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Showing posts with label World News. Show all posts
Showing posts with label World News. Show all posts

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

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.

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.

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

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

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.

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

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

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.

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.”

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.

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

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.

PPP CEC meet today

LARKANA: The meeting of Central Executive Committee (CEC) of Pakistan Peoples Party(PPP) will be held at President House Naudero on December 26 (today). This was disclosed by the Sindh Minister for Law and Parliamentary affairs Muhammad Ayaz Soomro, who is also the District President of PPP Larkana, in a press conference held at Larkana press Club.
He said that Chairman of PPP Bilawal Bhutto Zardari will chair the meeting. The meeting will be attended by the members of CEC Presidents of all the five Provinces and Azad Kashmir, he added. The meeting will review the obtaining political conditions in the Country and other Party matters. On the occasion rich tribute would be paid to the great leader and Slain Chairperson of PPP Shaheed Mohtarma Benazir Bhutto in the meeting.-Agencies

Govt says stand solid on RGST

Govt enjoys majority in parliament: Khurshid
KARACHI: Minister for labor and manpower and religious affairs Syed Khurshid Shah has said government has not withdrawn from Reformed General Sales Tax (RGST) adding government enjoys majority in parliament without MQM and JUI-F which is required for approval of RGST. He said this while talking to media men here Saturday in chief minister house.
He held government did not want to get RGST bill pass without consensus and the bill would be presented in the parliament for approval after consensus was developed.
Responding to a question he said PML-N was the first party which had supported RGST and Mian Shahbaz Sharif signed it during the meeting of council for common interests.

China interest rates up again

BEIJING: China’s central bank on Saturday raised interest rates for the second time in three months as authorities’ ramp up efforts to curb borrowing, rein in property prices and tame inflation.
The People’s Bank of China said in a brief one-line statement that it will raise the one-year lending and deposit rates by 25 basis points each. The move takes the rates to 5.81 percent and 2.75 percent respectively from Sunday. In October, policymakers raised rates for the first time in nearly three years as they resort to stronger measures to try to slow a flood of liquidity which has been fanning inflation and driving up property prices.
Analysts said the latest interest rate hike would be followed by more next year as stability-obsessed leaders step up efforts to calm growing consumer anxiety about rising costs.
“The choice of Christmas Day is a little surprising but I think the market generally expected interest rates to rise,” Ken Peng, a Beijing-based economist for Citigroup, told foreign media.

Butter versus margarine!

For years we have been discouraged from eating butter, largely due to its high fat and calorie content and nutritionists have often suggested margarine as a healthier substitute. However, a recent study conducted by Harvard University, suggests the contrary. Although they are both sources of fat, butter and margarine contain different kinds of fat, which is important when deciding which one of the two is a healthier option, suggests the study.
What is margarine?
Margarine is used as a substitute for butter and it contains saturated fats. These are produced when hydrogen is heated in order to harden vegetable oils. It is often claimed that margarine contains polyunsaturated fats that contain Omega 3 and Omega 6 oils which are essential fatty-acids, but the body cannot manufacture them. However, the high temperature needed to produce margarine, destroys and vitamin E and other nutrients left in the oil. The final product contains trans-fatty acids which increase inflammation in the body. One of margarine’s supposed virtues is that it can help reduce cholesterol levels in the bloodstream, and thereby afford some protection from ‘cardiovascular’ conditions such as heart diseases and strokes.
Difference between margarine and butter:
Both Margarine and butter contain the same amount of calories present in them. On the contrary butter contains natural fats, which are essential for the strengthening the bones and has many nutritional benefits.
Ill-effects of margarine:
Excess intake of margarine can worsen illnesses such as colitis and arthritis. The hardening agents used in the production of margarine include nickel and cadmium. Nickel is a toxic metal that when consumed in excess, causes lung and kidney problems. Cadmium is among the most toxic of the heavy metals. It may contribute to serious diseases such as arteriosclerosis, high blood pressure and malignancy. The study conducted at Harvard University, found that a diet high in trans-fat, which doubles the chance for heart attack and decreases life expectancy.
Solution:
The best way to control the rising cholesterol levels, is by eating everything in moderation and not anything in excess. All products such as eggs, full cream milk, etc. contain minerals and proteins which are essential for the bones and cutting out these products will only lead to further health hazards.

Get goodly hair

Don’t subject your luscious mane to myths and old wives’ tales.  Here’s what you should avoid doing… Brushing hair several times every night
No. This can be fatal for your hair. Hair is fragile. Rough and repeated brushing can cause it to become brittle, and easily prone to breakage. Excessive brushing can also lead to split ends. Instead, what you should do is brush your hair only as much as you really need to, till you get the knots and tangles out. Use your fingers to gently style it, and set your hair as per your style requirements.
Using conditioner to fix split ends
Don’t believe all those advertisements for hair conditioners that promise to repair split ends. Remember, a conditioner is not a glue, it only works to smoothen the rough hair surface, thus making it soft. As any hair expert will tell you, while conditioners work wonders to moisturise your hair and give it that much coveted shine, the only remedy for split ends is to trim them off. The best favour you can do your hair is to get a trim every three months. You’ll be surprised how healthy your hair will be.

More “amends” make it past NA

Changes in Rules of Procedures, Conduct of Business passed
ISLAMABAD: The National Assembly Friday unanimously passed the bill seeking amendment in the Rules of Procedure and Conduct of Business in the lower house, which became necessary after the passage of 18th and 19th amendment bills. Minister for Labour and Manpower Syed Khurshid Shah moved the amendments bill in the house for passage.
Advisor to Prime Minister Raza Rabbani elaborating the amendment said after the election of the Speaker and the Deputy Speaker –a general election– or whenever the office of the Prime Minister falls vacant for any reason, the Assembly shall, to the exclusion of any other business, proceed to elect without debate one of its Muslim members to be the Prime Minister. Any member may propose the name of any Muslim member for election as Prime Minister, hereinafter referred to as the candidate.

Foreign investors to get smooth ride

Will cement ties with Turkey on geo-strategic level: Zardari
ISTANBUL: President Asif Ali Zardari Friday underlined the importance of Turkish investment in Pakistan and said the government would take steps to remove bottlenecks in the way of foreign investors. He hoped that regular service of Islamabad-Tehran-Istanbul freight train would greatly improve intra-regional cooperation and business opportunities and called for its fast track completion.
The President was talking to his Turkish counterpart, Abdullah Gul who called on him ahead of Pakistan-Afghanistan-Turkey trilateral summit here.
He said there was a vast potential for Turkish investors in Pakistan. Both the countries should encourage their private sectors to collaborate closely in energy, infrastructure development, engineering, textiles, agriculture, telecommunications, mining, and technology sectors, he said.
He stressed the need both for institutionalising cooperation with Iran and upgradation of rail and road links between the two countries.