International Karachi, Sunday, November 14, 2010, Zil Hajj 7, Price Rs12 Pages 8
Mirza reviews security plan for BB’s third anniversary
Kidnapped Afghan envoy Abdul Khaliq Farahi recovered Democracy icon Suu Kyi set free by Myanmar Junta
See on Page 8
Pakistan against India presence in UNSC
See on Page 8
See on Page 2 Economic Indicators $16.95bn 14.17% $7.17bn $12.25bn $(5.08)bn $(545)mn $3.50bn $455.10mn Rs 411bn $58.41bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 171.04mn
Forex Reserves (5-Nov-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Sep 10) Revenue (Jul 10-Oct 10) Foreign Debt (Sep 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Sep 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
120.97 Yearly(Jul, 2010 up to 10-Nov-2010) Monthly(Nov, 2010 up to 10-Nov-2010) 16.25 32.54 Daily (10-Nov-2010) 2532 Total Portfolio Invest (22 Oct-2010)
NCCPL (U.S $ in million)
FIPI (12-Nov-2010) Local Companies (12-Nov-2010) Banks / DFI (12-Nov-2010) Mutual Funds (12-Nov-2010) NBFC (12-Nov-2010) Local Investors (12-Nov-2010) Other Organization (12-Nov-2010)
2.05 -3.00 -1.80 2.53 0.29 0.28 -0.35
Global Indices Index
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GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.02 19.30 164.82 2.00 42.70 1.70 36.30 10.07 34.40
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 12-Nov-2010 12-Nov-2010 12-Nov-2010 12-Nov-2010 12-Nov-2010 12-Nov-2010 12-Nov-2010 12-Nov-2010 12-Nov-2010 12-Nov-2010 12-Nov-2010
12.75% 13.11% 13.24% 13.50% 12.79% 12.97% 13.23% 13.63% 13.71% 13.64% 13.74% 13.82% 14.21% 14.33% 14.50%
Commodities Crude Oil (brent)$/bbl Crude Oil (WTI)$/bbl Cotton $/lb Gold $/ozs Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR Open Mkt Currency Symbols Buy (Rs)
86.34 84.88 134.18 1,365.50 25.94 1,077.00 38,193 9,109 Rates Sell (Rs)
Australian $ 83.10 Canadian $ 83.50 Danish Krone 15.90 Euro 114.90 Hong Kong $ 10.95 Japanese Yen 1.023 Saudi Riyal 22.45 Singapore $ 64.90 Swedish Korona 12.85 Swiss Franc 87.10 U.A.E Dirham 23.05 UK Pound 135.60 US $ 85.15
84.10 84.50 16.40 116.40 11.15 1.049 22.75 65.90 13.00 88.10 23.40 137.10 85.55
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
84.72 84.62 15.58 116.13 11.00 1.036 22.74 65.81 12.42 87.38 23.22 137.25 85.40
84.92 84.82 15.62 116.40 11.03 1.038 22.80 65.96 12.45 87.58 23.28 137.57 85.59
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Zardari addresses corporate leaders at Pak-China Forum
Pakistan woos Chinese trade Investors offered irrigation, housings, energy sectors GUANGZHOU, CHINA: President Asif Ali Zardari on Saturday invited the Chinese investors and entrepreneurs to benefit from Pakistan's geostrategic location as well as its trade and economic potential for a win-win situation for the two neighbourly nations having time-tested ties. "I invite you to take advantage of the geostrategic location, trade and economic potential and the warm-waters of Pakistan, which has all the ingredients to become a progressive and developed country," the President said while addressing the corporate leaders of the Guangdong province here at the Pakistan-China (Guangdong) Forum on Economic Reconstruction. Besides the Chinese business leaders, the Forum held here on the sidelines of the 16th Asian Games and jointly organised by China Council for the Promotion of International Trade and Pakistan Consulate in Guangzhou was also attend-
ed by Vice Governor of Guangdong province, Liu Kun and representatives of Guangdong provincial government. The President said PakistanChina strong bonds, the seeds of which were sown by Shaheed Zulfiqar Ali Bhutto and Chinese leader Mau Zedong could be further strengthened through united efforts and going together in economic development. He said China which was fast emerging as the world economic leader can use the trade and economic potential of Pakistan as a multiplier force for its further development growth. The President said Pakistan has been a security centric state for long, but the country cannot achieve progress and development through this approach, adding, "Pakistan and China can grow like brothers; which we are." He invited the Chinese construction companies and entrepreneurs to help Pakistan in the
reconstruction and infrastructure, destroyed and damaged by the recent floods. The President also invited the Chinese companies, particularly from Guangdong province, to help Pakistan in the establishment of a new city, Zulfiqarabad, in Sindh province. He asked the Chairman BOI to stay back in Guangzhou and have consultations with the Chinese construction companies in this respect. The President urged the Chinese corporate leaders and entrepreneurs to help Pakistan in achieving the goal of enhanced economic development and prosperity by investing in various infrastructure and development projects. The President said that there were many areas including infrastructure development, rehabilitation of irrigation system, housing, hydro power, alternate energy that offer opportunities for cooperation. See # 9 Page 7
2-day Pak Development Forum starts today
Economic reforms plan ready: Shaikh ISLAMABAD: Pakistan would present to the international community its economic reform and stabilisation plans at the Pakistan Development Forum meeting at Islamabad over the weekend, a top US official said. The two-day Pakistan Development Forum (PDF) will begin here today (Sunday) with an agenda of focusing and sharing with the participants and development. "We are holding the Forum in 2010, as the last PDF was held
in 2007", Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh said. He said that the Forum would provide opportunity to have comprehensive dialogue with our development partners on government's strategic direction, priorities and policies. Shaikh said that deliberations of the PDF influence forthcoming the country Partnership Programs/Strategies of the Donors adding that in addition, feedback from the development community facilitates align-
ment of government policy with international best practices. He said that the event is particularly significant this year in view of the devastation caused by the floods and the consequential economic fallout. "High level local and international participation including US Special envoy for Afghanistan and Pakistan Richard Holbrooke, Vice President of World Bank and ADB , UK Minister for See # 2 Page 7
Musharraf disavows ISI-Taliban links WASHINGTON: Former president Pervez Musharraf has rejected the allegations that parts of Pakistan's intelligence service- the Inter-Services Intelligence- supported the Taliban over the years, saying that such accusations were unhelpful in the fight against militants. "Accusations against the ISI and the Army" do not help much," Musharraf said in an interview on National Public Radio, while replying to a ques-
tion whether the US had "on balance been helpful to Pakistan in recent years." It is "absolutely wrong" to say that the ISI is still connected to the Taliban, he insisted, adding, "The proof of it I can give is that the Army has suffered over 2,500 dead by al Qaeda and Taliban." Musharraf continued, "Al Qaeda and Taliban are attacking the Army and you are saying that they are colluding with al Qaeda or Taliban. ISI offices have been attacked through
bomb blasts and suicide bombers all over the country. Almost 300 people have died, but yet you are saying that ISI is colluding with those people who are attacking them." When asked what it would be that Musharraf would tell the US to stop doing if he were to return to a position of power in Pakistan, the former president zeroed in on the use of missiles fired from US drones to hit suspected terrorists in his country. Agencies
GAUNGZHOU: President Asif Ali Zardari addressing the participants during Pakistan-China (Guangdong) Forum on post floods economic reconstruction at White Swan Hotel.-APP
Khi seems terrorists’ new target, says Malik ISLAMABAD: Interior Minister Rehman Malik has said it seems that Karachi is new target of terrorists. He said that attack on CID building could be a back lash as seven to nine terrorists of banned Lashkar-e-Jhangvi are being arrested on daily basis. Talking to BBC Urdu, Rehman Malik said that extremists know that Karachi is integral part of country therefore they are targeting the city. He said Lashkar-e-Jhangvi has become the front line of al Qaeda and it was involved in killing of Shiite sect Ulema and recent blasts at holy shrines. See # 8 Page 7
NA body head quits over cricket quarrel ISLAMABAD: The head of an influential Pakistani parliamentary committee on sports has resigned in frustration at the state of affairs in national cricket. "The state of cricket affairs is before everyone, it is in poor shape and yet nothing is being done to change the tide," Iqbal Muhammad Ali, who headed the National Assembly standing committee on sports, told a news conference on Saturday. "I am resigning because the government has not bothered to implement any of the recommendations by this committee for improvement and betterment of sports in the country," Iqbal added. The national assembly committee has frequently summoned officials from the Pakistan Cricket Board (PCB) to appear before it, most recently on the spot-fixing allegations against three players, and has publicly called for PCB Chairman Ijaz Butt to resign. -Reuters
‘N’ in two minds over RGST: Awan ISLAMABAD: Federal Minister of Law Babar Awan has said Muslim League (Nawaz) unable to stand a clear stance over RGST which showed its duplicity over the issue. Awan said PML-N leaders were making billions of rupees but paying taxes worth only Rs 5,000. Awan further said that the PML-N has one approach toward the RGST in the parliament and another approach toward the same in the Council of Common Interests (CCI). Speaking with media men outside the Supreme Court premis-
es here on Saturday Babar Awan said the apprehensions over the new mechanism of appointment of judges proved. The commission wrote a new chapter of Pakistan's history with unanimous decision over the first judicial vacancy. He said the JC's unanimous selection of Justice Ejaz Chaudhry for appointment as Chief Justice Lahore High Court explains that reservations pertaining to the 18th Amendment were invalid. He said the tax culture in the country needs reformation so that the rich also pay taxes. -Agencies
CCP rolls out new road map ISLAMABAD: The Chairperson, Competition Commission of Pakistan (CCP) has announced a new road map for CCP that envisions CCP to emerge as a robust autonomous institution both internally as well as a harbinger of positive and responsible corporate behavior and ethos. "Developing internal processes and systems is equally important as acting in fair and transparent manner vis-àvis enforcement actions. I must say that day to day challenges which have a direct impact on our survival and sustainability
consume a lot of our time which could otherwise be far more fruitfully utilized," she said while talking to the media. "My priority would remain enforcement as the Competition Commission is a law enforcement agency; enforcement is something that we must do and are expected to do, and I will continue to do that without fear and favour and without discrimination as and when any violation is brought to our notice we must proceed in accordance with law." See # 6 Page 7
Justice Ejaz to be next LHC chief ISLAMABAD: A meeting of the Judicial Commission chaired by Chief Justice Iftikhar Chaudhry on Saturday nominated Justice Ejaz Ahmed Chaudhry as Chief Justice Lahore High Court to take the post after Justice Khawaja Mohammad Sharif retires in December. Members of the Commission discussed which judges will fill up vacant seats of the Supreme Court bench and the decision of the appointment of a chief jus-
tice for the Islamabad High Court as well. Federal Law Minister Babar Awan, Attorney General and representatives of the Pakistan Bar Council also attended the meeting. Law Minister Punjab Rana Sanuallah and Justice Khawaja Sharif were also in attendance. The first session of the Judicial Commission to initiate the process of filling actual and anticipated vacancies in the See # 7 Page 7
Pak used terror as a hedge against India: US WASHINGTON: Islamabad used to support terror outfits as a hedge against India and an unfriendly Afghan regime, so that the two neighbours of Pakistan do not undermine it, US Secretary of State Hillary Clinton has said. "They (Pakistan) have in the past hedged against both India and an unfriendly regime in Afghanistan by supporting groups that will be their proxies in trying to prevent either India or an unfriendly Afghan government from undermin-
ing their position," she said. Clinton said now things are "changing", but she cannot confirm whether Pakistan has stopped the use of terror against India and Afghanistan. "That is changing, now, I cannot sit here and tell you that it has changed, but that is changing," she told ABC News in an interview, the transcripts of which was released by the State Department. Clinton accepted that the US had created certain radical outfits and supported terror-
ists like Osama bin Laden to fight against the erstwhile Soviet Union, but that backing has boomeranged. "Part of what we are fighting against right now, the United States created. We created the Mujahidin force against the Soviet Union (in Afghanistan). We trained them, we equipped them, we funded them, including somebody named Osama bin Laden. And it didn't work out so well for us," she said. The Secretary of the State
also said Pakistan is paying a "big price" for supporting U.S. war against terror groups in their own national interest. "But I think it is important to note that as they have made these adjustments in their own assessment of their national interests, they're paying a big price for it," Clinton said. "And it's not an easy calculation for them to make. But we are making progress (in Afghanistan). We have a long way to go and we can't be impatient. Well, the head-
lines are bad. We're going home. We cannot do that," she said. Appearing on the same ABC show, Secretary of Defence Robert Gates said Pakistan has withdrawn an equivalent of about six divisions of its army from the Indian border and moved them. "And they are attacking the Taliban. They're attacking the Taliban - Tehreek-e-Taliban Pakistan, and safe havens that are a problem for us," Gates said. "But the other piece of
this, we face in both countries what they call a trust deficit, and it is because they believe we have walked away from them in the past at the toughest moments of their history. "You can't recreate that (trust) in a heartbeat. You can't recreate that in a year or two. They both worry that once we solve the problem in Afghanistan, or if we don't solve it, that either way, we will leave and leave whatever remains in their hands to deal with," he added. -APP
2
Sunday, November 14, 2010
ITMF concerned over rising cotton prices KARACHI: The International Textile Manufacturers Federation (ITMF), at its annual general meeting in Sao Paulo, Brazil, has voiced concern over soaring cotton prices and their negative implications for international cotton textile value chain from fiber to fabric. In a communiquĂŠ, the ITMF has stated that the global textile industry is not in a position to absorb any longer cotton price increases of unprecedented dimensions recorded during the past months without risking LARKANA: Sindh Chief Minister Syed Qaim Ali Shah along with Cabinet Ministers Dr. Zulfiqar Mirza, Aga Siraj Durrani, Muhammad Ayaz Soomro, Manzoor Wasan, Jam Mehtab Dahar and party workers offering dua at the grave of Shaheed Zulfiqar Ali Bhutto at Garhi Khuda Bakhsh. -APP
Qaim pays homage at Bhutto mausoleum LARKANA: Sindh Chief Minister and President PPP Sindh Syed Qaim Ali Shah visited the graves of the martyrs of Bhutto family in Garhi Khuda Bakhsh, on Saturday. He visited the grave of Shaheed chairperson of PPP and former prime minister Mohtarma Benazir Bhutto. He laid floral wreath at the grave and offered "Fateha" for "Isal-iSawab". Syed Qaim Ali Shah was accompanied by Sindh Minister for Home Affairs Dr Zulfikar Ali Mirza, Sindh Minister for Law Muhammad Ayaz Soomro, Sindh Minister for Local bodies Agha Siraj
Durrani, Sindh Minister for Works and Services Manzoor Hussain Wassan, Sindh Minister for Revenue Jam Mehtab Dahar, Khair Muhammad Shaikh, Ghulam Asghar Shaikh, RPO Sukkur region Zulfikar Ali Shah, DCO Larkana Abdul Aleem Lashari, leaders and workers of PPP and others. Syed Qaim Ali Shah also laid floral wreath at the grave of founder-chairman of PPP Shaheed Zulfikar Ali Bhutto and offered `Fateha'. He also visited the grave of late Shireen Amir Begum, the first wife of Shaheed Zulfikar Ali Bhutto and laid floral
wreath at the grave. Sindh Chief Minister along-with Sindh Ministers and others also visited the graves of Shaheed Mir Murtaza Bhutto and Shaheed Mir Shahnawaz Bhutto, laid floral wreaths and offered fateha. The Sindh CM along with provincial ministers also went round the ongoing development work in Garhi Khuda Bakhsh Bhutto in connection with the forthcoming third anniversary of assassination of chairperson of PPP and former prime minister Shaheed Benazir Bhutto, to be commemorated on December 27.-APP
Sabzwari lauds youth efforts KARACHI: Sindh Minister for Youth Affairs Syed Faisal Ali Sabzwari said that he was happy to see keen interest of youths in coming 'youth festival'. He talking to as delegation of youths who came for registration and auditions, during the visit of Youth Festival Secretariat on Saturday at Arts Council of Pakistan, he expressed his gladness that huge number of youths are getting them registered for the festival. Sectary Youth Affaire Shouib Ahmad Siddiqui, sectary Arts Council of Pakistan, Muhammad Ahmad Shah also spoke. They told the minister that so far more than 18 hundred entries were received and more pouring in with each passing day.PPI
AKU's 23rd convocation held
KARACHI: Muttehda Qaumi Movement (MQM) Leader, Babar Ghouri along with other distributes relief goods among affectees of Crime Investigation Department incident at relief camp in Karachi on Saturday. -PPI
KESC clarifies stance over CID power-cut
KARACHI: Aga Khan University's (AKU) trustees, alumni, faculty and staff honoured 323 graduates at the 23rd AKU Convocation here on Saturday. This year, the University's Institute for Educational Development graduated 21 students and the School of Nursing 162 nurses, 12 of whom received a Master's degree. The Medical College graduated 97 doctors and granted 24 Master of Science degrees. There were 19 Master of Bioethics graduates also, the first class from this programme at the University. Amidst much applause, Rinam Rahmatullah received the Best Graduate Award from the School of Nursing and Dr Saulat Sajjad Sheikh from the Medical College.-PR
removed so these don't hurt anyone from the rescue teams. KARACHI: Karachi KESC also arranged Electricity Supply mobile generator and Company (KESC) has emergency search lights clarified the false impresto help rescue operation at sion created in a section of the venue. All surrounding press that power supply to feeders were exempted CID Centre was disconfrom load shedding to nected before bomb blast. keep the lights on in order In fact the Company made to facilitate help and all out efforts immediately investigative activities. after the blast to illumiDuring all this testing nate the area for restoratime, the KESC managetion work. ment was in touch with A KESC official here Police, Rangers and Home stated that power supply Department to respond to to CCPO Office was disKARACHI: Sui Southren any specific need. continued in the early Gas Company (SSGC) organised on Saturday a day-long free medical camp for the flood victims at Government Allama Iqbal High School, here at Sohrab Goth. According to a handout issued by SSGC, the company's medical services department provided proper treatment to a large number of flood affectees who were suffering from chest, skin infections and anaemic deficiency. A team of SSGC's experienced doctors and consultants, comprising Dr Areeba Ahmed, Dr Arif Waheed, Dr Amir Ahmed, Dr Sarwat Raza and Dr KARACHI: Eid festival exhibition of prominent fashion designer was held at Mumtaz were deputed to Grandeur, gallery. Picture shows CEO of Grandeur Nishmia Ahmed, actress serve the flood victims Ruby Niazi, with designers Amrah Khan, Laleen, Sabahat Nadeem Raja, Shaista, Anum Mukri and Suboohi.-Staff Photo throughout the day.-APP Staff Reporter
hours of Thursday morning and it was restored an hour before the bomb blast in the evening of the same day after the payment of outstanding dues of Rs2.9 million from the CCPO Office. Total dues towards Police Department exceed Rs600 million. On Thursday, immediately after the blast, KESC teams and vehicles reached the site near PIDC to save the stray power cables and equipment from proving harmful. Broken wires were
SSGC sets up medical camp for affectees
its own existence. The ITMF has called upon the retail industry to change its business model to this new business environment of higher raw material prices. For the past 20 years, the global textile industry has been exposed to a deflationary environment with nominal prices for apparel and home textiles having fallen during this period on average by approximate 50 per cent. This trend is not sustainable anymore and has to be reversed. A number of factors have already put the international
textile industry in a predicament. Lower than expected cotton crop and stronger than expected demand in many countries have already driven the prices of cotton from US cents 60 to US cents 120 in October this year. In this background, the ITMF has invited retailers, department stores and distributors around the world to discuss with their suppliers the fundamental changes taking place in the global textile value chain in order to better understand the risks and threats involved for all stakeholders.-PPI
Rental power plant to dock on Eid day KARACHI: A shipmounted Rental Power Project (RPP) would reach the Bin Qasim Port, here on 17th November 2010 with the capacity of 231 megawatt electricity generation, sources privy to Ministry of Water and Power told PPI. Federal Government has installed some small rental power plants in different areas of the country; however, this would be the first
RPP with the capacity of 231 megawatts. Sources claimed last government had initiated Rental Power Plant project with signing five-year contract in 2007 between the Management of Lakhra Power House Jamshoro and a private firm of Turkey. The present government decided not only to continue the project, but also to get more Rental Power Plants to meet the electrici-
ty crisis. A local engineering firm has been working for one year and it has almost completed arrangements for this ship-mounted rental power project, the source added. It is pertinent to mention here that the federal cabinet had approved on 26th August of 2009 the installation of 14 rental power plants to generate 1,500MW to partially offset the overall deficit of 2,700MW.-PPI
ICMAP forms toastmasters clubhouse ISLAMABAD: Institute of Cost and Management Accountants Pakistan (ICMAP) Islamabad formed ICMAP Toastmasters Club. This is a distinguished club primarily for the ICMAP members that provides opportunities to enhance communication & leadership skills of its members. Since 1924 the Toastmasters clubs around the globe helps its members to develop skills in listening, public speaking in groups and at large, leadership through performing various roles, giving feedback, decision-making, delegating and mentoring. The first charter event meeting of the ICMAP Toastmasters Club was held on 11th November 2010 at ICMAP Islamabad with the assistance of Islamabad Toastmasters Club.-PR
Dr Baig visits Khi blast victims KARACHI: Dr Mirza Ikhtiar Baig, Federal Advisor on Textile and Central Leader PPP visited JPMC and Civil Hospital to meet the injured of CIA Head Quarter blast in Karachi along with Najmi Alam, President PPP Karachi. Dr Baig appreciated the dedication of Dr Seemi Jamali, Executive Director JPMC to provide immediate medical aid to the injured. Dr Baig also advised Incharge PPP Paramedical Wing at JPMC Syed Amir Ali Shah to arrange to supply any blood or medicines if not available in the hospital.-APP
KARACHI: PPP Secretary Information Ms.Fouzia Wahab addressing the members of Karachi Chambers of Commerce (KCCI) . -APP
Agriculture necessary for economic stability
Unisame calls to boost farming KARACHI: The Union of Small and Medium Enterprises (UNISAME) has invited the attention of Prime Minister Syed Yousuf Raza Gilani to the dire necessity of promoting farming at all levels as it is the best remedy for economic stability and overcome food shortages. President Unisame Zulfikar Thaver urged the PM to direct the Small and Medium Enterprises
Development Authority (SMEDA) to take SME farmers in its fold and prepare immediate agenda for the promotion and development of SME farmers from grass root level. He said SMEDA should focus on increasing the cultivation of vegetables, fruits, grains, flowers, pulses and educate the SME farmers on the techniques of increasing production, storing and preserving by
dehydration and cold storage systems, transportation under refrigeration and marketing intelligence. He said SMEDA should prepare initially for increasing cultivation of onions, potatoes, tomatoes, beet roots and vegetables as these are the basic requirements of the people with meager incomes and it is becoming increasingly difficult for them to buy these basic necessities.-PPI
Sharmila inspect CID blast-site
Govt evaluating property losses KARACHI: Advisor to Chief Minister Sindh Sharmila Farooqui has said that the Provincial Disaster Management Authority (PDMA) and City District Government are conducting joint survey of the entire residential area to assess the loss of property due to bomb blast at CID office near PIDC Karachi. She said this while talking to affected families
residing nearby areas during her visit to the site of incident. She was accompanied by EDO Revenue CDGK and senior representative of PDMA. Sharmila said that after completion of survey PDMA would recommend for appropriate compensation to the affected families in order to rehabilitate them. She also directed EDO Revenue to ensure regular
food supply to the affected families besides ensuring shelter for those families lying under the open sky. She also directed for immediate removal of the debris from the residential areas, whereas, the debris at the scene of offence would be removed after at least two days as collection of possible evidences is still in progress, informed SP CID Fayyaz Khan.-PPI
KARACHI: Chairman, Travel Agent Association of Pakistan (TAAP), Yahya Polani, presenting a souvenir to the DCO Hyderabad, Aftab Khatri. Also seen present on the occasion are Iqbal Nini, Yaqoob Ismail, Habib Rehmatullah and Eyjaz Khatri.-Staff Photo
TV PROGRAMMES SUNDAY Time Programmes 7:00 News 8:00 News 9:05 I Samaa (Rpt) 9:30 Taxi News (Rpt) 10:10 The Reema Show (Rpt) 11:10 Naram Garam 12:00 News 13:10 Faisla Aap Ka (Rpt) 14:10 The Anchor (Rpt) 15:00 News 16:00 News 17:00 News 18:00 News 19:05 I Samaa 19:30 Mutasareen 20:05 The Reema Show 21:00 News 22:03 Faisla Aap Ka 23:05 Tafteesh
SUNDAY Time 8:00
Programmes Pakista this week(Rpt) 8:30 Music Scene 9:00 Teesri Nazar(Rpt) 10:00 Smithsonian Documentry 11:00 Uff Tv(Rpt) 11:30 Dilkash Pakistan (Rpt) 12:00 Kamyab (Rpt) 13:00 AM Agenda 360 (Rpt) 14:00 Karobari Duniya(Rpt) 15:00 Teesri Nazar(Rpt) 16:00 Pakistan This Week (Rpt) 16:30 Tijarti Dunya (Rpt) 17:00 Kamyab (Rpt) 18:00 Dilkash Pakistan (Rpt) 18:30 Uff Tv(Rpt) 19:00 Sara Jahan 19:30 Red Carpet 20:00 Filmi Samaa 20:30 Munafa Khor Hoshiyar 21:00 Badalta pakistan 22:00 Agenda 360 23:00 Amnay Samany 0:00 Filmi Samaa(Rpt)
Analysis & Feature
Sunday, November 14, 2010
3
WHAT OIL NEAR $90 MAY MEAN FOR OPEC POLICY OIL
prices are at a 25-month high and approaching $90 a barrel, raising the question of whether the Organization of the Petroleum Exporting Countries will raise output. The 12-member OPEC which pumps more than a third of the world's oil, has kept its oil output target at 24.84 million barrels per day (bpd) for almost two years since announcing a record supply cut after prices slumped in 2008. It meets on Dec 11 in Quito, Ecuador. Oil hit $88.63 a barrel on Thursday, the highest since October 2008. It has been supported by the new round of US economic stimulus which has weakened the US dollar, record Chinese demand and falling US inventories. Following are scenarios on what the rising oil price may mean for OPEC policy. DO NOTHING OPEC is unlikely to change its formal output policy yet, despite the rise in prices. "They will probably say something along the lines of above $90 is not justified, but I don't think they really want to do anything at the moment," said Andrey Kryuchenkov, commodities strategist at VTB Capital. Signs of an upward shift in the price aspirations of key OPEC members -- the group
as a whole has no formal price target -- have bolstered oil this month. Saudi Arabian Oil Minister Ali al-Naimi said on Nov. 2 oil at $70 to $90 was comfortable for consumers. That was above the $70 to $80 range the top exporter had for two years called ideal. An official from the International Monetary Fund said the rise in prices was not a threat to global economic recovery, in effect backing the view that consumers can live with current prices. "It will not act for a while ‌ not until we get to $100 or inventory levels fall," said Tony Nunan, a risk manager with Mitsubishi Corp in Tokyo. Some OPEC members will be enjoying the rally and have made clear they would like it to go further. Libya has called for oil to reach $100 and Venezuela said it was looking for oil between $90 and $100 in 2011. INFORMALLY RAISE OUTPUT As likely as no change in formal policy, extra OPEC production could result from further reductions in compliance with output targets unless prices fall. Adherence by OPEC as a whole to 4.2 million bpd of output cuts announced in December 2008 has declined to 51 per cent, according to estimates published in
OPEC's monthly oil market report on Thursday. That means OPEC is pumping more than 2 million bpd above its formal output target in response to recovering demand and higher prices. Compliance with the output curbs peaked near 80 per cent in 2009. "They should be acting already. Prices are near the top of their preferred range. We will see slowly increasing OPEC supply in lower compliance to quotas," said Thorbjorn Bak Jensen at Global Risk Management in Denmark. OPEC says it holds more than 6 million bpd of unused oil production capacity as a result of the supply curbs agreed two years ago, a comfortable cushion equating to 7 per cent of world demand. Much of this is held by Saudi Arabia, with smaller amounts in Kuwait and the United Arab Emirates. The Gulf members are among the most compliant with their targets, and so far there is no sign of that discipline breaking down. That could limit the scope for OPEC production to creep significantly higher through quota leakage. Saudi Arabia, keen to preserve long-term demand for its extensive reserves, has traditionally stepped in to add more oil if it considers the market is rising too fast. Riyadh could face a dilem-
ma on whether to do so if that rise is mainly a result of US monetary policy weakening the dollar, rather than extra demand for oil. OUTPUT RISE Analysts see a further rise in prices towards $100 would be required before OPEC considers raising its output target.
"If we reach $100 they might really do something about quotas. If we reach $100, I think we will have a new scenario for OPEC," said Frank Schallenberger of Landesbank. So far, ministers and officials have said they see no need to raise supply. The are signs that oil's supply and demand fundamen-
tals -- from OPEC's point of view -- are improving. Forecasters including OPEC itself have been raising estimates of global demand. US crude and fuel inventories fell last week. Even so, OPEC would probably want to see more evidence of a tightening market before it responds. Its
report on Thursday said inventories were not expected to change much in the runup to the northern hemisphere winter. "As a result, the market should be well prepared even if the winter demand turns out to be stronger than expected," OPEC said. Reuters
Despite Obama, India’s global ambitions modest U
S President Barack Obama's support for a U.N. Security Council seat for India may have given the economic giant its global coming-out party, but it still is far from wielding the diplomatic clout of powerhouses like China. India is expected to be one of the five largest economies in the world by 2020, growing at near double-digit rates, but the main focus of policymakers will be to try and lift millions out of poverty, rather than being an outspoken diplomatic voice. "As Deng Xiaoping said of China 20 years ago, it's better to lay low and bide your time," Srinath Raghavan, a senior fellow at the Centre for Policy Research in New Delhi, said. "India is a poor country. There is a lot more to be done internally." India is proud of its soft power, its quiet diplomatic
achievements, but careful of over-extending its reach. Take Afghanistan, where it has been happy to pour in $1.3 billion in aid but reluctant to do more, like training the police or army. "India does not have the recent global outspokenness of China. There is a very strong sense that China knows its time has come and is cashing its cheques in. Not so in India," Raghavan said. At the G20 talks, it has so far stood back from the fray, taking more cautious stands than countries like Germany, China or the United States on issues like the yuan and global imbalances. "Indian aspirations are more modest than the US or China," said Siddharth Varadarajan, strategic affairs editor at Hindu newspaper in Delhi. "But I think it has pitched its global role about right."
BUSINESS SUPERPOWER Obama's promise of a permanent U.N. Security Council seat has been a demand of India's to reflect what it sees as its rightful place. The makeup of the five members -- US, Britain, France, Russia and China -is criticised as a Cold War relic. It is also a pledge that could take a decade to realize. Delhi rarely put its eggs in one basket and it is telling that after Obama's visit, the leaders of China, France and Russia will visit this year, hungry for a slice of India's $1 trillion dollar economy, from nuclear power to arms contracts. A global crunch has helped push emerging market giants to diplomatic and economic prominence as the West struggles with debt. India,
with its history of non-alignment and behind-the-scenes diplomacy, is at the forefront of the winners. It has quietly built up its global clout as its private businesses expanded, whether it is Bharti Airtel buying African mobile businesses for $9 billion, or the bid for Premier League football club Blackburn by Indian conglomerate Venkys. "I don't think any policymaker has spoken of India as a superpower," said Kanwal Sibal, a former Indian foreign secretary. "But the business community, that's going global, buying companies here and there and are full of cash, they're the one's who're talking about the superpower status." In the absence of a Doha deal, India has focused on negotiating trade deals with the likes of the European Union and, in a mark of eco-
nomic power moving from west to east, the ASEAN bloc of Southeast Asian nations, Japan and Malaysia. India has also done this without making many enemies, unlike the United States or China. "Indian does not want to have to make stark choices," Raghavan said "It wants to have multiple diplomatic avenues. India will not be assertive on the world stage." Raghavan said that can change when India feels its economy is directly threatened -- hence its tough stand on issues like Doha where the government wants to protect its political support base of millions of farmers from globalisation. PAKISTAN, POVERTY But with nearly half its $1.2 billion people living below $1.25 a day, and malnutrition rates in some states worse than sub-Saharan
Africa, India has huge hurdles at home while much of its foreign policy is focused on one unruly neighbour, Pakistan. India has always had global ambitions. Ever since Jawaharlal Nehru ran India after 1947 independence, tellingly as both prime minister and foreign minister, India was a global player that emerged as non-aligned movement leader. Still, while Prime Minister Manmohan Singh may fly around the world stage as an elder statesman, some Indian foreign ministry officials privately say they spend most of their hours focused on dealing with close-to-home threats like Pakistan. On its disputed border with China, there is a sense that New Delhi is playing catchup with Beijing after years of Chinese investment in infrastructure like roads and air-
ports in the remote region has sparked fears India has lost the initiative. India is often criticised for not being aggressive enough in competing with China in its own backyard of the India Ocean, where Beijing is building ports in Pakistan and Sri Lanka. "It has, following the Obama visit, become an apprentice big power," Manoj Joshi wrote in the Mail Today. At the G20, it was telling that while Singh may speak of global imbalances, Indian Foreign Secretary Nirupama Rao reminded reporters on Tuesday that India may actually benefit in part from the undervalued yuan because of cheap imports like steel. "India gets into issues that directly affect it but you often don't see too much strategic vision," said Raghavan. -Reuters
Iraq agrees on new govt, challenges remain I
raq's main factions have agreed to form a national partnership government, ending an eight-month deadlock that deterred some investors from venturing into the war torn land and fuelled fears of renewed sectarian violence. Incumbent Prime Minister Nuri al-Maliki's Shi'ite-led alliance will get the prime minister post, giving him a second term, minority Kurds keep the presidency and ex-premier Iyad Allawi's Sunni-backed Iraqiya faction gets the speaker's post. Allawi himself will head a new council of strategic policies. Here are some possible implications and outcomes: WHAT COMES NEXT? * The formation of a government won't be immediate as the prime minister, once nominated, has 30 days to form a cabinet. * Iraqi political factions have
to agree next on who takes the cabinet jobs, in particular the "sovereign ministries" -- interior, defence, foreign affairs, oil and finance. Positions down to director general in the ministries will be divided up. * Analysts still expect weeks of power tussles, as each faction tries to grab as many government jobs as they can. * The longer it takes to form a government, the longer it will take to address public anger about poor public services, such as lack of electricity, water and unemployment. * Iraq also needs to pass much-needed investment and oil laws that have been delayed due to political squabbles. Emerging from the shadow of war, Iraq hopes to lure foreign expertise and investment to help rebuild its battered economy. * "It will be a very slow government, with lots of quarrels and conflict and stalemate. But that will be a practice for all
segments of the new political class -- how to live together and arrive at a workable agenda," said Beirut-based Iraqi Sociologist Faleh AbdulJabbar. IMPACT ON OIL * Iraq signed a series of deals with international oil companies to unlock its vast oil wealth in a bid to boost its output capacity to 12 million barrels per day from 2.5 million bpd now. The deals could catapult Iraq into the top league of oil producers, rivalling Saudi Arabia. * The return of Maliki, a Shi'ite, as a prime minister and the deal where the Kurds retain the presidency and Sunnis take the speaker of parliament job, means the new government is very similar to the last one which signed those oil deals. This is likely to calm fears of oil executives and investors of a cancelation or significant alteration of the contracts. * Clues on the makeup of the
next government are being watched closely by the oil companies. At the moment there are no indications that Oil Minister Hussain al-Shahristani, who is close to Maliki, will be dumped, but the possibility of a fierce competition for the high profile post could make some edgy. * Analysts say the oil deals, which would generate revenue desperately needed by Iraq to rebuild its battered economy, are likely to survive any big change in the next government as few doubt the benefits of such contracts. * "I think the formation of a new government should be reassuring. There's a dedicated security force for the oil infrastructure and there have been some concerns that it's underresourced. One hope is that once the government is in place, we'll see a boost in resources for them," said Saket Vemprala, analyst at Business
Monitor International. IMPACT ON NON-OIL INVESTMENT * Iraq is isolated from world markets and has little credit. Only a few dozen companies are listed on the stock exchange. But its oil wealth and population of 30 million mean it could be an attractive retail market and industrial power in the future. * Iraq's infrastructure has been degraded by decades of war, sanctions and underinvestment. Officials estimate that hundreds of billions of dollars are needed to fix the infrastructure woes, including inadequate power generation, decrepit railways, choked ports and a shortfall of 1-3 million homes. * The start of the government formation process will be positive for potential infrastructure investors who have been sitting on the sidelines during the political impasse. In particular, many will be looking for clari-
ty on government plans for spending on infrastructure. * Investors interested in Iraq are also worried about legal uncertainty with a lack of sufficient investment laws and an excess of bureaucracy that makes starting a business difficult. * Violence is also a concern, particularly for smaller investors who lack the budget to protect their installations and people from attack. Overall violence has fallen sharply in Iraq in the last two years, but bombings, suicide assaults and assassinations continue on a daily basis. IMPACT ON SECURITY * The deal on the country's top government posts brings together majority Shi'ites, minority Sunnis and Kurds in a power-sharing arrangement, which could help prevent a slide back into sectarian slaughter unleashed after the 2003 US-led invasion. Sectarian bloodshed between
Iraq's Shi'ites and Sunnis almost ripped Iraq apart in 2006-07. * Iraqiya did win the most seats in the election, and that has made many Sunnis feel that they should have gotten the prime minister or president's posts. * Will that satisfy Sunnis, who dominated Iraq under dictator Saddam Hussein and voted in force for Iraqiya? * "The development to watch is how Sunnis are treated in cabinet formation. If they are given portfolios that carry prestige and access to patronage, risks associated with Sunni disaffection will decrease," said David Bender, a Middle East analyst at Eurasia Group. "On the other hand, if Sunnis feel they are not being given appropriate cabinet positions, Sunni feelings that they have no stake in the success of the next government will grow." Reuters
4 Sunday, November 14, 2010
The Financial Daily International
Allawi terms power sharing deal dead
Vol 4, Issue 98
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
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Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
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Zahid Bukhari SVP HBL (retd)
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For the kind attention of Minister Bijarani Reading proceedings of the meeting of the Ministerial Committee on Sugar, chaired by Mir Hazar Khan Bijarani, Minister for Industries and Production and attended by nearly a dozen bureaucrats, representatives of sugar-millers and importers show complete ignorance of the present sugar crisis and no one should expect a prudent decision from such a Committee. Ironically, the Committee discussed what happened in the past but paid little attention to what should be done to avoid another crisis in making. Interesting, all admitted that the Trading Corporation of Pakistan (TCP) had ample stock but still held it, responsible for the current sugar crisis. The decision to bar the TCP from sugar import business and imposed restrictions on selling imported sugar through tenders in future looked preamble of yet another move to protect the groups having vested interest and caring least about the consumers. In Punjab sugarcane crushing is scheduled to commence after Eid-ul-Azha but commencing early crushing in Sindh proved futile effort as most of the mills face 'no cane' situation or running at less than 20 per cent capacity utilisation. The prevailing situation is the outcome of cartelisation of sugarcane growers who wish to sell sugarcane at three times the support price fixed by the government. The only way out to overcome the situation is to allow the mills to import duty free raw sugar. However, groups having vested interest seem to have prevailed as the Committee decided to allow the private sector to import 0.6 million tonnes of white or raw duty-free sugar to bridge the gap. One wonders the logic behind allowing traders to import raw sugar, which could not be used without further processing. To further complicate the issue it was also decided, "If the private sector fails to perform well, the government will consider a deal on government to government basis". The meeting decided that the federal government will build up 0.7 million tonnes strategic reserves next year but also decided that provincial governments would be responsible for sugar availability from next year. This clearly contradicts the decision of not allowing the TCP to import sugar. One could infer one point from the entire proceeding of the meeting that the purpose was to deter the criticism on the government. Since politicians belonging to PPP, PML-Q and PML-N are not only the owners of sugar mills but are also the sugarcane growers they only wish to maximise their profit and care the least about consumers. All the attempts have proved futile and now it is time for consumers to make the decision. It is suggested that instead of paying the asking price the consumers should completely stop buying sugar immediately. It is their right not to pay an unjustified price.
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T
he head of Iraq's main Sunni-backed political group has pronounced a new powersharing deal "dead" and predicted more violence, just days after the accord aiming to end political infighting was reached. Former Prime Minister Iyad Allawi's Iraqiya was the final big group to agree to join a coalition this week in an accord that gave Shi'ite Prime Minister Nuri alMaliki a second term. But two thirds of Iraqiya members walked out of parliament on Thursday saying a deal between blocs was being violated. Allawi said some Iraqiya members might join the government, but the "main bulk" of them, including him, would stay out. "We think the concept of powersharing is dead now," Allawi told CNN in an interview. "It's finished." Asked how
the end of a power-sharing deal might affect a future government, he said, "For Iraq, there will be tensions
parties to rule without Iraqiya, but Washington and Iraq's Sunni Arab neighbors are anxious to ensure that
blocs. Lawmakers elected Osama al-Nujaifi, a Sunni leader of Iraqiya, as speaker, and reappointed Jalal Talabani, a Kurd, as president. Talabani then nominated Maliki as prime minister. Allawi was made head of a yet-to-be-created policy council. But the show of unity, which had arch-rivals Maliki and Allawi sitting side-by-side in parliament, quickly unravelled when about two-thirds of Iraqiya's lawmakers walked out. Allawi told CNN he was thinking of forming a parliamentary opposition rather than taking part in the government. "I will not be a part of this theater," he said. "This is a new dictatorship that is hap-
, other Iraqiya figures said on Saturday the party still planned to join the government, and one called the walkout from parliament a "misunderstanding." and violence, probably." However, other Iraqiya figures said on Saturday the party still planned to join the government, and one called the walkout from parliament a "misunderstanding." Iraqiya's shifting position heightens concerns about the future of the government deal, which ended eight months of rancorous bargaining among Shi'ite, Sunni and Kurdish factions. Maliki has enough support from Shi'ite and Kurdish
the Sunni-supported bloc is also represented. Iraq needs a stable government to rebuild infrastructure and exploit its vast oil wealth while violence ebbs seven years after the US-led invasion that ousted Dictator Saddam Hussein. Under the power-sharing deal reached three days ago, politicians divided the three top posts prime minister, president and speaker of parliament among the main ethic and sectarian political
pening in Iraq." Other Iraqiya leaders and members, however, said the bloc had not reversed its decision to join the government. "Iraqiya will take part in the government," said Mustafa al-Hiti, a senior member of Iraqiya. Jaber al-Jaberi, an Iraqiya lawmaker, called the walkout from parliament a "misunderstanding." "The intention of Iraqiya is not to boycott the political process and this is the decision of the Iraqiya leadership," Jaberi said. The party could still boycott the government if Maliki does not fully implement the agreement, he added. Iraqiya lawmaker Talal al-Zubaie said Iraqiya would take part in a session of parliament scheduled for Saturday. He called Allawi's comments "a surprising thing for me." "Iraqiya will take part and be part of the government." Reuters
HBL enjoys longest history of serving Muslims ZAHID BUKHARI*
W
hen human beings started showing signs of distinction from animals, living in groups came into being, agriculture started and a sense of possession arose, perhaps more then a million of years ago. This was the time when need of a secured place arose to bank the valuable like cows, sheep, goats, and tools and precious metals. Side by side different faiths or religions in their remote forms also came into being. The headquarters of faith and religions were also established with different names, for the convenience here these might had been called temples. These temples were regarded house of gods, much secured sacred place. As such peoples started to bank their valuables in their worship places or temples. The keepers of the temples were treated as the representative of spirits and gods, were supposed to be bank managers. The dire need of security gave rise to places, where their valuables could be placed, and there was nothing good then that of temples, the houses of spirits and gods. With the passage of time human beings made progress in all fields, at all places, though slowly but surely. The Greek, Chinese, Egyptian, and Roman civilizations remained in forefront giving enlightenment to humanity in most of the fields. In Greece banking was well enough developed to justify laws governing banking operations even before the birth of Christ. Ancient Greece held further evidence of banking. Greek temples, as well as private and civic entities conducted financial transactions such as loans, deposits and validation of coinage. There is evidence too, of credit, where by in return for a payment from a client, a money lender in one Greek port would write a credit note for the client, who could cash the note in another city, saving the client from the danger of carting coinage with him on his journey. A Greek merchant named as Pythics, who operated as merchant banker at the beginning of 5th century BC was the first individual banker of whom we have records. The fourth century BC saw increased use of credit based banking in the Mediterranean world. In Egypt, from early times, grain had been used as form of money in addition to precious metals, and state's granaries functioned as banks.
Ancient Rome perfected the administration of banking and saw greater regulation of financial institutions and financial practices, charging interest on loans and paying interests on deposits became highly developed and competitive. China invented paper some 5000 BC and the inventor's name was Tasai Lun who was a washer man by profession but his invention remained within the boundaries of China for at least 3000 years, as secret, and in 1440 Gutemberg invented the modern printing press. The paper printing press was one of the greatest inventions the world ever saw. Printing of paper currency started on large scale which helped the banking industry a lot. Side by side double entry system of book keeping also came into practice, which provided a powerful argument in favor of legitimacy and integrity of the working of banks. Double entry system of book keeping was introduced in late 1300 in Western Europe. Around the time of Adam Smith (1776) there was a m a s s i v e growth in the banking industry. Banks played a key role in moving from gold and silver based coinage to paper money redeemable against the bank holdings. England was the first country to develop a full fledged modern banking system, which then served as a model for many parts of the world. At present, after a break during World War II and early post war years, London again became the world's largest international banking center. In London are the head offices not only of the big banks doing ordinary domestic business in England but also of large overseas banks with branches around the world. Offices are maintained in London by nearly 180 US banks. By more then 500 leading foreign banks active in international finance, and consortia, banks set up since 1965 by groups of banks, often from several countries to provided specialized corporate services. What is now England's great central bank, traditionally called simply "The Bank" was founded in 1694 under Royal
Charter to help raise money to take up the national debt. The Bank of England always played the central role in the development of banking through out the world. It was the first bank which issued currency notes. It played major role in the development of international trade, formation of capitalism which has enriched the entire world. After the World War II, United States of America, with the adopted rules and regulations of international free trade, business, banking and being the leading society of capitalistic order, all over the world, started gaining importance, because being centre of free banking. The Wall Street, a district of New York City started being recognized as one of most important centers of banking industry in the world. In the sub-continent, undivided India the people in majority being illiterate and poverty stricken did not know of the banks and banking. The center of trade and business was mainly in Bombay. In India there were branches of
finance All India Muslim League's campaign for the establishment of Pakistan. Habib Bank also played an important role in channeling relief funds for Muslims, hurt in the communal riots and violence that preceded the departure of British from India. After Pakistan was born in 1947, Habib Bank moved its headquarters to Karachi, Pakistan's first capital. This gave Pakistan its first newly formed commercial Bank. I consider it necessary to mention the names of the Habib family who created first successful bank owned and manage and run by Muslims in the entire world. The head of Habib Family was Ismail Habib Seth and other members, Seth Muhammad Ali Habib, Dawood Habib Seth, Dost Muhammad Seth, Rashid D. Habib Seth, Habib Muhammad Ali Habib Seth. I joined Habib Bank in 1960, and retired in 1997, and still feel honoured to train sons of Habib family in 1966 to 1967 while I was manager of
At that time the Great Muhammad Ali Jinnah, Pakistan's founding father realized the importance of financial intermediation while he was campaigning for the creation of a separate home land for the Muslims of India; he also persuaded the distinguished Habib family to establish a commercial bank that could serve the Indian Muslim Community. foreign bank, and Indian banks were mostly owned and run by non-Muslims, Hindus, Parsees etc. At that time the Great Muhammad Ali Jinnah, Pakistan's founding father realized the importance of financial intermediation while he was campaigning for the creation of a separate home land for the Muslims of India; he also persuaded the distinguished Habib family to establish a commercial bank that could serve the Indian Muslim Community. Till that time there was no bank, not only in India but in the entire world owned, managed or run by Muslims. His initiative resulted in the creation of Habib Bank in 1941, with head office in Bombay (now Mumbai) having fixed capital of Rs.25,000. The Bank played an important role in mobilizing funds from the Muslims community to
Mohammad Ali Society branch of the Bank those were Mr. Abbas D. Habib for some days, while Habib Dost Mohammad for more then a year. Mr. Abbas D. Habib is now the head of Bank AlHabib while Habib Dost Mohammad migrated to Canada and living with his elder brother Mr. Yaseen Dost Muhammad. The pearl and shining star of the Habib Family who marked authentic effects on the world banking is Habib Muhammad Ali Habib the head of Habib Metropolitan Bank. It will be highly inappropriate if I do not mention name of Mr. Kassim Parekh, exGovernor, State Bank of Pakistan and now Chairman of Habib Metropolitan Bank. Before partition, the Hindu community tried to fail the Habib Bank in Bombay by drawing their deposits from
the bank. At that time Kassim Parekh being the prominent figure of Memon Community, persuaded the Community of Bombay and Kathiawar to deposit more and more funds in Habib Bank, and thus got Hindus intentions frustrated. Habib Family owned and managed Habib Bank until Government of Pakistan nationalised it on 1st January 1974. It is awful to state here that the Pakistani nation, and Muslim community the world over, never praised in any form to great services of Habib Family for the Muslims, especially in Pakistan and the world over. After remaining nationalized form 1st January 1974 to2 9th December2003, the Privatization Commission of Pakistan announced denationalization of Habib Bank in favor of Aga Khan Fund with 51% share holding against an investment of Rs22.409 billion and on 26th February, 2004, management control was handed over to AKFED. The Board of Directors was reconstituted to have four AKFED nominees including chairman and president /CEO and the government of Pakistan's three nominees. Thanks God, Habib Bank to which I say my bank reached in honest experienced and trust worthy hands. The president of the Bank Mr. Zakir Mehmood enjoys a great reputation in international banking and has been playing wonders in managing and improving HBL. And within a short period of sever years has improved the HBL as No.1 bank in Pakistan. Recently HBL was praised and awarded for its exemplary services and rapid progress as the best bank by an international financial forum. HBL has been doing its best with its experienced and energetic team work, to remain as the leading financial institution of Pakistan and a dynamic international bank in the emerging markets providing the bank's customers with a premium set of innovative products and services, and granting superior values to its share holders, stake holders, customers and above all its employees. HBL's overseas operation in the countries are Afghanistan, Australia, Bahrain, Bangladesh, Belgium, Canada, China, France, Hong Kong, Iran, Kenya, Lebanon, Maldives, Nepal, Netherlands, Nigeria, Oman, Singapore, Sri Lanka, Switzerland, Tanzania, Turkey, UAE, U.K and USA. The Author is Retired Senior Vice President of Habib Bank
5
Sunday, November 14, 2010
EID-UL-ADHA TOWARDS MEAT’S OVERNESS ALI ZHORAIZ JAFFRI
E
id ul-Adha; The Festival of the Sacrifice is one of two major Islamic celebrations and takes place on the Islamic month Dhul-Hijjah, in which millions of Muslims from around the world make an annual pilgrimage to Makkah in order to worship Allah and to commemorate the willingness of the Prophet Abraham (PBUH) to sacrifice his son Ishmael in response to a command from God. Satisfied with Abraham's devotion, God replaced Ishmael with a sheep at the last second, and the sheep was slaughtered instead. While pilgrims in Makkah re-enact this scene by slaughtering sheep of their own, Muslims who can afford it in the rest of the world also participate in this rite by slaughtering sheep, camels and cows. During the celebration of Eid al-Adha, Muslims commemorate and remember Abraham's trials, by themselves slaughtering an animal Allah has given us power over animals and allowed us to eat meat. That is why Muslims slaughter animals by saying the name of Allah at the time of slaughtering. And give charity to the poor and impoverished by making contributions and distributing meat for Allah. These acts certainly spread happiness and good cheer amongst so many individuals and their families, especially during the festival of Eid-ul-Adha where Muslims are in the spirit of celebrations. The meat from the sacrifice of Eid al-Adha is mostly given away to others. One-third is eaten by immediate family and relatives, onethird is given away to friends, and one-third is donated to the poor. "It is not their meat nor their blood that reaches Allah; it is your piety that reaches Him." (Qur'an 22:37) But the problem is that we aren't obeying the rule of Islam in order to distribute the meat of slaughter. We distribute slaughter meat among those, who are our relatives and friends. We do not distributed meat among those who really deserve it. Another going wrong process is that we save the meat of slaughter in our deep freezer and pass our three to four months after Eid with saving meat and without buying Meat from outdoor. We spent our Big time with saving meat and in this big time we eat a lot of meat which we can say meat overness cause several serious diseases. Would it be heretical to suggest that instead of sacrificing animals and overeating meat for several days, pious Muslims should donate money to help poor people undergo some simple eye operations that will save or restore their sight, or do some other good deed that will bring joy to the lives of those who are
deprived of decent living conditions? There is no longer any doubt about the fact that over eating meat is bad for your health. Similarly if meat is a good item for our health, same as its overness is harmful for our health. Let's talk about the Disadvantages of incessantly eating of Meat during Eid days: Eating beef and mutton applies to most human daily lives. However, to what extent the advantages and disadvantages of eating meat influence us? Incessantly meat eating not only affects our health; it also has an effect on the environment, the morals, and the economies. Meat contains a rich variety of nutrients like protein, vitamin B, iron and calories. These are important elements which contribute to a healthy body. Nevertheless, consuming too much meat would give a side effect. This could include heart disease, high blood pressure and obesity. In fast food restaurants and Bar-bque parties at home during Eid days, they tend to include meat in most of their menus and this brings a great danger of obesity. Therefore in the Pakistan, where the Barb-que parties during Eid
Meat in small amounts is not only useful, but is absolutely necessary for growing children. For these, especially at the age of puberty, when the growth is stimulated, large amounts of albumin are necessary, in order to meet the requirements o f the
days are most popular, the popularity of obesity
Eating meat may be taboo for some people. Although meat is not always harmful for our health, but for the sake of health it is better for us not to eat meat too much. Here
ber of minerals, especially rich in iron, zinc and selenium. The body needs iron to form hemoglobin necessary for transporting oxygen from the lungs to other body parts. Vitamin
organism in regard to this substance. Moreover, a whole series of organs among the most important of our bodies, as the glands of internal secretion and the brain,-in fact, all the glandular organs,-consist largely of nucleins; they are the tissues of the body most rich in this substance. The greatest quantity of and the most rapidly assimilated nucleins are at our disposal in animal food, especially in the form of meat rich in nuclein, such as glandular organs,
are some benefits of eating meat for health, according to Buzzle: Protein Meat is a rich source of protein, which is needed by the body in very high quantities. Proteins play an important role for various body functions, including development, tissue repair and formation of antibodies that fight infections.
Vitamins which are most prominent in meat are vitamin A, B complex (B1, B2, B3, B5, B6 and B12) and D. Vitamin A promotes good vision, support the development of bones and teeth and maintaining healthy skin. Vitamin B supports the central nervous system and improving mental health. And vitamin D to increase calcium and
bones and teeth. Fat Fatty acids in meat are linoleic acid and palmiotelik. These fats can prevent the body from cancer and harmful viruses. The body also needs fat for brain development. But, besides the benefits above, eating meat without balancing could be harmful for health. Over eating Meat not only affects our health; it also has an effect on the environment, the morals, and the economies. Just remember that eating meat "regularly is good for our health" because it supplies some of the essential nutrients that our body needs, but if you eat too much of it, of course there are some disadvantages which I will enumerate some of them below. Here are some disfavors of eating a lot of meat: Meat contains no fiber Fiber helps the digestive system in the body. Without fiber, the body is at high risk of certain diseases such as cancer and heart problems. That's why the people, who eat meat without balanced incessantly during Eid with other healthy lifestyle, are at high risk of cancer. High saturated fat Saturated fat, of course is not good for health. This is the main enemy
sweetbreads, liver, and kidneys, for instance.
Mineral Meat contains a num-
phosphorus, which in turn maintain healthy
for the blood vessels and heart. Over eating meat
impairs the heart's ability to do its job. Meat and dairy products are high in cholesterol and saturated fat. As these fatty substances, or "plaques," build up inside the walls of arteries, blood flow to all areas of the body is impeded. This artery damage is called atherosclerosis. The result, many people have cardiovascular disease because of the habit of eating meat. Avoiding over eating meat is one of the best and simplest ways to cut down your fat consumption. Those who still eat beef are, in my view, foolishly exposing themselves to the risk of contracting the horrifying human version of Mad Cow Disease. High in nitrate and salt Processed meats such as bacon, hot dogs, ham and others are very bad for health. Meat can bring long-term negative effects because is contain many nitrates and salt as a preservative. High content of nitrate and salt can cause high blood pressure and trigger cardio vascular diseases like heart disease and stroke. Moreover, Anaemia, appendicitis, arthritis, breast cancer, cancer of the colon, cancer of the prostate, constipation, diabetes, gall stones, gout, high blood pressure, indigestion, obesity, piles, strokes and varicose veins are just some of the well known disorders which are more likely to affect big-meateaters Such worries are quite unnecessary. If you really want to eat meat, keep in mind not to eat meat every day, give your body a break because meat is food that is hard to digest. But meat is still needed for health, especially for children who are in its growth age. Here's the good news: Now that we know the disadvantages of over eating meat during Eidul-Adha, we can prevent them. Studies have shown that using of vegetable with meat. The moral of whole text is that meat has always stayed as a rich source of food in terms of taste, nutrients and also medicinally at times. The advantages of having meat are helpful to younger people in the process of growth and they reach the elder ones as well. The invaluable source of food, the meat has been serving the people from times immemorial. But the overness of every thing cause malady and in diet cause harmful health. Eating meat should also be balanced with healthy foods like vegetables and fruits, and do not forget to exercise regularly. There are heaps of books available about food. Many books which can tell you everything you need to know. I am just painting a picture for you; if you will empathize it, it will be good for you and if you will not so good luck to you.
6
Sunday, November 14, 2010
Updated on 13 November, 2010
SYED ABUL ABBAS NAQVI
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 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 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 Yar 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
NOTE: Always visit your local shop for the exact Mobile Phone prices.
Google search rolls out ‘instant’ site previews
Jupiter, the next generation Broadband Satellite
Mobile Prices
H
ughes Network Systems, one of the largest satellite broadband service providers in the world, will launch the Jupiter satellite, which will offer more than 100 gigabits per second of capacity. This is more than 10 times the capacity the company currently offers on its existing satellite, launched in 2008. Offering average download speeds of 5Mbps. High-end services could go up to as much as 20Mbps, according to Arunas Slekys, vice president of corporate marketing for Hughes. While these speeds are not earth-shatteringly fast compared with cable modem services and fiber services from the phone companies, they are a huge improvement over what satellite is able to offer today. Hughes' top tier of service currently offers 2Mbps downloads with 300Kbps uploads for $120 a month. Compare this with Comcast, which is selling a 12Mbps/2Mbps service for $43 a month, without a bundle service discount. The price is actually cheaper if subscribers also sign up for TV and home phone service. Even though satellite broadband will still not compete head to head with cable in terms of performance, it easily meets the Federal Communication Commission's minimum requirement for a broadband service: download speeds of 4Mbps and uploads of 1Mbps. These speeds also
make it competitive with DSL or 4G wireless services. The new satellite broadband speeds are good news for people who have traditionally had few options when it comes to broadband. Still, even though the speeds have improved, the pricing compared with DSL or even 4G wireless services, must come down for it to truly
700,000 subscribers. Jupiter, the next-generation satellite that will be launched in 2012, will offer 10 times that capacity. Slekeys explained that launching the new Jupiter satellite is roughly a $400 million investment, similar the cost of launching the previous satellite. Today, about 90 per cent of
These are the parts of the country currently served by satellite. And the faster speeds, at any price, will likely feel like a godsend to those already in desperate need of faster broadband. In addition to serving its current customer base, Hughes also received $58.7 million under the American Recovery
compete. Today, Hughes offers broadband service via the Spaceway3 satellite it launched in 2008. This satellite has a capacity of 10 gigabits per second and can potentially serve up to around
the US population has access to either cable modem or DSL broadband service. This means that 10 per cent of the population does not have access to any broadband. While these areas are often sparsely populated rural areas.
and Reinvestment Act of 2009 administered by the Department of Agriculture's Rural Utilities Service. Hughes is expected to use this funding to bring service to more consumers in places where broadband is currently
not available. But rural and underserved consumers aren't the only ones that Hughes plans to address with its new service. The company is also looking to target the enterprise and government markets. But cost, speed, and capacity aren't the only limitations that satellite broadband services, such as those offered by Hughes, face. Latency on satellite broadband is a huge problem, given that the satellite dish providing access to the Internet must communicate with a satellite in a geostationary orbit 22,000 miles above the Earth's equator. This is more of an issue for services such as voice over IP or interactive gaming. While software can help reduce some of the latency, engineers cannot change how quickly signals travel from earth to the satellite and back. Another consideration is that because the dish must communicate with the satellite to receive the broadband signal. And as many satellite TV customers have experienced, weather can also affect reception of satellite broadband service. Outages are likely to occur during heavy rainstorms or other severe weather such as snow storms. The upstart cost of satellite broadband is also pricey. Consumers must buy and install the equipment. Some estimates suggest it cost as much as $1,000 to get satellite broadband up and running.
G
oogle has rolled out a new tool onto its webdominating search engine that lets you preview sites before actually visting them. Using these "Instant Previews," netizens are "about 5% more likely to be satisfied with the results they click," according to Google tests. Such tests were spotted in the wild early last month. "Instant Previews provides a graphic overview of a search result and highlights the most relevant sections, making finding the right page as quick and easy as flipping through a magazine," the company said in a Tuesday morning blog post. To preview a page, you click on a small magnifying glass icon that appears beside search result. This launches an image of the page on the right-handside of Google's results page. Within this preview, relevant text may be highlighted and magnified. If you then hover your cursor over any other search result, you can preview those as well. You can also launch previews via your keyboard, navigating to a particular search result and then hitting the right arrow key. You can then preview additional results as you visit them via the down and up arrow keys. Google says the tool will make it easier and faster to find what you're looking for. But a byproduct of the service is that you spend more time on Google and less time actually visiting other sites.
says Motorola Asus Eee Pad 5G to feature noYahoo job-cut of sues Microsft 8MP camera employees gets release date over patents Y M T iPhone
E
ven the iPhone 4G seems to be premiered early with iPhone OS 4 capabilities however the hardware rumors of 5MP camera and 64GB of storage are still unconfirmed yet as the device become official presumably this June. Then suddenly beside all this 4th generation early rumors, the iPhone 5G is much way ahead and up with rumor of taunting an 8MP camera supplied by Sony. "Apple has picked Sony's 8megapixel camera chip for the 2011 iPhone, according to supply and manufacturing sources, said Rodman Renshaw analyst Ashok Kumar." Currently the iPhone's camera is from OmniVision hint
that the 5MP camera will come from them too. Knowing Sony's phones mounted by their camera modules boast h i g h quality captured images then I must say it's not a b a d choice. Along the way the 2011 maybe time for 4G networks so possibly we can have a n iPhone 5G with 4G support. In the end, it's too early to tell for 2011 iteration of the iPhone, let's just see what Apple has stored for us this summer, mainly the iPhone HD and iPhone OS 4.
ahoo Inc called a media report it was planning to cut one-fifth of its workforce "misleading and inaccurate," but the Web portal stopped short of ruling out any layoffs. Yahoo, which is trying to revive revenue growth amid competition from search giant Google and fast-growing social networking services like Facebook, said in an emailed statement on Thursday it is "always evaluating expenses to align with the company's financial goals." "However, a 20 per cent reduction in Yahoo's workforce across the board is misleading and inaccurate," the statement said. A report on the technology blog TechCrunch on Friday, citing two anonymous sources, said that Yahoo was planning to lay off 20 per cent of its staff. TechCrunch said it is sticking by its story based on its sources. It comes days after widespread market and industry speculation that Google is hiking salaries by 10 per cent to try and prevent its talent from defecting to hot start-ups and rival companies. After Yahoo's statement came out, influential blog AllThingsDigital cited sources as saying that, while Yahoo is indeed preparing layoffs in December, they will amount to something like 10 per cent of the product organization under Chief Product Officer Blake Irving.
he Asus Eee Pad will finally arrive in January next year. Windows-powered 10- and 12-inch tablets from the pioneer of the netbook will just miss Christmas, while Android versions will hit shops in April 2011. The first Eee Pads will run Windows. T h a t means you'll b e
able to use all the features and software -- and Flash video -- that you use on your full-sized computer, but the look and feel won't be as easy on the eyes and the fingers as Android or iOS, which are designed specifically for smaller screens. Asus will have spent the last few months coming up with a finger-friendly interface to drape over the top of Windows, as it did with the touch-sensitive desktop Eee Top. It's been half a year since
Asus unveiled the 12-inch EP121 and 10-inch EP101TC Windows-powered tablet PCs. In the meantime, the Apple iPad has conquered the market and attracted a host of competitors. The Samsung Galaxy Tab is the first serious contender to hit shops, going o n
sale this very week. Just as Apple has revinvented the market for tablets, Asus was at the forefront of the last wave of portable computers when it introduced the Eee PC budget mini-computer back in 2007. Netbooks were so wildly popular we were inundated with them from every manufacturer -with one glaring exception. While the rest of the industry was churning out teeny-tiny budget netbooks on a nearly daily basis, Apple was quietly scheming an alternative take on the portable computer.
otorola Inc intensified a legal battle over intellectual property with Microsoft Corp on Wednesday, accusing the software company of infringing 16 of its patents. The unit, Motorola Mobility, said the infringements relate to a wide range of functions in Microsoft's PC and server software, Windows mobile software and its Xbox game console. The move comes just a day after Microsoft accused the phone maker of charging excessive royalties on network technology used in the software company's Xbox. Last month, Microsoft accused former ally Motorola of infringing nine of its patents in Androidbased smartphones, which run on software built by Google Inc. "It is unfortunate that Microsoft has chosen the litigation path rather than entering into comprehensive licensing negotiations," Kirk Daily, Motorola's corporate vice president of intellectual property, said in a statement on Wednesday. Microsoft did not immediately have a comment on the suits.
Latest Gadgets AirCurve Play from Griffin Technology AirCurve is a device designed to increase the volume of the iPhone 4, but without any electronics that are found within most iPod/iPhone speaker docksIn addition to having a place for an amplified iDevice, it serves as a stand. This is good for watching movies, listening to music, and making video calls using FaceTime.
Intel Reader Point, Shoot and Listen There are many reasons kids and adults alike, have difficulty reading. One may be dyslexic, or have poor vision or other reading related issues. The Intel Reader has found a way to transform the printed word so now everyone can "read."
Snakescope Camera USB
GeForce GTX 580 inside
The USB Snakescope Camera has created to allow you to see in hard accessible places. The Snakescope is capable of producing images in VGA quality (640×480). This quality gizmo is ideal for exploring the recesses of your sofa and examining car engines, cavity walls, mouse holes, loft spaces and more.
Digital Storm has wrought this time around would be to introduce their Black|OPS gaming system range that will be equipped with NVIDIA's GeForce GTX 580 running - nay, purring within. With all the additional power underneath the hood, gamers will now be able to leverage the unparalleled performance of the world's fastest DirectX
Xi3 Corporation Xi3 Modular Computer Xi3 Corporation plays on this concept with the Xi3 Modular Computer which intends for you to use the same computer for many years to come, hence helping your household save money in the long run without having to splash too much dough in the process.
7 Takeda Pharma says no interest Drug industry doses in generic drug market up on emerging mkts
Sunday, November 14, 2010
SEOUL: Takeda Pharmaceutical Co President Yasuchika Hasegawa attends the G20 CEO Summit in Seoul. -Reuters
Otsuka to raise $2.8bn in record pharma IPO TOKYO: Japanese drugmaker Otsuka Holdings plans to sell about $2.8 billion worth of shares in December, marking the world's largest initial public offering in the pharmaceuticals sector. Japan's IPO market has been in the doldrums with the exception of Dai-ichi Life Insurance Co's $11 billion listing in April, which was the biggest IPO in Japan this year. Otsuka Holdings, a two-yearold umbrella company for 145 subsidiaries and affiliates with 39,000 employees, is listing on the Tokyo Stock Exchange to fund rising costs for developing drugs and expanding its operations globally. "The timing of the IPO is not necessarily good considering generally weak market condi-
No #1
tion in Japan," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments. "Obviously more supplies would be negative to the market, but we don't have to be overly pessimistic considering that the IPO of Otsuka has been talked about many times in the past so we aren't surprised." Otsuka will sell 80 million shares at 2,400 yen each, including 41.3 million treasury shares, while shareholders will sell 10 million shares. Otsuka will also sell as many as 4.5 million shares in a possible green shoe option. Otsuka's IPO would top Merck KGaA's $1.7 billion offering in 1995 as the world's biggest pharmaceuticals IPO, according to Thomson Reuters data. The shares will be start
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The proposal, he said, also took into account the concept of equitable geographic distribution, as envisaged in article 23 of the Charter. That concept would make little sense if a seat allocated to a region were to be occupied permanently by one country, which was why he respected Africa's position. "Africa's just demand for permanent presence in the council is for the entire region and is, therefore, different from those who seek a seat for themselves," Ambassador Sial said in an obvious reference to the aspirants of permanent membership- India, Brazil, Germany and Japan. "Similarly, we support the position of the Organization of the Islamic Conference (OIC), demanding adequate representation of Muslim Ummah in the Security Council," he said. Commenting on Security Council's report on its meetings, correspondence and decisions, the Pakistan envoy said that it could be reinforced by analytical explanation of its work and decisionmaking. In reviewing the council's work, he focused first on its effectiveness, acknowledging its role in addressing violent conflicts, laying down peacekeeping mandates and ensuring their back up with logistic support, and noting that such work had been facilitated by troop-contributing countries. However, Sial urged the council to recalibrate its efforts to prevent conflict and take more recourse to settle disputes peacefully under Chapter VI of the Charter, especially important in cases of inter-State conflict. Unresolved issues, including that of Jammu and Kashmir, had been on the agenda for some time and awaited settlement. Assessing the Council's transparency, the Pakistan envoy said the report provided little information or analysis. It was a widely held view that decisions evolved mainly behind closed doors, "if not behind the scenes by a few major players," he said. At the outset of his speech, Sial pointed out that the report on the council's work -- prepared by British Ambassador Mark Lyall Grant in his capacity as the council's president for the current month -- did not mention the Jammu and Kashmir dispute in the context of unresolved long-running situations. "We understand this was an inadvertent omission, as Jammu and Kashmir is one of the oldest disputes on agenda of the Security Council," he said. -NNI
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International development and senior officials of the IMF are expected in the forum", he remarked. He said that to make the forum more representative the Chief Ministers of the provinces and civil society organizations including Non Governmental Organizations (NGOs) would also participate and share the development strategies in their respective provinces. Shaikh further said that the main focus of the PDF is on the reforms agenda of Government in social, economic and government sectors, both in the short and medium term. The PDF, he said is sometimes misunderstood as a pledging forum for donors. However, he said it is actually an opportunity for the Government to chart out its future economic & social strategy and have a dialogue with the donors. The donors, as a result of this dialogue, often re-align their strategies to plan and deliver future economic assistance to Pakistan. The Minister said that the Forum would also give an opportunity to our leading private sector entrepreneurs to interact with the donor community. This form will also provide a platform to the local entities, INGOs/NGOs to participate in the dialogue and share their experiences and perspective on current development issues. Delegates from 30 countries and 5 organizations are expected to attend PDF 2010. 264 donor representatives from overseas or their local missions have confirmed participation, he added. "The Special US Representative for Afghanistan and Pakistan Richard Holbrooke would attend the Forum meeting being hosted by Pakistan," State Department spokesman P J Crowley told reporters Saturday. Holbrooke, who is in Germany, participated in the international forum on international security architecture and over
trading on December 15 after setting the offer price on December 6. The IPO would also be the second largest in Japan this year after Dai-ichi Life, the nation's second largest life insurer Performance of this year's big IPO shares have been discouraging. Shares in Dai-ichi Life ended at 115,000 yen on Friday, 18 per cent below its offer price. Paltec Corp , a wholesaler of cosmetics and detergents, which would rank as the No.3 IPO this year after Otsuka, closed at 1,346 yen, 39 per cent below its the offer price. Japan's IPO volume reached 770 billion yen so far this year thanks to Dai-ichi's giant deal, compared with 28 billion yen a year ago, according to Thomson Reuters.
TOKYO: Japan's Takeda Pharmaceutical Co Ltd is not eager to expand into the generic drug market, the company's president said on the sidelines of the G20 business summit in Seoul. "(We are) always screening acquisition targets, but we are not interested in becoming a global generic manufacturer." Yasuchika Hasegawa said on the sidelines of the G20 business summit conference. Takeda has no plans to enter the Japanese generic market on a fullyfledged basis. In contrast, global giants such as Pfizer Inc and Sanofi-Aventis SA as well as the world's No.1 generic drugmaker Teva Pharmaceuticals Industries Ltd of Israel and Japan's No.3 drugmaker Daiichi Sankyo Co Ltd recently entered or have announced plans to enter the market. Yasuchika added that Japan's No.1 drugmaker had decided internally to establish a small company in India to explore opportunities but was not considering any acquisitions, citing a tough market situation and low prices. In late October, Takeda Pharmaceutical reported a 12 per cent decline in firsthalf profit as a key drug lost patent protection, but it lifted its full-year earnings outlook as a stronger yen helped cut overseas costs. First-half performance contrasted with that of rival Daiichi Sankyo, which posted a big jump in earnings and raised its outlook on a strong turnaround at Indian generic drug subsidiary Ranbaxy Laboratories Ltd and on cost reductions. -Reuters
NEW YORK: Big Pharma's drive into emerging markets could make drugmakers look a lot more like consumer goods companies in future. That may be no bad thing. Emerging markets are the new battleground for pharmaceutical companies as sales stall in Western markets, but the focus on volume makes them a very different business proposition to premium-priced markets in the United States and Europe. Kris Jenner, who runs the T. Rowe Price Health Sciences Fund, believes it gives drugmakers the opportunity to build steady, long-term revenue streams more normally associated with fast-moving consumer goods companies. After the massive de-rating of the drugs sector in recent years, that is nothing to sniff at. "The value that the market places on the earnings stream of Procter & Gamble is substantially greater than that it places on Merck or Pfizer," Jenner said at the Reuters Health Summit in New York this week. Pfizer Inc and Merck & Co are both trading below 10 times 2011 earnings, at a discount to P&G at more than 16 times. Tapping into the healthcare needs of billions of new consumers in places like China, India, Brazil, Russia and the Middle East is challenging, however. NOT EASY "Making money in these markets is not easy," said Murray Aitken, senior vice president at pharmaceutical
market information company IMS Health. "They're mostly dominated by domestic companies that are well-established, well-entrenched and well-connected." One way to get a firmer foothold is to go out and buy the local incumbents -hence the recent rash of deals by Western drug firms to acquire established businesses. In one of the largest such deals, Abbott Laboratories Inc paid a hefty $3.7 billion in May for the branded generic drugs operations of India's Piramal Healthcare , after beating competition from Western rivals to the asset. Some companies, including GlaxoSmithKline Plc , reckon the rush into emerging markets has driven up asset prices too far and too fast in some places, particularly China and India. As a result, Glaxo is now more likely to make acquisitions outside the so-called BRIC nations of Brazil, Russia, India and China, Chief Strategy Officer David Redfern said. SPREADING THE RISK IMS forecasts that 17 key emerging markets will account for around 50 per cent of global growth in pharmaceutical sales worldwide over the next five years, making them an irresistible target for Western manufacturers. Next year alone, these markets are expected to grow by between 15 and 17 per cent to $170 billion to $180 billion. "We're getting 15 per cent growth out of emerging markets, while the US is exgrowth, and we're moving
resources around to make sure we can take advantage of that," AstraZeneca Plc Chief Executive David Brennan told the Summit. China, the biggest prize, is set to overtake Japan as the world's second-biggest pharmaceuticals market after the United States in 2015, IMS market guru Aitken told the meeting. But he warned drugmakers should not bank on just one country for success. Recent policy shifts in both Russia and Turkey, which hit prices and access to medicines, underscored the potential dangers of overexposure to a single market, he said. "Companies that are focused on one or two or three or four emerging markets are going to be hit by volatility," Aitken said. "We would suggest a portfolio of markets." So far, European drugmakers like Bayer AG, the inventor of Aspirin, Sanofi-Aventis SA , Glaxo and AstraZeneca have done best in emerging markets, largely reflecting their long histories in these countries. But US players, such as Pfizer and Abbott, are catching up fast. Glaxo's Redfern and Novo Nordisk Chief Executive Lars Sorensen both said success in emerging markets hinged on addressing as many income levels as possible. For Novo, that means a wide range of products and price points for different types of insulin. Glaxo, meanwhile, offers everything from modern cancer drugs to single tablets of Panadol in its top developing world market of India. -Reuters
the weekend will be moving to Islamabad for the Pakistan Development Forum. This will be follow-on to the recent Friends of Democratic Pakistan meeting in Brussels, two UN-hosted meetings and the US-Pakistan strategic dialogue here in Washington, Crowley said. "It will be an opportunity for Pakistan to present its economic reform and stabilization plans to the international community. There will be a focus on things like energy reform, tax reform and fiscal consolidation," he said. During the Forum meeting US is expected to make announcement for more American aid to Pakistan. This is the first high-level visit of a top US official to Pakistan after President Barack Obama's recent India visit. Agencies
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way for the region's emergence and dynamic economies. His speech was partly a summing up of his eight-day stay in Asia, which he billed as a mission to pry open export markets and create American jobs. He argued, despite a sheaf of negative headlines about his diminished political clout following a "shellacking" by Republicans in mid-term elections, that his trip had successfully reinvigorated US engagement in a vital region. "Yokohama is my last stop on a journey that has taken me from Mumbai and New Delhi to Jakarta and Seoul," Obama said. "The security and prosperity of the American people is inextricably linked to the security and prosperity of Asia. That is why this was not my first trip here, and why it will not be my last. "America is leading again in Asia." Obama also played a moral card, as he argued for America's continued relevance in a region which is seeing the rise of great powers like China and India and a parallel expansion of influence for Southeast Asian economies. "In the last century, the United States of America contributed greatly to the security and prosperity of this region. "The strength of our alliances and the bravery of our men and women in uniform helped keep the peace and the openness of our markets helped fuel the rise of the Asian Miracle."
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On Pak-Afghan Transit Trade Agreement, he said that it would not cause any harm to economy but it would be beneficial for the business community. Speaking on the occasion, the LCCI President Shahzad Ali Malik called for immediate and sector-specific measures for the economic revival of the country. -Agencies
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controversial which is hearing the cases of fake degrees of parliamentarians. On the other hand according to sources, Federal minister has already given application to Chief Election Commissioner to avoid one sided action. He requested the CEC to provide him the chance to defend his degree. Federal minister said in application that he could not appear in front of committee due to recent flood. -Online
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However, various aspects owing to their economic impact need to be prioritized in initiating and exercising our discretionary powers. In this regard, we have determined certain focal areas such as restricting collusive bidding in public procurement contracts, investigating concession agreements expanding the Office of Fair Trading (OFT) to curb deceptive marketing practices, working on how to restrict associations to their mandate and improving the legal framework on which the Commission is based to more effectively implement this new roadmap. -Agencies
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superior judiciary was held in Islamabad last week. Chairing the meeting, Justice Iftikhar had said the old system for the selection of judges has been replaced. The nomination will be sent to Prime Minister Yousuf Raza Gilani, who will forward it to President Asif Ali Zardari for formal approval. -Agencies
GENEVA: Nestle CEO Paul Bulcke delivers a speech during a press conference at the Swiss Federal Institute of Technology (EPFL).-Reuters
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Interior Minister said that he is sure it was Lashkar-e-Jhangvi that was involved in CID building attack and Tehreek e Taliban (TTP) is taking the responsibility of blasts to deviate attention from LeJ. He said that there is no need of army operation in Karachi and police working is well. -Online
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He invited the investors from China, particularly from Guangdong province to become Pakistan's partner in reconstruction and development of Pakistan. Chinese investment in Pakistan is vital to our economic development, he said. The President said that there existed a great potential between Pakistan and China to further expand their bilateral trade and Pakistan was keen to welcome greater Chinese investment in the country. He said that Pakistan and China have established a Joint Investment Company (JIC) with the help of China Development Bank to assist joint ventures and signed the Free Trade Agreement on goods and services, which were helping integration of Pakistani and Chinese economies. The President said that the Government has put in place policies directed towards rapid economic growth, employment generation, poverty alleviation and encouragement of the private sector. He said that by energizing the private sector the Government wanted to step up agricultural and rural growth, ensure water security and invest in the energy infrastructure. The President said that attractive opportunities exist in a number of sectors of economy including energy, oil exploration, cement and housing for investors from China reiterating that the Government was committed to provide an investment friendly environment. Mentioning the relaxed share-holding restrictions in the sectors of construction, telecom, finance, healthcare, environmental protection, tourism, transportation research, and development, the President assured that from an investor's perspective, Pakistan remains an attractive destination. -Agencies
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Sunday, November 14, 2010
Kyi won polls two decades ago but not allowed to take power
Suu Kyi walks free Leader put under house arrest by Myanmar junta for two decades YANGON: Myanmar's democracy leader Aung San Suu Kyi was released from house arrest Saturday, an official said, as crowds of excited supporters waited outside her home for a glimpse of their idol. The crowd cheered and began to surge forward as police began removing barricades around her crumbling mansion where she has been locked up by the military junta for most of the past two decades. The authorities went inside to read the order to release her from house arrest, a government official said. "She is released now," said the official, who did not want to be named. More than 1,000 people were gathered outside in hope of seeing the 65-year-old dissident, known to her supporters simply as "The Lady". Although she has been sidelined and silenced by the junta - occasionally released briefly only to be put
Fake degree
No ECP notice received, says Zehri ISLAMABAD: Federal Minister for Postal Services Israrullah Zehri has said that he did not receive three notices regarding the fake degree case hearing by Election Commission of Pakistan (ECP). He said that ECP could not take one sided action against him and if ECP will take such kind of action against him, then he will go to apex court. Talking to Online exclusively Zehri said he has not received any summon notice by ECP. Federal Minster said if he received any notice then he would have gone to ECP and defend his degree, however now he would defend his degree in Supreme Court. He further said that the special committee of ECP is See # 5 Page 7
back in confinement - for many in the impoverished nation she still embodies hope of a better future. "I think of her as my mother and also my sister and grandmother because she's the daughter of our independence leader General Aung San," said 45-year-old Naing Win. "She has her father's blood." Despite the risks of opposing the military regime in a country with more than 2,200 political prisoners, many supporters wore T-shirts bearing her image and the words: "We stand with Aung San Suu Kyi." Undercover police were photographing and filming the crowds. Myanmar's most famous dissident has been under house arrest since 2003 - just one of several stretches of detention at the hands of the ruling generals. Her sentence was extended last year over a bizarre incident in which an American swam uninvited to her lakeside home, sparking international condemnation and keeping her off the scene for the first election in 20 years. The democracy icon swept her party to victory in elections two decades ago, but it was never allowed to take power. When last released in 2002 she
YANGOON: Myanmar's pro-democracy leader Aung San Suu Kyi, left, smiles after she received flowers from her supporters as she stands at the gate of her home Saturday. -Reuters
drew huge crowds wherever she went - a reminder, that years of detention had not dimmed her immense popularity. Some fear that junta chief Than Shwe will continue to put restrictions on the freedom of his number one enemy. But her lawyer Nyan Win has suggested she would refuse to accept any conditions
on her release, as in the past when she tried in vain to leave Yangon in defiance of the regime's orders. She has not seen her two sons for about a decade and has never met her grandchildren. Partial election results show that the military and its political proxies have secured a majority in parliament. Agencies
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Pakistan goes up against new permanent seats in UNSC UNITED NATIONS: Pakistan while strongly opposing new permanent seats on the UN Security Council (UNSC), called for "flexibility and compromise" on part of countries pushing competing proposals for enlarging the 15-member body so as to move the stalled reform process forward. Speaking in the General Assembly's annual debate on achieving equitable representation in the 15-member council, Pakistan's acting ambassador Amjad Hussain Sial said his country was committed to reform that would make it more representative, transparent and effective. Pakistan is always supporting an expansion of non-permanent members of UNSC. The deadlock was evident during the assembly debate, which wrapped up Friday: Supporters of three rival proposals to reform the council showed no signs of budging. The two-day debate took place in the wake of the United States support for India's bid for a permanent seat on UN's high table. Five permanent members hold veto power - China, France, Russia, United Kingdom and United States and 10 non-permanent members, with no veto, are elected for two-year terms. Most countries have argued
that this structure does not represent the realities of today's world. Key issues under discussion are the category of membership, the question of veto, regional representation, the size of an enlarged Council, and the Council's working methods and its relationship with the General Assembly. In his speech, Ambassador Sial stated Pakistan's position as set out by Prime Minister Yousaf Raza Gilani that an effective, feasible reform could only be achieved through consensus decisions that were endorsed by the wider UN membership. Pakistan remained constructively engaged in ongoing negotiations, and its position was structured around four pillars: that reform should be comprehensive; based on principle of sovereign equality; should enhance the Council's accountability to the general membership, and result in a more united, strengthened UN. The Pakistan envoy said the "Uniting for Consensus" Group, which is led by Italy and Pakistan, had shown flexibility by moving from its 2005 position. Its proposals allowed for variable arrangements and different options, providing relevance to representation for regions, as well as for small States. See # 1 Page 7
Efforts on to win FTA with US: Fahim LAHORE: Federal Minister for Commerce Makhdoom Amin Fahim has said that hectic talks were on to win Free Trade Agreements with the United States, other countries and government was quite hopeful of a positive outcome in near future. The Federal Minister was speaking at Lahore Chamber of Commerce and Industry on Saturday. LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad, Vice President Sohail Azhar, former Presidents Shahzada Alam Monnoo, Mohsin Raza Bukhari, Sheikh Mohammad Asif, Mian Misbah-ur Rehman and Mian Muzaffar Ali also spoke on the occasion. The Federal Minister said that the Free Trade Agreements have attained a special status due to ongoing economic situation world over. Therefore, the government is utilizing both the business and diplomatic channels to finalize trade agreements with developed countries. Talking about EU trade concessions, the Federal Minister said that the European Union did not consult the government while finalising the list of items
granted free Market access. He, however, made it clear that the stake-holders' participation would be ensured in all traderelated international agreements. On Trade Policy, the Federal Minister urged the Lahore Chamber of Commerce and Industry to forward its proposals/suggestions to the government so that the same could be incorporated in the upcoming Trade Policy. He said that a number of hurdles in the way of economic growth had already been identified and would be removed with the consultation of business community. The Federal Minister said that the government would consider allowing cotton seed import from India to give much-needed boost to Agriculture yield as the Agriculture sector is a major victim of recent devastating floods. Makhdoom Amin Fahim said that the Agriculture yield in Pakistan was the lowest in the region and the government was quite conscious on this issue and was ready to take all possible measure to increase yield. He said that education of the farming community and transfer of technology was the other areas which were being pursued head-on. See # 4 Page 7
Obama mounts strong defence of policy
US pushed too fast at G20: IMF YOKOHAMA: President Barack Obama defended his economic recovery policies Saturday after top powers rebuffed US plans for binding trade targets and curbs on currency manipulation at the G20 summit. Top administration officials pushed back against the notion that the G20 meeting, which ended in Seoul Friday, had turned into a global display of opposition to US policy, saying important core principles had been agreed. Ahead of a Pacific Rim summit in Japan, Obama said he had never been more confident in what the United States had to offer, despite criticism that its slow rebound is a sign of waning US might as regional giants rise. "Yes, the challenges that remain are great. There will be setbacks and disagreements and we won't solve every issue in one meeting or one trip or even in one term," Obama said at a business conference in Yokohama, Japan. He was speaking a day after G20 nations agreed to avoid currency manipulation and protectionism, but
failed to fulfill US hopes for binding restrictions on issues at the core of deep global economic disputes. "The United States tried to push an idea too fast, at a time when the foundation for cooperation is not as strong as it was during the crisis" that shook the world economy in 200809, IMF chief Dominique StraussKahn told AFP. Obama's top aides however, insisted that important progress had been made in Seoul, and argued that the issues in play were so complex and fundamental to each nation's economy, that it was not surprising they were so contentious. "What is remarkable about the outcome - the extraordinary thing is the degree of consensus that has been established that was on display in Seoul, where you had an agreement on the balanced growth framework," said National Security Advisor Tom Donilon. "It has been a very important organisation and I think quite successful,"he said pointing out that the grouping was established by the United States and was often driven by a US agenda.
The president argued in his speech that G20 developed and developing nations had shown an underlying determination to keep focused on global economic expansion despite disagreements on other issues. "As the largest economy in the world, an engine for global growth, that's particularly important for the United States," Obama said in a speech ahead of the 21-member Asia Pacific Economic Cooperation (APEC) talks. "That is why we passed an economic plan that has led to five consecutive quarters of economic growth and 10 consecutive months of private sector job growth. "That's why we passed and are implementing the toughest set of financial reforms since the Great Depression - something our G20 partners need to do with the same sense of urgency. "And that's why we're cutting back on non-essentials in the face of serious fiscal challenges." Obama maintained that American human and financial resources had paved the See # 3 Page 7
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