile added.
Details of the investigation by France’s Office for the Fight against the Illicit Traffic of Migrants, were released with migration becoming a key issue for French political parties.
The conservative government that took office in September has said it will clampdown, while France has also faced pressure over undocumented migrants crossing the Channel to Britain from its northern coast.
Interior Minister Bruno Retailleau was to visit the Calais region on Friday for talks with local mayors on the migrant crisis. At least 72 undocumented migrants have died this year trying to cross the Channel.
The mayors have asked for more police and a tougher clampdown on the smuggling gangs.
Retailleau is also to go to London on December 8-9 for talks on the migrants.
Human trafficking carries a potential sentence of up to 20 years in France.
In December 2023, a plane carrying hundreds of Indian passengers was grounded for days at Vatry airport east of Paris over concerns it was part of a human trafficking scheme.
The plane had taken off from the United Arab Emirates and was detained after an anonymous tipoff.
Crypto boss eats banana art he bought for $6.2 million
- Crypto entrepreneur Justin Sun on Friday fulfilled a promise he made after spending $6.2 million on an artwork featuring a banana duct-taped to a wall
HONG KONG: Crypto entrepreneur Justin Sun on Friday fulfilled a promise he made after spending $6.2 million on an artwork featuring a banana duct-taped to a wall — by eating the fruit.
At one of Hong Kong’s priciest hotels, Sun chomped down on a banana in front of dozens of journalists and influencers after giving a speech hailing the work as “iconic” and drew parallels between conceptual art and cryptocurrency.
“It’s much better than other bananas,” Sun said after getting his first taste.
“It’s really quite good.”
Titled “Comedian,” the conceptual work created by Italian artist Maurizio Cattelan was sold at a Sotheby’s auction in New York last week, with Sun among seven bidders.
Sun said he felt “disbelief” in the first 10 seconds after he won the bid, before realizing “this could become something big.”
In the 10 seconds after that, he decided he would eat the banana.
“Eating it at a press conference can also become a part of the artwork’s history,” he said Friday.
The debut of the edible creation at the 2019 Art Basel show in Miami Beach sparked controversy and raised questions about whether it should be considered art — Cattelan’s stated aim.
And Sun on Friday compared conceptual art like “Comedian” to NFT art and decentralized blockchain technology.
“Most of its objects and ideas exist as (intellectual property) and on the Internet, as opposed to something physical,” he said.
Sun also this week disclosed a $30 million investment in World Liberty Financial, a crypto project backed by US president-elect Donald Trump.
The crypto businessman was last year charged by the US Securities and Exchange Commission with offering and selling unregistered securities in relation to his crypto project Tron. The case is ongoing.
At a function room at the Peninsula hotel in Hong Kong, two men dressed as auction house staff stood in front of a featureless wall with the yellow banana offering the only splash of color.
Sun said he only recently decided to bid for the artwork, adding he had “dumb questions” such as whether the banana had decayed and how to value the work.
The artwork owner is given a certificate of authenticity that the work was created by Cattelan as well as instructions about how to replace the fruit when it goes bad.
Event attendees on Friday each received a roll of duct tape and a banana as a souvenir.
“Everyone has a banana to eat,” he said.
Syria militants, allies shell Aleppo in shock offensive
- The violence has killed 242 people, according to a Syrian war monitor
- Militants cut highway linking Aleppo to capital Damascus on Thursday
BEIRUT: Militants and their Turkish-backed allies shelled Syria’s second city Aleppo on Friday, in a major offensive against government troops that has sparked some of the deadliest fighting the country has seen in years.
The violence has killed 242 people, according to a Syrian war monitor, most of them combatants on both sides but also including civilians, including 24 dead, most of them in Russian air strikes.
The offensive began at a sensitive time for Syria and the region, with a fragile ceasefire between Hezbollah and Israel taking effect earlier this week in neighboring Lebanon.
Syria’s civil war began when President Bashar Assad’s forces cracked down in 2011 on pro-democracy protests.
Since then, it has killed more than 500,000 people, displaced millions and battered the country’s infrastructure and industry.
Over the years, the conflict has morphed into a complex war drawing in militants and foreign powers, including Assad allies Russia, Iran and Hezbollah.
While the army regained control over most of the territory that it lost earlier in the war, the area where the militants and their allies are based has been subject to a truce since 2020.
This week, militants and factions backed by Turkiye, which neighbors Syria and supported the anti-Assad rebellion, launched a major surprise offensive against government forces.
On Friday, they shelled a university student residence in government-held Aleppo, northern Syria’s main city, according to state media, which reported four civilian deaths in the latest attack.
By Friday, they had wrested more than 50 towns and villages in northern Syria, according to the Syrian Observatory for Human Rights, the biggest advances that anti-government factions had made in years.
The fighters had on Thursday cut the highway linking Aleppo to Syria’s capital Damascus, according to the Britain-based Observatory.
“The highway has now been put out of service, after it was reopened by regime forces years ago,” said the monitor, which has a network of sources inside Syria.
The UN Office for the Coordination of Humanitarian Affairs said “more than 14,000 people — nearly half are children — have been displaced” by the violence.
At a press conference earlier this week, Mohamed Bashir of the militant Hayat Tahrir Al-Sham (HTS) said: “This operation aims to repel the sources of fire of the criminal enemy from the frontlines.”
HTS, led by Al-Qaeda’s former Syria branch, controls swathes of the northwest Idlib region as well as small parts of neighboring Aleppo, Hama and Latakia provinces.
The Idlib region is subject to a ceasefire, repeatedly violated but which had largely been holding, brokered by Turkiye and Russia after a Syrian government offensive in March 2020.
An AFP correspondent based in rebel-held areas said there were intense exchanges of fire in an area just seven kilometers (four miles) from the city of Aleppo.
HTS has close ties with Turkish-backed factions, and analyst Nick Heras of the New Lines Institute for Strategy and Policy said the fighters were “trying to preempt the possibility of a Syrian military campaign in the region of Aleppo.”
According to Heras, the Syrian government and its key backer Russia had been preparing for such a campaign.
Russia intervened in Syria’s civil war in 2015, turning the momentum of the conflict in favor of the president, whose forces at the time had lost control of most of country.
Turkiye, Heras said, may be “sending a message to both Damascus and Moscow to back down from their military efforts in northwest Syria.”
Other interests are also at stake.
As well as Russia, Assad has been propped up by Iran and allied militant groups, including Lebanon’s powerful Hezbollah.
Anti-government forces are, according to Heras, “in a better position to take and seize villages than Russian-backed Syrian government forces, while the Iranians are focused on Lebanon.”
A general in Iran’s Revolutionary Guards was killed in Syria on Thursday during the fighting, an Iranian news agency reported.
Iranian foreign ministry spokesman Esmaeil Baghaei said the deadly offensive was “part of a plan by the diabolical regime (Israel) and the US” and called for “firm and coordinated action to prevent the spread of terrorism in the region.”
During its war with Hezbollah in Lebanon, Israel intensified its strikes on Iran-backed groups in Syria including Hezbollah.
Rami Abdel Rahman, director of the Observatory, said Assad’s forces “were totally unprepared” for the attack.
“It is strange to see regime forces being dealt such big blows despite Russian air cover and early signs that HTS was going to launch this operation,” Abdel Rahman said.
“Were they depending on Hezbollah, which is now busy in Lebanon?”
