International PCB issues show cause notice to Afridi See on Page 10 Opec sees oil demand at 1.3pc See on Page 12 Nato copters violate Pak airspace again See on Page 12 See on Page 12 Ghulam Raza Rajani KARACHI: Oil & gas pro- duction rose 2.3 per cent to 768.09 thousand barrels of oil equivalent per day during 1QFY11 against 750.74 kbpeod in 1QFY10. Oil production -- marginally went up by 0.7 per cent -- stood at 64kbpd. Similarly, gas pro- duction surged 2.5 per cent to 4 billion cubic feet per day (bcfd) versus 3.94 bcfd in the same period last year. Oil & Gas Development Company Limited (OGDC), oil and gas production during the period dipped 2.5 per cent to 205 kbpeod versus 210 kbpeod during the correspon- ding period last year. Gas pro- duction also decreased 2 per cent at 965 mmcfd. Oil and gas production of Pakistan Petroleum Limited (PPL) has surged by 5.7 per cent YoY to 175 kboepd. Oil production of the company increased 60 per cent to 6.5 kbpd mainly by the higher pro- duction from Nashpa and Tal block. Likewise, gas production of the company increased See # 14 Page 11 Oil, gas output up 2.3pc in 1Q Sharmila made CM’s info advisor KARACHI: Sharmila Farooqui has been appointed as Advisor to Chief Minister Sindh on Information while the portfolio of information minister has been taken from Jamil Soomro due to lack of coordination on his part with journalists during the pres- ence of President Asif Ali Zardari in Karachi. See # 12 Page 11 Special Correspondent ISLAMABAD: Muttahida Qaumi Movement (MQM) Tuesday submitted 'Land Reforms Bill' in the National Assembly Secretariat named after Dr Imran Farooq to hon- our the services rendered by him, a private television chan- nel reported. "The ownership of agricul- ture land should be limited to 36-acre and holding of rain-fed land should be limited to a maximum of 54-acre," the bill suggested. MQM leader Farooq Sattar, other National Assembly mem- bers and Senators submitted the bill aimed at ending feudal- ism in Pakistan. Twenty-five Assembly mem- bers and five Senators were also present in NA Secretariat at the time of submission. After submitting the bill, Farooq Sattar said in a news confer- ence that the disparity between the rich and the poor should be eliminated to protect Pakistan, adding this bill will herald the agricultural revolution in the country. Sattar said the ratifica- tion of 'Land Reforms Bill', submitted in the National Assembly would render many landlords insomniacs. Dr Sattar said that 180 million poor people of the country can- not get their rights until feudal system continues. "The root of all evils in Pakistan is this feu- dal system which needs to be exterminated", he said while addressing a press conference here at the National Press Club. Farooq Sattar expressed the confidence that 'The Redistributive Land Reforms Bill 2010' would bring revolu- tion in the lives of 180 million poor people of the country. "We are fully aware that after the introduction of the Bill, Altaf Hussain and the MQM would have to face tough time" he admitted expressing the resolve that his party would not step back in its fight for the rights of the poor. The minister held that they have submitted the Bill in the Parliament with open mind and heart and they are confident that all the political parties would join their hands in pass- ing the Bill. Sattar added that the Bill would also help max- imising the output of agricul- tural produce by intensive cul- tivation and optimal use of water, through cooperative farming without let or hin- drance by government or bureaucracy. He went on say- ing that the corporate farming on state land on public-private partnership basis will not be barred so long as the State remains the absolute owner of the land. The Act also seeks to pave the way for the empower- ment of 63 per cent people liv- ing in the rural areas and for the establishment of a welfare, egalitarian and prosperous state, as visualised by Quaid-e- Azam Muhammad Ali Jinnah, he concluded. Bill to limit landholding tabled MQM says Bill to revolutionise country, feudal system hurdle in the poor’s rights *Crude Oil (brent)$/bbl 83.12 *Crude Oil (WTI)$/bbl 81.45 *Cotton $/lb 110.70 *Gold $/ozs 1,348.00 *Silver $/ozs 23.12 Malaysian Palm $ 935.50 GOLD (NCEL) PKR 37,477 KHI Cotton 40Kg PKR 7,877 *Last Updated 20:00 PST Yearly(Jul, 2010 up to 11-Oct-2010) Monthly(Oct, 2010 up to 11-Oct-2010) Daily (11-Oct-2010) Total Portfolio Invest (1 Oct-2010) 47.95 -1.27 -0.22 2353 1.15 0.40 -1.02 -0.63 0.04 0.25 -0.19 SCRA(U.S $ in million) Portfolio Investment FIPI (12-Oct-2010) Local Companies (12-Oct-2010) Banks / DFI (12-Oct-2010) Mutual Funds (12-Oct-2010) NBFC (12-Oct-2010) Local Investors (12-Oct-2010) Other Organization (12-Oct-2010) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (1-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Aug10) Revenue (Jul 10-Aug10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Jul 10) GDP Growth FY10E Per Capita Income FY10 Population $16.99bn 13.77% $5.18bn $9.03bn $(3.85)bn $(944)mn $1.72bn $267.10mn Rs 185bn $55.63bn Rs 4863bn $100.90mn 3.05% 4.10% $1,051 170.77mn 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 18.20 2.00 1.70 9.68 PKR/Shares 111.98 156.77 43.07 36.61 33.35 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) 06-Oct-2010 06-Oct-2010 06-Oct-2010 29-Sep-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12.83% 13.07% 13.22% 13.50% 12.81% 13.01% 13.21% 13.61% 13.71% 13.89% 13.81% 14.06% 14.28% 14.45% 14.62% Money Market Update Symbols Buy (Rs) Sell (Rs) Australian $ 83.48 84.00 Canadian $ 84.60 85.00 Danish Krone 15.85 16.50 Euro 119.00 119.50 Hong Kong $ 11.00 11.30 Japanese Yen 1.038 1.064 Saudi Riyal 22.90 23.00 Singapore $ 65.30 65.50 Swedish Korona 12.75 13.10 Swiss Franc 88.55 89.20 U.A.E Dirham 23.30 23.50 UK Pound 133.50 134.00 US $ 86.10 86.30 Open Mkt Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 84.31 84.51 Canadian $ 84.87 85.07 Danish Krone 16.02 16.05 Euro 119.45 119.72 Hong Kong $ 11.09 11.12 Japanese Yen 1.051 1.054 Saudi Riyal 22.96 23.01 Singapore $ 65.83 65.98 Swedish Korona 12.90 12.93 Swiss Franc 89.27 89.48 U.A.E Dirham 23.44 23.50 UK Pound 136.95 137.27 US $ 86.14 86.32 Inter-Bank Currency Rates Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com www.thefinancialdaily.com CITIES MAX-TEMP MIN ISLAMABAD 31°C 17°C KARACHI 34°C 23°C LAHORE 35°C 22°C FAISALABAD 36°C 21°C QUETTA 30°C 6°C RAWALPINDI 33°C 18°C Weather Forecast CHARSADDA: Prime Minister Syed Yousuf Raza Gilani talking to media persons during the launching of Waseela-e-Rozgar Scheme under the Benazir Income Support Programme.-APP NAB head appointment not a legal affair, but administrative one CHARSADA: Prime Minister Syed Yousuf Raza Gilani Tuesday said his government would complete its five-year term and only the people had the right to bring about any change. "We have come into power with the support of the people and not through back door cor- ridors," Gilani said at the launching ceremony of poverty survey in Khyber- Pakhtunkhwa and Waseela-e- Rozgar program and distribu- tion of Watan Card here. Gilani said, "It is not the pre- rogative of those who are sit- ting in drawing rooms to talk about change," he said while strongly rejecting the state- ments by "some television crit- ics" that a political change was in the air. "If we do good deeds, we will be reelected or rejected like the previous government." Gilani said "We rendered great sacrifices and have faced jail terms for the sake of democracy." Prime Minister said the polit- ical government was following the Constitution and urged all those who were outside the par- liament to show political matu- rity. He said if the politicians can- not deliver than no one else can. He said certain segments were trying to say things that were undoable and said demo- cratic system was the country's lifeline. Gilani rejected those who said the parliament has achieved nothing significant and said it restored the 1973 Constitution and all legislation has been done through consen- sus. He said Quaid-e-Azam Mohammad Ali Jinnah who created Pakistan was a politi- cian, Zulfiqar Ali Bhutto the founder of country's nuclear See # 11 Page 11 Change, only thru vote: PM No Afghan peace sans Pakistan, says Gilani President-PM meeting Next 48hrs stated crucial ISLAMABAD: Political pundits and analysts termed the next 48- hour in the country very crucial as Supreme Court of Pakistan would resume its hearing on NRO review case today. Earlier, on Tuesday night, President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani held one-to-one meeting in the President House and discussed various issues of national politics, media reported. Reports said the two leaders exchanged views over the current national and political satiation and See # 10 Page 11 BRUSSELS: The European Union will urge countries to join it in granting Pakistan trade breaks to help the country cope with widespread floods while calling on Islamabad to pursue reforms, an EU official said on Tuesday. Representatives of 23 coun- tries, as well as officials from the World Bank and the Asian Development Bank, will meet in Brussels on Friday to assess what long-term financial help Pakistan needs to recover from the floods. The assessment, from the Friends of Democratic Pakistan group, will be for- warded to a meeting of donor countries to be held in Islamabad in November. While offering Pakistan sup- port, and urging other coun- tries to follow its lead with trade breaks and economic incentives, the European Union will call on Pakistan to reform its administration, including by broadening its tax base. "The aim is to send a strong signal of solidarity to Pakistan," an EU official said. "And it's an opportunity for Pakistan to present a plan for reconstruction, including eco- nomic and institutional reforms." Officials say the EU trade breaks would increase Pakistani sales in the bloc by about 100 million euros ($139 million). Many leading Pakistani See # 17 Page 11 EU to fight Pakistan trade case at FoDP Ahmed Siddiqui KARACHI: Auto sales showed an improvement as cumulative car, LCV & pickup sales surged 9.4 per cent to 33,687 units during 1QFY11, according to the latest data released by Pakistan Automotive Manufacturers Association (PAMA). On the other hand, sales of car, LCV and pickup jumped 18.2 per cent YoY to 11,669 units in the month of September 2010 against 9,874 units in the same month last year. Main reason of sale-surge in September was expectation of increase in car prices due to cover the rising costs -- owing to increase in Yen prices, as per the TFD analyst. As per details, amongst the individual categories, car sales showed a better growth of 12 per cent YoY to 30k units, whereas LCV & pickup seg- ment sales registered a decrease of 8 per cent YoY to 3.65k units in 1QFY11. Pak Suzuki, Indus Motors and Honda Cars were the three See # 18 Page 11 1Q auto sales pick up 9.4pc September sales up 18pc YoY Nothing found in Zardari Swiss accts ISLAMABAD: The National Accountability Bureau (NAB) on Tuesday submitted a report on the Swiss cases to a 17-member larger bench of the Supreme Court (SC). The report that was submitted by the newly appointed NAB Chairman Deedar Shah, claims that there is no trace of money in the Swiss accounts of the president. See # 16 Page 11 Rekodeq mining project Chilean co upbeat on greenlight LONDON: Chilean copper miner Antofagasta is confident that Balochistan government in Pakistan will give the green- light to its $3.3 billion Rekodeq mine project by the end of the year, an executive said. That mine alone could See # 13 Page 11 NAB head submits report in Supreme Court President vows to pursue SC orders Index Close Change KSE 100 10,292.33 30.23 Nikkei 225 9,388.64 200.24 Hang Seng 23,121.70 85.61 Sensex 30 20,203.34 136.55 ADX 2,712.42 9.26 SSE COMP. 2,841.41 34.47 FTSE 100 5,661.59 10.81 *Dow Jones 11,013.78 3.44 *Last Updated 20:00 PST Global Indices Karachi, Wednesday, October 13, 2010, Zul-Qa’dah 4, Price Rs12 Pages 12 COAS vows to wage war on terror till its logical end WANA: Chief of Army Staff Gen Ashfaq Parvez Kayani has said armed forces will take the war against terrorists and extremists to its logical end with the cooperation of nation. Army chief said this while addressing tribal elders, army officers and jawans engaged in war on terror during his visits in Upper Kurram and South Waziristan. Corps commander and respective GOCs received the army chief when he arrived there, sources told. They briefed him at length about the security situation of the area. Army chief commended the operational and professional capabilities of the army saying the whole nation felt proud the way armed forces were fighting against the militants coura- geously and valiantly. "We will win this war with the support of the nation, he remarked. During his meeting with trib- al elder army chief held out assurance of full cooperation from army for their uplift and betterment. The sacrifices See # 15 Page 11 NRO review case Khosa to represent Federation ISLAMABAD: Advisor to Prime Minister on Information Technology, Latif Khosa has resigned from his office on Tuesday, media reported. Latif Khosa would represent the Federal Government in NRO review case before the Supreme Court (SC) in place of former Federal Counsel Kamal Azfar, sources said. The hearing of NRO review case is due to start today Meanwhile, Prime Minister Syed Yousuf Raza Gilani has accepted Khosa's resignation, it is learned. ISLAMABAD: World Bank (WB) and Asian Development Bank (ADB) have finalised their survey with regard to assessment of the damage caused by floods in affected areas. As per survey report, disas- trous flood afflicted loss of 9.5 billion dollars. Survey teams comprising hundreds of experts of WB and ADB par- ticipated in the survey con- ducted to assess the loss caused during the floods in all the four provinces of the country. According to assess- ment report over 25 million people were affected and 250,000 houses were damaged fully or partly. Survey teams also sought help from data worked out by government of Pakistan. The report will be presented in the next meeting of WB board. Foreign Minister Shah Mehmood Qureshi will also present this report in the meet- ing of Friends of Democratic Pakistan taking place on next Friday in Brussels.-Online WB, ADB compute flood loss at $9.5bn
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International
PCB issues show cause notice to Afridi See on Page 10
Opec sees oil demand at 1.3pc See on Page 12
Nato copters violate Pak airspace again See on Page 12
See on Page 12
Ghulam Raza Rajani
KARACHI: Oil & gas pro-duction rose 2.3 per cent to768.09 thousand barrels of oilequivalent per day during1QFY11 against 750.74kbpeod in 1QFY10.
Oil production -- marginallywent up by 0.7 per cent -- stoodat 64kbpd. Similarly, gas pro-duction surged 2.5 per cent to 4billion cubic feet per day(bcfd) versus 3.94 bcfd in thesame period last year.
Oil & Gas DevelopmentCompany Limited (OGDC),oil and gas production during
the period dipped 2.5 per centto 205 kbpeod versus 210kbpeod during the correspon-ding period last year. Gas pro-duction also decreased 2 percent at 965 mmcfd.
Oil and gas production ofPakistan Petroleum Limited(PPL) has surged by 5.7 percent YoY to 175 kboepd. Oilproduction of the companyincreased 60 per cent to 6.5kbpd mainly by the higher pro-duction from Nashpa and Talblock.
Likewise, gas production ofthe company increased
See # 14 Page 11
Oil, gas outputup 2.3pc in 1Q
Sharmilamade CM’sinfo advisor
KARACHI: Sharmila Farooquihas been appointed as Advisor toChief Minister Sindh onInformation while the portfolioof information minister has beentaken from Jamil Soomro due to
lack of coordination on his partwith journalists during the pres-ence of President Asif AliZardari in Karachi.
See # 12 Page 11
Special Correspondent
ISLAMABAD: MuttahidaQaumi Movement (MQM)Tuesday submitted 'LandReforms Bill' in the NationalAssembly Secretariat namedafter Dr Imran Farooq to hon-our the services rendered byhim, a private television chan-nel reported.
"The ownership of agricul-ture land should be limited to36-acre and holding of rain-fedland should be limited to a
maximum of 54-acre," the billsuggested.
MQM leader Farooq Sattar,other National Assembly mem-bers and Senators submittedthe bill aimed at ending feudal-ism in Pakistan.
Twenty-five Assembly mem-bers and five Senators werealso present in NA Secretariatat the time of submission. Aftersubmitting the bill, FarooqSattar said in a news confer-ence that the disparity betweenthe rich and the poor should be
eliminated to protect Pakistan,adding this bill will herald theagricultural revolution in thecountry. Sattar said the ratifica-tion of 'Land Reforms Bill',submitted in the NationalAssembly would render manylandlords insomniacs. DrSattar said that 180 millionpoor people of the country can-not get their rights until feudalsystem continues. "The root ofall evils in Pakistan is this feu-dal system which needs to beexterminated", he said while
addressing a press conferencehere at the National Press Club.
Farooq Sattar expressed theconfidence that 'TheRedistributive Land ReformsBill 2010' would bring revolu-tion in the lives of 180 millionpoor people of the country.
"We are fully aware that afterthe introduction of the Bill,Altaf Hussain and the MQMwould have to face tough time"he admitted expressing theresolve that his party would notstep back in its fight for the
rights of the poor.The minister held that they
have submitted the Bill in theParliament with open mind andheart and they are confidentthat all the political partieswould join their hands in pass-ing the Bill. Sattar added thatthe Bill would also help max-imising the output of agricul-tural produce by intensive cul-tivation and optimal use ofwater, through cooperativefarming without let or hin-drance by government or
bureaucracy. He went on say-ing that the corporate farmingon state land on public-privatepartnership basis will not bebarred so long as the Stateremains the absolute owner ofthe land. The Act also seeks topave the way for the empower-ment of 63 per cent people liv-ing in the rural areas and forthe establishment of a welfare,egalitarian and prosperousstate, as visualised by Quaid-e-Azam Muhammad Ali Jinnah,he concluded.
Bill to limit landholding tabled MQM says Bill to revolutionise country, feudal system hurdle in the poor’s rights
CHARSADDA: Prime Minister Syed Yousuf Raza Gilani talking to media persons during the
launching of Waseela-e-Rozgar Scheme under the Benazir Income Support Programme.-APP
NAB head appointment not a legal affair, but
administrative one
CHARSADA: Prime MinisterSyed Yousuf Raza GilaniTuesday said his governmentwould complete its five-yearterm and only the people hadthe right to bring about anychange.
"We have come into powerwith the support of the peopleand not through back door cor-ridors," Gilani said at thelaunching ceremony of povertysurvey in Khyber-Pakhtunkhwa and Waseela-e-Rozgar program and distribu-tion of Watan Card here.
Gilani said, "It is not the pre-rogative of those who are sit-ting in drawing rooms to talkabout change," he said whilestrongly rejecting the state-ments by "some television crit-ics" that a political change was
in the air."If we do good deeds, we will
be reelected or rejected like theprevious government."
Gilani said "We renderedgreat sacrifices and have facedjail terms for the sake ofdemocracy."
Prime Minister said the polit-ical government was followingthe Constitution and urged allthose who were outside the par-liament to show political matu-rity.
He said if the politicians can-not deliver than no one elsecan. He said certain segments
were trying to say things thatwere undoable and said demo-cratic system was the country'slifeline.
Gilani rejected those whosaid the parliament hasachieved nothing significantand said it restored the 1973Constitution and all legislationhas been done through consen-sus.
He said Quaid-e-AzamMohammad Ali Jinnah whocreated Pakistan was a politi-cian, Zulfiqar Ali Bhutto thefounder of country's nuclear
See # 11 Page 11
Change, onlythru vote: PM
No Afghan peace sans Pakistan, says Gilani
President-PM meeting
Next 48hrs stated crucialISLAMABAD: Political pundits and analysts termed the next 48-hour in the country very crucial as Supreme Court of Pakistanwould resume its hearing on NRO review case today.
Earlier, on Tuesday night, President Asif Ali Zardari and PrimeMinister Syed Yousuf Raza Gilani held one-to-one meeting in thePresident House and discussed various issues of national politics,media reported.
Reports said the two leaders exchanged views over the currentnational and political satiation and See # 10 Page 11
BRUSSELS: The EuropeanUnion will urge countries tojoin it in granting Pakistantrade breaks to help the countrycope with widespread floodswhile calling on Islamabad topursue reforms, an EU officialsaid on Tuesday.
Representatives of 23 coun-tries, as well as officials fromthe World Bank and the AsianDevelopment Bank, will meetin Brussels on Friday to assesswhat long-term financial helpPakistan needs to recover fromthe floods.
The assessment, from theFriends of DemocraticPakistan group, will be for-warded to a meeting of donorcountries to be held inIslamabad in November.
While offering Pakistan sup-
port, and urging other coun-tries to follow its lead withtrade breaks and economicincentives, the EuropeanUnion will call on Pakistan toreform its administration,including by broadening its taxbase.
"The aim is to send a strongsignal of solidarity toPakistan," an EU official said."And it's an opportunity forPakistan to present a plan forreconstruction, including eco-nomic and institutionalreforms."
Officials say the EU tradebreaks would increasePakistani sales in the bloc byabout 100 million euros ($139million).
Many leading Pakistani See # 17 Page 11
EU to fight Pakistan
trade case at FoDP
Ahmed Siddiqui
KARACHI: Auto salesshowed an improvement ascumulative car, LCV & pickupsales surged 9.4 per cent to33,687 units during 1QFY11,according to the latest datareleased by PakistanAutomotive ManufacturersAssociation (PAMA).
On the other hand, sales ofcar, LCV and pickup jumped18.2 per cent YoY to 11,669units in the month ofSeptember 2010 against 9,874units in the same month last
year. Main reason of sale-surgein September was expectationof increase in car prices due tocover the rising costs -- owingto increase in Yen prices, as perthe TFD analyst.
As per details, amongst theindividual categories, car salesshowed a better growth of 12per cent YoY to 30k units,whereas LCV & pickup seg-ment sales registered adecrease of 8 per cent YoY to3.65k units in 1QFY11.
Pak Suzuki, Indus Motorsand Honda Cars were the three
See # 18 Page 11
1Q auto salespick up 9.4pc
September sales up 18pc YoY
Nothing found inZardari Swiss acctsISLAMABAD: The National Accountability Bureau (NAB) onTuesday submitted a report on the Swiss cases to a 17-memberlarger bench of the Supreme Court (SC).
The report that was submitted by the newly appointed NABChairman Deedar Shah, claims that there is no trace of money inthe Swiss accounts of the president. See # 16 Page 11
Rekodeq mining project
Chilean coupbeat ongreenlight
LONDON: Chilean copperminer Antofagasta is confidentthat Balochistan government inPakistan will give the green-light to its $3.3 billion Rekodeqmine project by the end of theyear, an executive said.
COAS vowsto wage waron terror tillits logical endWANA: Chief of Army StaffGen Ashfaq Parvez Kayani hassaid armed forces will take thewar against terrorists andextremists to its logical endwith the cooperation of nation.
Army chief said this whileaddressing tribal elders, armyofficers and jawans engaged inwar on terror during his visitsin Upper Kurram and SouthWaziristan.
Corps commander andrespective GOCs received thearmy chief when he arrivedthere, sources told.
They briefed him at lengthabout the security situation ofthe area.
Army chief commended theoperational and professionalcapabilities of the army sayingthe whole nation felt proud theway armed forces were fightingagainst the militants coura-geously and valiantly. "We willwin this war with the support ofthe nation, he remarked.
During his meeting with trib-al elder army chief held outassurance of full cooperationfrom army for their uplift andbetterment. The sacrifices
See # 15 Page 11
NRO review case
Khosa torepresent
FederationISLAMABAD: Advisor toPrime Minister on InformationTechnology, Latif Khosa hasresigned from his office onTuesday, media reported.
Latif Khosa would representthe Federal Government inNRO review case before theSupreme Court (SC) in place offormer Federal Counsel KamalAzfar, sources said.
The hearing of NRO reviewcase is due to start today
ISLAMABAD: World Bank(WB) and Asian DevelopmentBank (ADB) have finalisedtheir survey with regard toassessment of the damagecaused by floods in affectedareas.
As per survey report, disas-trous flood afflicted loss of9.5 billion dollars. Surveyteams comprising hundreds ofexperts of WB and ADB par-ticipated in the survey con-ducted to assess the losscaused during the floods in allthe four provinces of the
country. According to assess-ment report over 25 millionpeople were affected and250,000 houses were damagedfully or partly. Survey teamsalso sought help from dataworked out by government ofPakistan. The report will bepresented in the next meetingof WB board.
Foreign Minister ShahMehmood Qureshi will alsopresent this report in the meet-ing of Friends of DemocraticPakistan taking place on nextFriday in Brussels.-Online
WB, ADB computeflood loss at $9.5bn
2 Wednesday, October 13, 2010
TV PROGRAMMES
WEDNESDAY
Time Programmes
7:00 News
8:00 News
9:05 Subah Savere
Maya ke Sath
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
KARACHI: Sindh ChiefMinister, Syed Qaim AliShah, here on Tuesdaypresided a high levelmeeting regarding reha-bilitation of flood affect-ed people of the provinceat the CM House.
Syed Qaim Ali Shahstressed upon all con-cerned departments tomake concerted efforts tocombat the situation andchalk out strategies andpriorities of variousdevelopment projectsaimed at to provide basicamenities to flood affect-ed people.
The schemes pertain torehabilitation and restruc-turing in Agriculture,Irrigation, roads, educa-tion and health depart-ments.
Chief Minister stressedthe need to chalk out acomprehensive plan forthose important sectorswith a priority of locali-ties and areas.
He said that the govern-ment has to move fast aspeople had suffered a lotand they are in need ofimmediate remedialmeasures.
Chief Minister Qaim
Ali Shah said that thePresident of Pakistan AsifAli Zardari had yesterdaydirected to initiate reha-bilitation work to the sat-isfaction of the affectedpeople. He said that culti-vation of Rabi crop hadstarted in lower Sindharea particularly in Thattaand Badin districts.
Qaim Ali Shah directedthat the AgricultureDepartment and IrrigationDepartment should firstsubmit their proposals andpriorities immediately forearly implementation.
Later, Sindh Ministerfor Finance Syed MuradAli Shah, Advisor to CMfor Planning andDevelopment QaisarBengali, Chief SecretarySindh Ghulam Ali Pasha,Additional ChiefSecretary (P&D) M IshakLeshari and SecretaryFinance SindhMuhammad SiddiqueMemon briefed the meet-ing about efforts beingtaken in this regard.
It was decided thatgrow more wheat cam-paign will be launched inflood affected areas so asto get food grain in maxi-
mum and give financialsupport to those affectedpeople.
It was decided thatChief Secretary Sindhwill coordinate all rele-vant departments, holdimmediate meeting anddiscuss and finalise theplanned strategy, priorityand modalities of schemeto be initiated early, as healso posses charge ofSenior Member Board ofRevenue and ReliefCommissioner Sindh.
It was informed that theGovernment of Sindh hasalready revised AnnualDevelopment Programmeso as to meet the needs ofdevelopment in floodaffected areas.
The meeting was fur-ther informed thatarrangements will bemade to dispose of floodwater from agriculturelands so as to assess actu-al losses and start rehabil-itation process.
It was decided that theservices of technical per-sons will be acquired toguide and process therehabilitation works withregard to irrigationdepartment.-APP
Strategies yetto be set for
flood affected
ISLAMABAD: Fourmore power projects hav-ing a total capacity of794MW will start func-tioning from next monthaccording to PakistanPower InfrastructureBoard (PPIB).
These projects areFoundation PowerCompany (Daharki)Limited 177MW, LibertyPower Tech Ltd. 195 MW,The HUB Power CompanyLimited 213MW andHalmore PowerGeneration Company Ltd209MW.
According to details ofthe Foundation PowerCompany located inDaharki area of Sindh,Foundation PowerCompany (Daharki)
Limited is installing 177MW Combined CyclePower Plant near Daharkiin District Ghotki, at aCost of approx. US $ 220million.
Doosan HeavyIndustries andConstruction Company,Korea is the EPCContractor. Askari BankLimited is the Agent Bankand a Consortium ofBanks has arranged for theloan.
Foundation PowerCompany (Daharki)Limited (FPCDL) is strict-ly following InternationalStandards and is extremelyenvironmental friendly.
Foundation Power Plantis Modern with respect toits technology and func-
tioning. The Fuel Source isMari Deep Well No 6, hav-ing low BTU gas with nodomestic and very lowindustrial use.
The net out put of PowerPlant will be 177 MW, andwill be sufficient to illumi-nate 250,000 houses or toprovide all needs of 70middle sized industrialunits or 1500 villages.
The remaining threeprojects Liberty PowerTech Ltd 195 MW, TheHUB Power CompanyLimited 213MW andHalmore PowerGeneration Company Ltd.209MW are located in var-ious parts of the provinceof Punjab Faisalabad,Narowal and Bhikkirespectively.-APP
System to strengthenby 794MW next mth
K A R A C H I :Administrator KarachiFazlur Rehman hasd i r e c t e dK a r a c h iWater &S e w e r a g eBoard to per-form theshifting ofwater ands e w e r a g elines fromB a n a r a sChowk with-in 3 days sothat the con-struction work of bridgeand road carpeting couldgo alongside.
He was inspecting theworks of Banaras ChowkFlyover with EDO Worksand Services RasheedMughal and other officersof city government and
KWSB. During the visitAdministrator Karachialso directed to begin the
construction and repair ofroads beneath and aroundthe flyover.
EDO Works and Servicesgave a briefing on this occa-sion. He said that the PC-1of the construction of 2kmlong roads on both sides ofthe bridge has been sent to
government for approvalwhich also includes theconstruction and repairing
of adjacentroads andbridges andshifting ofwater ands e w e r a g elines. Aftercompletion ofthese entireworks flyoverwill beopened fortraffic withina month.
Administrator Karachisaid that in order to solvethe traffic problems ofwhole area, constructionof roads has been madepart of the project ofbridge. He also issuedinstructions for beautifica-tion of the area.-Agencies
Administrator visitsBanaras flyover
KARACHI: CentralSecretary for Informationof Pakistan Peoples Party(PPP), Fauzia Wahab saidon Tuesday that her partybelieves in strengtheningdemocratic values.
She said this whileaddressing a press confer-ence at the PPP SindhMedia Cell.
Fauzia Wahab said it isthe first time in Pakistan
that the members of theruling party have appearedbefore courts and pleadedfor grant of bail.
She said at this time noperson was in jail for polit-ical reason. Fauzia Wahabsaid that it was normal toappoint the Chairman ofthe NationalAccountability Bureau(NAB) but PML- N leaderChaudhry Nisar was criti-
cising it for nothing.She reveled that 20 cases
were pending before theNAB against Sharif broth-ers.
She said the Chairman ofNAB was duty bound toopen all those pendingcases. Fauzia Wahab saidcases pertaining to tax eva-sion were also pendingagainst PML-N chiefNawaz Sharif.-APP
‘PPP believes in democratic values’
KARACHI: The Board ofDirectors of Atlas AssetManagement Limited(AAML) in their meetingheld on Tuesday approvedfirst quarter payouts (endedSeptember 30, 2010) for itsAtlas Money Market Fund(AMF) and Atlas IslamicIncome Fund (AIIF). TheBoard also approved thefinal payouts of Atlas Fundof Funds for the FY endedJune 30.
For Atlas Money MarketFund (AMF) AA(f) ratedby PACRA, the Boardapproved a bonus ofRs11.50 per unit (2.30 percent on the face value ofRs500 per unit). AMF pro-vides competitive returnsfrom a portfolio of lowrisk, short duration assetswhile maintaining highliquidity.
For Atlas Islamic IncomeFund (AIIF) AA-(f) ratedby PACRA, a bonus ofRs11.0 per unit (2.20 percent on the face value ofRs500 per unit) wasapproved.
For Atlas Fund of Fundsa final distribution of cashdividend of Rs0.22 per cer-tificate (2.20 per cent onthe face value of Rs10 percertificate) was approved.The certificate holderswhose names appear in theregister at the close ofNovember 2, 2010 will beentitled for the above cashdividend.
Atlas Asset ManagementLimited, owned by ShiraziInvestments (Pvt.) Limited(holding company of AtlasGroup) manages mutualfunds, pension funds and var-ious investment plans.-PR
Atlas assetsannounces1Q payouts
WEDNESDAYTime Programmes8:00 Chai Time (Rpt)9:00 News9:15 Pehla Sauda10:00 News 10:15 Bazaar11:00 News11:05 Ghar Ka Kharch12:00 News12:05 Islamabad Say
(Rpt)13:00 News15:15 Power Lunch14:00 News15:02 Akhri Sauda15:30 Agri Business
(Rpt)16:15 Karobari Dunya17:05 Ghar Ka Kharch18:05 Chai Time19:00 News19:30 Mang Raha Hai
Pakistan 20:00 News20:05 Islamabad Say 21:00 Pakistan Aaj
Raat22:00 News22:05 Doosra Pehlu23:00 News23:05 Awam Ki Awaz
(Rpt)
Friday nowa full-dayat KCCI
KARACHI: KarachiChamber of Commerce andIndustry will remain openfor full day on Fridays tofacilitate its more than16,000 members.
President KCCIMuhammad Saeed Shafiq,in a statement here onTuesday, advised the mem-bers that they can contactthe Chamber's secretariatfor consultation, visa rec-ommendations, member-ship and other queries from0930 to 1800 hours; withlunch and prayer breakfrom 1330 to 1430 hourssix days a week.-APP
PBC joinhands with
campusradio 90.6
KARACHI: TheDepartment of MassC o m m u n i c a t i o n ,University of Karachi, andPakistan BroadcastingCorporation (PBC) haveentered into an agreementfor exchange of radio pro-grammes.
This was announced in astatement of the depart-ment of massC o m m u n i c a t i o n ,University of Karachi, hereon Tuesday.
It said that theChairperson of theDepartment, Dr Rafia Taj,and Director General ofPBC, Murtaza Solangi,agreed to exchange theradio programmes.
The programme pro-duced by the students ofthe Mass CommunicationDepartment will be airedby Radio Pakistan.
Radio Pakistan will pro-vide FM 90.6 CampusRadio several educationalprogrammes to be airedthrough the Department ofMass CommunicationKU.-APP
US envoytake partin relief
workKARACHI: United StatesConsul General WilliamMartin flew to Pano Aquil airbase in Sindh, to take part inon-going flood relief efforts.
Two helicopters from the15th and 26th US MarineExpeditionary Units deliv-ered food north of PanoAquil. The Consul Generalhelped unload bags ofwheat flour, which weigh40 kilos each, as well asboxes of high energy bis-cuits to Pakistanis directlyaffected by the flood.
This joint operationbetween the US military,Pakistani military, andinternational organisations,like the World FoodProgram aims to reachthose isolated by floodwater and get them muchneeded food and supplies.
Since August 5th US hasdelivered 15,735,510 lbs ofrelief supplies and evacuat-ed 21,964 people.-Agencies
Samsungorganisesbloggers
eventKARACHI: SamsungElectronics recentlyarranged bloggers event'Samsung Tweet-up' at alocal hotel here.Speaking at the occasionGeneral ManagerSamsung Pakistan SteveHan said; 'This specialevent has been designedto impart knowledgerelating to various com-munication tools andintroduce our youngbloggers to innovativeproducts."
The event featured pre-sentations from promi-nent technology special-ists to highlight the capa-bilities and features ofSamsung's latest cellular,display and other digitalmedia devices. Bloggersbenefited greatly fromthe insight into the latesttechnologies at the event.Samsung attaches greatimportance to this com-munity, as they under-stand technology betterand hence are the strongopinion leaders and influ-encers when it comes toinnovative gadgets.
Samsung's break-throughs in 3D technolo-gy have revolutionisedthe visual display marketacross the globe. SteveHan also stated, "We willbe planning another blog-ger's meet in Lahore verysoon."-PR
JamshedQureshielectedACAAP
chairman KARACHI: JamshedQureshi was unanimouslyelected Chairman, AirCargo Agents Association(ACAAP) in the electionsheld recently, said a hand-out issued here on Tuesday.
Jamshed Qureshi isfounder member ofACAAP and has played apivotal role in the develop-ment and uplift of the AirCargo Industry inPakistan.-PR
ISLAMABAD: Dr Farooq Sattar, Minister for Overseas Pakistan / Parliamentary Leader, MQM and otherMNA’s Submitting The Redistributive Land Reforms Bill 2010 to Secretary National Assembly.-INP
KARACHI: The Council on Foreign Relations Economic Affairs and Law, helda reception in honour of the Ambassador of the Royal Norway Robert Kvile.Picture shows Chairman KCFREAL, Lt Gen [Retd] Moinuddin Haider, ViceChairman Ahsan Mukhtar Zubairi, Lise Albrechtsen, Second Secretary of
Embassy, Vice Admiral [Retd] Khalid M Mir with other guests.-Staff Photo
KW&SB ordered to finish work fast
Qaim chairs meeting regarding
rehabilitation flood victims
KARACHI: Commander5 Corps Lt Gen ShahidIqbal visited the newlyestablished renewableenergy development lab of
DHA City Karachi andDHA tissue culture lab atNisar Shaheed Park DHAPhase-II on Tuesday.
Tissue culture technolo-gy is an evolving complexdiscipline of microbiologythat has the potential tobring a revolution in thefield of agriculture in thecountry, a DHAspokesman said.
The lab is equipped with
all basic tissue culturingequipment including auto-clave and a green housewith automatic mist irriga-tion system.
The Corps Commanderasked DHA to play a pio-neering role in promotionof emerging tissue culturetechnology and to concen-trate on production ofornamental flower in thefirst stage followed by pro-duction of crops ondemand.
Later, the CorpsCommander visited DHARenewable Energy Lab at
Seaview.The lab has been estab-
lished for carrying outresearch in the field ofrenewable energy and has
been tasked to indigenous-ly develop cost effectiveand qualitative lightingsolutions through optimumutilisation of solar andwind energy for powergeneration.
The Corps Commanderwas briefed on theresearch and developmentwork on renewable energydevelopment carried out sofar in the lab.-APP
Alternate energy labestablished by DHA
Corps Commander visits lab
MUMBAI: The Indian rupeedipped to a one-week low onTuesday as losses in domesticshares and the euro weighed,but hopes for capital inflowsstayed firm ahead of the CoalIndia share sale later this month.
The partially convertiblerupee closed at 44.66/67 perdollar, after dropping to 44.7650during trade, its lowest sinceOct. 5 and 0.6 per cent belowMonday's close of 44.41/42.Last Thursday, the rupee had hita 25-month high of 44.1250.
"Euro and stocks came downtoday. Import demand wasthere, but it was offset by someflows," said HariChandramgathan, a forex deal-er with Federal Bank.
"Now, we may see one moredip to 44.30 at max. Overall Istick to 44.20 support for thedollar. The euro also looks likeit has hit the top in the short-term."
Foreign funds have boughtshares worth a record $21.7billion so far this year, out ofwhich nearly $9 billion has
come in since the beginning ofSeptember. The rupee is up 5.4per cent since September, andup 4.6 per cent thus far thisyear.
One-month offshore non-deliverable forward contractswere quoted at 44.87, weakerthan the onshore spot rate.
In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange, MCX-SX andUnited Stock Exchange closedat 44.80, 44.79 and 44.81,respectively, with the totaltraded volume on the threeexchanges at a low $7.05 bil-lion. -Reuters
Indian rupee downson weak euro, shares
3Wednesday, October 13, 2010
Currency Rates
Karachi: The following are the London Inter-Bank Offered Rates (LIBOR).
British Members Association Interest Settlement Rates.
AT 11:00 LONDON TIME 12/10/2010
A USD GBP CAD EUR JPY
O/N 0.22563 0.55000 1.05000 0.72625 SN 0.09500
1WK 0.25025 0.55500 1.06750 0.68775 0.10750
2WK 0.25169 0.56000 1.10000 0.69000 0.11375
1MO 0.25625 0.57125 1.12833 0.71875 0.12813
2MO 0.27297 0.62838 1.17250 0.76875 0.15875
3MO 0.28906 0.73913 1.23417 0.91750 0.20250
4MO 0.34344 0.82209 1.29167 0.98063 0.28938
5MO 0.40531 0.92500 1.34833 1.06719 0.34813
6MO 0.45500 1.02750 1.41417 1.17500 0.41000
7MO 0.50219 1.10350 1.47750 1.22063 0.47000
8MO 0.55038 1.18469 1.56250 1.26563 0.51813
9MO 0.60188 1.26625 1.63750 1.31438 0.56688
10MO 0.65500 1.34063 1.70500 1.36188 0.59688
11MO 0.70813 1.40813 1.79083 1.41100 0.62375
12MO 0.76650 1.47313 1.86417 1.45925 0.65188
Countries Selling Buying BuyingTT & OD TT Clean OD/T.CHQ
13th-15th USD Federal Budget Balance -52.3B -90.5B
Source Events Actual Forecast Previous
GBP BRC Retail Sales Monitor y/y 0.5% 1.0%
GBP RICS House Price Balance -36% -34% -32%
AUD NAB Business Confidence 10 11
GBP CPI y/y 3.1% 3.1% 3.1%
GBP Core CPI y/y 2.7% 2.6% 2.8%
GBP Trade Balance -8.2B -8.0B -8.7B
GBP DCLG HPI y/y 8.3% 9.4% 8.4%
GBP RPI y/y 4.6% 4.4% 4.7%
USD IBD/TIPP Economic Optimism 46.4 46.7 45.3
Previous Day
Top Economic Events
Central Bank Next Meeting Last Change Current
Interest Rate
Bank of Canada Oct 19 2010 Sep 08 2010 1%
European Central Bank Nov 04 2010 May 07 2009 1%
Federal Reserve Nov 03 2010 Dec 16 2008 0.25%
Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%
Bank of England n/a Mar 05 2009 0.50%
The Reserve Bank of Australia n/a May 04 2010 4.50%
Bank of Japan n/a Oct 05 2010 0%
Major Central Banks Overview
Division of National Bank of Pakistan (NBP)KARACHI, October 12,2010 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:
Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for October 12, 2010
NEW YORK: The euro erasedlosses against the dollar onTuesday after European CentralBank Governing Council mem-ber Axel Weber said the ECB'sgovernment bond-buying pro-gram has not worked andshould be scrapped.
Speaking in New York,Weber also called for the ECBto scale back its other forms ofsupport as soon as possible andnot delay interest rate hikes.
"The ECB is concernedabout the stability of their cur-rency and they are consequent-ly planning to withdraw theminimal amount of QE theyhave supplied," said JosephTrevisani, chief market analystat FX Solutions in SaddleRiver, New Jersey. "The Fed isnot concerned and seems to beplanning to double its QE withthe result the euro is up. The
dollar is down."In midday trading, the euro
was little changed at $1.3868.It had fallen as low as $1.3775on trading platform EBS, itslowest level since Oct. 5,
retreating further from a morethan eight-month high of$1.4030 hit last week.
The dollar had earlier edgedhigher against the euro asinvestors awaited minutesfrom the Federal Reserve's lat-est meeting for clues on thecentral bank's stance towardpurchasing more assets to
stimulate the economy in aprocess referred to as quantita-tive easing.
"I think it has the opportuni-ty to disappoint people. It'sgoing to focus on incremental
changes in policy," said MarkMcCormick, currency strate-gist at Brown BrothersHarriman in New York.
"A lot of people are startingto get a little bit concerned. Wesaw that consolidation startingto take place on Friday and itseems to have rolled over intotoday as well," he added.
The dollar dipped against theyen, pressured by falling USTreasury yields.
The dollar fell 0.4 per cent to81.80 yen, not far from a 15-year low of 81.37 struck onMonday. Most market playersexpect pressure to remain onthe dollar/yen pair, with a testof 80 yen and the record troughof 79.75 yen still in sight.
Analysts said the risk ofanother round of interventionto weaken the yen seemed tohave increased after Japanweathered the flurry of week-end G7 and IMF meetings withhardly any criticism of itsrecent yen sales. Falling stockprices also helped boost riskaversion and weighed on yencrosses. The euro fell 0.4 percent to 113.45 yen and theAustralian dollar was down 0.2per cent at 80.57 yen. -Reuters
Euro erases losses versusdollar on ECB’s Weber
SHANGHAI/HONG KONG:
Spot yuan slipped against the dol-lar on Tuesday as the People'sBank of China fixed a weakermid-point, with a rebound in theUS dollar taking some steam outof the recently appreciating yuan.
Spot yuan's response to thePBOC's slightly weaker referencerate indicates that the centralbank is still in firm control ofhow much the Chinese currencycan move despite lingering pres-sure from the United States andothers for more appreciation.
The central bank uses the mid-point to guide the yuan, fromwhich it can rise or fall 0.5 percent each day.
Dealers believe the yuan willcontinue to rise in coming weeksin a pattern of a few steps forwardand a step backward as Chinaneeds to cushion US criticismand make some concessions untilafter the US Congressionalmidterm elections in earlyNovember and the G20 summitin Seoul in mid-November.
The yuan could rise to around6.6000 versus the dollar in thisleg of appreciation -- a 3.4 percent gain since the PBOCannounced the yuan's depegging
to the dollar on June 19, if thedollar index stabilises from itsslide in recent months.
The yuan ended at 6.6734against the dollar on Tuesday,down from Monday's close of6.6678, after the PBOC fixed themid-point at 6.6775 before tradebegan, down slightly fromMonday's 6.6732.
The yuan has hit a slew of post-revaluation highs since earlySeptember as the PBOC engi-neered its appreciation againstthe dollar amid political pressuresand a globally sliding dollar. Ithas now appreciated 2.29 per centsince its depegging on June 19.
There was no impact fromChina's surprise increase ofreserve requirements for itsbiggest banks, which dealers saidwas a response to rising capitalinflows rather than a prelude to ashift in monetary policy to atightening stance.
One-year NDFs were bid at6.4280 in early trade, implying12-month yuan appreciation of3.88 per cent, but they roseback to 6.4580 in late trade,with implied 12-month yuanappreciation falling to 3.40 percent. -Reuters
Cbank guides yuanlower as $ bounces
Swiss francdips vs dollarZURICH: The Swiss francdipped against the dollar onTuesday as the greenback sta-bilised broadly as marketsawaited the minutes from theUS Federal Reserve to assessthe chances of further easing bythe central bank.
The franc was stable againstthe euro, trading in the rangebetween 1.33 to 1.35 per eurowhere it has largely been sincethe Swiss National Bank tookinterest rate hike expectationsoff the table with its dovishstatement in September.
The franc was 0.2 per centfirmer against the euro comparedto the New York close, trading at1.3358 per euro at 0657 GMT.The franc was 0.2 per cent weak-er against the dollar at 0.9667 perdollar, off last week's recordlevel around 0.9550. Analysts atSt. Galler Kantonalbank said thedollar looked well oversold in thenear-term. "The greenback is hit-ting a significant resistance at0.97," they said in a note. "Westick to our long position andhedge it at 0.9540." -Reuters
LONDON: Sterling fell to aone-week low against thedollar and lost ground on theeuro on Tuesday after a Bankof England policymaker saidthe central bank may opt touse quantitative easing in thefuture.
Monetary PolicyCommittee member DavidMiles said QE "remains apotentially powerful tool and
one that we might come touse" His comment comes justa few weeks after fellow BOEpolicymaker Adam Posenadvocated further quantita-tive easing.
Miles' comments followeda speech in Dublin in whichhe said policymakers facedcompeting risks of not doingenough to curb inflation onthe one hand and tighteningpolicy too soon on the other.
"The comments suggestMiles has shifted from beinga hawk to sitting on thefence," said Jane Foley, sen-
ior currency strategist atRabobank.
By 1450 GMT, sterling wasdown 0.5 per cent against thedollar at $1.5795, having hit alow of $1.5779, its weakestsince Oct. 5.
Sterling's trade-weightedindex hit its lowest since theend of May. Its falls versusthe dollar came as the green-back staged a modest recov-
ery on uncertainty overwhether the US FederalReserve will opt for aggres-sive monetary easing.
The euro was up against thepound, gaining 0.2 per cent to87.51 pence, above a sessionlow just below 87.00 pence.The single currency's gainsput it within sight of its five-month high of 88.05 pence hitlast week.
UK annual CPI inflationstayed at 3.1 per cent lastmonth, more than a percent-age point above the BoE's 2per cent target. -Reuters
Sterling falls on moredovish BoE comments
BANGKOK: The Korean wonled emerging Asian currenciesdown on Tuesday on dollarshort-covering, and the bahtfell on government measuresaimed at curbing capitalinflows by taxing foreigninvestments in Thai bonds.
The won tumbled 1.1 percent on dollar short-coveringamid a rebound in the US cur-rency and persistent cautionover further currency interven-tion by South Korea's foreignexchange authorities.
The won was also underpressure from weaker Koreanstocks which lost at one point1.6 per cent with foreigninvestors emerging as net sell-ers. The won was quoted at
1,129.4 per dollar. "Appetitefor the won among localinvestors fades on offshoredollar purchases and stocklosses. I did not see manyexporters either," said a Seoul-based-foreign bank dealer.
"It will be key if the wonstays around 1,125." Foreigninvestors sold a net 132.7 bil-lion won worth of stocks onthe main exchange with thebenchmark KOSPI down 1.5per cent.
The Thai baht tracked Asianpeers down marginally on dol-lar short-covering in thin trade,weighed by a governmentdecision to tax foreign invest-ment in Thai governmentbonds as part of its efforts to
curb capital inflows.Dollar/baht was bid at 30.05
at 0542 GMT against 30.01late on Monday. The baht hasgained 11 per cent against thedollar this year, making it thesecond best performing Asiancurrency after the yen.
The Malaysian ringgitdipped 0.45 per cent in earlytrade to 3.1140 per dollar ondollar short-covering, but ittrimmed losses by late morn-ing. Traders said the dollarrebound was tempered byoffers from exporters.
Dealers saw the ringgit's nextmajor support at 3.1500 on anysustained dollar rebound, alevel they do not expect to bebreached soon. -Reuters
Asian currencies
Won slips on dollar shortcovering, baht hit by bond tax
SYDNEY/WELLINGTON: The Australian andNew Zealand dollars fell on Tuesday, squeezedby profit-taking and a short-covering bounce inthe US dollar as investors hunkered down beforea crucial release from the Federal Reserve.
The Australian dollar eased to $0.9793, downfrom Monday's $0.9856, and well off a 28-yearhigh of $0.9918 hit last week. Resistance wasaround $0.9866, and support was around hourlylow of $0.9711.
It took a bigger hit on the yen, dropping to80.05, from Monday's 80.77. The fall was aggra-vated by stop-loss selling under 80.45.
Traders said heavy selling in euros by a promi-nent US bank, a short-covering bounce in theUS dollar, and caution before the release of theminutes for the Federal Reserve's Septemberpolicy meeting led them to take profits in theAussie dollar.
Indeed, many think the currency is on track tohit parity given Aussie's high-yield allure.
Australia already has one of the highest inter-est rates in the developed world at 4.5 per cent,and could see further rises.
Money markets are implying around a 42 percent chance of a further hike to 4.75 per cent atthe Reserve Bank of Australia's next policymeeting on Nov. 2.
Investors ignored a private survey that showedAustralian business confidence dipping inSeptember even though the pull-back wasaccompanied by higher sales and profits.
The NZ dollar also consolidated around morn-ing levels at $0.7503, after an $0.7482/$0.7520onshore range. Thursday's one-year high of$0.7592 remained the next topside target whilesupport was likely from Friday's low of $0.7426.
The Aussie/kiwi traded sideways at aboutNZ$1.305, not far from a near six-month high ofNZ$1.3176 struck late September. The kiwi heldsteady at 0.5404 euro but a touch softer at 61.45yen. -Reuters
Aussie, NZ dollarsconsolidate before Fed
Taiwan dlr
eases on USD
short-coveringTAIPEI: The Taiwan dollarfell on Tuesday for the firsttime in more than two weeks asinvestors covered short posi-tions in the US currency amidquestions about how theFederal Reserve will boost theworld No.1 economy.
Suspected central bank inter-vention to control marketvolatility also pushed theTaiwan dollar weaker on theday for the first time since Sept.24. It closed at T$31.07 againstthe US dollar, compared withits final price of T$30.998 onMonday.
That in turn pushed downAsian currencies that had bene-fited over the past two weeksby absorbing cash ahead ofexpected quantitative easing tobuck up the struggling USeconomy.
The Taiwan dollar fell furtheron Tuesday after a suspectedcentral bank move aimed atkeeping exchange rates incheck. The monetary authorityseeks a balance to protect theexport-driven economy butkeep prices fair.
The central bank will let theTaiwan dollar appreciate to adegree as long as it stays in linewith other Asian peers, strate-gists say. -Reuters
Investors await FOMC minutes for insight on easing
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Make foodsecurity thetop priorityIt is one of the rare occasions that a report on
food insecurity has been released excludingPakistan. However, there is no room for com-placency because the reasons stated to beresponsible for food insecurity also prevail inPakistan, though of a lesser magnitude. Itshould also be taken as a warning to removefactors leading to hunger.
By reviewing the situation and taking neces-sary measures has become necessary in theaftermath of recent devastating floods. Overthe last two years double digit inflation haspushed more and more people below the pover-ty line, which has resulted in malnourishmentparticularly in children.
According to Global Hunger Index reportpoverty, conflict and political instability willkeep one billion people hungry this year, manyof them children of Africa and Asia. Out of 122countries included in the annual report, 25 havealarming levels of hunger and four countries inAfrica have extremely alarming levels. Threefactors used for determining the hunger levelswere: 1) proportion of undernourished peoplein a country, 2) prevalence of underweight chil-dren, and 3) child mortality rate.
The Democratic Republic of Congo emergedas the worst in the hunger index, based on thedata from 2003-2008 due to protracted civilconflict since late 1990s leading to economiccollapse, massive displacements of people, anda chronic state of food insecurity in the country.Food availability and access deteriorated asfood production levels dropped and remoteareas became even more isolated, a conse-quence of very poor infrastructure.
With the exception of Haiti and Yemen, all25 countries with alarming levels of hungerare located in sub-Saharan Africa or Asia.Here is a list of countries in order of increas-ing hunger severity: Nepal, Tanzania,Cambodia, Sudan, Zimbabwe, Burkina Faso,Togo, Guinea-Bissau, Rwanda, Djibouti,Mozambique, India, Bangladesh, Liberia,Zambia, Timor-Leste, Niger, Angola, Yemen,the Central African Republic, Madagascar, theComoros, Haiti, Sierra Leone, and Ethiopia.Bangladesh, India, Timor-Leste and Yemenhad the highest prevalence of underweightchildren under five, more than 40 per cent inall four countries. Afghanistan, Angola, Chadand Somalia had the highest child mortalityrate, with 20 per cent or more children dyingbefore reaching the age of five.
It is necessary to reiterate that Pakistan does-n't suffer from any inadequacy of resourcesand there aren’t any stumbling blocks standingin the way to achieve food security.
The country has the potential to become amajor exporter of food items. However, toachieve this objective, appropriate policieshave to be developed for boosting productionof food cereals and edible oils. Experts are ofthe view that agriculture output of Pakistan canbe doubled without increasing area under culti-vation by simply bettering the crop manage-ment. It's a worth pondering point for an agrar-ian country.
4Wednesday, October 13, 2010
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: 92-21-5311893-6 Fax: 92-21-5388428
Pakistan faces many prob-lems but two have becomeserious threats 1) growing
food insecurity and 2) risingfood inflation. Not only thelower segments of society arefinding it increasingly difficultto meet the ends but a largepercentage of population is suf-fering from malnutrition, lead-ing to declining resistanceagainst contentious diseases.
One often wonders why aneconomy classified as agrarian,nearly one third of its work forceinvolved in agriculture and stillmillions of acres remain unculti-vated face food shortage. Thereply is simple, over the decadesfocus has remained on manufac-turing but that too has led tohighly inefficient manufacturingunits and non-performing loansrunning into billions of Rupees.Giving attention to manufactur-ing units was right but ignoringagriculture has made the countryheavily dependent on imports.
Pakistan has been a majorexporter of rice but self suffi-ciency in wheat production hasbeen achieved only recently.The country imports over US$2billion edible oil and import ofpulses is on top of that. Cottonoutput has hovered around 12million bales as against thecapacity to produce20 millionbales. Achieving higher cotton
output also enhances indigenousproduction of cotton seed oil forhuman consumption and oil-cakes for feeding cow and buf-falos. A little attention on culti-vation of sunflower and canolacould have helped the country inachieving self sufficiency inedible oil.
The key reasons for notachieving self sufficiency are 1)inadequate availability of water,certified seeds andinsecticides/pesticides; 2) finan-cial institutions reluctant inextending loans to farmers; 3)absence of modern storage facil-ities; 4) poor farm to marketroads and markets completely inthe grip of middlemen. Though,dozens agriculture researchinstitutes are operating in thecountry, they have not been ableto develop high yielding vari-eties. Yield of various crops inPakistan is almost one-third ofthe global average.
Pakistan is among the top fivecotton producing countries of theworld but the difference in yieldis colossal. This is attributable to1) cultivation of varieties moresusceptible to virus and insectattacks; 2) inadequate applica-tion of fertilizers; 3) use of adul-terated pesticides and insecti-cides; 4) inefficient crop man-agement and 5) freefall of cottonprices in case of a bumper crop.
This year Pakistan aims at pro-ducing 25 million tons wheat.
Some of the experts havealready started saying that theprobability of achieving the tar-get has gone down after thefloods but a few experts say thecountry can produce 2 milliontons above the target producedfarmers get soft-term credit forthe purchase of certified seedsand fertilizers. To give an incen-tive to farmers the government isconsidering fixing wheat sup-port price at Rs1,000 per ton. IfPakistan succeeds in achieving27 million tons wheat produc-tion the country can join the clubof wheat exporting countries.Saudi Arabia is an example toemulate, which was like a desertbut has attained the status ofwheat exporting country.
One of the serious impedi-ments in achieving self-suffi-ciency in wheat is limited stor-age capacity. According toexperts Pakistan has wheat stor-age silos which can store 10 mil-lion tons, at the maximum. Theremaining quantity has to bestored either in open or unsuit-able warehouses, which renderswheat not fit for human con-sumption. The State Bank ofPakistan (SBP) has announcedfinancing facility for the con-struction of modern and state-of-the-art wheat storage silos.
Globally canola oil is beingused to produce bio-diesel,which shocks many Pakistanis.In Pakistan the price of canola
oil is almost double the price ofdiesel. Pakistan should try toemulate Canada in the produc-tion of canola. Lately, whenminister for agriculture suggest-ed that farmers should cultivatecanola, some of the quartersopposed it and considered it anattempt to switch over from cul-tivation of wheat to canola. Forthe information of those, wheatis food and canola is weed whichcan be cultivated of inferiorquality land. It is encouragingthat SBP has also announcedpolicy for extending specificloans to canola growers.
Maize is the most ignored cropof Pakistan. It seems growers arestill not fully aware of the bene-fits of maize cultivation. Use ofcorn, corn flour, corn oil and itsplant as fodder allows use ofevery part of plant. Maize can becultivated on average land withleast management and the crop isready within 120 days. However,balanced application of fertilizer,particularly higher doze of DAPhelps in improving yield.
Pakistan is also among the topten milk producing countries ofthe world but production ofdairy products has remainedhighly negligible. The conceptof packing milk in tetra packshas yielded two immediate ben-efits 1) enabled the milkmen toget a decent price and 2) allowedthe consumer hustle free use and3) increased the shelf life of
milk. Production of dried milkhas also helped in bringing downimport bill of powdered milk.Experts say tetra packs still useonly 10% of the total milk pro-duced in the country.
Above stated are only a fewexamples to achieve food securi-ty. Over the years fertilizer man-ufacturing companies have beenplaying very important role ineducating the farmers. Balancedused of fertilizer has helped inimproving yield but lot moreremains to be done. However,the country has once againbecome a net importer of fertil-izer. Pakistan needs to addanother one million tons ureamanufacturing capacity at theearliest. Import of urea not onlyerodes country's foreignexchange reserves but alsoforces the government to paybillions of rupees subsidy onimported urea.
The security of loans can beensured through crop insurance.Pakistan has completed the firstphase of insuring credit withreasonable success and nowbanks and insurance companieshave to enter the second phaseof providing comprehensivecrop insurance. However, thetarget can't be achieved withoutparticipation by the govern-ment. Corp insurance involveda cost but it is an expense worthundertaking for the good offarmers and the country.
Better Agriculture,Boost GDP growth
Gene Clancy
US efforts to supply its troops andthe puppet regime in Afghanistancame to a standstill on Sept. 30.
Convoys of trucks bearing fuel and othersupplies were backed up for hundreds ofmiles on the long supply route that runsfrom Karachi, the main port of Pakistan,to the mountain passes leading intoAfghanistan.
Twenty-seven large fuel tankers blazedout of control after being attacked bymilitants. The main reason for theholdup, however, was that the govern-ment of Pakistan had closed off theKhyber Pass, in response to a US armedincursion across the border withAfghanistan that killed three Pakistaniborder guards.
In recent weeks the US military has
stepped up its deadly attacks on Pakistanby both drone aircraft and armed heli-copters carrying US troops. There havebeen more than 20 strikes by CIA-oper-ated drones since Sept. 1, counter-terror-ism officials said, the highest monthlytotal in the nearly nine years since theUS began carrying out such attacks asreported in Los Angeles Times onSeptember 28)
As its highly touted "surge" policy hasbogged down, the Pentagon has frantical-ly lashed out by attacking so-called insur-gent bases in Pakistan, claiming the rightof "hot pursuit" after being attacked.
No mention is made by the corporate-owned media of the fact that the "attacks"are on forces which illegally occupyAfghanistan or that the drones areremotely controlled from halfway aroundthe world at bases in the continental US
The US claims to have a secret agree-ment in which the Pakistanis are sup-posed to ignore these incursions intotheir sovereign territory as well as thekilling of Pakistani citizens. Pakistan hasdenied that any such agreement exists.The killing of the border guards hasraised that disagreement into a full-blown crisis.
Ninety per cent of military supplies forthe NATO forces in Afghanistan travelthrough Pakistan, 75 per cent though theKhyber Pass via Peshawar in theNorthwest Federated Provinces.Attempts to broaden the supply routesthrough Central Asia have been unsuc-cessful. The only other major seaportcapable of supplying the NATO contin-gents is the Iranian port of Chabahar.The vulnerability of the US supply lineswas shown in early 2009 when militants
successfully cut off the Khyber Passtemporarily by blowing up a key bridge.
It is obvious to the Pentagon plannersthat they cannot "succeed" inAfghanistan without the assistance ofPakistan. But according to a pollreleased on July 30, the vast majority ofPakistanis consider the US to be an"enemy country" and oppose helping theNATO mission in Afghanistan.
Many Pakistanis have expressed out-rage that the government of Pakistanonly reacted forcefully when membersof their own armed forces were killedafter months of tolerating murderous airstrikes on their homeland.
People in the US and around the worldneed to join in solidarity with the peopleof Pakistan and Afghanistan and demandan immediate end to the illegal NATOwar and occupation of Afghanistan.
US attacks CreatingResistance in Pakistan
Relations between theUnited States andPakistan have been on a
roller-coaster for nearly 60years. Following is a chronolo-gy of some of the ups anddowns.
1954: US and Pakistan negoti-ate a mutual defense assistanceagreement to addressWashington's fear of Sovietexpansionism and Islamabad'sconcerns about rival India.
1955: Pakistan joins the SouthEast Asia Treaty Organizationand Central Treaty Organization-- two Western regional defensepacts. Between 1953 and 1961,Pakistan receives some $2 bil-lion in US aid, a quarter of thatin military assistance.
1960: Pakistan allows theUnited States to fly its spyplanes from an air base on theoutskirts of Pakistan's north-western city of Peshawar forreconnaissance of the SovietUnion. A US U-2 spy planeflown from this air base wasshot down by the Soviet Unionover its air space on May 1,worsening relations betweenPakistan and the Soviet Union.Pakistan publicly claimed tohave been deceived by theUnited States about the use ofthe base.
1962: Indo-China warprompts US President John F.Kennedy to offer India econom-ic and military aid. PakistaniPresident Mohammad AyubKhan expresses displeasureover not having been consultedbeforehand, as Kennedy hadpromised.
1965; Second Indo-Pakistan
war prompts US to suspend mil-itary assistance to both sides,leading to a cooling of US-Pakistani ties.
1970: Pakistan plays abehind-the-scenes role to opencommunications between its oldally China and the UnitedStates. These efforts result in asecret visit of then-US Secretaryof State Henry Kissinger toChina in 1971 and then byPresident Richard Nixon the fol-lowing year, the first US presi-dential trip to China.
1971: Civil war between Westand East Pakistan leads to thethird Indo-Pakistan war. EastPakistan breaks away to formBangladesh. US again suspendsmilitary aid. Many in Pakistanbegin to see United States as anunreliable ally.
1974: India conducts under-ground nuclear test, promptingPakistan to begin efforts torespond with its own nucleararms capability. Islamabad'spursuit of atomic weapons insubsequent years strains tieswith Washington.
1975: US resumes limitedmilitary aid to Pakistan.
1977: Army chief GeneralMohammad Zia-ul-Haq stages acoup, overthrowing the govern-ment of Prime Minister ZulfikarAli Bhutto.
1979: President JimmyCarter's administration cuts offmilitary aid to Pakistan againover its covert construction of auranium enrichment facility.
November 1979: EnragedPakistani students burn the USEmbassy in Islamabad onrumors that US forces have
attacked Islam's holiest city ofMecca in Saudi Arabia. Two USMarines and two Pakistanis arekilled in the incident.
December 1979: The SovietUnion invades Afghanistan. TheUnited States begins to viewPakistan as a front-line state inthe effort to stop Soviet expan-sionism.
September 1981: PresidentRonald Reagan's administrationnegotiates a five-year, $3.2 bil-lion economic and military aidpackage with Islamabad.Pakistan becomes the mainroute for arms and supplies forthe Afghan resistance.
1985: Pressler amendmentadded to the Foreign AssistanceAct. It requires the president tocertify to Congress that Pakistandoes not possess a nucleardevice as a condition for receiv-ing aid.
1988: Soviet Union with-draws from Afghanistan. USbegins to take a harder look atPakistan's nuclear activity.
1990: President George H.W.Bush suspends aid to Pakistanunder the Pressler amendment,cutting all military funds andmost economic assistance.Deliveries of major militaryequipment are also suspended.Washington refuses to deliver71 F-16 fighters ordered byPakistan the previous year.
1990s: US disengagementfrom Pakistan and Afghanistanin the 1990s causes growingresentment in Pakistan. Manypeople today feel the current sit-uation is the result of the USfailure to remain engaged.
1998: India conducts a
nuclear test and Pakistan fol-lows with its own test. Bothdeclare themselves nuclear-weapons states. The US impos-es sanctions, restricting militarysales, economic assistance andloans to the Pakistani govern-ment.
1998: US agrees to payPakistan $324.6 million to settlelegal disputes involving the USgovernment over the refusal todeliver the 71 F-16 fighters.Washington also gives Pakistan$140 million worth of surpluswheat and soy, but resentmentover the failed arms deal lingers.
1999: After meeting USPresident Bill Clinton inWashington, Pakistani PrimeMinister Nawaz Sharif agrees towithdraw Pakistani troops andanti-India militants from theKargil area of Indian Kashmirafter a bloody conflict thatthreatened to go nuclear.
1999: Army Chief GeneralPervez Musharraf ousts electedgovernment in a coup. Clintonsays he hopes Pakistan willreturn to democracy as soon aspossible.
2001; Musharraf turns intoPresident George W. Bush's keyally after the Sept 11, 2001attacks on New York andWashington. Pakistan officiallyabandons support for theTaliban regime in Afghanistanand joins US-led war on terror-ism. US aid to Pakistan soars.Between 2002 and 2008, USprovides nearly $12 billion inaid to Islamabad, about three-quarters of it military assistance.
2004: A.Q. Khan, founder ofPakistan's nuclear program,
confesses to supplying nuclear-weapons technology to NorthKorea, Iran and Libya.Washington presses for hisarrest, but Khan, a national hero,is confined to his home instead.
2005: US responds toKashmir earthquake with $510million commitment to relief,reconstruction and humanitarianassistance.
2007: Musharraf steps downas army chief amid plans to holdelections to return the country todemocracy, but he retains thepresidency. Former PrimeMinister Benazir Bhutto assas-sinated during political cam-paign.
2008: Elections bring Bhutto'swidower, Asif Ali Zardari, topower as prime minister at thehead of a coalition government.Pressure from the new govern-ment forces Musharraf to stepdown as president.
2009: Newly elected USPresident Barack Obama namesRichard Holbrooke as specialenvoy for Afghanistan andPakistan. He later unveils a newstrategy to "disrupt, defeat anddismantle" al Qaeda and its safehavens in Pakistan. USapproves $7.5 billion in aid forPakistan over the next fiveyears.
2010: Failed car bombing onMay 1 in New York's TimesSquare leads to the arrest ofPakistani-American FaisalShahzad. Pakistani Talibanclaims responsibility for theattempt. US warns of "severeconsequences" if a successfulattack on US soil is traced backto Pakistan.-Reuters
A Chronology ofUS Pakistani Ties
FERTILISER000 tonnesUrea Offtake (Jan to July 10) 3,565Urea Offtake (July 10) 580Urea Price (Rs/50 kg) 879DAP Offtake (Jan to July 09) 374DAP Offtake (July 10) 49DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 09 to June 10) 71,998
Sales (July 09 to June 10) 73,993
Production (July 10) 7,509
Sales (July 10) 4,503
INDUS MOTOR COProduction (July 09 to June 10) 50,557
Sales (July 09 to June 10) 50,823
Production (July 10) 5,162
Sales (July 10) 4,999
HONDA ATLAS CARProduction (July 09 to June 10) 13,500
Sales (July 09 to June 10) 14,120
Production (July 10) 1,560
Sales (July 10) 1,272
DEWAN FAROOQ MOTORSProduction (July 09 to June 10)1,218
Sales (July 09 to June 10) 1,371
Production (July 10) 41
Sales (July 10) 40
BANKING SECTORScheduled bank (Rs in mn)Deposit (August 20,10) 4,595,176
Advances (August 20,10) 3,304,533
Investments (August 20,10) 1,788,671
Spread (July 2010) 7.51%
OIL MARKETING CO(000 tons)MS (Jul 09 to June 10) 1,933
MS (July 10) 188
Kerosene (Jul 09 to June 10) 164
Kerosene (July 10) 15
JP (Jul 09 to June 10) 1,377
JP (July 10) 129
HSD (Jul 09 to June 10) 7,435
HSD (July 10) 664
LDO (Jul 09 to June 10) 75
LDO (July 10) 7
Fuel Oil (Jul 09 to June 10) 9,259
Fuel Oil (July 10) 869
Others (Jul 09 to June 10) 13
Others (July 10) 1
PRICES (Ex-Refinery) RsMS (1 Sep 10) 40.85
MS (1 Aug 10) 41.22
MS % Chg -0.90%
Kerosene (1 Sep 10) 47.14
Kerosene (1 Aug 10) 46.55
Kerosene % Chg 1.27%
JP-1 (1 Sep 10) 47.37
JP-1 (1 Aug 10) 46.78
JP-1 % Chg 1.26%
HSD (1 Sep 10) 50.61
HSD (1 Aug 10) 49.63
HSD % Chg 1.97%
LDO (1 Sep 10) 46.37
LDO (1 Aug 10) 45.29
LDO % Chg 2.38%
Fuel Oil (1 Sep 10) 39,932
Fuel Oil (1 Aug 10) 39,723
Sector Updates
Symbol Close Vol (mn)DOL 4.50 5.80 DFML 1.47 2.39 ATBL 2.30 2.07 DGKC 25.31 1.94 JSCL 9.10 1.81
Symbol Close ChangeULEVER 4,019.50 29.50 COLG 731.01 25.33 BATA 459.35 21.82 IDYM 228.78 8.80 BHAT 177.99 7.99
Symbol Close ChangeNESTLE 1,945.00 -55WYETH 879.50 -24.5HINO 114.12 -4.88PAKD 92.15 -4.85AABS 92.28 -4.72
Plus 162Minus 223Unchanged 21
Top 5 Volume Leaders
Major Losers
Major Gainers
KSE-100 Index
LSE-25 Index
ISE-10 Index
Active Issues
Commodities drag EU shareslower; eyes on Fed
Mostly retreat; Thailand recoups early losses
Wednesday, October 13, 2010 5
Dhiyan
The market is expected to remain jittery today. The trade prompt of the day wouldcome from what NRO case hearing has to deliver. In our opinion, apex court is likelyto ask government to write letter to Swiss authorities to implement the original judg-ment. Though it’s a mere letter, but it has caused a furor in the country. In the presentcircumstances, we do not see any immediate change in political setup due to peculiarreasons. However, the standstill in market volumes is mainly due to reasons such aslack of liquidity etc. Moreover valuations are sound at the moment but political uncer-tainty stands between the market and gains. Investors are suggested to buy weightyscrips at lower bids. We continue to trumpet oil stocks such as POL and PPL. Amongothers, we like LOTPTA and especially FFBL due to good dividend anticipation.
Faisal Shaji, Head of Research, Standard Capital
Mohsin Adhi, Director, Alpha Adhi SecuritiesToday's NRO case hearing at the SC is very important as investors will take cue from howit turns out. There will be wholesale sidelinism among the players and sluggishness wouldbe the order of business. However, the event of a positive upshot might give investorssome heart to shrug off inertia and storm the market. Thusly, the tone of coming days'trade would be set. High Inflation numbers and peaking interest rate are also two of thekey anti-growth factors that subtly impede all kinds of economic activity including that ofstocks. However, if local institutions turn up the heat on buying a relishing rally could beserved. The bulls are advised to pull their horns in and stay on the lookout for develop-ments that matter. For the ones who can't resist trading, bluechips are the “buy” of the day.
Company Period Div/Bon/Right PAT (Rs in mn) EPS(Rs)
Thatta Cement - 25%(R) - -
Atlas Fund of Fund Yearly 2.20%(D) 65.990 1.30
Bank AL-Habib 3rd Qtr - 2,271.594 3.10
Dadex Eternit 1st Qtr - -11.406 -1.06
K.S.B.Pumps 3rd Qtr - 82.664 6.26
South East Asian stocks
Nawaz Ali
KARACHI: Shares atKarachi Stock Exchange(KSE) ended lower onTuesday as investors optedfor profit-taking and squar-ing their positions ahead ofSupreme Court (SC) hear-ing on government appealagainst the overturning ofthe amnesty law, NRO.
KSE-100 index declinedby 30 points to close at10,292, KSE-30 finished at9,934 with a loss of 29points, All Share Index
ended at 7,173 with a mea-ger gain of 19 points, andKMI-30 called it a dayabove 16,226 mark asagainst last closing ofaround 16,225 points.
Kasif Mustafa an analystat First National Equitiessaid, "Three factors arelikely to set the futuredirection of market, whichare: 1) whether governmentcompletes its term, 2) fateof NRO/beneficiaries, and3) relationship with theInternational MonetaryFund."
However, another analystwho preferred to maintainanonymity said, "As long asforeign funds keep on pour-ing in and investors buyingquality scrips, market maywitness lower volumes andbenchmark index mightremain rangebound."
Yet another analyst was ofthe view that today's correc-tion was anticipated andshould not be a cause ofconcern for investors. Theonly point to be noted is forhow long will the foreignfunds keep flowing in, he
added.The market remained
subdued prior to NROhearing. According to gen-eral consensus investorsdesperately want the pre-vailing uncertainty to beover sooner than later as itis counterproductive in allrespects. However, it maytake some time for theSupreme Court to come tothe final verdict.
All the indicators showinvestors were not ready totake any position. Though,the benchmark KSE-100
index lost 30 points, tradingvolume for the day shrankto less than 52 millionshares as compared toslightly less than 89 millionshares that changed handson Monday. The index alsofailed in sustaining above10,300 level.
Investors' cautious atti-tude came very close to pes-simistic approach which isevident from the fact thatout of 406 active scripsprices of 162 went up, 223declined, and 21 managedto remain unchanged.
Benchmark indexbelow 10,300 level
HONG KONG/SHANGHAI:Shanghai stocks rose to five-month closing highs onTuesday, reversing intra-daylosses, as gains in commodityplays offset weak bankingshares that were hit by a sur-prise temporary rise in reserverequirements.
The Shanghai Compositerose 1.2 per cent, bringing itsgains since markets reopenedon Friday after the GoldenWeek holiday to 7 per cent.
Hong Kong shares fell, how-ever, with the benchmark HangSeng index slipping from amore than two-year high asinvestors booked profits inlarge caps, including certainbanks.
Reuters reported on Mondayafter the close of Shanghai'smarket that China had raisedreserve requirements for sixlarge commercial banks on atemporary basis, in a surprisemove to drain cash from theeconomy.
"In the short term there willbe an impact on bank earningsand stock performance but theadjustment was within marketexpectations. The significanceis more of a warning that thecentral bank is keeping an eyeon rising liquidity," said ChenXingyu, analyst at PhillipSecurities in Shanghai.
Agricultural Bank of Chinaended down 0.7 per cent and
ICBC closed 0.2 per cent lower. Traders remain bullish on the
Shanghai market, which isdown 13.3 per cent so far thisyear and is one of the world'sworst performing. Expectationsof another flood of global liq-uidity and marked weakness inthe US dollar are boosting largecommodity issues.
"The weak dollar is the keyfactor spurring gains in coaland other large resource firms,"said Guo Yanling, analyst atShanghai Securities.
Yanzhou Coal rose to its 10per cent daily limit on overeight times its average 30-dayvolume as investors piled intoshares of energy companieswhich are also benefitting fromChina's robust economicgrowth.
Shares of Aluminum Corp ofChina jumped 5.3 per centwhile Zijin Mining rose 10 percent. HK FALLS, TENCENT AT
RECORD HIGH In Hong Kong, the index fell
0.4 per cent to 23,121.7. TheChina Enterprises Index gained0.2 per cent, helped by a strongday on the mainland bourses.
Large caps weighed on theHang Seng, with CNOOC Ltddown 3.7 per cent as oil pricedeased, the biggest drag.
Local property shares, upover 20 per cent since the
See # 5 Page 11
Shanghai shoots up;HK off 28-mth high
MUMBAI: Indian shares fell0.7 percent on Tuesday,weighed down by disappoint-ing factory output data andtraders said all eyes were nowon corporate earnings paradethat starts this week.
Weak global markets and alarge initial public offering thatopens next week, which couldsuck cash away from the sec-ondary market, also keptinvestors wary.
Energy conglomerateReliance Industries dropped 1.4per cent and contributed themost to the losses in the mainindex. The stock has been a lag-gard this year in the absence ofimmediate triggers to boostearnings.
The 30-share BSE indexended down 0.67 per cent, or136.55 points, at 20,203.34points, with 22 of its compo-nents closing in the red.
Data on Tuesday showedannual industrial output growthplummeted to single-digits forAugust, mainly on a contrac-tion in capital goods and con-sumer non-durables, easingpressure on the central bank toraise rates again in November.
Factory output grew 5.6 percent in August from a year ear-lier, well below the medianforecast in a Reuters poll of9.65 per cent.
But analysts cautioned thatthe wild swing in figuresbetween July and August mayhide the fact that growth wasstill steady.
"The growth was disappoint-ing but it seems to be filling thegaps after the growth in themonth before. I wouldn't readmuch into it," said AmbreeshBaliga, vice-president of KarvyStock Broking.
He said the September quar-ter earnings, which will bekicked off on Friday by No. 2outsourcer InfosysTechnologies, would portray abetter picture.
"My concern is we have dis-counted all positives, but havenot made any provisions fornegative surprises," he said.
The benchmark BSE index isup 15.7 per cent so far this year,with foreign funds pouring anunprecedented $21.4 billioninto Indian equities since thestart of January.
See # 6 Page 11
India shares fall;earnings awaited
TOKYO: Japan's Nikkei aver-age fell 2.1 per cent onTuesday, knocked to its biggestdaily loss in a month by persist-ent strength in the yen and by asurprisingly weak profit fore-cast from popular stock FastRetailing.
The stock market returnedfrom a three-day holiday week-end that saw the yen jump to afresh 15-year high against thedollar in overseas marketsbefore pulling back, and arenewed yen rise on Tuesdayafternoon added momentum tothe Nikkei's fall.
Worries about yen strength,which hurts Japan's exportersand threatens its fragile eco-nomic recovery, dampenedinvestor sentiment despite per-ceptions that the risk of furthercurrency intervention hadgrown after weekend G7 andIMF meetings produced noovert criticism of the Japaneseauthorities' recent yen sales.
Fast Retailing fell nearly 10per cent, weighing on thebenchmark Nikkei early on inthe earnings season, whichmoves into high gear in Japanlater this month.
"Worries about furtherstrength in the yen spurredhedge selling in futures," saidHiroaki Kuramochi, chief equi-
ty marketing officer at TokaiTokyo Securities, adding thatmarkets had yet to see any sig-nificant change in commentsfrom Japanese authorities sincethe dollar fell below 82 yen.
And while earnings hopesappear to have boosted USstocks after Alcoa Inc's third-quarter profit beat Wall Streetestimates last week, sentimentin Tokyo is weaker.
"Earnings hopes appear to besupporting US stocks after theykicked off the earnings seasonwith a relatively upbeat notesuch as Alcoa," said YumiNishimura, deputy generalmanager at Daiwa SecuritiesCapital Markets.
"By contrast, expectationsaren't really high in terms ofearnings reports so far in Japan,although the reporting seasonwon't get into full swing untillater this month."
Despite early gains on the backof a climb in global equities, afterweak US jobs data strengthenedthe case for more stimulus fromthe Federal Reserve, the bench-mark Nikkei shed 200.24 pointsor 2.1 per cent to 9,388.64, itsworst daily percentage drop inabout a month.
The broader Topix lost 1.8per cent to 824.60.
See # 7 Page 11
Mighty yen takes2.1pc off Nikkei
US stocks early-afternoon
Dow, S&Pslip as Fed
minutes on tapNEW YORK: The Dow andthe S&P 500 edged lower onTuesday as investors grewnervous ahead of the release ofminutes from the FederalReserve's last meeting, whilethe Nasdaq rose slightly.
Another factor pressuring thestock market was China's bid tocool down its economy, whichsparked concerns it wouldcrimp global growth. An offi-cial Chinese newspaper report-ed the government raised bankreserve requirements by 50basis points, the fourth hike thisyear, due to excessive lending.
Shares of heavy equipmentmaker Caterpillar, down 1.2 percent at $79.01, led the Dow'sdecline.
The Fed, which is set torelease the minutes at 1800GMT, said after its Sept. 21meeting it stood prepared toprovide more support for theeconomy but expressed con-cern about low inflation.
Increased hopes that the Fedwould step in to bolster theeconomy helped support stocksin recent weeks. The S&P 500index is up 10.8 per cent sincethe start of September, and lastmonth's performance was oneof the best months for stocks ina decade.
"If the (Fed's) minutesexpress concern over doing anyquantitiave easing, that mightworry the market," said MarcPado, US market strategist atCantor Fitzgerald & Co. in SanFrancisco.
Also on investors' minds areresults from Intel Corp, expect-ed after the close. Its sharesadvanced 0.2 per cent to$19.60. Apple, up 0.5 per centat $296.86, led the Nasdaq'sadvance after Barclays raisedits price target on the compa-ny's stock. "We all know theeconomy is not doing great.But as long as we can get slowgrowth and strong profit mar-gins ... then investors will becomfortable," Pado said.
The Dow Jones industrialaverage was down 33.95points, or 0.31 per cent, at10,976.39. The Standard &Poor's 500 Index was down1.77 points, or 0.15 per cent, at1,163.55. But the NasdaqComposite Index was up 4.65points, or 0.19 per cent, at2,405.98.
See # 9 Page 11
Commoditiespull FTSE
lowerLONDON: Britain's leadingshare index edged lower onTuesday with weakness incommodity issues counteringstrength in defensive issues asinvestors' risk appetite faded.
At the close, the FTSE 100index was down 10.81 points,or 0.2 per cent, at 5,661.59,having earlier touched its low-est level in a week below the5,600 level.
Miners Xstrata, Kazakhmys,and Lonmin were among thetop blue chip fallers, down 2.1to 2.6 per cent, as metal priceseased with a strengthening dol-lar on short-covering asinvestors awaited likely indica-tions there will be fresh quan-tatitive easing from the USFederal Reserve.
"The market remains nervousas likely quantitative easings,while providing a positiveboost, will reinforce worriesover the global recovery, rais-ing demand concerns for com-modities," said Mic Mills, headof electronic trading at ETXCapital.
The Fed said after its Sept 21meeting -- for which it is set torelease the minutes at 1800GMT on Tuesday -- it was pre-pared to provide more supportfor the economy but expressedconcern about low inflation.
US blue chips were 0.2 percent lower ahead of the FederalOpen Market Committee(FOMC) minutes release, alsoimpacted by China's latest bidto cool down the world's sec-ond biggest economy.
The Chinese governmentraised bank reserve require-ments by 50 basis points, thefourth hike this year, due toexcessive lending, an officialChinese newspaper reported.The report confirmed a Reutersstory on Monday.
Crude prices slipped for asecond day on Tuesday asSaudi Arabia signalled OPECwould maintain current produc-tion levels at the group's meet-ing and as the dollar rallied.
Oil majors BP and RoyalDutch Shell both shed 0.7 percent.
Oil exploration stocks weredealt a sobering blow as midcap Soco International plunged18.8 per cent on news it wouldabandon its Vietnameseappraisal well.
Blue chip Cairn Energy lost2.7 per cent.
SPECULATIVESTANDARD
Banks were among the topblue chips gainers led byStandard Chartered, up 2.1 percent, as traders cited talk thatJPMorgan was interested inmaking a takeover approach.
JPMorgan and StandardChartered both declined tocomment.
Global banking heavyweightHSBC also provided support, up0.2 per cent, while Royal Bank
See # 8 Page 11
Wednesday, October 13, 20106
Volume 51,891,425
Value 1,734,407,469
Trades 35,669
Advanced 162
Declined 223
Unchanged 21
Total 406
Current 7,172.82
High 7,202.94
Low 7,153.70
Change i19.26
Current 10,292.33
High 10,339.57
Low 10,263.66
Change i30.23
Current 9,939.44
High 9,983.85
Low 9,912.26
Change i29.11
Market KSE 100 Index All Share Index KSE 30 Index
Current 16,226.06
High 16,251.46
Low 16,158.02
Change h1.15
KMI 30 IndexSymbolsAlert ! Unusual Movements
Technical AnalysisFundamental Highlights
As on Jun 30, 2009
Reliance Weaving Mills Limited
REWM closed up 0.74 at 11.31. Volume was 1,602 per cent above
average (trending) and Bollinger Bands were 58 per cent wider than
normal. The company's profit after taxation stood at Rs187.984 million
which translates into an Earning Per Share of Rs6.10 for the nine
months of fiscal year (9MFY10).
REWM is currently 18.9 per cent above its 200-day moving average
and is displaying an upward trend. Volatility is relatively normal as com-
pared to the average volatility over the last 10 trading sessions. Volume
indicators reflect very strong flows of volume into REWM (bullish).
Trend forecasting oscillators are currently bullish on REWM.
RSI (14-day) 60.25 Total Assets (Rs in mn) 4,126.72
MA (10-day) 10.92 Total Equity (Rs in mn) 591.38
MA (100-day) 9.10 Revenue (Rs in mn) 4,337.45
MA (200-day) 9.48 Interest Expense 646.86
1st Support 10.94 Loss after Taxation (177.04)
2nd Support 10.60 EPS 09 (Rs) (5.746)
1st Resistance 11.59 Book value / share (Rs) 19.19
2nd Resistance 11.90 PE 10 E (x) 1.39
Pivot 11.25 PBV (x) 0.59
Technical AnalysisFundamental Highlights
As on Jun 30, 2009
ECOP closed up 0.28 at 2.33. Volume was 510 per cent above average
(trending) and Bollinger Bands were 22 per cent narrower than normal.
The company's loss after taxation stood at Rs18.393 million which
translates into a Loss Per Share of Rs0.80 for the year ended FY10.
ECOP is currently 25.3 per cent below its 200-day moving average and
is displaying an upward trend. Volatility is extremely high when com-
pared to the average volatility over the last 10 trading sessions. Volume
indicators reflect very strong flows of volume into ECOP (bullish). Trend
forecasting oscillators are currently bullish on ECOP.
RSI (14-day) 63.88 Total Assets (Rs in mn) 1,850.83
MA (10-day) 2.02 Total Equity (Rs in mn) 180.12
MA (100-day) 2.29 Revenue (Rs in mn) 1,764.85
MA (200-day) 3.11 Interest Expense 195.37
1st Support 2.20 Loss after Taxation (85.62)
2nd Support 2.00 EPS 09 (Rs) (3.726)
1st Resistance 2.50 Book value / share (Rs) 7.84
2nd Resistance 2.60 PE 10 E (x) -
Pivot 2.30 PBV (x) 0.30
EcoPack Limited
Technical AnalysisFundamental Highlights
As on Dec 31, 2009
SNBL closed up 0.28 at 6.07. Volume was 186 per cent above average
(trending) and Bollinger Bands were 40 per cent narrower than normal.
The company's loss after taxation stood at Rs186.353 million which
translates into a Loss Per Share of Rs0.32 for the half year of current
calendar year (1HCY10).
SNBL is currently 24.9 per cent below its 200-day moving average and
is displaying an upward trend. Volatility is relatively normal as compared
to the average volatility over the last 10 trading sessions. Volume indi-
cators reflect volume flowing into and out of SNBL at a relatively equal
pace. Trend forecasting oscillators are currently bullish on SNBL.
RSI (14-day) 57.15 Total Assets (Rs in mn) 95,310.27
MA (10-day) 5.70 Total Equity (Rs in mn) 7,803.20
MA (100-day) 6.63 Revenue (Rs in mn) 9,337.28
MA (200-day) 8.08 Interest Expense 6,602.78
1st Support 5.80 Profit after Taxation 145.35
2nd Support 5.47 EPS 09 (Rs) 0.29
1st Resistance 6.48 Book value / share (Rs) 15.55
2nd Resistance 6.83 PE 10 E (x) -
Pivot 6.15 PBV (x) 0.39
Soneri Bank Limited
Technical AnalysisFundamental Highlights
As on Jun 30, 2009
DFML closed up 0.07 at 1.47. Volume was 1,483 per cent above average
(trending) and Bollinger Bands were 26 per cent narrower than normal. The
company's loss after taxation stood at Rs437.504 million which translates
into a Loss Per Share of Rs4.92 for the year ended FY10.
DFML is currently 20.7 per cent below its 200-day moving average and
is displaying an upward trend. Volatility is high as compared to the aver-
age volatility over the last 10 trading sessions. Volume indicators reflect
very strong flows of volume into DFML (bullish). Trend forecasting oscil-
lators are currently bullish on DFML.
RSI (14-day) 51.26 Total Assets (Rs in mn) 4,496.92
MA (10-day) 1.42 Total Equity (Rs in mn) (471.36)
MA (100-day) 1.66 Revenue (Rs in mn) 1,557.02
MA (200-day) 1.85 Interest Expense 105.73
1st Support 1.40 Loss after Taxation (1,390.03)
2nd Support 1.30 EPS 09 (Rs) (15.623)
1st Resistance 1.55 Book value / share (Rs) (5.30)
2nd Resistance 1.60 PE 10 E (x) -
Pivot 1.45 PBV (x) (0.28)
Dewan Farooque Motors Limited
OIL AND GAS
Performance of SR Oil and Gas Index
Open High Low Close Change % Change
1,296.56 1,310.12 1,291.24 1,303.91 7.35 0.57
Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High
United Bank Ltd 50.12 52.10 51.40 53.50 54.20 52.80
WorldCall Tele 61.68 2.60 2.50 2.75 2.80 2.65
Company RSI 1st 2nd 1st 2nd Pivot
(14-day) Support Resistance
TECHNICAL LEVELS
Descon Oxychem Ltd 13-Oct 2:30
Otsuka Pakistan Limited 13-Oct 5:30
National Investment Trust Ltd 14-Oct 11:00
Latif Jute Mils Limited 15-Oct 3:30
IGI Investment Bank Ltd. 18-Oct 3:00
Pakistan Tobacco Co Ltd 18-Oct 1:00
Pakistan Petroleum Ltd. 19-Oct 10:30
Tri-Pack Films Ltd. 19-Oct 11:00
Packages Ltd. 22-Oct 11:30
Shell Pakistan Limited 22-Oct 10:30
Hafiz Textile Mills Ltd 25-Oct 10:30
Kot Addu Power Co. Ltd. 25-Oct 2:00
Mari Gas Company Limited 26-Oct 11:00
Pakistan International Airlines Corp 28-Oct 10:00
BOARD MEETINGS
Company Date Time
Wednesday, October 13, 2010 8
ISLAMABAD: Students waiting to receive their degrees during the annual convocation of
International Islamic University, at Jinnah Convention Center.-Online
Staff Reporter
KARACHI: A meeting of theKU Admission Committee washeld on Monday, in which itwas decided that the admis-sions for the year 2011 will becommenced as per the policy ofthe previous year.
In order to make the procedureless complicated it has beendecided that the applicants whoare interested in applying foradmission in the faculty of phar-macy can apply on the sameform for the both morning andevening classes whereas separateforms will be issued for admis-sion in morning and evening inother departments of KU.
It was expected that due torecent flood the University willextend its admissions for theyear 2011, however, in order togive opportunity to every citi-zen the University has decidedto give provisional admissionto the applicants of the floodaffected areas even without thedocuments but their admissionwill only be confirmed whenthey will submit the requireddocuments.
On the other hand, a threemember committee has alsobeen formed to facilitate theentire process of admission;the committee will guide thestudents and parents as pertheir need. Special securityplan has also been devised toavoid any unlikely circum-stances during the process ofadmission.
The meeting was presidedover by the convenerAdmission Committee - ProfDr Shahana Urooj Kazmi,Dean Faculty of Arts, Science,Pharmacy, ManagementSciences and Islamic Learning,Director Admissions, CampusSecurity Advisor, Student'sAdvisor, and others.
Meanwhile, the ViceChancellor of KarachiUniversity, Prof Dr PirzadaQasim Raza Siddiqui visitedthe Department of MassCommunications and had aninformal meeting with theteachers and students to inquireabout the developmental activi-ties at the department.
At this occasion, Dr PirzadaQasim asked Chairperson Dr
Rafia Taj to provide all detailsof the lab development plan, sothat the University may be ableto make them available to thestudents. He also visited theclassrooms and asked about theteaching methodology andavailability of digital modernequipment to the students.
A student of the MassCommunication Department,Hina Mujeeb Alam, pointed outthat due to lack of availability ofdigital modern cameras studentsface difficulties in performingtheir practical examination.
In response, the ViceChancellor directed theChairperson of the Departmentto discuss the matter so thaturgent availability of therequired equipment can bemade possible.
The visit by Pirzada Qasimwas basically a follow-up to thesuggestions made beforeGovernor Sindh Ishrat-ul-Ebadlast week, where the governorvowed to provide the basic edu-cational facilities to the stu-dents and also to upgrade theoutdated equipment in thedepartment's TV lab.-APP
KU unveils CY11admissions’ policy
KU vice chancellor inspects Mass Communication Dept
ISLAMABAD: Teachers ofFederal Directorate ofEducation (FDE) run e insti-tutes have expressed resent-ment and disappointment atMinistry of Education's surren-dering of an amount ofRs264.10 million which wasallocated for their house rents.
Talking to APP,Representative FederalGovernment Colleges TeachersAssociation (FGCTA)Muhammad Tahir said that theformer education secretary gotallocated Rs420 million, in thecurrent fiscal year, for the rent-ing of houses against thedemand of Rs610 million, butonly Rs160 million wereutilised by teachers for pay-ment to house owners.
The funds were surrenderedthrough a letter (available toAPP) written by a section offi-cer to AGPR on the directivesof new Secretary Education
Athar Tahir. The Education Ministry sur-
rendered the amount allocatedfor their hiring on the pretextthat the government needed thefunds for other expenditures.
An amount of Rs264.10 mil-lion for hiring is part ofRs374.2 million surrenderedby Ministry of Education fromvarious sections, according tothe letter.
Muhammad Tahir said teach-ers were in jitters as FederalDirectorate of Education(FDE) which needed Rs 620million for the said purposewas now running short offunds.
FDE runs 480 schools andcolleges in rural and urbanareas of Islamabad.
Already, teachers were notpaid amount of house-rent forseveral months. Many teachersnow have to pay to their land-lords, rents running into hun-
dreds of thousands of rupeesbut they see no end in sight totheir financial troubles.
The FGCTA official said theteachers would be left with nochoice but to protest the dis-mal situation.
According to official ofEstate ManagementDepartment of FDE, desperateteachers were approachingthem for their renting-dues asthey were facing constantthreats of eviction by theirlandlords.
The teachers are lookingtowards Federal Minister forEducation Sardar Aseff AhmedAli who has assured of resolu-tion of their problems.
The government is expectedto announce a special packageof incentives for the teachers ofpublic schools and colleges ofIslamabad on October 19which would hopefully bringsome relief to them.-APP
Educators robbed ofRs264mn house-rent
KARACHI: According to anannouncement Microsoft hasentered into an EducationAlliance Agreement with theHigher EducationCommission (HEC).
It said that Microsoftbelieves that Information andCommunications Technology(ICT), combined with educa-tion, provides the path to indi-viduals, communities andnations to achieve their poten-tial.
In essence, the agreementwill provide centralised ITservices to HEC-approveduniversities across Pakistanwhile maintaining the higheststandards in the use of infor-mation technology within theambit of education inPakistan.
Commenting on this majordevelopment in the country'shigher education sector,Country Manager, MicrosoftPakistan, Kamal Ahmed, said,"This agreement provides theframework for a comprehen-sive joint public-privateimplementation plan that sup-ports Pakistan's objective ofachieving education excel-lence. It is aligned to the keystrategic aims of transformingeducation, fostering local
innovation and enabling jobsand opportunities, and con-tains a selection of mutuallyagreed programmes and solu-tions that offer the tools andsupport to achieve the coun-try's overall vision pertainingto education."
Sharing his views on theAgreement, ExecutiveDirector of the HigherEducation Commission ofPakistan, Professor Dr SohailNaqvi, said, "TheCommission has entered intothis joint partnership withMicrosoft to promote the useof Information Technology inPakistan's higher educationsector through powerful soft-ware tools and to improve theefficiency of the educationsystem by attaining the bestaccepted standards at all high-er education institutions in thecountry."
Since a strong technologyinfrastructure serves to makecommunities more appealingto local, regional and globalbusinesses and investors,deployment of technologyaccess under the educationalliance will help bolsterPakistan's economic growthand global Linkage, addedhe.-APP
Microsoft,HEC ink
agreement
Panel to seeto PU plantpathology
degree issueLAHORE: Punjab UniversityVC Prof Dr Mujahid Kamranhas said the university adminis-tration has hired services ofhighly educated and experi-enced agrarian experts forimparting Higher EducationCommission (HEC) recognisedsyllabi comprising basic agri-courses to Institute of PlantPathology (IPP) students.
Talking to a four-memberrepresentative delegation ofIPP students in his office hereMonday, he said that in order tomake up the academic deficien-cy of students, who havealready qualified from theInstitute, free of cost deficiencycourses are currently being run.
Dr Kamran said that HECNational Accreditation Councilfor Agriculture Educationexpert team, after visiting theIPP, had already recommendedinclusion of the Institute in 'X'category and formal intimationto this effect is likely to bereceived from the Commissionshortly.
He said that he had also spo-ken to the VC AgricultureUniversity Faisalabad recently,who promised that they wouldextend full cooperation for res-olution of the IPP students'problem on priority basis.-APP
Ebadprizes
ACCA’s talented lot
Staff Reporter
KARACHI: Governor Sindh,Dr Ishrat-ul-Ebad said thatonce businesses and overalleconomy of country grows,there will be a rise in job oppor-tunities for young and qualifiedtalent. He was praising theACCA achievers who met thegovernor in presence of leader-ship from ACCA Pakistan.
Governor awarded certifi-cates to three global winners ofACCA and CAT qualificationsand 23 national winners of theDecember 2009 and June 2010exam sessions. Arif MasudMirza thanked the honorablegovernor for sparing his timeto meet the ACCA HighAchievers. He said that ACCAPakistan is very proud of thecompetitive young men andwomen for not only passingglobal exams of ACCA andCAT qualifications but alsoexcelling at the national andglobal level amidst politicaland economic instability in thecountry.
Governor, Dr Ishrat ul Ibadwas of the opinion that Pakistanhas an infinite potential of eco-nomic growth and developmentand with the recent policies ofSindh government bearingfruit, a lot of young businessleaders will get opportunities toemerge on the private sectorbusiness-scape.
NEW YORK: Oil prices slippedfor a second day on Tuesday asOPEC signaled it will keep out-put targets steady when thegroup meets this week and withthe stronger dollar also provid-ing price pressure for oil.
Strikes affecting French portsand eight of the country's 12 oilrefineries cut fuel output andpushed up oil products prices,helping to limit crude oil's priceslide.
Trading was choppy in the oiland equities markets ahead ofthe release of minutes from themost recent Federal Reserve pol-icy meeting.
US crude for November deliv-ery fell 49 cents, or 0.6 per cent,to $81.72 per barrel by 1631
GMT, having traded from$80.88 to $82.33. In London,ICE Brent November crude fell32 cents, or 0.38 per cent, to$83.40 a barrel.
The US dollar seesawed nearflat against the euro after
strengthening earlier on a short-covering bounce as investorsawaited the Fed minutes forclues on the central bank's stancetoward purchasing more assetsto stimulate the economy. Thedollar index strengthened.
OPEC has had the same offi-cial production ceiling sinceDecember 2008, but compliancewith production targets hasslipped to 56.5 per cent, accord-ing to Reuters calculations.
The group said in its monthlyreport there was a broad consen-sus that oil prices around theircurrent range have helped sup-port economic recovery and pro-mote industry investment.
French oil refineries cut outputas a nationwide strike furtherchoked supplies. Workers atmajor ports and eight out of 12French refineries were on strike.
Industry group the AmericanPetroleum Institute will issue itsoil inventory report onWednesday, delayed a day byMonday's US Columbus Dayholiday. -Reuters
Oil dips as OPEC to standpat, dollar strengthens
9Wednesday, October 13, 2010
POLYPROPYLENE(PP) LINEAR LOW (LL)
Cash & Settlement 1300 1145
October (3rd Wednesday) 1305 1130
November (3rd Wednesday) 1315 1140
LONDON METAL EXCHANGE (PLASTIC)
LME Official Prices, US$ per tonne for October 11 2010
LME Official Prices, US$ per tonne for October 11 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC
LONDON: Gold fell onTuesday as the US dollarrebounded and uncertainty pre-vailed over what the FederalReserve will do to supportgrowth, while Goldman Sachssaid falling US rates promptedit to lift its gold price forecast.
Spot gold was bid at$1,346.95 an ounce at 1520GMT, against$1,352.95 late inNew York onMonday. US goldfutures forDecember deliveryfell $6.40 an ounceto $1,348.00.
Prices rallied to arecord $1,364.60 an ounce lastweek as expectations theFederal Reserve would movetowards further quantitativeeasing to bolster the flaggingUS economy undermined thedollar.
Many analysts expect to seesome pullback in the gold pricebefore the uptrend resumes.Investment bank GoldmanSachs said a period of slowing
US growth coupled with afresh round of quantitative eas-ing had prompted it to raise its12-month gold forecast to$1,650 an ounce, from around$1,365 previously.
The Fed releases the minutesof its most recent policy meet-ing at 1800 GMT and analystsexpect to see some indication
from the central bank about thelikelihood of, and scope for,renewed quantitative easingmeasures.
Analysts said the currencymarket had already priced inaggressive US monetary eas-ing and that if the Fed does notpress ahead with such a policyat its Nov. 21 meeting, the dol-lar is likely to rebound.
Investment interest in gold-
backed exchange-traded fundswas soft, meanwhile, withholdings of the world's largest,New York's SPDR Gold Trust,declining by just under 1 tonneon Monday to 1,287.327tonnes.
The trust's holdings havedropped nearly 7.5 tonnes sofar this month, despite a 2.6 per
cent rise ingold prices.
Silver wasbid at $23.16an ouncea g a i n s t$ 2 3 . 2 9 ,while plat-inum was at
$1,689.00 an ounce against$1,683.15. Palladium was vir-tually flat on the day at$585.00 against $585.45 lateon Monday.
The platinum-palladiumratio -- the number of ouncesof palladium needed to buyan ounce of platinum -- fell toits lowest since early 2004this week at just under 2.9. -Reuters
Gold dips as USD risesahead of Fed minutes
Europeanvegetableoil prices
ROTTERDAM: The follow-ing were the Tuesday'sRotterdam vegetable oil price'sat 21:00 PST.
SOYOIL: EU degummedeuro tonne fob exmillNov10/Dec10 817.00+3.00,Jan11/Mar11 821.00+0.00,Apr11/Jun11 834.00+5.00.
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Indian sugar
eases on
weak demandMUMBAI: India's spot sugarprices nudged lower onTuesday on a drop in demand,though a delay in cane crushingin key producing states limitedthe downside, dealers said.
In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietyeased 0.3 per cent to 2,573rupees ($57.6) per 100 kg.
Fresh showers in India's keysugar producing states ofMaharashtra and Karnataka arelikely to delay cane crushing by amonth, industry and governmentofficials told Reuters on lastweek. India, the world's biggestconsumer of the sweetener, hasmade available 1. 75 milliontonnes of non-levy sugar forOctober, lower than 1.85 milliontonnes it had released a year ago,the government said in a state-ment earlier this week.
The country is expected to pro-duce 26 million tonnes of sugarin 2010/11, up from previousforecasts of 25 million tonnes,Prakash Naiknavare, managingdirector of Maharashtra StateCooperative Sugar FactoriesFederation, had told Reuters inan interview. -Reuters
JAKARTA: Farmers harvest rice stalks in one of Indonesia’s biggest paddy fields in Gowadistrict, Indonesia's South Sulawesi province. -Reuters
LONDON: Copper reversedearly losses to trade back up onTuesday supported by expectedpositive trade data out of topconsumer China and continuedsupply concerns.
Benchmark copper closed at$8,350 a tonne versus Monday'sclose of $8,290. The metal usedin power and construction hadearlier touched a session low of$8,165.
Aluminium, zinc and leadtracked higher copper prices totouch their highest levels sinceApril.
"It's a pretty strong rebound(for copper). This underscoreswhat we think is a pretty goodoutlook fundamentally,"Citigroup analyst DavidThurtell said.
China's imports of unwroughtcopper and semi-finished cop-per products are seen likely tohave increased on the month inSeptember as traders shipped inmaterial ahead of seasonal peakconsumption between lateSeptember and December.
"People are looking at theimports numbers ... That maybe getting the market holdingup pretty well," Thurtell added,despite saying he himself wascautious about the data.
Traders also underlinedvolatile trading during LondonMetal Exchange (LME) Week,an annual global industry gath-ering.
The event, which gathersminers, smelters, consumersand investors for meetings,seminars, receptions and cock-
tail parties in London, histori-cally generates volatility andtends to set the tone for the final
quarter.Latest data showed LME
stocks down 725 tonnes to371,750 tonnes.
Among other metals, alumini-um closed at $2,437 a tonne ver-sus Monday's close of $2,400 atonne. It earlier hit its highestsince April at $2,445 a tonne.
Zinc closed at $2,370 a tonnefrom $2,330 on Monday, hav-ing earlier touched $2,390, itshighest since April. Batterymaterial lead closed at $2,375 atonne versus Monday's close of$2,315 a tonne. It earliertouched $2,380, its highestsince April.
Tin closed at $26,500 versusMonday's close of $26,195.Stainless steel material nickelclosed at $24,050 a tonne ver-sus $24,375 a tonne atMonday's close. -Reuters
Copper back up, mktawaits insight on QE
Shanghai copper fallsLondon copper fell 1 per
cent on Tuesday, extending asmall loss in the previous ses-sion, as expectations of addi-tional Federal Reserve stimu-lus to prop up growth viedwith fears prices are technical-ly overbought.
London Metal Exchangecopper fell $80.25 to$8,209.75 a tonne by 0702GMT, after ending the previ-ous session $10 lower, whilethe Benchmark third-monthShanghai copper fell 1.2 percent to 62,150 yuan.
NEW YORK: Cotton futuresfinished Monday at a new 15-year top on Chinese mill fixationand investment fund buying withno immediate sign, yet, of themarket's rally flagging at levelsapproaching all-time highs.
"We haven't reached the upperlimit yet," Bill Nelson, an ana-lyst for Doane AdvisoryServices in St. Louis,Missouri, said of cotton'sblistering surge. "I thinkend-users are panicking."
Those end-users are led by theChina, the world's No. 1 con-sumer of cotton, and severalother countries scrambling to gettheir hands on supplies of cotton.
The Chinese were particular-ly active as they came backfrom a holiday that largelysidelined them from Oct. 1 to 7.
ICE Futures US key Decembercotton contract jumped 3.33cents to close at $1.105 per lb,having traded limit-up for the
second day running at $1.1117,the highest level for cottonprices since 1995, ThomsonReuters data showed.
Total volume traded stood at22,944 lots at 1845 GMT, nearly20 per cent above the 30-dayaverage at 19,442 lots, ThomsonReuters preliminary data
showed. China's tight cottonmarket stock situation is under-scored by the USDA's monthlysupply/demand report.
USDA cut its estimate ofChina's 2010/11 cotton produc-tion by 1.0 million bales to 31.5million, upped their Chineseimport forecast to 13 millionbales from 12.75 million anddropped its ending stocks fore-cast to 14.72 million from 16.01million bales. -Reuters
NY cotton surges onmill, fund buying
KUALA LUMPUR: China'ssoyoil futures hovered belowtwo-year highs hit earlier onTuesday as news of the govern-ment lifting a ban on Argentinasoyoil partly offset the bullishsoybean supply scenario.
China's most active May 2011soyoil contract on DalianCommodity Exchange climbed0.7 to hit 8,986 yuan -- a levelunseen since Sept. 1, 2008.
"The market's cooling downcompared to yesterday on con-cerns over the possibility that thegovernment will release statereserves to cap vegetable oilsprices," said Zhang Juan Cong, avegetable oil analyst in China'sSouthern city of Hangzhou.
China lifting its ban onArgentine soyoil and market talkof the government releasing statevegetable oil reserves this monthmay temporarily stall a rally that
started last Friday when the UStrimmed its soy crop estimate.
Malaysia's benchmark palmfutures ended 0.9 per cent lowerat 2,900 ringgit ($935.5) pertonne. Traded volume washeavy, rising to 17,513 lots of 25tonnes each from the usual10,000 lots.
A Reuters analysis showedpalm oil may retrace to 2,847ringgit a tonne, as a gap thatformed on Monday is likely to bepartially filled.
Palm oil may move higher ifMalaysian production in Octoberstarts to fall and exports main-tain the current momentum,traders said.
Traders are waiting for cargosurveyors to issue Malaysianexport data for the first half ofthis month on Friday, after datashowed a slight decline inexports for Oct. 1-10. -Reuters
Malaysian palm slips;China soyoil off highs
Tokyorubber hits
6-month highSINGAPORE: Tokyo rubberfutures rose to their strongest insix months on Tuesday as con-cerns about limited supply inSoutheast Asia helped the mar-ket defy pressure from a fallingstock market and rising yen.
The most active TokyoCommodity Exchange rubbercontract for March deliveryrose as high as 332.5 yen a kg,its strongest since April, beforesettling 5.5 yen higher at 328.2yen.
Japanese markets were shut onMonday for a national holiday."I think the market is mainlypushed up by the funds. Moneyis flowing into commodities,and it's not only in rubber," saida dealer in Thailand's southerncity of Hat Yai.
Shanghai rubber futures,which often influence move-ments on TOCOM and the phys-ical market, were at four-yearhighs. The most active Marchcontract rose as high as 29,565yuan a tonne -- its strongestsince May 2006. -Reuters
Sugar corrects
after rally;
arabicas jumpLONDON: ICE raw sugarfutures fell on Tuesday, weighedpartly by a stronger dollar, whilearabica coffee surged on investorbuying and cocoa consolidatedafter recent volatility.
March raws, which had ral-lied to touch an eight-monthpeak on Monday, were down0.43 cent or 1.6 per cent at26.16 cents a lb at 1402 GMT.
Sugar markets were under-pinned by reports of Brazilianindustry buybacks amid adomestic price rally, congestionat Brazilian ports and strengthin US corn futures, dealers said.Corn is used in sweeteners.
London December whitesugar was down $8.10 or 1.2per cent at $668.20 per tonne inthin volume of 1,580 lots.
Arabica coffee futures edgedhigher in light volumes afterFriday's rally. The market'sdirection could be linked toweather updates from top pro-ducer Brazil, analysts said.
ICE March arabica coffeefutures were up 7.75 cent or 4.3per cent at $1.8810 a lb, whileLiffe January robusta coffeetraded up $24 or 1.4 per cent at$1,685 per tonne.
ICE cocoa was little changed,with the market focused onEuropean and North Americanthird-quarter grinding figures,which are due on Thursday.
ICE December cocoa wasdown $34 or 1.2 per cent at$2,819 per tonne. Liffe second-month March cocoa traded down13 pounds or 0.7 per cent at1,916 pounds a tonne. -Reuters
BD tea prices
rise at auctionDHAKA: The average price ofBangladeshi teas rose 1.46 percent to 200.83 taka ($2.86) perkg at the weekly auction onTuesday, brokers said.
Nearly 1.73 million kg weresold at the sale, leaving 4.33per cent of the offer to be car-ried back.
"There was strong competi-tion for brighter teas, whichpushed up the average price,"said an executive of theNational Brokers Limited, thelargest tea broking firm in thecountry.
Different grades were soldbetween 175 taka and 236 takaper kg in the auction. -Reuters
OPEC signals no output policy change likely at meeting
NY cotton early-tradeICE Futures US key December cot-
ton contract rose 0.45 cent to trade at
$1.1095 per lb at 1311 GMT.
10Wednesday, October 13, 2010
Indian hockey players celebrate winning
their semi-final match in New Delhi
Peter Limbids 320mnpounds forLiverpool
SINGAPORE: Singapore'srags-to-riches billionaire PeterLim bid 320 million pounds onTuesday to buy LiverpoolFootball Club, a revised offerthat tops rival bidder NewEngland Sports Ventures(NESV).
The reclusive Lim, theSoutheast Asian city-state'seighth richest man with a for-tune estimated at $1.6 billionby Forbes magazine, said hewill also make a further 40 mil-lion pounds available for man-ager Roy Hodgson to purchasenew players.
Lim said in a statement thathis cash offer, funded solely byhis own wealth, would coverthe club's debts estimated at237 million pounds.
The rest would meet bankinterest and 40 million poundsfor working capital and otherliabilities.
"My offer provides a firmfinancial platform from whichthe club can rebuild. Given themanner in which the saleprocess has been handled, I feel(Liverpool chairman) Martin(Broughton) and the board oweit to me, to the club, and to thesupporters, to consider myoffer," Lim said.
The offer, revised after anearlier bid of 300 millionpounds, has been lodged withBroughton. It comes amid abattle in London's High Courtto decide whether the club'smuch-hated American ownersTom Hicks and George Gillettcan block the club's sale toNESV.-Reuters
LONDON: His appointment asPakistan Test captain has drawnsurprise and dismay from somequarters, but Misbah-ul-Haq isthe best man to lead the side,said former Pakistan coachGeoff Lawson.
Misbah played no part in therecent tour of England, whichended in acrimonious fashionafter three Pakistani playerswere suspended over allega-tions of spot-fixing.
Salman Butt, captain for thelast five Tests of the tour, wasone of those players, and withhis appeal only due to be heardat the end of October thePakistan Cricket Board had nooption but to look elsewhere fora leader for the two-Test seriesagainst South Africa nextmonth.
Chief selector Mohsin Khanhas admitted that Misbah wasnot Pakistan's first choice, andthat Younus Khan would havebeen appointed if he were notstill at loggerheads with theBoard.
Former Pakistan great WasimAkram has also claimed to havebeen shocked by Misbah'sappointment, but Lawsoninsists that the middle-orderbatsman is the right man to leadPakistan.
"He definitely has the bestcricket brain and intellect inPakistan cricket," Lawson toldESPNcricinfo.
"He has a statesman-likedemeanour which so manyPakistan captains have lackedand he handles adversity analyt-ically not emotionally.-APP
Former coachbacks Misbah’s
appointment
ISLAMABAD: Members ofthe National AssemblyStanding Committee on Sportshave threatened to resign enmasse, if the cricket boardchairman Ijaz Butt does notstep down within 24 hours.
The NA body has expresseddissatisfaction over Ijaz Butt'sattitude towards the committeefollowing the PCB chairman'sabsence at the committee meet-ing on Tuesday.
The chairman of the parlia-ment standing committee,Iqbal Muhammad Ali said,"Ijaz Butt has caused hugedamage to the game of cricketin the country and is also invit-ing more embarrassment withhis irrational actions." "We aremeeting tomorrow to decide onthe course of action," he said,adding that the "memberswould not hesitate to resign, if
Ijaz Butt did not step down innext 24 hours".
He said that the committeewill also approach PresidentAsif Ali Zardari, who is thepatron-in-chief of the PakistanCricket Board (PCB), and askhim to remove Butt. The disas-trous performances by thenational team and the stance ofthe PCB on important issueshave led to calls for his oustergetting louder by the day. Buttwas recently caught up in thespot-fixing scandal that rockedthe cricketing world. Buttaccused the English players ofmatch-fixing but later retractedhis statement and offered anapology.
Meanwhile, a PCB sourcesaid that Ijaz Butt would notattend the Standing Committeemeeting owing to his otherinternational commitment. He
will attend the ICC ExecutiveBoard meeting, which will beheld on October 12 and 13. Themembers of the StandingCommittee have announced toresign from the committee ifIjaz Butt did not quit. This willbe very important meeting forthe Parliamentarians. FormerChief Selector Salahud DinSallu said the NA body couldonly threaten to resign, addinghe does not think the body willresign.
Pakistan cricket team coachWaqar Younis, and selectorsWasim Bari and MohsinHassan Khan appeared beforethe committee which was dis-cussing the England tour andthe spot-fixing scandal amongother things. However, thePCB chairman Ijaz Butt couldnot attend the meeting as he ispresently in Dubai.-Agencies
NA body to axeButt in 24hrs
ISLAMABAD: PakistanCricket Board (PCB) onTuesday sent a show-causenotice to Shahid Afridi forallegedly violating the centralcontract.
"Shahid Afridi has violatedthe central contract," the noticereads. "He is barred from giv-ing any interviews to the mediawithout prior consent of thePCB chairman," it added.
Afridi, Pakistan's one-dayand T20 captain, had given aninterview to a local TV onSunday in which he expressedreservations over the teamselection for the forthcomingseries against South Africa.
"The selection committeehad discussed the probables forthe England tour with me, but Idon't know what happened thistime around", Afridi had said."It's better to sit down and sortthese issues out instead ofindulging in a blame game later
on," he argued in the interview.Afridi added that a few play-
ers suggested by him wouldhave made the team stronger.
This is the latest controversyto hit Pakistan cricket, alreadyengulfed by several controver-sies, including suspension ofthree players on spot-fixingallegations in August.
Salman Butt, captain of theTest team during Pakistan'sEngland tour, is amongst thesuspended players, along withpacers Mohammad Asif andMohammad Aamer. The teamhad to find a new captain forthe Test team in the form of thepreviously discarded batsmanMisbah-ul-Haq.
"The board has moved illogi-cally in issuing this show-causenotice," former Test cricketerSarfraz Nawaz said, addingthat the chairman is trying tofind scapegoats to cover up theboard's own follies.-Agencies
Afridi askedto show cause
Monitoring Desk
KARACHI: The dismissedformer Pakistan skipperYounus Khan has finally puthis ego aside and is deter-mined toclear theconfusionsand miscon-c e p t i o n sb e t w e e nhim and theboard, forwhich he islikely tomeet withc h a i r m a nP a k i s t a nC r i c k e tB o a r d(PCB) IjazButt, a localw e b s i t ereported here on Tuesday.
It has been learnt that this isfor the first time that Younushas loosen up a bit andshowed his willingness tomeet with any PCB officialafter the lifting of the infiniteban in June.
Younus has finally decidedto clear the things and resolvethe matters so as to save hisalready darkened career fromfurther destruction.
Younus who in the recentdays was giving a strong mes-sage to the board that he is fit
and perfect for the game wascontinuously being ignored bythe selectors after the indefi-nite ban removal.
Sources have said thatYounus' no coordination with
the board along with no con-tact after the ban removalmight be the basic reasonbehind his non selection.
It is due to this reason thatPCB has ordered in a stiff waythat Younus should contact theboard within a week otherwiselegal proceedings would becarried against the alreadygrounded cricketer after theissuance of a show causenotice.
The sources said thatYounus' point of view wasclear as he said that he is not at
all egoistic neither he has anyproblem in meeting with theboard officials adding that heis perfectly available for aweek in Lahore. They furtherrevealed that no elasticity is
b e i n gs h o w nfrom theb o a r dside asthe chair-man PCBwas ofthe viewthat per-formancecan beignored,w h a timportantis to meetwith hima n d
resolve the matters regardingthe ban imposition.
It must be remembered thatYounus Khan was among theseven players who were eitherbanned or fined after returningfrom the Australian tour inMarch but an appellate tribu-nal later removed the bans andalso reduced the fines.
Younus along withMohammad Yousuf were theindividuals who faced harddecisions in the form of indef-inite ban from the team inMarch.
Younus finallyputs his ego aside
BANGALORE: The secondand final test between Indiaand Australia was heading fora gripping climax afterbowlers dominated the fourthday on Tuesday.
The Indian spinners reducedAustralia to 202 for seven atthe close, with MitchellJohnson and Nathan Hauritzfacing the task of extending aslender lead of 185 runs forthe touring side who lost thefirst test by one wicket.
Captain Ricky Pontingmade a defiant 72 to hold theinnings together beforefalling to Zaheer Khan in thefinal session.
The tourists were let downby their top order whichstruggled against Indian spin-ners Pragyan Ojha andHarbhajan Singh.
Ojha removed in-formopener Shane Watson,Michael Clarke and Mike
Hussey, while Harbhajanaccounted for Simon Katichand Marcus North.
"I'm not satisfied. I will be
satisfied if we can get themout early tomorrow and getthose runs," Ojha told NeoCricket channel.
"Whatever they got is get-table but we have to bat sensi-bly tomorrow. The wicket isturning," said the left-armspinner.
India resumed on a com-manding 435 for five andSachin Tendulkar cruised tohis sixth test double centurybefore falling for 214.
Tendulkar, who hit twosixes and 22 fours, becamedebutant Peter George's firsttest victim when he dragged adelivery on to his stumps andHauritz polished off the tail asIndia slumped to 495 all out.
"There was not much in thiswicket, so we found otherways to create opportunityand take chances," Georgesaid.
"We have three wickets inhand, we'll try to get as manyruns as possible tomorrowand bowl them out to win thematch."-Reuters
Indian spinners hit Aussies hard
Hyderabadbeats Lahorein T-20 Cup
LAHORE: An opening stand of93 runs set up Hyderabad Hawkssplendid 7 wicket win overLahore Eagles in Faisal Bank T-20 cricket tournament here onTuesday at Gadaffi stadium.
Lahore elected to bat on aplacid wicket after winning thetoss by their captain TaufeeqUmer posted 177 for 6 in allot-ted 20 overs and the touringside, thanked to a half centuryfrom young opener and man ofthe match, Azeem Ghummananswered with 180 for 3 withtwo balls remaining to handover Lahore a shocking defeat.
The Hyderabad success out-shone a sterling knock ofLahore's skipper Taufeeq Umarwho hit home enterprising (78)for the delight of a handfulcrowd.
Azeem duly justified in the roleof Hyderabad skipper smashing2 sixes and nine fours off 29 ballsto start the run chase in style andtogether with Sharjeel Khan pro-duced a solid 93 runs openingstand to dash away Lahore'shopes for clinching a win.-APP
BANGALORE: India's captain Dhoni successfully stumps Australia's Clarke duringthe fourth day of their second test cricket match.-Reuters
n Ponting steadies touring side with resolute 72
n Ojha says India need to bat sensibly
KARACHI: On the opening ceremony of PSO interclubFootball Championship 2010, MPA Dr Saleem Hangono is
kicking the ball to innaugrate the event.-Staff Photo
Ijaz Butt in deep trouble, Parliamentarians threaten to resign
Chairman has caused huge damage to cricket: NA
6th double tonfor Sachin
BANGALORE: Indian batting icon Sachin Tendulkar onTuesday completed his sixth double hundred in Test cricket,adding to the mountain of runs he has accumulated in hisover two-decade career. Tendulkar's knock of 214 cameagainst Australia in the second Test here. The right-handertook 363 balls and struck 22 fours and a couple of sixes dur-ing his stay on the crease.
He was dismissed by rookie Australian pacer Peter Georgewho clean bowled the Indian for his maiden Testwicket.Tendulkar holds just about every batting record worthowning in the game, including those for most runs and hun-dreds in Tests and ODIs, and most international runs.Theright-hander has 57 fifties in the longer format of thegame.The 37-year-old has 46 hundreds and 93 fifties in one-day cricket.-Online
SecondNigerian
tests dopepositiveat CWG
NEW DELHI: Nigerian sprinthurdler Samuel Okon has test-ed positive for the bannedstimulant methylhexaneamine,Games Federation Chief MikeFennell said on Tuesday.
Compatriot and women's 100metres gold medallist OsayemiOludamola tested positive forthe same substance and wassuspended Monday pendingthe analysis of her B sample.
"We have had approximately1,200 tests up to last night andI again regret to inform that wehave had a second anti-dopingviolation," Fennell told a newsconference.
"This is also a Nigerian ath-lete, Samuel Okon, in the110m hurdles and for the samesubstance, methylhexa-neamine."
Okon, who finished sixth inthe sprint hurdles final lastFriday, had waived the rightfor his B sample to be tested,Fennell said, although theFederation were waiting forpersonal confirmation of this.
"I heard about the secondtest and as the chef de missionof the Nigerian contingent, Iam really concerned," EliasUsman Gora told Reuters.-Reuters
Sindh Women'sSwimmingC'ship this
weekKARACHI: The 19thPalmolive Sindh Women'sSwimming Championship 2010will be held on the 16th & 17thof this month here in Karachi.
The competition is open onlyto female participants and spec-tators. Participants should befemale swimmers from theprovince of Sindh only. The agegroups being contested thisyear are '8 years and under'; '10years and under'; '12 years andunder'; '14 years and under'; '16years and under' and the 'openage' category.
These championships aresponsored by ColgatePalmolive (Pak) Ltd. andorganised by KWSA (KarachiWomen's SwimmingAssociation).-PR
11Wednesday, October 13, 2010
International & Continuation
CONTINUATION
NEW YORK: US consumerconfidence rose 2.4 per cent inOctober from September,buoyed by stock market gainsand optimism that nextmonth's elections will result inchanged policy that may boostjob creation.
Investor's Business Dailyand TechnoMetrica MarketIntelligence said theirIBD/TIPP EconomicOptimism Index rose to 46.4in October from 45.3 inSeptember.
Readings above 50 indicate
optimism, while those below50 point to pessimism.
The index is now 0.2 pointsbelow its 12-month average of46.6, and 2.0 points above the44.4 level IBD reported inDecember 2007 when therecession began.
"Our data clearly show that,while disappointed with feder-al policies, Americans arelooking forward to change in2011 that will result in materialimprovement in their financesand in the economy," saidTerry Jones, associate editor of
Investor's Business Daily."That could spell big troublefor incumbents on electionnight."
Those surveyed were moreupbeat about their householdfinances in the next six months.The gauge's personal financialoutlook measure rose 0.6 percent in the month to 53.1.
The index's six-month eco-nomic outlook componentimproved 12.2 per cent to 49.6and is now 17.5 points aboveits level in December 2007.-Reuters
US consumer confidencerises in October
LONDON: British inflationheld steady well above its targetin September as separate surveysshowed retail sales growth slow-ing and house prices falling fast,highlighting the opposing forcesfacing the Bank of England.
Monetary Policy Committeemember David Miles said thebank had to balance the need tobring down inflation againsttightening policy too soon andkilling the recovery, reinforcingexpectations that policy willremain on hold for some timeyet.
The Office for NationalStatistics said on Tuesday con-sumer prices were flat on themonth, leaving the annual rate ofinflation at 3.1 per cent asexpected, more than a percent-age point above the BoE's 2 per-cent target.
"The CPI data for Q3 as wholeis broadly in line with the BoE'sAugust Inflation Report forecast,so today's data in itself shouldnot have any major impact onthe Monetary PolicyCommittee's outlook," said AmitKara, economist at UBS.
Concerns about Britain's eco-nomic recovery have raised thepossibility the central bank mayhave to pump more money intothe economy to shore up growthafter the US Federal Reserve sig-nalled it may embark on anotherwave of quantitative easing.]
Speaking in Dublin, Miles saidmore quantitative easing was
possible, pushing sterling lower,but analysts said the overall toneof his comments suggested hewas not about to vote for eithermore easing or tightening.
"Our inference is that he prob-ably did not join Adam Posen invoting for more QE at theOctober MPC meeting and thatit is far from clear that he wouldsupport a shift in the policystance in November," saidSimon Hayes, economist atBarclays Capital. A separate sur-vey by the British RetailConsortium showed retail salesgrowth halved to 0.5 percent lastmonth, led by a drop in big-tick-et items as uncertainty ahead ofthe announcement of govern-ment spending cuts made con-sumers nervous.
House prices in England andWales suffered their sharpest falllast month since May 2009,according to the RoyalInstitution of CharteredSurveyors.
The British Chambers ofCommerce also warned that eco-nomic activity slowed sharply inthe third quarter and reiterated itscall for the BoE to inject morestimulus to protect the recoveryfrom budget spending cuts.
The ONS said there were sig-nificant upward and downwardpressures on inflation inSeptember. A drop in transportcosts offset a record jump inclothing prices and higher foodinflation.-Reuters
High inflation,slowing economy
lights BoE dilemma
BANGKOK: Thailand slappeda tax on foreign investment ingovernment debt on Tuesday,Japan said it could interveneanew to weaken the yen andChina again talked down theprospects of a faster rise in theyuan.
After the failure of a weekendInternational Monetary Fundmeeting to defuse escalatingforex tensions, Asian govern-ments are redoubling efforts toresist capital inflows that areboosting their currencies andundercutting the competitive-ness of their exporters.
Thailand's cabinet agreed toimpose a 15 per cent withhold-ing tax on capital gains andinterest income from foreigninvestment in government debtin a bid to curb the baht, which isat its highest since the 1997Asian financial crisis.
With the dollar hovering near15-year lows against the yen,Japan said it would wade into theforeign exchange market again ifneed be, despite widespread dis-approval by its peers of a bout ofdollar buying last month.
And the People's Bank ofChina applied the brakes to theyuan by setting a weaker mid-point reference rate for the day's
trading, while its foreignexchange arm said currencyreform did not equate to yuanappreciation.
China's insistence that theyuan's rise must be gradual is ahuge obstacle to the appreciationin Asian exchange rates policy-makers say is needed to reduceglobal imbalances.
It, and other countries, counterthat the prospect of the FederalReserve printing money againwill flood the world economywith more liquidity, weaken thedollar and push emerging cur-rencies yet higher as investorssearch for returns with interestrates in the developed world atrecord lows.
Minutes of the Fed's last poli-cy meeting -- at which it said itstood ready to provide more sup-port for a stuttering economy --are due at 1800 GMT.
"The Fed minutes will be cru-cial as we could learn moreabout the size of potential assetpurchases," said Lee Hardman,currency economist at Bank ofTokyo-Mitsubishi.
A second round of quantitativeeasing by the US central bankwould pile more pressure on analready languishing dollar.
Britain too could embark on a
second round of asset buyingwith new money although aBank of England policymakersaid he and his colleagues facedcompeting risks of not doingenough to curb inflation versustightening policy too soon.
"It is not obvious what the nextdirection for monetary policyis," David Miles told a confer-ence in Dublin. "We do have apolicy tool, quantitative easing,which ... remains a potentiallypowerful tool and one that wemight come to use."
The announcement byThailand came a week afterBrazil doubled a tax on foreignportfolio inflows into bonds andsome other financial instrumentsto 4 per cent to reduce upwardpressure on the real, its currency.
The baht has risen 11 per centthis year, the second strongestcurrency in Asia after the yen,pushed up in part by foreigninflows into Thai assets.
Japanese Finance MinisterYoshihiko Noda said he hadexplained to a weekend meetingof the Group of Seven industrialcountries in Washington thatTokyo had intervened onSeptember 15 to prevent destabi-lizing lurches in exchange rates.-Reuters
Asia stiffensresolve to resistcapital inflows
OPEC broadagreement
help supporteconomy
VIENNA: There is a broadconsensus oil prices aroundtheir current range have helpedsupport economic recovery andpromote industry investment,OPEC said on Tuesday twodays before it meets to set out-put policy.
OPEC, in a monthly report,left unchanged most forecastsfor the oil market in 2011,including those for world oildemand growth and demand forits own oil. It also pointed to anincrease in its members' com-pliance with their output tar-gets.
The Organization of thePetroleum Exporting Countriesmeets in Vienna on Thursday,when it is widely expected toleave policy unchanged, as ithas since it agreed to a recordoutput cut in December 2008.
Oil has traded mostlybetween $70 and $85 a barrel inthe past year -- falling into thatrange almost 95 per cent of thetime according to OPEC'sMonthly Oil Market Report.
"There is now a broad con-sensus in the market that crudeoil prices around the currentrange have been accommoda-tive in promoting adequateinvestment while at the sametime supporting the economicrecovery," the report said.
"However, the uncertain paceof global growth, as well asweak conditions in oil marketfundamentals, could pressureprices."-Reuters
India outputgrowth
skids, raisesrate doubts
NEW DELHI: India's annualindustrial output growth droppedto single-digits in August, raisingdoubts about the economy'sstrength and the need for the cen-tral bank to increase rates again inNovember.
The drop mainly reflected a fallin capital goods output -- paybackfor a stunning 72 per cent rise inJuly -- and marked the slowestindustrial output growth sinceMay 2009, data on Tuesdayshowed.
Afall in a purchasing managers'index for September suggestedfurther weakness, although ana-lysts cautioned industrial outputhad been volatile, putting addedweight on Friday's inflation datato determine the policy outlook.
"It reduces the odds for theNov. 2 rate hike," DariuszKowalczyk, senior economistand strategist at Credit AgricoleCIB in Hong Kong, said of theoutput data.
"I still think they will hike, butthere will be speculation in themarket that they would not, giventhat data has recently beenextraordinarily choppy and there-fore it has increased uncertaintyregarding economic perform-ance," he said.
Industrial output, combiningfactory, mine and utility produc-tion, rose 5.6 per cent in Augustfrom a year earlier, well belowthe forecast in a Reuters poll of9.65 per cent.-Reuters
"All of these, doubtless, is going to impact on overall economicgrowth."Among the region's largest countries, the ADB estimatedIndia would face a water deficit of 50 per cent by 2030 whileChina would have a shortage of 25 per cent. China, India,Pakistan, Vietnam, Bangladesh, Nepal, Uzbekistan and Cambodiaare currently feeling the heaviest impacts of the water shortage interms of food and energy production as well as ecological dam-age, the ADB said. Plugging the water leakage and stopping thewaste will cost billions of dollars, according to the ADB, whichcalled on the private sector to play a bigger role in fixing the prob-lem. "Increased investments from the private sector, especially inmanaging and delivering water services, and in using technologyand innovation to reduce our water footprint, will be critical,"Thapan said. -Agencies
Continued from page 12No #1
uphold the sanctity of our sacrifices and struggle on till weachieve our goal," he said in a statement. -Reuters
Continued from page 12No #2
transgressed into 50 meters, it could be said technical violation.FC sources said that the Nato helicopters come on zero point
and went back. It is noticeable to mention here that Nato had givewritten assurance to Pakistan that it would never again violatePakistani air space. -Online
Continued from page 12No #3
institutions associated with the FoDP include AsianDevelopment Bank (ADB), Islamic Development Bank (IDB)and World Bank (WB). -Reuters
Continued from page 12No #4
beginning of September, also succumbed to profit-taking. Cheung Kong Holdings closed down 2.4 per cent while Sun
Hung Kai Properties fell 1.1 per cent. A rebounding mainland mar-ket and strong foreign flows into Asia have helped the Hang Sengbreak out of a trading range that had been in place since November2009. Speculation about another round of asset purchases by theUS Federal Reserve has grown after a weak jobs report on Friday,keeping the dollar weak and boosting flows into emerging marketstocks and bonds and precious metals such as gold.
But with the dollar holding steady on the day on the back of short-covering and the Hang Seng trading well in overbought territory,investors preferred to lock in gains ahead of earnings season. TheHang Seng's relative strength index, which indicates whether a par-ticular security is overbought or oversold, is at 78, close to its high-est level in about three years. "It looks like people are happy to addmore risk heading into year-end and that's different from this timelast year when they were basically trying to match their bench-marks," said the head of a trading desk at a bank in Hong Kong.
"But I think with results season here, people will start to look atfundamentals a little more and given the run-up we've seen, earn-ings coming out of the US now have to be pretty good to sustainthese gains," said the trader. Bucking the trend, Tencent Holdingsclosed up 3.5 per cent at a record high and was the top gainer onthe Hang Seng, with short-covering seen helping the stock.
Short-selling in Tencent, as a percentage of total turnover in thestock, has outpaced that seen in the broader market. The five-dayaverage shorted turnover in Tencent was 14.8 per cent as of Monday'sclose versus 5.4 per cent for all Hong Kong stocks.-Reuters
Continued from page 5No #5
The inflow has picked up pace over the past six weeks on opti-mism about India's economic growth, while the developed worldstruggles to head off a slowdown. Traders said an IPO by state-owned Coal India Ltd, the world's largest coal miner, which openson Monday could also draw away investor funds.
The IPO is likely to fetch $3.5 billion, more than initially esti-mated, a Reuters poll of 11 fund managers showed.
Financials eased as investors booked profits. The banking sec-tor index shed 0.4 per cent, but is still up more than 41 per cent inthe year to date. Leading lender State Bank of India shed 0.8 percent while rival HDFC Bank dropped 0.1 per cent. Mortgage firmHousing Development Finance Corp fell 1.8 per cent.
Vehicles maker Tata Motors raced 1.3 per cent after theEconomic Times reported it was planning to launch a new caraimed at taking on Alto manufactured by leading car makerMaruti Suzuki India. Maruti Suzuki shed 0.1 per cent.
Engineering and construction firm Larsen & Toubro declined1.9 per cent. The stock has gained 19 per cent so far in 2010.
Metal makers dropped as base metal prices fell in London.Non-ferrous metals producer Sterlite Industries and aluminium
producer Hindalco closed 0.3 per cent and 2.1 per cent lowerrespectively. Tata Steel, the world's seventh-largest steel produc-er, shed 1.1 per cent.
Continued from page 5No #6
Still, market players said expectations of currency interventionby Japanese authorities and further asset buying by the FederalReserve to support the US economy would likely prevent theNikkei from falling much further.
"Expectations that the Fed would ease further are a driver forweaker dollar/yen, but for stocks alone, easing both in the UnitedStates and Japan would mean more money flow and that can be asupportive factor for solid performance," said Koichi Nosaka, amarket analyst at Securities Japan, Inc.
In Asian trade, dollar/yen hit an intraday low of 81.80 yen onelectronic trading platform EBS, coming back under pressure asearlier short-covering faded, traders said. It logged a 15-year lowof 81.37 on Monday. Market players had seen the Nikkei's 25-daymoving average, which now stands at 9,424, as a major technicalsupport level, and will continue to watch if the index remainsbelow that level. Its 26-week moving average around 9,680 isseen as the next resistance. After that, the Nikkei's next upwardtargets stand near its recent peaks around 9,700, marked thismonth, and 9,800, hit in July.-Reuters
Continued from page 5No #7
Bank of Scotland also gained 0.2 per cent.Defensive issues were the main FTSE 100 gainers with drinks
group Diageo adding 1 per cent, ahead of a trading update duelater in the week, while drugmaker AstraZeneca gained 0.8 percent, and British American Tobacco took on 0.9 per cent.
Utilities were higher, with water company Severn Trent ahead1.0 per cent and mid-cap peer Pennon up 2.1 per cent as HSBCraised its ratings for both firms, saying UK water offered a stableoutlook with yield visibility to 2015.
However, United Utilities slipped 0.1 per cent as HSBC cut itsrating to "neutral" from "overweight".
British inflation held well above its target in September,unchanged from August, as separate surveys showed retail salesgrowth slowing and house prices falling fast, highlighting theopposing forces facing the Bank of England.-Reuters
Continued from page 5No #8
The dollar was up 0.2 per cent against a basket of currencies.The prospect of the Fed buying more long-term securities such asgovernment bonds has created an inverse correlation between thedollar and stocks, with investors using the greenback as a triggerto move into or out of stocks.
Also in recent sessions, e-mini futures and the euro have fol-lowed the same trend, a sign investors are watching for euromoves to decide on whether to increase their exposure to risk.
In the latest news on the deal front, Pfizer Inc, the world'sbiggest drugmaker, agreed to buy King Pharmaceuticals Inc for$3.6 billion. King surged 39.5 per cent to $14.16. Pfizer, a Dowcomponent, dipped 0.06 per cent to $17.37.-Reuters
Continued from page 5No #9
In the broader market, declining shares outpaced advancingones in a ratio of 1.5:1 in a relatively moderate volume of 443 mil-lion shares. The 50-share NSE index declined 0.7 per cent to6,090.90 points.-Reuters
discussed issues of mutual interest.Political analysts are giving much importance to this sitting
which came a day before hearing of NRO implementation case inthe Supreme Court of Pakistan.
The SC has snubbed the federal government by rejecting itsrequest to postpone the hearing of its review petition against thecourt verdict declaring the NRO illegal. It has set a stage for thepossibility of another confrontation on Wednesday.
The raging pressure on the government by Pakistan MuslimLeague Nawaz following the appointment of Justice (retd) DeedarHussain Shah as Chairman of the National Accountability Bureau(NAB) also came under discussion in the meeting. -Agencies
Continued from page 1No #10
program and creator of 1973 Constitution and all those whorestored it and gave the 7th NFC award, were all politicians.
Prime Minister Gilani said the democracy today was due to thesupreme sacrifices of Shaheed Benazir Bhutto and paid tributes tothe parliamentarians and their leaders for achieving consensus andtaking along all political parties. Gilani directed inclusion ofhealth insurance scheme under the Benazir Income SupportProgram (BISP) to help the poor cope with high costs of medicaltreatment and said it would provide them much needed relief.
He said the people of Khyber-Pakhtunkhwa had rendered greatsacrifices for the sovereignty and security of Pakistan. He recalledthe gesture of the people of the area for accommodating with openarms the Internally Displaced Persons of Swat and Malakand andthe ongoing war against extremism and terrorism. Gilani said hewas pleased to note that complete transparency was being
Continued from page 1No #11
Sources told that portfolio had been taken from Jamil Soomro on different grounds including lackof coordination with journalists, and non-inviting of working journalists for meeting with President.
Soomro will however stay as advisor to Chief Minister Sindh. Notification about appointment ofSharmila Farooqui as Advisor to Chief Minister on information has been issued. -Online
Continued from page 1No #12
produce at its peak half a million tonnes of copper a year, about equal to the current total outputof the London-listed company. The Balochistan government, which holds 25 per cent stakes in theproject, is studying draft agreements and is due to make a decision by late December, Marcelo Awad,chief executive of Antofagasta Minerals, told Reuters on Tuesday.
"I am confident that they will go ahead together with us on the project," Awad said in an interviewduring LME Week. "They have been very positive over the last couple of months, the central gov-ernment and the provincial government, towards the project." -Reuters
Continued from page 1No #13
4.3 per cent to 965 mmcfd in 1QFY11 due to higher production from Manzalai field.On the other hand, Pakistan Oilfields limited (POL), oil and gas production significantly boosted
by 88 per cent YoY to 18.54 kbpeod for 1QFY11 versus 9.87 kbpeod corresponding period last year.Oil production hiked by 23 per cent to 4.4 kbpd compared from 3.6 kbpd in the corresponding
period last year. Furthermore, the gas production of the company surged 125 per cent to 81mmcfdduring the period under review.
Continued from page 1No #14
rendered by tribal people in war on terror are appreciable, he held.Tribal notables assured their full cooperation to army chief in war against terrorism. -APP
Continued from page 1No #15
The report contains details about the controversial Swiss accounts, NAB cases and steps taken byacting NAB chairman Javed Zia on the directives of Supreme Court.
Sources doubted the credibility of the new chairman, saying that he has no information about themoney in the Swiss accounts. Chief Justice of Pakistan Iftikhar Muhammad Chaudhry had earlier direct-ed NAB to submit a list of cases pending in foreign courts which had been withdrawn under the NRO.
The Chief Justice had also directed NAB to trace over $60 million in the Swiss accounts case sothat it could be brought back to the country. -Agencies
Continued from page 1No #16
textile manufacturers say, however, the EU concessions will be largely meaningless unless thecountry's main products -- bed linen and knitwear -- are on the list of duty-free items receiving tar-iff cuts. -Reuters
Continued from page 1No #17
companies that showed positive growth in their volumetric sales by 8.4 per cent, 13.1 per cent and17.4 per cent, respectively. On the other hand, Dewan Farooq Motors witnessed 87 per cent declinein their sales volume. The production and sales of Pak Suzuki (PSMC) grew by 29 per cent and 8.4per cent to 19,531 units and 17,820 units respectively in 1Q.
Indus Motors (INDU) sales and production surged 13.1 per cent and 15.2 per cent to 11,792 unitsand 12,186 units respectively in the 1QFY11. Similarly, sales and production of Honda Car (HCAR)went up by 17.4 per cent and 37.7 per cent to 3,832 units and 3,967 units respectively.
However, Dewan Farooq Motors (DFML) lost its way as it production and sales massively downby 60 per cent and 87 per cent to 186 units and 52 units respectively.
Continued from page 1No #18
observed in the distribution of Watan Cards. He said the federal government, along with the provin-cial government were jointly working to rehabilitate the people affected by the floods and those dis-placed in the operations against extremists. He assured that the Federal Government will hand overthe due share of Khyber Pakhtunkhwa without any delay. He also assured support of his governmentfor the Benazir Bhutto Shaheed hospital, Hepatitis hospital etc.
Chief Minister Khyber-Pakhtunkhwa Amir Haider Khan Hoti, Interior Minister Rehman Malik,Information Minister Qamar Zaman Kaira, in-charge BISP Farzana Raja and parliamentarians werepresent. Meanwhile talking to the media Prime Minister Gilani said reaching a peace settlement inneighboring Afghanistan will not be possible without Pakistan's help.
Pakistan is crucial for US efforts to stabilise Afghanistan but it has been reluctant to hunt downAfghan militant factions which critics say it wants to use as leverage in any future set up inAfghanistan. "Nothing can be done without us because we are part of the solution, we are not part ofthe problem," Gilani told reporters in comments broadcast on Pakistani television networks. -Agencies
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: Chairman Joint Chiefs of Staff Committee General Khalid Shamim Wyne
called on President Asif Ali Zardari at Aiwan-e-Sadr. -Online
VIENNA: The Organisationof Petroleum-ExportingCountries (OPEC) revisedupwards on Tuesday its worldoil demand growth estimatefor 2010 to 1.3 per cent, butheld steady its forecast fornext year.
"Despite some turbulenceand setbacks, the globaleconomic recovery contin-ues to provide support foroil consumption," the cartelwrote in its October month-ly bulletin.
The cartel said it was pen-cilling in world oil demandgrowth of 1.13 million bar-rels per day (bpd) or 1.34 percent to 85.59 million bpd forthe whole of 2010, "driven bythe stronger-than-expected,stimulus-led economic
growth in the first half of theyear."
In 2011, oil demand wouldthen increase by a further1.05 million bpd or 1.2 percent to 86.64 million bpd,unchanged from the previousforecast, Opec predicted.
Opec ministers were begin-ning to arrive in the Austriancapital for a regular meetinglater this week to decidewhether to change output lev-els.
All indications suggestthere will be no change.
And Qatar's energy minis-ter Abdullah bin Hamad al-Attiyah, speaking to reportersin Doha, said oil prices werecurrently "comfortable" andthat Opec will most likelymaintain output levels. -APP
Opec sees risingoil demand indays to come
CHARSADDA: ChairpersonBenazir Income SupportProgramme (BISP) FarzanaRaja has said that BISP is apeople's program, not of anyparticular political party, addedmore BISP-like schemeswould be initiated soon.
Addressing the openingceremony of "Waseela-e-Haqand Elimination of Poverty inCountry" program hereTuesday she stated that peopleof the country are benefitingfrom this program.
She said that vocationaltraining consisting of morethan sixty courses will be pro-vided to the three million peo-ple and Prime Minister wouldlook after this program direct-ly.
She further said that govern-
ment is taking steps on priori-ty basis for elimination ofpoverty from the country. Shesaid that the 18th amendmentand powers transfer to PMwas the historical decision ofthe President Zardari.
She said that President tookthe historical decisions for thebetterment of Pakistan.Farzana said that if any personor party has quality to do welland do practical work thenmasses will support them.
Chairperson BISP saidInterior Minister RehmanMalik has issued the direc-tives for supplying theNational Identity Card to resi-dents of Charsadda and NICwould be provided to themthrough mobile service soon. -Online
More BISP-likeschemes assured
Farzana says BISP a masses’ program too
ISLAMABAD: The NationalAssembly Standing Committeeon Tourism expressed concernsTuesday over the privatisationof PTDC hotels in spite ofearning profits, and decided toconstitute a subcommittee toprobe into the factual positionin this regard.
The subcommittee consistedof Shahzada Moenuddin asconvener and Dr MaseehKumar Malani and BushraRehman as members.
This was decided during ameeting of the NA StandingCommittee on Tourism held atthe Parliament House under thechairmanship of MuhammadUsman advocate.
Earlier, Managing Directorof the Pakistan TourismDevelopment Corporation(PTDC) Sareer Muhammad
Khan told the meeting thatFaletti's (Lahore), Deans Hotel(Peshawar) and Cecil Hotel(Murree) were privatised in1998.
The committee showed con-cerns over violation of theterms and conditions regardingretaining of the hotels to pro-mote the industry as well assale proceeds of certain hotels.However, contrary to this, thehotels were converted into res-idential apartments or businessrelating to construction indus-try by their owners.
The committee also decidedto constitute a subcommitteecomprising MuhammadUsman advocate as its conven-er and Dr Talat Mahesar,Maseeh Kumar Malani,Shahzada Moenuddin as itsmembers to visit Chitral to
look into the issues relating tothe purchase of 18-kanal landby the PTDC there for the con-struction of a hotel.
Meanwhile, the committeerecommended sanctioning ofRs20 million by the govern-ment to make the PTDC sus-tainable.
The PTDC MD said the cor-poration started operations in1997 and it had built moremotels in far-flung tourist des-tinations to promote tourismindustry.
It was told the PTDC sus-tained financial position andwas never a burden on the gov-ernment exchequer.
However, after 9/11, 2005earthquake and law & ordersituation in Malakand, it suf-fered losses owing to decline intourists. -APP
NA body to dig intoPTDC hotels sell-off
ISLAMABAD: President AsifAli Zardari has made it clearthat he respects judiciary, andvowed that he would follow alldecisions of Supreme Court ofPakistan whatever they are.
"Vital cases are underway inSupreme Court of Pakistan andwe would adopt legal and con-stitutional ways in all cases",he said this while talking toFederal Minister for Law andJustice Dr Babar Awan here inthe Presidency on Tuesday.
Legal and constitutionalissues, reservation ofOpposition with regard toappointment of new ChairmanNational AccountabilityBureau were discussed duringthe meeting in length, sourcesinformed Online.
Federal Minister for Law andJustice Dr Babar Awan alsotook President into confidenceover his strategy regardingreopening of Swiss cases, NROreview cases and others whichis being heard in SupremeCourt, sources added.
The President while rejectingthe reservation of Oppositionregarding appointment ofJustice (Retd) Deedar Hussainas Chairman NAB said consti-tutional and legal ways wereadopted in this respect.
Meanwhile, A PPP-backedmember National Assembly,Nawab Khan Wassan hasadvised the PML-N to move tothe court if it has objection onappointment of Justice (R)
Deedar Hussain Shah asChairman NationalAccountability Bureau (NAB).
Addressing a public meetinghere after inaugurating the gassupply schemes for differentvillages, the MNA observedthat the appointment ofChairman NAB was a prerog-ative of President Asif AliZardari, which he had usedafter consultation.
Still, he said, if any party orindividual had objection onthis appointment, the doors ofcourts were open for that.
He claimed that when formerPrime Minister, Nawaz Sharifwas in jail during Musharrafregime, he in writing, hadpraised Justice Deedar HussainShah and reposed full confi-dence in him. -Agencies
Presidentpromisesto pursueSC orders
MANILA: Asia is facing aworsening water crisis thatthreatens to curtail food pro-duction while taking anincreasingly heavy toll on theregion's economies, the AsianDevelopment Bank saidTuesday.
Governments, industries andpeople around the regionurgently need to stop wastingso much of the preciousresource if they are to limit theshortage, ADB infrastructureadvisor Arjun Thapan said.
"The water footprint in ourtowns and cities, in our irriga-tion systems, our energy pro-duction systems and in indus-try in general, is extravagant,"Thapan said at a water crisisconference hosted by theManila-based lender.
"It needs to shrink and Asianeeds to become acutely con-scious of the scarcity value ofits accessible fresh water, andthe imperative of efficiency inmanaging it."
In a report, the ADB faultedweak enforcement of laws forthe degradation of Asian waterquality, with between 80 and89 per cent of all untreatedwastewater leaching into freshwater in east and south Asia,respectively.
"In short, Asia is witnessinga despoliation of its freshwaterresources with disastrous con-sequences for ecological bal-ance and environmental sus-tainability," the bank said.
It also highlighted that whileirrigated agriculture uses up 80per cent of the region's fresh
water, there have been onlyvery minimal moves to boostirrigation efficiency over thepast two decades.
At least nine billion dollars'worth of treated water was losteach year in Asia's cities, theADB said. Climate change,rapid industrialisation, waterpollution, dietary shifts and thedrive to grow bio-fuels are alsoexpected to deepen the watercrisis, according to Thapan.
On current trends, this wouldlead to a 40 per cent gapbetween water demand andsupply in Asia by 2030.
"The impact is going to begreatest on food productionand investment in the energysector," Thapan told a newsconference.
See # 1 Page 11
ADB warns of loomingwater crisis in Asia
ADB reviews plans for efficient use freshwater supplies
PPP asks ‘N’ to move tocourt against reservations
President, CJCStalk security
situationISLAMABAD: ChairmanJoint Chiefs of StaffCommittee (CJCS) GeneralKhalid Shamim Wyne calledon President Asif Ali Zardarion Tuesday and discussed mat-ters related to security situa-tion in the country.
In a meeting held at theAiwan-e-Sadr, the profession-al matters pertaining to thearmed forces were also dis-cussed. -APP
Onboardcopter blast
kills Nato-manKABUL: An explosiononboard a Nato helicopterkilled one and wounded sevenshortly after it landed at an out-post in eastern AfghanistanTuesday, the Nato-ledInternational SecurityAssistance Force (ISAF) said.
Afghan security forces andISAF troops were travelling onthe Chinook helicopter, anISAF spokesman said, but hedeclined to comment on thenationality of the person killed.
The seven wounded were allISAF troops, the spokesmansaid, and had been brought toan ISAF medical facility fortreatment. An earlier ISAFstatement had said two peoplewere killed and 10 wounded.
There were 26 people onboard the helicopter at the timeof the explosion, which hap-pened at a small base near thePakistani border. The cause ofthe blast was not immediatelyclear, ISAF said. -Reuters
Former NABPG movesSC againsthis sacking
ISLAMABAD: FormerProsecutor General (PG)National AccountabilityBureau (NAB) Irfan Qadir fileda review petition against hissacking in the Supreme Courtof Pakistan on Tuesday, accord-ing to media reports.
A three-member bench of theapex court termed Irfan Qadir'sappointment as PG NABunlawful.
Earlier, Registrar Office ofthe SC returned Qadir's petitionafter marking some objectionson it.
One objection stated that thereview petition containedderogatory language, usedagainst some judges.
Irfan appealed that his peti-tion be heard in an open courtand not by Chief JusticeIftikhar Chaudhry, JusticeRamday and Justice Rabbani. -Online
SRINAGAR: Indian police onTuesday sealed off residentialareas and reimposed a round-the-clock curfew in theKashmir Valley to preempt thefirst anti-India rally sinceauthorities announced conces-sions to end violent protests.
A new protest with a widefollowing would have beeninterpreted as a setback forNew Delhi's peace initiativelaunched three weeks ago andobliged the government to pur-sue other ways to deal with theunrest in the disputed region.
The hardline separatist leaderin majority-Muslim Kashmircalled on residents to defy thecurfew and go into the streets.
Thousands of police and sol-diers in riot gear patrolled
deserted streets and told resi-dents through loudspeakers tostay indoors.
"Authorities have decided toimpose valley-wide strict cur-few restrictions," a policestatement said. "There are noreports of any untoward inci-dent from anywhere so far."
The recent wave of protestsin Indian Kashmir subsidedafter New Delhi relaxed secu-rity in Srinagar, the summercapital, freed some 50 protest-ers, announced compensationfor families of the dead andoffered to talk to all politicalgroups.
But many Kashmiris dismissthe offer as inadequate andhardline separatists said theywould press on with protests.
Opinion surveys show alarge majority of Kashmirisfavour independence from theregion from both India andPakistan.
Over the past four months,the Kashmir valley has been ina siege-like state of strikes,protests and curfews. Shopshave remained closed alongwith most schools, and dailyactivities are subject to severedisruption.
Tuesday's rally had beencalled by Syed Ali ShahGeelani, a hardliner who hasemerged as the leading figurein anti-Indian protests.
"In this situation, we haveonly two options: either surren-der before Indian bullying, or
See # 2 Page 11
Curfew engulfs IHKHurriyat leaders urge residents to defy curfew
FC, Pak Army deny incursion
Nato choppersviolate Pak
airspaceagain
CHAMAN/ RAWALPINDI:The Nato helicopters again vio-lated Pakistan airspace nearPak-Afghan border, Chamanhere Tuesday while FrontierCorps and Pak Army hasdenied the incursion of Natohelicopters and said that it wasmere a technical fault.
As per details, two Nato heli-copters flew well into 200meters inside Pakistani air-space near Pak-Afghan borderin Chaman.
After flying in Pakistani air-space for several hours theNato helicopters flew back toAfghanistan.
When FC and Pak Army wascontacted in this regard theydenied the violation of Pak air-space by Nato helicopters anddeveloped stance that it was notintentional violation but usual-ly helicopters unintentionally
See # 3 Page 11
FM reaches Brussels
FoDPmeeting
set for 15thBRUSSELS: Foreign MinisterShah Mehmood Qureshiaccompanied by a high-leveldelegation reached Brussels ona two-day visit to attend thethird ministerial meeting ofFriends of Democratic Pakistan(FoDP) to be held on Oct 15.
According to Pakistan’sEmbassy in Brussels, the meet-ing will be co-chaired byForeign Minister Qureshi andEuropean Union HighRepresentative BaronessCatherine Ashton.
The ministerial meeting,among other things, will reviewthe post-flood situation andearly recovery, rehabilitationand reconstruction require-ments based on the DamagedNeeds Assessment being joint-ly prepared by the World Bankand the Asian DevelopmentBank.
The ministerial meeting willalso deliberate on energy sectorreforms, MalakandDevelopment Strategy, institu-tional capacity building andPakistan’s efforts towards eco-nomic stabilisation.
The Friends of DemocraticPakistan (FoDP) is a globalforum and a platform whichwas established in September2008 in New York on the side-lines of the United NationsGeneral Assembly session.
It aims to extend support tothe Democratic Governmentof Pakistan and its efforts toconsolidate democracy inPakistan and support socialand economic development inthe country.
European Commission,Denmark, Iran, Japan, TheNetherlands, Norway, Republicof Korea, Saudi Arabia, Spainand Sweden currently are alsomember states of FoDP where-as Egypt is attending the meet-ing for the first time.
The international financialSee # 4 Page 11
KESC workers reinstatement
Apex Courtstays SHCdecision
ISLAMABAD: The SupremeCourt of Pakistan on Tuesdayupheld Sindh High Court(SHC) verdict on reinstatementof 45 KESC employees, reject-ing the Company's plea againstverdict.
The Sindh High Court in apetition had ordered KarachiElectric Supply Company(KESC) to reinstate 45 employ-ees but the latter challenged theverdict and moved to the apexcourt against the decision.
A three-member bench com-prising Chief Justice IftikharMuhammad Chaudhry, JusticeGhulam Rabbani and JusticeKhalil-ur Rehman Ramdayresumed hearing of the petition.
During the course of hearingcounsel for KESC AbdulHafeez Pirzada apprised thecourt on the matter andappealed the apex court to nul-lify verdict of Sindh HighCourt about the reinstatementof KESC employees.
After hearing the arguments,the Chief Justice upheld thelower court verdict maintainingthe reinstatement of the saidemployees and disposed of thepetition. -APP
CNG outletsobserve wklyclosedown
LAHORE: All CNG stationsin Lahore, Gujranwala andMultan remained closed onTuesday due to the weekly 'gasholiday' announced by the gov-ernment.
Talking to APP on Tuesday,Chairman All Pakistan CNGAssociation Ghayas Parachaurged the government to takeimmediate steps to overcomegas shortage in the country andthus prevent public inconven-ience. -APP