International Karachi, Sunday, December 12, 2010, Muharram-ul-Haram 5, Price Rs12 Pages 8
Marri says govt trusts in pro-public politics Economic Indicators Forex Reserves (4-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Oct 10) Imports (Jul 10-Oct 10) Trade Balance (Jul 10-Oct 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10 - Nov 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Sep 10)
$16.39bn 14.44% $7.17bn $12.25bn $(5.08)bn $(533)mn $4.43bn $569mn Rs 495bn $58.41bn Rs 5234.9bn $203.80mn -2.58% 4.10% $1,051 171.28mn
42.84 36.41 35.95
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
01-Dec-2010 01-Dec-2010 01-Dec-2010 29-Nov-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010
13.16% 13.39% 13.67% 14.00% 13.21% 13.39% 13.61% 13.94% 14.10% 14.16% 14.24% 14.28% 14.54% 14.70% 14.88%
Commodities Crude Oil (brent)$/bbl 90.48 Crude Oil (WTI)$/bbl 87.79 Cotton $/lb 136.97 Gold $/ozs 1,384.90 Silver $/ozs 28.61 Malaysian Palm $ 1,156 GOLD (NCEL) PKR 38,314 KHI Cotton 40Kg PKR 9,752
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 83.70 Canadian $ 84.00 Danish Krone 15.10 Euro 113.00 Hong Kong $ 10.90 Japanese Yen 1.026 Saudi Riyal 22.65 Singapore $ 64.80 Swedish Korona 12.10 Swiss Franc 86.75 U.A.E Dirham 23.23 UK Pound 135.00 US $ 85.65
Sell (Rs)
84.70 85.00 15.20 115.00 11.00 1.052 22.90 65.80 12.20 86.85 23.45 136.00 85.95
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
84.35 84.84 15.19 113.23 11.01 1.021 22.82 65.49 12.39 87.24 23.31 135.33 85.68
84.54 85.04 15.22 113.50 11.04 1.023 22.88 65.64 12.42 87.44 23.36 135.65 85.87
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
23°C 28°C 20°C 22°C 13°C 23°C
MIN
2°C 7°C 4°C 3°C -9°C 3°C
Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com
www.thefinancialdaily.com
See on Page 8
Turk traders ready for JVs
See on Page 8
India says 34 terror camps exist in Pak
See on Page 8
Pakistan inks 4-nation gasline agreement; Project to be completed in 2014
$7.6bn TAPI project comes to life Zardari assures full security to the project; Pak to get 30 billion cubic meters of gas per year
ASHGABAT: President Asif Ali Zardari Saturday signed GDP Growth FY10E $7.6 billion gas pipeline project Per Capita Income FY10 linking Turkmenistan, Population Afghanistan, Pakistan and Portfolio Investment India, and said it would change SCRA(U.S $ in million) 188.33 the development paradigm of Yearly(Jul, 2010 up to 9-Dec-2010) 25.47 the entire region. Monthly(Nov, 2010 up to-9-Dec-2010) The 1640-km long 3.45 Daily (9-Dec-2010) 2632 Turkmenistan-AfghanistanTotal Portfolio Invest (26 Nov-2010) Pakistan-India (TAPI) pipeline NCCPL will pass through the volatile (U.S $ in million) Afghan territory to link with FIPI (10-Dec-2010) -0.48 Pakistan's national gas network Local Companies (10-Dec-2010) 3.24 near Multan and terminate at Banks / DFI (10-Dec-2010) -0.14 Fazilka in India. Mutual Funds (10-Dec-2010) -0.37 Ministers for Petroleum and NBFC (10-Dec-2010) -1.57 Natural Resources Naveed Local Investors (10-Dec-2010) -0.67 Qamar also signed the agreeOther Organization (10-Dec-2010) -0.01 ment on Gas Pipeline Global Indices Framework Agreement (GPFA) Index Close Change at Ashgabat Saturday that has KSE 100 11,620.16 51.07 already been approved by the Nikkei 225 10,211.95 73.93 Federal Cabinet. The project conceived in Hang Seng 23,162.91 8.89 1995 was initially designed to Sensex 30 19,508.89 266.53 provide gas from Turkmenistan SSE COMP. 2,841.04 30.09 to Pakistan, through FTSE 100 5,812.95 4.99 Afghanistan. However, India Dow Jones 11,410.32 40.26 was later invited to join the GDR update project in 2008. $.Price PKR/Shares Symbols Under the project Pakistan 111.38 will get 30 billion cubic meters MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 21.95 188.07 of gas annually and has also UBL (1 GDR= 4 Shares) 2.00 LUCK (1 GDR= 4 Shares) 1.70 HUBC (1 GDR= 25 Shares) 10.49
Ties with US touching new high: Haqqani
ASHGABAT: President Asif Ali Zardari, Indian Minister of Petroleum and Natural Gas Murli Deopra, Turkmenistan's leader Gurbanguly Berdymukhamedov, and Afghan PresidentHamid Karzai, sign documents during a ceremony.-Reuters
indicated that in case India backs out at any stage, it will be willing to purchase the additional gas. Turkmenistan has the world's fourth largest proven reserves of gas and is already providing gas to Russia and China. Following the inking international bids will be sought from energy companies to launch the project that is likely to be com-
5M remittances reach $4.428bn Staff Reporter KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $4,428.30 million was received in the first five months (JulyNovember) of the current fiscal year 2010-11, showing an increase of $595.72 million or 15.54 per cent over the same period of the last fiscal year. In November 2010, an amount of $926.89 million was sent home by overseas Pakistanis, up 24.78 per cent or $184.10 million, compared with $742.79 million received in the same month last year. This is the second highest amount remitted by overseas
Pakistan in a single month. In August 2010, an historic amount of $933.06 million was received as workers' remittances. The monthly average remittances for the July-November 2010 period comes out to $885.66 million as compared to $766.52 million during the same corresponding period of the last fiscal year, registering an increase of 15.54 per cent. During last month i.e. November 2010 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $225.75 million, $175.05 million, See # 14 Page 7
During Three Years
NSS investment crosses Rs1700bn ISLAMABAD: The National Saving Scheme (NSS) has witnessed phenomenal increase in the inflows during the last three years tenure of democratic government and the total portfolio has crossed the historic figure of Rs1721 billions. NSS has witnessed phenomenal increase in the inflows during the last three years tenure of democratic government and the total portfolio has crossed the historic
figure of Rs1721 billions" a statement of Central Directorate of National Savings (CDNS) issued here Saturday said. In a clarification, it termed news item as misleading regarding outflows of funds from NSS, published in a section of press. The Central Directorate of National Savings strongly contradicts the deceptive contents See # 15 Page 7
pleted by 2014. Zardari on the occasion assured complete security and full support to the project, saying it would change the development paradigm of the entire region. "We shall work together to bring this project to early fruition," President Zardari said in his address to the summit to ink the historic agreement to
Dead Body of Fakhri's son to be handed over on Tue NEW YORK: The dead body of actor Jamil Fakhri's son, killed in New York would be handed over to their heirs on Tuesday. According to private TV channel, Pakistani embassy in New York has completed all arrangements to hand over the dead body of Ali Ayaz Fakhri to his family. Shahbaz Fakhri, son of Jamil Fakhri in Canada informed Pakistani Consulate that he See # 12 Page 7
NICL Scam
FIA shifts former head to Lahore KARACHI: The Federal Investigation Agency (FIA) on Saturday shifted former chairman of National Insurance Company Limited (NICL) Ayaz Khan Niazi, who is accused of embezzling billions of rupees, from Karachi to Lahore for interrogation. Sources informed FIA Lahore Deputy Director Basharat and Assistant Director Shahzad shifted Niazi to the FIA Regional Headquarters, from where he will be produced in the relevant court tomorrow or on Monday for a hearing. See # 13 Page 7
provide gas from the Turkmen fields to the other partners. "This resource-rich region can complement the economies of our countries," President Zardari said and added transregional development cooperation holds the critical key to promoting durable stability and economic development in the region. The President said Pakistan
Qureshi appreciates Turkmen's neutrality ASHGABAT: Foreign Minister Shah Mehmood Qureshi on Saturday appreciated the 'Permanent Neutrality' stance of Turkmenistan and said it had contributed to regional peace, security and stability. He was addressing the International Conference on Permanent Neutrality of Turkmenistan here, as part of series of ceremonies marking the 15th anniversary of neutrality of the land locked Central Asian Republic. See # 8 Page 7 was committed to the early The President urged the parrealization and full implemen- ticipating countries to agree on tation of this project and a timeline for the completion See # 9 Page 7 assured to play its part.
Pakistan Capital Markets Forum
Forum’s targets attained: Waqar LONDON: The Federal Privatization Minister Senator Waqar Ahmed Khan has expressed his satisfaction at the outcome of the "Privatisation and Pakistan Capital Markets Forum" held at the London Stock Exchange and said the interaction with British companies had been beneficial. Speaking at a dinner hosted by the Pakistan High Commissioner to the UK Wajid Shams-ul Hasan in honour of the Minister and the representatives of Pakistani companies that participated in the forum at the Chancery here, he
said Pakistan's endeavours to turn around the fiscal deficit of the Stated Owned Enterprises (SOEs) and to create value addition for these entities met with good response. "We explained to the London Capital Market the challenges being faced by Pakistan and the Privatisation Commission and how we can complement each other." The Minister said at the forum five enterprises were showcased including Pakistan Railways, See # 10 Page 7
Sharif swears strong stand against RGST SHEIKHUPURA: Quaid Muslim League-N Mian Nawaz Sharif elucidated his opposition on Reformed General Sales Tax (RGST) and said we will not let it to be implemented till the government curtails expenditures and curbs on corruption. Addressing to a open gathering in Sheikhupura on Saturday Nawaz Sharif said WikiLeaks has disclosed scores of secrets related to numerous personalities. He termed these disclosures as fake. We tested our nukes despite glob-
al pressures this must also be disclosed by WikiLeaks, he wished. He said we never did anything just to appease American politicians. He informed we are reorganizing our party hence we need a revolutionary team, which may help us in development of nation. "We will attain the destiny if spirits of nation remained the same and with power of people we will curb on corruption and injustices", said Nawaz Sharif. See # 11 Page 7
IPI project not shelved, says India ISLAMABAD: India has not abandoned Iran-Pakistan-India gas pipeline project costing $7.3 billion and is seriously looking for courageous insurance companies to underwrite the project, a senior diplomat attached to the Permanent Mission of India to the UN said on Saturday. "Apart from what we see is happening in the world today, we need Lloyds or other major global insurance giants setting up a new division and undertake the risk so that we can start the project," an Indian television channel quoted the diplomat as saying. The diplomat said that India and Pakistan can resolve their issues bilaterally.-Agencies
Holbrooke in 'critical' condition WASHINGTON: Richard Holbrooke, the US special envoy for Afghanistan and Pakistan, was in critical condition on Saturday in hospital where he has been joined by family members, the State Department said. "This morning, doctors completed surgery to repair a tear in his aorta. He is in critical condition and has been joined by his family" at George Washington University Hospital in the US capital, State Department spokesman Philip Crowley said in a statement. -APP
Prime Minister summons meeting of NCA on 14th Dec
Let Parliament decide RGST: Gilani ISLAMABAD: Government has decided not to show any haste in getting RGST bill approved from National Assembly in the face of grave reservations voiced by its coalition partners and opposition and it now intends to restart consultation process with its allies to alleviate their concerns. Prime Minister said when RGST would be table in Parliament then we would see.
Government sources told Online Saturday Prime Minister Syed Yousuf Raza Gilani had already taken President Asif Ali Zardari into confidence on this count and he would soon contact MQM chief Altaf Hussain telephonically and try to woo him to support government. A meeting between prime minister and JUI-F chief Maulana Fazlur Rehman is likely to take place next week.
Sources told no prospects were there that RGST bill would be passed in the next session of NA because NA standing committee on Finance had not even completed its report on RGST Bill2010. The committee led by Fauzia Wahab is looking forward to report yet to be received from FBR on details of taxes with regard to all departments. Sources told government
would pilot the bill in NA when it would become sure about its approval. Besides PML-N and PML-Q, the two allied parties of government including MQM and JUI-F were also opposing RGST. The matter was discussed at length in the meeting between the president and prime minister two days earlier and president expressed confidence on the decisions taken by the latter See # 17 Page 7
RGST is in nat'l interest: Shah ISLAMABAD: Terming introduction of Reformed General Sales Tax (RGST) in the best national interest, former Finance Minister and an economic expert, Dr Salman Shah stressed the need for building of trust and making onboard various stakeholders before its approval from the Parliament. "This tax is implemented across the globe and helping documentation of their economies which also required automation before its implementation", he told APP on Saturday. He was of the view that this tax has been politicized and is a long term tax and the Federal Board of Revenue (FBR) should prepare tax automation plan before its implementation. See # 16 Page 7
2
Sunday, December 12, 2010
Qaim orders inquiry against SITE officials
KARACHI: Chairman Transpirancy International Pakistan Adil Gilani speaks during a seminar at Karachi Chamber of Commerce & Industry. -Online
KESC brings light to Pir Sarhandi KARACHI: Karachi Electricity Supply Company (KESC) has installed a new 250KVA PMT under the electrification of Pir Sarhandi Goth Scheme. Rs3.2 million were allocated by government of Sindh for the project under ADP funding. Minister for Zakat and Usher, Sindh government, Mohammad Sajid Jokhio, inaugurated the project at Pir Sarhandi Goth. "KESC is doing a great job in bringing the electricity to even remotest areas in Pakistan. It will not only improve the living standards of the local residents but will also develop the commercial activity in this area", said Sajid Jokhio.-PPI
Administrator orders to beef security steps KARACHI: The Administrator Karachi, Fazlur Rehman, has directed the concerned to beef up security around the mosques and Imambarghas during Muharram-ul-Haram. He stated this during a visit to mosques and Imambarghas in various areas of the metropolis. A City District Government Karachi (CDGK) statement on Saturday said that the Administrator was accompanied by the EDO Works and Services Rasheed Mughal, EDO Municipal Services Masood Alam and other officers of the city government. The Administrator issued instructions that necessary steps be taken so that no irrelevant person or vehicle could enter into the boundary of mosques and
Imambarghas. He visited Madinat-ulIlm Gulshan-e-Iqbal, AlMohsin Hall Sohrab Goth, IRP Ayesha Manzil, Babul-Ilm North Nazimabad, Rizvia Society, Nishter Park and other adjacent areas and inspected the arrangements made by the City Government and town administration. He said that the City District Government Karachi has solved almost all the problems pinpointed by the ulema and organisers while special teams have been formed to act on any complaint during Muharram-ul-Haram. Administrator Karachi said that the elected representatives, MNAs, MPAs and provincial ministers have fully supported civic bodies in the arrangements for Muharram.-APP
TV PROGRAMMES SUNDAY Time Programmes 7:00 News 8:00 News 9:05 Best of Subah Savere 11:10 Mohaaz (F) 12:00 News 13:10 Newsbeat (Rpt) 14:10 Awam Ki Awaz 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Taxi News 20:05 The Anchor 21:00 News 22:03 Faisla Aap Ka 23:05 Naram Garam
SUNDAY Time 8:00 9:05
Programmes Chai Time (Rpt) Smithsonian Documentry 10:05 Dilkash Pakistan 10:30 Sara jahan(Rpt) 11:15 Karobari Duniya(Rpt) 12:00 News 12:05 Siyasat Mana Hai (Rpt) 13:00 AM News 13:05 Islamabad Say (Rpt) 14:00 News 15:00 News 15:05 Doosra Pehlu (Rpt) 16:00 News 16:05 Filmi Samaa(rpt) 16:30 Red Carpet (Rpt) 17:00 News 17:05 Aap Ka Paisa (Rpt) 17:30 Pakistan This Week 18:00 News 18:05 Sara jahan(Rpt) 18:30 Dilkash Pakistan 19:00 News 19:30 Tijarti Dunia 20:00 News 20:05 Kamyab 21:00 News 21:05 Teesri nazar 22:00 News 22:05 Agenda 360 23:05 Music Scene 23:30 Uff Tv 0:00 News
KARACHI: Rangers Soldiers patrolling MA Jinnah Road during the Flag March in connection to Muharramul Haram. -Online
KARACHI: Provincial Minister Shazia Marri receiving complaints on telephone at Chief Minister Complaint Cell. -APP
KCCI snubs industrial downfall news KARACHI: Talat Mehmood, Senior Vice President Karachi Chamber of Commerce & Industry (KCCI), in a press statement rejected the news item appeared in daily Jang and the News on December, 11, "Country faces worst industrial downfall". Talat Mahmood categorically said that KCCI had not compiled any such report of industrial downfall and abrupt closures in Karachi. "In fact it was a news clipping of statement of Federal Minister of Industries & Production, Mir Hazar Khan Bijarani appeared in the press on November 4, 2010 where the news item speaks about Minister's statement sent to Senate informing regarding closures of 1579
industries in last 5 years in the whole country," h said. Talat Mahmood voiced that the Research and Economic Development Cell of KCCI compiles such papers/clippings for the internal information of KCCI's Office Bearers, nevertheless, reserving the rights to accept or reject. He focused that KCCI's point of view is publicized only through the President, Office Bearers and official press releases and chamber is not responsible for any statements prepared on misunderstanding by press reporters. He further said that there are some problems which are impeding the wheels of industry, like energy crisis, deteriorating law & order situation, high cost of doing business and the forthcoming RGST decision.-NNI
No exams at KU till 19th
KARACHI: Chief Minister Sindh Syed Qaim Ali Shah has ordered Chief Minister's Inspection Team (CMIT) to conduct an inquiry against the officials of SITE Limited regarding the irregularities worth millions of rupees in development works and placing heavy amounts in different new Banks instead of banks designated by the government, well- placed sources told PPI. The Chief Minister had received different complaints from various government and political circles that former officials of SITE Limited were involved in massive irregularities and no body from the previous authorities checked, source added.
Taking these complaints very seriously, Syed Qaim Ali shah ordered CMIT to probe the issue and submit the report to me within 15 days. An official of Chief Minster's secretariat has written a letter to the Chairman of Chief Minster's Inspection team (CMIT) stating that officials of SITE Limited were involved in the irregularities in the head of development works,in which a cheque of Rs.3,32,89550 was issued to a contractor without completing of contract work which was violation of official rules. Letter further stated that SITE Limited had placed heavy amount of Rs100
million in the new-born foreign banks instead of National and other banks which are authorized by the Sindh Government for depositing government funds, so this issue would be taken into inquiry, sources added. The CMIT chairman Abdul Subhan Memon has deputed Jinsar Ali Shah, Director General (Technical) of CMIT to probe the issue, who will start his work from Monday 13th December and will submit the report within 15 days. Official sources of CMIT confirming this told that orders of Chief Minister Sindh have been received in this regard and the inquiry would be started.-PPI
KARACHI: The University of Karachi has rescheduled the on-going semester examinations. This was announced by the Registrar of Karachi University on Saturday. He said that the current Semester Examination Programme is being rescheduled and all the remaining examinations of morning and evening programme will now comKARACHI: Council General of Indonesia Rossalis Rusman Adenan called on mence from December 20. Sindh Chief Minister Syed Qaim Ali Shah at Chief Minister House. -APP Whereas all the external examinations will take place as per schedule. Students have been directed to bring their original ID cards and admit cards otherwise their entrance in the campus will not be possible, it was furThe committees will KARACHI: Government had issued Watan Cards ther stated.-APP of Sindh has devised a amongst the flood affected comprise DCOs as chaircomprehensive plan to and now in its second men while the members include EDO rehabilitate the agriculture phase, the government will will sector of the province launch the rehabilitation of Revenue, XEN Irrigation, under Rabi Assistance the agricultural land in two representatives each Plan in the flood affected coordination with the of chambers of Agriculture Department of Irrigation and Abadgar Board while areas. the tehsil committees will "Sindh province faced a and Agriculture. She said that 'de-water- be represented by DDO, loss of an estimated Rs102 DD billion due to destruction ing' has almost been done Mukhtiarkar, LAHORE: Warid caused to 2.23 million in affected districts with Agriculture and others. Telecom brings another acres of agricultural land the pumps and the target "These committees will innovative offer, Group in recent floods," said will be achieved very review the claims of the Sms, through which users Advisor to Chief Minister soon. concerned growers and can create their SMS on Information Sharmila Sharmila said that com- then monitor and provide group of up to 10 of their Farooqui while addressing mittees have been formed seed and fertilizer to friends, said a handout a press conference here on at district and tehsil level them," she added. issued here on Saturday. The Advisor said that to ensure transparency in Saturday. Every message they She said on the directive the distribution of fertilizer initially the growers with send to the group will be of President Asif Ali among the affected grow- holding of 1.25 acres of land will be covered.-APP sent to each person in the Zardari, the government ers. group, and when they respond, the replies will be sent to everyone in the group as well. This makes group discussions and planning get-togethers and other group activities easy and spontaneous with just a couple of SMS's. Customers can ISLAMABAD: President countries must realize that add off-net numbers to Islamabad Chamber of foreign policies in the new their groups as well mak- Commerce & Industry century will be increasingly ing this a great service to (ICCI) Mahfooz Elahi said determined by their domesthat agreement between tic, economic and political stay connected. Leading the market with Pakistan and Turkey in the conditions. Mahfooz Elahi said that fields of health, defence, customized Products and communication, informa- Pakistan and Turkey must Services Warid manages tion technology, education agree for early completion the product portfolio of and tourism will enhance of agreement on the over 40 Value Added long-standing relations. The Preferential Trade Services based on IVR, people of both countries Agreement to enhance the SMS, MMS and GPRS have strong, exemplary and bilateral talks. He said that platforms. Warid brought brotherly relations. initiatives should be taken some of the most innovaAccording to press to achieve the bilateral trade tive value added services release issued here on target of $2 billion by 2012 which were introduced in Saturday, Mahfooz Elahi through speedy formulation Pakistan for the very first has said addressing a busi- of a strategic economic ness community at cooperation framework. time. The President said that by Warid is always a step Islamabad Chamber of ahead to best serve the Commerce & Industry that encouraging commercial needs of its valued cus- today we need cooperation banks and financial institubetween our countries more tions both the countries tomers by providing them could open branches in each than ever. with opportunity to expeHe said that we need other's countries to promote rience the best in mobile Turkey's support to build cooperation in the financial technology.-PR stability in the region. Both sector.-Online
Rs3.3bn for agriculture sector rehab: Sharmila
Warid introduces Group SMS package
ICCI urges boost in Pak, Turkey relations
KARACHI: Sindh Home Minister Dr Zulfiqar Mirza presiding over a high level meeting regarding security arrangement during Muharram ul Haram at CCPO office. -APP
UAE donates relief goods KARACHI: In continuation to the assistance for the flood victims in Pakistan, two ships carrying basic necessities and medicines from United Arab Emirates (UAE) arrived here. A statement here on Saturday said that the relief good worth US dollars 10 million was received by the UAE Consul General in Karachi, Sohail bin Matar Al-Katebi. It said that the relief goods will be distributed through the UAE Red Crescent for the flood victims in interior Sindh. The shipment that arrived today shows the UAE's commitment to the continuous support for Pakistani brothers, it was further stated. The Consul General of UAE in Karachi, Sohail bin Matar Al-Katebi, said on this occasion that our countries have developed a broad and deep partnership based on shared values and interests and UAE is stepping up to support the people of Pakistan as they come through this tragedy with determination and courage. We know that our Pakistani brothers are resilient people and we will extend all our support to our brothers in any form, he added. On this occasion, UAE joins with the people of Pakistan to support them so that they can overcome this catastrophic phase that they are passing through. The UAE Red Crescent delegation would pay a field tour of the affected areas in Sindh and will be distributing the items that are needed according to the respective areas. It was pointed out that after the flood hit Pakistan, the UAE Red Crescent Association immediately came into action under the instructions of UAE President Shaikh Khalifa Bin Zayed Al Nahyan for delivery of urgent relief assistance and the aid shows that they have been and will continue their support to help Pakistani brothers to recover from this catastrophic moment.-APP
3
Sunday, December 12, 2010
Mobile Prices Updated on 11 December, 2010
ALI ZHORAIZ JAFFRI
Nokia 1202 1203 1208 1209 1280 1616 1800 2220 Slide 2330 Classic 2600 Classic 2690 2700 Classic 2730 Classic 3600 slide 3610 Fold 5030 5130 5220 5230 5250 5233 5310 5320 5530 5630 5730 5800 6120 6220 Classic 6300 6303 6303i 6600 Slide 6600 Fold 6700 Classic 6720 Classic 6730 Classic 6760 Slide 7210 7230 7310 7510 7610 C1-00 C3 C5 E5 E52 E55 E63 E66 E71 E72 E75 N78 N79 N8 N82 N85 8GB N86 N97 N97 mini N900 X2 X3 X3 02 Touch and Type X6 16GB X6
2,100 2,050 2,300 2,250 2,075 2,450 2,700 4,500 4,400 4,950 5,200 6,900 7,500 12,900 9,600 3,100 8,300 10,400 13,600 13,600 11,500 12,400 14,900 17,200 17,200 23,000 22,000 12,000 17,900 10,800 11,300 11,000 18,900 17,800 20,300 19,800 15,200 18,800 8,550 10,750 11,000 14,000 13,200 3,000 11,500 14,200 21,300 21,200 23,000 16,800 20,000 21,300 27,500 24,000 19,800 26,300 40,000 26,000 22,800 31,500 39,000 33,000 37,000 9,400 12,000 15,900 28,000 48,000
Sony Ericsson T303 T707 W302 W380i W350i W395 W595 W705 W980 W902 W995 F305 S302 C510 C901 C902i C903 C905 G502 G700 Aino Jalou U100 Yari Satio Idou Xperia X1 Xperia X10
8,700 16,800 9,600 8,800 7,700 9,700 13,200 19,000 18,200 43,500 25,600 9,400 8,200 12,700 14,800 15,600 16,100 21,400 14,500 12,800 30,800 17,300 18,700 38,700 33,000 47,000
Samsung B130 B220 Guru B300 B3210 CorbyTXT B3410 B3410W Chat WIFI B5722 B7300 OMNIALite B7320 Omnia PRO Guru B100 E1080 E1100 E1125 E2125 E250 D980 (Dual Sim) J150 J700 M150 M200 M620 M3510 Beat b M3710 Corby Beat M7500 Armani M7603 Beat DJ M8910 Pixon 12 C3010S C3053 C3200 Monte Bar C3212 C3303k Champ C3510 Genoa C5212 DUOS S3310 S3653 Corby S3653 WIFI Star S5230 S5230W Star WIFI S5350 Shark S5550 Shark 2 S5560 Marvel S5620 Monte S7220 Ultra b S7350 Ultra s S8003 Jet S8300 Tocco Ultar Edition S8500 Wave I900 Omnia i5700 Galaxy Spica i8000 Omnia II i8510 INNOV8 i8910 Omnia HD i9000 Galaxy S 16GB
2,050 3,900 3,600 8,700 9,500 13,400 15,400 24,000 19,200 2,450 2,200 2,450 3,200 6,050 5,200 20,300 6,550 7,550 5,100 6,200 6,250 9,200 12,700 30,300 32,000 40,600 5,700 6,000 6,900 7,300 7,600 8,800 9,800 7,900 10,600 10,800 11,000 12,300 12,000 14,500 15,600 15,500 21,000 22,100 24,000 28,200 29,900 42,500 25,000 49,500 37,000 43,700 49,000
BlackBerry Bold 9000 Curve 8900 Peral Flip 8220 Pearl 8120 Curve 8310
33,000 30,900 30,000 27,000 29,000
QMobile Q3i E900
5,999 6,999
NOTE: Always visit your local shop for the exact Mobile phone prices.
Sega Dreamcast still alive
Rubin’s 300,000 Androids a Day Tweet on Target T here's no doubt that Androids are swarming, but 300,000 activations a day, as Google VP of Engineering Andy Rubin tweeted? "Seems like a stretch," said Frost & Sullivan analyst Michael Jude, who added the figure "may represent the number of phones being shipped from manufacturers, many of which end up in warehouses rather than in people's pockets." Once again playing coy with a major company announcement, Google (Nasdaq: GOOG) engineering vice president and Android development director Andy Rubin tweeted Thursday that more than 300,000 Android phones are activated daily. It was only Rubin's second tweet, and followed his sneaka-peek presentation of Android's new Honeycomb tablet computer Monday night at the D: Dive Into Mobile con-
ference. "It either means that Android
is the winner this holiday season, or that the mobile operating system market is growing faster than previously estimated," said Tomi Rauste, president ofMovial creative technologies. If the 300,000 figure holds, it represents a long leap in a short
six months. In June, after Google released the source
code for Android 2.2, codenamed "Froyo," Rubin said the company was activating roughly 160,000 phones daily. In August, Google CEO Eric Schmidt upped the number to 200,000 daily Android activations. Rubin's Honeycomb tablet
Wind cubes can power the entire household
I
f you're interested in ecology and power saving, you might be interested in this interesting concept called Wind Cubes that can power a household for a month with simple wind power. Wind Cubes look and work in a similar way as windmillsand all that you have to do is to attach them to your wall and connect them to the battery that will store their power. These Wind Cubes look perfect and array of 15 of
these fans can easily power a household of four for a month. One of these fans can
potentially generate 21.6 kilowatt-hours per and 15 of them can produce up to 324 kilowatt-hours per month so
we have to admit that these Wind Cubes sound quite impressive. These Wind Cubes look amazing, and the best thing about them is that you can turn them off, or put them back in their case in case of a bad weather and pull them back out when the wind is appropriate. Designers Liao-Hsun Chen and Wen-Chih Chang did a wonderful job with this design, and we're hoping that Wind Cubes will become a real deal someday.
Artist Implants Camera in Head
W
afaa Bilal may not have eyes in the back of his head, but he will soon have the next best thing to it: a digital camera. The Iraqi-American performance artist and New York University assistant professor plans to implant a thumb-sized camera in the back of his noggin and stream live images from it to a museum in the Persian Gulf nation of Qatar. Mathaf: Arab Museum of Modern Art, which is scheduled to open next month, the Wall Street Journal reported. Bilal's artwork, titled, appropriately, "The 3rd I," is intended to be "a comment on the inaccessibility of time, and the inability to capture memory
and experience," the Journal reported. Needless to say, Bilal's workin-progress caused a stir on the
NYU campus. Not the least of the university's concerns was violation of the privacy of the professor's students and colleagues. To address that issue, Bilal has agreed to cover the camera with a black lens cap
while he's on campus. Controversy is nothing new to Bilal. In 2007, in a project he titled "Domestic Tension," he locked himself in a gallery in Chicago with a remote-controlled paintball gun that could be fired at him by visitors to a Website. In his 2008 "Virtual Jihadi" project, he hacked into a video game to insert his avatar as a suicide bomber hunting George W. Bush. And in June, he tattooed a map containing the names of Iraqi cities on his back in his "...and Counting" piece. As American and Iraqi casualties mounted in the burgs, he added dots to them to mark the locations of the wounded and dead.
demo coincided with Google's announcement of Android 2.3, aka "Gingerbread," which includes several new platform technologies and application programming interfaces, or APIs, for eager developers. Lest readers become confused by all the food groups, Honeycomb is destined to be known as Android 3.0. Given the hoopla surrounding Android, Rubin's tweet might be taken at face value, as a logical progression of nearexponential growth. Though the 300,000/daily figure "seems like a stretch," to Michael Jude, telecommunications program director at Frost & Sullivan, Movial's Rauste contended it's in keeping with holiday shopping. "This number is in line with our expectations, and the recent uptick in Android interest from global operators, device and CE manufacturers," Rauste told LinuxInsider.
Chinese social networking firms eye US IPO gold
O
ne of China's largest social networking companies, Oak Pacific Interactive, has hired investment banks for an initial public offering in the United States next year, the first in a rush of Chinese Facebook clones looking to list. Oak Pacific Interactive (OPI) has hired Credit Suisse Group AG and Deutsche Bank AG to underwrite its IPO slated for the first half of next year, sources close to the matter told Reuters on Friday. The firm owns China's largest online social networking site Renren and Nuomi, similar to the popular website Groupon featuring daily deals and entertainment community Mop. TaoMee, a social networking site for children, was also planning to list late next year and would conduct its "beauty parade" for investment banks in the first quarter of 2011, said a source familiar with the situation. Social networking site Kaixin001 also plans to list but has not gone through the process of selecting banks, said the source, who declined to be named as the matter was not public. "The question is whether these companies are really going to become the Facebook of China," said Paul Wuh, a Hong Kong-based analyst with Samsung Securities. "How they are going to monetize: through advertising or through gaming, that's the question, which one will be the most successful will depend on the business model they choose," said Wuh. OPI's Renren website is similar to Facebook as it allows users to share locations with friends, "like" something and post updates. Renren has about 100 million registered users.
Redspot Games is developing a new game
M
ost people may not even remember Sega Dreamcast, but the Dreamcast is far from over, at least that's what some developers, such as Redspot Games think. In fact, Redspot Games is developing a game for Sega Dreamcast at this very moment, so we decided to investigate a bit. The news about the upcoming Dreamcast g a m e c a l l e d Sturmwind is confirmed and according to the German developer, this game should be a classic arcade shoot-em-up
game. So far we don't know why is this developer developing a game for a console that has been discontinued for almost 10 years, but this is definitely an interesting project. In addition, this is not some homebrew project, Redspot Games is a serious developer, but we think that their upcoming game won't get much attention now when there are other major consoles on the market. Anyhow, if you're interested in this game, it available for pre-order from Redspot and it will cost you 46$.
The Browser Takes All
G
oogle's new computer throws out everything but the Web. This week, Google unveiled a computer like no other: the Cr48, a notebook that relies on the Web for all its software applications. Yet the Web search giant thinks the notebook can compete with computers that run all kinds of installed software. The matte black Cr-48 won't be sold to the public, but thousands are being sent to consumers and businesses who have volunteered to test it. It introduces a new kind of operating system, called Chrome OS, that relies on the Web for almost everything. Google is pitching Chrome OS as its vision for a new form of computing-one that shifts the data, functionality and almost everything else you would expect from your desktop computer into the cloud. Chrome OS will get its biggest test when Acer
and Samsung start selling notebook computers customized to run the software in mid-2011. Google's Chrome OS vision is perhaps best understood by examining the differences between Chrome OS and the operating systems commonly used today, says Sundar Pichai, the VP of product management for Chrome OS (and the related Chrome Web browser). Those differences come from a single design decision about the relationship between a person and his computer, Pichai says. "Operating systems today are centered on the idea that applications can be trusted to modify the system, and that users can be trusted to install applications that are trustworthy," he says, "it turns out those are bad assumptions." In contrast, Chrome OS assumes that applications and users can't be trusted. And it has just one application: the browser.
Xbox outsells Wii in record November
N
PD has released official sales figures for November and everyone but Sony has reason to celebrate. Videogame sales were up 8 per cent, reaching $2.99 billion. It was the best November on record, topping 2008 by about $30 million. Despite a number of analysts playing the prediction game a few days ago and forecasting Wii's doom, the Nintendo had one of its best Novembers yet, selling 1.27 million consoles, up 0.8
per cent from last year. It was, however, narrowly defeated by the Xbox 360. Microsoft's console, pumped up from the success of Kinect, nabbed 1.37 million in sales, up a crazy 67 per cent from last November. Beating all competitors, the Nintendo DS managed 1.5 million units, down from 1.7 million last year. The only sad panda in the room is Sony. Despite the debut of PlayStation Move, PS3 sales were down 25 per cent from 2009. 530,000 units were sold during the month-less than half the sales of Nintendo or Microsoft. In September and October, the PS3 outsold Wii, which lost its monthly lead to the 360 in June.
Latest Gadgets USB 2.0 Slim Blu-ray external burner Still slinging a laptop with USB 2.0? Fret not, as that's all the bandwidth you need to handle LaCie's Slim Blu-ray burner. As the title implies, the new unit is little more than a nicely styled external BD burner, designed to tag along with your ODD-less netbook per ultraportable and provide Blu-ray burner per viewing enjoyment at a moment's notice.
Smartstand puts iPad on Pedestal I suppose that the conductor behind the pedestal leading an orchestra is one of the oldest ways of listening to music. While technology can create all kinds of synthesized orchestration, I will leave it up to decide whether it is an improvement. Yes, an electronic baton might not help a conductor, but an electronic pedestal might.
iPad converts into a DJPad
Road charger for your car during driving
Tascam has very well tapped their 30 years of experience to come up with an application that converts your iPad into a musical pad. One can now experience the fun behind merging four precisely played tracks into single music album with amazing results.
I think we all know that electric cars are probably the way of the future, but they really do need charging all the time. This would make trips longer, with more stops having to be made along the way. What if there is a way to charge your car as you are driving? This is what Halo IPT (Inductive Power Transfer) is planning
Lady's Rechargeable Heated Slippers With winter coming upon us living in the northern hemisphere, staying warm is definitely something that all should look into - after all, how can you function at your optimal level if you're freezing (inside or outside)? Well, Hammacher intends to keep the feet of your lady nice and toasty with the Lady's Rechargeable Heated Slippers.
4 Sunday, December 12, 2010
Why fuss on restoration of sacked employees?
The Financial Daily International Vol 4, Issue 124
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Violence at varsities Lately, some serious clashes have taken place at local universities, which is a cause of concern for the students, their parents and academicians. Whatever may be the reason for these clashes, damaging properties seems senseless. It is true that students were aggravated but resorting to destructive activities exhibits the signs of growing frustration. Over the years, public universities have been reminded repeatedly to make the curriculum more relevant to the ground realities. Imparting education in an alien language, using books may be written decades ago and discussing case studies which have no relevance with Pakistan seem to be the major cause of growing frustration among the students. Added to these is the attitude of faculty members, having the least inclination towards imparting education. The basic purpose of education is to develop better human beings capable of doing things in better ways. However, the objective remains unachieved when one looks at the quality of graduates coming out of the universities. The worst degradation of degree had been done by an elected representative whose degree was found fake. One of the members of National Assembly had said, "A degree is a degree irrespective of being fake or original". Though, this member was disqualified by the Election Commission he was given ticket again and none other than the prime minister ran his election campaign. Universities operating in the private sector, being new in this business have relatively better track record but most of the students can't afford to pay their fees. At times it is also felt that students joining these universities come with only one purpose, to get the degree rather seeking knowledge. Though, it may look a little digression but mentioning the quality of curriculum and quality of faculty of institutions imparting education/ training in information technology is disappointing, baring a few. These institutions claim to produce technology savvy people but have neither the latest hardware nor software at their disposal. The result is Pakistan's export of software has remained stagnant below half a billion dollar. We have not learnt any lesson from the Indian experience. The demand for redefining the curriculum has met deaf ears. The country -- divided into urban and rural areas -- follows different methods and languages for imparting education. Textile and sugar are the two major industries of the country but imparting education in textile and sugar technologies is far from satisfactory. If we wish to impart education with a cause and making better future for the up-coming generations we have to redefine the curriculum and make education need-based, else educated but unemployed youth will continue to face frustration.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
S Rahman
O
nly a cruel society will not admit that thousands of sacked employees who have now been reinstated by President Asif Ali Zardari, were poor people who were living a life from hand to mouth for the last 12 to 13years following their dismissal from service on the plea that they were Jiyalas (PPP zealots) and not humans. Judge it on any yardstick, the latest move undertaken by PPP leadership especially the PPP Co-Chairman and President, Asif Ali Zardari, by way of which several sacked employees have been reinstated, has made the survival of thousands of hapless Pakistanis possible with this one humane gesture of labor-friendly Zardari and his party men. This gesture leaves little room for leveling wild allegations of nepotism and favoritism against PPP leaders given the fact that the people being reinstated belong to the ordinary working classes and have suffered almost beyond human limits for a period of more than a decade on account of political vendetta unleashed by rival political forces that have never reconciled with the vehement masses' support enjoyed by Pakistan People's Party and its charismatic leaders including Zulfikar Ali Bhutto Shaheed and Benazir Bhutto Shaheed. In this context, the signing of sacked employees Reinstatement Ordinance by President Asif Ali Zardari is surely a humanitarian step that aims at removing darkness and ignominy from the lives of sacked government servants
whose dependants did not have sufficient means to buy foodstuff, clothing, let alone buy life-saving medicines. This fact is known even to PPP opponents nevertheless they are churning out malicious and untenable propaganda that this step means showering favours on party loyalists. The fact remains that giving employment (or reemployment) to impoverished workers means restoring honour and dignity in the lives of thousands of citizens (that include the reinstated workers, their hard-pressed womenfolk and children
Zardari for this noble endeavor and are also happy with other similar achievements of PPP government for instance the Benazir Stock Option Scheme. On the occasion of Scaked Employees Reinstatement Ordinance signing ceremony, the President, Asif Ali Zardari, too gave a brief account of the services rendered towards the toiling classes. He also quoted the examples of other countries with strong economies including freeenterprise western economies where workers' prestige and sense of sharing
rescuing the masses from below the poverty line is a motto of PML-N and other political parties, then they should fully support Zardari's move to reinstate thousands of workers leading miserable lives for years and years together many of whom remained deprived from education, as well for all these years). One thing needs to be fully understood here and that is the definition of worker in the context of government or public servants. As perl facts the officials being reinstated are not from the affluent classes of the society. They are ordinary people with ordinary means of income and livelihood. Thus, for all practical purposes, they are equals of the ordinary employees at work in any other type of private or public enterprise. Conscientious people of Pakistan congratulate Asif Ali
was always taken for a top priority with the employees being given a reasonable share in management and decision-making systems. According to the President, such schemes have paid well even in highly successful economies of the advanced world and likewise, these labour-supporting plans are bound to bring lot of benefits in the lives of our working class, starting from the government servants who do not belong to the privileged class. In fact, the PPP has furthered the legacy of senior Bhuttos whose main
mission of life was raising the living standard- and status- of the neglected classes. The slogan of roti, kapra and makan (food, clothing and shelter) was not merely a slogan but Bhuttos' mission. Throughout their lives and government tenures, both the senior Bhuttos have been endeavoring in dead earnest towards achieving this goal. The heavy mandate in all the provinces during general elections is actually a reward- from the publicfor these humanitarian policies. The government, by pursuing such policies, has also set a trend for other employers to follow. These policies should rather be welcomed wholeheartedly by other politicians who must appreciate the return of means of livelihood to thousands of bereaved (rather crushed) families. If rescuing the masses from below the poverty line is a motto of PML-N and other political parties, then they should fully support Zardari's move to reinstate thousands of workers leading miserable lives for years and years together. It would also be in complete harmony with the message of Holy Prophet (PBUH) who taught us dignity of labour, egalitarianism and security of food and shelter. Islam rather enjoins Muslim society and governments to ensure that not a single human (even animals were never an exception) retires at night, after daylong work, in a state of hunger and poverty. What then is the faith of those critics who take exception to the reinstatement of people of lower and lower middle classes?
Handle blasphemy cases with care Mohammad Nafees
I
n 2007, the General Court in Saudi Arabia sentenced Sabri Bogday to death on blasphemy charges and his subsequent appeals to Higher Court and to the Supreme Court faced the similar fate too. At the end, his appeal to The King Abdullah was granted acceptance upon Bogday's repentance and his plea to Allah for forgiveness. Neither public reacted to it nor did the clergy issue any warning or threat to the kingdom. Although the blasphemy law in Saudi Arabia prescribes penalties up to the death, the use of this law shows a more tolerant attitude in handling such cases. Out of seven cases posted on Wikipedia, three persons were awarded punishment, two were acquitted, one was beheaded, and one faced threats to his life from a religious cleric. In Pakistan, it is a totally different case. Granting acquittal in a blasphemy case becomes a matter of life and death for a majority of Ulema and they exert all their energies on one point; save the blasphemy law at any cost and forget about the misuse of it. Execution of justice in blasphemy cases has never been a matter of concern for Ulema and they always remained either silent spectators of its misuse or vocal supporters of those who committed this crime. On 21 April 1995, a Hafiz-e-Quran, Dr. Sajjad Farooq, was beaten to death by religious vigilantes in Gujranwala on false blasphemy charges. Despite such a blatant misuse of this law, the religious parties strongly resisted two amendments to the article 295-c proposed by
the federal cabinet in May 1995. The proposed amendments stipulated imprisonment and an investigation by a judicial officer before admitting such reports. Punjab and Balochistan Assemblies, under the influence of Ulema and religious parties, went against this amendment. The latest case of blasphemy against Aasia Bibi has once again raised a serious concern on the possibility of a misuse of this law. The religious parties
single case where an appeal of an offender was ever rejected by the Supreme Court. Yet, we find that 647 persons were charged under the blasphemy law between 1988 and 2005 and nearly 20% of them were extra judicially killed in Pakistan. Among all Muslim countries, Pakistan is the only country with the highest number of blasphemy cases and it is among the five countries, Saudi Arabia, Yemen, Iran, and
Both, the supporters and opponents, agree that the law has been misused at many times and there is not a single case where an appeal of an offender was ever rejected by the Supreme Court. Yet, we find that 647 persons were charged under the blasphemy law between 1988 and 2005 and nearly 20% of them were extra judicially killed in Pakistan and their think tanks are out to prove authenticity of the charges and resist any move that can show a sign of tolerance and mercy to the victim. The issue has become highly polarized where efforts are made to win the battle instead of ensuring justice to the victim. Both, the supporters and opponents, agree that the law has been misused at many times and there is not a
Afghanistan that have death penalty under blasphemy law. Wikipedia's website shows that there was only one case in Saudi Arabia where an offender was beheaded by the court order but no extra judicial killing in the name of blasphemy ever occurred in any of these four countries. In Pakistan, more than 120 extra judicial killings took place under this law
between 1988 and 2005. Muslim countries like Algeria, Bangladesh, Indonesia, Jordan, Sudan, and UAE use comparatively liberal laws to deal with blasphemy cases and impose penalty of imprisonment and fine on offenders. In Algeria, a court even dropped charges of blasphemy against six journalists and owners of the two TV channels that had broadcast Danish cartoons on Prophet Muhammad (PBUH). Difference of opinion exists among Muslim countries and their religious scholars on how to deal with blasphemy issue. Majority of the Muslim countries are more tolerant and liberal in dealing with these offences. Pakistan stands out as the only Muslim country where the number of extrajudicial murders on blasphemy charges is higher than the total number of such cases in all other Muslim countries combined. Pakistan has an overwhelming majority of Muslims and they start their day reciting Arabic phrase that carries the message of the graciousness and mercifulness of the Almighty Allah. This message is always recited before starting the prayers and the recitation of the holy Quran. No other message is repeated so frequently in the Holy Quran. Yet, we tend to forget this message of mercy in our practices. If King Abdullah of Saudi Arabia can pardon a convicted blasphemer, why is it objectionable for Ulema to follow the same policy in Pakistan? Supporting or opposing the blasphemy law is not the basic issue, ensuring justice and showing mercy to the victim is.
OPEC to keep oil supply curbs in place O
PEC on Saturday readied an agreement to leave oil production restraints in place, despite a recent surge in crude prices to $90 a barrel. The 12-member Organization of the Petroleum Exporting Countries gathers at Quito, Ecuador and ministers will go into closed session around for what would appear to be a straightforward decision. "According to the market situation and the economic recession ... the prediction is that there will be no change in the quotas and there will be no increase in production," said Iranian Oil Minister Massoud Mirkazemi. Influential Saudi Oil Minister Ali al-Naimi said on Friday there was "absolutely"
no need to lift output, raising concerns about when OPEC will open the taps to prevent fuel inflation undermining economic recovery. US crude closed at $87.79 a barrel on Friday after touching a two-year high of $90.76 earlier in the week. Naimi said in early November that consumers appeared to be coping with prices in a $70-$90 range. But it is not clear if Riyadh is comfortable with $90 or higher for a sustained period. "Clearly prices too high will not help us in the long run, as we saw in 2008," said a Gulf OPEC delegate. Oil hit a record $147 a barrel in 2008, hitting demand just as economic recession undercut the market and sent crude to a low of under $34 a barrel.
OPEC agreed its biggest ever supply curbs at the end of 2008 and has not changed policy since. OPEC ministers argue that supplies and inventories are sufficient and some say that
Agency, adviser to consumer nations on energy, said on Friday that world demand, bolstered by an early winter cold snap, is rising more quickly than expected. Extra demand
the International Energy Agency, adviser to consumer nations on energy, said on Friday that world demand, bolstered by an early winter cold snap, is rising more quickly than expected speculators are to blame for pushing prices higher. Inventories held among the industrialized nations of the OECD are high by historic standards at 60 days of forward demand. But the International Energy
has flattened the oil futures price curve and reduced the discount for prompt crude, cutting the incentive for traders to store crude. That is likely to mean inventories start dropping. OPEC will also decide the
timing of its next meeting. Delegates have said it is not planning to meet before June, an unusually long gap between meetings. The 50year-old cartel has had a good year, with prices hovering in the mid-$80 range and profits up 32 per cent over 2009 to $750 billion, according to US Energy Department estimates. Oil reached a two-year high on Tuesday - as traders gauged the dimensions of 2011 demand and responded to a particularly harsh onset of winter in Europe. "What's missing right now is equilibrium in the price of oil," Angola's oil minister, Jose Maria Botelho de Vasconcelos, said Friday. "I think $90 dollars a barrel is a comfortable price."
5
Sunday, December 12, 2010
You can quit smoking easily
Hormones helpful for younger women? H
ormone replacement therapy may pose little risk to younger women, and could even help some aspects of their health - but any benefit appears to disappear as women age, according to a new study. Among more than 70,000 postmenopausal women, some of whom had elected to take hormone replacement therapy (HRT), younger HRT-users were less likely to die from all causes over a nearly 10-year period than women of the same age who had never taken HRT. However, as women aged, taking HRT was no longer associated with a lower risk of death. "Whatever benefits there are for younger women, they don't really persist for older women," study author Dr. Daniel Stram of the Keck School of Medicine in California told Reuters Health. HRT has remained controversial since 2002, when the Women's Health Initiative, a massive government-sponsored clinical trial investigating HRT's benefits, was abruptly halted. Researchers stopped the study when they found that women on HRT were not only not enjoying any protection from heart disease, they were showing higher rates of heart attack, stroke, breast cancer and blood clots than placebo users. This week, investigators revealed in still another study that women who took HRT had more advanced breast cancers and were more likely to die from them than women who took a placebo. As a result, experts now advise that while HRT is effective at relieving menopausal symptoms -- like hot flashes and vaginal dryness -- women should take it at the lowest dose and for the shortest
time possible. In the meantime, researchers are still analyzing data to tease out the health effects, both positive and
negative, associated with hormone replacement. In the current report, published in the journal Menopause, Stram and his team reviewed data col-
lected from 71,237 postmenopausal women, some of whom had elected to take HRT. They found that, among women younger than 65, those who took HRT were at least 45 per cent less likely to die during an 8- or 9-year period than those who never took hormones. Even women up to age 74 experienced a slightly lower death rate when taking HRT. By age 75, however, death rates became equal among HRT-users and never-users. Given the mix of evidence about HRT, however, it's too soon to say that hormones are good for younger women, cautioned Dr. Graham A. Colditz at Washington University School of Medicine in Missouri, where he is associate director of the Siteman Cancer Center. Instead, this and other studies suggest that any benefit, if it exists, disappears as women age. "The older they get, the longer they take (hormones), the less benefit they seem to get from taking them," Colditz told Reuters Health. One reason studies show different effects of HRT may stem from differences in how the studies are designed, he added. In the current study, women chose whether or not they wanted to take HRT, while in others such as the halted government clinical trial investigators randomly assigned women to receive either HRT or placebo. It's possible that women who choose to take HRT are healthier overall than other women their age, suggested Colditz, who was not involved in the current study. It's also not clear why, biologically, HRT might have different effects on younger and older women, he added. "I hope some of the ongoing studies will give us a bit of insight into this."-Reuters
Body pains related to metro life M
uscular aches and pain are common among people across all age groups. But when this pain is persistent and hinder your day to day activities, it should become a cause of worry. Fibromyalgia may not be a household name, but it affects 30 per cent of population. 'Fibro' stands for fibrous body tissues and 'algia' stands for aches. So fibromyalgia stands for pain in the body tissues that is continual. What is it? Fibromyalgia is a muscular ailment that is characterised by muscle pains, fatigue and tenderness in areas such as the spine, neck, shoulder and hips (also known as 'tender points'). These points hurt throughout the day and especially when strained excessively, for example while lifting a heavy bucket, studying with head bent down or working on the computer. Who can it affect? Of the 30 per cent of population that fibromyalgia affects most are women. In men, it is common in those who indulge in excessive physical activity that revolves around one joint. Even though it can occur at any age, people between the ages of 20-35 are more prone to fibromyalgia. This especially includes working professionals who have sedentary lifestyles. n Symptoms n Difficulty in sleeping n Feeling tired even after sleeping all night n Frequent headaches n Numbness in hands and feet n Bodily stiffness
n Difficulty in waking up/ laziness Sometimes it can result in irritation and severe depression in the patient n Aches in different areas of the body. Particularly near the upper back, shoulder blade and neck. Causes There is no absolute cause that can
pinpoint why fibromyalgia occurs. But there are things that trigger it accident, childbirth, stress, faulty sleeping habits (sleeping face down repeatedly). When the muscle or ligaments in the body are severely strained over a period of time, fibromyalgia occurs. Also sometimes after a severe muscle injury, the healing makes the muscles stiff, making it lose its original flexibility, thereby resulting in the ailment. Research has also found that deficiency of serotonin in the central nervous system and resulting the imbalance is blamed for its occurrence. Treatment
Ali Zhoraiz Jaffri
There are a number of ways to deal with fibromyalgia. There are oral muscle relaxant pills and painkiller ointments that are prescribed to the patient. If the fibromyalgia is at a more serious level, then regular physiotherapy is also administered. In some cases when fibromyalgia leads to depression, anti-depressants are prescribed. Clinical healing through heat or vibration treatment can also be given to the patient. COPING WITH IT Since fibromyalgia has no fixed cure, only its symptoms can be treated by effectively managing it. Here is how to cope: Stretching exercises: Stiffness is often caused by fibromyalgia. This can be treated with simple stretching exercises. Try out active stretching (stretching through yoga) instead of using gym equipments. You could even workout on the gym ball. However make sure you inform your trainer about your weak spots. Swimming: Swimming relaxes the mind and energizes the body. It will equally stretch the entire body at one go. Hot water bath: If you feel lazy after waking up, massage your body with scented oils and have a hot water bath to refresh yourself. Relaxation: Take short breaks while working for a long period of time. This will calm down the strained muscle.
Q
uitting smoking is not a big deal same as it sounds showing off it is too much difficult. But you need to quit it in order to feel healthier and live longer. Lots of people don't know how to give up the habit of smoking. Many have tried and many have failed and become frustrated with the entire process. Those who were failed they didn't start a movement to quit smoking with offhand.
Following points will urge you for setting up your mind that will effectively invoke you how to kick smoking. n Firmly make up one's mind first that you want to quit it. Reflect on the reasons why you are going to do so and the benefits of it. n Ask for support from your family and friends. Pick a date for quitting and stick to it. n Consult your doctor about your decision. Counselling and medications, if required will make it easier to achieve your goal. n Start working out daily as exercise helps relieve stress and helps the body cope with damage due to smoking. Practice deep breathing exercises daily. n Find another relative or friend who wishes to quit smoking. You can help each other and make the process easier. n Drink lots of water. Not only does it help in flushing out the toxins in the body but also helps in reducing the cravings. n Analyse what triggers your craving to smoke, instead of lighting up to your craving, regularly jot down your feelings in a journal.
Mother’s blood can tell about baby illness P
arents may soon be able to find out if their unborn child is prone to any inherited diseases, researchers said on Thursday, after developing a noninvasive technique to draw the entire gene map of the human fetus. By analyzing a sample of the mother's blood, which contains DNA from the fetus, scientists in Hong Kong and the United States were able to identify all the DNA strands that belong to the child and piece them together. "Before this work, people only could look for one disease at one time but now you can construct a screen for a number of diseases which are prevalent in any particular population," said lead author Dennis Lo, professor of medicine from the Chinese University in Hong Kong. The research team's breakthrough was discovering that the mother's plasma holds the entire foetal genome. Previously, only part of the baby's DNA was thought to be in the mother's blood. "Now that we know (the) entire foetal genome is in there, you can look for any disease that is genetically inherited." The study, published in the journal Science Translational Medicine on Thursday, recruited a couple undergoing prenatal diagnosis for a hereditary blood disorder, beta-thalassemia. "In the mother's blood, 90 per cent of the DNA is her own ... and 10 per cent is the baby's. Half of the foetal genome is from father
and half from mother," Lo said. The team found the fetus inherited a beta-thalassemia mutant gene from the father, meaning the baby was a carrier of the disease. Lo described the process as akin to putting together a jigsaw puzzle with millions of pieces -- only in this case, 10 times as many pieces from a much larger jigsaw were mixed in with it too. "The whole genome is fragmented into millions of pieces and by this exercise, we assemble it back," Lo said. "It's like assembling a jigsaw puzzle with millions of pieces. But to make it more challenging, you mix in 10 times (the number of pieces) from another
jigsaw puzzle, that's the mother's own DNA. And you are trying to assemble the child's." Experts who were not involved in the study called for caution. "It is too early to apply the technology widely as we are not yet able to interpret many of the results that can be generated accurately," said Christine Patch, chair of the British Society for Human Genetics. "We do not randomly test pregnancies for a long list of ... conditions that may only manifest in adult life on the basis that individuals may not want to know that information when they are older."
Music may soothe stress in badly ill patients L
istening to music appears to have a calming effect on hospital patients hooked up to breathing machines, according to a new report. Mechanical ventilation can be a distressing experience for critically ill patients, but researchers say tranquilizers will only prolong their hospital stay. To investigate whether listening to pleasing tunes could help, a group of American and Australian researchers reviewed studies that tested music plus standard care against standard care alone. Although they only found eight studies, including 213 patients, music turned out to curb anxiety and reduce heart rates. Study author Dr. Joke Bradt, of Drexel University in Philadelphia, said anything that lowers stress in patients on ventilation is a welcome advance. Each year, more than 300,000 Americans are put on mechanical ventilation in intensive care units
across the country, many recovering from a serious accident, surgery, cancer, or any number of life-threatening events. Ventilators make it difficult -- if not impossible -- for them to communicate their needs, or ask questions about their treatment or survival chances. Dr. Linda Chlan of the University of Minnesota, who has worked with music therapy, agreed that it can be a big help to patients on mechanical ventilators. She said it was a safe intervention without side effects "that is soothing and familiar to patients in a very high-tech, stress-filled environment." While the reason music works is still unclear, Bradt said in an e-mail to Reuters Health, it might provide a distraction, or somehow communicate with the brain regions responsible for emotional regulation. This is not the first study to show that people in difficult circumstances may feel better after turning on the
stereo. According to some research, for instance, it appears to help premature babies cope with pain, nurse better, and relax. Indeed, neonatal units are increasingly turning to music to calm infants during com-
Other studies show pregnant women may be able to ease their stress and anxiety by simply kicking back with some relaxing tunes. All eight studies reviewed for the new report, published in The Cochrane Library, looked at how
mon painful procedures, such as blood sampling with heel pricks.
people felt after one session of music. Seven studies allowed
patients to choose their own music, and one used an actual music therapist, who will sing or play music with the patient and tailor the session to specific needs. In the studies that asked patients to rate their anxiety, patients who had listened to music reported feeling better than those who hadn't by a margin of 1.06 -- with anything above 0.8 being considered a "large effect," according to Bradt. The five studies that examined heart rates found music lowered it by five beats per minute, which Bradt said is enough to help critically ill people. Some studies also showed patients had a lower respiratory rate after listening to music. Of course, patients couldn't be blinded to what treatment they got -standard or music -- so it's possible they fared better solely because they believed music would help, Bradt explained. But if people improve after listening to music, that's what matters, regardless of whether it's placebo or
not, she added. "As a therapist, you hope that there's going to be plenty of placebo there, that the patient believes it will work." Plus, music is easy and cheap to provide, with no side effects, Bradt added. The one concern would be to ensure the patients liked the selected music, since listening to music they didn't enjoy could actually increase their stress. "So really someone should be there to monitor the effect of the music," asking patients to give a thumbs-up or down, or adjust the volume if necessary. And given how important music preference is, Chlan said she wouldn't recommend providing music for unconscious patients, who cannot say either way if they like it. "Given that everyone has musical memories and music preferences, I personally do not recommend music for unconscious ICU patients unless family members have extensive knowledge about a loved one's likes and dislikes of music," she said in an e-mail.
6
Analysis & Feature
Sunday, December 12, 2010
MADOFF TRUSTEE TAKES ON BANKS AS DEADLINE LOOMS * FLURRY OF LAWSUITS AGAINST BANKS TO MEET LEGAL DEADLINE * MADOFF TRUSTEE SEEKING ABOUT $32 BLN FROM ALL DEFENDANTS * RECOVERY FOR CUSTOMERS STANDS AT ABOUT $2.6BN
F
or nearly two years, lawyer and courtappointed trustee Irving Picard has hounded hedge funds, banks and individual investors worldwide to recover money from Bernard Madoff's epic fraud. With $2.6 billion collected in settlements and asset sales, Picard has so far recouped just a fraction of the tens of billions of dollars lost in the biggest financial fraud in history. A recent flurry of new cases against big banks such as UBS AG and HSBC could sweeten the recovery pot, but the companies have vowed to fight the lawsuits. So far, Picard has sued an array of defendants for a total of about $32 billion and is seeking nearly $20 billion from the banks alone. Under the two-year statute of limitations for such lawsuits, he cannot file any more after Dec. 15. When the FBI arrested Madoff on Dec. 11, 2008, per cent prosecutors estimated that as much as $65 billion flowed through the firm over decades.. The disgraced money manager, now 72, pleaded guilty in March 2009 to running the fraud and is serving a 150-year prison sentence. Picard's lawsuits against the banks accuse them of allowing money to flow through them by way of derivatives into Madoff's international network of feeder funds. He also contends they ignored warning signs that Madoff was running a Ponzi scheme. in which early investors are paid with the money of new clients.
"(Picard) has gone after the biggest fish he can find, and he has gone after a couple of smaller fish, but my sense is there are a couple of additional targets that he could have had with more years," said William Prickett, partner of Seyfarth Shaw LLP in Boston, who has represented some wealthy individuals and nonprofit organizations in the Madoff matter. Bank defendants include JPMorgan Chase & Co, Citigroup Inc's Citibank, Natixis, Fortis, ABN AMRO Bank NV, Banco Bilbao Vizcaya Argentaria, Nomura and Merrill Lynch, owned by Bank of America since Jan. 1, 2009. Some defendants have denied wrongdoing and vowed to fight the charges. A few settlements have been reached, including one on Monday with private Swiss bank Union Bancaire Privee and a related Cayman Islands-based fund, M-Invest Limited, which agreed to forfeit $500 million. Some of the complaints in per cent Bankruptcy Court in New York were filed under seal, so specifics of the allegations are not available. COURT CHALLENGES As the liquidator of Bernard L. Madoff Investment Securities LLC to recover money and return it to swindled investors, Picard is short more than 40 per cent of the money needed to pay the claims of former Madoff customers he has so far approved. The amount of approved claims was worth $5.8 billion as of Friday, compared with the $2.6 billion recovered so
far plus $766.5 million that the Securities Investor Protection Corp has committed to cover them, according to figures on the website www.madofftrustee.com. SIPC is the entity established by Congress to help investors of brokerages that fail. Investors are also challenging the trustee in court over his method of calculating the so-called "net winners" -clients who took out more than they deposited. Some of them lost their life savings, but Picard is still suing them in so-called clawback lawsuits, because according to his calculations, they made more over the years than they lost. Madoff victims complain that Picard is undervaluing their losses, and an appeal of his methods is pending. "Why is it necessary to also sue innocent people, who often are aged, many who are suffering tremendous economic stress and emotional distress, and cannot even afford lawyers?" said Ron Stein, president of the Network for Investor Action and Protection advocacy group. Picard declined to comment beyond a series of press statements outlining the higherprofile complaints. The lawsuits against those he says knew or should have known about the fraud include cases against Madoff's wife, brother, two sons, a niece and extended family. Picard sued five of Madoff's grandchildren to get millions purportedly transferred from a firm account to them. Most defendants Picard
alleges helped further the fraud are in the United States, Britain, Switzerland, the British Virgin Islands or Cayman Islands. Some investors have welcomed Picard's most recent lawsuits. Others will not be satisfied unless the trustee also sues the per cent Securities and Exchange Commission, the market regulator that missed red flags waved about Madoff. "The victims believe that
Picard also has the obligation to pursue the SEC for complicity," Ronnie Sue Ambrosino, coordinator of Madoff Victims Coalition, said in a statement. "Mr. Picard has proven that he can win many uphill, even preposterous battles," she wrote. "It is my fear, however, that he will miss his deadline to file suit against the SEC." Among the trustee's successes have been a $625
million forfeiture announced on Tuesday from Madoff associate Carl Shapiro; the $500 million Union Bancaire Privee and M-Invest Limited settlement; and a $220 million payment by the family of longtime Madoff friend and client Norman Levy. Picard has said he is negotiating with some other defendants, including Fred Wilpon, owner of the New York Mets Major League
Baseball team. But at least in the case of the Madoff family, that appears not to be so. "We have been in touch with each defendant and their counsel, seeking a prompt settlement of these claims and an out-of-court resolution," Picard said. "However, as these attempts have not reached a satisfactory conclusion, we are moving ahead with litigation." -Reuters
Wikileaks battle: a new amateur face of cyber war? The website attacks launched by supporters of WikiLeaks show 21st-century cyber warfare evolving into a more amateur and anarchic affair than many predicted. While most countries have ploughed much more attention and resources into cyber security in recent years, most of the debate has focused on the threat from militant groups such as al Qaeda or mainstream state on state conflict. But attempts to silence WikiLeaks after the leaking of some 250,000 classified State Department cables seem to have produced something rather different -- something of a popular rebellion amongst hundreds or thousands of tech-savvy activists. "The first serious infowar is
now engaged," former Grateful Dead lyricist, founder of the Electronic Frontier Foundation John Perry Barlow told his followers on Twitter last week. "The field of battle is WikiLeaks. You are the troops." Some of the more militant elements on the Internet clearly took him at his word. A group calling itself Anonymous put the quote at the top of a webpage entitled "Operation Avenge Assange", referring to WikiLeaks founder Julian Assange. Online collective Anonymous appears to be using social networking site Twitter to coordinate attacks on websites belonging to entities it views as trying to silence WikiLeaks. Targets have included
MasterCard, Visa and a Swiss bank. All blocked payments to Wikileaks on apparent per cent pressure. The Swedish government website and Swedish prosecutors behind Assange's arrest in London for extradition and questioning over sex allegations were also hit. Some Wikileaks supporters view the accusations as politically motivated. Twitter and Facebook shut down accounts apparently belonging to Anonymous. But with little to stop the attackers opening new ones, few believed it would be enough to stop the campaign. "The genie is out of the bottle and it could be very difficult to put it back in," said Jonathan Wood, global issues analyst at Control Risks. "In more authoritarian
countries such as China and Iran, they have got around this by shutting down sites such as Twitter for a certain period of time. No one thinks that is politically possible in the West." It looks to have surprised even Barlow, whose "declaration of independence for cyberspace" has been increasingly shared over Twitter by Anonymous supporters. He says he himself opposes distributed denial of service (DDoS) attacks aimed at knocking down sites, viewing them as antifree-speech. "I support freedom of expression, no matter whose, so I oppose DDoS attacks regardless of their target," he told Reuters in an email. "They're the poison gas of cyberspace.... All that said, I
suspect the attacks may continue until Assange is free and WikiLeaks is not under continuous assault." The exchange suggests cyber warfare could also become the preserve of small groups attacking each other as state actors. Alongside possible financial losses from sites being taken down, the potential reputational damage to firms is massive. MasterCard has been mocked widely across the net as users lampooned its distinctive advertising slogans: "Freedom of speech: priceless. For everything else, there's MasterCard". "This proves without question the power at people's fingertips --that there is high risk and vulnerability on the Internet," said John Walker,
chief technology officer at cyber security company Secure Bastion. "If an organisation like MasterCard with big computing power can have its site taken down then what about smaller organisations and ordinary people?" While most denial of service attacks use "botnets" to hijack other computers to overload websites, cyber security experts said Wednesday's attacks were different. Attackers were using their own computers, downloading software from Anonymous. By midway through Wednesday afternoon, that software had already been downloaded some 6,000 times. "This whole... episode is causing a snowball effect,"
said Noa Bar Yosef, senior security strategist from Imperva. "The more attention it is receiving, the more people who are joining the voluntary botnet to cause the DDoS." WikiLeaks itself has also complained it has been under similar cyber attacks since shortly before it released the documents last week. While it has largely pointed to the United States and other governments, some say those attacks too may have been carried out by third parties. Russian officials have long said that high profile cyber attacks against Estonia in 2007 and Georgia during its conflict with Russia in 2008 were in fact carried out by independent "patriotic hackers" rather than the government itself. -Reuters
Tax debate to flare up in Obama re-election bid T he tax debate that has vexed Washington for months and raised the specter of hikes for all per cent taxpayers may be resolved soon but the issue will be back with a vengeance in the 2012 per cent presidential election. Although he has compromised with Republicans to strike a deal to extend tax cuts for all, President Barack Obama still sees ending tax cuts for richer Americans as a vote-winner for his re-election bid. But Republicans, recalling another Democratic presidential candidate who decades ago vowed to raise taxes, are confident it could help halt Obama's presidency. Obama compromised with
the opposition this week on a plan to extend Bush-era tax cuts for 2 years, which will catapult the issue into the heart of the presidential election campaign. The plan is expected to get through Congress in the coming days, although many liberal Democrats still oppose it for being generous to the rich with tax breaks. Strategists say the tax deal paints Obama as a dealmaker and will appeal strongly to moderates and independents, and view the debate as a chance to shake-up the per cent tax code. They urged Obama to push for broad fiscal reform in his State of the Union address at the start of next year.
"He's got to weave a longterm vision for robust per cent economic growth," said Jim Kessler at Third Way, a nonpartisan think tank in Washington, citing a recent report from the president's debt commission as a starting point for talks. Republicans relish framing the tax debate as an attack on business success. "No one has ever won a class-warfare debate on raising taxes. Look at the Walter Mondale model," said Republican strategist Ron Bonjean. Mondale famously informed America that "Mr. Reagan will raise taxes, and so will I. He won't tell you. I just did," as he accepted the Democratic nom-
ination for president in 1984. Mondale's subsequent landslide loss to Republican President Ronald Reagan still stands as a historic Democratic defeat. TAX DEBATE RELOADED When the tax debate comes up again, Obama is likely to argue for an end to Bush cuts for families making more than $250,000 and year and making them permanent for everyone else. But Republicans can cast this as a step toward raising all taxes, while playing on the aspirations of many ordinary Americans who hope one day to rise into this top category. "Americans are not really punitive in wanting to tax the rich a lot," said Karlyn Bowman at the American
Enterprise Institute, a conservative think-tank in Washington. "There is still the belief that they, or their grandchildren, at some point are going to be among the wealthy." Under Obama's current plan, all tax Bush-era tax cuts are extended for 2 years, and there are big concessions on estate taxes. In return he won 13month extension to jobless aid and tax breaks for students and working families with children. Obama says the country cannot afford the $700 billion it will cost to make tax cuts permanent for wealthier Americans. "I don't know how they're going to be able to argue that
extending permanently these high-end tax cuts is going to be good for our economy when, to offset them, we'd end up having to cut vital services," the president said on Tuesday. "So either they rethink their position, or I don't think they're going to do very well in 2012," he said. Recent opinion polls do show strong support for extending tax cuts for families earning less than $250,000 a year but there is less backing for higher taxes for the wealthier. "My guess is that it is not the great argument that (Obama) thinks it is, so I would not bet a whole campaign on it," said Bill Frenzel, who spent 20 years in Congress and is a scholar at the
Brookings Institution. "The public is not convinced we are under-taxed, rather overspent." Obama could launch a broad push to streamline the country's complex taxes and tackle the deficit. "Obama should seize the initiative by moving comprehensive tax reform to the center of his agenda," William Galston, a professor at the University of Maryland wrote in The New Republic on Wednesday. "If he places himself at the head of an initiative with substantial appeal across party lines, he could also begin to redeem the promise of a more cooperative, less confrontational politics ... that helped him become president," he said. -Reuters
7
Sunday, December 12, 2010
Drug cos to pay $421mn for price scam
BURGDORF: The logo of the Swiss drugmaker Roche is seen on a factory in Burgdorf. Reuters
Elder sees rev jump on Bulgaria drugs launch MUMBAI: Indian drugmaker Elder Pharmaceuticals plans to manufacture and launch 8-10 of its products in Bulgaria through its unit Elder Biomeda AD, a top official told Reuters. The Mumbai-based company sees the Indian products clocking sales of 5-10 million euros in Bulgaria in two years, Alok Saxena, director - international business, said in a telephone interview. "We are looking at building synergy between India and Bulgaria operations to launch Indian products in the European market," he said, adding two products were already in the process of being launched in Bulgaria. The drugmaker had on Oct. 4 raised stake in the Bulgarian unit Elder Biomeda to 92.2 percent from 61 percent for an undisclosed amount. Elder Pharma, however, has no plans to raise the stake further. Elder Biomeda manufactures
ointments, capsules and tablets and employs about 300 people, he said. The Mumbai-based drugmaker had in September acquired U.K.-based vitamins maker NeutraHealth for 12.2 million pounds at 6.5 pence a share. Elder Pharma now plans to launch more than 60 products of NeutraHealth in India on a long-term basis, he said. "NeutraHealth will be operating independently in the U.K. and we are planning to support them in production and development," he said, adding the company was growing at 15-20 percent on yearly basis in the U.K. NeutraHealth, which has clients such as Alliance Boots, Tesco and Superdrug, has key products in probiotic and arthritis segments, which Elder Pharma wants to sell in India. "In the first year, we would launch more than 2-3 products in India," he said.
Elder Pharmaceuticals, which clocked about 13 percent sales growth in FY09 and FY10 each, expects to continue the trend in the current financial year, Saxena said. "A strong push in sales and growing demand in tier-II and tier-III cities would see our sales rising at par with target," he said without putting a number. Elder Pharmaceuticals commenced operations in its new plant in the state of Uttarakhand in February this year. The plant, set up at a cost of 1.5 billion rupees, is expected to contribute 15 percent to Elder's overall annual sales. "We would need capacity addition but not in the near term," he said. In the first half of FY11, net profit of the drugmaker, which had declined 26.3 percent in FY09 and risen 9.4 percent in FY10, surged 70.45 percent to 295.62 million rupees. Reuters
WASHINGTON: Three pharmaceutical companies have agreed to pay 421 million dollars for reporting inflated drug prices to the US government, officials said. The Justice Department said that Abbott Laboratories, Roxane Laboratories, a USbased subsidiary of a German firm, and German drug maker Braun Medical Inc all agreed to pay the fines. The three companies are accused of artificially inflating the prices of the drugs reimbursed by the federal government under the Medicare and Medicaid health care programs for elderly and low-income Americans. Tony West, Assistant Attorney General for the Justice Department's Civil Division, said the companies were guilty of "offering their customers one price and then falsely reporting a greatly inflated price to the lists the government uses when determining how much to pay for the drugs," he said. The fraud led to the government overpaying reimbursements by hundreds of millions of dollars, according to officials. "Pharmaceutical companies created an incentive for the purchase of their drugs, since buyers could obtain government payment at the inflated price and pocket the difference," said West. Authorities said, however, that they have recovered the overcharges and more in its settlements with offending companies over the unlawful pricing schemes. Since January 2009, officials said they have reclaimed more than nine billion dollars in cases alleging false claims -- about half of those funds from fraud related to federal health care programs. -APP
pre-industrial levels and asks for a study on strengthening the Continued from page 8 No #1 It also thanked Representative Green and his colleagues for tak- commitment to 1.5 degrees Celsius. The proposal says it "recognizes that deep cuts in global greening the lead on this issue. The Embassy hoped that Congress will be able to take action on house gas emissions are required according to science." The accord at Copenhagen included similar language, but it was this important matter and help ease the situation of a large numnever approved by the full UN-led talks. -Agencies ber of Pakistanis in the United States. It will also demonstrate the success of the efforts of both counContinued from page 8 No #6 tries to engender better understanding between the citizens of the Convener of the Committee observed that the housing schemes two countries, the Embassy said.-NNI initiated for the overseas Pakistanis need proper attention to expedite the development of these schemes. Continued from page 8 No #2 He vowed to make all-out efforts to resolve the issues which Pakistan offers tremendous economic opportunity. Even in these difficult times McDonalds, KFC, PepsiCo, Coca Cola, Boeing, have resulted in the slow pace of the development activity. He Lockheed Martin, Procter and Gamble and many other U.S. com- expressed the confidence that the FWO having good repute would work with sincerity to complete the housing scheme. panies are doing good business in Pakistan. He also recognized the services of the overseas Pakistanis who "There is room for many more," he noted emphatically. There are also larger political dividends to the US investment in were contributed to the socioeconomic growth of the country through foreign exchange. Pakistan, the ambassador argued strongly. The concerned officials of the FWO informed that the project Pakistan is one of the few genuine democracies in the Muslim could be completed in three months if a green signal is given to world, Haqqani remarked. "It has the freest press and the most independent judiciary. It has initiate the development work. The committee expressed the hope a vigorous and vibrant civil society. Above all there is a parlia- that matters would be resolved in amicable manner and development that has shaken off the last vestiges of authoritarian rule and ment work would be initiated soon. Senator Abdul Ghaffar Qureshi was also present on the occasion. -Online has reclaimed all its powers." A sound Pakistan-U.S. relationship in which democracy is the Continued from page 8 No #7 most visible link between the two countries will serve as in inspiamong Turkey, Afghanistan and Pakistan as well as Iran, ration for other Muslim countries, the diplomat emphasised. Tajikistan, Turkmenistan, Uzbekistan, Azerbaijan, Kazakhstan and "Just as Pakistan provided the US with the first breakthrough in Kyrgyzstan, according to Unal. -Online China, it may well be that Pakistan will provide the portal for the Continued from page 1 US to reach the hearts and minds of the world's Muslims." No #8 Agencies Turkmenistan is celebrating the 15th anniversary of its permanent neutrality, approved by 185 countries on December 12, 1995. Continued from page 8 No #3 Foreign Minister Qureshi who is here as part of President Asif of the Prime Minister and Chairman Board of Investment, Ali Zardari's delegation for the inking of the TurkmenistanSaleem H. Mandviwalla to Turkey. Afghanistan-Pakistan-India (TAPI) gas pipeline project said He further added that Pakistan was the 4th largest cotton proPakistan was proud to be among the select group of nations coducer and 3rd largest cotton consumer adding that textile was the sponsoring the UN General Assembly Resolution on main driver of export for the last 50 years and the sector has Turkmenistan's Permanent Neutrality. enjoyed the investment of US$ 7.5 billion over the last ten years. Qureshi termed it a potent prescription for lasting peace and said Talking about the incentives provided to the investors, he added the policy was based on time honoured norms of relations among we have availability of internationally acclaimed raw cotton and the sovereign states and added it was a reflection of wisdom and there are Dedicated Textile and Garment `Cities. sagacity of the Turkmen leadership. He said the revival of the There is notable reduction of import duty to 5 per cent on texTAPI summit was a historical milestone and said it would bring tile machinery and parts and ginning presses adding Research and durable peace and sustainable development in the region. Development (R &D) support of 6 per cent and turnover tax Later talking to APP, the foreign minister said the President held reduced to 1 per cent and sales tax reduced to 2 per cent. important discussions with his Turkmen counterpart last night, While land is available at; Karachi Garment City, Lahore covering whole range of issues.-Agencies Garment City and Faisalabad Garment City to develop the industries including light engineering factories, textile industries, garContinued from page 1 No #9 ment industries, ginning factories, power looms & carpet industry. and for taking other steps necessary for the projects success. Chairman BOI Saleem H Mandviwalla and Secretary BOI AnisHe said practical steps were needed in this respect and suggested ul Husnain were also present on the occasion. -Agencies setting a deadline of one year to get the financial closure. He said financial closure would be half the work done and take the Continued from page 8 No #4 project forward. The President offered use of Pakistan's ports for It has, however, acknowledged that the Mumbai attacks was exports of the Central Asian Republics. plotted and partly launched from its soil and put seven suspects He said the project saw the light of the day due to the strong politlinked to the Lashkar-e-Taiba group on trial. India says it is not ical will and backing of the countries of the region that have recogsatisfied with the pace of the Pakistani investigation. nized the significance of such trans-regional connectivity. Jones said the worst thing for the region would be another He recalled the vision of Shaheed Benazir Bhutto who was in Mumbai-style attack and that "we cannot let the terrorists play us Turkmenistan 16 years back and he accompanied her as the Minister of Investment. "We came here with a leader who could see beyond off against each other". -Reuters her times," he said and pointed that the region has immense potenContinued from page 8 No #5 tial and added that the TAPI brings with it great expectations for The European Union, Japan and the United States have led regional development. The President expressed the hope that the pledges of 30 billion dollars in immediate assistance, as well 100 TAPI would respond to the fast growing energy needs of the region and said it holds great promise for sustained economic growth in the billion dollars a year to start by 2020. A broader issue is just how wealthy nations would raise the partner countries. He said energy can bring prosperity to the people money, with few governments enthusiastic to pledge more money of the region and Pakistan attaches immense priority to such projin tough economic times. Some envoys advocated setting taxes on ects. He said the gas pipeline would closely connect Central Asia and South Asia and trade and commerce among the countries was a airplane and shipping fuel. win-win proposition. The agreement called for "urgent action" to cap temperature He pointed that the hosting of the TAPI Summit coinciding with rises at no more than two degrees Celsius (3.6 Fahrenheit) above the celebrations of the adoption of the UN General Assembly reso-
J&J eyes vaccine mket with $2.3bn Crucell bid AMSTERDAM: US healthcare group Johnson & Johnson launched its long-awaited 1.75 billion euro ($2.3 billion) bid for Crucell, despite some investor opposition and the Dutch biotech's vaccine production problems. J&J said in September it would bid 24.75 euros per share for the outstanding shares in Crucell -- whose vaccines protect against childhood diseases including whooping cough and diphtheria. The acquisition would catapult J&J, which already owns 17.9 per cent of Crucell, into the global vaccine market given the biotech firm's strong position in vaccines for childhood and other diseases including measles, typhoid and hepatitis, and its focus on developing influenza, or flu, vaccines. But J&J quickly ran into objections from some key investors who said Crucell was worth more. Van Herk Groep, which is Crucell's second-biggest shareholder with a 10.02 per cent stake and has opposed the deal, declined to comment on Wednesday. In September, Van Herk
urged the Dutch biotech to withdraw its support for J&J's bid, saying that Crucell's standalone value should be 27.50 euros per share. "The large pharma companies need new products, and J&J and Crucell have been working together for years so they know each other, it is a good fit," said Tom Muller, analyst at Theodoor Gilissen. "Short term it's the childhood vaccines, but over the next five to six years it's the influenza vaccine," that will generate huge growth for J&J given the worldwide demand for influenza vaccines, Muller added. J&J's bid also faced uncertainty over problems at one of Crucell's production plants in South Korea. Crucell halted shipments of its pediatric vaccine Quinvaxem and its hepatitis B vaccine Hepavax-Gene in October, pending an investigation into whether sterilization operations at the plant had been compromised. It was forced to take a charge, resulting in a thirdquarter net loss of 27 million euros and Crucell said last month it saw full-year revenue
in line with last year but expected a 2010 operating loss of 20-25 million euros. "Resolving the contamination issue in our Shingal facility is our number one priority. ... We have mobilized all required resources to investigate and correct the problem so we can resume shipments in the coming weeks," Chief Executive Officer Ronald Brus said last month. Crucell shares had fallen after the setback in Korea. But at 1310 GMT Wednesday the stock was up 0.8 percent at 23.935 euros after the announcement of J&J's recommended cash offer. Crucell had been upbeat on prospects for Quinvaxem after rival Sanofi-Aventis's Shantha Biotechnics was forced to recall its vaccines and lost in July a prequalification status to supply the World Health Organization. J&J said the offer was subject to fulfillment of certain conditions including a minimum acceptance level of at least 95 percent of the shares, which will be reduced to 80 percent if certain conditions are met. Reuters
lution on the Permanent Neutrality of Turkmenistan, was of special significance. He said Pakistan was proud to have co-sponsored the UN General Assembly resolution that recognized Turkmenistan's status of permanent neutrality and said this decision has laid the foundation for focused development. It was due to this policy that Turkmenistan's fuel and energy sector were well developed and it has enabled it to implement the national programme for diversification of transit of Turkmen energy, he said. The President said Pakistan shares with its Turkmen brothers and sisters common history, faith and heritage. "We share a common vision of a peaceful, stable and prosperous region." Minister for Foreign Affairs Shah Mahmood Qureshi and Petroleum Minister Naveed Qamar are part of President's delegation to the gas- rich Central Asian Republic. -Agencies
No #10
Continued from page 1
Oil and Gas Development Corporation, Pakistan Steel Mills and the energy sector. He said the objective of organising the Forum was to gauge the interest of the UK stake holders and the interaction with them showed that they understood dynamics of the current political situation in Pakistan and the need to help the country revive its economy through collective efforts. The Minister said the idea was to provide fiscal space, to generate employment opportunities and to acquire strategic interest by getting the right foreign entrepreneurs to invest in the state owned enterprises. He said both the democratic government and the opposition were on the same page for economic revival, coming together on the key issues like financial award and the war on terror adding that they intend to ensure that Pakistan emerge as a rising nation. Earlier, the High Commissioner in his welcome address said participation of Pakistan's leading companies, including those from oil and gas, energy, financial services, construction, food and communications, infrastructure sectors at the forum made it a land mark event. "Your objective to attract institutional investors in Pakistan and raise capital by virtue of this road show should go a long way in enhancing investment opportunities in Pakistan," said Hasan. Bilal Modi of Arif Habib Group in his brief remarks said despite a number of political and social challenges, Pakistan remain a land of significant competitive advantages, given its geographic location and a young population. -Online
No #11
Continued from page 1
He said Musharraf did not allow him or his aides to offer his parents' funerals. These dictators devastated the country. Therefore, I want no hindrance in way of Pakistan's prosperity. He wished the unemployment and poverty be eliminated, and commodity prices come back to point where they were during his regime. Today, people compare the commodity prices with that of Musharraf's time, he said. While pointing out 18th amendment and National Finance Commission (NFC), Nawaz said, the tasks Peoples Party performed in collaboration with us, accomplished successfully. He reiterated we want government to work for the betterment of people, strengthening the economy and eradication of unemployment, but we will never allow the implementation of RGST till the government starts working for the development of nation, reduces her expenditures, and curbs on corruption. He termed this as not mere our wish rather people too want the same that current circumstances are not suitable for implementation of RGST. -Online
No #12
Continued from page 1
would reach America on Tuesday to receive the dead body of his brother. After which the corpse would be handed over to their heirs in Pakistan. -Online
No #13
Continued from page 1
Earlier, the Supreme Court (SC) had ordered the FIA to move the accused to Lahore. FIA has already recovered more than Rs1 billion from Niazi's accomplice Mohsin Habib Waraich. -Agencies
No #14
Continued from page 1
$171.45 million, $113.39 million, $102.85 million and $30.50 million respectively as compared to $175.01 million, $144.12 million, $134.75 million, $109.65 million, $92.67 million and $21.68 million in November 2009. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2010 amounted to $107.90 million compared with $64.85 million in the same month last year. It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called 'Pakistan Remittance Initiative (PRI)' with a view to facilitating the flow of remittances through formal channels. This initiative has started to materialise and remittances through formal channels are showing considerable growth. It may also be mentioned here that Pakistan has been reported as a top nation which has shown the highest growth in the world in remittances despite recent global financial crisis.
No #15
Continued from page 1
of the news item. It further clarified that the total net inflow of fund after paying off matured loans in National Savings schemes during FY-2007-08 remained Rs89.5 billions against the initial target of Rs40 billions. It said that during FY 2008-09 the government had fixed the net investment target of Rs150 Billions but the NSS has witnessed a record mobilisation of funds and attracted the total net investment to the tune of Rs267.20 billions highest in the history of National Savings. "It is due to unshakeable trust of the valuable investors that despite of decrease in profit rates, the net investment during FY-2009-10 was recorded at Rs225.70 billions against the target of Rs220 billions. These figures are sufficient to deny the groundless contention that funds are heavily withdrawn from NSS", the CDNS statement said. The statement further said that despite of financial crunch and devastating flood in the country during Current Financial Year, the NSS has successfully fetched the gross deposits of Rs.252 billions and net deposits of Rs.67.70 billions as on November 30, 2010 which reflects the fruitful and diligent efforts of the organization besides rock solid trust of investors. Since March 2008, when the democratic government assumed the office, the portfolio of NSS has increased from Rs1138 billions to Rs1721 billions in November 2010, which shows a record growth of 51 per cent", the statement said. It added that the Central Directorate of National Savings is a vital player for promotion of savings among the masses with more than six million customers and a portfolio of Rs.1721 billions. -APP
No #16
Continued from page 1
"Implementation of this tax in haste would not benefit the country and all the stakeholders should be made on board before this taxation system in approved by the parliament", he observed. However, he agreed that the introduction of RGST was important for the economic progress of the country. When asked whether the implementation of the proposed tax after its approval from the parliament would result inflation in the country, he said that this would be a momentary inflation but not result high inflation. -APP
No #17
Continued from page 1
to build consensus on RGST afresh. Government wants RGST bill is implemented from January, 1, 2011 under an agreement with IMF while NA will meet on December, 20. The bill will be presented in NA when government will have majority required in connection with passage of this bill. Meanwhile, addressing to ceremony held in University of Engineering and Technology Prime Minister Gilani government's first priority is promotion of education while uneducated person is tantamount to orphan. He further said that joint efforts are needed to steer the country out from economic pressure. Furthermore, Prime Minister Syed Yousuf Raza Gilani has convened special meeting of National Command Authority on 14th December. -Agencies
www.asharys.net
For Subscription
Manager Circulation Ahmad Omer
1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6
Italian Kitchens Karachi
Lahore
tel: 92(21)5860794-5
tel: 92(42)5694061-2
Capital police cops 80 suspects
CANCUN, Mexico: Activists of Environment Greenpeace perform next to a giant life ring, during talks on climate change, in Cancun beach. -Reuters
Delegation visits Board of Investment
Turk textilers ready for JVs ISLAMABAD: A 5-member Turkish delegation Saturday visited Board of Investment (BoI) to explore investment opportunities, particularly in textile and agriculture sectors. The delegation comprised of Yasar Kucukcalik, owner of KUCUKCALIK Group, Turan Kaygusuz, owner of ILKON Group, Hakan Datekin, Onur Kaygusuz and Serdar Autsuoglu, Owner of ANKA Textile. Turkish delegation showed great interest in the areas of textile and agriculture, said a BoI press statement issued
Body urges speedy work on expats housings ISLAMABAD: Subcommittee of the Senate Standing Committee on Overseas Pakistanis has observed that the housing schemes initiated for the overseas Pakistanis need proper attention to expedite the development of these schemes. A meeting of the subcommittee of the Senate Standing Committee on Overseas Pakistanis visited the housing scheme initiated by the Ministry of Overseas Pakistanis in Zone-V Islamabad. The Committee was headed by its convener Senator Abdul Raziq Khan. It is pertinent to mention here that the Sub-Committee has been constituted to probe into the affairs of the Housing Scheme of the Ministry of Overseas Pakistanis specially in Zone-V. See # 6 Page 7
Turkey to host Pak-Afghan dialogues ANKARA: The Afghan and Pakistani leaders are to hold talks in Turkey soon; Turkish Foreign Ministry says the aim of the talks is to improve relations between Afghanistan and Pakistan. The spokesman for the Turkish Foreign Ministry, Selcuk Unal has said the Afghan and Pakistani leaders Hamid Karzai and Asif Ali Zardari are to hold talks in Turkey on December 24, hosted by the Turkish President Abdullah Gul. According to Turkish news agency, Turkey is trying to encourage Afghanistan and Pakistan to make joint efforts in the fight against insurgents. The meeting is said to be the fifth of it kind hosted by Turkey to strengthen cooperation among the two countries. Meanwhile, a summit of the Economic Cooperation Organisation is to be held on December 23 to boost trade links See # 7 Page 7
here. Speaking on the occasion, Yasar Kucukcalik gave a brief detail about KUCUKCALIK saying that as an international manufacturer for home textile market it was producing 7 million meter fabric per month and 85 pct of this amount is exported to the 46 different countries with the power of 2000 employers. The delegation members assured for helping exchange of information regarding investment, policies besides exploring possibility of enhanced commercial and economic
RIAZ NEWS AGENCY Cell # 0333-5373137
Sunday, December 12, 2010
8
cooperation between the two friendly countries and the potential of two-way investments. BoI, Executive Director General, Humayun Sikandari gave a detailed presentation on Investment policy, incentive package, Special Economic Zones and tremendous potential available in the field of agriculture, textile and energy. He highlighted that the current investment data from JulySep 2010 is $1.3 million and expressed the hope for a huge increase after the current visit See # 3 Page 7
ISLAMABAD: Team of Koral Police Islamabad on Saturday arrested 80 suspects during search operation in its jurisdiction during checking of vehicles, motorcyclists and screening of houses, workshops, parking areas, markets, under construction buildings and residential areas. Following the directions of SSP Islamabad Tahir Alam Khan, SP Rural Umer Hayat police team conducted search operation in Koral areas including Ghauri Town, Sangam Town, Khana Dak, Service road, Niazian, Human, Model town and surroundings areas along with DSP Sardar Babar Mumtaz, Station House Officer Koral Sajjad Bukhari and SHO Sihala Arshad Ali. Teams of Bomb Disposal Squad, police commandos, lady police also participated in the operation and search was also made by sniffer dogs where it was deemed necessary. The Police team arrested 80 suspected persons during the operation in area of Koral and Sihala police stations. The SSP has said that this search operation would continue in coming days and complete combing would be made of sensitive as well as suspected areas. He said that it is the prime responsibility of the police in present law and order situation to remain vigilant and every possible measure would be made to ensure peace in the city. -APP
SHAKIL NEWS AGENCY Cell # 0333-4400472
Broad-based relations to benefit both nations
Ties with US touching new high: Haqqani WASHINGTON: Pakistan and United States, which have been fighting terrorism jointly since 9/11, realise that an enduring and broad-based relationship is in their mutual security interest as well as politically beneficial for both, Islamabad's Ambassador to the US Husain Haqqani said. "There are important qualitative differences between previous periods of friendship and present partnership. This time the process is led by a popularly elected democratic government in Pakistan," Haqqani told a gathering at the City Club of Cleveland. The diplomat was characterising in his speech the current state of relationship between the two countries, which stands in contrast with the past periods of engagement during which Pakistan always had dictatorial regimes. The relationship is at present as strong and as vibrant as it has ever been in the last six decades, said the ambassador, who in his presentation cited the high-level strategic dialogue and such measures as Kerry-Lugar-Berman Economic Assistance program. These steps signify that
Pak hails TPS Bill in US House ISLAMABAD: The Embassy of Pakistan in the US has welcomed the introduction of a bill in House of Representatives seeking to grant Temporary Protection Status (TPS) to qualifying Pakistan nationals on account of situation created in Pakistan by recent devastating floods. According to a press release issued on Saturday, the Bill is moved by Representative Al Green (D-Texas) co-sponsored by Reps Sheila Jackson Lee, John Conyers, Edolphus Towns, Alcee Hastings, Janice Schakowsky, Bobby Rush, Gregory Meeks and Gene Green. The Pakistan Embassy under the guidance of Foreign Minister Shah Mehmood Qureshi and the leadership of Ambassador Husain Haqqani had been consistently advocating grant of TPS to Pakistani nationals in the US and had taken up the matter with US authorities in several meetings. "The bill is a timely initiative and consistent with the interests of the United States. It is also an appropriate manifestation of the values and ideals that have made the United States great," the Embassy of Pakistan said. See # 1 Page 7 Islamabad and Washington are clearly moving away from the past security-centered and transactional nature of relations to a much broader wide-ranging partnership, he said. Underscoring Pakistan's importance and economic potential in the region, aside from the ongoing fight against violent extremism, Haqqani pointed out that the
country is a nation of 180 million consumers, a country that is about twice the size of California. "Such a country needs goods, services, infrastructure, motor vehicles, railway wagons, passenger aircraft, a communications network, power stations, dams, bridges and roads etc." See # 2 Page 7
India says 43 terror camps exist in Pak SINGAPORE: India has told the United States there were 43 militant camps in Pakistan, including 22 in Pakistan-administered Kashmir, and that little had been done to permanently shut them down, the latest set of leaked US diplomatic cables showed. The allegation was made by during a conversation in June last year between then US National Security Adviser General Jim Jones and Indian Defence Minister AK Antony, according to the cables released by WikiLeaks and published by Britain's Guardian newspaper. Indian army chief General Deepak Kapoor, who attended the meeting, said that Pakistan had raided the camps following the Mumbai attacks in 2008 but some of them had since resumed operations. Kapoor also told the US delegation that militants continued to infiltrate into Indian-administered Kashmir across the Line of Control and that it would not be possible without "some kind of assistance, and or/degree of support that is institutional", the cable said.
He said India had improved its preparedness on the borders and estimated that about 15 to 20 per cent of those trying to cross the border succeeded. "If we can catch them, why can't the Pakistani military," he asked. Jones, according to the read-out of the meeting, said he would take up the issue of militant training camps with Islamabad. At one stage during the meeting, he asked the Indian army chief about the prospects of upgrading India-Pakistan military talks to discuss Indian concerns. But the Indian defence minister Antony interjected, saying dialogue with Pakistan was difficult until it had acted against those responsible for the Mumbai attacks. Pakistan has rejected Indian accusations that it continues to support militants fighting Indian rule in Kashmir and instead sought talks to resolve the longrunning dispute over the Himalayan region. See # 4 Page 7
Global climate fund set up in Cancun deal CANCUN, Mexico: Global talks on climate change on Saturday set up a new fund to manage billions of dollars in aid to poor nations in a hard-fought package urging deep cuts in industrial emissions. Turning the page a year after the chaotic climate summit in Copenhagen, more than 190 countries meeting in Mexico kept ambitions in check and made headway on sticking points instead of seeking a wide-ranging treaty. In a change from Copenhagen's venomous atmosphere, the talks in the beach resort of Cancun ended after two sleepless nights with standing ovations for the chief negotiator, Mexican Foreign Secretary Patricia Espinosa. "We have the chance to build a new story in which economic growth, poverty alleviation and care for the environment are truly compatible," Mexican President Felipe Calderon said as he closed the two-week conference. But the talks left much of the hard work to next year's talks in South Africa -- including the crucial question of by how much all nations will cut carbon emissions blamed for global warming. Bolivia was the main holdout. To the dismay of many tired negotiators,
Bolivia's Pedro Solon took the microphone repeatedly after midnight, saying the deal would not halt climate change but "put more humans in a near-death situation." Espinosa overruled him, saying that UN rules for consensus did not give him "veto power." The vast majority of countries offered support. Australian Climate Change Minister Greg Combet called the deal a "historic step forward." Chief US negotiator Todd Stern said: "Obviously the package is not going to solve climate change by itself, but I think it is a big step forward." In a key area, the agreement set up a "Green Climate Fund" to administer assistance to poor nations, which many experts say are already suffering more floods and drought as temperatures steadily mount. The fund will be steered by a board of 24 members chosen evenly from developed and developing nations. For the first three years, the new international organization would be overseen by the World Bank -- a point of controversy for some activists who distrust the Washington-based lender. See # 5 Page 7
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.