International Election reforms set in motion See on Page 12 Let’s burry hatchet: India to Pak See on Page 12 NA body endorses ‘Carriage Bill 2010’ See on Page 12 Pak seeks special US trade category See on Page 12 Karachi, Thursday, January 13, 2011, Safar-ul-Muzaffar 8, Price Rs12 Pages 12 Special Correspondent/ Agencies ISLAMABAD: Pakistan on Wednesday made it clear to the United States of America that it will not tol- erate the latter's 'great game' in the region. According to the sources at Pakistan Foreign Office, Islamabad has made it clear to the visiting US vice pres- ident Joe Biden that Pakistan will not tolerate US 'great game' in the region. Meanwhile, United States assured Pakistan of "no boots on the ground" and said it fully respects Pakistan's sovereignty. An official source privy to the meeting between Prime Minister Syed Yousuf Raza Gilani and US Vice President Joe Biden here at PM house said United States also acknowledged as "legitimate" Pakistan's apprehensions about foreign intervention through Afghanistan. The meeting that comes as the situation in Afghanistan enters a defining phase pro- vided an opportunity to both sides to exchange views on bilateral and regional issues. Biden, who arrived here on a day-long visit, after meeting Afghan President Hamid Karzai, also met President Asif Ali Zardari and the Chief of Army Staff General Ashfaq Parvez Kayani to discuss the Afghan strategy and eventu- al pullout of US forces. The two sides deliberated at length on the need for jointly charting a course of action to bring peace and stability to the insurgency torn Afghanistan and the region. The official terming the meeting as "extremely use- ful high-level consultation" said both the sides discussed how to proceed forward on matters related to See # 12 Page 11 Pak says no to US great game Biden meets PM, assures of "no boots on ground" Says strong Pak in US interest, vows to up aid Cos profits to up 20pc this yr Ahmed Siddique KARACHI: Where robust foreign buying remains the major attraction for local bourses, corporate-earning is the other major factor that will cheer market- players this year. After 4 years (2007- 2010), listed companies' profits are likely to post double digit earnings growth of 20 per cent in 2011. The growth will be led by energy and banks, fol- lowed by cement and See # 19 Page 11 Yields on 3, 6mth paper up Ghulam Raza Rajani KARACHI: State Bank of Pakistan Wednesday surged the cut-off yields of 3 and 6 month paper. SBP accepted bids worth of Rs155 billion in T-bills See # 21 Page 11 NSS bids online facility for Pak expats Special Correspondent LAHORE: The facility of online investment for over- seas Pakistanis in the National Savings would augment flow of foreign exchange in the country. See # 14 Page 11 20 die in Bannu blast BANNU: At least twenty people, including five security officials were killed and over a dozen other sustained injuries when a suicide bomber ploughed his explosives- laden vehicle into the front wall of Maryaan Police Station here on Wednesday. The blast was so power- ful that the Police Station and a nearby mosque were completely razed down, killing twenty people. Five security personnel are also among those killed. The death toll may rise because people were offering Maghrib prayers in a nearby mosque, which was also badly damaged in the attack", a security offi- cial said. Immediately after the blast, emergency was imposed in the District Headquarters Hospital where the injured were shifted by rescue teams See # 16 Page 11 Lebanon's Govt Falls BEIRUT: Lebanon's national unity government has collapsed after Hezbollah ministers and their allies resigned over a United Nations-backed tri- bunal investigating the assassination of former Prime Minister Rafik Hariri. The state-run National News Agency said Wednesday that 11 minis- ters were stepping down from the 30-member Cabinet headed by Western-backed Saad Hariri, the slain prime min- ister's son. Hezbollah needed the See # 17 Page 11 Drilling, cure to woes: govt ISLAMABAD: Federal Minister of Petroleum and Natural Resources Syed Naveed Qamar has expressed the need for accelerating oil and gas exploration and produc- tion to mitigate the energy shortfall in the country. Energy is the basis of growth and welfare and all out efforts are needed to expedite See # 15 Page 11 ISLAMABAD: US Vice President Biden exchanging views with PM Gilani at PM House in Islamabad. Reuters ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has allowed export- ing onions to India. As per details, Prime Minister Gilani while according approval to the summary sent by ministry of commerce has permitted to export onions to India under letter of credit. During the meeting held in ministry of commerce on January 10, approval was sought from PM Gilani for exporting onion to India under the agreements signed with Indian importers in line with letter of credit. Following this approval from PM Gilani, trucks loaded with onion which are presently stationing at Wagah border will be able to move to India Government has allowed to open letter of credit to pro- tect January, 4 letter of credit agreements and pay- ments. Pakistan had slapped ban on exporting onions to India on December, 24 and con- sequent upon this step, the local markets had witnessed dip in onion prices. See # 18 Page 11 Onion exports to India starts ISLAMABAD: Renowned nuclear scientist and mem- ber Planning Commission, Dr Samar Mubarakmand has said that Pakistan can earn billions of dollars if it itself mine the Rekodiq gold and copper mines. He was talking to the media persons outside the Supreme Court building after appearing in the court during hearing about Rekodiq mines lease case. Dr Mubarakmand said that Pakistan owns enough natural resources and tech- nically sound manpower to meet its energy needs and run the state institutions smoothly. However he said there is lack of sincerity and commitment to discover See # 13 Page 11 Rikodiq may fetch $500bn, SC learns Rights of RekoDiq vest with govt: Samar Yearly(Jul, 2010--11-Jan-2011) Monthly(Dec, 2010--11Jan-2011) Daily (11-Dec-2011) Total Portfolio Inv (31 Dec-2010) 184.89 -10.50 26.42 2900 5.77 -1.69 -1.51 -0.50 -1.77 -0.07 -0.23 SCRA(U.S $ in million) Portfolio Investment FIPI (12-Jan-2011) Local Companies (12-Jan-2011) Banks / DFI (12-Jan-2011) Mutual Funds (12-Jan-2011) NBFC (12-Jan-2011) Local Investors (12-Jan-2011) Other Organization (12-Jan-2011) (U.S $ in million) NCCPL GDR update Forex Reserves (1-Jan-11) Inflation CPI% (Jul 10-Dec 10) Exports (Jul 10-Dec 10) Imports (Jul 10-Dec 10) Trade Balance (Jul 10-Dec 10) Current A/C (Jul 10- Nov 10) Remittances (Jul 10-Dec 10) Foreign Invest (Jul 10-Nov 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Oct 10) GDP Growth FY10E Per Capita Income FY10 Population $17.20bn 14.61% $10.98bn $19.13bn $(8.15)bn $(504)mn $5.29bn $746mn Rs 495bn $58.41bn Rs 5348.6bn $287.9mn -2.81% 4.10% $1,051 171.85mn Economic Indicators Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares) $.Price 2.60 23.71 2.00 1.70 11.31 PKR/Shares 111.31 203.02 42.81 36.39 38.74 Index Close Change KSE 100 12,281.24 14.03 Nikkei 225 10,512.80 2.12 Hang Seng 24,125.61 365.27 Sensex 30 19,534.10 337.76 ADX 2,739.84 0.34 SSE COMP. 2,821.30 17.26 FTSE 100 6,043.67 29.64 *Dow Jones 11,671.88 34.43 *Last Updated 20:00 PST Global Indices T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs) 12-Jan-2011 12-Jan-2011 12-Jan-2011 29-Nov-2010 12-Jan-2011 12-Jan-2011 12-Jan-2011 12-Jan-2011 12-Jan-2011 12-Jan-2011 12-Jan-2011 12-Jan-2011 12-Jan-2011 12-Jan-2011 12-Jan-2011 13.37% 13.50% 13.73% 14.00% 13.22% 13.49% 13.67% 14.01% 14.15% 14.23% 14.25% 14.26% 14.60% 14.79% 14.96% Money Market Update Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com www.thefinancialdaily.com KARACHI: Pakistan's ambassador to the United States defended govern- ment's decision last week to reverse an unpopular increase in fuel prices, insisting Pakistan has not abandoned efforts to reduce subsidies and raise taxes to bring its budget deficit under control. "We are not the only country to adjust fuel prices because of public opinion," Ambassador Husain See # 20 Page 11 Desubsidising oil price vowed Pak promises tax increases, fiscal overhaul PARADISE BOOKS & DISTRIBUTORS KARACHI IQBAL BOOK STALL LIBERTY, TARIQ ROAD IRFAN BOOK STALL LIBERTY, TARIQ ROAD TARIQ BOOK STALL DUPATTA GALI, TARIQ ROAD TARIQ BOOK STALL SHARFABAD UNIVERSAL STORE SHARFABAD STAPLES BAHADURBABD ROUNDABOUT REHAN BOOK STALL BAHADURBABD ROUNDABOUT NAHEEDSUPERMARKET SHAHEED E MILLAT PSO STATION (MINI SHOP) STADIUM ROAD TIME BOOKS NEAR TIME MEDICO, STADIUM RD USMANIA BOOKS NEAR BAITUL MIKARRAM, GULSHAN IQBAL ABBAS BOOK STALL NEAR BAITUL MIKARRAM, GULSHAN IQBAL NEW TARIQ BOOK CENTRE GULSHAN IQBAL BOOK INN GULSHAN IQBAL AL BARKA BOOKS GULSHAN IQBAL MEHRAN BOOKS GULSHAN IQBAL BASHIR BOOK STALL REGAL, SADDAR HILAL NEWS AGENCY REGAL, SADDAR SHAHAB NEWS AGENCY REGAL, SADDAR SHAFI BOOK STALL REGAL, SADDAR ALIA BOOK STALL SHAHEEN COMPLEX, I I CHUNDRIGAR ROAD A-Z BOOKS NEAR ASGHAR ALI SHAH STADIM, N. NAZIMABAD ABC BOOK S HYDERI, N. NAZIMABAD FATMI STATIONERS HAIDERY MKT, N. NAZIMABAD ALIF LAILA BOOK STALL HAIDERY MKT, N. NAZIMABAD TARIQ BOOK TOWN HAIDERY MKT, N. NAZIMABAD SHAHJEE BOOK STALL HAIDERY MKT, N. NAZIMABAD DAWOOD BOOK TOWN BLOCK M, N. NAZIMABAD HASAN BOOK STALL SAKHI HASSAN. BLK M IDEAL BOOKS SAKHI HASSAN. BLK M COLLEGE BOOK STALL NAZIMABAD URDU BAZAR UNITED BOOKS NAZIMABAD URDU BAZAR RASHEED BOOK STALL PAPOSH NAGAR , NAZIMABAD USAMA BOOKS DHORAJI VARIETY BOOKS DHORAJI TARIQ BOOK GALLERY DHORAJI PAK MEDICO M. ALI SOCIETY CLIFTON BOOK CENTRE BOAT BASIN, CLIFTON AMERICAN BOOK STALL BOAT BASIN, CLIFTON BOOK PARADISE SEAVIEW, BADAR COMMERCIAL, DHAV GOOD BOOKS SEAVIEW, BADAR COMMERCIAL, DHAV DECENT STATIONERS KHAYABAN E HAFIZ, DHA VI AL REHMAN STATIONER KHAYABAN E HAFIZ, DHA VI BOOK OCEAN 1 KHADDA MARKET, DHA V SAY PUBLISHING KHADDA MARKET, DHA V INDUS BOOK KHADDA MARKET, DHA V SUPER OLD BOOKS KHADDA MARKET, DHA V TARIQ BOOK POINT KHADDA MARKET, DHA V IDEAL BOOK POINT TOOBA MASJID, DHA II STUDENT BOOK STALL TEEN TALWAR UZMA BOOK STALL CLIFTON BILL BOARD CLIFTON MAZHAR BOOK SHOP CLIFTON FAMILY BOOK SHOP CLIFTON MR. OLD BOOKS CLIFTON OWAIS BOOK STALL BILAWAL HOUSE BOOK VALLEY BILAWAL HOUSE BOOK OCEAN BILAWAL HOUSE BILAWAL HOUSE STALL BILAWAL HOUSE Faislabad Malik Bok Centre 33, BD Ground. Multan News Corner Gulgasht Colony. Carwan Book Centre Quid-e-Azam Shopping Centre Peshawar Afzal News Agency Chowk Yadgar Saeed Book Bank Arbab Road, Cantt Quetta Ansari Book Stall Moti Ram Road, Corner Prince Road. Book Land Jinnah Road. Sales & Service Kabir Building Jinnah Road. New Quetta Book Stall Jinnah Road. Sialkot Modern Book Depot Aziz Shaheed Road, Sialkot Cantt. Lahore Qaumi News Agency Akhbar Market, Hospital Road. Rawalpindi Paradise Books & Distributors 1st Floor, Minhas Plaza, EPU Road, Opp: Rawalpindi Medical College. Hyderabad Mehran News Agency Yousuf Chamber. Sargodha Pakistan Standard Book StallBlock No. 11, Azad Rd.
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International
Election reforms set in motion See on Page 12
Let’s burry hatchet: India to Pak See on Page 12
NA body endorses ‘Carriage Bill 2010’ See on Page 12
ISLAMABAD: Pakistan onWednesday made it clear tothe United States ofAmerica that it will not tol-erate the latter's 'great game'in the region.
According to the sourcesat Pakistan Foreign Office,Islamabad has made it clearto the visiting US vice pres-ident Joe Biden thatPakistan will not tolerateUS 'great game' in theregion.
Meanwhile, United Statesassured Pakistan of "noboots on the ground" andsaid it fully respects
Pakistan's sovereignty.An official source privy to
the meeting between PrimeMinister Syed Yousuf RazaGilani and US VicePresident Joe Biden here atPM house said United Statesalso acknowledged as"legitimate" Pakistan'sapprehensions about foreignintervention throughAfghanistan.
The meeting that comes asthe situation in Afghanistanenters a defining phase pro-vided an opportunity to bothsides to exchange views onbilateral and regional issues.
Biden, who arrived hereon a day-long visit, aftermeeting Afghan President
Hamid Karzai, also metPresident Asif Ali Zardariand the Chief of Army StaffGeneral Ashfaq ParvezKayani to discuss theAfghan strategy and eventu-al pullout of US forces.
The two sides deliberatedat length on the need forjointly charting a course ofaction to bring peace andstability to the insurgencytorn Afghanistan and theregion.
The official terming themeeting as "extremely use-ful high-level consultation"said both the sides discussedhow to proceed forward onmatters related to
See # 12 Page 11
Pak says no toUS great game
Biden meets PM, assures of "no boots on ground"
Says strong Pak in US interest, vows to up aid
Cos profitsto up 20pc
this yrAhmed Siddique
KARACHI: Where robustforeign buying remains themajor attraction for localbourses, corporate-earningis the other major factorthat will cheer market-players this year.
After 4 years (2007-2010), listed companies'profits are likely to postdouble digit earningsgrowth of 20 per cent in2011.
The growth will be ledby energy and banks, fol-lowed by cement and
See # 19 Page 11
Yields on3, 6mth
paper upGhulam Raza Rajani
KARACHI: State Bank ofPakistan Wednesdaysurged the cut-off yields of3 and 6 month paper. SBPaccepted bids worth ofRs155 billion in T-bills
See # 21 Page 11
NSSbids onlinefacility forPak expats
Special Correspondent
LAHORE: The facility ofonline investment for over-seas Pakistanis in the
National Savings wouldaugment flow of foreignexchange in the country.
See # 14 Page 11
20 die inBannublast
BANNU: At least twentypeople, including fivesecurity officials werekilled and over a dozenother sustained injurieswhen a suicide bomberploughed his explosives-laden vehicle into the frontwall of Maryaan PoliceStation here onWednesday.
The blast was so power-ful that the Police Stationand a nearby mosque werecompletely razed down,killing twenty people.
Five security personnelare also among thosekilled. The death toll mayrise because people wereoffering Maghrib prayersin a nearby mosque, whichwas also badly damaged inthe attack", a security offi-cial said.
Immediately after theblast, emergency wasimposed in the DistrictHeadquarters Hospitalwhere the injured wereshifted by rescue teams
See # 16 Page 11
Lebanon'sGovt Falls
BEIRUT: Lebanon'snational unity governmenthas collapsed afterHezbollah ministers andtheir allies resigned over aUnited Nations-backed tri-bunal investigating theassassination of formerPrime Minister Rafik Hariri.
The state-run NationalNews Agency saidWednesday that 11 minis-ters were stepping downfrom the 30-memberCabinet headed byWestern-backed SaadHariri, the slain prime min-ister's son.
Hezbollah needed the See # 17 Page 11
Drilling, cure to woes: govtISLAMABAD: Federal Minister of Petroleum andNatural Resources Syed Naveed Qamar has expressed theneed for accelerating oil and gas exploration and produc-tion to mitigate the energy shortfall in the country.Energy is the basis of growth and welfare and all outefforts are needed to expedite See # 15 Page 11
ISLAMABAD: US Vice President Biden exchanging views with PM Gilani at PM House in Islamabad. Reuters
ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has allowed export-ing onions to India.
As per details, PrimeMinister Gilani whileaccording approval to thesummary sent by ministryof commerce has permittedto export onions to Indiaunder letter of credit.
During the meeting heldin ministry of commerce onJanuary 10, approval wassought from PM Gilani forexporting onion to Indiaunder the agreementssigned with Indianimporters in line with letter
of credit.Following this approval
from PM Gilani, trucksloaded with onion whichare presently stationing atWagah border will be ableto move to IndiaGovernment has allowed toopen letter of credit to pro-tect January, 4 letter ofcredit agreements and pay-ments.
Pakistan had slapped banon exporting onions to Indiaon December, 24 and con-sequent upon this step, thelocal markets had witnesseddip in onion prices.
See # 18 Page 11
Onion exportsto India starts
ISLAMABAD: Renownednuclear scientist and mem-ber Planning Commission,Dr Samar Mubarakmandhas said that Pakistan canearn billions of dollars if ititself mine the Rekodiqgold and copper mines.
He was talking to themedia persons outside theSupreme Court buildingafter appearing in the court
during hearing aboutRekodiq mines lease case.
Dr Mubarakmand saidthat Pakistan owns enoughnatural resources and tech-nically sound manpower tomeet its energy needs andrun the state institutionssmoothly. However he saidthere is lack of sincerity andcommitment to discover
KARACHI: Pakistan'sambassador to the UnitedStates defended govern-ment's decision last week toreverse an unpopularincrease in fuel prices,insisting Pakistan has notabandoned efforts to reduce
subsidies and raise taxes tobring its budget deficitunder control.
"We are not the onlycountry to adjust fuel pricesbecause of public opinion,"Ambassador Husain
See # 20 Page 11
Desubsidisingoil price vowed
Pak promises tax increases, fiscal overhaul
PARADISE BOOKS & DISTRIBUTORS KARACHI
IQBAL BOOK STALLLIBERTY, TARIQ ROADIRFAN BOOK STALLLIBERTY, TARIQ ROADTARIQ BOOK STALLDUPATTA GALI, TARIQ ROADTARIQ BOOK STALLSHARFABADUNIVERSAL STORESHARFABADSTAPLESBAHADURBABD ROUNDABOUTREHAN BOOK STALLBAHADURBABD ROUNDABOUTNAHEEDSUPERMARKETSHAHEED E MILLATPSO STATION (MINI SHOP)STADIUM ROADTIME BOOKSNEAR TIME MEDICO, STADIUM RDUSMANIA BOOKSNEAR BAITUL MIKARRAM, GULSHAN IQBALABBAS BOOK STALLNEAR BAITUL MIKARRAM, GULSHAN IQBALNEW TARIQ BOOK CENTREGULSHAN IQBALBOOK INNGULSHAN IQBALAL BARKA BOOKSGULSHAN IQBALMEHRAN BOOKSGULSHAN IQBALBASHIR BOOK STALLREGAL, SADDARHILAL NEWS AGENCYREGAL, SADDARSHAHAB NEWS AGENCYREGAL, SADDARSHAFI BOOK STALLREGAL, SADDARALIA BOOK STALLSHAHEEN COMPLEX, I I CHUNDRIGAR ROADA-Z BOOKSNEAR ASGHAR ALI SHAH STADIM, N. NAZIMABADABC BOOK SHYDERI, N. NAZIMABADFATMI STATIONERSHAIDERY MKT, N. NAZIMABADALIF LAILA BOOK STALLHAIDERY MKT, N. NAZIMABADTARIQ BOOK TOWNHAIDERY MKT, N. NAZIMABAD
SHAHJEE BOOK STALLHAIDERY MKT, N. NAZIMABADDAWOOD BOOK TOWNBLOCK M, N. NAZIMABADHASAN BOOK STALLSAKHI HASSAN. BLK MIDEAL BOOKSSAKHI HASSAN. BLK MCOLLEGE BOOK STALLNAZIMABAD URDU BAZARUNITED BOOKSNAZIMABAD URDU BAZARRASHEED BOOK STALL
PAPOSH NAGAR , NAZIMABADUSAMA BOOKSDHORAJIVARIETY BOOKSDHORAJITARIQ BOOK GALLERYDHORAJIPAK MEDICOM. ALI SOCIETYCLIFTON BOOK CENTREBOAT BASIN, CLIFTONAMERICAN BOOK STALLBOAT BASIN, CLIFTON
BOOK PARADISESEAVIEW, BADAR COMMERCIAL, DHAVGOOD BOOKSSEAVIEW, BADAR COMMERCIAL, DHAV
DECENT STATIONERSKHAYABAN E HAFIZ, DHA VIAL REHMAN STATIONERKHAYABAN E HAFIZ, DHA VIBOOK OCEAN 1KHADDA MARKET, DHA VSAY PUBLISHINGKHADDA MARKET, DHA VINDUS BOOK
KHADDA MARKET, DHA VSUPER OLD BOOKSKHADDA MARKET, DHA VTARIQ BOOK POINTKHADDA MARKET, DHA VIDEAL BOOK POINTTOOBA MASJID, DHA IISTUDENT BOOK STALLTEEN TALWARUZMA BOOK STALLCLIFTONBILL BOARDCLIFTONMAZHAR BOOK SHOPCLIFTONFAMILY BOOK SHOPCLIFTONMR. OLD BOOKSCLIFTONOWAIS BOOK STALLBILAWAL HOUSEBOOK VALLEYBILAWAL HOUSEBOOK OCEANBILAWAL HOUSEBILAWAL HOUSE STALLBILAWAL HOUSE
FaislabadMalik Bok Centre 33, BD Ground.MultanNews Corner Gulgasht Colony.Carwan Book CentreQuid-e-Azam Shopping CentrePeshawarAfzal News AgencyChowk YadgarSaeed Book Bank Arbab Road, CanttQuettaAnsari Book Stall Moti Ram Road, Corner Prince Road.Book Land Jinnah Road.Sales & Service Kabir Building Jinnah Road.New Quetta Book Stall Jinnah Road.SialkotModern Book Depot Aziz Shaheed Road, Sialkot Cantt.LahoreQaumi News Agency Akhbar Market, Hospital Road.RawalpindiParadise Books & Distributors 1st Floor, Minhas Plaza, EPU Road, Opp: Rawalpindi Medical College.HyderabadMehran News Agency Yousuf Chamber.SargodhaPakistan Standard Book Stall Block No. 11, Azad Rd.
2 Thursday, January 13, 2011
TV PROGRAMMES
THURSDAY
Time Programmes
7:00 News
8:00 News
9:00 News
11:00 News
12:00 News
13:10 Newsbeat (Rpt)
14:10 Tonight With
Jasmeen (Rpt)
15:00 News
16:00 News
17:30 Samaa Metro
18:00 News
18:30 Samaa Sports
19:30 Crime Scene
20:03 Newsbeat
21:00 News
22:03 Tonight With
Jasmeen
23:00 News
23:30 24
Staff Correspondent
LAHORE: The Presidentof Lahore Chamber ofCommerce and IndustryWednesday said thatinvesting in UAE ven-tures will definitelystrengthen trade linkagesamong Pakistani andglobal investors.
The LCCI PresidentShahzad Ali Malik wasspeaking at a functionarranged for a delegationof Ras Al KhaimahInvestment Authority(RAKIA), headed byPeter-Michael Schuster.LCCI Senior VicePresident SheikhMohammad Arshad, for-
mer LCCI PresidentsMian Misbahur Rehmanand Mian Muzaffar Alialso attended the meeting.
The LCCI Presidentsaid that Ras Al Khaimah(RAK) is a good projectin Gulf. However, heinvited the RAKIA offi-cials to also look for andidentify appropriateinvestment opportunitiesin Pakistan, especially inPunjab.
Shahzad Ali Malik saidthat Pakistan and GulfStates, particularly Ras AlKhaimah, share cordialcultural and historic rela-tions and urged Pakistaniinvestors to help cementthese further.
Investmentopportunities
at RAK
TFD Report
KARACHI: The AllPakistan NewspapersSociety ( APNS) hasexpressed its profoundgratitude to the PrimeMinister of Pakistan,Syed Yousuf Raza Gilanifor accepting the APNSrequests during a meetingwith ExecutiveCommittee of the APNSat Islamabad on January10.
Hameed Haroon,President APNS apprisedthe Prime Minister thatthe APNS is building itsheadquarters at Karachiwhich needs governmentsupport for meeting theexpenses and requestedthe Prime Minister tosanction a sum of Rs.50million towards the con-struction cost. He alsorequested the PrimeMinister to be the chiefguest at the foundationstone laying down cere-mony of the APNS House.The Prime Ministeragreed to the APNSrequest and announcedRs.50 million grant forthe construction of theoffice building at Karachiwhich will be paid in twoinstallments : Rs.25 mil-lion in the month ofJanuary, 2011 and the bal-ance after July 2011.
The APNS delegationalso pointed out that theadvertisement rates forgovernment advertisingwere frozen in 1982 dur-ing the regime of Gen.Zia-ul-Haq and somenominal increases wereallowed over a period oftime, last being just 20%increase in 2001. TheAPNS requested the
Prime Minister toincrease the governmentadvertisement rates inaccordance with the CPIincrease during the last 10years which accounted for135%. The PrimeMinister agreed in princi-ple the APNS request forupward revision in thetariff of governmentadvertisement in newspa-pers which will be decid-ed by the SecretaryInformation,. TaimoorAzmat and SecretaryGeneral, APNS, SarmadAli.
The President APNSalso stated the CapitalDevelopment Authorityhad earmarked a plot forAPNS at Zero Point for itsFederal Secretariat but theplot has not been allottedso far, despite variouscommunications. ThePrime Minister stated thatthe Chairman, CDA willbe advised to provide theplot to APNS.
The APNS delegationalso pointed out that theMinistry of PostalServices / Pakistan Post,PEPCO and NationalHighway Authority hadreleased ads for enormousamount whereas theirannual budgets are farless than the advertise-ment expenses. The PrimeMinister advised theMinistry of Informationto take up the matter withthe concerned ministries /departments.
The APNS hoped thatthe announcements madeby the Prime Minister willbail out the crisis riddennewspaper industry andwould strengthen the cor-dial relations between thegovernment and the press.
APNS thanksPM for grant,
plot, raisein ad rate
Staff Reporter
KARACHI: The SindhAssembly Wednesdaypassed unanimous resolu-tion expressing full confi-dence and trust in the lead-ership of President Asif AliZardari who is also the Co-Chairman of PakistanPeoples Party (PPP).
"This House resolves toshow its fullest confidenceand trust in the President ofthe Islamic Republic of
Pakistan Asif Ali Zardariwho was elected by secur-ing 481 votes (71% of theElectoral College)
from the four provincialassemblies, Senate and theNational Assembly ofPakistan being Co-Chairman of the PPP asPresident of Pakistan," saidSindh Minister for Law andParliamentary Affairs,Muhammad Ayaz
Soomro in a resolutionpassed in the assembly
said: "His (PresidentZardari's) role is veryessential as Co-Chairmanof PPP and being thePresident of Pakistan toforge unity in the nationand reconciliation amongstthe democratic forces," hesaid.
The Minister furtheradded that the Houseappreciates his efforts inthe dual offices for further-ance of democracy andstrengthening of Pakistan..
Sindh MPs reposetrust in President
LCCI chief points
ISLAMABAD: A Chinesefirm AMLONG has showninterest in setting up a steelmill of one million toncapacity at Kalabagh basedon local iron ore deposit
The Chinese PrimeMinister during his recentvisit to Pakistan was
accompanied by over200 delegates, includinghigh officials, industrial-ists, businessmen andinvestors. AMLONG wasalso part of the delegation.
The company offi-cials held meetings withvarious government organ-izations including Ministryof Industries andProduction, said an EDBstatement issued onWednesday.
On the directives ofthe Ministry of Industries
& Production, EngineeringDevelopment Board(EDB) gave a detailedpresentation on the iron-ore deposits available atMakarwal and Chichaliand other raw materialsavailable in the same vicin-ity.
The delegationshowed keen interest in theproject and requestedCEO, EDB Aitazaz A.Niazi to arrange a visit tothe site. Accordingly, aseven-member delegationled by S.M. Adil Shah,General Manager, EDBvisited Makarwal/ Chichaliiron ore deposits onJanuary 10-11.
The officials ofAMLONG expressed satis-faction on the iron ore
deposits available at
Kalabagh, the infrastruc-ture and the proposed sitefor
establishment of the steelmill.
S.H. Farooqi, a lead-ing geologist, briefed thedelegation about the ironore deposits in the area andthe prospects of establish-ing a steel mill based onlocal iron ore.
The delegation wasprovided all the necessaryinformation includingmaps, composition of theores, quantum of depositsand reports prepared in thepast.
The provenreserves at the Kalabaghiron ore deposit, whicic isthe largest one in Pakistan,are around 350 milliontones.-APP
Chinese co keen to set up steel mill
at Kalabagh
THURSDAY
Time Programmes
8:00 Chai Time (Rpt)
9:00 News
9:15 Pehla Sauda
10:00 News
10:15 Bazaar
11:00 News
11:05 Ghar Ka Kharch
12:00 News
12:15 Power Lunch
13:00 News
13:05 Islamabad Say (Rpt)
14:00 News
15:02 Akhri Sauda
15:30 Mang Raha Hay
Pakistan (Rpt)
16:15 Karobari Dunya
17:05 Ghar Ka Kharch
(Rpt)
18:05 Chai Time
19:00 News
19:30 Mang Raha Hai
Pakistan
20:00 News
20:05 Islamabad Say
21:00 Pakistan Aaj Raat
22:00 News
22:05 Doosra Pehlu
23:00 News
23:05 Siyasat Mana Hai
0:00 News
Automationat CDCStaff Reporter
KARACHI: CentralDepository Company incollaboration with NCCPLrecently implemented theAutomation of SecuritiesTransfer Mechanism in theCentral DepositorySystem. This project wasinitiated in 2008 as a jointeffort by CDC andNCCPL, with the objectiveof introducing efficiency inthe settlement processrelating to securities trans-actions and to ensuremovement of securitiesfrom / to the respectiveSub-Accounts. CDCplayed the lead role in theproject and coordinated theefforts of all the partici-pants.
Inline with the view to pro-mote Straight-throughProcessing in the capital mar-ket operations, this mecha-nism has been developed toautomate the Free DeliveryTransactions to a great extentthereby minimizing the useof the Main Account.
Announcing the success-ful implementation of theproject, CDC's CEOMuhammad Hanif Jakhurasaid: t"The Automationproject has radicallychanged the entire securi-ties settlement mechanismin the country. It also marksa significant and positivechange in the operations ofthe capital market inPakistan. This project is animmaculate example ofwhat can be achieved byclose cooperation betweennational institutions."
Muneer tocontinueas IPCCIPresident
KARACHI: Federationof Pakistan Chambers ofCommerce & Industry(FPCCI) and Federationof India Chambers ofCommerce and Industry(FICCI) have mutuallydecided to extend thePresidentship of IndiaPakistan Chamber ofCommerce & Industry(IPCCI) resting with S MMuneer from Pakistan foranother term.S M Muneer is the thirdPresident of IPCCI sinceits establishment under aMoU between FPCCCIand FICCI in April 1999.
S M Muneer who is aleading and prominentbusinessmen and industri-alist has expressed hisconfidence that IPCCIwill chalk out extensiveprogram of activities forthe next term for promo-tion of bilateral trade andeconomic relations whichwill ultimately benefit thebusiness community ofboth the countries whoare willing to come closerthan ever and open newavenues for promotion ofbilateral trade and eco-nomic relations.-Online
53 firms totake part atHeimtextil
fairKARACHI: TradeDevelopment Authority ofPakistan (TDAP) hasarranged the participationof 53 Pakistani companiesat world's largest home andcontract textiles fair -Heimtextil, starting fromJanuary 12 at Frankfurt,Germany.
According to TDAP, 726square meters of space hasbeen reserved in Hall No.10.0 and 10.3 to set up aPakistan Pavilion wherePakistani exhibitors willdisplay a wide variety ofhome textile products.
TDAP has regularlybeen organizing participa-tion in this event for lastmany years. It is pertinentto mention here that in thelast event, Pakistaniexhibitors which partici-pated under the umbrella ofTDAP secured ordersworth $29.4 million.-APP
KESCthanked
KARACHI: Patron In-Chief and Chairman,Korangi Association ofTrade and Industry (KATI)S M Muneer and Johar AliQandhari have hailed theKESC's assurance for unin-terrupted power supply tothe industrial areas ofKarachi despite the short-age of gas.
In a statement they saidthat KESC eased up a lot inload-shedding in industrialareas on Wednesdaydespite receiving less sup-ply of gas from SSGC.-PR
PIA fetes
women
hockey
playersKARACHI: The partici-pating teams of 26th PIAWomen HockeyChampionship were host-ed a dinner byManaging Director PIA,Capt. Muhammad AijazHaroon and his wife .Uzma Aijaz Haroon atthe Hockey Club.
The ChairpersonPakistan and SindhWomen HockeyAssociation and MemberNational Assembly,Khushbakht Shujat hadorganized this megaevent for the womenhockey teams from allover Pakistan.-Online
KARACHI: Chief Minister Sindh Syed Qaim Ali Shah addressing the SindhAssembly session on Wednesday.-Online
KARACHI: Qingqi rickshaw drivers held a protest rally on M A Jinnah Road,against DIG Traffic after a ban on Qingqi rickshaws.-Online
MUMBAI: The Indian rupeeflip-flopped tailing the localstock market before closingstronger on Wednesday amidmixed factors including sharplylow November industrial outputdata, rate hike worries, capitalinflows and importer dollardemand.
"There are no other triggersnow apart from the stock marketfor the rupee. We can't see toomuch of (dollar) inflows, weexpect stocks to come under pres-sure again," said Ashtosh Raina,head of forex trading at HDFCBank in Mumbai.
The partially convertible rupeeended at 45.13/14 per dollar, aftertouching 45.2050 immediatelyafter industrial data. It closed at45.1625/1725 on Tuesday. Earlyin the session, the rupee had risento 45.06, its highest since Jan. 4.
"The outlook for portfolioinflows, however, is clouded byboth global and local uncertain-ties. Despite the outflows wit-nessed at the beginning of 2011,it is too early to rule out a revivalof investor confidence," StandardChartered said in a note.
Foreign funds are net sellers of$498.12 million worth shares this
year till Tuesday, after havingpurchased stocks worth a record$29.3 billion in 2010.
Also, mild dollar inflows intoequity market along with globaldollar weakness on one hand andimporter dollar demand on theother, kept the rupee in a range,dealers said.
HDFC Bank's Raina expectsthe rupee to move in 44.80-45.60band in the short term.
With the rupee now closely fol-lowing the domestic stock mar-ket, forex dealers will wait for theDecember inflation number dueon Friday for direction cues.
India's wholesale price index inDecember probably rose 8.35 percent from a year earlier, acceler-ating from November's 12-monthlow of 7.48 per cent, a Reuterspoll showed. -Reuters
Indian rupee up, seenranged on low $ inflows
3Thursday, January 13, 2011
Currencies Rate
Karachi: The following are the London Inter-Bank Offered Rates (LIBOR).
British Members Association Interest Settlement Rates.
AT 11:00 LONDON TIME 12/01/2011
A USD GBP CAD EUR JPY
O/N 0.24000 0.55813 0.92833 0.33375 SN 0.09375
1WK 0.25438 0.57063 1.00000 0.50125 0.102880
2WK 0.25656 0.57563 1.04250 0.55625 0.109380
1MO 0.26125 0.59563 1.09667 0.68938 0.120630
2MO 0.28250 0.65313 1.15083 0.80500 0.150000
3MO 0.30313 0.76688 1.24000 0.93125 0.188500
4MO 0.34500 0.84938 1.31500 0.99875 0.243130
5MO 0.40125 0.95438 1.37333 1.08188 0.300000
6MO 0.45681 1.06375 1.44833 1.17500 0.347500
7MO 0.51000 1.14038 1.51167 1.22688 0.397500
8MO 0.56313 1.22375 1.58917 1.28063 0.443130
9MO 0.61781 1.30563 1.65500 1.32938 0.487500
10MO 0.66969 1.38500 1.73667 1.38063 0.514380
11MO 0.72469 1.45250 1.82333 1.42313 0.540000
12MO 0.78375 1.51938 1.90333 1.46375 0.567500
Countries Selling Buying BuyingTT & OD TT Clean OD/T.CHQ
Bank of England January 13, 2011 March 5, 2009 0.50%
European Central Bank January 13, 2011 May 7, 2009 1%
Swiss National Bank March 17, 2011 March 12, 2009 0.25%
The Reserve Bank of Australia February 1, 2011 November 2, 2010 4.75%
Bank of Canada n/a September 8, 2010 1%
Federal Reserve n/a December 16, 2008 0.25%
Bank of Japan n/a December 19, 2008 0.10%
Major Central Banks Overview
Division of National Bank of Pakistan (NBP)KARACHI, January 12,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:
Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for January 12, 2011
NEW YORK: The euro rose for a thirdday against the US dollar onWednesday but gains were expected tobe short-lived after a Portuguese debtsale did little to quell fears that some ofthe indebted euro-zone countries willstruggle to meet their funding needs forthe year.
Lisbon's debt auction saw healthydemand and the average yield at the 10-year sale fell compared to a previousone in November, confounding expec-tations that rates would top 7.0 per centfor the first time in the history of theeuro-zone.
Attention now turns to Spain andItaly, who will sell debt on Thursday inauctions that will also be closelywatched for any sign of contagion.Analysts expect the sales to pass offwithout a major hitch, albeit at elevatedcosts.
The euro was last traded 0.4 per centhigher at $1.3025, after having risen ashigh as $1.3047 on trading platformEBS.
Traders stillexpect the euroto retest itsfour-month lowaround $1.2860set on Monday,with a breaklikely openingthe door to adecline towards $1.2645 and $1.2590 inthe coming weeks.
Near-term support lies at around$1.2794, the 61.8 Fibonacci per centretracement of its rally from June toNovember. Resistance is at around$1.3071, the 200-day moving average.
Also bolstering the euro were com-ments from euro-zone sources that
finance ministers are likely to considernext week raising the effective lendingcapacity of the currency bloc's rescue
fund as part of efforts to calm jitterymarkets.
This follows Japan's promise to sup-port an upcoming bond sale by thefund, the European Financial StabilityFacility.
Analysts said the Portuguese auctionresults would do little to change theview that Lisbon will continue to strug-
gle to fund itself and may have to turnto the European Union an InternationalMonetary Fund for a bailout.
The European Central Bank meets onThursday and investors will closelywatch if the bank signals further stepsto help ease pressure on peripheralbonds.
Against the yen, the euro was up 0.5per cent at 108.48 yen. The dollar rose0.2 per cent to 83.37 yen.
The Australian dollar hit a fresh one-month low around $0.9777, thoughoption triggers at $0.98 and upbeatAustralian housing data helped it parelosses.
Mounting worries that massive floodsin northeast Australia could hampergrowth were taking a toll on the Aussie,knocking it further from a 28-year higharound $1.0250 set on Dec. 31. -Reuters
Euro up against USD;Spain debt auction awaited
SHANGHAI: The yuan endedup vs the dollar on Wednesday asthe People's Bank of China set itsreference rate at a record high,kicking off a new leg of appreci-ation for the yuan ahead ofPresident Hu Jintao's visit to theUnited States.
But the central bank was appar-ently careful not to fan excessivehopes of how much the yuan canappreciate as it did not let theyuan's mid-point breach the psy-chologically important 6.60against the dollar, with tradersciting concerns over capitalinflows as one of the key factors.
The market took the cue fromthe PBOC fixing, from which theyuan can rise or fall 0.5 per centin a given day.
Spot yuan traded below the cru-cial level and traders stayed waryof re-visiting 6.5896 hit on Dec.31 last year, which is its highestrate against the dollar since theyuan's landmark revaluation inJuly 2005.
The latest set of data publishedby the PBOC on Tuesday showedcapital inflows picked up inDecember from November.
The "Position for ForexPurchases" showed the centralbank and Chinese institutionsspent 403.3 billion yuan ($61 bil-
lion) to absorb foreign exchangeflowing into China in December,up from 319.6 billion yuan inNovember.
Still, many dealers expect theyuan to rise decisively above 6.60before the end of Hu's state visitto the United States on Jan. 18-21.
Spot yuan closed at 6.6038 ver-sus the dollar, up from Tuesday'sclose of 6.6200 after the PBOCset the currency's mid-point at6.6128, up from Tuesday's6.6216. It has risen 3.37 per centsince it was depegged from thedollar in mid-June 2010.
During Hu's visit, the UnitedStates would state that it wanted a"real, demonstrative commit-ment" from China that it was seri-ous about shifting away fromexport-led economic growth, aUS official told Reuters onTuesday.
Non-deliverable dollar/yuanforwards (NDFs) fell nearlyacross the curve to imply slightlymore yuan rise as the offshoremarket responded to the strength-ening spot yuan.
Three-month NDFs fell to6.5450 from Tuesday's 6.5510,implying yuan appreciation inthree months' time of 1.04 percent from 0.94 per cent. -Reuters
Yuan ends higheron Hu’s US trip
LONDON: Sterling rose towardsa one-month high against the dol-lar on Wednesday as steady buy-ing from Asian sovereignaccounts helped to offset theimpact from data which showedBritain's trade deficit wideneningto record levels.
Britain's trade gap widened to8.736 billion pounds inNovember from an upwardlyrevised 8.591 billion pounds inOctober. Imports of oil and air-
craft pushed the trade deficit toits biggest since monthly recordsbegan in January 1980, contrast-ing with expectations for a mod-est narrowing.
"Those numbers took out a bitof steam from sterling, but over-all it remains resilient," saidMichael Hewson, markets ana-lyst at CMC. "If you strip out theone-off items (in the trade data)there is room for improvement."
The data drove sterling loweragainst the dollar, before itregained ground to trade at$1.5652, up 0.24 per cent for theday. It hit a one-month high of
$1.5681--its highest sinceDecember 15 -- just before thetrade data was released.
Traders said buying in thepound/yen cross also supportedsterling.
The euro edged up against thepound to 83.26 pence, drawingsupport from a robust response tobond auctions from Portugal.
But investors are bearish aboutthe pair with the single currencylikely to come under more pres-
sure, as concerns about euro-zoneperipheral debt problems mountand drive many to unwind longpositions in the euro/pound pair.
The euro had fallen to a four-month low of 82.85 pence onJan.10 with some expecting thepair to test 82 pence in the nearterm. The BOE started a two-day meeting on Wednesday andrising inflation expectations arelikely to dominate the MonetaryPolicy Committee meeting. Thedecision will be announced onThursday, although there is verylittle chance of a rate increase. -Reuters
Pound near 1-mth highon sovereign buying
SINGAPORE: The Indonesianrupiah was little changed versusthe dollar on Wednesday, stabil-ising after a recent sell-off, andthe Taiwan dollar hit a 13-yearhigh, with both currencies sup-ported by foreign fund inflows.
Traders said dollar-sellingintervention by Indonesia's cen-tral bank also helped lend sup-port to the rupiah, which hascome under pressure this monthas investors booked profits aftera strong rally last year.
The Taiwan dollar rose on theback of foreign fund inflowsinto the equity market, while theThai baht rose ahead of a ratedecision by its central bank.
The Taiwan dollar hit a 13-
year high against the dollar, asmore foreign money flew intothe stock market.
George Chou, deputy gover-nor of Taiwan's central bank,told Reuters exporters shouldhedge against a Taiwan dollarappreciation, indicating thelocal currency may rise further.
The Taiwan dollar hit a 13-year high T$29.056 to the dol-lar. After trimming some gains,the Taiwan dollar stood atT$29.100 compared toTuesday's close of T$29.700.
Indonesia's central bank solddollars against the rupiah earlyon Wednesday, and the dollar'sbroad weakness also lent sup-port to the rupiah.
The dollar was little changedagainst the rupiah at 9,045.
The dollar edged up 0.4 percent against the rupiah inJanuary as investors coveredtheir short dollar positions tobook profits in the wake of thedollar's 4.4 per cent slideagainst the rupiah last year.
The baht rose against the dol-lar, supported by marketexpectations of the centralbank raising interest rates lateron Wednesday.
Most analysts polled byReuters expect the Bank ofThailand to raise interest ratesby 25 basis points to 2.25 percent at its policy decision. -Reuters
Asian currencies
Rupiah stabilises;Taiwan dollar climbs
SYDNEY/WELLINGTON: The Australian dol-lar plumbed one-month lows on Wednesday onworries about the nation's damaging floods, butregained some ground after upbeat data caught themarket short, a risk that looms large ahead of theemployment data.
Due at 0030 GMT on Thursday, the closelywatched labour report is expected to show anincrease of 25,000 jobs in December. Employmenthas sped past all expectations last year, rising at abreakneck pace of 402,500 in a potential labourforce of just 12 million.
"Investors are likely aware of this, and this couldlead to a bit of an AUD short squeeze into tomor-row's data release," said Barclays Capital analysts.
The Aussie was last at $0.9846, having earlierfallen to $0.9803 after a Reserve Bank of Australia(RBA) board member, Warwick McKibbin, saidthe floods could cost up to 1 percentage point ofGDP, the most bearish estimate yet.
The comment reinforced expectations the RBAwas now unlikely to raise interest rates again formonths to come, and perhaps not at all this year.
Interbank futures imply almost no probability of
a move before July and just a 50-50 chance byOctober.
But the currency then staged a come-back to hita session high of $0.9867 after data showed homeloans rose by the most in six months in Novemberwhile job vacancies were up 26 per cent in the yearto November.
The Aussie has fallen some 4 per cent from a 28-year peak around $1.0250 set on Dec. 31, makingit one of the worst performers so far this year. Thisfollowed a stellar 2010, where it rose 14 per cent.
It also fell on Wednesday against the euro,which touched one-week highs at A$1.3226, whilethe Canadian dollar reached its best level sinceSeptember at A$1.0301.
The Aussie also underperformed the NewZealand dollar, falling to six-week lows atNZ$1.2909, before drifting back up toNZ$1.2967.
The kiwi was a touch lower against the green-back, having escaped much of the drama engulfingthe Aussie. It last traded at $0.7594, after driftingbetween $0.7582 and $0.7607, well withinTuesday's trading range. -Reuters
Aussie off 1-mth low,pins hopes on jobs data
Swiss francslips vs euroZURICH: The Swiss franctraded lower against the euro inthin trading on Wednesday,extending losses from the pre-vious two sessions as tradersfocused on a debt sale by high-ly indebted euro-zone memberPortugal later in the day.
The single currency hasfirmed this week followingreports the region's financeministers could consider rais-ing the effective lending capac-ity of the currency bloc's rescuefund as it attempts to calm jit-tery markets.
Support for the euro has alsoarrived from Japan and China,which have both suggested inrecent days they could buy intotroubled euro-zone bond sales.
The franc had hit a series ofrecord highs against the euro inrecent weeks as concerns grewabout whether debt-ladenPortugal, Spain and Italy couldrefinance their debt loads at asustainable cost but has easedfrom its Dec. 30 peak of 1.24francs to the euro.
The franc fell 0.4 per centagainst the euro compared tothe New York close, trading at1.2685 francs per euro at 0752GMT.
The franc was also loweragainst the dollar, falling 0.1per cent to 0.9748 francs perdollar. -Reuters
Thai baht supported ahead of rate decision
Markets hopeful of boost to euro-zone lending fund
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Let cityof lights
run, shineOver the last few days something seems to
have gone grossly wrong bringing the curse ofgas load shedding to Karachi, Pakistan'slargest metropolis. As per the latest commu-niqué of SSGC it has increased supply of gasto KESC to 50mmcfd from 30mmcfd. It alsoclaims that since the two companies shave notentered into any new gas purchase agreement,SSGC is meeting its contractual obligation.However, it is on record that till recentlyKESC was getting around 300mmcfd gas.Such huge quantity of gas was supplied on theinstruction of government, which never want-ed eruption of any energy related riots inKarachi. The move was also aimed at allow-ing the new strategic buyers to overcome theteething problems.
Curtailment of supply and drop in gas pres-sure has already started taking a toll on indus-trial units as well as CNG filling stations. This,on one hand, will affect industrial productionand on the other inflate country's oil importbill. Karachi has the largest number of indus-trial units as well as vehicles that ply on itsroads. Therefore, it is feared that if the issue isnot resolved on top priority it could have seri-ous repercussion for the city having a popula-tion of around 20 million which is also the hubof industrial and commercial activities.
To begin with it is difficult to find a plausi-ble reason for sudden drop in gas availabilitywith SSGC. According to some conspiracytheories gas availability may have fallen dueto diversion to SNGPL, facing the worst short-fall during this winter. If this is the reason thengovernment should have not kept it a secret.People linked to SSGC have big hearts and arewilling to share the woes of people from otherprovinces. However, they have the right to askthe policy planners, were they not aware of theemerging shortfall and why they didn't taketimely measures. Their apathy has put all thePakistani's under pain.
Experts have been saying from day one thatgas crisis is not due to demand surpassing sup-ply but due to gross mismanagement. At pres-ent the country faces a short fall of around900mmcfd, as against a shortfall of 500mmcfdfaced last year. This clearly shows that nomeasures were taken to bring the newly discov-ered fields online, for the reasons best known tothose on the helm of affairs. Since gas supplycannot be increased overnight only one optionis available, ask KESC to run its Bin Qasimpower plant on furnace oil and let the federaland government bear the cost differential.
Since this involves paying billions of rupeessubsidy, it also becomes the responsibility ofconsumers to contain wastages and bringdown electricity and gas consumption to thelowest levels. It is an emergency situation andeach consumer will have to play its role tominimise the adverse impact on the economy.
4Thursday, January 13, 2011
Publisher & Editor-in-Chief: Amir A. Ashary
Editor: Shakil H. Jafri
Executive Editor: Manzar Naqvi
Honorary Advisory Board
Haseeb Khan, FCA
Asim Abbas Ashary, CPA
Akhtar M. Zaidi, FCA
Dr. A. Hadi Shahid, FCA
Muhammad Arif
S. Muneer Hussain Rizvi
Khurram Shehzad, CFA
Prof. Zakaria Sajid (KU)
Zahid Bukhari SVP HBL (retd)
Ismat Sabir
Head office
111-C, Jami Commercial Street 11, Phase VII, DHA KarachiTelephone: 92-21-35311893-6 Fax: 92-21-35388428
Sanctions and possible sabotagemay be slowing Iran's nucleardrive, reducing the risk that Israel
might resort to military strikes againstthe Islamic Republic's atomic sites anytime soon.
Technical glitches and other hurdles forIran's uranium enrichment programmeare also creating more room for maneu-ver for diplomatic efforts by major pow-ers to persuade Tehran to curb work theWest fears is aimed at making bombs.
"There is a feeling that the sanctionsand also some of the covert action arebuying time, more time than many pre-viously expected," a senior Westerndiplomat said.
Oliver Thraenert, senior fellow at theGerman Institute for International andSecurity Affairs, said: "I do believe peo-ple are a bit more relaxed now ... thetechnical problems the Iranians have aremuch more severe than expected."
This is likely to reduce the persistentspeculation in recent years that Iran'sfoes, especially Israel but also the UnitedStates, could soon use military action toprevent the major oil producer fromacquiring nuclear weapons.
Israel, which bombed an Iraqi reactorin 1981 and a suspected Syrian nuclearsite in 2007, sees a nuclear-armed Iran asa threat to its existence and has indicatedit could use force to prevent it developingsuch weapons.
But Israeli intelligence assessmentspublished last week said the Jewishstate now believed Iran would not beable to produce a nuclear weaponbefore 2015 and that a top Israeli offi-cial had counselled against pre-emptivemilitary action.
It signalled new confidence in US-ledsanctions and other measures designed todiscourage or delay Iran's nuclear work.
"Israel appears no less willing to con-template military action against Iran toprevent it from obtaining nuclearweapons," Greg Thielmann, a senior fel-low at the Washington-based ArmsControl Association, said.
"However, there has been a dramaticchange recently in statements fromIsraeli officials about the timeline theyproject for Iran to achieve a nuclearweapons capability."
WAR DRUMSTOPPED BEATING?
US-based journalist Jeffrey Goldberg,who wrote about the "coming confronta-tion" between Iran and Israel in anAtlantic magazine article last year, saidone Israeli official now puts the chancesof an Israeli strike on Iran in the next yearat below 20 per cent.
"And he was one of the Israelis whofelt, in the spring of last year, that itwould be necessary for Israel to attackIran's nuclear facilities by the end of2011," Goldberg wrote in a blog thisweek.
Washington has not ruled out armedaction against Iran, even though US offi-cials have warned that it would onlydelay its nuclear programme and thatpersuading Tehran to give up its activitieswas the only viable long-term solution.
But the US Secretary of State HillaryClinton said on Monday that sanctionshad set back Tehran's nuclear work, giv-ing major powers more time to persuadeit to change tack.
Shannon Kile at the StockholmInternational Peace Research Institute
said the "war drum was really beating"about a year ago, but this no longerseemed to be the case.
But any reduction in tension and less-ening of talk of possible military conflict,with possible dire consequences for theworld economy, could turn out to be tem-porary.
"There definitely has been sort of a de-escalation of the situation," Kile said.But, he added, "I don't see that as beingnecessarily something more permanentor lasting."
Iran is still amassing refined uranium -- material which can be used to makebombs if enriched much further -- and itis showing no sign of backing down inthe long-running international disputeover its atomic ambitions.
"Technical difficulties and sanctionsshould not lead anyone to think we arenear a solution," said Alireza Nader, anIran specialist at the RAND Corporation.
"Iran may be motivated more than everto develop the nuclear programme, espe-cially since the ruling elite believe thatbacking down would send precisely thewrong signal to the United States and itsallies."
IRANIAN NUCLEAR"BREAKTHROUGH"
Analysts say Iran's nuclear work hasbeen experiencing technical difficultiesfor several years, partly because it isusing enrichment centrifuges adaptedfrom a smuggled 1970s Europeandesign which is prone to overheatingand vibration.
Iran is testing an advanced, moredurable model able to refine uraniumtwo or three times faster, and says itintends to introduce it for production in
the near future.But the sanctions, which ban trade in
nuclear-related technology and equip-ment, may make this more difficult.
Signs of foreign sabotage, such as theStuxnet computer worm which someexperts believe was aimed at Iran'senrichment activities, could also be a fac-tor. In addition, Iran has blamed the Westand Israel for the killing of two nuclearscientists last year, a charge Washingtonhas rejected as "absurd".
The US-based think-tank, theInstitute for Science and InternationalSecurity, said in an analysis that "overtand covert disruption activities havehad significant effect in slowing Iran'scentrifuge programme."
Iran rejects any suggestions that it isexperiencing significant technical woesand last week announced a new "break-through" in its nuclear programme, say-ing it would make its own fuel for aresearch reactor later this year.
Western officials say tougher sanc-tions imposed on Iran since last year arehurting its economy and that this mayforce it to enter serious nuclear talkswith six world powers -- the UnitedStates, Russia, Germany, France,Britain and China.
But no substantial progress was madewhen talks resumed in Geneva lastmonth, for the first time in more than ayear, and expectations of a breakthroughare low ahead of a second round inIstanbul next week.
"Sanctions will not force Iran to capit-ulate," Thielmann said. "It is also clearthat negotiations will be a drawn-out anddifficult process, requiring manymonths."-Reuters
A War Naps for Now
Gulf Arab states are spending morethan $100 billion on rail projectsacross the region as they tackle
poor public transports networks andgrowing populations.
The six oil and gas producers of theGulf Cooperation Council (GCC) seek tocreate a similar model to Europe's high-speed rail system, with plans to extend theestimated 1,940 kilometre network evento Yemen in the South of the Arabianpeninsula and link it by 2017.
Following is an overview of the differ-ent projects:
SAUDI ARABIASaudi Arabia is spending an estimated
$25 billion on its rail network, adding3,900 km of tracks through three majorprojects.
The so-called Saudi Landbridge projectincludes a 950 km line between capitalRiyadh and the Red Sea port of Jeddah, aswell as a 115 km link between the indus-trial city of Jubail and Dammam, the oilhub on the Gulf coast.
Another project is the North SouthRailway linking Riyadh via Qassim, Hail,Al-Jawf, to Al-Haditha, with branches toRas Al-Zour and Jubail to bauxite andphosphate mines. The line will be mainlyused for minerals, but general freight andpassenger transport is also planned.
The high-speed Haramain Railwayproject will link Islam's holiest citiesMecca and Medina to the Red Sea coastalcity of Jeddah, a key entry point for mil-
lions of pilgrims, to relieve traffic conges-tion on the roads.
German transport group DeutscheBahn, Italy's Astaldi and British firm WSAtkins form parts of six consortiums bid-ding to build four stations along the 450km railway.
China Railway Construction Corp saidin November it expected to lose about4.15 billion yuan ($623 million) on themetro light rail for pilgrims.
UNITED ARAB EMIRATESUAE's Union Railway plans a $11 bil-
lion and 1,500 km railway project acrossthe UAE estimated by 2017.
The project will be phased over severalyears. In the end, the railway will connectthe UAE to Saudi Arabia via Ghweifatcity in the West and Oman via Al Ain inthe East.
The network will integrate the oil andnatural gas hub of Ras Laffan in the northwith the refinery town of Mesaieed in thesouth, and a high-speed link between thenew Doha international airport and thecity's centre.
Construction will run until 2026, whichincludes freight, passenger trains and ametro.
A long-planned $3 billion bridge link-ing Qatar with Bahrain has been put onhold and the project team scaled back,sources close to the project said, amidescalating costs and increased politicaltension.
The 40-kilometre causeway linking gas
exporter Qatar to the island kingdom ofBahrain was set to play a key role inimproving infrastructure connectionsbetween GCC members. Qatar also wantsto build a bridge connection to neighbourSaudi Arabia via a 40 km causeway - oneof the world's longest - to Bahrain.
But the long-planned $3 billion bridgebeen put on hold and the project teamscaled back, sources close to the projectsaid in June.
BAHRAINBahrain said in 2009 it would study a
$8 billion railway project stretching over184 km, including a mix of light railtrains, monorails, trams and other sys-tems.
But these investments were part ofplans to link Bahrain and Qatar with abridge, a project which is stalled due topolitical tensions between the two neigh-bours.
OMANThe non-OPEC member's 500 km rail-
way system will connect ports, airportsand free zones and is expected to generatea revenue of about $250 million in its firstyear operation, a finance ministry officialsaid.
The project is expected to be completedin 2017 and the government plans to awardconstruction projects in three phases.
It will build a passenger and freightservice, which will make part of theregional link. Possible extensions into thecapital Muscat via a metro system are
also considered.Transport and rail companies such as
Bechtel, SNCF, China Railway andHyundai have shown interest in the pre-qualification bids for contracts.
KUWAITKuwait said in 2008 it was planning an
$11 billion rail network that will include ametro system for its capital.
A 245 km line will run from the north-ern border with Iraq to Saudi Arabia inthe south, with links to airport and seaport, the Kuwait Overland TransportUnion said.
In Kuwait City, where traffic clogsroads in rush hours, a four-line, 171 kmmetro is planned costing 1.3 billiondinars.
Construction was initially scheduled tostart in 2009 for completion in 2017.
YEMENYemen said last year it would launch a
$3.5 billion rail project as part of plans toupgrade infrastructure in the war-torncountry.
The 2,500 km passenger and cargo net-work will run from the Saudi borderalong the Yemeni coast, passing throughthe main port of Aden, to Oman, where itwill join the network linking the six GCCcountries.
The government had said bidding forthe main 2,000 km coastal line had start-ed in July 2010 and that it was in talkswith several railway firms to build thetracks.-Reuters
Gulf Going to Rails
To understand why PakistaniChristians feel so threatened bygrowing Muslim extremism in
their country, speak to the uniformedpolice guard at the jail where aChristian woman is on death row,accused of blasphemy.
Aasia Bibi, a mother of four, was sen-tenced to hang in November forallegedly committing an act of sacri-lege, under Pakistan's controversialblasphemy laws. Last week, an outspo-ken liberal politician was killed by hisown bodyguard for campaigning for herrelease.
The assassin has since been hailed asa hero by many in Muslim majoritycountry where a harsh, often unforgiv-ing, brand of Islam is growing instrength.
Prison guard Ansaar Jameel, at theSheikhpura prison where Bibi is held,summed up widespread sentiment afterthe killing of Punjab province governorSalman Taseer: "What happened wasjustified."
Taseer's death -- and the lionising ofhis killer -- have struck more fear thanever in the mostly Catholic andProtestant Christian communityaccounting for about two per cent of thepopulation of 170 million.
The self-confessed assassin, MumtazQadri, has been showered with rosepetals after court appearances.Hundreds of lawyers have offered todefend him for free.
These are troubling signals that reli-gious extremism has permeated muchof Pakistan, a nuclear-armed ally theUnited States sees as indispensable inits war on global militancy.
"If a bodyguard can kill a governor, ahigh profile person, a famous personhere in Pakistan, the governor ofPunjab Salman Taseer, what can hap-
pen to me?," asked Christian activistShahzad Kamran, who provides moral,legal and financial support for peopleconvicted of violating the blasphemylaw.
Kamran has stopped visiting Bibi injail for fear of his life. "Anybody, any-body can kill me with the same allega-tion as Salman Taseer was con-fronting," he said.
VILLAGERS ISSUE THEIR
OWN VERDICTPakistan's modern Christians are the
children of Hindus or Muslims convert-ed by missionaries who came to theIndian subcontinent some 250 years ago.
Christians and Muslims generally livein harmony, but many say they are treatas second-class citizens and feel inse-cure for several reasons, including theblasphemy law and sporadic militantattacks on churches.
Under the law, anyone convicted ofspeaking ill of Islam or the ProphetMuhammad(PBUH) faces life impris-onment or the death penalty. BodyguardQadri and his supporters accused Taseerof being a blasphemer, simply becausehe spoke against the law.
While Muslims are charged withblasphemy in more than 50 per cent ofcases, human rights activists say thelegislation is often used to persecuteminorities, or settle personal scores --as Aasia Bibi claims happened to her.
Fury at Bibi in her village, Ittanwali,seems based on hearsay that she con-
fessed to insulting Islam. The onlything that's clear is her troubles beganwith a dispute with fellow womenfarmhands who later accused her ofblasphemy.
"If she returned I would beat her todeath with anything I could get myhands on," said Inayatullah, a 65-year-old man with fiery green eyes and awhite beard. A group of people gath-ered around him, including a 14-year-
old boy, agreed she should die.Bibi and her family are the only
Christians in the Ittanwali, a village ofmud huts surrounded by sugarcanefields and orange orchards. Familiesburn cow dung for fuel and the place ismired in poverty and is a microcosm ofthe social and economic neglect thatmake Pakistan unstable.
Poor services discredit the govern-ment, which is deeply unpopular, andmake people more susceptible to thepreachings of the hardline clerics.Countrywide illiteracy rates of over 50per cent mean these extremists wieldhuge power over the people.
Sitting inside the mudbrick walls ofthe family's housing compound wheregoats graze, Bibi's sister-in-law Farhadsays clerics began announcing that"Christians are dogs" after Bibi's arrest.So far, their Muslim neighbours havenot created any problems, but thatcould change given the charged atmos-phere after Taseer's death.
Either way, she says the family is
trapped."Where can we run away to? Where
can we flee? We have left it all to his(God's) mercy. He will do whatever isbest for us," said Farhad.
With the assassination of the gover-nor, Christians know they have lost arare defender.
Inside Lahore's grand Sacred Heartcathedral, the archbishop of the easterncity, Lawrence Saldanha, asked wor-shipers at Sunday mass to pray forTaseer's soul and asked God to giveChristians the strength to practice theirfaith.
He told Reuters that political leader-ship pandered to influential religiousIslamist parties for support in thedeeply conservative country, a commonaccusation.
"They try to get into politics by usingreligion in the wrong way, (a) very nar-row interpretation of Islam," he toldReuters.
That policy is unlikely to change any-time soon.
The deeply unpopular governmentneeds all the support it can get.Frustrations are growing over risinginflation, power cuts and suicide bomb-ings staged by Taliban militants.
Country's Christians can only hopeTaseer's killing will not encourage moreviolence against them.
In 2009, 40 houses and a church wereset ablaze by a mob of 1,000 Muslimsin the town of Gojra, Punjab. At leastseven Christians were burnt to death.The attacks were triggered by reports ofthe desecration of the Holy Quran.
Back in Ittanwali, cleric MaqsoodAhmed Masoomi suggested that if any-one in the village commits blasphemy,they may not make it to the court-room."They should be killed on thespot," he said.-Reuters
Minority Matters
Taseer's death -- and the lionising of hiskiller -- have struck more fear than ever
in the mostly Catholic and Protestant Christiancommunity accounting for about two per cent
of the population of 170 million“
FERTILISER000 tonnesUrea Offtake (Jan to Nov 10) 5,463Urea Offtake (Nov 10) 845Urea Price (Rs/50 kg) 870DAP Offtake (Jan to Nov 09) 121DAP Offtake (Nov 10) 152DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Nov 10) 33,929
Sales (July 10 to Nov 10) 32,092
Production (Nov 10) 7,087
Sales (Nov 10) 6,813
INDUS MOTOR COProduction (July 10 to Nov 10) 20,987
Sales (July 10 to Nov 10) 20,375
Production (Nov 10) 3,974
Sales (Nov 10) 3,753
HONDA ATLAS CARProduction (July 10 to Nov 10)6,626
Sales (July 10 to Nov 10) 6,247
Production (Nov 10) 1,145
Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORSProduction (July 10 to Nov 10) 186
Sales (July 10 to Nov 10) 70
Production (Nov 10) 0
Sales (Nov 10) 0
BANKING SECTORScheduled bank (Rs in mn)Deposit (December 3,10) 4,824,464
Advances (December 3,10) 3,050,639
Investments (December 3,10) 1,916,917
Spread (October 10) 7.49%
OIL MARKETING CO(000 tons)MS (Jul 10 to Nov 10) 932
MS (Nov 10) 186
Kerosene (Jul 10 to Nov 10) 66
Kerosene (Nov 10) 12
JP (Jul 10 to Nov 10) 589
JP (Nov 10) 124
HSD (Jul 10 to Nov 10) 2,792
HSD (Nov 10) 612
LDO (Jul 10 to Nov 10)) 26
LDO (Nov 10) 4
Fuel Oil (Jul 10 to Nov 10) 3,641
Fuel Oil (Nov 10) 572
Others (Jul 10 to Nov 10) 3
Others (Nov 10) 1
PRICES (Ex-Refinery) RsMS (1 Dec 10) 45.15
MS (1 Nov 10) 44.53
MS % Chg 1.39%
Kerosene (1 Dec 10) 52.04
Kerosene (1 Nov 10) 51.25
Kerosene % Chg 1.54%
JP-1 (1 Dec 10) 52.27
JP-1 (1 Nov 10) 51.48
JP-1 % Chg 1.53%
HSD (1 Dec 10) 55.20
HSD (1 Nov 10) 54.24
HSD % Chg 1.77%
LDO (1 Dec 10) 50.52
LDO (1 Nov 10) 49.51
LDO % Chg 2.04%
Fuel Oil (1 Dec 10) 43,019
Fuel Oil (1 Nov 10) 42,046
Sector Updates
Symbol Close Vol (mn)DGKC 30.33 16.55 FFBL 39.19 15.48 LOTPTA 14.54 13.55 ENGRO 205.25 5.00 MCB 238.68 4.94
Symbol Close ChangeULEVER 4,416.17 155.92
RMPL 2,078.98 27.96
APL 365.02 17.38
INDU 274.55 13.07
MCB 238.68 10.10
Symbol Close ChangeNESTLE 2,455.10 -13.9IDYM 227.70 -11.98CPL 195.11 -10.26PECO 188.93 -6.56EXIDE 203.19 -5.78
Plus 194Minus 197Unchanged 28
Top 5 Volume Leaders
Major Losers
Major Gainers
KSE-100 Index
LSE-25 Index
ISE-10 Index
Active Issues
Thursday, January 13, 2011 5
Dhiyan
Rangebound activities are likely to continue in the marketdue to absence of a trigger. However the result announce-ments by bluechip companies would revive the bullishactivities where companies belonging to oil, fertiliser, andbanking sectors are expected to announce good corporateresults. Park money in oil, fertiliser, and cement stocks.Market would show mixed performance today.
Khurram Schehzad, Head of Research Invest Cap
Sajid Bhanji, VP Capital Markets Arif Habib LimitedMarket would consolidate at 12,200-12,300 level in the coming days. Thus
focus on the result season and foreign activity as these would renew the bull-
run in the market. However, foreign outflow and an increase in key interest rate
in the upcoming monetary policy could hit the morale and the market both.
Invest in E&P stocks followed by the stocks of banking and fertiliser sectors.
Market would remain in the consolidation mode today.
A CONSOLIDATION MIX
Opening 12,267.21
Closing 12,281.24
Change 14.03
% Change 0.11
Turnover (mn) 143.16
Opening 3,780.15
Closing 3,843.67
Change 63.52
% Change 1.68
Turnover (mn) 4.70
Opening 3,085.14
Closing 3,055.54
Change 29.60
% Change 0.96
Turnover (mn) 0.23
JAKARTA: Brokers monitor the trading in Mandiri Sekuritas,a brokerage firm in the Bank Mandiri building.-Reuters
HONG KONG/SHANGHAI:
Hong Kong stocks extendedgains on Wednesday as a surgeindex heavyweight HSBChelped push the benchmarkpast some short-term technicalresistance levels.
China's key stock indexclosed 0.6 per cent higher inthin volume, underpinned bystrength in airline and propertyissues.
The Hang Seng Index closed1.5 per cent higher, bringing itsgains since the start of the yearto 4.7 per cent.
"HSBC has been trying tobreak out above $83 for thepast week, and looks like it isfinally succeeding," saidPatrick Lee, a trading strategistat Daiwa Capital in HongKong.
"If the decisive break hap-pens, this should push the HSIto close above 23,900."
Shares of HSBC Holdings ,known locally as the "big ele-
phant" because of its mam-moth 15 per cent weighting onthe benchmark index, rose 3.7per cent on over 4 times itsaverage 30-day traded vol-ume.
The bank's shares haveunderperformed the Hang SengIndex for two years in a row,with 2010's near 11 per centdecline, falling short of a mild5.3 per cent advance for theindex.
Citigroup, which upgradedHSBC shares to "buy" from"hold", expects HSBC's newmanagement to raise dividendsin coming years and sees thebank as a key beneficiary in thedevelopment of the offshoreyuan market.
In a sign that Beijing isincreasingly promoting the useof the Chinese currency inmajor financial centres, Bankof China has offered yuan trad-ing to US customers. Shares ofthe state-owned bank rose 1.7
per cent. The benchmark Shanghai
Composite Index rose 0.6 percent to 2,821.3 points, extend-ing a 0.4 per cent rise onTuesday.
It remains above the 125-daymoving average, now at2,771.8, a level which isexpected to provide support inthe near term.
Trading was lacklustre, withinvestors shying away frommaking big bets ahead ofDecember economic data,including China's inflation, dueon Jan. 20 and ahead of theLunar New Year holiday, whichstarts on Feb. 2.
"Before investors get a clear(policy) direction, they will bevery cautious. The low volumesays it all." said Xu Yinghui, asenior analyst at Guotai JunanSecurities.
Turnover hit a two-week lowof 88 billion yuan ($13.3 bil-lion). -Reuters
HSBC lifts HK shares;Shanghai follows suit
MUMBAI: Indian sharessnapped a six-session losingstreak, shrugging off slower-than expected growth in indus-trial output, as they rebounded1.8 per cent on Wednesday, lift-ed by firm world equities.Financials led the gains.
"The correction we saw in thelast few days was very acute.Most negatives seem to bealready priced in," saidShashank Khade, executivevice president of portfolio man-agement services at KotakSecurities. "Hence, the lower-than-expected IIP (index ofindustrial production) data alsodidn't impact much." The 30-share BSE index rose 1.76 percent, or 337.76 points, to
19,534.10 points, with 22 of itscomponents closing in thegreen. Annual industrial outputin Asia's third-largest economygrew at its slowest in 18months in November.
The weak growth came dur-ing the end of the festive seasonin India, when many factoriesclose during the Diwali holi-day. The low number may alsobe due to a high base effectfrom the period in the previousyear. All eyes are now on thequarterly earnings parade,which kick starts on Thursday."World markets performed welltoday, helping the sentimenthere. Let's see how earningspan out now and what surprises
See # 8 Page 11
Indian shares snap6-day fall; banks up
KARACHI: The KarachiStock Exchange (KSE) haslaunched Over-The-Counter(OTC) Market through listingof first ever Privately PlacedCommercial Papers (CP) ofRs1 billion of Engro FertilisersLimited on the Exchange, saida handout issued hereWednesday.
The statement said the CPwill be listed on the Exchangewith effect from Monday,January 17, 2011 and tradingwill take place from Tuesday,January 18, 2011 i.e. one dayafter the date of formal listingas required under theRegulations.
The purpose of OTC Market
is to provide investors an effi-cient and transparent source ofinvestment, beside encouragingthe promoter to set up newindustries or expand the exist-ing enterprises by raising fundsin a cost-effective manner in alisting regime where require-ments are less stringent, it said.
The statement added thatKSE endeavours to develophealthy, efficient and transpar-ent OTC Market in line withthe international standards,which plays a pivotal role inthe efficient working of theglobal financial system and ingenerating the economicgrowth of the countries acrossthe world.-PR
KSE launches ‘OverThe Counter Market’
TOKYO: The Nikkei averageended flat on Wednesday, back-ing away from an eight-monthhigh hit early as traders lockedin profits, but sentimentremains strong as upbeat USearnings and a softer yenspurred foreign investors to buyup financial and propertyshares.
Earnings reports from UScompanies including home-builder Lennar and store chainSears Holdings beat expecta-tions, bolstering hopes that theworld's No.1 economy is on asustainable recovery path.
The Nikkei, while sharplyunderperforming other majorindexes in 2010, has added 15per cent since the start ofNovember, with foreigninvestors net buyers of Tokyostocks in the week to Jan. 1 fora ninth straight week.
"Investors took profits onearly morning gains, as themarket started very strongly
because more foreign investorsbegan piling in," said MitsuoShimizu, deputy general man-ager at Cosmo Securities.
"But sentiment is very strongas foreign investors buy backundervalued domestic demand-related stocks," he added.
The benchmark Nikkei endedthe most active trading day ofthe new year up 0.02 per cent or2.12 points at 10,512.80, afterrising early in the session to10,576.51, its highest intradaylevel since May 13, 2010.
The broader Topix added 0.3per cent to 929.64.
In comparison to the Nikkei's15 per cent gain sinceNovember, the Dow JonesIndustrial Average has added 5per cent and the FTSE has risen5.6 per cent.
Around 2.5 billion shareschanged hands on the TokyoStock Exchange's first section,the highest since Dec. 10 and
See # 11 Page 11
Nikkei flat but betterafter hitting 8-mth top
Nawaz Ali
KARACHI: Karachi StockExchange (KSE) ended tadhigher on Wednesday owing tobuying in banking, fertiliser,and cement stocks spurred byhigh hopes pinned on earningsand offshore interest whichanalysts say would die hard.
The benchmark KSE 100-Index increased by 14 points toclose at 12,281 points whileKSE 30-Index gained 65 pointsand KSE All-Share index roseby 7 points to close at 12,014and 8,523 points respectively.
"It was a pre-result-announcements rally", saidAhsan Mehanti, Director ArifHabib Investments. Foreigninterest continued despite insti-tutional profit-taking and con-cerns over rising CPI inflation& fiscal deficits, he added.
According to NCCPL dataforeign investors did a net-buy-ing of $5.77 million.
The day started on a bullishnote with 14 plus points, greennumbers then increased due tobuying mostly in banking andcement stocks on hopes ofsome strong corporate resultsof the major companies.Therefore index touched anintra-day high of 12,348 points(+ve 81 points).
The December ending corpo-rate earnings of the bluechipcompanies are due to beannounced in the comingweeks.
Though market stayed in thepositive zone during the majorpart of the day but some profit-taking at higher levels by thelocal investors knocked indexdown for a couple of timeswhere it touched the lowestlevel of the day at 12,230 points(-ve 37 points). However due tocontinued foreign interest, mar-ket managed to recover andclose the session on a positivenote.
Volumes too remained on thehigher side as 143.1 millionshares traded during the daywhich is 23.1 million more thana turnover of 120 million sharesa day earlier.
It is worth mentioning thatthe oil giant OGDC remainedunder pressure for the third dayby losing Rs2.91 onWednesday. An expert revealedthis loss was an upshot ofoffloading by a local privatebank along with institutionalinvestors and a leading broker .
DG Khan Cement stood asthe volume leader with 16.55million shares followed byFauji Fertiliser Bin Qasim with15.48 million shares and LottePakistan with 13.55 millionshares.
Active issues, however,showed a neutral trend as out oftotal 419 active issues 197declined and 194 advancedwhile 28 issues remainedunchanged.
Die-hard foreigninterest, earninghopes buoy KSE
US stocks late-morning
Wall Streetrelishes on
lenders gainsNEW YORK: US stocks roseon Wednesday after a healthybond sale in Portugal helpedease concern over the latestsovereign debt crisis to crop upin Europe and signs of strengthin the US banking sector.
European shares rallied, ledby banks, on hopes euro-zonefinance ministers would beefup the European Union's rescuefund and after Portugal sold1.25 billion euros ($1.62 bil-lion) to strong demand.
The European debt crisis andfuture strength in US banks"are probably the two big sto-ries" for equities markets,according to Eric Kuby, chiefinvestment officer at North StarInvestment Management Corpin Chicago.
The euro gained 0.7 per centagainst the dollar.
JPMorgan Chase & Coclimbed 2.2 per cent to $44.54to lead the KBW bank index.BKX, up 1.5 per cent.JPMorgan Chief ExecutiveJamie Dimon said the bankcould pay an annual dividendof 75 cents to a dollar once theFederal Reserve gives itsapproval, pending the comple-tion of stress tests.
"The news from JPMorganstarts to bring some clarity intothat issue and remind the mar-ket these companies are ulti-mately going to be good divi-dend payers, further restoringconfidence," said Kuby.
Also fueling gains amongfinancials were positive com-ments on the sector from WellsFargo, which raised the USbank sector to an "overweight"rating, citing a decline in creditcosts and positive loan growth.
The Dow Jones industrialaverage gained 88.93 points, or
See # 10 Page 11
FTSE at31-month
closing highLONDON: Britain's top shareindex hit a 31-month closinghigh on Wednesday, boosted bybanks after a successful bondsale in Portugal eased investorconcerns over Europe's sover-eign debt crisis, and as minerstracked metals prices higher.
The FTSE 100 ended up36.69 points, or 0.6 per cent, at6,050.72, its highest close sinceearly June 2008, finishing inpositive territory for the secondday in a row.
Banks added the most pointsto the blue chip index, as riskappetites returned to the marketafter Portugal sold 1.249 billioneuros ($1.62 billion) in twobond maturities to strongdemand, taking some pressureoff the indebted country to seeka bailout.
See # 9 Page 11
Mostly higher; Indonesialeads regional rebound
South East Asian stocks
European shares hit 28-mthhigh; banks surge
ANNOUNCEMENTS
Company Period Div/Bon/Right PAT (Rs in mn) EPS(Rs)
Quice Food Yearly - 4.717 0.44
Nadeem TextileXD 1st Qtr - 182.35 15.18
Thursday, January 13, 20116
Volume 143,155,385
Value 9,447,290,685
Trades 84,940
Advanced 194
Declined 197
Unchanged 28
Total 419
Current 8,523.72
High 8,573.40
Low 8,494.28
Change h7.37
Current 12,281.24
High 12,350.76
Low 12,229.73
Change h14.03
Current 12,014.57
High 12,081.75
Low 11,948.97
Change h65.6
Market KSE 100 Index All Share Index KSE 30 Index
Current 19,880.67
High 19,982.04
Low 19,829.45
Change h51.22
KMI 30 IndexSymbolsAlert ! Unusual Movements
Technical AnalysisFundamental Highlights
As on Jun 30, 2010
First Dawood Investment Bank Ltd
FDIBL closed up 0.12 at 1.93. Volume was 129 per cent above aver-
age and Bollinger Bands were 46 per cent narrower than normal. The
company's profit after taxation stood at Rs43.733 million which trans-
lates into an Earning Per Share of Rs0.70 for the 1st quarter of current
fiscal year (1QFY11).
FDIBL is currently 8.6 per cent above its 200-day moving average and
is displaying a downward trend. Volatility is relatively normal as com-
pared to the average volatility over the last 10 trading sessions. Volume
indicators reflect moderate flows of volume into FDIBL (mildly bullish).
Trend forecasting oscillators are currently bearish on FDIBL.
RSI (14-day) 56.80 Total Assets (Rs in mn) 3,148.11
MA (10-day) 1.84 Total Equity (Rs in mn) 688.56
MA (100-day) 1.78 Revenue (Rs in mn) 292.79
MA (200-day) 1.78 Interest Expense 123.89
1st Support 1.81 Profit after Taxation 377.68
2nd Support 1.75 EPS 10 (Rs) 6.028
1st Resistance 1.96 Book value / share (Rs) 10.99
2nd Resistance 2.05 PE 11 E (x) 0.69
Pivot 1.90 PBV (x) 0.18
Technical AnalysisFundamental Highlights
As on Jun 30, 2010
SSML closed up 0.21 at 1.96. Volume was 1,742 per cent above aver-
age (trending) and Bollinger Bands were 18 per cent wider than normal.
The company's profit after taxation stood at Rs20.226 million which
translates into an Earning Per Share of Rs1.52 for the 1st quarter of
current fiscal year (1QFY11).
SSML is currently 4.8 per cent below its 200-day moving average and is
displaying a downward trend. Volatility is relatively normal as compared to
the average volatility over the last 10 trading sessions. Volume indicators
reflect volume flowing into and out of SSML at a relatively equal pace.
Trend forecasting oscillators are currently bearish on SSML.
RSI (14-day) 45.17 Total Assets (Rs in mn) 520.47
MA (10-day) 1.96 Total Equity (Rs in mn) 50.76
MA (100-day) 2.21 Revenue (Rs in mn) 716.58
MA (200-day) 2.04 Interest Expense 39.64
1st Support 1.70 Profit after Taxation 48.15
2nd Support 1.41 EPS 10 (Rs) 3.627
1st Resistance 2.39 Book value / share (Rs) 3.82
2nd Resistance 2.79 PE 11 E (x) 0.32
Pivot 2.10 PBV (x) 0.51
Saritow Spinning Mills Limited
Technical AnalysisFundamental Highlights
As on Jun 30, 2010
GHNI closed up 0.36 at 13.13. Volume was 419 per cent above average(trending) and Bollinger Bands were 21 per cent narrower than normal.The company's profit after taxation stood at Rs5.766 million which trans-lates into an Earning Per Share of Rs0.27 for the 1st quarter of current fis-cal year (1QFY11).GHNI is currently 8.6 per cent below its 200-day moving average and isdisplaying an upward trend. Volatility is relatively normal as compared tothe average volatility over the last 10 trading sessions. Volume indicatorsreflect very strong flows of volume into GHNI (bullish). Trend forecastingoscillators are currently bullish on GHNI.
RSI (14-day) 68.40 Total Assets (Rs in mn) 2,832.00
MA (10-day) 12.02 Total Equity (Rs in mn) 222.64
MA (100-day) 13.26 Revenue (Rs in mn) 2,086.52
MA (200-day) 14.36 Interest Expense 57.78
1st Support 12.70 Profit after Taxation 135.56
2nd Support 12.25 EPS 10 (Rs) 6.363
1st Resistance 13.55 Book value / share (Rs) 10.45
2nd Resistance 13.95 PE 11 E (x) 12.16
Pivot 13.10 PBV (x) 1.26
Ghandhara Industries Limited
Technical AnalysisFundamental Highlights
As on Jun 30, 2010
CJPL closed down -0.01 at 1.05. Volume was 870 per cent above average
(trending) and Bollinger Bands were 21 per cent narrower than normal. The
company's loss after taxation stood at Rs34.802 million which translates into
a Loss Per Share of Rs1.46 for the 1st quarter of current fiscal year (1QFY11).
CJPL is currently 5.2 per cent below its 200-day moving average and is
displaying an upward trend. Volatility is extremely low when compared to
the average volatility over the last 10 trading sessions. Volume indicators
reflect volume flowing into and out of CJPL at a relatively equal pace.
Trend forecasting oscillators are currently bullish on CJPL.
RSI (14-day) 55.48 Total Assets (Rs in mn) 1,287.92
MA (10-day) 0.96 Total Equity (Rs in mn) (132.33)
MA (100-day) 0.87 Revenue (Rs in mn) 566.00
MA (200-day) 1.07 Interest Expense 39.18
1st Support 0.93 Loss after Taxation (82.76)
2nd Support 0.83 EPS 10 (Rs) (3.483)
1st Resistance 1.25 Book value / share (Rs) (5.57)
2nd Resistance 1.47 PE 11 E (x) -
Pivot 1.15 PBV (x) (0.19)
Crescent Jute Products Limited
OIL AND GAS
Performance of SR Oil and Gas Index
Open High Low Close Change % Change
1,601.55 1,619.69 1,580.70 1,590.91 -10.64 -0.66
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
Siemens (Pakistan) Engineering Company Ltd 23-Jan 3:30
Pakistan Petroleum Ltd 24-Jan 10:00
Fauji Fertiliser Bin Qasim Ltd 25-Jan 10:30
Unilever Pakistan Limited 14-Feb 2:30
Kot Addu Power Company Ltd 16-Feb 12:30
Unilever Pakistan Foods Ltd 17-Feb 2:30
BOARD MEETINGS
Company Date Time
Thursday, January 13, 2011 8
MANILA: Cabin crew members of budget airline Cebu Pacific perform a dance as part of theinflight safety demonstration at the arrival area of the Manila International Airport.-Reuters
TOKYO: Japan Airlines president Masaru Onishi and American Airlines president ThomasHorton hold miniature models of jetliners in a photo session.-Reuters
KARACHI: Employees andAssociations of PIA employeeshave termed latest MoUbetween PIA and Turkish air-line a death warrant and man-agement's secret step to termi-nate airline operations inIstanbul.
Pakistan Airlines PilotsAssociation (PALPA), Societyof Aircraft Engineers ofPakistan (SAEP), PIA's SeniorStaff Association (PIASSA),People's Unity, CollectiveBargaining Agent (CBA),Aircraft TechnologistAssociation of Pakistan(ATAP) criticized this act ofPIA management in a jointstatement and said this act willbe a potential cause of anunwavering loss to nationalflag carrier.
President PALPA, Capt SohailBaluch said the termination offlight operation in Turkey willnot only minimize the revenueof the airline but will also cutdown its size to a meagerregional domestic carrier.
President PALPA said that thePakistanis mostly opt fornational flag carrier for simplereasons of local native languagespeaking crew and direct flightto avoid hassle of changingplanes at foreign destination.
President CBA, KamranChaudhry, criticising the man-agement's unwise marketingpolicy of converting anInternational airline into aregional while giving its interna-
tional business to other airlinessaid that now all the employeesof PIA will be working to earnprofits for another airline whileits own shareholders are waitingsince years to earn profit fromtheir investments.
Shaukat Jamshed, PresidentSAEP strongly condemning theaction said the PIAManagement has failed tounderstand the core issues andinstead of devising rationalstrategy for rehabilitation ofnational flag carrier they areputting the airline into a newdilemma. This action of PIA'smanagement is a living evi-dence of their incompetence.He said that any category ofloss to national flag carrier willnot be acceptable to SAEP. Herecommended that PIA man-agement should share each andevery clause of this agreementwith associations and employ-ees because they are the majorstakeholders of this airline.
President SAEP said that PIAis a symbol of pride toPakistani expatriates mainlyfrom USA and European routesand they always prefer to travelwith national flag carrierbecause of their hospitality.
Abid Saleem Khan, PresidentPIASSA has demanded thatPIA Management should takethe elected representatives ofPIA employees into confidenceand brief them on the plannedarrangement between PIA andTurkish Airline. -Online
PIA-THYconcordfanningbig fears
TFD Report
KARACHI: Etihad Airways,the national airline of theUnited Arab Emirates, paidtribute to its corporate clients inPakistan by hosting a gala din-ner at the Marriott Karachi inrecognition of their continuousbusiness support and commit-ment to the airline.
The prestigious event wasattended by corporate clientsand travel partners from lead-ing organisations in Karachi aswell as other senior travelindustry officials.
Amer Khan, CountryManager of Etihad Airways inPakistan, said: "We are pleasedto have the continuous supportof our corporate clients whohave played a vital role in tak-ing our progress in Pakistan towhere it is today.
"2011 will be an excellentyear for Etihad in Pakistan as
we plan to work even closerwith our corporate guests toguarantee that they receivenothing but the best travel serv-ice and experience when flyingwith Etihad Airways. We arealso delighted to be workingwith Marriott Karachi whoseproductive partnership hasallowed us to host this spectac-ular event."
Etihad flies to four destina-tions in Pakistan i.e. Karachi,Islamabad, Lahore andPeshawar from its hub in AbuDhabi, the capital of the UnitedArab Emirates.
Currently Etihad offersflights to over 60 destinationsin the Middle East, Europe,North America, Africa, Asiaand Australia. From Pakistan,Etihad operates 23 weeklyflights to Abu Dhabi - withdaily flights from Karachi,Lahore, and Islamabad andtwice weekly from Peshawar.
Etihad takes itsloyalists to date
LAHORE: The Tourist ServicesDepartment of Federal Ministryof Tourism has suspended 7licences of tour operators.
Violation of rules and regula-tions, non-payment of annualrenewal fee and non-submis-sion of bank guarantees areamong the reasons for suspen-sion, Chief of the TouristServices Punjab MuhammadNasim Laber said here.
He said that the licences weresuspended after issuingreminders several times. Atransparent process was adopt-ed to suspend the licences inline with the government poli-cy, he said. Laber said that near-ly 1000 travel agents and tour
operators are registered, ofwhich 75 per cent are engagedin arranging tours for Umrahand Hajj while the remainingare concerned with air ticketing.
He said that a special counterhas been established to facili-tate travel agents and tour oper-ators through one windowoperation.
In Charge licensing sectionPunjab Assistant Controller,Tourist Services, Wazir AhmadBosan, has warned travelagents and tour operators toclear their financial liabilitiestowards Tourist ServicesDepartment well in time other-wise their licences will be can-celled.-APP
Licences of 7 touragents suspended
PIAdefends
MoU caseKARACHI: The alliance withTurkish Airlines may act as astep for PIA towards becomingmember of Star Alliance, thelargest airline grouping in theworld.
This was pointed out by thespokesman of the NationalCarrier here on Tuesday.
He termed the recent state-ments by leaders of theemployees associations of PIApublished in the newspapers as`misleading'.
The PIA spokesperson main-tained that these associationsare giving statements withoutunderstanding the actual factsof the record of discussionbetween the two airlines.
In fact there has been noagreement but a record of dis-cussion between PIA andTurkish Airline, he said addingthat the agreement will only bereached after the relevantauthorities of both the countriesvalidate the same.
It was because of theunequivocal statements by rep-resentatives of the employeeassociations that ManagingDirector of PIA called all theirleaders for a briefing on themerits of the proposed com-mercial agreement.
Managing Director PIACaptain Muhammad EjazHaroon gave a detailed briefingto the representatives of associ-ations and provided elaboratedetails to remove their fearsabout the expected PIA-Turkish Joint Venture.
Both sides discussed theissues in detail and it was mutu-ally decided that the represen-tatives will be provided withdetails about the joint venture.The said meeting was mutuallyagreed to be held for the nextweek.-APP
S’poreAirlines'
Brazil opsby March 28
SINGAPORE: SingaporeAirlines (SIA) will make itsmaiden flight to the SouthAmerican continent in March,the carrier said.
"Singapore Airlines willbegin services to Sao Paulo inBrazil on 28 March," SIA saidin a statement. "Sao Paulo willbe Singapore Airlines' firstSouth American destination."
It said flights will operatethree times a week via theSpanish city of Barcelona.Spanish carrier Spanair will becode-sharing on the flights,SIA added. SIA said it will useBoeing 777-300ER aircraft forthe route. A one-way adulteconomy-class ticket toGuarulhos International Airporton March 28 was priced atSg$2,505.80 ($1,938.45), acheck on SIA's online ticketingwebsite showed. With its latestaddition, the carrier's route net-work will span 64 destinationsin 35 countries across six conti-nents, said an SIA spokesman.-Agencies
DubaiShopping
Fest from 20thKARACHI: The 15th annualDubai Shopping Festival (DSF)will start from January 20.
This was announced by thevice-President of EmiratesAirlines Pakistan andAfghanistan Badr Abbas.
He said that the month-longevent would be supported bythe Emirates Airline.
Abbas stated that Pakistan isan important market for theDSF.
He was of the view that theDSF was an important platformto further consolidate tiesbetween the United ArabEmirates and Pakistan.
Badr Abbas was optimisticthat there will be a surge in pas-senger traffic to the UAE dur-ing the DSF. -APP
Beijingto build
its secondmajor airportBEIJING: Beijing plans tobuild a second major airport inthe next five years to keep upwith an explosion in air travelin the fast-growing economy,said a statement released here.
State media said the airportwas expected to handle 60 mil-lion passengers a year, easingpressure on the existing BeijingCapital International Airport --the world's second busiest hubwith 73.9 million passengerslast year.
The project has not yet beenapproved by the central gov-ernment, the Beijing MunicipalCommission of Developmentand Reform said in the state-ment.
But Li Jiaxiang, head of theCivil Aviation Administrationof China (CAAC), underlinedthe need to alleviate the pres-sure on the Chinese capital'sexisting international hub.
"It is very urgent that we startbuilding the second (major) air-port in Beijing now," he wasquoted as saying in the ChinaDaily.
"It is now impossible to addeven one more flight to thetight daily schedule of the cap-ital airport."
Beijing already has two com-mercial airports --the interna-tional airport in the northeastand a smaller domestic airfieldin the south.
Construction of the new air-port is likely to start this yearand Li estimated total invest-ment would be at least 100 bil-lion yuan ($15 billion), thereport said.-Agencies
Indian orderboosts EADSLES MUREAUX: Airbusbasked in the world's biggestcommercial plane order, withshares in parent EADS lifted bynews of its $15.6 billion 180aircraft deal with Indian airlineIndiGo.
The deal underlines India'sdevelopment as major aviationmarket and comes as a wel-come boost to EADS ChiefExecutive Louis Gallois, whohas been pushing expansioninto emerging markets.
It also gets an early blow infor Airbus in the annual battlewith US rival Boeing for salessupremacy. Indian budget carri-er IndiGo's order includes 30classic A320s -- Airbus's best-selling model which carries150 people on short and medi-um routes -- and 150 upgradedversions of the same type ofaircraft, called A320neo.IndiGo said it would take deliv-ery of the first aircraft in 2015and was considering an IPO tofinance the purchase. "This issurprisingly positive news forus. It is the first A320neo con-tract and even the largest con-tract in history," DZ Bank saidin a note. However the bank,which has a sell recommenda-tion, said investors wouldremain nervous about prof-itability in the short term amidEuropean defense cuts and thethreat of production delays tothe next Airbus plane, the mid-sized A350, which has a similardesign to the delayed Boeing787 Dreamliner. -Reuters
KARACHI: The Sindh HealthDepartment has asked con-cerned authorities to reactivatethermal scanners at the KarachiInternational Airport to identifyarrivees infected with swine fluvirus.
Sindh Secretary for Health,Syed Hashim Raza ZaidiMonday said that coordinationwith concerned authorities hasalso been developed for propermedical examination of sus-pected patients on airport prem-ises.
He iterated that there was noneed for any panic and that
government efforts were meantto control spread of H1N1 virusthat causes swine flu.
"WHO has also provided usmore than 50,000 vials ofimproved version of antiinfluenza vaccine to counteremerging strains of the infec-tion," said Zaidi in reply to aquestion.
The improved vaccine devel-oped only last year --dulyapproved by WHO-- holds ananti swine flu component andwill supplement governmentefforts to control spread of theviral infections, peculiar to
winters.The health Secretary said all
major government hospitalshave already been providedwith adequate stocks of antiviral drugs including Tamiflutablets.
"Isolation wards have alsobeen developed at the hospitalscoupled with due provision forcompliance of relevant proto-cols," said Syed Hashim Raza.
The provincial departmenthas provided more than 500kits comprising special masks(N95 and N99), aprons, gloves,etc to different hospitals.-APP
Thermal scannersto start at airports
Swine Flu Alert
TOKYO: Japan Airlines (JAL)and its partner AmericanAirlines has said they wouldstart their revenue-sharing jointbusiness on trans-Pacific flightsin April.
The venture includes thealignment of their 2011 sum-mer schedules effective fromMarch 27, expanded code-shar-ing and the introduction ofcommon fares, JAL presidentMasaru Onishi told reporters.
The announcement followsapproval by the US andJapanese authorities last year ofantitrust immunity for the pro-posed joint trans-Pacific opera-tions.
Onishi said the new coopera-
tion would improve the carriers'revenue by a combined 13 bil-lion yen ($156.4 million) forthe initial year.
"We had set separate fares asAmerican has been a compet-ing rival while being a partner.But in this joint business, wewill make them (the fares)common" between both carri-ers, Onishi told reporters.
The joint business will applyto non-stop flights on 10 trans-Pacific routes initially, includ-ing those linking Tokyo to NewYork, Chicago, Los Angelesand Vancouver and those link-ing Chicago to Beijing andShanghai.
JAL and American
announced commemorativetrans-Pacific economy-classairfare reductions for sale inJapan from Tuesday for travelbetween February 1 and March31.
"Historically, routingsinvolving both airlines weretypically only available atmuch higher fare levels," theynoted.
The carriers are offering a69,000 yen round trip betweenTokyo and San Francisco orLos Angeles, much lower thanprices of up to 249,000 yen cur-rently charged for a travellerflying to the United States onJAL and returning onAmerican.-Agencies
JAL, American Air JV by Apr
LONDON: Copper rose onWednesday, boosted by posi-tive economic data andexpectations of strongerdemand from top metals con-sumer China, with a weakerUS dollar also supportingprices.
Benchmark copper on theLondon Metal Exchange wastrading at $9,690 a tonne at1656 GMT from $9,510 at theclose on Tuesday. The metalused in power and construc-tion hit a record high of$9,754 a tonne on Jan. 4.
Nickel hit its highest levelsince May 2010 and tinreached a two-month high.
Focus in the copper markethas switched to the high prob-ability of stronger demandfrom top consumer China anda deficit for a market estimat-ed at around 19 milliontonnes.
"We had positive macrodata flow supporting expecta-tions of robust demand recov-ery further down the line,"said Gayle Berry, an analystat Barclays Capital. "This is apositive environment forindustrial metals."
Figures on Wednesday
showed stronger-than-expect-ed euro-zone industrial pro-duction in November andGerman gross domestic prod-uct in 2010 rebounded at the
fastest rate since reunifica-tion.
Stocks of copper in LondonMetal Exchange warehousesfell 1,475 tonnes to 378,175tonnes. However since Dec.9, they had risen by about30,000 tonnes promptingsome to think demand couldbe waning.
However, others note themore than 30 per cent drop incopper stocks since they hit a6-1/2 year high in mid-
February.A 135,950-tonne rise in
LME aluminium stocks sinceJanuary has weighed onprices of the metal usedextensively in transport andpackaging.
But aluminium was tradinghigher at $2,507 a tonne from$2,497 a tonne.
Three-month zinc was at$2,465 a tonne from $2,406,lead was at $2,657 from$2,595, tin at $27,000 from$26,550. Nickel was at$25,840 from $24,695.
Nickel prices could benefitfrom the flooding in Australiacutting coking coal produc-tion, RBC said.
"With coal supplies gettingsqueezed, the Chinese willfind it difficult to producesteel using nickel pig iron andwill have to return to thehigher grade steels that utiliserefined nickel," the bank saidin a note. -Reuters
Demand prospectshelp copper bounce
9Thursday, January 13, 2011
POLYPROPYLENE(PP) LINEAR LOW (LL)
Cash & Settlement 1310 1250
December (3rd Wednesday) 1320 1260
January (3rd Wednesday) 1320 1260
LONDON METAL EXCHANGE (PLASTIC)
LME Official Prices, US$ per tonne for January 11 2011
LME Official Prices, US$ per tonne for January 11 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC
LONDON: Brent crude oilrose to $98 a barrel onWednesday for the first time in27 months as production shut-downs and growing globaldemand raised expectations oftighter supplies.
Two Norwegian oilfieldsresumed output on Wednesdayafter a 20-hour interruption,caused by a gasleak, had sup-ported oil prices.The Trans AlaskaPipeline, whichships about 12per cent of UScrude output,was shut onSaturday because of a leak,although shipments restarted ata reduced rate.
Brent, the benchmark for oiltrade in Europe, the MiddleEast and Africa, rose as muchas 96 cents to $98.57, the high-est in 27 months, and was up91 cents at $98.52 at 1601GMT. US crude added $1.03 to$92.14.
"Worsening sentiment is theonly thing that could derail theprice rally at the moment," saidCarsten Fritsch, analyst atCommerzbank, who said $100
oil looked imminent. "It seemsonly a matter of time if senti-ment remains positive andmore disruptions on the supplyside come in."
US crude traded more than$7 below Brent on Tuesday,the widest spread sinceFebruary 2009, because ofhigh inventories at the
Cushing, Oklahoma deliverypoint and tighter supply ofBrent-related crudes.
Oil also gained support froma weekly US government sup-ply report which showed alarger than expected, 2.15 mil-lion-barrel decline in crudestocks last week.
The Energy InformationAdministration's reportreleased at 1530 GMT alsosaid gasoline and distillatesstocks rose, a higher increasethan analysts had expected.
Oil also gained support from
forecasts for higher heatingdemand this week as the USNortheast, the world's biggestheating oil market, preparedfor another snowstorm.
Global oil demand this yearis forecast to reach a record88.6 million barrels per day(bpd), following much fasterdemand growth last year than
most analystsexpected.
At the sametime, theOrganizationof theP e t r o l e u mE x p o r t i n gCountries is
sticking to a production-restraining output policy itagreed to more than two yearsago, when recession hitdemand and prices.
Other analysts said Brentcould reach $100 soon giventhat it has climbed above pricelevels acting as technical resist-ance that could have stood inthe way of the rally. "The $100magnet on Brent is within dailyreach," said Olivier Jakob ofPetromatrix. "The only realtechnical resistance left onBrent is $100." -Reuters
Brent oil hits 27mthhigh; $100 in view
Europeanvegetable oil
pricesROTTERDAM: The follow-ing were the Wednesday'sRotterdam vegetable oil price'sat 22:00 PST.
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Indian spot
sugar drops on
poor demandMUMBAI: Weak demand andconcerns the government mayimpose restrictions on spotsugar trade to curb food infla-tion dragged down Indian sugarprices on Wednesday, and deal-ers said still there is scope forfurther downside.
"Food inflation has balloonedand traders are worried that itmay prompt the government toimpose restrictions on spot trade.Recently tax officials raidedonion traders," said AshwiniBansod, a senior analyst at MFGlobal Commodities India. InKolhapur, a key market in top-producing Maharashtra state, themost traded S-variety fell 0.36per cent to 2,757 rupees ($61.08)per 100 kg.
The most-traded M-gradesugar contract for Februarydelivery on India's NationalCommodity and DerivativesExchange (NCDEX) closed1.46 per cent lower at 2,827rupees per 100 kg, recoveringfrom a contract low of 2,819rupees earlier.
The concerns over food infla-tion may delay the country's planto export 500,000 tonne sugarunder open general licencescheme, said a Mumbai-baseddealer, who declined to benamed. India has made available1.7 million tonnes of non-levysugar for January, higher than 1.5million tonnes it had released forDecember, the government saidin a statement. -Reuters
MONGOLIA - CHINA: A worker at the Jinyuan Company's smelting workshop, pours the rare
earth metal Lanthanum into moulds near the town of Damao, located in China's Inner Mongolia
Autonomous Region. -Reuters
LONDON: Gold eased onWednesday after a successfulPortuguese bond auctionsoothed some concern over theeuro-zone's finances andremoved some investor desirefor safe-haven assets, though asofter dollar stemmed the slide.
Spot gold was bid at$1,378.72 an ounce at 1610GMT against $1,380.45 late inNew York on Tuesday, having
earlier risen as high as$1,386.90. US gold futures forFebruary delivery eased $5.80an ounce to $1,378.50.
The metal has clawed backsome lost ground after postingits biggest weekly loss sincemid-2010 last week, as a focuson more positive US dataraised the prospect that USauthorities may curtail quanti-tative easing measures soonerrather than later.
However, in the absence offurther bad news on euro-zonesovereign debt and US growth,it may struggle to build on last
year's stellar performance, ana-lysts said.
Gold buying in top consumerIndia eased on Wednesday asprices rose, but buying remainsstrong overall across Asia, par-ticularly in China. Premiumsfor gold bars hit their highest intwo years on Tuesday.
Demand for gold to backexchange-traded funds easedoff further, meanwhile, with
holdings of the largest, NewYork's SPDR Gold Trust, slip-ping just over 1 tonne onTuesday. Its holdings havedeclined more than 9 tonnessince the start of the year.
Holdings of the largest silverETF, the iShares Silver Trust,also declined, to 10,725.73tonnes on Tuesday from10,786.51 tonnes.
Silver was bid at $29.54 anounce against $29.50. Platinumwas at $1,792.00 an ounceagainst $1,765.99, while palla-dium was at $799.97 against$782. -Reuters
Gold retreats afterPortuguese debt auction
KUALA LUMPUR: Malaysiapalm oil tumbled to a three-week on Wednesday on a tech-nical correction ahead of a keyUS crop report that is likely toshow tighter supplies.
Palm oil rallied to a 33-month high last week on con-cerns that heavy rains in palmoil-producing Southeast Asianand a dry spell in soyoil-exporting South America willcurb vegetable oil output.
But traders now feel the rallymight have been overdoneafter Malaysian palm datashowed a lower than expecteddecline in stocks and theBrazilian soy crop may not beas badly affected as the crop inArgentina.
Benchmark March 2011palm oil contract on the BursaMalaysia Derivatives fell asmuch as 2.1 per cent to 3,625Malaysian ringgit ($1,180), a
level unseen since Dec. 22. Thecontract later settled at 3,650ringgit. Overall traded volumeshot up to 25,042 lot of 25tonnes each, compared to theusual 15,000 lots.
Traders are also waiting forkey US agriculture data duelater on Wednesday, which islikely to cut the forecast forSouth American soy output dueto dry weather and show lowerUS soybean stocks.
Other vegetable oils, whichare increasingly used as a feed-stock for biofuel that competeswith petroleum diesel, edgedhigher on Wednesday as UScrude steadied above $91.
US soyoil for January deliv-ery gained 0.5 per cent in Asiantrade hours, while the mosttraded Sept. 2011 soyoil onChina's Dalian CommodityExchange dropped 1.1 percent. -Reuters
Palm oil hits 3-weeklow; USDA data eyed
Arabicas hits13-1/2yr high;
cocoa upLONDON: ICE arabica cof-fee futures surged to a 13-1/2-year high on Wednesday, andLiffe robustas hit a multi-yearpeak, boosted by strongdemand and potentially tightersupply in Brazil andIndonesia.
Slowing sales from toprobusta producer and exporterVietnam and concerns aboutthe outlook for the 2011 arabi-ca crop in key producerColombia also lifted coffeemarkets, with further pricegains anticipated.
The International CoffeeOrganization (ICO) raised itsforecast for the 2010/11 glob-al coffee crop on Wednesdayto 134.6 million 60-kg bagsfrom 133.0 million but saidmarket fundamentals, includ-ing high demand and lowstock levels, suggest contin-ued price firmness in 2011.
March arabicas on ICEjumped 3.5 per cent to$2.4295, the highest level forthe spot contract since June1997, and were up 3.2 per centto $2.4210 per lb as of 1610GMT.
London March robustas hit a2-1/4-year high of $2,185 pertonne, basis second month,early on Wednesday, and were3.3 per cent higher at $2,180at 1610 GMT.
Cocoa futures edged up afterthe Indonesian rain forecast,though a strong flow of beansfrom West Africa kept themarket under pressure, dealerssaid.
ICE May cocoa traded $33or 1.1 per cent higher at$2,990 a tonne at 1610 GMT,while May cocoa on Liffe wasup 11 pounds or 0.6 per cent at1,984 pounds a tonne.
ICE raw sugar futures werelittle changed and belowDecember's 30-year peaks asthe market focused on howmuch of the sweetener No. 2producer India could export in2010/11, with concerns overlikely limited flows underpin-ning prices.
ICE March raw sugarfutures were down less thanhalf a per cent at 32.59 cents alb at 1610 GMT, whileLondon March white sugarwas down $4.40 or 0.5 percent to $803.00 per tonne inslim volume of 1,487 lots. -Reuters
NEW YORK: US cottonfutures closed up the daily trad-ing limit on Tuesday on specu-lative buying ahead of a USgovernment report that isexpected to show reduced sup-plies in China and a smallercrop in flood-ravagedAustralia, analysts said.
The benchmark March cottoncontract on ICE Futures USincreased the daily 4.00-centlimit to settle at $1.4725 per lb,with the session low at$1.4315.
Volume traded was 17,200lots, over 50 per cent below the30-day norm, ThomsonReuters preliminary datashowed. 'The market's lookingfor cuts tomorrow,' said MikeStevens, an independent cottonanalyst in Mandeville,Louisiana.
In its December report,USDA pegged China's cottonending stocks at 13.22 million(480-lb) bales, unchanged fromthe preceding month's estimate.
USDA estimated Australia's
cotton harvest at 4.0 millionbales, from 3.5 million in thepreceding month's estimate.
Stevens said many in thetrade are anticipating a reduc-tion in cotton ending stocks fortop consumer China and a cutin output from Australia, wherehistoric flooding caused by theLa Nina weather anomaly hasdevastated the country.
He said the market is nowmonitoring for demanddestruction amid the strongcotton futures prices headinginto the spring of 2011.
Another factor for the marketis the rebalancing by indexfunds aiming to cut risk fromcotton and other overly weight-ed agriculture markets andadding exposure to natural gasand crude oil. The rebalancingruns between this week andnext.
Cotton was the best perform-ing commodity in 2010 in theReuters Jefferies CommodityIndex, climbing 91.5 per cent. -Reuters
US cotton limits upahead of USDA report
Tokyo rubber
hits fresh highBANGKOK: Tokyo rubberfutures jumped 2 per cent to hitanother record high onWednesday, supported by firm oilprices and strong demand on thefundamental front, dealers said.
The benchmark rubber contracton the Tokyo CommodityExchange for June delivery rose9.2 yen, or 2 per cent, to settle at449.1 yen ($5.39) per kg. It rose ashigh as 450.2 yen, the higest ever.
"TOCOM prices may rise fur-ther as demand remains strong.But the rise shouldn't be very fastas players were cautious abouthigh prices and it seems like themarket is overbought," one dealersaid. US oil prices steadied above$91 a barrel on Wednesday fol-lowing a sharp rally the previoussession, supported by the shut-down of two North Sea oil fieldsand the continued outage of a keyAlaskan pipeline.
Asian physical supply wasexpected to remain thin inFebruary and March as Thailandand Indonesia, the world's top twoproducers, are in the dry season,when rubber trees produce lesslatex, traders said. -Reuters
Shanghai copper
strengthens
Shanghai's benchmark
third-month copper futures
contract gained 0.7 per cent
to 70,990 yuan a tonne.
EIA says US crude stocks fall; products up
10Thursday, January 13, 2011
Ferrari F1 team principal Domenicali poses next to alogo of "21th "Wrooom, F1 and MotoGP Press
Ski Meeting" in Madonna di Campiglio.
Beckhamtrainingwith the
TottenhamLONDON: David Beckhamwas put through his training-ground paces by TottenhamHotspur on Tuesday but therewas no news on whether hisstay would be anything morethan a month-long keep-fitexercise.
Tottenham manager HarryRedknapp, hoping the formerEngland captain can be signedon a short-term loan from LosAngeles Galaxy, gave littleaway to the television crewsparked outside the gates of thetraining complex.
"He's a great lad and it'sgreat to have him here,"Redknapp told Sky SportsNews when asked if there hadbeen any progress over a pos-sible loan deal for the 35-year-old.
"He's a fit lad, he looks likehe's in great condition, lookslike he looks after himself.He's a model professional sothat won't be a problem.
"We all respect him," addedRedknapp. "I don't know yet(whether it will be any morethan training), we'll see whathappens, who knows? It'scomplicated."
Beckham, who grew up notfar from Tottenham's northLondon stadium and whosegrandfather had his ashesspread on their White HartLane pitch after his death,looked relaxed as he trainedwith a few familiar faces.-Reuters
Monitoring Desk
PANAJI: Fifa president SeppBlatter has set tongues wag-ging in the sub-continentclaiming India could be thenext favoured destination tohost the World Cup 2026. Fifa,the governing body for worldfootball, shocked everyonechoosing Qatar to host the2022 event.
But on Tuesday, Blatterdropped the biggest bombshellof them all. Speaking to aBritish newspaper, Blatter,known to put his foot in hismouth, said India's 1.2 billion
people were not just a marketfor football but for the econo-my as well.
"If we have to identify newterritories where football canbe a better part of life, then def-initely it is the subcontinent,India, where they have 1.2 bil-lion people. India is a realpower," said Blatter. Australiawas also identified as an "obvi-ous prospect". Blatter's com-ments, though, will have to betaken with a pinch of salt. Oncethe 2022 World Cup is playedin Qatar, it is unlikely that thecontinent can host the next edi-tion, as is Fifa's practice.
It is also unlikely that Blatterwill be around as Fifa chiefwhen the next round of votingtakes place to select the WorldCup hosts. India, currentlyranked 142 in the world, hasrepeatedly struggled to make amark on the international stage.
On Monday, India played itsfirst Asian Cup match in 27years and ended 0-4 losersagainst Australia. India wereinvited to take part in the 1950Fifa World Cup in Brazil butreportedly pulled out after theorganizers made it clear thatthey wouldn't be allowed toplay bare-footed.
India may host 2026soccer WC : Blatter
KARACHI: All-rounderShahid Afridi has beenretained as Pakistan Captainfor six match One DayInternational series againstNew Zealand starting later thismonth.
Pakistan Test captainMisbah-ul-Haq has beenappointed as Afridi's deputy,Pakistan Cricket Board (PCB)announced on Wednesday.
Pakistan wicketkeeper
Kamran Akmal made a come-back in the team after nearlyfour months in wilderness toreplace his younger brotherAdnan Akmal.
There was no other majorsurprise. However openerAhmed Shehzad has also beenpicked in 16-member squad.Pakistan ODI squad is:Muhammad Hafeez, KamranAkmal, Ahmed Shehzad,Younis Khan, Misbah-ul-Haq
The Tour SelectionCommittee for the ODI serieswill comprise of Manager,Coach, Captain and ViceCaptain, PCB statement said.-APP
Afridi keptskipper for ODI
series against Kiwis
ADELAIDE: Chris Woakeshit the winning run from thefinal ball to give England aone-wicket win over Australiain the first Twenty20 cricketinternational at the AdelaideOval on Wednesday.
Woakes scored 19 from 15balls to guide the critical laststage of England's run chase asit replied with 158-9 toAustralia's total of 157-4. Thewin gave England a 1-0 lead inthe two-match series, the sec-ond of which is at Melbourneon Friday.
Australia all-rounder ShaneWatson almost single-handed-ly steered his side to victory,scoring 59 from 31 balls - thehighest score of the match -and taking 4-15 to hamperEngland's chase.
Eoin Morgan top scored forEngland with 43 and Woakesshowed composure beyond hisyears to steer his team home asit chased four runs from thelast over.
England seemed headed for acomfortable win as it reached
50 inside five overs in front of32,000 fans, and on a groundon which it achieved one of itsthree wins in the recent five-Test Ashes series.
But Watson, alreadyAustralia's batting hero, almostturned the match when hestruck with successive balls toremove the dangermanMorgan and Michael Yardy,prompting England's slumpfrom 130-5 to 130-7 inside the16th over.
Watson also dismissed TimBresnan, who hit 11 from 11balls, to deny England anotherof the strokemakers who mighthave made the late stages ofthe run chase more comfort-able.
England finally came to thelast two overs needing 15 runsto win and with only two wick-ets in hand. Woakes andGraeme Swann combined totake 11 runs from the 19thover, bowled by Brett Lee, andto leave England needing fourfrom the last six balls with twowickets in hand.-Reuters
England squeaks to last-ball thriller in Twenty20
AUSTRALIA BEATEN BY A WICKET
LAHORE: PakistanFootball Federation hasapproved Model TownFootbll Academy (MTFA)Ground for National Camp inthe build up of PakistanYouth team to appear in the2012 Olympic football Asianqualifying tournament. TheCamp will be installed from15 January to 4 February2011 at the famous soccerAcademy, located at ModelTown C & D Block, Lahore.
All players participating inthe preliminary and finalcompetitions of theTournament shall be born onor after 1 January 1989.However, a maximum ofthree male players who donot meet this age limit mayalso be included in the list ofplayers for the final competi-tion only.
The 2012 Summer OlympicGames, officially known asthe Games of the Olympiad,are scheduled to take place inLondon, United Kingdom,from 27 July to 12 August2012. London will becomethe first city to officially hostthe modern Olympic Gamesthree times, having previous-ly done so in 1908 and in1948.
Asian FootballConfederation (AFC) hasconfirmed Asian entries forthe qualifying rounds of the
London Olympics Football. Thirty-four teams, includ-
ing Pakistan, will fight it outfor three (or four) spots inthe men's competition.
Pakistan, gold medallist inage-limit events of SAGames at Islamabad 2004and Colombo 2006, havebeen pitted against Malaysia- the first-ever meetingbetween the two countries atOlympic level with the firstleg to be played in KualaLumpur on 23 Feb 2011 andthe return leg in Pakistan on9 March
2011. Both the nationsfaced each other six times innational level with matchesrecorded as FIFA-recognizedinternationals.
The coming tie is one thatMalaysian Youth will fancywinning as they are in finetouch. They are currentlychampions of both event inthe Association of SoutheastAsian Nations,[commonlyabbreviated ASEAN.
Second round of OlympicQualifiers is scheduled for19 and 23 June where Asia's13 highest ranked teams willjoin the eleven winners fromround 1.The twelve winnersfrom the second round willbe drawn into three groups offour teams each, playing sixmatches from 21 Sep 2011 to14 March 2012.-Online
Good news forlocal soccer
academy
Sharapovastruggling
beforeMelbourne
AUCKLAND: The character-istic grunts and squeals, soloud they could be heard out-side the Auckland TennisCentre and above the noise oftraffic entering New Zealand'slargest urban motorway sys-tem, were there. So were thecrowds.
Maria Sharapova, reputedlythe world's best-paid sports-woman, underlined her com-mercial pulling power at theAuckland Classic with herpresence helping to effectivelysell out the entire tournament -- something that had neverhappened before.
But the former world num-ber one's decision to shake-upher normal Australian Openpreparations by playing inNew Zealand left few whosaw her in any doubt.
She was nowhere near thesame level she was when shecaptured her last grand slamtitle at Melbourne Park in2008.
Three years ago, the tallRussian romped through theAustralian Open without drop-ping a set and was seeminglyon her way back to the top ofthe world.
Less than seven months latershe was recovering from sur-gery on her right shoulder. Shedid not return for nine months,having dropped outside the top10 for the first time in morethan four years.
A quarter-final showing atRoland Garros in 2009 hasbeen her best grand slamshowing since her return to theWTA Tour, while she hasclaimed just three titles andmade four other finals since.
Last year at Melbourne Parkshe lost in the first round tocompatriot Maria Kirilenkoand while she added theMemphis and Strasbourg titlesto take her career tally to 22,she beat just two playersranked in the top 10.-Reuters
KARACHI: Former ICCPresident Ehsan Mani ishappy with the way the anti-corruption tribunal has han-dled the case of spot-fixingallegations against Pakistaniplayers and feels that the sus-pended trio will be handedharsh punishment when finalverdict will be announcednext month. Mani, also aPakistani, contended that it isa case which will have a hugeimpact on world cricket andhence backed tribunal's deci-sion to push the final decisionto February 5.
Accoording to PTI, he alsorubbished the fears over tri-bunal's ability to deal with
such a high profile case."Anyone questioning the
tribunal's credentials orimpartiality is totally wrong.All the gentlemen on the tri-bunal are men of great esteemand from the judicial back-ground. I have no doubt overtheir ability to give a verdictbased on fairness and justice,"Mani said.
"It is good the tribunal istaking its time in reaching averdict and wants to study allavailable material before it.This is a case the outcome ofwhich will have a big impacton the future of internationalcricket and I don't think theirshould be any hurry in giving
a decision on the spot-fixingcharges," he said.
Mani feels that the suspend-ed trio will be punished butsaid the players still had theright to approach the Court ofArbitration for Sport (CAS).
"I have no doubt in the abil-ity of Michael Beloff and histeam. It's a high profile caseand the delay was expected.Not to forget that the playershave a right to approach theCourt of Arbitration for Sportalso, therefore the tribunalwanted to take sufficient timeto analysis all angles of thecase.
"My gut feeling is that allthe three will be harshly pun-
ished. However I will be verydisappointed for Aamer whois the best young talentaround," said Mani, who wasICC President between 2003and 2006.
Tauqir Zia, former PCBChairman, also believes thatthe tribunal was likely toannounce severe penaltiesagainst the three players.
"The time the tribunal hastaken over hearing the caseand the elaborate arrange-ments made for the hearing. Ibelieve it indicates there isplenty of evidence in thisspot-fixing case and the play-ers are in for a tough time,"he.-Online
Mani backs ICC tribunalverdict on Pakistan players
ADELAIDE: Eoin Morgan of England hits out during the First Twenty20 International Match between Austtalia and England at Adelaide Oval .-Reuters
Quaid TrophyDiv-I final to
be playedunder the
floodlightsISLAMABAD: The final ofthe premier tournamentQuaid-i-Azam Trophy will beplayed under floodlights atNational Cricket Stadium,Karachi for the first time inthe History of PakistanDomestic Cricket, says amessage received here.
Colored balls will be usedin this Division-I QuaidTrophy final that will beplayed from January 13 to 17.
Habib Bank Limited (HBL)and Pakistan InternationalAirlines (PIA), two of themost successful domesticcricket teams will fight forhonours in the final.
The new playing format isexpected to herald a majorchange in the domestic crick-et structure as it would be thefirst time that day-nightcricket will be used in thelonger version of the game.
It is also hoped that theday-night game will attractlarge crowds and will helpattract heightened interest inthe longer version of thedomestic game.
Faysal Bank Limited willbe sponsoring the eventwhich will be their secondmajor tournament after thehugely successful FaysalBank T-20 tournament held inLahore during October lastyear.-Agencies
MELBOURNE: Maria Sharapova of Russia showcases herattire for the upcoming 2011 Australian Open at
Crown Entertainment Complex .-Reuters
11Thursday, January 13, 2011
International & Continuation
CONTINUATION
LONDON: Imports of oil and air-craft pushed Britain's goods tradedeficit to a record high inNovember, but an improvement inthe underlying trend meant hopesof an eventual export-led recoverywere not entirely crushed.
The Office for National Statisticssaid Britain's goods trade gapwidened to 8.74 billion pounds($13.6 billion) in November from8.59 billion pounds in October.This was the biggest deficit sincemonthly records began in January1980, and confounded expectationsfor the gap to narrow.
However the underlying deficit,which strips out volatile items likeoil and aircraft, narrowed fromOctober's record high. Theimprovement was driven by asharp rise in car exports, suggest-ing firms were starting to feel somebenefit from the relative weaknessof the pound.
Sterling fell immediately afterthe data, but recovered its losses asinvestors digested the detail of thereport.
"While the headline UK tradefigures are once again disappoint-
ing, scratch beneath the surfaceand there are some encouragingfeatures," said Howard Archer atINS Global Insight.
Imports of aircraft and aircraftparts increased by 441 millionpounds on the month -- a jump thestatistics office said was related toa significant purchase of large air-craft from a non-EU country.
Exports of cars rose by 353 mil-lion pounds in November while carimports fell.
REBALANCING HOPES British policymakers have long
predicted that the fall in sterlingwhich began in mid-2007 wouldrebalance the economy away fromits reliance on domestic demand --a shift that will be especially cru-cial in 2011 when public spendingcuts start in earnest.
Britain's surplus in trade in serv-ices improved, but not by enoughto offset the widening deficit ingoods. The total trade deficit --including both goods and services -- increased to 4.123 billion poundsfrom 4.038 billion, its highest sinceAugust.
"The big picture remains that the
external sector needs to start givingmore support to the wider econom-ic recovery if the UK is to weatherthe fiscal squeeze now underway,"said Vicky Redwood at CapitalEconomics.
Even before the data, economistswere expecting British GDPgrowth to slow to around 0.4 per-cent in the last three months of2010 from 0.7 percent in the thirdquarter.
Growth in the first half of 2011 isforecast to be even weaker as thegovernment starts to cut mostdepartments' budgets by around afifth.
Total exports and imports bothhit a record high in value terms,though imports rose faster. The oilbalance swung back to a deficit of660 million pounds after October'sunusual 21 million pound surplus.
"We are sucking in raw materialsand semi-finished goods for manu-facturers to bolt together, but at themoment we are not managing toexport more than we are import-ing," said BNP Paribas economistAlan Clarke. "For now, that shouldbe a dampener on growth."-Reuters
Record UK goods tradegap belies brighter signs
WIESBADEN: Germany's econo-my rebounded last year at itsfastest pace since reunification butconsumer spending stayed modest,leaving analysts and other eurozone states hoping a more balancedrecovery would take hold this year.
Gross domestic product (GDP)grew by 3.6 percent, preliminaryFederal Statistics Office datashowed on Wednesday, bouncingback from a 4.7 percent slump -- itssteepest since World War II -- in2009. The figure matched the mid-range forecast in a Reuters poll of22 economists.
Economy Minister RainerBruederle talked up Germany'sperformance over the past 12months saying Europe's dominant
economy had grown twice as fastas the average across the region.
Separate data showing industrialoutput in the euro zone grew twiceas fast as expected in Novemberoffered a glimmer of hope the restof the currency bloc might sooncatch up.
But a 0.5 percent increase in con-sumption by German householdsprovided little sign of the strongupturn in consumer spending thatstruggling economies in the regionare hoping for as they look to boosttheir exports.
There have been signs in recentmonths of such a rebalancing in theGerman economy, with a rise inimports helping narrow its tradesurplus in November.
But in 2010 overall, the economyrelied more for growth on tradi-tionally strong corporate invest-ment.
"(Private) consumption is stillrelatively weak," said Gerd Hasselfrom BHF Bank. "Public consump-tion however rose very stronglybecause of the fiscal stimulus pro-grammes. Investments grewstrongly, also for equipment.Germany is on a good path."
Investment in equipment surged9.4 percent and other investmentsgrew 6.4 percent, the data showed.
But while exports rose 14.2 per-cent, imports surged 13 percent,and analysts said consumer spend-ing should pick up strongly thisyear. -Reuters
German 2010 growthfastest since reunification
Under the proposed agreement Pakistan-Bulgaria Inter-Government Commission would be established to helppromote cooperation in economic, trade and other fieldsbetween the two countries. The Cabinet approved the draftof Pakistan Health Research Council (PHRC) Bill 2010.The draft bill would allow the Council to carry out itsmandate and academic-based research pursuits effectivelyand would enjoy the status of an autonomous organisa-tion, with its own Board of Governors to be headed by theFederal Minister for Health. The Cabinet approved inprinciple to consider the inclusion of civil servants in theconferment of National Civil Awards within the existingsystem of decorating prominent personalities.
It was decided that the matter would be resubmittedafter review by the Ministry of Law and Justice. OnNational Forest Policy, the Cabinet decided that this is aninter-provincial Government Issue and would be dis-cussed in the meeting of Council of Common Interests(CCI). The Cabinet also gave its approval for the CriminalLaw (Amendment) Bill, 2010. According to Criminal Law(Amendment) Bill, 2010 if any person, in committing orattempting to commit robbery, causes death of any personin so committing robbery, or attempting to commit rob-bery, shall be punished with death, or imprisonment forlife, and shall also be liable to fine. -Online
Continued from page 12No #1
government officials and citizens offered the funeralprayers. -Agencies
Continued from page 12No #2
voting machines, and we will take the Opposition into con-fidence in this regard. He said that government would coop-erate with ECP for making it an autonomous body. -Online
Continued from page 12No #3
President Zardari spoke of his vision to take the countryforward and the efforts to put Pakistan on sound econom-ic footing. He said it was Pakistan's security imperative tocurb violent extremism, adding the country needed inter-national support to implement a comprehensive strategy tofight militancy that also laid emphasis on economic devel-opment and job creation opportunities for the people. ThePresident also acknowledged Biden's efforts and supportfor democracy and for supporting socioeconomic develop-ment of the country as an integral part of the fighting mil-itancy. Farhatullah Babar quoted the President as sayingthat Pakistan needed increased market access to the USmarkets and called upon the US to create a special catego-ry for conflict affected countries under its GSP Plus pro-gram. He reiterated Pakistan's call for the establishment ofReconstruction Opportunity Zones in the country and anearly adoption of legislation in the US in this regard.
Pakistan's energy requirements also came under discus-sion. The President welcomed the setting up of EnergyTask Force and expressed the hope that Pakistan's energyissues will be addressed in a timely and focused mannerto overcome power crisis in the country.
President Zardari also thanked Vice President Joe Bidenfor his government's consistent support in rehabilitationof the last year's flood victims. He urged for continued USsupport for in the reconstruction rehabilitation phase aswell. Appreciating Pakistan's fight against militants VicePresident Joe Biden reiterated US support to democracyin Pakistan and the country's stability. Biden assured thatthe new US administration would support Pakistan'sefforts to strengthen democracy, countering terrorism andin meeting its developmental needs and capacity-build-ing. About drone attacks, the President said that it under-mined the national consensus against the war on militan-cy and reiterated Pakistan's call for transfer of drone tech-nology to be used by its own security forces against themilitants. Pakistani side included Amin Fahim, FederalMinister for Commerce, Ahmed Mukhtar, FederalMinister for Defence, Rehman Malik, Federal Ministerfor Interior, Dr Hafeez Shaikh, Federal Minister forFinance, M Salman Faruqui, Secretary General to thePresident, Hina Rabbani Khar, Minister of State forFinance and Economic Affairs, Farzana Raja, ChairmanBISP, Senator Syeda Sughra Imam, Farahnaz Ispahani,Malik Asif Hayat, Secretary to the President, ForeignSecretary Salman Bashir and Taimour Azmat Usman,Information Secretary. -Agencies
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The senior Congress leader said the two neighbouringcountries may have "insurmountable problems" butPakistan was India's "most important neighbour". "It isessential if we have to deal with our neighbour, we haveto know what they are, who they are," Mukherjee said. "Ido not believe a nation state can simply wither,"Mukherjee said, in an apparent reference to apprehen-sions often expressed about the future of Pakistan as anation. -Agencies
Continued from page 12No #5
He said that currently Iran trade with China, India andUAE is on the rise as compared to Pakistan and the purposeof his visit was to look into those issues that are hamperingthe trade between the two countries. Minister informed thatIran has increased number of items in the PTA list to boostthe current level of trade. He said that Pakistan can exportpharmaceutical products, Halal food and meat in theIranian market that is currently being imported fromAustralia. He underlined the need of participation in theIranian trade fairs and exhibitions and exchange of busi-ness delegations. Iranian Commerce Minister stressed foropening private banks in both the countries for speedy andeffective transaction of business deals.
The Vice President of Iranian Chamber of Commercesaid 3 years ago, a Memorandum of Understanding wassigned between the Federations of both countries, whichshould be activated to enhance the private sector linkageto speed up trade activities. He further said that Pak-IranJoint Business Council has been formed that would helpin gearing up the trade activities.
Continued from page 12No #6
shares/funds to the claimants. The brokers failed to rem-edy the situation, obliging the SECP to suspend registra-tion of Eastern Capital Limited and four other brokers.
Moreover, the SECP initiated enquiries against five bro-kers and appointed enquiry committees comprising offi-cers from the SECP, KSE and CDC. It emerged that theshares of the clients which were in control of EasternCapital Limited for trading purposes only were moved,pledged and transferred to other accounts, without anyauthorization.
The shares were pledged with banks to obtain financingwhich were mostly used to liquidate liabilities of the bro-kerage house resulting in total loss to the investors.
Consequently, the SECP filed a criminal complaint inthe court of Session Judge Karachi South against theEastern Capital Limited and others. This is the third crim-inal complaint against the brokerage houses involved inillegal pledging of shares. The earlier two criminal com-plaints were filed against Capital One Equities Limitedand Cliktrade Limited. The SECP has also moved a refer-ence under Section 18(b)(i) of the NAB Ordinance, 1999with a request to investigate the affairs of Capital OneEquities Limited and Cliktrade Limited to punish the cul-
Continued from page 12No #7
it has in store," Kotak Securities' Khade said. BNP Paribasexpects Sensex-30 companies to report a 19.1 per cent year-on-year growth in revenue and a 20.2 per cent growth inprofit. Top lender State Bank of India rose 2 per cent, whileleading private lenders ICICI Bank and HDFC Bank gained4.5 per cent and nearly 3 per cent, respectively. Export-ledoutsourcer Infosys Technologies , which is expected to raiseits full-year growth forecast when it releases quarterlyresults on Thursday, firmed 1.4 per cent. Rival TataConsultancy Services climbed 3.3 per cent. -Reuters
Continued from page 5No #8
Heavyweight HSBC led the sector higher, up 3.8 per cent."Obviously the Portuguese bond auction being successful
helped to keep the market in the positive today, but we'renot seeing a lot of flows going through," Martin Dobson,head of trading at Westhouse Securities, said.
Insurers Legal and General and Aviva gained 2.8 and 3.1per cent respectively, while mid-cap fund managersGartmore and Henderson added 13.7 per cent and 9.3 percent after the two announced a merger.
Mining stocks tracked firmer metals prices, withKazakhmys and Vedanta Resources, up 3.7 per cent and 4.3per cent respectively, also helped as Deutsche Bank upgrad-ed the pair to "buy".-Reuters
Continued from page 5No #9
0.76 per cent, to 11,760.81. The Standard & Poor's 500Index added 10.72 points, or 0.84 per cent, to 1,285.20. TheNasdaq Composite Index rose 15.66 points, or 0.58 percent, to 2,732.49. Shares of ITT Corp surged more than 17per cent to $61.93 after the diversified manufacturer said itwould separate its businesses into three different publiclytraded companies, and shareholders will own shares in allthe three corporations.-Reuters
Continued from page 5No #10
well above last week's average daily volume of 2.0 billionshares. "High volume is something to focus on today. Itmeans that long-term foreign investors, such as Europeanpension funds, have come back to the market," said ShojiYoshigoe, senior investment strategist at Mitsubishi UFJMorgan Stanley Securities Co Ltd. "If volume keeps aroundthese levels for a little longer, more domestic players,including retail investors, may come back to the market,pushing it even higher." Banks and property shares led theadvance, as foreign funds continued adding underweightfinancial stocks to their portfolios and property shares werein favour due to the Bank of Japan's asset buying scheme.
Mitsubishi UFJ Financial Group, Japan's biggest bank byassets, gained 3.6 per cent, while Sumitomo MitsuiFinancial Group added 2.7 per cent and Mizuho FinancialGroup rose 3.1 per cent. The top three lenders were themost actively traded equities by turnover on the Tokyobourse's first section.-Reuters
Continued from page 5No #11
Afghanistan. The objective was to have a clear under-standing of what the US, Afghanistan and Pakistan want,and how can they proceed towards achieving greaterregional peace. It was agreed that strategic alignment wasneeded between Islamabad, Kabul and Washington to reacha pragmatic solution as the first deadline of transition toAfghan-led security in July 2011 approaches.
According to the official source the United States wasinterested in finding out "Pakistan's bottom line" and its"intentions" regarding Afghanistan.
Continued from page 1No #12
and utilize these resources. He said that Pakistan beingfirst nuclear Muslim state holds key position among region-al and Muslim countries. The nuclear scientist said that for-eign mining companies in their reports have revealed thatcopper and gold worth $104 billion was present in 8 kilome-ters area of Reko Diq mines where the companies weregiven license of four hundred square kilometers.
Continued from page 1No #13
Director General National Savings Zafar M Sheikh saidtalking to Financial Daily here on Wednesday.
He said that a website is being launched to facilitate over-seas Pakistanis for online investment into National Savingsfrom all corners of the world. This initiative, he said wouldcertainly attract overseas Pakistani workers to directlyinvest their savings in Pakistan as a result the flow of fundsto Pakistan would increase.
Continued from page 1No #14
Exploration and Production activities in the country, SyedNaveed Qamar said while talking to Dr Elmar Collins, theGeneral Manager of OMV Exploration and ProductionPakistan who called on him. Dr Elmar briefed the Ministerabout the activities of the company in Pakistan. TheMinister directed the concerned officials present in themeeting to take appropriate steps to facilitate and stream-line E&P companies operating in Pakistan so as to bring themuch needed hydrocarbon resources on stream and meetthe energy shortage of the country.-APP
Continued from page 1No #15
who were sent immediately by the DistrictAdministration from Bannu city. Police and other law-enforcers in large number arrived on the blast site and putsecurity cordon around the blast site and helped in shiftingthe dead bodies and injured to the hospital. -Agencies
Continued from page 1No #16
backing of more than a third of the ministers to bring downthe government. The tribunal is widely expected to namemembers of Hezbollah in upcoming indictments, whichmany fear could re-ignite hostilities between Lebanon's rivalShiite and Sunni Muslims. The Netherlands-based tribunalhasn't said who it will indict, but Hezbollah leader SheikHassan Nasrallah has said he has information that membersof his group will be named. Hezbollah has denounced thetribunal as an "Israeli project" and urged Western-backedPrime Minister Saad Hariri—the son of the slain leader—toreject any findings by the court. But the prime minister hasrefused to break cooperation with the tribunal.
Continued from page 1No #17
It may be recalled India had revoked import contract ofPakistani importers in the wake of hike in prices of cottonin international market. -Agencies
Continued from page 1No #18
consumer sectors. 20 per cent earnings growth estimatefor 2011 excludes heavy weight OGDC, which is mislead-ing the index.
Continued from page 1No #19
Haqqani said in an interview to a foreign business newschannel here in Washington."There is no wavering in ourcommitment to economic reform," he said.-Agencies
Continued from page 1No #20
auctions against the target of Rs175 billion, receiving bidsworth of Rs191 billion.
Continued from page 1No #21
prits who have cheated innocent investors and to recover theinvestors' savings which have been misappropriated/trans-ferred for the personal benefits of the sponsors, directorsand their associated concerns.
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.
ISLAMABAD: FederalCabinet on Wednesday gave itsapproval for the Election Laws(Amendment) Bill 2011 whichwill help to hold free, fair andtransparent elections in thecountry and ensure security andintegrity of the database of theelectoral rolls.
The meeting of the FederalCabinet was held under thechairmanship of Prime MinisterSyed Yousuf Raza Gilani atPrime Minister Secretariathere.
The meeting offered Fatehafor the departed souls of gover-nor Punjab, Salman Taseer andformer Interior Minister,Naseerullah Babar.
Eulogising their services forthe nation, the Cabinet paidglowing tributes to both thenational leaders.
The cabinet expressed grief onthe brutal murders of GovernorPunjab, Salman Taseer and theelderly parents of the seniormost judge of the SupremeCourt, Justice Javed Iqbal.
The Cabinet was unanimous incondemning both the incidents.
The Prime Minister orderedthe relevant authorities toinquire into the circumstancesthat led to such gruesome actsof violence so that the perpetra-tors can be tried in accordancewith the existing laws of thestate.
The Cabinet reviewed imple-mentation status of Cabinetdecisions pertaining to min-istries of information andbroadcasting, labour and man-
power, information technologyand telecom and interior.
It was observed that 75 percent of the decisions have beenimplemented while the remain-ing is under implementation,awaiting completion of formal-ities and consultation with rele-vant stakeholders.
The Cabinet accordedapproval to the signing ofagreement between Pakistanand Bulgaria for economiccooperation.
See # 1 Page 11
Election reforms setin motion at last
ISLAMABAD: PresidentAsif Ali Zardari calling for aclose, stable, long-term andbroad-based relationshipbetween Pakistan and theUnited States for promotingpeace, stability and progressin the region and beyond, saidPakistan is committed to fightextremists, and the fightwould continue till the com-plete eradication of this men-ace.
He also said that Pakistanwas committed to fight terror-ism and underlined the needfor support and understandingof the international communi-ty in this effort.
This he said while talking
with Vice President UnitedStates of America (USA)Joseph R Biden who called onhim here in the Presidency onWednesday.
US Vice President wasaccompanied by Anthony JBlinken, National SecurityAdvisor to the Vice President,William Burns, Herro Mustafaand Allison Melia.
US Ambassador inIslamabad Cameroon PMunter and Acting US SpecialRepresentative forAfghanistan and PakistanFrank Ruggiero were alsopresent.
Bilateral matters, fightagainst militancy and
regional situation cameunder discussion during themeeting.
Briefing the media,spokesman to the PresidentFarhatullah Babar quoted thePresident as saying that thePakistan is committed to fightand defeat extremists and ter-rorists of all hue and the fightagainst them would continuetill the complete eradicationof this menace.
The President said that ahandful of militants andextremists would never beallowed to impose theirvicious agenda on the peopleof Pakistan.
Committed to fighting, defeating terrorism, says Zardari
LAHORE: First InvestigationReport (FIR) has been regis-tered against the unknownstranglers of Justice JavedIqbal's parents in the FactoryArea police station Lahore.
Parents of Justice JavaidIqbal of Supreme Court havebeen murdered by unknownpersons at their house inCavalry Ground Lahore onTuesday night.
As per details, SHO AamirSheikh told to private TV chan-nel that, on the complaint ofbrother of Justice Javed Iqbalan FIR has been registeredagainst the unknown killers ofhis parents. The case has been
registered under the section302.
A team of senior officers ofForensic Science laboratoryand experts have reached at thehouse of Justice Javed parents'in Lahore, where they will col-lect the samples.
Neyer Mahmood is leadingthe team of 5 experts ofForensic Science laboratory.
Meanwhile, the post-mortemhas ascertained that deceasedhad been strangled to death andthat they died within 20 sec-onds.
Sources added experts willget the samples in order to getinformation regarding the num-
bers of killers.Meanwhile, parents of Justice
Javed Iqbal were laid to rest ingraveyard near Firdous Marketin Gulberg area in Lahore onWednesday afternoon.
The funeral prayers wereoffered at Jamia MasjidAsghari near Kalma Chowk inLahore.
Hundreds of people, includ-ing prominent politiciansGovernor Punjab Latif Khosa,Chief Minister Shahbaz Sharif,former Amir Jamaat-e-IslamiQazi Hussain Ahmed, PPPSecretary General JehangirBadar, judges and lawyers,
See # 2 Page 11
Police initiatesforensics probe
Justice Javed Iqbal's parents laid to rest
FIR registered against unknown stranglers
ISLAMABAD: Iran and Pakistan havegreat potential of boosting trade, where-as private sectors of both countriesshould come forward to exploit tradeopportunities.
People-to-people contact should beenhanced and trade, social and culturalbonds must be strengthened, MehdiGhanzanfari, Minister of Commerce ofIran, has said while addressing a meet-ing at Islamabad Chamber of Commerce& Industry.
He was of the view that though thetrade between the two countries is pick-ing up the momentum which has crossedone billion dollar figure, but Iranian sideshould look at the issue of high tariff andnon-tariff barriers that are hamperingPakistan's exports to the Iranian market.
He said that import duties onPakistan's textile and garments and sur-gical goods are more than 50 per centwhich should be reduced to give moreaccess to Pakistani main exportable
products.Because of strict restrictions, smug-
gling is on the rise and according tounofficial sources the annual informalbilateral trade is estimated at US$1 bil-lion. Therefore, tariff walls should bebrought down to route the trade throughregular channels, ICCI President added.
He said that Western media is doingnegative propaganda against Iran toimpose sanctions against them but thecountries which were in the favour ofsanctions are at the same time, enhanc-ing trade with Iran. Despite this propa-ganda the trade with the Western coun-tries had increased by 20 per cent, hemaintained.
The Minister said that Iran has morethan 150 billion US dollars of exportsand its imports are 50 billion US dollars,and now Iran is looking to enhance traderelations with the Asian countries,instead of western world.
See # 6 Page 11
Greater Iranianmkt share eyed
Pak-Iran JTC to help boost trade: Fahim
ICCI demands tariff cuts, concessions
NEW DELHI: Citing the collapse ofthe Berlin Wall that unified Germany,Finance Minister Pranab Mukherjee saidthat differences between India andPakistan may be resolved one day sincethe two cannot wish each other awayand live in "perpetual tension".
"I do not have the capacity to indulgein the romanticism that like Berlin Wall,one day the differences may go. How thecourse of history will take turn, nobodycan predict with that precision. It mayhappen", he said here at the launch ofeminent journalist MJ Akbar's book"Tinderbox-The Past and Future ofPakistan."
He said the collapse of the Berlin Walland formation of the European Unionwere not foreseen but took place.
"Yes, the Berlin Wall collapsed. Yes,the EU has come together, which beganwith a limited approach and objective ofhaving some trade relations. It has unit-ed side-by-side there are other examplesalso which we have seen with our owneyes - how a mighty unified structure(Soviet Union) has collapsed just afterseven decades.
"See how a composite state created
after the World War II has dismemberedinto three or four states within a shortspan of 10-15 years," Mukherjee said.
The senior Congress leader said onecan be selective in choosing friends butnot neighbours.
"Most of us will agree that we cannotwish away our neighbours. We canchoose our friends; we can be selectivein choosing our friends, but neighboursare there where they are. We cannot sim-ply wish them away. Those days aregone when one could have displacedthem by force," Mukherjee said.
Describing Pakistan as India's "mostimportant" neighbour, he said, "The sta-bility and well-being of Pakistan" is inthe interest of this country as the twocould not develop and prosper in isola-tion today.
"The basic question before everyIndian policymaker is whether weshould live with our neighbour inperpetual tension or try to live inpeace. And fortunately, there is abroad consensus across the politicalspectrum on these issues,"Mukherjee said.
See # 5 Page 11
Let's burry hatchet:India to Pakistan
ISLAMABAD: Federal Minister for Finance, Dr Abdul Hafeez Sheikh meeting with Iranian Minister
for Commerce.-APP
SECP takesbrokeragehouse to
courtISLAMABAD: The Securitiesand Exchange Commission ofPakistan (SECP) has filed acriminal complaint in a courtagainst Eastern CapitalLimited, ex-member of theKarachi Stock Exchange (KSE)and all those, including itsdirector, involved in non-trans-fer of shares/funds and unau-thorized pledges of client'sshares and other prohibitedactivities under Section 24(2)of the Central Depositories Act1997 as well as offences underrelevant provisions of thePakistan Penal Code (PPC).The warrants for all the accusedhave been issued.
The SECP received numer-ous complaints/claims againstfive KSE brokers mainly per-taining to the alleged non-transfer of shares and non-pay-ment of funds. The SECPdirected the brokers to expediteresolution of complaints/claimsand issued instructions for theimmediate transfer of
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NA bodyendorses‘CarriageBill 2010’
ISLAMABAD: The NationalAssembly Standing Committeeon Defence on Wednesdayunanimously passed "TheCarriage by Air Bill 2010".
The committee met under thechairmanship of Dr Azra FazalPechuho, MNA at theParliament House. The meetingwas attended by Rai GhulamMurtaza Kharal, Nawab AbdulGhani Talpur, Dr Abdul WahidSoomro, Mir Amir Ali KhanMagsi, Sardar Mehtab Abbasi,Dr Talat Mahesar, Syed HaiderAli Shah, Malik NaumanLangrial, Jawad Hussain andShagufta Sadiq, MNAs.
Additional SecretaryMinistry of Defence, ProjectDirector, GM (Legal) CivilAviation Authority also attend-ed the meeting. -APP
Governmentwill followECP orders,says Kaira
ISLAMABAD: FederalMinister for Information QamarZaman Kaira has cleared thatElection Commission ofPakistan (ECP) demanded onlyhis graduation degree.
Talking to media after attend-ing a meeting in ECP, he saidthat Election Commission didnot declare his credibility assuspicious and Commissionnever had asked him for anydegree with the exception ofgraduation degree.
He said Parliamentary com-mittee will soon be constitutedfor reorganising the ECP, andgovernment is bound to imple-ment ECP orders.
Kaira said that legislationwould be made for comput-erised voter-lists and electric