International Karachi, Sunday, January 16, 2011, Safar-ul-Muzaffar 11, Price Rs12 Pages 8
Efforts on to helpout affectees: Sharmila
Nargis Sethi named as Secy Cabinet Division FBR says no bail out for industrial sector
See on Page 8
Judicial probe into LPG sector sought
See on Page 8
See on Page 8 Economic Indicators Forex Reserves (8-Jan-11) Inflation CPI% (Jul 10-Dec 10) Exports (Jul 10-Dec 10) Imports (Jul 10-Dec 10) Trade Balance (Jul 10-Dec 10) Current A/C (Jul 10- Nov 10) Remittances (Jul 10 - Dec 10) Foreign Invest (Jul 10-Dec 10) Revenue (Jul 10 Dec 10) Foreign Debt (Sep 10) Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Nov 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.09bn 14.61% $10.98bn $19.13bn $(8.15)bn $(504)mn $5.29bn $1.05bn Rs 638bn $58.41bn Rs 5348.6bn $287.9mn -4.69% 4.10% $1,051 174.88mn
Portfolio Investment SCRA(U.S $ in million)
208.49 13.10 16.38 3057
Yearly(Jul, 2010 up to 14-Jan-2011) Monthly(Dec, 2010 up to-14-Jan-2011) Daily (14-Jan-2011) Total Portfolio Invest (7 Jan-2010)
NCCPL (U.S $ in million)
FIPI (14-Jan-2011) Local Companies (14-Jan-2011) Banks / DFI (14-Jan-2011) Mutual Funds (14-Jan-2011) NBFC (14-Jan-2011) Local Investors (14-Jan-2011) Other Organization (14-Jan-2011)
6.69 10.24 -5.45 1.48 -4.44 -7.00 -1.52
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$.Price PKR/Shares 2.60 111.20 26.00 222.40 2.00 42.77 1.70 36.35 11.69 40.00
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12-Jan-2011 12-Jan-2011 12-Jan-2011 29-Nov-2010 15-Jan-2011 15-Jan-2011 15-Jan-2011 15-Jan-2011 15-Jan-2011 15-Jan-2011 15-Jan-2011 15-Jan-2011 15-Jan-2011 15-Jan-2011 15-Jan-2011
13.37% 13.50% 13.73% 14.00% 13.31% 13.59% 13.76% 14.09% 14.20% 14.23% 14.25% 14.27% 14.60% 14.79% 14.96%
Commodities Crude Oil (brent)$/bbl 98.38 Crude Oil (WTI)$/bbl 91.54 Cotton $/lb 141.44 Gold $/ozs 1,360.50 Silver $/ozs 28.32 Malaysian Palm $ 1,205 GOLD (NCEL) PKR 38,103 KHI Cotton 40Kg PKR 10,610
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 84.30 Canadian $ 86.00 Danish Krone 14.10 Euro 113.30 Hong Kong $ 10.90 Japanese Yen 1.042 Saudi Riyal 22.80 Singapore $ 65.60 Swedish Korona 12.50 Swiss Franc 86.90 U.A.E Dirham 23.37 UK Pound 134.00 US $ 85.95
Sell (Rs)
85.30 87.00 14.80 115.00 11.00 1.017 23.00 65.70 12.60 87.50 23.55 136.00 86.25
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
84.49 86.28 15.35 114.24 10.98 1.030 22.77 66.31 12.83 88.54 23.25 135.46 85.54
84.68 86.48 15.38 114.50 11.01 1.032 22.83 66.47 12.86 88.75 23.31 135.77 85.73
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PM addresses National Management Ceremony
Economy back on track:Gilani Says GDP rate reaches from 1.2pc to 4.1 in 2010 LAHORE: Prime Minister Syed Yousuf Raza Gilani said here on Saturday that economy of the country was improving on account of sagacious policies adopted by the government and the GDP rate had risen from 1.2 per cent to 4.1 per cent in 2010. He said this while addressing the certificate distribution ceremony of the participants of the 8th Senior Management Course and the 93rd National Management Course at National School of Public Policy. He said the government restored the judiciary includ-
10 point agenda
'N'-Govt to talk on Tues ISLAMABAD: The Joint meeting of PML-N and Government Committees on the implementation of Nawaz Sharif ten point agenda will be here on Tuesday. Sources told this Agency that PML-N will put its demand to the government side on the presentation of National Accountability Bill in the next session of the National Assembly. PML-N will also give a complete action plan to implement its entire agenda within 45 days. PML-N Committee headed by Senator Ishaq Dar comprises of Sardar Mehtab Khan Abbasi, Senator Pervez Rashid and Abdul Qadir Baloch, while the government side will be represented by Minister of Law Dr. Babar Awan, Senator Mian Raza Rabbani, Minister for Finance Dr. Hafeez Sheikh, Minister for Petroleum Syed Naveed Qamar and See # 6 Page 7
Shahzain judicial remand extended QUETTA: Session Court has extended 12 days Judicial Remand of Shah Zain Bugti and his 26 guards. As per details, Security forces arrested the Shahzain Bugti along with 26 guards on charges of possessing illegal weapons. Session Court extended 12 days remand and reserved the decision regarding bail of Bugti. -Online
ing the Chief Justice of Pakistan to pre-November 3 position through executive order, which proved that the PPP-led government respects the judiciary. He said that it was first time in the history of Pakistan that President Asif Ali Zardari delegated his powers to the parliament. Syed Yusuf Raza Gilani said that the Constitution was made more democratic through 18th amendment and the procedure of the appointment of the judges was improved by introducing 19th amendment in the constitution which, was another
achievement of the govern ment. He referred to achievements of the Government and said it had initiated "Aghaz Haqooq-e-Balochistan programme, Benazir Income Support Programme, gave self-governance and empowerment to the people of Giligit-Baltistan. The gas pipeline agreement among three countries was another achievement of the government, he added. He appreciated the NSPP administration for contributing to the progress of the country by producing trained managers, and stressed the need for introducing course for the parliamentarians. See # 11 Page 7
ADB to fast-track
Bhasha Project Assures tech, fiscal help for Project
ISLAMABAD: The Asian Development Bank (ADB) has assured to provide financial and technical support for the Diamer Bhasha Dam project and finalising the modalities on fast-track. The assurance was given by Acting Country Head of ADB Donneth A Walton, during a meeting held here under the chairmanship of Minister for Water and Power, Raja Pervez Ashraf on Saturday to review the progress and other related matters of the project. The ADB delegation informed the meeting that the bank was already in the process of due
diligence of the very important hydel power generation project and all its aspects had been included for assistance. The minister highlighted importance of the project in the national development and said it would be a multipurpose project which would play a vital role in flood mitigation and open a new era of economic development and prosperity in Pakistan. Pervez Ashraf said that the dam would generate a cheaper electricity of 4500 MW with live storage capacity of 6.4 million acres feet water to irrigate See # 5 Page 7
SBP issues circular
Pak banks to open remittance units ISLAMABAD: The State Bank of Pakistan (SBP) has allowed all the banks to open dedicated Home Remittance Payment Centres (HRPC) with immediate effect. The decision has been taken by the SBP keeping in view the rising trend in the home remittances and their importance for the economy. According to a circular issued Saturday, for the purpose of opening of dedicated Home Remittance Payment Centres, the State Bank has decided to enhance the scope of Permanent Booths as given in Para-22 (Chapter-2) of the Branch Licensing Policy (BLP)
which was revised in terms of BPRD Circular No.15 of 12th October, 2007. In this regard, the sub para (iv) as "Payment to Home Remittance beneficiaries via cash, demand draft and pay orders. In addition, such Home Remittance Payment Centers (permanent booths) would also be allowed to perform the functions of Sales & Service Centers as mentioned in Para19 of the BLP" has been added to para-22 (Chapter 2) of BLP with immediate effect. All other instructions on the Branch Licensing Policy shall remain unchanged, the Circular added.-NNI
LAHORE: Prime Minister Syed Yousuf Raza Gilani standing in the respect of National Anthem during the certificate distribution ceremony of 8th Senior Management Course.-APP
Foreign Secy leaves for Kabul today ISLAMABAD: On the invitation of government of Afghanistan, Foreign Secretary Salman Bashir will pay twoday visit to Kabul today (Sunday). According to Foreign Office Spokesman, the Foreign Secretary's visit is continuation of the process of close engagement between Pakistan and Afghanistan on matters of shared interest and concern. Pakistan and Afghanistan enjoy close, fraternal relations which have received a new impetus by the visit of Prime Minister Syed Yousuf Raza Gilani to Kabul last month. The leadership of two countries has decided to intensify policy consultations and take further steps to strengthen bilateral relations in a comprehensive manner.-NNI
India pressed to fulfill its promises ISLAMABAD: Foreign Office Spokesman has asked India to demonstrate seriousness in implementing its announcements regarding reduction of its troops in Indian occupied Jammu and Kashmir as a confidence building measure. India had repeatedly announced reduction in its troops strength there, but as for as our information are concerned, such announcements were never implemented, Basit Ali told BBC. He said India should try to resolve Indian occupied Jammu and Kashmir issue seriously, because such steps, which confine to only announcements, have no effects unless India accepts IoJ&K as dispute, which will have to be resolved in composite dialogue whenever it gets resumed. "We do not think that such kinds of announcements or steps will make some differences," he added. See # 4 Page 7
Qureshi telephones Krishna
India urged to export cotton to Pakistan LAHORE: Foreign Minister Shah Mehmood Qureshi discussed Pak-India talks, cotton export to Pakistan and other issues, with his Indian counterpart SM Krishna during telephonic conversation here on Saturday. According to media reports, Foreign Minister Shah Mehmood Qureshi made a telephone call to Indian External Affairs Minister SM Krishna and discussed issues like PakIndia talks, cotton export and other affairs of mutual interest. Qureshi said to SM Krishna that India should give permission of exporting 100 million bales of cotton to Pakistan. The people associated to Pakistan Textile industry has given order to India for ten lac bales of cotton as Pakistan is
confronted with shortage of cotton, but Indian government has not yet given the permission. He said that Pakistan has given permission of export of onion to India and now India should give permission of cotton export to Pakistan. Sources further told that after the telephonic conversation it is expected that India would give permission of cotton export to Pakistan. Meanwhile, Minister for Textile Industry Rana Farooq Saeed and Chairman Aptma Gohar Ejaz called on the Foreign Minister and apprised him of the matter and hardships facing the textile industry on account of delay in the shipment of one million cotton bales subsequent to intervention in cotton See # 2 Page 7
TDAP upbeat on rise in exports despite odds
Exports seen at over $20 billion ISLAMABAD: Chief Executive Officer (CEO)/ Chairman of Trade Development Authority of Pakistan (TDAP), Tariq Puri said Saturday that despite challenges, exports were showing upward trend and would cross $20 billion by the end of current financial year (2010-11). "We are facing challenges of power shortage but the exports are showing increase and will cross $20 billion by the end of current financial year" Tariq Puri told a press conference here on Saturday. The TDAP said that his organization in collaboration with the Ministry of Commerce would
explore maximum export potential of the country with main focus on Chinese markets. He added that the year 2011 had been declared a year of exports and different international markets, including China, European Union (EU) etc would be explored for Pakistani products. He said that the TDAP would develop a comprehensive plan with the involvement of ministries concerned and organizations, both in private and public sectors, for boosting the exports. In this regard, a highest level committee would be constituted. See # 3 Page 7
Former Town Nazim killed, ANP submits motion, Sharif urges debate in House
Khi remains tense, death toll passes 30 Staff Reporter/ Agencies KARACHI: In the latest incident of firing, unknown people killed a former town Naib Nazim with firing in Orangi Town, after that the death toll of the latest wave of violence in Karachi rose to 31 on Saturday, media reported. As per details, unidentified people opened indiscriminate firing on MQM worker Syed Badshah, who was ex Naib Nazim of Site Town. He was immediately shifted to Abbasi Shaheed Hospital however he
expired on the way. Police sources told that on Saturday afternoon as soon as he came out of his Hujra in Fakir Colony armed men fired gun shots at him from a car and fled. Soon after the incident the law enforcing agencies cordoned off the area and arrested 2 criminals from the area on the charges of murdering Syed Badshah. However police and rangers have refused to confirm the arrest. Most of the victims were Muttahida Qaumi Movement and Awami National Party (ANP) workers.
Both parties came out strong against the killings. The ANP submitted an adjournment motion against the violence in the Senate saying these killings are destabilising the city. The MQM also denounced the violence, saying a stable Karachi is in the best interest of the country and that killings are undermining the peace. The MQM came out strong after one of its former union councilors was shot dead in Orangi Town earlier today (Saturday). The Jamiat-e-Ulema-Fazl
(JUI-F) also filed an adjournment motion in the National Assembly. Sindh Home Minister Zulfiqar Mirza said investigation teams should be set up to check the violence, adding that snap checking and operations should also take place. The Sindh chief minister said target killings take place in all countries of the world. Meanwhile, Interior Minister Rehman Malik met JUI-F Chief Maulana Fazlur Rehman to discuss the increasingly tense law and order situation in Karachi.
Karachi Violence
Rehman Malik shifts blame to third force KARACHI: Federal Interior Minister Rehman Malik has said the culprits of target killings and terrorism will be dealt with iron hands. He was talking in a meeting on law and order situation in Karachi at Governor House here. The meeting was attended by Interior Minister Rehman Malik, Governor of Sindh Dr. Ishrat-ul-Ebad, See # 16 Page 7 Fazl expressed his concern immediate arrest of those over incidents of target killings involved in such crimes. See # 7 Page 7 in Karachi and called for the
2
Sunday, January 16, 2011
All efforts to help flood affectees: Sharmila TFD Report
KARACHI: Governor Sindh Dr. Ishratul Ebad Khan and Interior Minister Senator A.Rehman Malik holding an Ulema meeting at National Crisis Management Cell. -APP
ICAP seminar on Professional Ethics
‘Textile sector largest job provider to women’
KARACHI: The Southern Regional Committee of the Institute of Chartered Accountants of Pakistan (ICAP) is organizing a seminar on "Professional Ethics in practice - Alarming" on Thursday, January 20. According to a press release issued on Saturday, the seminar will start at 6:30p.m at ICAP-Moosa D. Desai Auditorium ICAP House, Clifton, Karachi. Masoud Ali Khan FCMA, CFO & Company Secretary, Javedan Cement Ltd. (Arif Habib Group) will be the speaker at the seminar. Masoud is a seasoned professional with diversified background of leading and managing business, finance and support functions of reputed organizations in Pakistan and Middle East spread over 25 years.-NNI
KARACHI-Despite government's few efforts to improve the situation the opportunities to the women in employment are still remote and not too many women have access to employment in most of the trades. Pakistan still remains one of the worst countries in the world in terms of gender gap and except few trades women have very limited access to the employment, this was agreed by the participants of the seminar titled "Assessment of Gender Disparity in Skills D e v e l o p m e n t Opportunities" organized by Sustainable Development Programme Institute (SDPI) and International Labour Organization (ILO) held
Staff Reporter
at Pakistan Readymade Garments Technical Training Institute (PRGTTI). PRGTTI's Programme Director, Maham Nasira while speaking on the occasion said that Pakistan is at the bottom of the ranking among Asian countries and at 132 out of 134 countries, economic empowerment stood at 132, health at 128 and political empowerment at 55. The situation is however, getting better though at a slower pace thanks to the valueadded textile sector especially the garments manufacturers. She said that valueadded textile sector particularly readymade garment units are the main source employment to the women and PRGTTI is playing vital role in the
country to provide technical training to these women. While conducting the workshop, Senior Research Associate, SDPI, Gulbaz Khan mentioned that due gender disparity, Pakistani women mostly chose to adopt the profession in education, health, pharmaceutical, textile sectors, etc. while fewer women employees are found in rest of the sectors. SDPI's Researcher, M Azhar said on this occasion that nearly 191 or 48 per cent of 'tehsils' in Pakistan have at least one public sector female institute while 52 per cent do not have any training facility. He said that males dominate higher level occupations and managerial jobs while women are clustered in lower-level unskilled, clerical and service jobs.
Karachi: Advisor to Sindh Chief Minister on Information Sharmila Farooqui has said that the recent floods caused loss of $4284.83 million, out of which Sindh share is 44.5 percent and the government is facing poverty, unemployment and inefficient use of resources due to unprecedented flood damage. This she said while talking to media men here in her office.
She said that 18 percent area of the province came under water and 10 percent of the area will continue to remain under water upto March 2011 while 1.8 million people were shifted to government relief camps, out of which over a half million people will remain in relief camps upto March 2011. Sharmila Faruqui said that agriculture (crops and livestock) was the worst hit area and now Sindh government had focused on construction of roads, and development of natural and human resources and priority had been given to irrigation, energy, health and education sectors.
Rafi elected VP,SAFA TFD Report KARACHI: In the 72nd Assembly meeting of South Asian Federation of Accountants (SAFA) held in January 2011 at Chennai, India, Muhammad Rafi, a Fellow Member and Past
TV PROGRAMMES SUNDAY Time Programmes 7:00 News 8:00 News 9:05 Best of Subah Savere Maya Kay Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Awam Ki Awaz (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Taxi News 20:05 The Anchor 21:00 News 22:03 Faisla Aap Ka 23:00 News 23:03 Awam Ki Awaz
ISLAMABAD: Activists of Civil Society hold a demonstration against the killing of former Governor Punjab Salman Taseer at Kohsar Market. -Online
BMG committed to public service, business community: Siraj Teli Staff Reporter
SUNDAY Time 8:00 8:30 10:00 11:00 11:30 12:05 13:05 14:00 15:00 16:00 16:05 16:30 17:05 18:00 18:30 19:05 19:30 20:05 20:30 21:00 21:05 22:00 22:05 23:00 0:00
Programmes Pakista this week (Rpt) Music Scene Smithsonian Documentry Uff Tv(Rpt) Dilkash Pakistan (Rpt) Kamyab (Rpt) AM Agenda 360 (Rpt) News Mang Raha Hay Pakistan (Rpt) News Pakistan This Week (Rpt) Dilkash Pakistan (Rpt) Kamyab (Rpt) News Uff Tv(Rpt) Sara Jahan Red Carpet Filmi Samaa Munafa Khor Hoshiyar News Badalta pakistan News Agenda 360 Amnay Samany News
KARACHI: "Businessmen Group (BMG) is playing a productive role to resolve the problems of the business community",said Siraj Kassam Teli, Chairman, Businessmen Group and former President,KCCI, while addressing the inauguration ceremony of expansion and renovation of Pakistan Chemicals and Dyes Merchants Association Headoffice at Karachi. Siraj Teli focused that BMG will never leave alone the business community and raise voice to protect and promote its genuine and legal rights with the high-ups of the govern-
ment. Teli underlined the importance of unity and harmony amongst the business community for resolving the problems. He stated that collective efforts are required on RGST issue and without consultation and removal of the apprehensions, RGST would not be acceptable at all, as it will have a destructive impact on the economy , commercial and industrial activities will face another slowdown. Teli further stated that the Bolton Market Tragedy was a difficult task and a challenge for KCCI, however, compensation amount of 1.4 billion to 1751 affactees
became possible, we find no such example in the history of Pakistan where compensation was provided within one-month time. Teli expressed gratitude and compliments to the members of the business community and said that with their support BMG is winning the elections at KCCI since last 13 years and never lost one single seat. Zubair Motiwala, Advisor to Chief Minister on Investment and Vice Chairman BMG said that due to political uncertainty, deteriorating law and order situation, and weak policies of the government the business situation is becoming difficult.
KARACHI: Chairman KATI Johar Ali Qandhari presenting KATI shield to Consul-General Sri Lanka D. W. Jinadasa at a function. Vice Chairman Razzak Hashim Paracha, Syed Farrukh Mazhar, Gulzar Firoz, Shaikh Fazal Jalil, Aihteshamuddin, Kashif Ali Khan, Syed Wajid Hussain, Osama Niazi and Huma Bukhari are alos seen in the picture.
President of ICMAP, has been elected as Vice President of SAFA - an apex body of South Asian Association for Regional Cooperation (SAARC). Rafi has also represented Pakistan at the International Federation of Accountants (IFAC), Public Sector Committee during 2000-02. Currently, he is the Chairman of ICMAP-ICAP Joint Committee, Member of ICMAP National Council and Member of the Consultative Group of International Public Sector Accounting Standards Board. He is also the Chairman of SAFA Committee on Governmental Accounting and Public Sector Enterprises.
‘PN ready to fulfill all responsibilities’ KARACHI: A batch of 306 sailors of Pakistan Navy graduated on Saturday at sailors training establishment PNS Himalaya, Monora. General Manager (Operations) Karachi Port Trust Rear Admiral Azhar Hayat was the Chief Guest at the passing out parade. These sailors have formally joined Pakistan Navy Force upon completion of 17 weeks rigorous training which includes combat training, sea survival and technical training. Addressing the ceremony, the Chief Guest said
that the country is passing through a critical phase. Security situation in northern areas and recent floods has resulted in financial and economic crunch. He said Pakistan Navy stands committed to fulfill all the responsibilities and roles assigned to it. Apart from discharging the sacred duty of guarding the sea frontiers, PN is also making all out efforts for rehabilitation of the flood victims. The Chief Guest further said that rapidly changing technology has made the naval warfare scenario much more complex than ever before. Pakistan
Navy has, therefore, always focused on acquiring latest technology. Admiral Azhar urged the passing out sailors that besides improving upon their professional capabilities, they should also inculcate in them the traits of a good citizen and contribute towards developing a society where justice, tolerance, enlightenment and brotherhood are supreme. He also extended his felicitations to passing out sailors specially those who excelled in their training and won prizes.Online
PPMA assures support to pharma conf KARACHI: A group photo at annual get together by Dr. Moin Haider at his residence shows Indonesian Consul-General Rossalis R.Adenan, senator Abdul Haseeb Khan ,Gen (r) Moin-ud-Din Haidar, Mian Zahid Hussian, Dr.Moin Quershi, Dr.Huma Mir and others.
KARACHI: Chairman Banking Commitee of KCCI Ateeq-ur-Rehman discussing a point with Shakil Ahmed (MALC) during a visit to Marie Adelaide Leprosy Centre. -Staff Photo
Karachi: Chairman, Pakistan Pharmaceutical Manufacturers Association (PPMA) assures support to Health and Pharma Asia Int'l Exhibition and Conferences to be organized by Ecommerce Gateway Pakistan (Pvt.) Ltd. At Expo Centre in March. During his visit to Ecommerce Gateway, PPMA chairman discussed a whole range of topics of mutual interest and concern with President Ecommerce Gateway, Dr. Khursheed Nizam. Chairman PPMA was briefed about Health Asia's honor of being UFI (Paris) approved healthcare sector event by the Global Association of Exhibition Industry, France.- PR
‘SMEs, industry need banking sector's support’ ISLAMABAD: Banking sector should take measures to strengthen SMEs and the domestic industrial sector to stimulate multiplier effects for the growth of trade and industry in the country. SMEs constitute about 90 percent of the 3.2 million enterprises in the country, employing approximately 78 percent of the non-agriculture labor and contributed towards our country's GDP is 30 percent, in addition to the 25 percent share in country's export earnings but the picture turns worsened when one notes that only 5 percent of the 3.2 million SMEs have access to finance, Mahfooz Elahi, President ICCI stated, while giving his reaction on the reports that banking sector has started planning to focus on consumer financing. ICCI President said that SMEs have to rely on their credits to start a business ventures and go for up gradation of tech-
nology, productivity and to expand existing businesses. He said that banks should provide soft credits to SMEs and initiate special schemes as SMEs are considered back bone of any economy. He observed that the overall consumer financing plunged by Rs50 billion, or 17 per cent, during FY10, thus SPB should take measures to stop this trend and come up with concrete policies to support SMEs and industries rather than letting the banks to focus on consumer financing . He said that Consumer financing would burden the economy and society by creating negative saving-investment gap. He said by promoting SMEs through lending credit we can knock down barriers to economic activity as Pakistan lags way behind other competitive economies where SMEs are being supported by financial institutions at
large, he maintained. Mahfooz Elahi said that the domestic industrial sector is on the decline and sharp reduction in the export growth is due to many interconnected reasons; energy crisis, high rate of markup, high cost of production and inflation, high rates of utility bills are hampering industrial development. He emphasized that SBP should prepare a bailout package to support industrial sector and small scale enterprises to survive. ICCI President said that a well established international practice of cash flow based lending to SMEs needs to be followed in Pakistan. He said that this sector should be given support to make it as an effective tool for economic development and banks should not show reluctance in lending to SMEs and industries. He said that banks should also ease out its strict conditions for financing.-Online
Utility bills payment
Mobilink, NADRA join hands KARACHI: Mobilink, Pakistan's market leader in cellular services and a part of Orascom Telecom Holding (OTH) has formally collaborated with NADRA Technologies Ltd to facilitate payment of Utility Bills. This service will be available Free-of-Charge and round the clock. Deputy Chairman NADRA, Tariq Malik and Vice President Marketing Mobilink, Bilal Munir Sheikh inked the agreement to this effect.
KARACHI:- Executive tea series meeting of Marketing Association of Pakistan (MAP) in collaboration with APNS was recently held at a local hotel. Seen in the picture are Wahab Ghaznavi, (SVP Consumer Insights and Accountability Target Cast. TSM) receiving memento from Masood Hashmi, President MAP. Also seen in the picture are Masood Hamid and Imran Ahmed.
3
Sunday, January 16, 2011
Mac App store downloads top 1mn in first-day
Cars Prices Updated on 15 January, 2011
ALI ZHORAIZ JAFFRI
DAIHATSU CUORE CX
729,000
CUORE CX CNG
779,000
CUORE CX A/T
759,000
CUORE ECOMATIC
819,000
TOYOTA Hilux 4x2 Standard
1,459,000
Hilux 4x2 up Spec
1,499,000
Hilux 4x2 Grand Cabin
2,004,000
COROLLA 1.3L XLi
1,354,000
COROLLA 1.3L GLi
1,479,000
COROLLA 2.0D
1,439,000
COROLLA 2.0D SALOON
1,769,000
COROLLA 2.0D SALOON SR
1,859,000
1.8L ALTIS MT
1,740,000
1.8L ALTIS MT SR
1,830,000
1.8L ALTIS AT
1,830,000
1.8L ALTIS AT SR
1,920,000
CAMRY 2400cc M/T
7,799,000
CAMRY 2400cc A/T
7,999,000
HONDA CITY Manual Transmission
1,315,000
CITY Automatic Transmission
1,446,000
CIVIC i-VTEC Manual Transmission1,633,000 CIVIC i-VTEC Pros Transmission1,784,000 CIVIC VTi Oriel Manual
1,845,000
CIVIC VTi Oriel Prosmatec
1,920,000
Accord 2.4 i-VTEC
5,949,000
CR-V 2.4 Liter
5,549,000
HYUNDAI SANTRO CLUB
739,000
SANTRO CLUB GV
779,000
SANTRO EXEC
804,000
SANTRO EXEC GV
859,000
Without Deck & Sidewalls
879,000
Without Sidewalls (Flat Bed)
889,000
With Deck & Sidewalls
899,000
CHEVROLET SPARK LS (Manual) SPARK LS (Automatic)
815,000 890,000
OPTRA SE
1,479,000
OPTRA LS M/T
1,549,000
OPTRA LS A/T
1,629,000
OPTRA 1.8 CDX-MT
1,669,000
OPTRA 1.8 CDX-AT
1,759,000
AVEO LT - M/T
1,369,000
AVEO LT - A/T
1,469,000
COLORADO - MT
3,479,000
CHERY CHERY QQ 0.8L BASIC
588,000
CHERY QQ 0.8L COMFORTABLE 628,000
SUZUKI RAVI VX
473,000
RAVI VX CNG
524,000
BOLAN VX
532,000
BOLAN VX CNG
584,000
BOLAN VXR
645,000
CARGO VAN
507,000
MEHRAN VX
453,000
MEHRAN VXR
505,000 499,000
MEHRAN VXR CNG
549,000
ALTO VXR
656,000
ALTO VXR CNG
705,000
CULTUS VXRi CULTUS VXRi CNG SWIFT
850,000 891,000 1,058,000
LIANA 1.3L RXI MT
1,129,000
LIANA1.3L RXI MT CNG
1,199,000
APV 1.5 Petrol
1,775,000
APV 1.5 CNG
1,850,000
JIMMY JLSX MT
1,720,000
JIMMY JLDX MT
1,870,000
NOTE: Always visit your local shop for the exact Cars prices.
Lifestyle, Productivity, Utilities and other categories. Users can browse new and noteworthy apps,
find out what’s hot, see staff favorites, search categories and look up top charts for paid and free apps, as well as user ratings and reviews.The Mac App Store is available
for Snow Leopard® users through Software Update as part of Mac OS® X v10.6.6. Mac developers set the price for their apps, keep 70 percent of the sales revenue, are not charged for free apps and do not have to pay hosting, marketing or credit card fees. Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork, and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple is reinventing the mobile phone with its revolutionary iPhone and App Store, and has recently introduced its magical iPad which is defining the future of mobile media and computing devices.
Vault Xbox 360 armor from Calibur11
Y
ou get to see a lot of cool things at CES, some from companies you know and trust, and some that are brand new. This looks to be the case for Calibur11. Their Vault collection appears to be some sort of protective armor for an XBox 360. Just imagine if you had to send your XBox 360 to play hockey, then this is what you would want to send it out in. On closer inspection of their catalog, I believe that Cailbur11 wants their Vault series to be more than just for protection, perhaps even decoration. The picture that you see
here is the MLG edition, and it has its “game face” on. I believe that the MLG is an abbreviation for Major League Gamer, and it
s h o w s , doesn’t it?
In addition to that special edition version, Calibur11 wants to accessorize the Xbox 360 with Name Plates that can be chosen from ten background templates. The user can also add their own tag line as well. In the summertime will be announced some “acessory packs”. You should be able to get the Base Vault in five colors sometime around March 2011 for a price of $59.99. As for the MLG Edition, that will launch at about the same time for about $89.99. For more information, check out the Calibur site.
N
ews Corp is exploring strategic options for its MySpace Web site including a sale or a spinout, the company said on Wednesday, a day after the former social networking high-flyer slashed nearly half of its staff. News Corp, which paid $580 million for MySpace in 2005, believes a spinout would be the most logical route, a source familiar with the matter told Reuters. That option would likely entail someone from the venture capital or the private equity community investing in MySpace, thereby altering the current ownership structure, the person said. The company launched a new version of the site in October centered on music, movies and entertainment for the 35-year-old-and-under crowd. At an all-staff meeting on Wednesday, MySpace CEO Mike Jones announced that parent-company News Corp was exploring strategic options for the site, News Corp spokeswoman Julie Henderson confirmed on Wednesday. The news was first reported by Bloomberg. "We are looking at a number of strategic options for the business, including a sale, merger or spinout," said Henderson. News Corp Chief Operating Officer Chase Carey told Reuters in November that the company was exploring all options for MySpace, including a sale, and told investors that month that MySpace had quarters rather than years to turn itself around. Once the top Internet social networking site, MySpace has been eclipsed in recent years by Facebook, which now counts more than 500 million users and was recently valued at $50 billion. On Tuesday, MySpace announced that it was laying off 47 percent of its staff, or about 500 employees.
Motorola Xoom nabs best in show at CE
592,000
BOLAN VXR CNG
MEHRAN VX CNG
A
pple today announced that over one million apps have been downloaded from the Mac® App Store? in the first day. With more than 1,000 free and paid apps, the Mac App Store brings the revolutionary App Store experience to the Mac, so you can find great new apps, buy them using your iTunes account, download and install them in just one step. “We’re amazed at the incredible response the Mac App Store is getting,” said Steve Jobs, Apple’s CEO. “Developers have done a great job bringing apps to the store and users are loving how easy and fun the Mac App Store is.” The Mac App Store offers apps in Education, Games, Graphics & Design,
News Corp says looking at spinout or sale of MySpace
I
t seems that the impact of the iPad has really been felt as this year, CES was more about tablet computing than anything else. So much so that an Android Tablet that isn’t even ready yet nabbed the coveted honor of BEST OF CES at the Consumer Electronics Show in Las Vegas. Running the new, custom built from the ground up, Android 3 Honeycomb OS, the Motorola Xoom is touted as the number one competitor to the upcoming iPad 2, according to SlashGear. But with other competitors like the
Blackberry Playbook Tablet
is now filled with budding iPad
and a host of others, the market
killers.
Running a dual-core Tegra 2 processor, the Motorola Xoom has features that include a 10inch display, HDMI-out, frontand back-facing cameras, and a all while being connected with Verizon’s blazing fast 4G LTE network. In addition to winning Best in Show for the Xoom, Motorola also took home honors for best Mobile device with the Motorola Atrix, a dual core “super smartphone” which can be docked to a laptop dock and turned into a full fledged computer platform. Both will be out this Spring.
BlackBerry Dakota photo, specifications leak
S
o what's this all about? Oh, just the BlackBerry D a k o t a which we heard about back in July, and which definitely seems to be real. This one, pictured above in a photo procured by BGR, looks like it's going to boast that up top 2.8-inch (VGA resol u t i o n ) capacitive touchscreen we'd heard about, with the BlackBerry Bold-style keyboard you've come to know and love below. Yes, this 'Berry is quite attractive in the looks department, and spec-wise, it's a quad band GSM/GPRS/EDGE device with tri-band UMTS. It also packs a 5 megapixel
cam with HD video recording, 4GB of storage, plus 768MB of RAM. The phone will also have WiFi and be 3G hotspot-enabled, and it'll run BlackBerry OS 6.1. Like we said, from the looks of it, this thing is legit, but there's no word on pricing or availability as of yet.
Groovy Dual-Core Phones and Tablets New processors are a big improvement, but it will take time for apps to take advantage
S
teady improvements in performance are a given in the computing industry, but sometimes there's a big leap forward. One occurred in the world of mobile computing last week, when the first smart phones and tablet computers with dual-core processors were unveiled at the Consumer Electronics Show in Las Vegas. The show-stealing Xoom tablet from Motorola, and also phones and tablets from Acer, HTC, and LG, all debuted with a new dual-core processor made by chip maker Nvidia. Competing microprocessor companies Marvell and Freescale Semiconductor also make dual-core chips for such devices. A processor's core is the crucial component that receives and executes instructions. A single-core processor can execute only one instruction at a time, while a chip with multiple cores can process more instructions at once. A multicore chip offers advantages over a singlecore chip running at
a faster speed (measured as frequency). "Running a processor at a higher frequency means increased voltage, greater resistance, and so more heat produced," explains Matt Wuebbling, a senior product manager working on Nvidia's new Tegra 2 dual-core processor. The firm, a leading manufacturer of graphics-processing chips (GPUs) for the PC market, has added a scaled-down GPU to the Tegra 2 chip alongside the two processor cores. "With this chip, games are completely different to what we think of as mobile games with cartoon graphics," says Wuebbling. "There are realistic smoke and fog effects and light bursts." Games with much more complex 3-D engines can be accommodated, because the intensive number crunching required can be shared between the processor's two cores while the GPU turns the output data into graphics, he says.
Latest Gadgets Vivitek LED-based pico projector
Television To Internet Converter We know that Sony has decided to revolutionize the way TV works this year at CES by integrating even more of the Internet inside, but what happens when you are still rocking to an old school TV and decide to go against the grain by not upgrading your TV once every couple of years? That’s what the Television To Internet Converter is for then – this nifty little device is capable of turning your television into an Internet browser.
Hercules DJ 4Set announced Budding DJs as well as those who are waiting to be the next big talent in the underground and dance scenes, listen up! Hercules took the opportunity at the recently concluded CES to announce the Hercules DJ 4Set, where it is touted to merge both the functions and feel of a pro controller with the simplicity users require when it comes to throwing a memorable party – or rather, parties all year long if you’re one groovy animal. Basically, this is being trumpeted as a must-have solution for mixing fans who are dreaming of setting the dance floor on fire with their mixes.
Vivitek is an up and coming brand who wants to make a name for itself in the cut throat world of consumer electronics, and have decided to roll out a new pico projector that is LEDbased. This bright and lightweight device will also boast 3D ready capability, making sure it keeps up with the rest of the pack. Of course, in order to differentiate itself from the rest, Vivitek has decided to name this the Qumi (pronounced Q-me), something which is memorable and will definitely strike a chord when you talk about pico projectors.
Parrot Digital Photoframe Okay so let’s face it, a digital frame, is a digital frame, is a digital frame, and as you get your 3rd one, as a gift from your soon to be ex-boyfriend, you wonder why the screensaver slideshow on your computer wasn’t already good enough to put some of these guys out of business, but you smile, and put on your “oh I love it” face anyway… Well, fresh from CES, Parrot just unveiled the DIA, the first digital photo frame that you really will be happy to receive
ViNCi, a tablet PC for babies! While I was walking along CES 2011, I tend to gravitate toward the booths that interest me personally. Such was the case with the ViNCi Tab. This is not one of the eighty tablet PCs that took up space at CES. The whole reason I was attracted to it was because it looked to be a giant iPod Touch designed for a toddler.
4 Sunday, January 16, 2011
China offers silver lining for investors
The Financial Daily International Vol 4, Issue 153
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board S. Muneer Hussain Rizvi
Haseeb Khan, FCA Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Managing country's economy prudently At times the experts, economic managers, politicians, those responsible for writing speeches for the VVIPs and those responsible in the press information departments pass on information to media which only highlights the ignorance of those at the helm of affairs. Though, issuing the notifications and retrieving has become almost a routine the statement that finding solutions through collective wisdom highlights the complete absence of wisdom. One such news item appearing in the media is Prime Minister Syed Yousuf Raza Gilani has said that the economic challenges of Pakistan would be shared with the political leadership in Parliament to seek proposals for resolving the same. The objective behind the reconciliatory process and consultation with political leadership is to develop consensus and take decisions in the larger national interest. The financial challenges of the country also need to be shared in order to find solutions through collective wisdom. Elected representatives sitting on treasury as well as opposition benches appear on almost all the television channels and discuss the issues plaguing the economy, from corruption to blatant assassination of good governance and from electricity and gas load shedding to discontinuation of train services. Do they still need to prepare a list of problems ailing the economy? There is a growing consensus among the masses that most of the talk shows are not more than 'nura kushti' and some of the anchors themselves become a party at times. It used to be duty of ministry of information and press information department to prepare summary and or clipping of the news published in print media and highlights of the discussions taking place on any television channel. However, it seems that with the proliferation of print and electronic media neither the ministry of information nor the press information has the resources or the competent persons to prepare such summaries. It may or may not be true but insiders say that the ministers and secretaries of the departments prefer to issue press releases and also prepare clipping of those and never put those clipping on record which contain criticism. Since prime minister wishes to know the major problems and also wants to resolve them using the collective wisdom, some of the most pressing issues are load shedding of electricity and gas, very high inflation rate, more and more people being pushed below the poverty line, blatant violation of good governance and lust of the elected representatives to make as much money as possible in the shortest possible time. Though, many of the experts talk about inadequate revenue collection, in all honesty if the elected representatives and bureaucrats follow austerity there may not be any need to impose more taxes to bridge the budget deficit.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
R
etired professor Chen Chongyu and his wife Liu Zhenjuan dreamed of coming back to China from their daughter's home in France, but until last year the couple had nowhere to go. That changed when they found Cherish-Yearn, an upscale retirement community on the fringes of Shanghai and a pioneer in catering to China's prosperous elderly. Businesses are just starting to tap the rapidly expanding senior citizens' market -- China's new silver industry. "Every year we would come back to China, and we would visit retirement homes. But we couldn't find anything," said 79-year-old Chen, a history professor who specialized in the French revolution. "When we finally found this place we felt we could return." China's traditional model of children living with their elderly parents is under siege, thanks to 30 years of the onechild policy and rapid urban migration. Leaving their daughter's home in France, Liu, 74, and Chong paid 690,000 yuan (US$104,545) to move into a three-room apartment on Cherish-Yearn's beautifully sculpted campus. An annual fee of 88,000 yuan covers basic medical and cleaning services, and various activities. China had 169 million people over 60 by the end of 2009, or 12 percent of the population. That number will jump to 250 million people by 2025. And their spending power is rising. Chinese senior citizens command about 300 billion to 400 billion yuan in annual disposable income, according to Kunal Sinha, chief knowledge officer at
marketing firm Ogilvy & Mather in Shanghai. That will rise to 5 trillion yuan over the next three decades. "The whole marketing world is obsessed with young people. The reality for China, the demographic change, is that in 15 years' time, the number of young people is going to halve, it's going to be 50 percent of what it is today," Sinha told Reuters. "The number of senior people is only going to double." HYPERMARKETS AT THE FOREFRONT Hypermarkets in China's megacities have caught on to the fact that senior citizens are the main grocery shoppers in the family, sending morning buses and offering discounts to lure them in. But apart from health supplement makers, few other industries in China are working to earn their silver dollars. Still, in recent years there's been a sudden pick up in investment in senior homes and so-called "silver towns". Yoko Marikawa, a Japanese consultant specializing in the seniors' industry, says nearly 50 of her Chinese clients have launched or are planning to launch retirement communities across China with total investments expected to be between 15-25 billion yuan. French catering and hotel firm Sodexo is in talks with the Chinese government for similar services, an executive said. But most foreign firms and funds are still waiting for the government to issue standards on facilities and services. "Investors still don't know which standards are good. If they invest in the facility now and later the government announces some other standard, they're
all out. They would have to rebuild or change some facilities," Marikawa said. Cherish-Yearn chairman Xi Zhiyong is ready to take on that risk as he bets on the future of the industry. He invested 600 million yuan in Cherish-Yearn, which opened in 2008. His new business even helped him deal with personal problems. "I started this because I personally felt the need. One year my mother was hospitalized 11 times. Each time I was on a business trip and would receive a call from her and would have to come back," he said. Now, his parents, his inlaws, and his brother and sister's inlaws all live in the new compound. So far 300 of the 500 finished units are occupied, and interest is high, said Xi. Revenue in 2010 rose to 150 million yuan from 110 million yuan in 2009, and the final project will include more than 800 apartments. "The main risk is that we are still a little early. The parents of the first children of the one child policy will reach 70 in about five years," says Xi, adding that the international average age for people in retirement homes is 71.5 years. A steady inflow of cash from these homes for the elderly is a much more attractive business model than straight out property development deals, especially as new restrictions make land and funding harder to find, said Xi, who started out in traditional real estate. REAL ESTATE OPPORTUNITY China's biggest property developer, Vanke , is also launching four retirement projects, including one in the country's smoggy capital,Beijing. "In many of the older Vanke developments, about 30 percent of the residents
are elders living alone -- empty nesters. So we're looking into different ways of meeting their needs," said chairman Wang Shi, who himself is 59 and an active mountaineer. Vanke's new retirement developments will be rental properties, marking a new business model for the company. Retirement communities are still a rarity in China, and upscale ones even more so. Less than 2 percent of China's elderly live in nursing homes, according to Ninie Wang, a government advisor on ageing and founder of Pinetree Services, which provides services to elders at their homes. China can't muster the comprehensive financial support offered in Europe or North America, so it favours options that allow the elderly to stay in their own homes . "The government is now developing a whole system to provide support services that enable people to stay in their communities and in their own homes," Wang said. Retirement homes and communities could foster other businesses for seniors. Already at Cherish-Yearn, American firm Aramarkhandles the cleaning, French firm Sodexo runs the canteen, and Hong Kong's Mega Fit operates the gym. Xi expects these companies to follow him on his expansion into four new complexes across China. "I studied Walmart. It's basically a big platform for manufacturers to sell their goods," Xi said. "I am a big platform for service providers to sell their service. That means I can expand quickly and offer a high level of service." ($1=6.619 Yuan). -Reuters
US relaxes some Cuba restrictions A
lthough long expected, President Barack Obama's order on Friday to further loosen restrictions on US travel and remittances to Cuba signals a small tentative thaw in relations. Along with easing curbs on academic, cultural and religious exchanges with Cuba put in place by former President George W. Bush's administration, Friday's announcement will make it easier for U.S. citizens to send cash remittances to the Caribbean island. The White House announcement follows "cautious optimism" this week from the State Department regarding the possibility a U.S. aid contractorheld by Cuba will be released. Alan Gross has been detained in Havana for 13 months for suspected espionage, which put the brakes on improved relations. But diplomatic sources suggest he may soon be tried and sent home. The second most senior U.S. diplomat for Latin America, Roberta Jacobson, visited Gross on Thursday following a round of migration talks between Cuban and U.S. officials. Full technical implementation of the latest U.S. relaxation measures may still depend on concrete signs of advances from
Havana toward a solution to the Gross case. The authorization of wider academic, cultural and religious travel will not by itself have a huge economic impact for Cuba, which remains subject to a five-decade-old U.S. trade embargo. Allowing all U.S. citizens to freely visit the tropical island of 11 million people is the step that would really shake things up, but that move is highly unlikely with the Republican Party now much more strongly represented in the U.S. Congress. The White House said Friday's moves would help the Cuban people "freely determine their country's future." Moderates argue an end to the embargo and travel ban would bring political change to Cuba faster than sanctions and isolation. * But the new measures also allow "any U.S. person to send remittances (up to $500 per quarter) to non-family members in Cuba to support private economic activity," with the proviso that the money cannot go to senior Cuban government officials or senior members of the Cuban Communist Party. The move appears to address recent steps by the government of Cuban President Raul Castro to
allow more private enterprise activities to compensate for layoffs in the inefficient state sector and strengthen the ailing communist economy. The White House says the new remittance measures will "help expand the economic independence of the Cuban people and to support a more vibrant Cuban civil society." But there is a potential for disagreement if U.S. remittances are increasingly directed to Cuban political dissidents, a move Havana may choose to interpret as potentially subversive as it regards the dissidents as U.S.-backed "mercenaries" and "traitors." The new measures were introduced through an executive order by Obama. Analysts say that without the support of Congress, where the House of Representatives Foreign Affairs Committee is headed by Ileana Ros-Lehtinen, a CubanAmerican Republican and strident critic of the Castro government, there are only limited further steps the president can take by himself to increase engagement with Cuba. The measures had been widely expected last year after an initial relaxation of the U.S. trade embargo by Obama in 2009, when curbs on
remittances and travel by CubanAmericans visiting family members on the island were eased. Further easing was delayed by what analysts said were Obama administration concerns that announcing the measures before last November's U.S. congressional elections could damage Democratic candidates in Florida, where the Cuban-American vote is powerful. Obama also increased the number of U.S. airports allowed to apply to send and receive direct flights to and from Cuba, which will fuel an already explosive increase in visits by Cuban-Americans. Industry sources and diplomats believe more than 400,000 travelers from the United States flew to Cuba last year, most of them Cuban-Americans. The White House announced the new measure on Friday before the Martin Luther King Day holiday weekend. Officials often seek to make unpopular or potentially controversial announcements during holiday periods, a sign the Obama administration may be nervous of criticism from Republicans and Cuban-American hard-liners opposed to any softening toward Cuba-Reuters
Tunisia heads into uncharted waters T
unisian Prime Minister Mohamed Ghannouchi said Friday he was taking over as caretaker president because the incumbent, Zine al-Abidine Ben Ali, was unable to carry out his duties. The announcement came after about 8,000 people gathered in the centre of the capital to demand Ben Ali's resignation, the culmination of weeks of protests against unemployment, repression and corruption in which dozens were killed. Will this stop the unrest? Probably the interim president is firmly part of the ruling elite and a senior member of the dominant RCD party, so this does not mark a major shift in the political system. But it is personalities that count. Ben Ali was disliked by many Tunisians not because of his government but because of members of his family and hangers-on, whose ostentatious wealth people found suspicious and distasteful. They will now no
longer be close to power, so Tunisians' biggest grievance has been satisfied. Some analysts have suggested however that the prime minister may be seen as too much a face of the old guard to placate angry Tunisians. It is likely there will still be clashes for a period but they will not have a political motivation. It will probably just be people taking advantage of the chaos caused by the protests to loot shops. Who is in power now? Ghannouchi is not just interim president on paper. He is a technocrat who has been prime minister for over a decade, so he will carry real weight. However, it is likely he is part of an ad hoc coalition. That will almost certainly include the military and the security services, who are hugely influential, and the RCD party apparatus. Also part of that coalition are figures from the hitherto sidelined and harassed opposition, such as Najib Chebbi. He said on Friday he had
already had a meeting with Ghannouchi and expressed approval for his appointment. Will Ghannouchi seek to stay on as president? That's possible, but at the moment looks unlikely. People who have watched him operate as prime minister say he is a technocrat -- nicknamed "Tunisia's computer" for his encyclopaedic knowledge of economic issues -- who does not harbour political ambition. In fact there were media reports last year that he was planning to step down and join the Arab Development Fund. Of course, this could change. Ben Ali was a prime minister who stepped in when the thenpresident was declared unfit to rule, and he didn't relinquish the job for 23 years. But the probable scenario for the moment is that Ghannouchi will oversee the transition and step aside. So who will become the next president? That's anybody's guess. The problem is that Tunisia's political landscape
has been so dominated by Ben Ali that there is nobody to step out of his shadow. If Ghannouchi is not in the running, another candidate of the system could be the foreign minister, Kamal Morjane. And there is Chebbi, the opposition figure. The next few months promise to be interesting because -especially if Ghannouchi ensures some political freedom -- new figures are sure to emerge. So will Tunisia become free and fully democratic? That is a challenge it still has to meet. Ghannouchi has said he will respect all the undertakings Ben Ali made in the past few days, which included a promise to allow a free media and stop blocking Internet sites. Allowing a free and fair election though will be a big wrench for the RCD, which has been in power continuously since Tunisia won independence from France in 1956. Is it prepared to relinquish control? Tunisia's political turbulence is not over yet. -Reuters
5
Sunday, January 16, 2010
Awareness of Swine Flu A
‘Swine Flu’ another Nemesis from Nature Ali Zhoraiz Jaffri
D
engu, Malaria, Congo and now another gift of nature "Swine Flu". Swine flu, a high acute respiratory disease from pigs which can easily diffused or spread as from one person to another, caused by one of several swine influenza A viruses. Transmission of the virus from pigs to humans is not common and does not always lead to human influenza, often resulting only in the production of antibodies in the blood. Morbidity tends to be high and mortality low (1-4%). The virus is spread among pigs by aerosols, direct and indirect contact, and asymptomatic carrier pigs. Outbreaks in pigs occur year round, with an increased incidence in the fall and winter in temperate zones. Many countries routinely vaccinate swine populations against swine influenza. Pigs can also be infected with avian influenza viruses and human seasonal influenza viruses as well as swine influenza viruses. If transmission does cause human influenza, it is called zoonotic swine flu. People with regular exposure to pigs are at increased risk of swine flu infection. The meat of an infected animal poses no risk of infection when properly cooked. During the mid-20th century, identification of influenza subtypes became possible, allowing accurate diagnosis of transmission to humans. Since then, only 50 such transmissions have been confirmed. These strains of swine flu rarely pass from human to human. Symptoms of zoonotic swine flu in humans are similar to those of influenza and of influenza-like illness in general,
namely chills, fever, sore throat, muscle pains, severe headache, coughing, weakness and general discomfort. What are the implications for
from infected pigs, however, some human cases lack contact history with pigs or environments where pigs have been located. Human-to-human transmission has occurred in some
human health? Outbreaks and sporadic human infection with swine influenza have been occasionally reported. Generally clinical symptoms are similar to seasonal influenza but reported clinical presentation ranges broadly from asymptomatic infection to severe pneumonia resulting in death. Since typical clinical presentation of swine influenza infection in humans resembles seasonal influenza and other acute upper respiratory tract infections, most of the cases have been detected by chance through seasonal influenza surveillance. Mild or asymptomatic cases may have escaped from recognition; therefore the true extent of this disease among humans is unknown. How do people become infected? People usually get swine influenza
instances but was limited to close contacts and closed groups of people. Which countries have been affected by swine flu? The disease is considered endemic in the United States with the 4000 death toll. But now it is acting as a destructive and horrifying disease with more than 200 death toll in Pakistan. According to the independent statistics, 205,785 people were infected during the latest spree of swine flu whereas 1,569 deaths were reported worldwide. While the suspected cases are not conformed. Is there a human vaccine and drugs to protect? There are no vaccines that contain the current swine influenza virus causing illness in humans. It is not known whether current human seasonal influenza vaccines can provide
any protection. Influenza viruses change very quickly. It is important to develop a vaccine against the currently circulating virus strain for it to provide maximum protection to the vaccinated people. This is why WHO needs access to as many viruses as possible in order to select the most appropriate candidate vaccine virus. Antiviral drugs for seasonal influenza are available in some countries and effectively prevent and treat the illness Information is insufficient to make recommendation on the use of the antivirals in prevention and treatment of swine influenza virus infection. Clinicians have to make decisions based on the clinical and epidemiological assessment and harms and benefit of the prophylaxis/treatment of the patient2. For the ongoing outbreak of the swine influenza infection in the United States and Mexico, the national and the local authorities are recommending to use oseltamivir or zanamivir for treatment and prevention of the disease based on the virus's susceptibility profile. The death toll of Swine flu in Karachi is almost 40. People have no idea whatsoever as what to do proactively to remain safe from this flu and what measures should be taken to identify the Swine Flu in a patient. The Karachiites are apprehensive about the rising cases of Swine Flu in the city. They are also concerned about the available medical facilities to cope with this dangerous epidemic. Electronic and print media are also not playing its role to make people aware about this flu. But I think we are the first who are paying our responsibilities honestly.
ccording to latest news around the world Swine flu is established worldwide. A number of deaths have been reported worldwid so far. Initially the disease, Swine flu infects pigs caused by the H1N1 virus then transmitted to human beings. It is not a new disease it was noted in past also. The deaths reported were between 50 million and 1 hundred million. Serious sings of Swine Flu Worse cough, Pneumonia, Pain or Pressure in Chest, rapid breathing, number of heart beats - 100 ore more, Bluish or grey skin colour, low blood pressure due to dehydration, no desire of liquid intake, unable to interact, Dizziness and confusion, very high body temperature and respiratory failure. It is a communicable disease which spreads through sputum, saliva, nasal discharge and sneezing of confirmed infected person. People showing flu like symptoms such as fever, cough, running nose and difficulty in breathing should be allowed to stay at home for a period of 7 to 10 days. There is no need to worry a lot as the Swine flu is curable. As suggested by elders that prevention is better than cure, the following precautionery measures must be taken, to minimise the chances of getting infected with Swine flu; 1. People showing flu like symptoms such as fever, cough, running nose and difficulty in breathing should be allowed to stay at home for a period of 7 to 10 days and consult your nearest medical practitioner 2. Avoid contact with the pigs (swine). If you have pigs in your
area then please inform the local municipal office so that they can take care of those pigs by keeping them isolated. 3. Keep a distance of minimum 6 feet from people affected with Catarrh, Cough and Fever. 4. Swine flu is communicable disease, so use the face masks to protect from the swine flu antigens. 5. Cover your nose and mouth when coughing or sneezing, using one time disposable tissue paper when possible. 6. Avoid shaking hands, embracing and visiting the congested places and also crowded places like theaters, this can be a cause of spreading ground for Swine flu. 7. Wash your hands frequently with soap or diluted water of dettol at least 6-8 times a day to reduce the spread of virus. 8. Instruct the above points to children as they may be victimised easily with the Swine flu. 9. Avoid eating outside food because it may be contaminated and may make you infected with the virus. 10. Don't use the public urinals because many people spit there, which could lead to the spreading of the disease. 11. Use boiled water only to Drink. 12. Recommended, Homeopathy medicine Influenzinum 200 - 5 pills 3 times a Day. 13. Good food, clean living, rest and exercise are the basic ingredients. There are certain nutrients that have been shown to strengthen immune system, such as echinacea, vitamins C, E, beta carotene, zinc, and elderberries.
Second-hand smoke Conception is kills 600,000 a year a rare event, A study says F
ewer than 8 percent of all tries at making a baby in a lab dish will succeed, report. A review of all their efforts to unite egg and sperm at their fertility clinic showed just 7.5 percent of tries resulted in an embryo that could then be implanted in a woman's womb, a team led by Michael John Tucker at Shady Grove Fertility Center in Maryland said. "It should surprise no one that the vast majority of sperm and eggs never get together to even begin the fertilization process," Dr. Robert Rebar, executive director of the American Society for Reproductive Medicine, said in a statement. "But, it is very important to understand that even once joined together for fertilization, an overwhelming majority of fertilized eggs do not become viable embryos, and only a small percentage of embryos thought to be viable produce a child. While this data come from the IVF lab, natural conception is
also very inefficient," Rebar added. The Shady Grove team will present their findings to an ASRM meeting in Denver this week. They reviewed all the in vitro fertilization or IVF cycles at their center between 2004 and 2008. Out of 110,000 egg cells fertilized with sperm, only 31,437 resulted in viable embryos. Usually just one or two embryos are implanted at a time, and the others are frozen. But assuming that all the frozen embryos would eventually be used, 8,366 babies would theoretically be born - just 7.5 percent of all the fertilized eggs, the researchers said. Earlier this month the Nobel prize for medicine or physiology went to British physiologist Robert Edwards, whose work led to the birth of the first "test-tube baby," Louise Brown, in 1979. As many as 4 million IVF babies have been born since then.
A second study to be presented at the meeting sheds light on another aspect of infertility. Jorge Chavarro and colleagues at Harvard Medical School and Massachusetts General Hospital found that the more fat a man ate, the lower his sperm concentration. They studied 91 men seeking fertility treatment. Men ranking in the top third for saturated fat intake had 41 percent fewer sperm than men in the lowest third, they reported. Men in the highest third for monounsaturated fat intake had 46 percent fewer sperm than men in the lowest third. "Men who are planning to father children should be encouraged to achieve and maintain a healthy weight and to consider their diets. What you eat affects your whole body, including your sperm cells," said Nancy Brackett, president of the Society for Male Reproduction and Urology.Reuters
round one in a hundred deaths worldwide is due to passive smoking, which kills an estimated 600,000 people a year, World Health Organization (WHO) researchers said on Friday. In the first study to assess the global impact of secondhand smoke, WHO experts found that children are more heavily exposed to second-hand smoke than any other age-group, and around 165,000 of them a year die because of it. "Two-thirds of these deaths occur in Africa and south Asia," the researchers, led by Annette Pruss-Ustun of the WHO in Geneva, wrote in their study. Children's exposure to second-hand smoke is most likely to happen at home, and the double blow of infectious diseases and tobacco "seems to be a deadly combination for children in these regions," they said. Commenting on the findings in the Lancet journal, Heather Wipfli and Jonathan Samet from the University of Southern California said policymakers try to motivate families to stop smoking in the home.
"In some countries, smokefree homes are becoming the norm, but far from universally," they wrote. The WHO researchers looked at data from 192 countries for their study. To get comprehensive data from all
tions, 36,900 from asthma and 21,400 from lung cancer. For the full impact of smoking, these deaths should be added to the estimated 5.1 million deaths a year attributable to active tobacco use, the researchers said.
192, they had to go back to 2004. They used mathematical modeling to estimate deaths and the number of years lost of life in good health. Worldwide, 40 percent of children, 33 percent of nonsmoking men and 35 percent non-smoking women were exposed to second-hand smoke in 2004, they found. This exposure was estimated to have caused 379,000 deaths from heart disease, 165,000 from lower respiratory infec-
CHILDREN While deaths due to passive smoking in children were skewed toward poor and middle-income countries, deaths in adults were spread across countries at all income levels. In Europe's high-income countries, only 71 child deaths occurred, while 35,388 deaths were in adults. Yet in the countries assessed in Africa, an estimated 43,375 deaths due to passive smoking were in children compared with 9,514 in
adults. Pruss-Ustun urged countries to enforce the WHO's Framework Convention on Tobacco Control, which includes higher tobacco taxes, plain packaging and advertising bans, among other steps. "Policy-makers should bear in mind that enforcing complete smoke-free laws will probably substantially reduce the number of deaths attributable to exposure to second-hand smoke within the first year of its implementation, with accompanying reduction in costs of illness in social and health systems," she wrote. Only 7.4 percent of the world population currently lives in jurisdictions with comprehensive smoke-free laws, and those laws are not always robustly enforced. In places where smoke-free rules are adhered to, research shows that exposure to second hand smoke in high-risk places like bars and restaurants can be cut by 90 percent, and in general by 60 percent, the researchers said. Studies also show such laws help to reduce the number of cigarettes smoked by smokers and lead to higher success rates in those trying to quit.-Reuters
Skin shows stress in five manners Y
ou probably know you don't look your best when you're under serious stress (ever catch the reflection of your furrowed brow in a window on a bad day?). Now science reveals all the ways the stress hormone cortisol literally gets under your skin, leading to dryness and other signs of aging. Use the following strategies to correct the top 5 stress symptoms and your complexion will look calm, cool, and collected-even if you're not. Best anti-aging products that really work Dryness "Chronic stress increases the hormone cortisol, which damages skin's ability to hold on to water," says Peter Elias, MD, a professor of dermatology at the University of California, San Francisco. The resulting moisture loss also
diminishes luminosity, explains David Goldberg, MD, a clinical professor of dermatology and director of laser research at Mount Sinai School of Medicine. Correct It: Look for hypoallergenic, fragrance-free products. "Their lower pH prevents further dryness and inflammation," says Goldberg. Wash your face with lukewarm water; hot temperatures strip skin's oils. Slathering on your face cream while skin is slightly damp traps moisture. 13 skin care products derms swear by Fine Lines Cortisol triggers an elevation in blood sugar, which-via a process called glycation--damages collagen and elastin, the protein fibers that plump skin and keep it smooth. Constant muscle tension also leads to permanent wrin-
kling. Correct It: OTC creams made with retinol and antioxidants encourage collagen production to firm skin. An Rx retinoid like Renova offers significantly better results.
10 ways to look younger on a budget Redness The increased blood flow that occurs when you're under duress may cause capillaries to expand. Stress also triggers flushing
known as rosacea, according to the National Rosacea Society. And because stress weakens your immune system, flare-ups may last longer. Correct It: When used daily, topical creams made with antiinflammatories such as allantoin and licorice root extract can ease ruddiness. Rx treatment includes light and laser therapy that zap blood vessels: You'll need several sessions that each cost expansive and up. If you suffer from rosacea, you may need topical prescriptions to reduce inflammation. Renew your complexion while you sleep, here's how Acne Stress increases the inflammation that leads to breakouts, says Gil Yosipovitch, MD, a clinical professor of dermatology at Wake Forest University.
Correct It: Use a lotion containing skin sloughing salicylic acid or bacteria-busting benzoyl peroxide, plus a noncomedogenic moisturizer so skin won't get too dry. If your skin doesn't respond to treatment within a few weeks, see your doctor for more potent meds. 11 foods that rejuvenate skin Tired Eyes Anxiety causes a chain reaction, leading to sleepless nights, which in turn cause puffiness, says Amy Wechsler, MD, a dermatologist and psychiatrist in New York City and author of The Mind Beauty Connection. Correct It: Use cucumber slices as mini ice packs for the eyes; they constrict the blood and lymph vessels that bring fluid to the area. Sleep with your head slightly elevated to prevent fluid from pooling.
International
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Sunday, January 16, 2011
F RANCE SCALES BACK G20 AMBITIONS * FRANCE FACES RETICENCE AND CONFUSION OVER AMBITIOUS AGENDA * MAIN ISSUES WILL NOT BE SOLVED BY NOVEMBER, OFFICIALS SAY
N
icholas Sarkozy has called for a new Bretton Woods system for managing the global economy but two months into France's G20 presidency, officials are playing down hopes of a major breakthrough on monetary reform. The French president made discussion of how to wean the world off its reliance on the dollar a top priority of his year-long stewardship of the Group of 20, which began in November, alongside an overhaul of global economic governance and tackling volatility of commodities prices. Faced by reticence and confusion among G20 partners, French officials are trying to manage the high expectations set by Sarkozy's rhetoric, acknowledging progress may be slow going as the G20 moves out of crisis mode to address more complex issues. "Many of the issues tackled under our G20 presidency, they are not going to be solved in one year," said Benoit Coeure, deputy head of France's Treasury. "Reform of the international monetary system, this is not going to be over in November 2011." Sarkozy appeared to moderate his tone after meeting U.S. President Barack Obama last week to canvass opinion on his G20 agenda before a key policy speech on Jan. 24. In the face of Washington's intransigence, Sarkozy said the dollar's role was set by the market and there was no alternative at present. Officials say France already has its hands full with more pressing issues like clinching agreeing on "indicative guidelines" for global
economic imbalances, as mandated by November's G20 summit in Seoul. Exporters like Germany and China and commodities producers like Saudi Arabia oppose strict rules. A G20 finance ministers meeting in Paris next month will be more procedural and is unlikely to produce any big advances, according to a senior government source: "We'll not start to get decisions until the IMF spring meeting in Washington in April." On global governance, where France favours creating an institutional framework for the G20 such as a permanent secretariat to make it the main international forum for decision-making, there is resistance from some G20 partners. "I don't see any reason to make the G20 an institution at the level of other international organisations like the IMF," Japan's vice minister for international affairs, Rintaro Tamaki, told Reuters, adding he also backed a continued role for the G7. "I hope the G20 can deliver something by November but to do this we have to narrow down the scope ... People do not understand what we are going to discuss," he said. 'STILL A PROBLEM OF TRUST' IMF chief economist Olivier Blanchard said G20 discussion of indicators for global imbalances -due to be concluded by June -- is being complicated by differences over economic theory, even among developed countries: while Washington sees strong fiscal stimulus as indispensible, Germany is much more austere.
"There is still a problem of trust," Blanchard said, noting some countries were not giving honest assessments of their economies for fear of criticism by G20 peers. "This is a process which has only just started ... There is a long way to go." France's presidency has abandoned a 4 percent threshold for current account imbalances proposed by U.S. Treasury Secretary Timothy Geithner last year, and is focusing on less specific indicators to encourage members like China to come on board. "If these (signals) indicate red, then the mandate will be for an organisation like the IMF to look into it and say either let's not worry or let's worry some," Blanchard said. "The purpose is to allow dialogue between G20 ministers." A senior official at the presidential palace said discussion of reserve currencies -- such as wider use of the IMF's Special Drawing Right and a greater role for China's yuan -- was further down France's agenda "if we have the time". French officials have suggested setting a timetable for the yuan's entry into the SDR's basket of currencies could be one achievement of their presidency, but Washington is reluctant to concede this without more yuan exchange rate flexibility. "China is very anxious to have its currency included in the SDR and they could even press ahead in easing capital controls if that happens," said Harvard professor Jeffrey Frankel, one of several prominent economists consulted by Sarkozy's government. Having assiduously tried to improve ties with Beijing, partly
by avoiding criticism of the yuan's valuation, Sarkozy risks seeing his efforts undermined by reports France is investigating Chinese links to industrial espionage at Renault. "If it's true, it would certainly poison Sino-French relations," said Francois Godement of the European Council on Foreign Relations. FOOD PRICES RISING UP THE AGENDA French officials recognise their G20 agenda is at the mercy of events, such as any deepening of
the euro zone crisis. Rises in global food prices have also added urgency to its plans to more strictly regulate commodities markets. Expanding the usual G20 format, Paris is planning an agriculture ministers meeting by June to discuss tougher rules on commodities trading to prevent speculation. Paris wants more accurate data on commodities inventories and production, as well as the creation of regional food stockpiles. It would also like to see global implementation of U.S. rules on derivatives trading which prevent
players from acquiring a dominant market position to squeeze prices. Such measures have broad support from several countries in Latin America and Asia, but officials say here as well progress will face many hurdles. "Commodity reform ... is even more complex than monetary reform because you have to get lots of different people from very different areas in the same room: NGOs, agriculture ministers, derivatives regulators," said one government source. "It is going to depend on the price of wheat." -Reuters
Foreign states eye China's growing naval clout C
hina's unveiling of a stealth fighter may have grabbed headlines, but foreign powers are more worried about a growing naval buildup that is beginning to drive arms purchases elsewhere. Beijing confirmed the first test flight of the J-20 jet on Tuesday during a visit by U.S. Defense Secretary Robert Gates supposedly aimed at reducing tensions. Gates said he had been told the test had nothing to do with his presence. Analysts were more doubtful, saying the move was likely aimed at impressing outside rivals and local public opinion. They say Beijing has been far from transparent in what its military ambitions are, but the focus looks to be on building naval forces to counter U.S. influence in their immediate area and secure vital sea lanes further afield. "They have shifted rapidly
from a force overwhelmingly land-based to one where the navy is in the lead," said Nigel Inkster, a former deputy head of Britain's Secret Intelligence Service MI6 and now head of political risk and transnational threats at London's International Institute for Strategic Studies. "This increasingly has to do with the need to ensure that sea lanes on which China depends can be kept open and China's growing overseas interests protected." That unnerves neighboring countries with disputed sea boundaries such as Vietnam and Japan as well as others such as Australia, the Philippines, Malaysia and India. At a meeting of the Surface Navy Association in Washington on Wednesday, officers from a range of countries said that with a rapidly growing economy Chinese naval power would inevitably
rise -- although it would take time. "There's no doubt that it is increasing and we can't stop that," said Captain Hiroshi Egawa, Japanese naval attache to Washington. "We need to keep an eye on their activities." Gates said on Saturday he was concerned some Chinese advances risked challenging U.S. military capabilities, but Chinese officials have been keen to stress they remained decades behind. Nevertheless, worries over China are seen increasingly driving global procurement patterns. DRIVING PROCUREMENT "If you look at the sort of projects that are being prioritized -- anti-submarine warfare, for example -- they are areas largely ignored since the end of the Cold War," said Siemon Wezeman, senior fellow at the Stockholm International Peace Research Institute (SIPRI), which tracks global arms buying trends. He
attributed that trend to worries over China. Officially, Beijing's 2010 military budget was $78 billion, up 7.5 percent on the previous year -- just over a tenth of U.S. spending, which has doubled since 2001 and is generally estimated at over half of all global military outgoings. But some analysts estimate actual Chinese spending to be much more, perhaps growing by up to 20 percent some years. The United States aims to cut some $78 billion from its defense budget over the next five years, cutting troop numbers by 47,000 but largely continuing to spend on naval programmes. "The wars in Iraq and Afghanistan are hugely expensive," said Wezeman. "As the U.S. winds them down, spending will fall, but worries about China will drive spending in some areas." China's People's Liberation Army Navy might already have hundreds of vessels, but
most are small coastal patrol ships with only a few dozen oceangoing warships. But Beijing is now seen making good on a long-held ambition to build aircraft carriers that could allow it to project power much further. But it remains dwarfed by the size of the United States Navy, any one of whose dozen super carriers is seen capable of defeating almost any other single world navy. However, new Chinese antiship ballistic missiles are seen potentially as a new threat to these giant platforms, particularly in the event of a conflict over Taiwan -- seen by Beijing as a rogue province. China is also seen developing new cruise missiles and increasingly stealthy submarines. "We've seen our dear friends in China posturing and doing a pretty good job with some technological developments which are designed to deny access to certain parts of the
ocean," said U.S. Congressman Todd Akin, the new Republican chairman of the sea power subcommittee of the House Armed Services Committee. SOMALI PIRACY MISSION Since 2008, China has kept a permanent naval presence in the Indian Ocean to combat Somali piracy, its first serious deployment to the region since the 15th century. China is also working on port projects in Pakistan, Myanmar, Sri Lanka and elsewhere, although Beijing and its local partners have usually stressed their commercial nature. Some of Beijing's naval ambitions are seen as a long time coming, with businessmen purchasing several obsolete foreign warships -- particularly carriers -- ostensibly for scrap or to serve as floating leisure facilities but with analysts suspecting they have also been stripped for technical
secrets. Foreign worries over Chinese military expansion are not solely naval. SIPRI's Wezeman said India was also building army and air force bases close to its border with China, while Western powers have ramped up spending on cyber warfare. Speaking in November, U.S. Chief of Naval Operations Admiral Gary Roughead said good military-to-military relations were essential as China rose, hoping cooperation over anti-piracy patrols could be replicated in the South China Sea. "It's doing what has happened throughout history," he said of China. "As the country's economy ... driven by trade ... grows, then their navy grows with it. The Portuguese did it, the Dutch did it, the British did it, the United States did it. China is now in that process of building up." Reuters
Vietnam leaders all talk, no action on inflation V
ietnam's Communist leaders meeting in Hanoi this week grumbled about macroeconomic stability but barely mentioned spiralling inflation, stoking doubts that they will tackle chronic economic problems fueling nationwide price rises. Despite weeks of lip service by policymakers, the consumer price index is likely to remain high after hitting a 22month peak of 11.8 percent in December, official data show, signalling further losses for the dong currency after a 20 percent slide against the dollar since mid-2008. "The risk of a relapse of inflation remains high," Politburo member Truong Tan Sang, who oversees daily party affairs and has influence in economic policy, said in a speech when the Communist Party's five-yearly national
congress opened on Wednesday. That's no surprise on Hanoi's congested streets where rising prices for everyday goods are a far hotter topic than staid speeches of the 11th Party Congress, an event celebrated with ubiquitous hammer-andsickle banners and propaganda posters. "Everything's affected by inflation," said Nguyen Trong Hung as he poured steaming broth into bowls of noodles, beef and green onions at one of Hanoi's best known "pho" noodle shops, Pho Thin. Raw materials for a bowl of pho, Vietnam's signature noodle dish, steadily have gone up in price. At Pho Thin, a bowl sells for 30,000 dong ($1.54), nearly double that of just two years ago. Profit margins aren't keeping up.
"Profit? There's no profit. We make enough to eat and send the kids to school," said Hung, whose family owns the shop. Food and foodstuffs are the biggest components in Vietnam's consumer price index, and they have been on the rise here as in other countries in the region. Some Vietnamese fear a return to 2008 inflation levels that peaked near 30 percent. As it hits pocketbooks and threatens to further dent the currency, many are hoarding bars of gold and U.S. dollars, causing havoc with money supply. CREDIT GROWTH But economists say Vietnam has a unique inflation problem because policymakers cannot seem to shake a long-standing bias toward breakneck economic growth while the cur-
rency is undercut by widely available gold and dollars. The dong was devalued twice last year and currency traders widely expect another devaluation after the congress, which ends next Wednesday. Leaders at the congress this week endorsed annual gross domestic product growth of 77.5 percent in the coming five years, and 7-8 percent a year over the next decade. The government is targeting inflation of 7 percent next year. Matt Hildebrandt, an economist at JP Morgan in Singapore, says the goals are contradictory. GDP growth last year was 6.8 percent. "I think the government is very unlikely to achieve a higher growth target in 2011 compared to 2010 and a lower inflation target, especially given the global context with international food and fuel
prices rising," he said. Perhaps the key driver of inflation has been credit growth of well above 20 percent in recent years. Last year the central bank said credit growth hit 27 percent, exceeding its target of 25 percent. This year the target is 23 percent. Jim Walker, managing director of Hong Kong-based Asianomics Ltd, said the target was about three times the amount necessary for 7 percent growth, but it remained a mystery why the central bank had set the goal so high. "Hopefully they're not guessing at it. Maybe they've got some formula, but it's not apparent to everybody else, and that's typical of Vietnam. Everything is so opaque, and of course that introduces further uncertainty into the system," he said.
CONTINUING TO SPIRAL Standard & Poor's analyst Kim Eng Tan, who follows Vietnam, said the credit growth target needed to come down, but the government does not appear to have decided to do so. "In fact if you look at what they have been doing in the past few months they have been trying to hold down deposit rates so that banks can also lend at lower rates," he said. That could have knock-on effects. "What seems to be food price inflation now may turn into a more broad-based kind of inflation and it continues to spiral. That's the main risk," he said. The party congress will reshuffle Vietnam's leadership and approve broad socio-economic goals for the coming
decade, but few analysts expect major policy shifts to be announced. Prakriti Sofat, regional economist at Barclay's Capital in Singapore, says inflation should be the top policy priority. "I would also like to see a plan of action to anchor currency expectations -- that is the crux as expectations of currency weakness feed into inflation expectations, then into demand for inflation hedges in the form of gold and dollars, which creates pressure on the currency," she said. "Steps need to be taken to break this negative feedback loop." But Walker says at this stage there are no signs that the central bank or the government "have any real intention of trying to get inflation under control". -Reuters
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Sunday, January 16, 2011
Copying biotech medicine attracts more drugmakers SAN FRANCISCO: More drugmakers are seeing potential in the business of producing copycat versions of expensive biotechnology drugs as US guidelines take shape. The topic was at the forefront of plans discussed by several executives at this week's JP Morgan healthcare conference in San Francisco. Kevin Sharer, chief executive officer at Amgen Inc, said the world's largest maker of branded biotechnology drugs would consider entering the "biosimilars" space, particularly in emerging markets like Asia and South America. Merck & Co said it has struck an alliance with contract researcher Parexel International Corp to develop
copies of biotech medicines, deepening the U.S. drugmaker's investment in so-called biosimilar medicines. Because of the complexity of biotech drugs, which are produced through biological processes that generally involve recombinant DNA technologies, they are often called "biosimilars" rather than generic copies. "I think we are in a perfect position for this," Biogen Idec CEO George Scangos told Reuters in an interview at the conference. "The next decade will be about access and cost as much as it is about innovation." He said Biogen, maker of drugs including Avonex and Tysabri for multiple sclerosis, has the expertise and capacity
to manufacture a range of biologic products. "It's a low risk way to generate substantial revenue," Scangos said. The prospect that companies that make brand-name biotechnology medicines would also try to produce generic versions would seem surprising in that they risk undermining their main business model. Amgen's Sharer said the company "should participate in an intelligent way without disturbing the core business." Scangos noted that one of the first big biotech drugs to lose patent protection will be Enbrel, the $3.5 billion rheumatoid arthritis drug sold by Amgen and Pfizer Inc. Reuters
No check on sale of fake medicines QUETTA: Certain quarters in relevant government departments are allegedly working hand in glove with manufacturers and sellers of fake, sub-standard and spurious medicines in the country, particularly in Balochistan. Sources in the Health Department told APP on Saturday that like Orangi Town and Kachi Galli of Karachi, fake medicines were allegedly being prepared in Pashtoonabad, Marriabad and adjoining areas of the provincial metropolis. They alleged that anti-social elements filled wheat flour in empty capsules and coloured chemical water in bottles, stamped with logos of noted multi-national pharmaceuticals firms. The empty capsules and bottles are prepared at MV Tower Karachi, Neela Gumbad Lahore and Faisalabad areas.
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According to Dr. Amanullah Khan, Director of Drug Testing Laboratory (DTL) Balochistan, there were 36 drug inspectors in the province, six of them for the metropolis, to check sale of fake medicines. He recalled that as per a 2007 directive of the Balochistan High Court every drug inspector was bound to get checked standard of at least 15 drugs samples collected from medical stores in a month. However, he said that the Drug Testing Laboratory was receiving on average 120 samples per month against minimum 500 ones, which the 36 inspectors were bound to collect as per court directive. He said,"drug inspectors are used to send samples of famous and well-reputed multi-national pharmaceutical companies instead of fake ones for check-
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The Foreign Secretary underlined that the global landscape was in a flux and that it was necessary for Pakistan and the US to work closely with each other in order to be on the same page on issues of mutual concern and interest. Foreign Secretary Bashir said that relations between Pakistan and the US had greatly improved in the last two years and now there was much more clarity about the bilateral trajectory. The Strategic Dialogue had been upgraded to the ministerial level and was aimed at laying solid foundations for a long-term partnership. He said Pakistan, which had suffered immensely from the long war in Afghanistan, needed sustained support by its friends especially the US to address multiple challenges. In this regard, he urged the delegation to help expedite the disbursement of economic assistance under the Kerry-Lugar-Berman Legislation; reimbursement under the Coalition Support Fund; Reconstruction Opportunity Zone legislation; and implementation of the Enterprise Fund for Pakistan. Briefing the delegation about the challenges Pakistan was facing, the Foreign Secretary said that Pakistan was a nation with great potential. The fact that 2.5 million people, who were displaced as a result of law enforcement operations in Swat and Malakand, had returned to their native lands within three months, spoke volumes of the country's resilience. Pakistan was potentially a rich country and by encouraging public-private partnerships in key projects, the two countries could create win-win situations. He added that the recent floods had wreaked havoc causing unprecedented damage to the infrastructure and affecting close to 20 million people. Nevertheless, the people of Pakistan had been trying to overcome the destruction with dignity, creating new opportunities for development and progress. The Foreign Secretary gave a detailed account of Pakistan's efforts against extremism and terrorism and the successes achieved despite economic difficulties. He said the high professional standards of Pakistan's security forces and the national consensus against extremism and terrorism had been playing the decisive role in counterterrorism. He said Pakistanis were a moderate people and that there was no justification for violence in a civilized society. Discussing the regional situation, the Foreign Secretary highlighted that Pakistan was committed to Afghanistan-led peace efforts, as well as to facilitate the reconciliation process in accordance with the contours defined by Afghanistan. On relations with India, Foreign Secretary Bashir underlined that Pakistan had always strived for normal relations with its eastern neighbor, expressing the hope that a comprehensive dialogue between the two countries would be resumed this year. The leader and the members of the US delegation in their remarks reaffirmed bipartisan support for long-term strategic relations between Pakistan and the US. They also assured the Foreign Secretary that the US Congress would continue extending all possible assistance to Pakistan in counterterrorism and to achieve peace, stability and prosperity.-Agencies
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trade by the Indian government. Chairman Aptma Gohar Ejaz stressed the point that Aptma is not interested in pursuing the option of arbitration before the International Cotton Association (ICA) and expects a positive gesture from India on reciprocity basis after permission of onion exports to India by the Pakistan government. Chairman Aptma urged the Foreign Minister to convince the Indian government for shipment of stuck up cotton of Pakistani importers on priority basis. -Agencies
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"We are also following the policy of 'trade not aid' by penetrating different international markets by making our products competitive in terms of quality and cost", he remarked. He said that Pakistan would participate in China's Canton exhibition, to be held in October this yea. A variety of products will be put on display taking full advantage of the Free Trade Agreement signed between Pakistan and China. The Chinese government has already allowed us to participate in the first and third phase of the exhibition, he added. Tariq Puri said the export plan would have medium and long term goals, covering market and product diversification , value addition, development of food processing industry, holding of exhibitions and sending delegations abroad and other marketing tools for develop-
ing of their standard. If they are sincere, they should trace and collect samples of fake, substandard and spurious medicines." He said that some drug inspectors took the plea for not sending samples for verfication that they had neither official vehicles nor could afford their postal expenses. Dr. Khan admitted that there were some hindrances in despatching samples of fake and spurious medicines to the DTL. However, he feared that due to use of fake medicines, deadly diseases were being spread at a large scale in Balochistan. Syed Daad, owner of a local medical store, alleged that fake medicines were being prepared in some localities of the metropolis while some were being supplied to Balochistan from Karachi. -APP
Sanofi hopes to win Genzyme for $76/share PARIS: French drugmaker Sanofi-Aventis hopes to reach a takeover deal that would value U.S. target Genzyme at around $76 per share, or some $20 billion, the French daily newspaper Le Figaro said. The total figure would include a cash component of $70 to $71 combined with an earn-out known as a contingent value right, the article said, citing unnamed sources in the French camp. Sanofi could not immediately be reached to comment on the report. Sanofi and Genzyme said early this week that representatives from both companies were now in direct talks about a takeover deal, although hopes for a quick agreement cooled as the two sides noted significant differences remained. The disclosure of direct talks followed reports at the end of last week that the companies were moving closer to a deal that would value Genzyme above the $18.5 billion, or $69 per share, hostile offer that Sanofi has extended to shareholders. With Genzyme having rejected Sanofi's takeover offer as too low, the two sides are now talking about a way to bridge the valuation gap by focusing on prospects via a deal structure using a CVR. A CVR would offer Genzyme shareholders an additional payout based on its Campath medicine being approved for multiple sclerosis and meeting certain revenue targets. An improved offer consisting of an extra cash top-up plus a CVR would probably not surprise investors -- but $76 would likely be viewed by many Genzyme investors as being on the low side. -Reuters
ment of the trade. The TDAP, he said would be a focal organization for the implementation of the plan while other ministries and stakeholders would be involved in its preparation. The stakeholders along with the concerned ministries would be encouraged to improve production capacity, increase investment and necessary changes in the regularity environment for the export industry such as industrial policy, financial support and tariff structure, he remarked. The CEO TDAP expressed his determination for efficient utilization of free trade agreements and other trade arrangements for the promotion of export. He said that the export year plan 2011 would be approved at the highest level, i.e., the President and the Prime Minister. He also appreciated the European Union for granting tariff concessions for Pakistani products in its markets. He said that signing of an FTA with Indonesia was in progress. -APP
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On a question that what steps need to be taken for resumption of peace talks, Basit Ali said the Hurriyat Conference has also given some points to India which could yield positive results if implemented. He said definitely pull out of troops, revocation of Indian black laws, release of political prisoners are also in those proposals. So, these steps, if implemented, can create a conducive atmosphere, he added. -Agencies
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thousands of acres land after completion. He said that the life of Tarbela Dam would also extend by about 35 years after completion of the project. He said that Pakistan was facing energy crisis challenge and taking all possible measures to mitigate it. The minister said that the government was also working on various other hydel power projects to reduce dependence on thermal power and to generate cheaper and clean electricity to meet the future electricity needs. He said that the government was very enthusiastic and the people of the area were very keen for early construction of the project. He said that the Water and Development Authority (WAPDA) had started implementing the resettlement plan and land acquisition. Earlier, Wapda Chairman Shakeel Durrani briefed the meeting on the current status of the dam, allocation of funds by the government during 200910, sanctioning of Rs20 billion for the 2010-11, establishment of land acquisition and resettlement unit in WAPDA, land acquisition in Gilgit-Baltistan and Khyber-Pakhtunkhwa, up-gradation of KKH, three-year resettlement plan and other related matters. The meeting was also attended by Secretary, Adviser and Additional Secretary of the Ministry of Water and Power, Member (Water) Wapda, Member (Infrastructure) Planning Commission, GM Bhasha Dam Project and other senior officials of the Ministry, Kashmir Affairs division, Wapda and ADB. -Agencies
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Minister for Water and Power Raja Pervaiz Ashraf. The Committees will evolve a joint strategy to implement the ten point agenda. NNI
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Furthermore, Ranger and police launched joint search operation in different areas of Karachi and arrested 16 suspicious people after spree of target killing for last two days in which over 24 people were killed. As per details, after the several incidents of target killing in Karachi for last two days, and killing of 24 innocent people including a private TV channel reporter Wali Khan Babar, ranger and police launched joint search operation in different areas of Orangi Town and arrested 16 suspicious people here on Saturday. Police sources told that, the operation started after clear information about the presence target killers in the area from two arrested target killers SP Orangi Town told to media that, the operation has been conducted on secret basis and the arrested persons are in the custody of ranger and police who will investigate from them.
BASEL: A general view of the plant of Swiss pharmaceutical company Roche, in Basel. Reuters
GSK malaria vaccine gives long-lasting protection LONDON: An experimental malaria vaccine from GlaxoSmithKline provides African children with long-lasting protection, though its effectiveness declines slightly over time, according to trial data published on Saturday. Scientists conducting the midstage trial at the Kenya Medical Research Institute said results showing the shot offered 46 percent protection for 15 months meant it had "promise as a potential public health intervention against childhood malaria in malaria endemic countries." Malaria is an infectious disease spread by mosquitoes that threatens up to half the world's population. Most of its victims are children under five in poor countries in sub-Saharan Africa. The World Health Organization's latest malaria report found progress against the disease has been made over the past
No #8
decade, with deaths estimated to have dropped to 781,000 in 2009 from nearly a million in 2000. Late-stage trials of the GSK vaccine, known as RTS,S or Mosquirix, in 16,000 children in seven countries across Africa are ongoing, with immunizations due to end next month. If data show the vaccine was effective, it could be licensed and rolled out as soon as 2015. The mid-stage study, conducted between March 2007 and October 2008, involved 894 children aged over five months in Kenya and Tanzania. Initial findings published in 2008 showed the vaccine gave 53 percent protection against malaria for at least eight months, but researchers led by Ally Olotu at the institute in Kilifi, Kenya wanted to see if that protection would last longer. Results published in The Lancet journal showed that after 15
months of follow-up, the efficacy of the vaccine had not waned much, with children who had been given the shot still 46 percent less likely to be infected with malaria than those who had not. "Further studies are needed to establish vaccine efficacy in, for example, children with HIV infection or those who are malnourished," Olotu said in the study, adding further trials should also be done at sites with varying transmission intensities to confirm the results. GSK chief executive Andrew Witty has said that if RTS,S proved effective in final-stage trials it would be sold at a price that those who need it most can afford. The company has said it was planning for a profit margin of 5 percent over the cost of making the vaccine, and that would be reinvested in new vaccines for malaria and other neglected diseases. Reuters
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He said that government is in a state of fiscal emergency which could only be overcome with the 'working partnership' of business community. Referring to various complaints on export refund claims, he said that a committee of KCCI should be formed by the Chamber office bearers who could help the Board in resolving the claims of the exporters. "I assure you that all the refund claims will be made expeditiously as compared to the past and non official malpractices will be tolerated," he added. The FBR chief said that the Board's Revenue Advisory Council will be asked to have working relationship with the KCCI and further gave an assurance to the business community members that functions of FBR will be restructured in due consultation with the members of the Chamber. The FBR chief also hinted at formation of a mechanism terming it alternate dispute resolution methods to improve the relations with the tax payers. Earlier, the KCCI President Saeed Shafique dwelt at length over the problems of the business community pertaining taxation. -Agencies
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and keeping in view the terms & conditions contained in above Scheme and submit duly completed claims at SBP-BSC (Bank), Peshawar for reimbursement for the period from 01-07-2010 to 3112-2010 latest by February 15, 2011. It said instructions regarding reimbursement of mark up differential in respect of the beneficiaries of other eligible sectors, for the period from 01-07-2010 to 31-12-2010, shall be issued separately on receipt of necessary instructions / budgetary allocation from the Ministry of Finance. NNI
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Soon after torching the tankers the miscreants succeeded to escape from the scene. The fire engulfed the adjacent hotel and market. After the incident the Levies Force closed national highway from Sukkur to Quetta. The Levies Force has cordoned off the area and started search operation while only one fire Brigade reached at the site to control the fire. -Online
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He said the country today was stable and strong and it would become stronger in future with the help of civil servants.Earlier, the Premier gave away certificates to 55 participants of the 93rd National Management Course and 133 participants of the 8th Senior Management Course from several departments.-APP
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Later, memento of the chamber was also presented to Dr Samar Mubarak Mand.-Agencies
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announced that the Islamic Republic is ready to take any measure to help build confidence in its nuclear program but will not compromise on its legitimate rights. "We are ready to take any measure in line with building mutual confidence with the West while protecting our nuclear rights," he said. Salehi, who is also the director of the Atomic Energy Organization of Iran, expressed hope that the country's goodwill gestures would help build confidence. "There is no country in the world that is ready to expose its nuclear facilities, and this (invitation) demonstrates the peaceful nature of Iran's nuclear activities," Salehi stated. -Online
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defiance of its restraining order of Nov 3, 2007, and which was later declared by the apex Court in its July 31 verdict as unconstitutional and illegal. While a special bench comprising the Chief Justice, Justice Javed Iqbal, Justice Tassadduq Hussain Jillani, Justice Raja Fayyaz Ahmed, Justice Anwar Zaheer Jamali, Justice Ghulam Rabbani and Justice Khalil-ur Rehman Ramday will resume hearing from January 20 (Thursday) of a suo moto case regarding alleged corruption in Hajj arrangements. According to cause lists, no application for adjournment through fax will be placed before the Court. If the counsel is unable to appear for any reason the Advocate-on-Record will be required to argue the case. No adjournment on any ground will be granted. -Agencies
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forming the government, he sees no harm if there is a coalition government after the elections. Answering a question, he said that although he now had disappointments with the Chaudhrys, they were the best choice in 2002 to create PML-Q out of PML-N. Answering a question about his harsh criticism of the Sharif brothers, he defended his remarks against the two leaders, saying "I'm no Christian, I'm Muslim and will therefore retaliate with equal or even more force against their attacks on me". He also defended his position in relation to action against Nawab Akbar Bugti and Lal Masjid operation, adding that these issues were required to be properly explained to the people. However, he added, the media did not play its due role in this respect. Answering a question about the assassination of Benazir Bhutto, the former President said that it is not true that the entire PPP holds him responsible for her murder. In answer to criticism on his remarks that ISI had been training Kashmiri Mujahideen, he denied that he ever made such remarks, adding that a German magazine had published those remarks out of context. Furthermore, All Pakistan Muslim League (APML) Chief Coordinator Chaudhry Shahbaz Hussain said that on the special directives of Pervez Musharraf, he will visit the different cities and meet the senior leaders of the country to build up support. He said that Pervez Musharraf will address the people in February. -Agencies
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a five-member delegation of MQM led by Dr Faroque Sattar and Peoples Party leader and senior provincial minister Pir Mazhar-ul-Haq. The meeting discussed current situation in Karachi and the steps taken for maintenance of law and order in Karachi. Malik said that a third force is involved in the on going target killing in Karachi which would be exposed soon adding that we will not allow peace in Karachi to be deteriorated. Talking to reporters at Karachi airport, Malik once again put the blame on a third power, which he believed, is exploiting the ongoing verbal spat between political parties. Interior Minister Rehman Malik flew into Karachi on Saturday as a series of violence attacks left 28 people dead. "We are evaluating motives of the target killing," he said. The Interior Minister said that nobody will be allowed to destroy the city peace. He said that the purpose of his visit to Karachi is to meet leaders of political and religious parties in view of the deteriorating peace in Karachi. He said that he would also meet Ulema. -Agencies
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Govt already in financial crunch
No bail-out for industries: FBR
ISLAMABAD: Foreign Secretary Salman Bashir meeting with US Congressional delegation led by Senator Mitch McConnell at Foreign Office.-APP
US Senate delegation meets Foreign Secretary
Govt calls for US fiscal push ISLAMABAD: Foreign Secretary Salman Bashir has said that global landscape was in a flux and that it was necessary for Pakistan and the US to work closely with each other in order to be on the same page on issues of mutual concern and interest and urged for expediting economic assistance, and early release of dues under Coalition Support Fund (CSF). He expressed these views
SC's forms 8 benches for next wk ISLAMABAD: Chief Justice of Pakistan Iftikhar Muhammad Chaudhry has constituted eight benches including a larger bench and a special bench at the Principal seat to hear a number of cases from next week starting from January 17. The first bench comprises the Chief Justice, Justice Ghulam Rabbani and Justice Khalil ur Rehman Ramday, second bench of Justice Mian Shakirullah Jan, Justice Nasir ul Mulk and Justice Mian Saqib Nisar, third bench of Justice Raja Fayyaz Ahmed and Justice Nawar Zaheer Jamali, fourth bench of Justice Muhammad Sair Ali and Justice Asif Saeed Khan Khosa, fifth bench of Justice Mahmood Akhtar Shahid Siddiqui and Justice Khilji Arif Hussain and the sixth bench of Justice Jawwad S. Khawaja and Justice Tariq Parvez. A four-member larger bench including Justice Mahmood Akhtar Shahid Siddiqui, Justice Jawwad S. Khawaja, Justice Khilji Arif Hussain and Justice Tariq Parvez will resume hearing of contempt of court issue against those judges who took oath under the Provisional Constitutional Order of 2007 in See # 14 Page 7
KP police gets 50pc raise in salaries PESHAWAR: Chief Minister of Khyber Pakhtunkhwa (KP) Ameer Haider Khan Hoti has increased 50 percent salary of Police. According to media reports, addressing to police officials and personals he said that Army played a key role in the training of police. He said police played very vital role in war against terrorism. He distributed gifts among the children of Police martyrs and called them on the stage and sit on VVIP chairs. Before, Inspector General Police KP gave briefing CM about police performance against terrorism. -Online
while talking to a seven-member US Senate delegation, led by Senator Mitch McConnell, which met with Foreign Secretary Salman Bashir at the Foreign Office on Saturday. Members of the delegation included Senators Richard Burr, Lindsey Graham, Ron Johnson, Kelly Ayotte, Pat Toomey, and Marco Rubio. Ambassador Cameron Munter
also attended the meeting. This is the first US Senate delegation visiting Pakistan after the Congressional elections in November last year. Foreign Secretary briefed the delegation about efforts being made by Pakistan and the US to take the bilateral relationship forward, as well as exchanged views on counterterrorism and the regional situation. See # 1 Page 7
20 Nato tankers torched DERA MURAD JAMALI: At least 20 Nato oil tankers have been set ablaze when some unidentified miscreants opened indiscriminate firing on the tankers here in Naseerabad on Saturday while one driver got serious injuries and other is missing till the filling of the report. According to eyewitnesses, four armed men opened indiscriminate fire on the 20 Nato oil tankers in Naseerabad near Dera Murad Jamali and set to ablaze the oil tankers injuring the driver. See # 10 Page 7
KARACHI: Federal Board of Revenue (FBR) Chairman Salman Siddiqui has said that the government cannot provide bailout to industries as the government is facing unannounced economic emergency. He stated this while addressing a ceremony held by Karachi Chamber of Commerce and Industry on Saturday. BMG Group Head Siraj Qasim Teli and KCCI leaders also attended the ceremony. Talking to media on this occasion, FBR Chairman said that the government was trying to end the loans to control the inflation. The current loans is 140 billion not 500 billion rupees. He said that in the first phase, Islamabad Electric Supply Company would be privatised; adding that the economic sector was facing crisis and the government could not fulfill its expenditures. He questioned how it could possible to pro-
vide sources to business community in this circumstance. The FBR chairman pointed out no one would come forward from abroad to provide bailout package for the restoration of economy. We should resolve our problems; every citizen should be brought into tax network, he added. The FBR chairman suggested that the ban has to be imposed on the government from borrowing loans from State Bank. The policymaking is not responsibility of the FBR but its function is the implementation. He advised the tax defaulters to contact with actual department for the solution of their problems. The FBR is working for the welfare of various departments. It is not difficult to overcome the issue of economic deficit; the government has to overcome issue of economic deficit
through local sources, he underlined. To a question, he said that the economic downfall started after the government borrowed loans from banks. Salman Siddiqui said that he urged the businessmen not to attach any expectations from the government as it was facing economic problems. He suggested the traders should set up representatives of the businessmen community for the solution of their problems about tax. On this occasion, businessmen community leader Qasim Teli said that the traders were facing several problems about tax, adding that the traders wanted to pay tax but the policy of the government should be clear in this regard. The government should become better the tax system. He demanded to end corruption from the FBR. See # 8 Page 7
Banks asked to submit textile claims KARACHI: The State Bank of Pakistan has advised banks/ DFIs to submit claims for second installment with respect to Fiscal Relief Package of the Government of Pakistan for the beneficiaries of the textile sector in Khyber Pakhtunkhwa, Federal and Provincial Administered Tribal Areas. According to a Circular issued on Saturday, the Ministry of Finance has advised to
release 2nd installment of the subsidy under the Scheme for the period from 01-07-2010 to 31-12-2010 to the beneficiaries of the textile sector. It may be mentioned here that the State Bank had already reimbursed 1st installment of mark up rate differential for six months ending on 30th June 2010 following the release of necessary budgetary allocation by the Ministry of Finance.
According to the Circular, under the modus operandi of the Scheme the rate of mark up differential for 2nd installment, for six months ending on 31st December 2010, has been worked out at 5.32%. The Circular added, the banks/DFIs may calculate the amount of mark up differential on outstanding loans of textile sector, on the basis of said rate See # 9 Page 7
Coal, a way out of power crisis: Samar FAISALABAD: Pakistan has huge coal reserves which could be used to overcome prevalent energy crisis by producing cheaper electricity. This was claimed by Dr Samar Mubarak Mand member Science and Technology, Planning Commission of Pakistan while addressing a seminar on "Energy Crisis in Pakistan" organized by the Faisalabad Chamber of Commerce and Industry (FCCI) here. He said Pakistan was the second country in the world which had huge coal reserves. However, it is need of the hour to start getting coal, diesel and gas from these reserves as the country is passing through a critical stage due to multi-
faceted crisis prevailing in the country. "If we get electricity from coal, it would cost only Rs 3.5 to Rs 5 per unit" he said, adding that our neighboring countries are far ahead from us in development pace only due to the use of coalbased energy. He said Allah Almighty has bestowed Pakistan with all kinds of natural resources and now it is our duty to utilize these resources in a fair and transparent manner for the welfare and betterment of mankind. Divisional Commissioner Tahir Husian and Chairman Ad-hoc Management Committee FCCI Muhammad Naseer also addressed the function. See # 12 Page 7
UN watchdog visits Iran N-sites TEHRAN: Seven ambassadors to the International Atomic Energy Agency, representing over 120 nations, have arrived in Tehran for a tour of Iranian nuclear sites. Representatives from the NonAligned Movement (NAM), the Group of 77, the Arab League, Venezuela, and Syria accepted Iran's invitation to tour its nuclear sites and left the Austrian capital on Friday. The delegates are from Algeria, Cuba, Syria, Oman, Egypt, Venezuela, and the League of Arab States. Egypt is the current head of NAM, and the G77 is being represented by Algeria. Ahead of their departure on Friday
evening, Iran's ambassador to the IAEA, Ali Asghar Soltanieh, said the envoys are scheduled to visit the Natanz enrichment facility and the Arak heavy water reactor. This visit is a sign of the transparency of Iran's nuclear activities, Soltanieh said. Tehran extended the invitation as a goodwill gesture to display the transparency of its nuclear program in the spirit of international cooperation. Iran extended the same invitation to EU member states as well, but they rejected the offer. Earlier on Friday, Iranian caretaker Foreign Minister Ali Akbar Salehi See # 13 Page 7
Will return to Pak before next poll
Musharraf says to lead Pak forward KARACHI: Former president Pervez Musharraf said that he firmly believes Army will support him once he returns to the country because he has served that institution for over 35 years. During an interview with a private TV channel, he reiterated his plans about return to the country, saying that he would definitely go to Pakistan, and will try to win next elections there as he wants play his role in the country's politics and take the country out of chal-
lenges it is facing. Answering a question, he said the first task of any state is its people's wellbeing and improvement in their quality of life. "State exists for people; their well-being and welfare," he added. Talking about his aims and objects, he said he wants to win next elections with at least a simple majority to form government, adding that although he wants a single party with a simple majority See # 15 Page 7
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