Rising food prices bring host of political risks

* World’s poorest to bear brunt of rises * Risk of riots, export bans, expropriation * Rise in demands for greater market regulationRecord food prices will hit the world’s poorest hardest, raising the risk of riots, export bans, foreign-owned farmland expropriation and further price spikes fuelled by short-term investors. The UN Food and Agriculture Organisation said on Wednesday food prices hit a record high in December and could rise further on erratic global weather patterns. For the first time they outstripped levels reached in early 2008, when spiralling prices prompted riots in countries including Haiti, Egypt and Cameroon and brought demands for tighter commodity market regulation.The potential humanitarian, political and business impact...

Read more »

Posted in: countries,demands,food,increase,investment,investors,markets,potential,price,prices,weather,World

‘Q’ urges govt to adopt China model

ISLAMABAD: Pakistan Muslim League-Q leader, and Chairman of Pak, China Institute, Mushahid Hussain Sayed Sunday urged the Pakistan government to follow the Chinese model of poverty alleviation as China has lifted around 400 million people out of poverty within a generation time. He was addressing a unique gathering of around 400 youth from China and Pakistan assembled on the occasion of Pak, China Cultural Show held here at Pakistan, China Friendship Centre. The function was held to welcome the 100-member youth delegation from China.Chinese ambassador Liu Jiang and officials of Pakistani ministry of culture were also present. Mushahid said the Sino-Pak ties were only one of its kind due to three strategic reasons. This is a strategic, friction-free and model relationship between the two neighbours....

Read more »

Posted in: China,Chinese,development,Faisal Mushtaq,function,Institute,language,Pak,Pakistan,Pakistani,RSS,System

Offshorers stock $11.9mn shares

KSE during last weekLocal individuals eject $15mnGhulam Raja RajaniKARACHI: With the growing confidence of offshore investors and new allocation of fund from abroad, $11.9 million worth of net portfolio investment was seen in Pakistan equity market in the first week of New Year, as per the National Clearing Company of Pakistan Limited (NCCPL) data.During the week, foreign investors remained on the buying side as they bought shares worth $22.69 million and sold share valuing $10.8 million. Furthermore, biggest buying was seen from banks which bought shares worth $22.3 million. Similarly, other organisations and NBFC remained on the buying side with shares worth $2.60 million and $0.27 million. On the other hand, biggest weekly selling was witnessed from local individuals, which offloaded $253.31...

Read more »

Posted in: buying,Ghulam Raja Rajani,investors,Karachi,KSE,Local,National Clearing Company,NBFC,net,Offshorers,Pakistan,Pakistan Limited

No gas for Isb, Punjab CNG pumps

ISLAMABAD: Managing Director (MD) Sui Northern Gas Company Rasheed Loon has said that gas supply to factories in Lahore region, Punjab and Islamabad CNG stations has stopped for an indefinite period.In a brief telephonic interview with a private TV channel, he informed that the intense winter had witnessed multiplication in demand of gas consumption. Moreover, domestic consumers have also turned to extreme usage of gas heaters and geysers carelessly, which has threatened SNGPL transmission System, he said. Excessive use of gas by domestic consumers has led to the complete suspension of supply to factories and CNG stations for an indefinite period in Islamabad and Punjab, he added. -...

Read more »

Posted in: CNG,domestic consumers,gas,Gas Company,gas supply,Islamabad,Managing Director,Punjab,Sui Northern Gas Company,Sui Northern Gas Company Rasheed Loon,System

Railways settles uplift priorities

ISLAMABAD: Following a bailout package of Rs1.1 billion announced by the federal government, the crisis-hit Pakistan Railways was finalising its priorities including maintenance of 145 locomotives and rehabilitation of rail tracks and coaches.A meeting in this regard would be held by mid-January between Minister for Railways and Minister for Finance in which the former would brief the latter about projects to be executed after release of funds. “We have planed to spend Rs 6.1 billion on maintenance of 145 locomotives, Rs 2 billion each on rehabilitation of tracks and coaches while Rs one billion would be reserved for future use,” Minister for Railways Haji Ghulam Ahmed Bilour told APP. After their maintenance, 75 per cent of locomotives would...

Read more »

Posted in: billion,help,hit,Islamabad,January,losses,lot,Minister,Pakistan,projects,Railways,rehabilitation

Iranian jet crashes with 156 on board

TEHRAN: An Iranian passenger jet with at least 105 people on board crashed in bad weather on Sunday near the northwestern city of Urumiyeh, Iranian media said. The semi-official Fars news agency said there were 105 people on board, but state TV put the number at 156. -Reut...

Read more »

Posted in: crashed,crashes,Fars,Iranian,jet,media,news,Tehran,TV,weather

NSS deposits up 19pc YoY in Nov

5M net investment reaches Rs66.5bnAamir AbidiKARACHI: Investment in National Saving Schemes (NSS) saw a jump of 19.1 per cent YoY with an inflow of Rs11.74 billion during November 2010 versus Rs9.88 billion investment in November 2009.However, net investment in the fiscal year 2010-11 down by 32.4 per cent to record at Rs66.49 billion in 5MFY11 against Rs98.37 billion attracted in same period last year. Interest in national saving gradually declined mainly due to the reason that government was not offering attractive rate, and other avenues of investments were also available for investors i.e. Engro Rupiya, as per the TFD analyst. However, NSS rate increased in January 2011 would attract fresh investments. Special Saving Certificates (Reg) attracted Rs15.13 billion in 5MFY11 compared to Rs38.2...

Read more »

Posted in: Aamir Abidi,billion,cent,Certificates,deposits,Engro Rupiya,inflow,investment,net,NSS,TFD,YoY

MQM hails Gilani decision

KARACHI: Muttahida Qaumi Movement (MQM) Sunday welcomed Pakistan Muslim League-N’s withdrawal of ultimatum given to the government, media reported. Speaking to MQM party leaders and journalists on the telephone from London, Dr Farooq Sattar also hailed Prime Minister’s acceptance of ten-point national agenda proposed by Nawaz Sharif. Sattar said the Prime Minister decision will certainly take the country our of prevailing crisis.   &nb...

Read more »

Posted in: decision,Dr Farooq,dr farooq sattar,Farooq Sattar,Karachi,Minister,MQM,Nawaz Sharif,Pakistan Muslim League,party,Prime Minister,Sattar

Aitzaz says not in Punjab Governor’s race

9P9DE46RJVEA LAHORE: Former president of Supreme Court Bar Association and Pakistan Peoples Party leader Aitzaz Ahsan on Thursday ruled out his candidature for the slot of Punjab Governor. Talking to media after Qul of Salman Taseer at Governor House, he said the President, the Prime Minister and the party would decide about the new governor, adding more suitable personalities were available in the province for the slot and he was not in the race. To a question about the murder of Salman Taseer, he said that all investigation departments should jointly investigate the case and it should be transparent. “The murder should not be termed in any other manner before the result of the investigations,” he added. He said that element of violence was...

Read more »

Posted in: Aitzaz,Governor,murder,Pakistan,President,Prime Minister,Punjab,Punjab Governor,result,Salman Taseer,Supreme Court,violence

Govt rolls back POL price hike

Gilani announces decision in National AssemblyParliamentary leaders taken on board; Opposition hails decisionSpecial Correspondent/ AgenciesISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Thursday announced restoration of prices of POL products to the level of December 31, last year and withdrew the latest increase announced by the government. Making a policy statement on the issue in the National Assembly, he said the decision has been taken in deference to the demand of the public, parliament and the political leadership.He said the decision was arrived at the meeting of leaders of all parliamentary parties in Islamabad where they were briefed by the Finance Minister and other members of the government’s economic team on the petroleum...

Read more »

Posted in: assassination,back,decision,Govt,hike,issue,Minister,parliamentary,POL,price,prices,Prime Minister

Zardari praises Taseer sacrifice, consoles family

Governor Punjab embraced martyrdom defending minoritiesKARACHI: President Asif Ali Zardari has said that Shaheed Salman Taseer wrote with his blood a new chapter in the history of PPP’s continuing struggle for human rights, democracy and no-discrimination. He said this while talking to Mrs Salman Taseer on the eve of the soyem of the late Governor who was gunned down by his own security guard in Islamabad.The President said that Shaheed Salman Taseer was an undaunted political leader and a true follower of Shaheed Zulfiqar Ali Bhutto and Shaheed Mohtarma Benazir Bhutto in treading their path to martyrdom. He called a spade a spade and did not mince words in expressing what he believed to be true and right, the President said of Salman Tase...

Read more »

Posted in: Ali,Begum Salman Taseer,Bhutto,defending,family,Governor,President,price,Salman Taseer,Shaheed Salman Taseer,The President,Zardari

China traders to explore Pakistan

KARACHI: Muhammad Haroon Agar, Chairman, Pakistan Chemicals & Dyes Merchants Association, in a press statement, stated that on his invitation, a delegation of 24-member Business Tycoons of a large Chinese industrial group is visiting Pakistan on 20th January, 2011 to explore the opportunities to setup industrial base for raw-materials in the country. Agar articulated that owing to exorbitant and unprovoked additional charges of shipping lines for earning high profits and increased valuation advices, the import business is facing a persistent upshot from the rising cost of doing business to an alarming situation. Agar said that such unwarranted increase in prices of imported items and raw-material is acting as detrimental for the busine...

Read more »

Posted in: China,Chinese,cost,delegation,exchange,explore,foreign direct investment,group,investment,investors,Pakistan,Pakistan Chemicals Dyes Merchants Association

Nikkei at 8-mth top as US data cheers

TOKYO: Japan’s Nikkei climbed to an eight-month high on Thursday after the dollar jumped against the yen following robust US private-sector jobs data, while Resona surged 14 per cent on speculation it would soon launch a planned share sale. Shares of blue-chip exporters rose, with Toyota Motor Corp gaining 2.6 per cent and Hitachi Ltd rising 2 per cent, leading the Nikkei’s advance after the greenback posted its best one-day gain in more than three months against the yen on Wednesday. Trading volume picked up sharply as more investors tap into riskier assets on hopes of economic recovery. Around 2.4 billion shares changed hands on the Tokyo Stock Exchange’s first section, well above last week’s average of around 1.3 billion. Advancing issues...

Read more »

Posted in: cent,focus,Friday,gain,gained,investors,jobs,Nikkei,report,US,US data,yen

Maybank buying Kim Eng for $1.3bn

Maybank move aims to up revenue sources after entering into Pak, Vietnam, & IndonesiaKUALA LUMPUR/ SINGAPORE: Maybank ,Malaysia’s largest lender by assets, is snapping up Singapore broker Kim Eng Holdings for $1.4 billion, in a move to strengthen its grip on the regional stock broking industry and diversify the lender’s source of overseas revenue. The acquisition comes as Southeast Asian markets are on a roll, with Thailand and Indonesia ranking as the best performing major markets in Asia last year, spurred by foreign fund inflows and robust economic growth.“What Maybank wants to do is expand its stock broking operations, and it makes sense for it to acquire a company which provides immediate exposure,” Vincent Khoo, UOB Kay Hian’s head of research, said on Thursday. Investment banking...

Read more »

Posted in: Asian,buying,cent,deal,Indonesia,Kim,Kim Eng,line,Malaysia,revenue,Southeast Asian,Vietnam

4 more ministries transfer by Feb 28

Sub-dept of Ports& Shipping, Law Sources also to be transferredISLAMABAD: Parliamentary Commission on the implementation of 18th amendment in the second-phase has decided in principal to hand over 4 more ministries to the provinces by Feb 28. The decision to this effect was made in a meeting of the commission chaired by Senator Raza Rabbani at the Parliament House. The four ministries that would be handed over to provinces include special education, social welfare, culture, and tourism ministries along with their assets.Besides these ministries, the subordinate departments of three ministries which include interior ministry, ministry of law and justice and ports and shipping would also be handed over to the provinces. told Online that the decision to shift ministry of health in the second...

Read more »

Posted in: decision,Islamabad,justice,law and justice,Law Sources,ministries,Parliament House,Parliamentary Commission,Ports Shipping,Raza Rabbani,Senator Raza Rabbani,tourism

US terms Taseer death a big loss

Pak must make efforts to root out extremismWASHINGTON: Terming the slaying of Punjab Governor Salman Taseer as a loss for Pakistan, the US has said the country has to make efforts to root out extremism and bring greater peace and stability. “This is an individual who had worked hard to promote tolerance, and his loss is a great one for Pakistan,” White House Press Secretary Robert Gibbs, said.“We remain committed to the efforts that the Pakistani government is and must undertake to root out violent extremism and to bring greater peace and stability to that country and to that region of the world,” he said. Gibbs was responding to questions about the assassination, which is said to be a reflection of violent extremism in the country. Meanwhile, Lawrence Cannon, the Canadian Foreign Minister,...

Read more »

Posted in: assassination,country,death,extremism,Governor,Governor Salman Taseer,loss,Pakistan,Pakistani,Salman Taseer,US,White House

Pension thru banks approved

ISLAMABAD: In pursuance of Supreme Court’s Order, the government has approved disbursement of pension, on the lines of salary payment, by direct credit to pensioner’s account maintained in any scheduled bank. According to a statement issued by the AGPR here on Thursday, the new procedure has been formulated to mitigate the problems being faced by pensioner – especially elderly pensioners.“All pensioners have the option to opt for the new procedure or to continue drawing pension under existing arrangements”, the statement added. It said that an option form has been devised for the pensioner, who wants to draw his/her pension through any bank. The option form can be obtained from Accountant General Offices or downloaded from the following websites: www.cga.gov.pk; www.agpr.gov.pk; www.agsindh.gov.pk;...

Read more »

Posted in: Accounts Office,Accounts Officers,bank,banks,draw,form,General,Islamabad,payment,PPO,Supreme Court Order,The Controller

SBP rewrites credits rules

Banks/ DFIs told to ensure loan limitStaff ReporterKARACHI: State Bank of Pakistan has amended certain provisions of Prudential Regulations for Consumer Financing with immediate effect. According to a Circular (BPRD Circular No 1) issued here on Thursday, State Bank has revised Regulation R-7 pertaining to Maximum Card Limit.Under the revised regulation, banks/ DFIs shall ensure that overall credit card and personal loan limit, both on secured as well as on unsecured basis, availed by one person from all banks/DFIs in aggregate should not exceed Rs5,000,000, at any point in time, subject to the condition that the overall unsecured/ clean facilities on account of credit card and personal loan of that individual do not exceed Rs2,000,000. Similarly, in Regulation R-23, a new paragraph has been...

Read more »

Posted in: banks,card,cent,condition,consumer,credit,HR,loan,loans,SBP,Service Rules,State Bank

India in tears as Pakistan bans onion exports

NEW DELHI: Dubbing Pakistan’s decision to ban onion exports across the Wagah border as “shocking”, India Thursday said the issue has been taken up with the concerned authorities in Islamabad. “It is shocking and unfortunate that Pakistan has banned onion exports to India via land route. We have urged them that the contracted quantities which were to come via the land route should be released,” Commerce and Industry Minister Anand Sharma said here, reported PTI.He said the government is also exploring “all the opportunities.” Authorities in Pakistan stopped 300 trucks of onions bound for India at the Wagah border, saying exports had to be curbed to control rising prices in their own country. Sharma said that state-run State Trading Corporation (STC) and PEC had contracted onions from Pakistan....

Read more »

Posted in: cotton,country,decision,External,External Affairs Ministry,India,issue,onion,Pakistan,PEC,prices,STC

Development budget halved

ISLAMABAD: Secretary Finance Dr Farooq Masood has informed the Senate Standing committee for Communication that its development budget of Rs240 billion has been reduced to Rs120 billion because of financial crunch. As per details the Standing Committee presided over by chairman Wali Ahmed Badini was briefed by secretary finance Dr Farooq Masood that due to financial crunch the development funds of the ministries have been slashed.The committee members have protested against the decision and said they were assured by the PM that there would be no reduction in the development fund of Balochistan. The committee took notice of the protest and summoned the AGPR in the next session to submit its report. Chairman NHA informed the committee that Rs150 million for Lawari tunnel, and Rs200 million Qalat-Chaman...

Read more »

Posted in: AGPR,budget,construction,crunch,development,Dr Farooq,Farooq,financial,financial crunch,PM,project,report

Pakistan Day parade cancelled

ISLAMABAD: Federal government has decided to cancel the annual Pakistan Day – March 23 – armed forces parade for the fourth consecutive year due to the current security situation of the country. The Pakistan Day Parade, the biggest event of the country’s armed forces, which was scheduled for March 23 this year, has been cancelled by the federal govt with due consultation with Chairman of the Joint Chiefs of Staff Committee Gen Shamim Wynne and military leadership, sources said.Sources told that military leadership was of the view that since a large number of troops are deployed at the eastern and western border of the country and are engaged in war on terror thus it would not be possible to move them for Pakistan Day parade. Moreover by canceling the parade expenditures worth of million of...

Read more »

Posted in: armed forces,country,forces,leadership,military,military leadership,Pakistan,Pakistan Day,Pakistan Day Parade,security,Staff Committee,war on terror

SC orders to dig deeper into scam

CJ says Hajj corruption report unsatisfactoryISLAMABAD: The Chief Justice of Pakistan Justice Iftikhar Mohammad Chaudhry Thursday described the report of Director General FIA Wasim Ahmad into Hajj scam as unsatisfactory and ordered comprehensive investigation into the scam. During hearing of the Hajj scam case, the court observed that the Director General FIA did not take any interest while the Interior Minister got the name of the main accused removed from the Exit Control List through an SMS.It also observed that this is not a small thing and Azam Swati lost his ministry due to this scam. Justice Khalil-ur Rahman Ramday observed that if he had been the head of DG FIA, he would have sent him to jail. Judge advised Advocate Latif Khosa not to try to turn the court into a political field. While...

Read more »

Posted in: Azam,Azam Swati,corruption,DG,Director General,FIA,General,Minister,Saudi,SC,SC orders,scam

Zardari rolls up sleeves to end political conflicts

Challenges to be handled thru dialogue, negotiation: President ISLAMABAD: PPP Co-Chairman and President Asif Ali Zardari said that the challenges of coalition politics will be handled with a sense of maturity through dialogue and negotiations. While paying tribute Shaheed Zulfikar Ali Bhutto on his 83 birth anniversary, President Zardari said “Shaheed Zulfikar Ali Bhutto has taught us how to resolve complex political issues through dialogue” he said in a message on the 83rd birth anniversary of Shaheed Zulfikar Ali Bhutto Wednesday adding, “through dialogue we will also find a solution to the political challenges faced by the coalition.”t was through dialogue that Shaheed Bhutto recovered the territory lost in the 1971 war, brought back ninety...

Read more »

Posted in: Ali,Ali Bhutto,Bhutto,dialogue,end,President,Shaheed Zulfikar Ali Bhutto,that,war,Zardari,Zulfikar Ali Bhutto

Gilani sees no threat to govt

Says ‘Q’ assures support to governmentBHERA: Prime Minister Syed Yousuf Raza Gilani has reiterated that government is not facing any threats and rather will complete its constitutional term. He was talking to media at Bhera Services Area while commuting between Lahore and Islamabad via motorway on Tuesday. During the course of his conversation, he said that PPP is a national party and it will complete its term. Time demands from all political parties who believe in democracy to collectively solve the crises.PM also said country is facing terrorism threats other than inflation and unemployment that we received in inheritance. He said finance ministry is briefing leaders of all parliamentary parties related to recent increase in petrol prices....

Read more »

Posted in: Ali,inflation,Minister,MQM,PM,PM Gilani,PML,Shujaat Hussain,support,that,threat,threats

Openness costs Taseer life

Guard kills Governor Punjab; says Taseer spoke against blasphemy lawOther guards also detained; President, PM condemn; order high-level probe PPP announces 2-week mourning, suspends all political activitiesISLAMABAD: Governor Punjab Salman Taseer was assassinated on Tuesday afternoon by one of his guards of Elite Force. Late Governor Punjab Salman Taseer was assassinated by one of his guards of elite forces in the federal capital F-6 after he was coming out of a restaurant after eating lunch with one of his friends.The elite force security man identified as Malik Mumtaz Qadri emptied the entire burst of his automatic SMG Kalashnikov into the Governor injuring him critically. He was taken to a hospital, where he died, apparently from blood loss....

Read more »

Murder raises brows over security

ISLAMABAD: After the assassination of Punjab Governor, Salman Taseer in the hands of his own personal security guard, military and security personnel have been overcome with deep apprehensions and concerns regarding maintaining any fool-proof security for the governmental officials. The murder of Salman Taseer on Tuesday afternoon has once again created worries among security and even Army personnel as to how to ensure a secure protocol for governmental officials. Sources informed that officials are mulling and wondering besides investigating as to how the security guard responsible for assassination of Governor, ever made it to the elite police circles, and also as to how was he appointed over close security of Governor, while ignoring SOP...

Read more »

Posted in: Army,assassination,Governor,officials,Punjab,Punjab Governor,raises,Salman Taseer,security,that,VIP

Wall St dips as consumer shares weigh

US stocks late-morning NEW YORK: Stocks fell on Tuesday on worries that rising food costs will sap supermarket profits, hurting consumer stocks and denting growing optimism about the economic outlook. Shares of Supervalu Inc nearly 7 per cent after Morgan Stanley told investors to cut holdings in the stock, saying rising food costs will crimp margins. Safeway Inc and Whole Foods Market also slid. Soybean and corn prices traded near two-year highs Tuesday."We’re light on consumer staples. One of our concerns is commodity prices are going to bite into profits,” said Thomas Villalta, portfolio manager for Jones Villalta Asset Management in Austin, Texas. Materials were the biggest losers, with the S&P materials index  falling 1.1 per...

Read more »

Posted in: cent,consumer,end,fell,food,Morgan Stanley,prices,profits,rise,rising,traded,Wall St

Govt blamed for fiscal deficit

ISLAMABAD: Government’s expenses consistently on the rise and if the trend goes on it will only lead to wider budget deficit. This was expressed by Governor State Bank, Shahid Hafeez Kardar while briefing Senate’s Standing Committee on Finance here Tuesday.  Senate Standing Committee meeting was chaired by Senator Ahmed Ali. Governor State Bank of Pakistan told the committee if government expenditures remain on the higher side, then fiscal deficit may reach to 6 per cent of the gross domestic product. Governor SBP informed that during the current fiscal revenues were increased by 7 per cent whereas government expenses rose by 9 per cent. Kardar added that government has borrowed Rs374 billion for its expenses from the central bank, whereas for the purchase of commodities Rs366 billion...

Read more »

Posted in: billion,cent,central bank,Committee,deficit,fiscal,Governor,Govt,Senate,Standing Committee,that

Dec CPI may touch 17.1pc

Inflation likely to cross 19-month highAamir AbidiKARACHI: The disruption in supply of food chain along with increasing commodity prices is expected to cause December 2010 consumer price index (CPI) inflation to jump at 17.1 per cent YoY, pushing MoM CPI inflation to 0.93 per cent. Perishable foods items i.e. tomatoes, egg, vegetable ghee prices increased 98.6, 5.64 and 3.13 per cent MoM along with that of non-perishable food items i.e. wheat & rice prices hiked 0.53 and 0.57 per cent MoM. On the other hand, SBP tightening is diluting the effectiveness of monetary policy due to high-level of government borrowing from the SBP. While rising security and flood-related expenditures and continued power sector subsidies are one aspect of the problem of rising fiscal deficit and ultimately rising...

Read more »

Posted in: cent,CPI,December,fiscal,food,inflation,MoM,prices,rising,SBP,that

Taseer received 27 bullets

ISLAMABAD: Punjab Governor Salman Taseer received at least 27 gunshot bullets on his body, according to initial post mortem report.His body was transported to Pakistan Institute of Medical Sciences (PIMS) for detailed post mortem....

Read more »

Posted in: body,Governor,Governor Salman Taseer,Institute,Islamabad,Medical Sciences,Pakistan Institute,PIMS,Punjab,Punjab Governor Salman Taseer,report,Salman Taseer

Angry supporters stage protests

ISLAMABAD: Hundreds of PPP supporters took to streets in different cities including Lahore, Sargodha, Multan, Toba Tek Singh, Sialkot, Okara, Rahimyar Khan, Gujranwala and Karachi after the assassination of Punjab Governor Salman Taseer by his own security guard in Islama...

Read more »

Posted in: cites,Islamabad,Multan,PPP,protests,Punjab,Punjab Governor,Punjab Governor Salman Taseer,Rahimyar Khan,Salman Taseer,security,Toba Tek Singh

Musharraf grieves over assassination

ABU DHABI: Chief of All Pakistan Muslim League, (APML) Pervez Musharraf while expressing grief over the assassination of Governor Punjab, Salman Taseer has said that this was not only loss of the PPP but the whole country. According to a statement issued from the Abu Dhabi Secretariat, former President Pervez Musharraf was of the view that it is the loss for the whole country. He was a seasoned politician and always worked for betterment of the country, he added.Musharraf further said that it seemed that the current government has failed to cope with terrorism from the country. He also expressed grief and sorrow with the family of Salman Tase...

Read more »

Posted in: assassination,country,grief,loss,Musharraf,Pervez Musharraf,President Pervez Musharraf,Punjab,Salman Taseer,that

Govt not buying BP asset, SC told

ISLAMABAD: Counsel for the Oil and Gas Development Company Limited and Pakistan Petroleum Limited apprised the Supreme Court of Pakistan here Tuesday that the government had no intention to purchase $800 million assets of the British Petroleum.They assured the court that their clients would not buy the assets at higher prices as their bidding was already low, which had not been entertained. A three-member bench headed by Chief Justice Iftikhar Mohammad Chaudhry disposed of the petition, which was filed by former Jamaat-e-Islami Amir Qazi Hussain Ahmed. Qazi Hussain Ahmed had filed a plea against the government’s bid to purchase its sold-out assets from the British Petroleum (BP) at higher rates, and claimed that it would cause a loss of $800 million to the national exchequer. His counsel had...

Read more »

Posted in: asset,BP,buying,Govt,higher,Hussain,Limited,Pakistan,Petroleum,price,SC,that

6 SHC judges get 1yr extension

KARACHI: Supreme Judicial Council has awarded one-year extension to six judges of Sindh High Court. Law Ministry has issued the notification in this regard.As per details, SJC extended the one-year service of six additional judges of Sindh High Court including Justice Shahid Bajwa, Justice Ghulam Sarwar Korai, Justice Aqeel Ahmed Abbasi, Justice Irfan Sadat Khan, Justice Tufail H Ibrahim and Justice Muneeb Akhtar. According to notification all judges would be working to till September 25, 2011, however decision regarding Justice Ahmad Sheikh’s extension would be taken in next meeting of SJC. -Agenc...

Read more »

Posted in: Ahmad,Court,High,judges,Justice Ghulam Sarwar Korai,Justice Shahid Bajwa,law ministry,SHC,Sindh,Sindh High Court,SJC

Shoaib, Danish off Pakistan WC squad

Shoaib,  Danish off Pakistan  WC squad LAHORE: The career of former Pakistan cricket captain, Shoaib Malik appeared to meet a premature end when he, along with spinner Danish Kaneria was axed from Pakistan’s 30-member preliminary squad named here on Tuesday for next month’s World Cup. It seemed that both of them failed to satisfy the Pakistan Cricket Board’s integrity committee, contrary to wicketkeeper Kamran Akmal who got the nod of selectors. PCB selection committee finalised the list of probable players for World Cup one day ahead of the extended deadline set by game’s Ruling Body, the ICC to submit the nam...

Read more »

Posted in: Cup,kamran akmal,Pakistan,Pakistan cricket,Pakistan Cricket Board,PCB,preliminary,that,WC,World,World Cup

Acting US AfPak envoy arrives today

ISLAMABAD: Acting US special representative for Pakistan and Afghanistan, Frank Ruggiero is arriving in Islamabad on his maiden visit to the region on Wednesday (today). Diplomatic sources say that Frank Ruggiero assumed the post of Acting US special representative for Pakistan and Afghanistan following the death of predecessor Richard Holbrooke last month.According to the diplomatic sources Ruggiero, who was Holbrooke’s deputy until the death of the veteran diplomat would arrive in Pakistan on January 5 (today) amid political chaos in the country. During his visit, the US envoy will hold talks with the country’s top political and military leadership on the current security situation in the region. Sources added that during his stay Pakistani leadership would again comment on unremitting drone...

Read more »

Posted in: Acting,Afghanistan,AfPak,country,death,envoy,Frank Ruggiero,Holbrooke,Pakistan,that,US

Governor Punjab Taseer assassinated by his own guard

 ISLAMABAD: Governor Punjab Salman Taseer was dead after one of his guards, named Malik Mumtaz Hussain Qadri, opened firing on him when he was going towards his car in Kohsar Market here today. Interior Minister Rehman Malik confirmed to the media that the guard has been arrested. He has confessed that he opened firing on the governor because of his support of Asia Bibi, he added. Asia Bibi had convicted of blasphemy. According to the sources, a policeman of elite force opened burst on the governor. He received bullets on his chest and neck. He was rushed to Poly Clinic but succumbed to the injuries. The police have arrested six-suspected man from the spot. Salman Taseer had publicly supported the woman, Asia Bibi and requested President...

Read more »

Posted in: Asia Bibi,dead,Governor Punjab,Islamabad,Mumtaz Hussain Qadri,named Malik,President Asif Ali Zardari,Salman Taseer

Law & order No. 1 priority: Sharmila

KARACHI: Advisor to Sindh Chief Minister for Information and Archives Sharmila Farooqui has said that maintaining law and order in Sindh is the first priority of the government as it believes in taking actions against criminals without any discrimination. She said this while talking to media on the occasion of an exhibition at Clifton last evening.Sharmila said that economic development is linked to peace while Rangers have been provided special powers to maintain peace in Karachi and other parts of Sindh, while police has been equipped with modern weapons. The advisor said the present government under the dynamic leadership of President Asif Ali Zardari wanted to bring economic revolution and boost confidence of people in democracy. She said that the criminals could be controlled only with...

Read more »

Posted in: Flood Insurance,Government,Karachi,paying,PPIB,Sharmila Farooqui,Sindh Chief Minister

Dubai up most in 2-months; Egypt drops

Gulf stocks mktDUBAI: Dubai shares advanced the most in more than two months, leading gains in Gulf markets, as oil climbed to the highest year-end price since 2007. Egypt’s benchmark retreated as a bomb killed 21 people yesterday. Dubai Investments, which owns stakes in more than 40 companies, soared the most since Sept. 19. Drake & Scull International, the Dubai-based engineering contractor, rose for a fifth day 1,668.27 at the 2 pm close in the emirate. The measure lost 9.6 per cent in 2010. Abu Dhabi’s ADX General Index increased 0.8 per cent....

Read more »

Posted in: advanced,billion,cent,Drake,Drake Scull,Egypt,end,General,General Index,Gulf,Scull

MQM opts for Opposition

Govt loses majority in NA; PM maybe asked for fresh vote of confidence * Now the ball is in PML-N court, say analysts  l Altaf Hussain telephones political leaders * MQM terms POL price hike back-breaking for masses; says landlords should be taxed Staff Reporter/ AgenciesKARACHI: A sever blow was dealt to PPP-coalition government on Sunday when Muttahida Qaumi Movement — largest coalition partner — announced to carve itself out of alliance citing several reasons, adding government never gave an ear to MQM’s advices, henceforth Prime Minister Syed Yousuf Raza Gilani has lost his mandate in the House as government left with 158 members on its side, while Opposition numbers fattens to 174. It is likely that today (Monday) Prime Minister may...

Read more »

Posted in: Assembly,Faisal,media,MQM,National,National Assembly,PM,PML,Prime Minister,Senate,that

‘Power crisis breathing last’

Kaira says various power plants in pipelineLALAMUSA: Federal Minister for Information and Broadcasting Qamar Zaman Kaira has said that work on various power generation projects, including Thar coal project has been started. Talking to the media after attending a ceremony here n Sunday, he said after the completion of these projects, the country would not only be able to generate electricity for its own use but would also be able to export the extra power.He said the previous government did not give priority to power generation which increased the gap between electricity demand and generation capacity over the years. To a question, Kaira said the work of exploration for natural gas, in particular digging new wells, is in progress to ensure uninterrupted...

Read more »

Posted in: allies,country,crisis,electricity,gas,generation,increased,Power crisis,PPP,projects,that,work

PML-N eyes premiership

LAHORE: Pakistan Muslim League-Nawaz (PML-N) General Secretary and member National Assembly Ahsan Iqbal said Sunday that national will soon seen PML-N chief Mian Nawaz Sharif in the Parliament. Talking to a private TV channel, Ahsan Iqbal said that in the current scenario PML-N surely not in the position to formulate government on its own but after making alliances with other political parties it was quite possible, added in that situation PML-N leader Mian Nawaz Sharif would surely be the prime candidate for the premiership. Responding the MQM’s decision to sit in the Opposition, PML-N Secretary General said that they welcome MQM decision, added that it was the natural outcome of the PPP government politics. Regarding the vote of confidence move, Iqbal said that they will cross the bridge...

Read more »

Posted in: Ahsan Iqbal,eyes,Iqbal,Mian Nawaz Sharif,MQM,Nawaz,Nawaz Sharif,PML,PML-N,Secretary,that

Sindh employees health policy ends

KARACHI: Sindh Chief Minister Syed Qaim Ali Shah has approved on Sunday the abolishing of the health insurance policy of the government employees. Earlier, Sindh’s special secretary finance mailed a summary, regarding the closure of the health insurance policy of the government servants, for approval of the Chief Minister.The closure of the health insurance policy will affect more than six thousand employees of the Sindh Government. Sindh Secretariat’s workers have announced that on Monday (today) they would protest against the abolishing of the health insurance policy. -Agenc...

Read more »

Posted in: Chief Minister,health,Minister,policy,Qaim Ali Shah,Sindh,Sindh Chief Minister,Sindh Chief Minister Syed Qaim Ali Shah,that

Iran claims shot down spy planes in Gulf

TEHRAN: Iran has shot down two unmanned western reconnaissance drone aircraft in the Gulf, a senior Revolutionary Guards commandertold the semi-official Fars news agency on Sunday.“Many spy planes and advanced planes of our enemies have been shot down (by our forces) … We have also shot down two spy planes in the Persian Gulf,” said commander Amir Ali Hajizadeh. “But it is the first time we are announcing it.” He did not say when the hostile aircraft had been shot down, but described them as “western drone reconnaissance” aircraft. Iran is at odds with major powers over its nuclear activities, which the United States and its allies suspect are intended to enable Iran to produce nuclear bombs. Iran denies the allegations and says it wants only to generate electricity. The United States and...

Read more »

Posted in: activities,aircraft,drone,Gulf,Iran,news,nuclear,Revolutionary Guards,United States

Gilani positive over govt’s fate

Govt can’t afford subsidies on POL productsSpecial CorrespondentLAHORE: Prime Minister Syed Yousuf Raza Gilani looks determined and confident over despite latest political move, as on Sunday he said that government is not going anywhere. He was talking to the newsmen here in Lahore after meeting with former JI Ameer Qazi Hussain Ahmed. Prime Minister Gilani said that MQM’s departure makes no difference to the government and says that he doesn’t see any crisis or the government’s collapse. Gilani asserted that government would continue to function with or without any coalition partner. He was optimistic that PML-N Chief Nawaz Sharif is in favor of democratic process and would not let it derail. To a question on the recent increase in the prices of petroleum products, Gilani said that government...

Read more »

Posted in: gilani,Minister,PML,POL,POL products,PPP,prices,Prime Minister,Prime Minister Gilani,Sharif,that,trading

Foreign portfolio up at $2.9bn

KSE during CY10: foreigners hold 32pc of free floatOffshorers invest $522 millionAhmed SiddiqueKARACHI: Total Investment value of foreign portfolio significantly hiked by 53.2 per cent or $1.02 billion to $2.93 billion at the end of year 2010 against $1.92 billion witnessed on year-end 2009. Rise in portfolio investment in CY10 driven by fresh investment of $522 million and value of equity appreciation of around $490 million. In terms of rupee, special convertible rupee account (SCRA) showed closing market value of shares and securities at Rs 252 billion against Rs161 billion observed on same period last year, thus reflecting 56.4 per cent jump in portfolio value during the period. As per “The Financial Daily” analyst, foreign investors own $2.93 billion which is 32 per cent of the free float...

Read more »

Posted in: Ahmed Siddique,billion,buying,cent,end,Foreign,investment,investors,KSE,net,Offshorers,rupee

CM Punjab returns from Turkey with big hopes

CM Punjab returns from Turkey with big hopesSays Turkey vows to set up 150MW plant, a varsityLAHORE: Chief Minister Punjab Mian Shahbaz Sharif said that a university and a power plant of having capacity of generating 150 megawatts would be setup in Punjab with the cooperation of Turkey. He was talking to media persons at Allama Iqbal International Airport, Lahore after his arrival back from Turkey, here on Sunday. Shahbaz Sharif termed his visit to Turkey as successful and said that number of MoUs for mutual cooperation in various sectors have been signed with Turkish government and private sector during the visit. He said that Turkish government would extend financial assistance to Punjab government to setup a university and a power plant...

Read more »

Posted in: CM,cooperation,gas,help,Minister,PM,Punjab,Shahbaz Sharif,Sharif,that,Turkey

It’s time to end hostility, Krishna tells Pakistan

NEW DELHI: Indian Minister for External Affairs S M Krishna said on Sunday that Pakistan’s posture of “compulsive hostility” will not help a serious and sustained dialogue between the two countries. In an interview, Krishna said New Delhi would “walked the extra mile in reaching out” to its neighbours “We earnestly hope that our neighbour would see the merit in constructive engagement and discard the posture of compulsive hostility”, he said.The External Affairs Minister said, “Our only expectation from Pakistan is to dismantle the terror infrastructure that operates from the territories under its control. A serious and sustained dialogue can thrive only in a peaceful and terror free climate.” Krishna said that terrorism, whether state-sponsored...

Read more »

Posted in: Affairs,dialogue,end,External,external affairs,Krishna,Minister,Pakistan,terror,that

Kaka may join Man United this mth

Monitoring Desk LONDON: Brazilian superstar Kaka is likely to join Manchester United in a shock loan deal this month which could lead to a permanent 50 million pounds move. The Brazilian superstar midfielder has been heavily linked to a move to Inter Milan with Real Madrid wanting 50 million pounds. Chelsea, too, is seriously interested in grabbing the playmaker who has now fully recovered from an ankle injury after surgery, the Daily Star reports. The link has already been established with Kaka, winning a Champions League trophy with Chelsea boss Carlo Ancelotti when they worked together at AC Milan. According to reports in Spain, Manchester United have now emerged as clear favourites with Real Madrid boss Jose Mourinho happy to do business...

Read more »

Posted in: Chelsea,Daily Star,deal,Inter,loan,Madrid,Man United,Manchester,Manchester United,Milan,Real Madrid,reports

Wheels of change set in motion: Altaf

Says ending heredity politics is MQM’s agendaMULTAN: Muttahida Qaumi Movement (MQM) Quaid, Altaf Hussain has said that revolution has become fate of the country, people of lower and middle classes, comprising 98 per cent of the total population of the country are only guarantee for survival and stability of country. Altaf Hussain said this in his telephonic address to MQM Zonal Organization Committee, party’s women wing, Legal Aid Committee, social forum and office bearer of APMSO here at party’s Multan Zonal Office.He said that country’s politics was confined to few families who were ruling the nation generation after generation and do not let legible and sincere people to come forward and play role for development and stability of the country. The MQM Quaid said steering the country out...

Read more »

Posted in: Altaf,altaf hussain,country,development,Hussain,leadership,MQM,Pakistan,party,Punjab,that

Commission meets today

18th Amend ISLAMABAD: Implementation Commission on 18th Amendment would meet here at Parliament House on Monday with Chairman Commission, Senator Mian Raza Rabbani in chair. Issues relating to implementation of 18th Amendment and transfer of five ministries to provinces would be discussed in the meeting. The Commission would also discuss the difficulties and hurdles in way of transfer of five federal ministries to provinces. It should be mentioned that though provinces seem to be satisfied with awarding provincial anatomy under 18th Amendment and giving them authority to take decisions, but on other hand, it has given rise to number of problems which still needed to be resolved. The recommendations proposed by the Commission in this regard had not yet succeeded to remove the concerns of the...

Read more »

Posted in: Amendment,Chairman Commission,Commission,implementation commission,Islamabad,meets,Mian Raza Rabbani,ministries,rise,Senator Mian Raza Rabbani,that

Cameron may face defeat on EU bill

LONDON: Prime Minister David Cameron could face a parliamentary defeat over Europe but is set to avoid a damaging split in the ruling coalition over a controversial counter-terrorism measure, reports said on Sunday. The Sunday Telegraph said ‘eurosceptics’ among Cameron’s centre-right Conservatives could combine with opposition Labour legislators to inflict an embarrassing first parliamentary defeat on Cameron over his flagship European Union bill.The proposed law, designed to prevent the transfer of further powers from London to Brussels without a referendum, will be debated in parliament on January 11. Cameron proposed the so-called “referendum lock” in an attempt to appease eurosceptics in his party angered by his decision to give up his campaign for a referendum on the EU’s Lisbon treaty....

Read more »

Posted in: Cameron,coalition,defeat,EU,face,Labour,party,report,Sunday Times,suspects,that

20 killed in Nangarhar onset

KABUL: At least 20 insurgents were killed and 21 others were arrested in an operation carried out by Afghan and foreign forces in eastern Nangarhar province, local officials said on Sunday. The operation was launched one week ago in Shirzad district of Nangarhar province to wipe out insurgents from the area. The operation will soon be expanded to two other districts in the province, officials added.The militants have suffered heavy casualties in the operation so far, Alishah Paktiawal the police chief of Nangarhar said. “A Taliban commander was also killed in clashes with Afghan and foreign troops in the operation,” Paktiawal added. There were no civilian and military casualties in the operation, local officials said. Shirzad district, bordering Pakistan, is one of the volatile areas where...

Read more »

Posted in: Afghan,district,forces,insurgents,Kabul,killed,launched,militants,military,officials,Taliban

Pak says peace sans Kashmir a pipe-dream

Isb is ready for meaningful talk with India: FOISLAMABAD: Foreign Office Spokesman Abdul Basit said Sunday that Kashmir issue must be resolved in accordance with the aspirations of the Kashmiris and the United Nation (UN) resolutions. In a brief telephonic talk with a private TV channel, he said, “Without resolving the issue, it is too much difficult to maintain peace and stability in the entire region.”He said: “Pakistan is ready for meaningful and comprehensive dialogues with India on core issues such as Kashmir, Siachin and others.” Pakistan had already held composite dialogue with India on various issues including Kashmir, Siachin, economic, cultural issues etc, but India did not show seriousness over the issues, he added. Abdul Basit said that India should show maturity about the issues...

Read more »

Posted in: Abdul Basit,activities,India,issue,issues,Kashmir,Pak,Pakistan,terrorist,that

19th Amendment Bill enacted

Bill becomes part of Constitution as President affixes his signaturePolitical actors suffering defeat, says PresidentStaff Reporter/ Agencies KARACHI: President Asif Ali Zardari on Saturday gave his formal assent to the 19th Amendment Bill, making it a part of the Constitution, and said that the approval of 19th amendment is democratic gift of New Year adding political actors have tried to sell negative thinking and they are now suffering defeat. In the second amendment to the constitution in less than a year, the amendment envisages a new system for appointments in the superior courts, aimed at settling a potential source of discord between the judiciary and the parliament....

Read more »

Posted in: Amendment,amendment bill,Bill,consensus,constitution,defeat,judiciary,National,National Assembly,parliament,parliamentary,President

POL price hike draws public ire

ANP, MQM, JI unite against fuel price increaseStaff Reporter / AgenciesISLAMABAD/KARACHI: Awami National Party (ANP) and the Pakistan Muslim League-Nawaz (PML-N) rejected the hike in prices of petroleum products Saturday and presented adjournment motions in the Senate and the National Assembly, television reports said. An adjournment motion was presented by the ANP, the government’s coalition partner. The motion said that the measure would burden the people, and called on the government to review its decision. According to one report, the PML-N also tabled an adjournment motion against the petroleum price hike. The PML-N’s motion stated that the government led by the Pakistan Peoples Party (PPP), which chants slogans of providing the people...

Read more »

Posted in: ANP,hike,increase,Pakistan,PML,POL,price,prices,that

Pak, India swap nuke sites lists

ISLAMABAD: Pakistan and Indian Saturday exchanged lists of their nuclear installations and facilities under an agreement to prohibit any attack, by either side. The lists are exchanged every year on January 1, under the “Agreement on the Prohibition of Attack against Nuclear Installations and Facilities”, inked by the two sides on December 31, 1988. The agreement is known as one of the best Confidence Building Measures between the two sides that has continued to remain effective despite the status of their ties....

Read more »

Posted in: Agreement,Commission,exchanged,facility,Foreign,Foreign Office,High,India,Indian,nuclear,Pak,Pakistan

Ashraf switches on 201MW power plant

LAHORE: Federal Minister for Water and Power, Raja Pervaiz Ashraf inaugurated the 201MW Reshma Power Plant, currently contributing 40MW as test generation to the national grid, at Raiwind near here Saturday.Addressing the inaugural ceremony, the Minister said that energy is the greatest challenge to the present democratic government, which it inherited by previous regime. The utter failure of the past government is manifested from the fact that it did not add even a single mega watt to the national grid, thus widening the power supply and demand gap in the country, he added....

Read more »

Posted in: Ashraf,ceremony,country,Dam,energy,generation,hydel power,law,power projects,project,projects,that

Pollutants in boys’ blood tied to lower growth

Boys exposed to unusually high levels of environmental pollutants are smaller than their peers, a new study reports. After following nearly 500 boys for three years, an international group of researchers found that those with the highest levels of polychlorinated biphenyls (PCBs) in their blood were nearly three centimeters (more than an inch) shorter than boys from the same region with the lowest amount of PCBs in their bodies.Boys with the highest exposures also averaged two points lower in body mass index (BMI), a measure of weight relative to height. The authors found a similar pattern in boys with the highest exposure to the pollutant dioxin. “You’re always a little surprised to see such a dramatic effect,” study author Jane Burns of the...

Read more »

Posted in: birth,cancer,effect,growth,health,higher,highest,lower,rates,reports,that

Babies may gain extra weight on standard formula

All infant formulas may not be equal when it comes to babies’ weight gain over their first months of life, a new study finds. In a study that followed 56 formula-fed infants, researchers found that babies on hypoallergenic formula stayed close to the “normal” weight-gain pattern seen among breastfed infants, while those on standard formula packed on pounds more quickly.At the age of 7 months, babies on regular formula weighed over 2 pounds more, on average, than those on the hypoallergenic variety. Past studies have shown that bottle-fed infants tend to weigh more than breastfed ones. Now these latest findings, reported in the journal Pediatrics, suggest that different types of formula might vary in their effects on babies’ growth. “When you...

Read more »