Swiss franc hits record high vs USD

ZURICH: The Swiss franc hit a fresh all-time high against the dollar on Thursday as traders took falls in US bond yields, which erode the return on US assets, as a cue to sell the greenback.The franc, which has attracted funds escaping euro-zone debt problems, also traded within reach of a recent peak versus the euro as investors continue to prefer the solid Swiss economy to the potentially unstable euro-zone. The Swissie was 0.3 per cent higher against the dollar compared to the New York close, trading at 0.9431 per dollar at 0731 GMT. The franc earlier hit a new record high against the dollar of 0.9418 franc per dollar, according to Reuters data. The franc was up 0.2 pct against the euro at 1.2481 per euro. “Recent record highs in the Swiss franc are not linked to any event in particular...

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Posted in: dollar,euro,franc,hit,record high,Swiss,Swiss franc,US,USD

‘Serial losers’ Pakistan warn NZ with final win

NZ take series 2-1CHRISTCHURCH: Captain Shahid Afridi and All Rounder Abdul Razaak took seven wickets between them as Pakistan outclassed the Kiwis in the third Twenty20 in Christchurch on Thursday. New Zealand team was all out at 80 runs defeated by 103 runs big margin in the last Twenty20 of the series. The home side won the series 2-1.Captain Afridi grabbed four wickets for 14 runs but the star of the match was undoubtedly Abdul Razzaq, who hammered 34 off 11 deliveries before taking three top-order wickets for 13. Pakistan set 184 runs target after winning the toss and elected to bat first, however New Zealand team was all out for just 80 runs as only veteran Scott Styris scored 45 runs....

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12,000pts at long last

100-Index breaks big barrierNawaz AliKARACHI: Berserk bulls Thursday catapulted Karachi Stock Exchange (KSE) above 12,000 points — the major psychological level– after around two and a half years. The benchmark KSE 100-Index gained 145 points -1.22 per cent– to close at 12,031 points closing above 12,000 levels for the first time after July 03, 2008. KSE 30-Index jumped by 141 points -1.24 per cent– to hit 11,588 points and KSE All Share Index jumped 98 points -1.19 per cent– to reach 8,362 points....

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Oil slips under $91; US inventory data in focus

US jobless claims at lowest in more than two yearsLONDON: Oil prices slipped under $91 in thin trading volumes on Thursday ahead of the release of the latest weekly US oil inventory data, expected to show a drawdown in crude stocks for the fourth consecutive week. US crude for February delivery fell 57 cents to $90.55 a barrel by 1415 GMT. ICE Brent crude shed 41 cents to $93.73Oil prices brushed off a positive reading of new US jobless claims, which fell to their lowest levels in two years, suggesting the labour market could be regaining strength. Prices have traded range-bound near $91 a barrel after touching 26-month highs of $91.88 a barrel at the start of the week, but weakened during the penultimate trading session of 2010....

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Posted in: API,barrel,crude,expected,focus,GMT,Oil,Oil slips,prices,trading,US

Iran, India oil payment-row heats up

Central bankers of both nations meet todayNEW DELHI: A payments dispute between India and Iran escalated after Tehran refused to sell oil to India under New Delhi’s prohibitive new rules, sources on both sides said on Wednesday.The Indian sources said officials from the central banks of the two countries will meet on Friday (today) as Iran seeks to rescue trade worth around $12 billion (£7.7 billion) a year, at risk from rising US pressure on countries trading with Iran to abandon all dealings. Last week, the Reserve Bank of India said deals with Iran must be settled outside the Asian Clearing Union (ACU) system, used by central banks of member nations to settle bilateral trades....

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Posted in: ACU,banks,India,Indian,Iran,Iranian,NIOC,nuclear,payment,US

Forex reserves up at $16.42bn

KARACHI: Pakistan’s foreign exchange reserves rose to $16.42 billion in the week ending December 25, up from $16.39 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to $12.71 billion from $12.63 billion in the week ending Dec 25, while those held by commercial banks fell to $3.71 billion from $3.76 billion, said Syed Wasimuddin, chief spokesman of the central bank. “The $633 million from the United States will be included in the forex reserve data released next week,” said Wasimuddin. Pakistan’s reserves hit a record high of $17.10 billion in the week ending Oct 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade defic...

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Posted in: bank,billion,central bank,foreign exchange reserves,Forex,Karachi,Pakistan,Pakistanis,record high,reserves,State Bank

Domestic debt reaches Rs5.08tn

During 5MFY11Aamir AbidiKARACHI: Pakistan outstanding stock of domestic debt and liabilities has soared 8.2 per cent or Rs403 billion during the first five-month of current fiscal year (5MFY11), according to the State Bank of Pakistan (SBP). Domestic debt and liabilities recorded at a historical level of Rs5.296 trillion during the period, from Rs4.89 trillion on June 30, 2010, due to a significant rise in budget deficit. Similarly, domestic debt alone rose by Rs427 billion to Rs5.08 trillion in 5MFY11 as against Rs4.65 trillion in June 2010. The floating debt during the period under review rose by Rs364 billion to Rs2.76 trillion against Rs2.39 trillion in June 2010, while the unfunded debt increased by Rs56.1 billion to Rs1.51 trillion as compared to Rs1.45 trillion. Furthermore, permanent...

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Posted in: Aamir Abidi,billion,debt,fiscal year,June,Karachi,Pakistan,review,rise,treasury bills,trillion

MQM MPs resignations challenged in court

ISLAMABAD: Resignations tendered by two federal ministers from MQM have been challenged in Supreme Court (SC). Challenging the resignations through a petition filed under article 184(3), Shahid Orakzai, the petitioner has taken the plea that ministers from MQM cannot extend resignations under the directives of a person who is not citizen of Pakistan.The two federal ministers including Dr Farooq Sattar and Babar Ghauri have violated the sovereignty of Pakistan by giving resignations, he pleaded. The court should also inquire if Altaf Hussain was holding any office of any political party under political parties order, he said. The petitioner requested the court to intervene in the matter immediately. The court should maintain that both the federal ministers had violated the sovereignty of Pakistan...

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Posted in: challenged,Dr Farooq,MPs,MQM,Pakistan,party,political party,Sattar,SC,that,withdrawn

Pak to fight suit against ISI in US

Our foreign policy based on national interests: FOISLAMABAD: Pakistan on Thursday announced to strongly defend the law suit filed against country’s elite intelligence agency to seek its dismissal. A statement from the Foreign Office said, “Government of Pakistan has taken a firm decision to strongly contest the suit filed against the ISI, its present and past Directors General.” A US court had issued summons to senior Inter-Services Intelligence (ISI) officials including its head Major General Ahmed Shuja Pasha, in response to a lawsuit filed by relatives of two American victims accusing him and some others of providing material support for the Nov 11 Mumbai attacks. “The Government of Pakistan and the Pakistan Embassy in Washington shall defend the legal suit on behalf of ISI and its Directors...

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Posted in: countries,fight,Foreign,ISI,Minister,Pak,Pakistan,policy,relations,that,US

Zardari phones Altaf

KARACHI: President Asif Ali Zardai and MQM chief Altaf Hussain held a telephonic conservation late Wednesday night, media reported. Two leaders discussed issues of national interest including prevailing political situation. According to sources, President Zardari, talking to Altaf, said that PPP-led government would not let coalition partners become angry. Government would abolish reservations of MQM soon, president assured. -Agenc...

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Co raises urea price by Rs150/50-kg bag Engro told to justify hike

ISLAMABAD: Under the directives of the Federal Minister for Industries and Production Mir Hazar Khan Bijarani, the ministry has taken a serious note of increasing unilaterally the urea price by Rs190 per 50-kg bag by Engro Fertilizers Ltd.“This is indeed alarming”, says a statement issued by the Ministry of Industries and Production here Thursday. The statement said that it has been further ascertained that only one urea manufacturer has introduced this price increase, adding manufacturer has been asked to explain this increase immediately to the Fertilizer Price Review Committee (FPRC). Moreover, the government fully believes that, when sufficient stocks of urea are available in the country then there is no justification, at all, of increasing urea prices by one manufacturer, the statement...

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Posted in: affected,CCP,decisions,gas,hike,increase,price,raises,that,urea

Factory output stays sluggish

LSM down 2.07 per cent in 4MFY11Ghulam Raza RajaniKARACHI: Pakistan’s industrial output continued to show downward trend and contracted by 2.07 per cent in the first four-month of the current fiscal year mainly due to decline in production of petroleum, chemical and fertiliser sectors, according to data from the Federal Bureau of Statistics (FBS). During the period, two subsectors decline in production as Oil Companies Advisory Committee (OCAC) reported 13.86 per cent drop in production, and Ministry of Industries down by 4.55 per cent, while Provincial Bureau of Statistics showed a growth in production by 3.64 per cent. On the other hand, month of October also saw the decline – slightly higher by 2.81 per cent over the same period last year, worrying industrial output of the country. The...

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Posted in: billion,Bureau,cent,country,decline,FBS,Federal Bureau of Statistics,fertiliser,financial,fiscal,Ghulam Raza Rajani,that

Oil import bill swells 39pc in Nov

KARACHI: Country’s oil import bill again rose 39.3 per cent YoY to $979 million during the month of November as compared to $703 million in the month of November last year, mainly because of high demand of petroleum products due to high consumption of furnace oil for power generation to meet shortfall of electricity. According to the sector-wise trade data, in petroleum sector, the import of both crude and manufactured products went up significantly. Imports of manufactured petroleum product went rose 49.3 per cent to $578 million against $387 million witnessed in identical period last year. Similarly, crude oil import hiked 27 per cent to $401 million versus $315 million in November 09. In food group, import bill ballooned 96.1 per cent in November 2010 in which sugar import registered a...

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Posted in: Ahmed Siddique,cent,crude,import,Karachi,Oil,oil import,shortfall,sugar,trade,YoY

Textiles export grows by 23pc

KARACHI: The export of textile products showed an improvement of around 22.7 per cent in the initial five months (July-November) of current financial year against the same period of the last year, Federal Bureau of Statistics (FBS) reported Thursday. According to the official data, export of textile industry reached $5.12 billion in the period under review against $4.17 billion during the same period of previous year. The improvement in textile export was mainly attributed to higher per unit price of Pakistan textile products, otherwise quantity exported of mostly all the products under the category witnessed decline. As per details available, ready-made garments export increased by 33.1 per cent to $653 million against $490 million in 5MFY10. Similarly, cotton cloth, knit-wear, bed wear and...

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Posted in: billion,cent,Federal Bureau,Federal Bureau of Statistics,food,group,increased,July November,Karachi,Pakistan,review,rice

PM snubs talks of govt-change

Upper House unanimously adopts 19th amendmentSays rumours only impeding country’s developmentSpecial Correspondent/ AgenciesISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Thursday has said rumors don’t lead the government to exit door but they cause only problems and are impediment on the way to development. PM Gilani said this while addressing Senate session after the passage of 19th amendment. Gilani held 19th amendment was a new-year gift for the people and approval of this amendment had proved the august house was not a rubber stamp. “I had already said that only the House would approve whenever any constitutional amendment would come. Nishan-e-Pakistan would be conferred on the members of constitutional reform committee in January,...

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Govt oblivious to B’stan issue: Sharif

LAHORE: PML-N Quaid, Mian Muhammad Nawaz Sharif has blamed the government for ignoring the Balochistan issue, which would make the situation more severe with the passage of time. Addressing the Workers Convention in Lahore, PML-N Chief Mian Muhammad Nawaz Sharif said that it seemed that Balochistan is not included in the policy of the government, adding that the history of Dhaka-Fall is repeating in the Balochistan.He further said that a committee of senior parliamentarians should be formed to resolve the issues being faced in Balochistan. Mian Nawaz Sharif while congratulating the workers over foundation day said hat those who are calling the revolution are part of the corrupt government....

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Posted in: Balochistan,country,Govt,issue,Mian Muhammad Nawaz Sharif,Mian Nawaz Sharif,Nawaz,Nawaz Sharif,PML,Sharif,that

CJP appreciates lower judiciary

Justice Iftikhar addresses SHC judgesKARACHI: Chief Justice of Pakistan (CJP), Justice Iftikhar Muhammad Chaudhry has expressed his satisfaction over the performance of the judges of Sindh High Court and district judiciary. “During the last one year the judges of High Court and district judiciary have taken responsibility to discharge their duty to the best of their ability,” he said while addressing all the judicial officers posted in all the five districts and judicial officers posted in Special Courts of Karachi at the Sindh High Court (SHC) on Thursday. The Chief Justice observed that coming to the court was not the only duty of the judges but more important is to provide justice to the needy. “It is satisfactory to note that people are now overwhelmingly reposing trust on the institution...

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Posted in: CJP,Court,district,High,high court,issue,judges,judiciary,lower,SHC,that

Rs500 banknote ceases to be legal from Oct 1, 2011

ISLAMABAD: The Federal Government has declared that the old-design banknote of Rs500, which was introduced in April 1986, shall cease to be legal tender with effect from 1st October, 2011 and hence cannot be exchangeable from this date.Accordingly, State Bank has asked the general public to exchange the old-design banknote of Rs500 from the field offices of SBP Banking Services Corporation and the branches of all commercial banks throughout the country up to 30th September, 2011. It may be pointed out here that the State Bank has already completed the issuance of new design banknote series of all denominations (including Rs 500), which started with the launching of Rs20 denomination banknote in 2005, to improve the security features, durability and aesthetic quality of banknotes. -Onl...

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Posted in: April,Banking Services Corporation,banks,commercial banks,Corporation,Federal,Government,Islamabad,security,State Bank,that,The Federal Government

China backs rare-earth quota-cut

Says quota cut in line with WTOBEIJING: China defended its export controls on rare earth minerals on Thursday, saying that they were in line with World Trade Organization rules, after a government move to slash export quotas on rare earths sparked trade concerns. China, which produces about 97 per cent of the global supply of the metals used in the production of numerous high-tech products, cut its export quota by 35 per cent for the first half of 2011 compared with a year earlier, saying it wanted to conserve reserves. Foreign Ministry spokeswoman Jiang Yu reiterated at a regular news briefing in Beijing that the quotas were necessary for environmental protection. “This accord with relevant WTO rules,” she said. “In the future, China will continue to supply rare earths to the international...

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Posted in: BEIJING,cent,China,companies,cut,European,Jiang,that,trade,US,WTO

ATC reserves verdict

Shahzain’s bail QUETTA: A special Anti-Terrorism Court (ATC) Thursday has reserved its decision regarding bail of the arrested leader of Jamhoori Watan Party Shahzain Bugti till today (Friday). On Thursday, Shahzain Bugti’s lawyer, W N Koli, presented his arguments for the approval of bail in ATC and requested the court to give him more time for further investigation.After hearing arguments of both sides’ lawyers, the ATC reserved its decision, on Bugti’s bail, till today. Hundreds of Bugti’s supporters attended the hearing and they protested, outside the court, against the arrest of their leader. -Onl...

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Musharraf refuses to appear before panel

Benazir Murder CommissionISLAMABAD: Former president General (Retd) Pervez Musharraf has refused to appear before any commission set up regarding the murders of Benazir Bhutto and Akbar Bugti. During an interview with a private television channel, Musharraf maintained, “It was not my responsibility to provide security to Benazir Bhutto; who told her to come out of the rooftop of her vehicle”?He said that President was not supposed to provide security to anyone. “I feel bad when the security agencies are being accused of having a hand in BB’s murder, they did nothing of sort”, Musharraf asserted. “Only people like Jehangir Badar alleged me of the murder”, the former COAS stated. Replying to a question on Akbar Bugti’s murder, he said that “Frontier...

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Posted in: Akbar Bugti,benazir bhutto,Bhutto,Frontier Constabulary,General Retd Pervez Musharraf,Jehangir Badar,murder,Musharraf,NNI,security,that

Malik, Rabbani fail to lure Fazl

JUI-F Chief refuses to rejoin governmentISLAMABAD: Government cronies on Wednesday made other effort to woo back JUI-F Chief Maulana Fazl-ur Rehman back into the fold of the government however the JUI-F Chief has refused to review of his decision.According to sources Interior Minister Rehman Malik, Head of Parliamentary Committee on Constitutional Reforms Raza Rabbani, and 10-member Parliamentary Delegation from Fata led by Munir Khan Orakzai met JUI-F Chief Maulana Fazl separately at his residence and asked the Maulana to Fazl reconsider his decision....

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Posted in: back,decision,issues,JUI,Malik,Maulana Fazl,Minister,party,PM,Rehman Malik,that

Cabinet mulls PR, PSM rejig

Gilani chairs meeting, reviews progress on decisionsMeeting also accords approval to pacts with ChinaSpecial Correspondent/ AgenciesISLAMABAD: The Federal Cabinet which met here Wednesday reviewed the status of implementation of Cabinet decisions pertaining to food and agriculture, foreign affairs, health, housing and works and industries and Production decisions. Prime Minister Syed Yousuf Raza Gilani presided the meeting. During the meeting Cabinet deliberated upon the declining performance of Pakistan Railways, Pakistan Steels Mills and other government’s institutions including Pepco and PM directed that restructuring plan of these departments be presented in the next Cabinet meeting....

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Posted in: Cabinet,decisions,kaira,loan,Minister,Pakistan,Pakistan Railways,PR,PSM,Railways,that

President says PPP won’t let MQM go

KARACHI: President Asif Ali Zardari Wednesday assured that Pakistan Peoples Party (PPP) will not let Muttahida Qaumi Movement (MQM) quit the coalition and keep respecting the parties’ mandate. He was addressing to provincial ministers and members Sindh Assembly in a meeting held here in Bilawal House Karachi.Earlier president was briefed about three year’s performance of Sindh government. He said local body’s elections would be held in 2011 and PPP would get clear majority in the elections....

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KSE members elect directors

KARACHI: The annual election of directors of Karachi Stock Exchange (KSE) was held Wednesday, to elect five directors for the next term commencing from January 01, 2011. In all, nine candidates contested the election for which a total of 156 members of the Exchange cast their votes and all the ballots were declared valid.Accordingly, the five candidates who were declared successful, in order of the votes secured, are: Abid Ali Habib (130), Mohammed Sohail (101), Zafar Siddiq Moti (98), Ashraf Bava (93), and Muhammad Qasim Lakhani (90). It should be noted that out of these newly elected directors, three of them i.e. Mohammad Sohail, Ashraf Bava and Muhammad Qasim Lakhani elected for the first time. After electing as a director KSE for the first time Mohammad Sohail while talking to media said...

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India, BD against EU grants to Pak

NEW DELHI: India, Bangladesh and Peru have opposed the European Union’s proposal to give duty-free access to Pakistani textiles as a flood relief measure. The countries have informed the World Trade Organisation (WTO) that trade concession was not the right option as it harmed interests of competitors, a government official has said.A decision on EU’s proposal to allow duty-free import of 75 items — 64 of them textiles — from Pakistan was deferred at a recent meeting of the WTO committee on trade in goods after the three countries raised objections. It will be taken up in the next meeting scheduled for late January, according to Economic Tim...

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Posted in: BD,countries,duty,EU,import,India,Pak,Pakistan,textiles,that

Governors’ appointments challenged in Supreme Court

ISLAMABAD: PML-N has challenged the appointment of all the four provincial governors in Supreme Court. According to media reports the petitioner Senator Zafar Ali Shah from PML-N had taken plea in his petition that incumbent four governors were appointed by the former president Pervez Musharraf while such powers had been transferred to prime minister following the implementation of 18th amendment.President has to appoint the governor in consultation with the prime minister, therefore the induction of sitting four governors is illegal and unconstitutional, he added. The appointment of governors be declared null and void and they be restrained from performing their duties, he said. Federation, provincial governments and all the four governors have been made respondents in the petition. -Onl...

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Posted in: appointments,challenged,Court,illegal,Islamabad,media reports,Pervez Musharraf,PML,reports,Senator Zafar Ali Shah,Supreme Court

Governors’ appointments challenged in Supreme Court

ISLAMABAD: PML-N has challenged the appointment of all the four provincial governors in Supreme Court. According to media reports the petitioner Senator Zafar Ali Shah from PML-N had taken plea in his petition that incumbent four governors were appointed by the former president Pervez Musharraf while such powers had been transferred to prime minister following the implementation of 18th amendment.President has to appoint the governor in consultation with the prime minister, therefore the induction of sitting four governors is illegal and unconstitutional, he added. The appointment of governors be declared null and void and they be restrained from performing their duties, he said. Federation, provincial governments and all the four governors have been made respondents in the petition. -Onl...

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Kardar terms RGST as revenue-booster

SBP Governor addresses PIDE ConferenceISLAMABAD: Governor of State Bank of Pakistan (SBP) Shahid H Kardar on Wednesday called for raising tax revenue by implementing Reformed General Sales Tax (RGST) for the economic prosperity of the country.“The country desperately needs a tax structure in order to improve its economy. The RGST can be the best option but unfortunately our politicians are not convinced enough to pass it into a law”, Kardar said, adding RGST was a very progressive one and it would benefit most segments of the society. He stated this while chairing a session of a three-day annual general meeting and conference of Pakistan Society of Development Economists (PSDE) here at a local hotel in which renowned economists from across the world participated. The conference has been organised...

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Nepra tells Discos to reduce tariffs

Tariff down Rs2.09 during 4mth: SpokesmanISLAMABAD: National Electric Power Regulatory Authority (NEPRA) has directed all the power distribution companies to reduce their tariffs by Rs1.08 per unit whereas Rs0.46 for KESC. This has been learnt from a circular issued by Nepra here in Islamabad on Wednesday.According to details, this decision has been taken in monthly fuel adjustment surcharges from the month of November which will be applicable on consumers. Decision has been taken after publicly hearing complaints regarding monthly fuel adjustments in power tariffs. After hearing, Nepra decided to reduce the power tariff by Rs1.08 for all distribution companies whereas for KESC this reduction will be Rs0.46 per unit, which will be applicable from month of November. Meanwhile a spokesman of...

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Snowfall interrupts PIA flights

PESHAWAR: Flights bound for Chitral from Peshawar have been cancelled due to severe fog and heavy snowfall over the Lowari top, severely restricting passengers bound for Chitral.Schedule of many other airlines from Peshawar, with flights bound for Karachi, Quetta, Saidu Sharif, Dera Ismail Khan, Lahore, besides international flights has also been affected, while food shortages have also hit the area. -Onl...

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China cuts rare earths exports quota

SYDNEY: China has raised fresh international trade concerns after slashing export quotas on rare earths minerals, risking action from the United States at the World Trade Organization. China, which produces about 97 per cent of the global supply of rare earth minerals, cut its export quotas by 35 per cent for the first half of 2011 versus a year ago, saying it wanted to preserve ample reserves, but warned against basing its total 2011 export quota on the first half figures. The US Trade Representative’s office was “very concerned” about China’s export restraints on rare earths and had raised its concerns with China, a spokeswoman said. A European Commission spokesman said the European Union “notes the latest quota figures and expects China to respect its recent assurance of a guarantee of...

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‘Malik turned a blind eye to security plan’

Saud Aziz being victimised in BB murder: CounselRAWALPINDI: Counsel of former DPO Rawalpindi Saud Aziz — nominated accused in the Benazir Bhutto Assassination case — has disclosed that Benazir Bhutto was assassinated due to non-implementation of the security plan whose responsibility lies on Rehman Malik and Major Imtiaz.Addressing a press conference here Wednesday, the Counsel Waheed Anjum told that prior to one day before December 27, 2007 public gathering, the security plan was made on December 26 and SSP Yaseen Farooq was in-charge of it and questioned, why his statement was not made part of the FIR. According to the security plan, Benazir Bhutto was advised not to come out from the vehicle after the public gathering and she was informed about possible danger incase of coming out from...

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World Bank’s role in rehabilitation hailed

WB’s Review Mission visits Erra officeISLAMABAD: A high-level World Bank mission visited Erra where they were given a detailed update on utilisation of funds by Erra. The mission headed by Raja Rehan comprised of procurement, social sector, disaster risk reduction and finance specialists, who also met the chairman Erra, Hamid Yar Hiraj, and deputy chairman Erra, Lt Gen Haroon Aslam.World Bank has been one of the major partners in reconstruction and rehabilitation activities after the 2005 earthquake, specially, the rural housing program which is a success, and also in supporting Erra rural housing, livelihood cash grant and capacity building programs. Appreciating the role of donors and sponsors and specifically of World Bank, chairman Erra appreciated the technical support provided by World...

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Kardar-signed banknotes from Jan 3

KARACHI: The State Bank of Pakistan would start issuing banknotes bearing the signature of State Bank of Pakistan (SBP) Governor, Shahid Kardar with effect from January 3, 2011 from the field offices of SBP Banking Services Corporation.According to a press release issued here on Wednesday, the banknotes bearing the signatures of his predecessors shall continue to remain in circulation as legal tender. ...

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Securing AfPak border, a tall order: Pentagon

WASHINGTON: Acknowledging that terrorist have a safe haven inside the tribal areas of Pakistan from where they operate and cross over to Afghanistan, a top Pentagon official said that it would be a tough job to seal the AfPak border. “As far as the border itself, I think it is naive to say that we can stop, you know, forces coming through the border,” said Col Viet Luong Commander, Task Force Rakkasan and 3rd Brigade Combat Team, 101st Airborne Division. “In order to secure the border, as well — as you know, it takes a lot. It takes effort on the other side, by the Pakistanis,” said Luong, who is responsible for eastern Afghanistan which includes the volatile Khost province and 261-km of AfPak border. In a special video-conferencing with Pentagon reporters from Kabul, he said, “As our footprint...

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Posted in: Afghan,Afghanistan,AfPak,border,effort,forces,line,Pentagon

India probes Citibank staff fraud

NEW DELHI: Indian police said on Wednesday they were investigating Citibank staff in Gurgaon, a booming satellite city outside New Delhi, over a multi-million-dollar scam targeting wealthy clients. Employees at the bank in Gurgaon, where many international companies are based, allegedly forged letters to sell a fake investment scheme to about 40 wealthy clients, the Economic Times newspaper reported.Nearly 4 billion rupees (88 million dollars) was handed over, according to the paper. The alleged fraud came to light earlier this month when one of the clients mentioned the scheme to a senior bank manager. Citibank and police confirmed the probe but gave no further details. The investigation is the latest financial scandal to hit India. Last month several senior executives of state-run banks...

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Posted in: bank,Citibank,dollars,fraud,India,investigating,manager,Mumbai,NEW DELHI,scam,scheme

Indus Motors cuts car prices

KARACHI: Indus Motors announced Wednesday that they will reduce the prices of Daihatsu Cuore and Toyota Corolla Sedans effective December 29, 2010. The reduction ranges between Rs15000 to Rs40k per vehicle. The Company spokesperson added over last several months IMC has made major capital investments amounting Rs 2 billion in the phase-2 of Press Shop project and also in the engine assembly and testing facilities.These projects are now reaching implementation and start-up stage that enables the Company to pass the benefits of enhanced localisation and assembly to our valued customers, accruing from these projects. The price reduction will be valid on all orders, received after December 29, 2010. The new selling price of the popular Corolla...

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MQM puts PPP into a tight spot

Sattar, Ghauri send resignation to President, PMPML-N accepts Altaf’s challenge of public debateStaff Reporter/ AgenciesKARACHI: The PPP-government came under further pressure Tuesday with its second-largest partner, Muttahida Qaumi Movement’s Farooq Sattar and Babar Khan Ghauri dispatched their resignations to President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani. Muttahida Qaumi Movement said Monday that it was withdrawing its two ministers from the federal cabinet in a move that could threaten the narrow parliamentary majority of President Zardari’s Pakistan Peoples Party (PPP). Talking to media, Sattar said that they had resigned because the government failed in solving the problems faced by the people of Pakistan. He said...

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Posted in: Altaf,Ghauri,Hussain,MQM,Pakistan,party,PPP,President,Sattar,that

Hina underlines fiscal discipline

ISLAMABAD: Minister of State for Finance and Economic Affairs, Hina Rabbani Khar Tuesday called for maintaining fiscal discipline in the utilisation of resources at all levels for the welfare of the people and socioeconomic development of the country. She stated this while presiding over the session of the 26th annual general meeting and conference of Pakistan Society of Development Economists (PSDE) here.The three-day conference has been organised by the Pakistan Institute of Development Economics in collaboration with Forum of Federation Center for Civic Education, Higher Education Commission, CIDA, USAID and FES. Deputy Chairman of the Planning Commission Dr Nadeem-ul Haq inaugurated the conference while Vice Chancellor of the PIDE Dr Rashid...

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Posted in: Commission,conference,country,economic,fiscal,growth,Hina,Institute,Khar,NFC,Pakistan

Offshorers pour $0.5bn into KSE

Foreigners hold shares worth $2.9 billion KARACHI: One thing which was interesting at a time of crisis in Pakistan, led by ferocious floods, is the continuous foreign buying in local stock market. Though local investors remained bearish on the market due to liquidity crunch amid huge borrowing by the government, it was the foreign inflows that saved Pakistani market in the outgoing year.Compared to the net buying of only $24 million in 2009, foreigners in 2010 bought shares worth $1.2 billion and sold $0.7 billion with net buying of $0.5 billion. High government borrowing is crowding out private investment in Pakistan and local investors prefer to park their funds in risk free government papers or high yielding bank deposits. In 2010YTD, local companies sold shares worth $168 million on net...

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Posted in: billion,buying,cent,December,investors,KSE,liquidity,markets,net,Offshorers,Pakistan,share

Pakistan, Oman set to talk FTA

Gilani seeks increased Omani investmentPM denies communication gap with IndiaMUSCAT: Prime Minister Syed Yousuf Raza Gilani Tuesday denied any communication gap with India on resolution of core issue of Kashmir and other outstanding issues, but asked it not to hold the dialogue process hostage to the Mumbai incident. This impression should be dispelled that there is lack of communication between Pakistan and India, Gilani said, however pointed at lack of trust, in an interaction with local Omani media at his hotel.Prime Minister Gilani said Pakistan desires resumption of dialogue process with India to resolve all outstanding issues and mentioned his talks with his Indian counterpart Dr Manmohan Singh during which he had asked him that one incident...

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Fazl asks Zardari to replace PM

ISLAMABAD: Terming him a threat to the democratic process in the country, Maulana Fazlur Rehman, Chief of Jamiat Ulema-e-Islam Fazl (JUI-F) called upon President Zardari to replace Prime Minister Yousuf Raza Gilani.During a press briefing here Tuesday, Fazal asked the President to take strict action against the PM for derailing the democratic process in the country and acting against the reconciliatory policy of the PPP government. “Bring a new Prime Minister for it is impossible for the democratic process to run in Gilani’s being in power”, the JUI-F chief asked the incumbent government. He asserted that he was in touch with all the political parties regarding the current political scenario, however added he was expecting some big decision...

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Posted in: chief,country,Fazal,JUI,Minister,MQM,PM,PML,President,Prime Minister,that,Zardari

E-commerce on rise, SBP reports

FY11: first quarterStaff ReporterKARACHI: The scope of payment systems infrastructure in the country increased during the first quarter (July-September) of the current 2010-2011 fiscal year (FY11) as a total of 99 automated teller machines (ATMs) were added to the e-banking infrastructure bringing the total number of ATMs to 4,562 in the country. According to State Bank’s First Quarterly Report on Payments Systems released Tuesday, 60 more bank branches have been upgraded to Real Time Online Branches (RTOBs) while the number of plastic cards (i.e. ATM, Debit and Credit Cards) also increased by 5.23 per cent compared to the previous quarter. The Report said that the value of ATM transactions increased by about 5 per cent to Rs262,524 million while maintaining the number of transactions at the...

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Mirza ready to quit to win MQM back

President, PM assure MQM resolution of grievancesStaff Reporter/ AgenciesBADIN/ KARACHI: Sindh Home Minister Dr Zulfiqar Mirza, who infuriated the coalition partners with his fiery statements, Tuesday offered to sacrifice his ministry to bring round the resented partners. Zulfiqar Mirza said if quitting the ministry could please Muttahida Qaumi Movement (MQM), then he was ready to tender his resignation for the purpose. Talking to media here, Sindh Home Minister said Pakistan Peoples Party (PPP) would keep democracy up and that he was raring to render every sacrifice for the its sake. Mirza said, “Political parties do have differences with each other; MQM is a democratic party and I respect their mandate.” Meanwhile, President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani held...

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Cracker blast at KU injures 8

KARACHI: At least 8 students injured in cracker blast at Karachi University here Tuesday. As per details, a cracker blast in Karachi University at Arts lobby, near Mehmood-ul Hassan Library at 1:00PM injured 8 students. After receiving information police, Rangers, bomb disposals squads and ambulance rushed at the site and dispatched the injured students to hospital. The bomb was of 200-gram. According to the University sources, one student organisation targeted the other student’s organisation while police sources told that it was parcel attack. Police sources further told that it was cracker blast of low intensity. SSP Gulshan Iqbal Naeem Shaikh, SSP Special investigation unit Umer Khattab, SP CID Investigation Mazhar Mashwani and DIG Shaukat Ali visited the si...

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Posted in: Cracker blast at KU injures 8

MQM concerns genuine: Awan

KARACHI: Federal Minister for Law and Parliamentary Affairs Babar Awan Tuesday said MQM chief Altaf Hussain’s concerns were genuine and that he fully agreed with the MQM leadership. Speaking to media representatives after attending a ceremony held in connection with ‘Past, Present and Future’ organised by Sindh Madrassah ul Islam, Awan said MQM chief Altaf Hussain’s concerns were genuine and that he fully agreed with the MQM leadership, adding President Asif Ali Zardari has assured that all ‘grievances’ of the Muttahida Qaumi Movement (MQM) will be addressed.MQM has expressed its concern over the socioeconomic problems of the people and similar are the views of the government, he added. Awan said the government was determined to solve the problems...

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Posted in: altaf hussain,Awan,chief,concerns,Hussain,judiciary,leadership,MQM,that

Reform extension seen positive for PPP-govt

IMF gives more time for RGST approvalISLAMABAD: Economic experts here Tuesday termed IMF nine-month extension for stand-by arrangement as positive and an opportunity to complete the reform for General Sales Tax and correct the course of fiscal policy and amend the legislative framework for the financial sector.Pakistan can use this period as an opportunity to further correct the fiscal policy to implement the reformed general sales tax (RGST) in the country, Dr Ashfaq Hassan Khan former Advisor Finance Ministry told APP here Tuesda...

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Posted in: APP,country,fiscal,GDP,IMF,Pakistan,policy,PPP,RGST,Sales Tax,tax,that

Lawmakers raise voice over rising drone attacks

ISLAMABAD: Members of the National Assembly Tuesday expressed serious concern over the rising drone attacks into the tribal areas of Pakistan. They called upon the government to get these attacks halted which are disturbing law and order and hurting the economy of the country.PPP-Sherpao leader Aftab Ahmed Khan Sherpao said that more then five drone attacks were reported in tribal areas during the last 24 hours, adding that these attacks were resulting in terrorism and extremism in Pakistan. He said the government claims that it is against these attacks and asked then why the joint resolution of the parliament regarding the drone attacks has not been implemented. He said the government should table the joint resolution in the House to review the situation because the increasing number of drone...

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Kayani visits Khi Garrison

RAWALPINDI: Chief of Army Staff (COAS), General Ashfaq Parvez Kayani visited Karachi on Tuesday, where he addressed officers of Karachi Garrison. He spoke about the domestic and regional security issues and also dilated upon the ongoing military operations to restore normalcy in terrorism-affected areas of the country. He also lauded rescue and relief efforts undertaken by various Army Formations during recent floods. On arrival, COAS was received by Corps Commander, Lieutenant General Muhammad Zahir Ul Islam. -Onl...

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Posted in: affected,Army,Army Formations,COAS,Corps Commander,General,Karachi,Khi,Lieutenant General,Lieutenant General Muhammad Zahir Ul Islam,military,relief

Kayani visits Khi Garrison

RAWALPINDI: Chief of Army Staff (COAS), General Ashfaq Parvez Kayani visited Karachi on Tuesday, where he addressed officers of Karachi Garrison. He spoke about the domestic and regional security issues and also dilated upon the ongoing military operations to restore normalcy in terrorism-affected areas of the country. He also lauded rescue and relief efforts undertaken by various Army Formations during recent floods. On arrival, COAS was received by Corps Commander, Lieutenant General Muhammad Zahir Ul Islam. -Onl...

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Pagara sees MQM, JUI-F in next govt

KARACHI: Pakistan Muslim League-Functional (PML-F) Chief Pir Pagara has reiterated 2011 as the year of polls and predicted that MQM and JUI-F will be the part of new government. He was talking exclusively to Online News Agency here in Karachi on Tuesday. He said next government setup will be political and one amongst these political parties currently active on will grab the crown. He shared his good wishes with new government as he prayed for them.Replying to questions, Pir Saheb said MQM will never return to federal cabinet as PPP will remain unsuccessful in aligning them. He was of the view that both MQM and JUI-F have played their cards wisely and will be rewarded in next ruling setup accordingly. He predicted about next ruling party as it will be the same that intermittently appears on...

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Dec 31: last day of SECP CRS, CEES

ISLAMABAD: The amnesty schemes launched by the Securities and Exchange Commission of Pakistan (SECP), i.e., the Companies Regularization Scheme (CRS) and Companies Easy Exit Scheme (CEES) shall close on Friday, December 31.These schemes were initially operative for three months, from July to September. On public demand these schemes were extended initially to October and then to November. Now they have been finally extended to December 31, vide its circular No 27 of 2010, placed on the SECP website. The fees structure in terms of S.R.O. 996(I)/2010 of October 26 shall apply. The companies are earnestly advised to benefit from the schemes within the stipulated time, by either regularizing through filing of their overdue returns under the CRS or strike their companies off the register under...

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Posted in: CEES,companies,Companies Regularization Scheme,CRS,day,December,Exchange Commission,Islamabad,SECP

Cameron, Zardari talk ties over phone

KARACHI/ ISLAMABAD: British Prime Minister David Cameroon telephoned President Asif Ali Zardari on Tuesday afternoon. Bilateral relations and situation in the region figured in the talks. David Cameroon called the President soon after the President arrived in Karachi from Naudero where he had been for the Party meeting and public address on the eve of the third anniversary of Shaheed Mohtarma Benazir Bhutto on Monday.According to Presidency sources, British Prime Minister David Cameroon discussed host of issues with the President including national, international and Pak-UK relations in length. PPP would continue its five-year term and next elections would be fair and free, President told British Prime Minister David Cameroon. He further said that Pakistan would continue to fight the menace...

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Posted in: British,British Prime Minister David Cameroon,Cameron,Cameroon,David Cameroon,Minister,Pakistan,President,Prime Minister,relations,that,Zardari

MQM delegation visits BB’s mausoleum

GARHI KHUDA BAKSH: Delegation of Muttahida Qaumi Movement (MQM) under the leadership of Provincial Minister Raza Haroon visited the tomb of Shaheed Benazir Bhutto on the third death anniversary of the international leader and laid floral wreath and offered Fateha for the departed soul.During a quick chat with journalists, Raza Haroon said undoubtedly Shaheed BB was an international leader and she gave her life for Pakistan, adding that we will continue her goals and manifesto along with President Asif Ali Zardari. The killers of BB will not be spared at any cost, he held. He said MQM is holding the manifesto given by Mohtarma Benazir Bhutto and we have implemented her vision to a great extent. He further reiterated that we would expose the assassins of BB tooth and nail. -Onl...

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Posted in: Banzir Bhutto,Nawaz Sharif,World News

100-Index up 26pc in CY10

KARACHI: With only one week to go, Pakistan market nearly gained 26 per cent ($24 per cent) in calendar year 2010. Amongst the local investors there were very few winners. That is few investors have minted money due to low volumes and due to the fact that index gain was mainly driven by heavy-weight OGDC. OGDC, with more than 80 per cent of float is estimated to be owned by foreigners, its share in KSE 100-Index has jumped to 25 per cent now from 19 per cent at start of the year and is distorting the so-called representative KSE 100-Index. The stock that used to be the top traded stocks has fallen to number 5 in 2010 as local investors don’t have large quantity of this stock to trade. As per the Mohammed Sohail of Topline Securities, one thing that was missing from Pakistan’s largest exchange...

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Posted in: Nawaz Sharif,World News

KSE recomposes Meezan 30 Index

Shell, Kapco, Hubco & NML includedStaff ReporterKARACHI: Karachi Stock Exchange has recomposed KSE-Meezan 30 index by replacing four companies with new ones, according to a notice issued by the KSE. The notice said that the re-composition exercise has been based on the selection criteria of KMI-30 Index. The revised Index will be implemented from 31st December 2010. According to the list of the incoming companies, Kot Addu Power Company Limited, Nishat Mills Limited, Shell Pakistan limited, and The Hub Power Company Limited. On the other hand, the list of the outgoing companies includes Attock Petroleum limited, Altos Battery limited, Siemens Pakistan Engineering Company Limited and Sitara Paraoxide limit...

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Posted in: Nawaz Sharif,World News

India launches Sharia Index

MUMBAI: India’s Bombay Stock Exchange launched a share index of Sharia-compliant companies on Monday in an attempt to open stock-trading to more Muslims. The BSE TASIS Sharia 50 consists of the largest and most liquid Sharia-compliant stocks within the BSE 500 index.All the companies have been vetted to ensure they comply with Islamic law, which does not allow investors to put money into firms that benefit from interest or the sale of sinful goods such as alcohol, tobacco or firearms. The managing director and chief executive of the Bombay Stock Exchange, Madhu Kannan, said the index would attract Islamic and other “socially responsible” investors both in India and overseas. “This index will create increased awareness of financial investments among the masses and help enhance financial inclusion,”...

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Posted in: Nawaz Sharif,World News

PPP workers demand BB murderers apprehended

GARHI KHUDA BAKHSH: Thousands of PPP activists encircled provincial interior minister Zulfiqar Mirza and provincial minister Agha Siraj Durrani inside mausoleum of Benazir Bhutto chanting slogans “we want neither roti, nor kapra or makan and only want the murderers of Benazir Bhutto.These activists said amid supplications that “This is third anniversary of Benazir Bhutto but killers of Benazir Bhutto have not been arrested so far. For Gods’ sake arrest them. We need nothing else than the arrest of assassins.” Zulfiqar Mirza while consoling these activists said the day was not far off when the murderers would be arrested. Talking to journalists, Dr Zulfiqar Mirza said remarkable headway had been made in the investigation into assassination of Benazir Bhutto. Letter given to Benazir Bhutto would...

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Posted in: Banzir Bhutto,Nawaz Sharif,World News

Fertiliser sales up 38pc in Nov YoY

Urea prices up Rs190/bag on gas curtailment Gas supply to fertilizer cos to be suspended for 45-day Aamir AbidiKARACHI: Fertiliser offtake depicted a surge of 37.8 cent YoY in November 2010 to 1.21 million tonnes compared with 877k tonnes in same period last year mainly due to dealers pileup inventories on expectation of RGST on fertiliser, and growing demand of farmers as water recede, revealed the recent data of National Fertilizer Development Centre (NDFC). According to the latest fertiliser data, urea sales significantly rose by 75.6 per cent to 879k tonnes against 501k tonnes of identical period last year. On the other hand, Di-ammonium phosphate (DAP) offtake remained on lower side as its offtake witnessed fall by 36.1 per cent on a YOY basis. DAP sales remained at 180k tonnes compared...

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Posted in: Nawaz Sharif,World News

Summit Bank nods merger with Mybank

KARACHI: The board of directors of Mybank Ltd has approved the draft scheme of amalgamation with Summit Bank Ltd (SBL), formerly Arif Habib Bank Ltd. According to information despatched to Karachi Stock Exchange here Monday, the bank said that the board has also approved valuation and swap ratio for the issuance of 0.80 share of SBL for one share Mybank Ltd. It may be noted that SBL had already acquired Atlas Bank Ltd last week through merger, sanctioned by State Bank of Pakistan. -...

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Posted in: Nawaz Sharif,World News

21 dead in NWA drone attack

MIRANSHAH: US missiles killed 21 militants in North Waziristan tribal belt where the United Nations announced Monday it was suspending food handouts in one district after a suicide attack. The missiles destroyed a vehicle and compound in North Waziristan.Local security officials said unmanned US aircraft fired at least six missiles at the targets in Mir Ali village, 25-kilometre east of Miranshah. “At least 15 militants were killed in a US missile strike, which targeted a vehicle and a compound,” a senior security official told. “Four missiles hit the vehicle and two struck the compound,” he added. Security officials had initially put the death toll at six. -Agenc...

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Posted in: Nawaz Sharif,World News

MQM out of Fed Cabinet

Decision to quit Sindh Cabinet to be taken soonFarooq Sattar, Babar Ghauri resign todayStaff ReporterKARACHI: Muttahida Qaumi Movement (MQM) has decided to sever ties with Federal Cabinet, on Monday night. According to the details, MQM’s Central Rabita Committee held its simultaneous meetings in London and Karachi. According to Rabita Committee decision, two MQM ministers will tender their resignation in first phase. Federal Ports and Shipping Minister Babar Ghauri and deputy convener of the MQM, Dr Farooq Sattar are abroad and will tender their resignations today (Tuesday). A decision regarding quitting Sindh cabinet will be made soon. However, MQM said that it will sit on treasury benches....

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Posted in: MQM,Nawaz Sharif,World News

Mirza told to watch his words

NAUDERO: President Asif Ali Zardari has directed Sindh Home Minister Zulfiqar Mirza to refrain from issuing any statement against coalition partners, media reported on Monday.President Zardari, who is also the co-chairman of PPP, directed Mirza in the meeting of CEC on Saturday, the sources said. ‘The policy of reconciliation in vision of Shaheed Benazir Bhutto should not be affected by the statements against coalition partners’, President directed Mirza. He asked Mirza that problems should not be created for coalition by these statements. The President further said that directives of the Prime Minister pertaining to coalition partners in Sindh must be complied. -Agencies...

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Posted in: Nawaz Sharif

BB killers won’t escape: President

President addresses gathering on BB anniversarySays UN’S investigation report incompleteSpecial Correspondent /AgenciesNAUDERO: President Asif Ali Zardari has said that investigation report of United Nation was incomplete and they showed their reservations in this regard. President Asif Ali Zardari said in his address to a mass gathering on the occasion of third martyrdom anniversary of his slain wife and PPP co-chairperson Benazir Bhutto Monday. We have fulfilled our promises we made with the nation and Benazir Bhutto,” he said, adding that “the constitutional reforms, autonomy to provinces, NFC awards, packages of Balochistan and struggle against corruption and poverty are achievements of Peoples Party.” About UN report into BB assassination,...

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Posted in: Banzir Bhutto,Nawaz Sharif,World News

Musharraf accuses Sharif of supporting Baloch nationalists

ISLAMABAD: Former president Pervez Musharraf has accused Nawaz Sharif of supporting Baloch nationalist leaders, charging that PML-N chief was trying to draw “political mileage” from the Baloch unrest. Musharraf, who has in the past alleged that India was backing the Baloch rebels, has once again said that Jamhoori Watan Party leaders Shahzain Bugti and Brahamdagh Bugti were “getting arms from India through Afghanistan.”Participating in a talk show on a TV news channel, he also alleged that India was involved in fomenting unrest in Balochistan, according to The Asian Age....

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Posted in: Nawaz Sharif,World News

Rs7.5bn pact for 106MW JV inked

Golen Gol Hydropower ProjectLAHORE: An agreement worth Rs7.52 billion was signed between Pakistan Water & Power Development Authority (WAPDA) and SAMBU-SARCO joint venture comprising a Korean and a Pakistani firm, here at Wapda House for Lot-II of 106-MW Golen Gol Hydropower Project. General Manager (North) Projects Fazl-e-Mabood and SAMBU Board of Representatives Chairman Oh Sung Hoon signed the agreement.Golen Gol Lot-II involves construction of diversion weir, intake, gravel trap, sand trap, headrace tunnel, pressure shaft, pressure tunnel and roads. Speaking on the occasion, Wapda Member (Water) Syed Raghib Abbas Shah dilated upon the significance of Golen Gol Hydropowr Project and expressed the hope that the joint venture would complete the works in accordance with the schedule. Golen...

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Posted in: Nawaz Sharif,World News

Heavy snow disrupts life in New York

NEW YORK: A blizzard pummeled the northeastern United States on day, dumping up to 29 inches of snow, disrupting air and rail travel and challenging motorists with blowing snow and icy roads at the end of the busy Christmas weekend.New York City, eastern New Jersey and western Long Island were the hardest hit by the storm, which blew up the Atlantic Coast on Sunday night and continued up to the Monday morning commute, unleashing powerful winds and grounding cities to a halt. Trade on the New York Stock Exchange was expected to take place as normal, and the US Treasury Department said auctions of three- and six-month bills and of two-year notes would proceed as scheduled on Monday. “Everything is business as usual,” an NYSE spokeswoman said,...

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Posted in: Nawaz Sharif,World News

Sharif criticizes govt’s policies

Says it only making good Baloch rebelsMURREE: PML-N Quaid Mian Nawaz Sharif has condemned arresting and manhandling of slain Baloch leader Nawab Akbar Bugti’s grandson Nawabzada Shahzain Bugti and urged not to make good Baloch rebel. Talking to media in Murree on Saturday, Nawaz Sharif pointed out that the PML-N did not like the present agenda of the government, adding that they quitted the government due to its policies and agenda. He made it clear that the PML-N quitting the government was not result of differences among ministers or personal differences. Nawaz Sharif noted that baseless cases were registered against him but the court declared him as innocent and the government was continuing this practice and maltreatment was being adopted...

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Posted in: agenda,Akbar Bugti,Baloch,Minister,Nawaz,Nawaz Sharif,PML,policies,Prime Minister Syed Yousuf Raza Gilani,Sharif,that

CJP advocates rule on law in govt’s affairs

33rd Federal Judicial Academy BoG meeting heldISLAMABAD: Chief Justice of Pakistan Justice Iftikhar Muhammad Chaudhry said knowledge was central and essential to development and to gain knowledge from anywhere, from any source, for the improvement of the judicial and legal education standard in the country, is not a bad thing. He was addressing 33rd meeting of the Board of Governors of the Federal Judicial Academy (FJA) held here Saturday under his chairmanship. A number of items on the Agenda pertaining to administration, budget and finance, capacity building of the Judicial Officers, extension and enhancement of the Federal Judicial Academy as “Center of Excellence” were discussed in detail by the members of the FJA BoG in three hours long...

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Posted in: advocates,agenda,Chief Justice,CJP,Court,Federal,Federal Judicial Academy,FJA,Judicial,law,Pakistan,that

Commissionerate System Bill soon

Qaim says Bill to be approved with consensusKARACHI: Chief Minister Syed Qaim Ali Shah has said bill for restoration of Commissionerate System in Sindh will be presented in Sindh Assembly (SA) on January, 7. Qaim Ali Shah said this while addressing a press conference here Saturday on the occasion of making announcement by PML-F leader Sayed Javed Shah to join PPP.Federal Minister Syed Khurshid Shah, Sindh interior minister Dr Zulfiqar Mirza and others were also present on the occasion. Chief Minister Sindh alleged that dictator Musharraf imposed local government ordinance in all the provinces which undermined the entire system. Bill for restoration of Commissionerate system will be presented in Sindh Assembly on January, 7 at every cost, he said hoping the bill will be approved with conse...

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Posted in: Bill,Chief Minister,Commissionerate System,consensus,cost,GST,January,Minister,Qaim,Qaim Ali Shah,Sindh,System

President vows radical changes

Zardari inaugurates Benazir Apna Ghar SchemeSays aim to make history not headlinesStaff ReporterKARACHI: President Asif Ali Zardari on Saturday vowed to be a guarantor of future generation of Pakistan saying that the Pakistan Peoples Party government would create a better country than what it received by brining some radical changes in economy and politics. Addressing a public meeting on the inauguration of Benazir Bhutto Apna Ghar housing scheme for PIA employees here, he said in memory of Bhutto leaders, they would create a bright Pakistan. “We are turning their (Bhuttos) words into action and we are not merely raising slogans as we are not political actors. We are making and saving Pakistan,” he added. The people will remember PPP’s period...

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Posted in: Ali,benazir bhutto,Bhutto,country,Pakistan,PIA,PPP,President,that,The President,Zardari

Altaf sees revolution coming

BHIT SHAH: Muttahida Qaumi Movement (MQM) chief Altaf Hussain Saturday said his party’s Sindh Convention will turn out to be the last nail in the coffin of those working for Sindh partition. Addressing the party’s Sindh Convention held here in Bhit Shah near Hyderabad, MQM chief Altaf Hussain said nobody could block the path of revolution in Pakistan. ‘Conspiracies were hatched in past against the people speaking Urdu and Sindhi languages, however, today’s gathering will drive the last nail into the coffin of these plotters,’ Muttahida founder stressed. ‘Today’s convention proves that Sindh was in the foremost position in the making of Pakistan,’ he added. He also urged the party to seriously decide about staying with the coalition government....

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Posted in: Altaf,altaf hussain,chief,country,Hussain,MQM,Pakistan,party,Sindh,Sindh Convention,that