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.    

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

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 when they come to it, it would be too early to comment on it.

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

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

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. -Online

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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 in 2010 was “volume”.He said Pakistan’s once actively traded stock market saw trading activity declining to 9-year low in the calendar year 2010 mainly due to absence of investor-friendly derivative product and imposition of capital gain tax at a time when investors are still risk averse after the infamous 2008 crisis.

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Posted in: Nawaz Sharif,World News

KSE recomposes Meezan 30 Index

Shell, Kapco, Hubco & NML included

Staff Reporter

KARACHI: 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 limited.

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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,” he said in a statement. “The index will also build a base for licensing for the construction of Sharia-compliant financial products, including mutual funds, ETFs (exchange traded funds) and structured products.” Several studies have found that the majority of India’s 160 million Muslims have been excluded from the country’s formal financial sector due to the restrictions imposed by Islamic law. Companies included in the index have been screened by Taqwaa Advisory and Shariah Investment Solutions (TASIS), an Indian Islamic finance company based in Mumbai, whose board members include Islamic scholars and legal experts. TASIS said the index would “unlock the potential for Sharia investments in India”. “Bombay Stock Exchange has the largest number of listed Sharia-compliant stocks in the world,” said Shariq Nisar, director of research and operations at TASIS.
“All Muslim countries of the Middle East and Pakistan put together do not have as many listed Sharia-compliant stocks as are available on the BSE.”Stocks will be reviewed every month to ensure continued compliance. Any stocks that do not meet the criteria will be removed.-Agencies

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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 also be made part of investigation and her murderers would be brought to justice.” -Online

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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 Abidi

KARACHI: 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 with 282k tonnes in November 2009. Average retail prices of urea were recorded at Rs867 per bag, showing surge of 1.6 per cent MoM against price of Rs 853 per bag recorded in October 2010.

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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. -APP

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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. -Agencies

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Posted in: Nawaz Sharif,World News

MQM out of Fed Cabinet

Decision to quit Sindh Cabinet to be taken soon

Farooq Sattar, Babar Ghauri resign today

Staff Reporter

KARACHI: 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 anniversary

Says UN’S investigation report incomplete

Special Correspondent /Agencies

NAUDERO: 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, he said “it was unclear and incomplete.”

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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 Project

LAHORE: 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 Gol Hydropower Project is a part of least-cost energy generation plan, being executed by Wapda on priority basis to harness the indigenous hydropower resources of the country with a view to improving the ratio of hydel electricity in the national grid. The project is located on the River Golen Gol, a major tributary of the River Mastuj in Chitral district of Khyber Pakhtunkhwa province about 380 kilometers from Islamabad. On its completion, Golen Gol Hydropower Project will generate about 436 million units of electricity (Gwh) to earn revenue of about Rs1 billion annually.
Being an environment friendly hydropower project, it will help reduce dependence on expensive thermal power, thereby saving foreign exchange amounting to $34 million per annum to the country.-Online

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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, and the market opened promptly at 9:30 am. But trading on all the financial markets was thinned by the storm, which also kept shoppers away from the malls on the day after Christmas, the final act of the holiday shopping season.
“Volume usually picks up a bit after a long weekend but that is not going to be the case today with the snow storm… nobody can get into their offices in the Northeast and basically there is really lack of anything going on Wall Street,” said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon. Six states declared a state of emergency as the first widespread blizzard of the season hit Americans returning to work after one of the busiest travel weekends of the year.

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Posted in: Nawaz Sharif,World News

Sharif criticizes govt’s policies

Says it only making good Baloch rebels

MURREE: 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 against Baloch leaders.
The PML-N Quaid pointed out that the attitude, which was adopted against the grandson of Akbar Bugti, was condemnable and questioned why the government wants to make good Baloch and citizens as rebels through such tactics.
He announced that he urged Prime Minister Syed Yousuf Raza Gilani and Balochistan Chief Minister to handle the issue and not allow any one to challenge the writ of the government.- Online

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