International Karachi, Wednesday, February 16, 2011, Rabi-ul-Awwal 12, Price Rs12 Pages 8
Malik thanks India for releasing Rahat
Pak beat BD in WC warm up match MD vows to regain PIA lost glory Late Holbrooke’s successor struck
See Page 8 See Page 8
See on Page 8
US Upcoming Budget for 2012
Economic Indicators Forex Reserves (5-Feb-11) Inflation CPI% (Jul 10-Jan 11) Exports (Jul 10-Jan 10) Imports (Jul 10-Jan 10) Trade Balance (Jul 10-Jan 10) Current A/C (Jul 10- Dec 10) Remittances (Jul 10 - Jan 11) Foreign Invest (Jul 10-Dec 10) Revenue (Jul 10 Jan 11) Foreign Debt (Sep 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Nov 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.31bn 14.55% $13.23bn $22.55bn $(9.32)bn $26mn $6.12bn $1.05bn Rs 765bn $58.41bn Rs 5497.4bn $323.6mn -4.69% 4.10% $1,051 175.18mn
Pakistan to get over $3 billion l $1.9bn for energy, agriculture growth l $1.2bn for counterinsurgency operations l $45mn for edu, cultural exchange programs
Portfolio Investment SCRA(U.S $ in million)
197.95 -2.80 0.68 3093
Yearly(Jul, 2010 up to 14-Feb-2011) Monthly(Feb, 2010 up to-14-Feb-2011) Daily (14-Feb-2011) Total Portfolio Invest (5 Jan-2011)
NCCPL (U.S $ in million)
FIPI (15-Feb-2011) Local Companies (15-Feb-2011) Banks / DFI (15-Feb-2011) Mutual Funds (15-Feb-2011) NBFC (15-Feb-2011) Local Investors (15-Feb-2011) Other Organization (15-Feb-2011)
-0.38 0.67 3.12 -2.27 0.59 -2.66 0.94
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,078.28 10,746.67 22,899.78 18,273.80 2,715.91 2,899.24 6,045.38 12,237.65
Change 132.19 21.13 221.28 71.60 4.75 0.10 14.71 30.54
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 110.50 16.75 142.37 2.00 42.50 1.70 36.12 11.05 37.55
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
09-Feb-2011 09-Feb-2011 09-Feb-2011 29-Nov-2010 15-Feb-2011 15-Feb-2011 15-Feb-2011 15-Feb-2011 15-Feb-2011 15-Feb-2011 15-Feb-2011 15-Feb-2011 15-Feb-2011 15-Feb-2011 15-Feb-2011
13.53% 13.69% 13.86% 14.00% 13.28% 13.62% 13.76% 14.14% 14.26% 14.21% 14.25% 14.25% 14.62% 14.79% 14.98%
Commodities *Crude Oil (brent)$/bbl 102.64 *Crude Oil (WTI)$/bbl 85.22 *Cotton $/lb 188.00 *Gold $/ozs 1,373.10 *Silver $/ozs 30.82 Malaysian Palm $ 1,288 GOLD (NCEL) PKR 37,567 KHI Cotton 40Kg PKR 12,325
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 85.00 Canadian $ 85.90 Danish Krone 15.40 Euro 115.00 Hong Kong $ 10.90 Japanese Yen 1.006 Saudi Riyal 22.73 Singapore $ 66.11 Swedish Korona 13.10 Swiss Franc 88.00 U.A.E Dirham 23.23 UK Pound 136.50 US $ 85.50
Sell (Rs)
86.00 86.90 15.80 116.50 11.30 1.031 22.98 67.10 13.50 89.00 23.53 138.00 85.80
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
85.31 85.98 15.39 114.72 10.90 1.019 22.64 66.33 13.10 87.63 23.11 136.33 85.00
85.51 86.19 15.42 114.99 10.92 1.021 22.69 66.48 13.13 87.84 23.17 136.65 85.18
Weather Forecast CITIES
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MIN
4°C 14°C 7°C 9°C -2°C 5°C
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WASHINGTON: President Barack Obama makes a statement about US budget during a news conference on the White House complex in Washington. -Reuters
Supreme Court orders removal of DG FIA
Apex court rues govt unruliness ISLAMABAD: Supreme Court of Pakistan Tuesday, while hearing Hajj scandal case, directed the authorities concerned to abandon the contract of 15 ad hoc officers including DG FIA, IG Sindh and others, media reported. The special bench of the SC headed by Chief Justice Iftikhar Muhammad Chaudhry was hearing the case. The CJP in his remarks lashed out at the government, saying that government has started confrontation with the judiciary, adding the later is not complying court orders in letter and spirit. Supreme Court ordered the government to take back the notification of the appointment of Wasim Ahmed as Federal Investigation Agency Director General, besides other contract officers.
Hearing the Hajj corruption case, SC has given a deadline of Thursday to the government to revert the notification, saying if the government does not take the notification back the court will pass orders for its nullification. The government's lawyer Abdul Hafeez Pirzada asked the court not to mix Hajj scam case with the case of contract officers. The chief justice said Hajj scam probe was not progressing due to contract officers, so that both cases could not be separated. Chief Justice said that the government tended to be in conflict with the judiciary. Justice Khalil-ur Rehman Ramday said in his remark that government should bring a constitutional amendment that See # 9 Page 7
Pak-Afghan trade delayed till summer
Afghan trading via bank urged ISLAMABAD: Islamabad has asked Kabul for furnishing a bank guarantee under Afghanistan Pakistan Transit Trade Agreement (APTTA) for its exports to Afghanistan. "During the Afghanistan Pakistan Transit Trade Coordination Authority (APTTCA) meetings, Pakistan has asked for a bank guarantee encashment on custom duties to the satisfaction of Federal Board of Revenue (FBR) and the guarantee should be acceptable to any bank in Pakistan", Secretary Commerce Zafar Mehmood told a press conference here this afternoon. He said that Pakistan has concerns regarding APTTA including bank guarantee to be
given by the Afghan Government on the Pakistani imports to Afghanistan. "We want that the Afghanistan's bank guarantee should be acceptable and encashed in a Pakistani bank", he remarked. Secretary Commerce said that Afghanistan Pakistan Transit Trade Agreement has been signed by the two countries in Kabul for promotion of bilateral trade between them. Zafar Mehmood said that APTTA provides opportunities for our exports to penetrate in even Moscow (Russia) through Afghanistan and in this regard 17 routes have been identified for the market access to See # 11 Page 7
Davis to be tried in US: Kerry ISLAMABAD: US Senator John Kerry Tuesday while talking to journalists here Tuesday said Raymond Davis would be tried in USA and every efforts would be done to clear up this issue. Senator Kerry said that US respects Pakistani courts and would wait for the verdict to come out but said that Davis was US consulate employee snad he enjoys diplomatic immunity and Pakistan as a signatory of Vienna Convention should respect that law. Earlier, Sen Kerry telephoned former foreign minister Qureshi and discussed with him the thorny issue of Raymond Davis. Qureshi told Online that Senator called him and reiterated his stance that Raymond Davis enjoys diplomatic immunity and that he should be released from detention while expressed the desire to meet him when he comes to Pakistan. He told Kerry that if Davis is US diplomat then proof must be provided to the respected See # 7 Page 7
Eid Milad to be observed today
Former president condemns arrest warrant
ISLAMABAD: Eid Milad-unNabi would be observed all over the country with religious fervor and respect on Wednesday (today). As per details, Milad-unNabi processions would be held in all big and small cities of the country including towns and villages, in this connection government has announced Wednesday as a public holiday. Milad-un-Nabi processions would be held in different cities including Islamabad, Rawalpindi, Sialkot, Karachi, Quetta, Lahore, Faisalabad, Peshawar, Mardan, Swabi, and See # 6 Page 7
Musharraf urges people to stand up
LPG goes down by Rs10/kilo
LONDON: Former president Pervez Musharraf has defended himself on social networking site 'Facebook' against an arrest warrant issued by an Islamabad court over his alleged involvement in the assassination of Benazir Bhutto. Last Saturday, Court had ordered the former military ruler to appear for a hearing on February 19 in the Benazir assassination case. "The fact that one is witnessing opposition trying to build pressure upon myself and other
APML members to show that they are afraid of us and our national movement," The New York Post quoted Musharraf, as writing on his Facebook profile. "Time to stand up against deception and injustice that has constantly eaten away at our national unity; Pakistan First! PM," Musharraf added. His post received more than 571 "likes" and was flooded with messages of support. One woman wrote, "The See # 10 Page 7
ISLAMABAD: In pursuance of directives from Ogra, LPG marketing companies have announced to curtail the prices of LPG by Rs10 per kilogram. Owing to this decision the price of domestic cylinder has been reduced by Rs110 and commercial cylinder by Rs440. The new prices will take effect immediately. Chairman LPG Distributors Association Pakistan and LPG zonal standing committee, Muhammad Irfan Khokhar had See # 8 Page 7
WASHINGTON: US President Barack Obama's 2012 budget proposes $3.1 billion financial assistance to Pakistan as part of $5.3 billion "in core assistance and diplomatic support to Iraq, Afghanistan, and Pakistan." Under the Kerry-LugarBerman initiative, the US spends money on a variety of programs including development of democracy and wideranging infrastructure projects to assist Pakistan's economic progress. Of this $1.9 billion in assistance to Pakistan is earmarked to "promote a secure, stable, democratic and prosperous Pakistan with a focus on energy, economic growth, agriculture, the delivery of health and education services, and strengthening the government of Pakistan's capacity to govern effectively and accountably."
US says will provide evidence in court
Obama tells Pak to respect immunity, release Davis WASHINGTON: US President Barack Obama said on Tuesday Pakistan must respect the diplomatic immunity of US consulate employee Raymond Davis, who is jailed there for shooting two Pakistanis in what he says was self-defence. Obama said Washington was working with Islamabad to secure Davis' release. The US government has said that it will provide evidence in a Pakistani court that US national Raymond Davis is entitled to diplomatic immunity, television reports said. US State Department spokesman Philip J Crowley on Monday told reporters that the US government would file a petition for Davis' release in a court on Thursday and provide evidence regarding Davis' diplomatic immunity. Another $45 million is proposed for "operations to support infrastructure for maintaining US government civilian and diplomatic presence and to support educational and cultur-
Fund agree to meet Pak delegation for next tranche
Silver lining seen in talks with IMF ISLAMABAD: Capital-starved government has seen a ray of hope as International Monetary Fund (IMF) has agreed to send an economy review mission to Dubai by the end of this month. According to well-placed officials in Finance Ministry, the IMF mission would meet the government's economy team in Dubai in last dates of February in a bid to gauge Pakistan's potential of getting back on growth track leaving controversial Reform General Sales Tax (RGST) as pending with the Parliament. Senior officials of the Finance Ministry described it as a breakthrough after the IMF had practically stalled the Stand-By
Agreement (SBA) conditioning release of further tranches with, inter alia, implementation of RGST. The IMF high-ups who visited Pakistan early this month to decide whether or not to send an economy review mission had given negative indications. There were reports that the Fund would not send a review mission unless the government fulfills its commitments under the SBA. "They (the IMF high-ups) were extremely disappointed with the government's progress on key issues but they have valued the PPP-PML (N) joint venture to address national issues See # 2 Page 7
Gilani meets financial giants
Kuwaiti cos wooed for Pak energy, coal KUWAIT: Prime Minister Syed Yousuf Raza Gilani Tuesday urged the two Kuwaiti financial giants to help Pakistan overcome its' energy shortage and development of infrastructure through investments in Thar Coal and building of Gwadar Port's facilities. "We have one of the world's largest coal reserves-175 billion tons in Thar. The Kuwait Investment Authority (KIA) should consider investing in mining of that coal and generation of electricity with it," he stressed. Prime Minister pleaded this during his separate meetings
with Acting Director General Kuwait Fund for Arab Economic Development (KFAED) Hesham Ibrahim AlWaqayan and Acting Managing Director KIA Othman Ibrahim Al-Isa here on the second day of his two-day official visit to the oil-rich Arab state. Gilani who met the Amir of Kuwait Sheikh Sabah AlAhmad Al-Jaber Al-Sabah, also held wide-ranging talks with his Kuwaiti counterpart Sheikh Nasser Al-Mohammad Al-Ahmed Al-Jaber Al-Sabah on Monday to bolster bilateral See # 3 Page 7
Out of 58k entities only 19331 filed returns
FBR, SECP to share data ISLAMABAD: Federal Board of Revenue and Security Exchange Commission of Pakistan (SECP) have agreed to work closely to exchange data for broadening the tax base, says a press release issued Tuesday. The agreement to create an interface of data between the two organisations was achieved at a recent meeting
attended by Member Inland Revenue Service (IRS) FBR, Khawar Khursheed Butt and SECP Chairman Muhammad Ali Ghulam Muhammad. The two sides agreed to work out modalities for sharing of data within the legal framework. A Memorandum of Understanding (MoU) between FBR and SECP will also be See # 5 Page 7
al exchange programs to build bridges with civil society". Pakistan gets $1.2 billion more for "helping eliminate violent extremist elements and See # 1 Page 7
Pak cabinet reshuffling delayed talk with Isb: US ISLAMABAD: The acting spokesperson of US Embassy Courtney Beale has said that the three-party meeting between the US, Pakistan and Afghanistan was postponed due to cabinet reshuffle in Islamabad. Talking to media, she said that US ambassador several times talked to former foreign minister Shah Mehmood Qureshi on the issue of Raymond Davis. However, she said, the case of Shah Mehmood Qureshi is an internal matter of Pakistan and the US will not get involved in it. The acting spokesperson said the press conference of the head of Lahore police before the court verdict on Raymond Davis was unnecessary. She said they have not sought internet and other facilities for Raymond Davis in the prison and there is no pressure on Pakistani government. She said relations between Pakistan and US are very important for the security of the region. -APP
MOL hits gas at Tal block Ahmed Siddique KARACHI: Hungarian oil and gas firm MOL has made a minor discovery of gas from its Tolanj X-1 at Tal block. Tolanj X-well was spudded on June 21, 2010. The block is situated KhyberPakhtunkhwa. In the Lumshiwal Formation, upper 48 meters of the drilled section produced around 16.3 standard cubic feet a day of gas (mmscfd) during Barefoot DST See # 4 Page 7
Holiday Notice The offices of The Financial Daily will remain closed today on account of Eid-eMilad-e-Nabi (PBUH). Therefore 'The Financial Daily' will not be published on Thursday, Feb 17, 2001.
2 Wednesday, February 16, 2011
Islam & terrorism are antonyms: President, PM ISLAMABAD: President Asif Ali Zardari and Prime Minister Syed Yousaf Raza Gilani underlining that Islam fully rejects terrorism and extremism said that those who invoke religion to justify their heinous and reprehensible acts of terrorism have nothing to do with Muslims and Islam. President Asif Ali Zardari and Prime Minister Yousaf Raza Gilani expressed these views during their separate messages on 12th Rabi ul Awwal - Eid Milad un Nabi- 1432 A.H/2011 falling today. The President in his message said I greet every one particularly the Muslims on the auspicious birth day of the Holy Prophet (peace be upon him) today. The Prophet (peace be upon him) is a source of blessing for the entire humanity and his message of love, tolerance and compassion is also for the entire humanity and can neither be compartmentalized nor restricted, he said. The need for imbibing the true message of tolerance and understanding preached and practiced by the Holy Prophet (peace be upon him) has never been as great as it is today, he said. As the benefactor of entire mankind his teachings cannot be monopolized by any one to the exclusion of others nor can
Visa card holders security improved KARACHI: Visa Inc. (NYSE: V) recently announced significant improvements to its security capabilities which will dramatically improve its ability to detect and prevent global electronic payments fraud. Upgrades to Visa's global processing platform VisaNet - have allowed Visa to develop new fraud models that enhance the speed and accuracy with which Visa detects attempted payment card fraud. An analysis of past global transactions suggests Visa's enhancements could help identify $1.5 billion in fraud, representing a 29 percent performance improvement from 2009 [1]. In particular, fraud detection rates on the riskiest transactions improved by 122% over the previous model. This dramatic increase in fraud identification is the result of an enhancement to the underlying processing platform that powers Visa's Advanced Authorization.-PR
any one put exclusive interpretations on it. The Prophet Muhammad (peace be upon him) was sent by Allah to the entire mankind and that was why homage is paid to him everywhere and at all times. On this occasion, I urge the people to imbibe the teachings of the Holy Prophet (peace be upon him) of peace, love and compassion as the guiding principles of their lives and pray to Allah. On the other hand, PM Gilani said the blessed life of the Holy Prophet (peace be upon him) is a witness to the fact that he is paragon of mercy and love and he is the one who introduced humanity to a faith which is a complete code of life till the Day of Judgment. The entire life of the Holy Prophet (peace be upon him) is the beacon of guidance and he is no doubt a living representation of the Holy Quran and Islam, PM stressed. The literal meaning of word 'Islam' is peace and security. Humanity is the centre of Islamic teachings and Islam can rightly be credited with being a guarantor of man's welfare in this world and hereafter. PM said among the issues being faced by the Muslims around the globe, terrorism and extremism figure prominently. If these issues are analyzed in the
light of 'seera' of the Holy Prophet (peace be upon him), it becomes clear that terrorism and extremism have nothing to do with the teachings given by the Holy Prophet (peace be upon him). Rather these misguided individuals are violative of what Islam stands for and espouses. A peaceful religion such as Islam fully rejects terrorism and extremism. The entire life of the Holy Prophet (peace be upon him) bears testimony to the fact that Islam guarantees shelter and protection for the entire humanity. The Holy Prophet (peace be upon him) chronicled a new chapter of reconciliation by forgiving his worst enemies in an age which was known for revenge and vendetta. He even went to the extent of praying for guidance of his enemies. Therefore, it is not possible that a true follower of the Holy Prophet (peace be upon him) resorts to killing and bloodshed in the name of religion. It is a matter of immense satisfaction that the entire Islamic world has condemned terrorism collectively and reminded the civilized world that those who invoke religion to justify their heinous and reprehensible acts of terrorism have nothing to do with the Muslims and Islam, PM said.-Online
PESHAWAR: Children participating in ‘Hamd-o-Naat’ contest in connection with Eid-Milad-un-Nabi (PBUH) organised by Roots School System.-APP
Etihad, radio 1 fly Dubai winners announced Staff Reporter
KARACHI: Etihad Airways, the national airline of United Arab Emirates, in conjunction with Radio 1 FM91, has announced the winners of their recently concluded on-air promotions titled 'Chase the Race' offering listeners a chance to win holiday packages to Abu Dhabi and full day passes to the newly-opened Ferrari World, the world's first Ferrari theme park. The winners; Atoofa Rehan, Sadia Latif and Muhammad Yasir were presented with holiday packages to Abu Dhabi, which included a return Coral Economy ticket from one of the airline's four destinations in Pakistan - Karachi, Lahore, Islamabad and Peshawar - to Abu Dhabi and full day passes to never been a priority with Ferrari World. any government in Pakistan and it was up to everyone who can help out, to come forward and make a contribution to spreading education in the country, especially to the less privileged children. In this regard he stated that, while funds are always needed at KARACHI: Commander the individual level, every- Tehrik-e-Taliban Swat has one should try and con- been arrested in injured conditribute in terms of time. tion during a joint action of Talking about the security agencies and police on National Outreach Tuesday while undergoing Programme (NOP) at treatment in a Karachi hospital. LUMS, Syed Babar Ali According to details, the told the participants how security agencies and police this programme was started launched joint operation and how it has expanded to over the secret sources inforcover all costs of education mation about the presence of for talented students from Commander Tehrik-eless privileged back- Taliban Swat Sirzameen grounds. Supported also by Khan in a private hospital a number of OICCI mem- and arrested the accused ber companies, the NOP Sirzameen Khan from room meets all cost of students No 14 of a local hospital. selected through a competPolice sources added that, itive, merit-based process, Commander Tehrik-eincluding their tuition fee, Taliban Swat Sirzameen accommodation charges, Khan was wounded during a meals expenses and cost of clash with security forces in books, and even provides a Swat and shifted to Karachi nominal stipend for other through secret ways for medpersonal expenses. ical treatment.-Agencies
Corporate thinking must increase: Babar Staff Reporter KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) invited corporate legend and philanthropist, Syed Babar Ali, to speak on the "The Role of Corporate Citizens as Philanthropists" at the OICCI office in Karachi. The meeting was attended by representatives of OICCI member companies from a diverse range of business sectors. Syed Babar Ali, the founder of the Lahore University of Management Sciences (LUMS) emphasized the pressing need and vital importance of developing a culture of corporate volunteerism. He observed that, while many companies including several OICCI members, are active in corporate philanthropy this must be supplemented by corporate executives giving their time as corporate volunteers to worthy causes, and especially to education. He noted that education has
Taliban Swat commander held
Zehri pledges to improve agri sector ISLAMABAD: Mir Israrullah Zehri, Federal minister for Food and Agriculture, has pledged to work for the betterment and promotion of agriculture sector and added that the sector is crucially important as overwhelming majority of the country depends on this sector for a livelihood. He said that agriculture to be promoted for the good of people and Pakistan. He said it at a briefing, given by Secretary Minfa, Junaid Iqbal on the working of the ministry. He said that visionary plans needed to be prepared and executed to avoid shortages and secure all time self-sufficiency in food items. "More than 70 per cent of our people are related to the Agriculture sector of Pakistan, which needs our coordinated efforts for further promotion. We must ensure an all-time self sufficiency in the
agricultural produces to fulfill our domestic requirements and export the surpluses and earn foreign exchange for the nation. Visionary plans must be prepared and implemented for the progress of agriculture in the country. My being a practical farmer and working experience as provincial Agriculture minister of Baluchistan would help me to perform my duties as federal Agriculture minister in a better way", said the minister. Zehri added that the agriculture sector of Pakistan has huge potential and senior officials and technical wings of the ministry must put in their best for the welfare of the farming community that plays a crucial role in the national economy. "I prefer to work in an open and friendly environment where everybody feels to chip in his/her contribution without any hesi-
tation. We must work together with open minds towards promotion of Agriculture and getting maximum output", added the minister. The minister was briefed on the working of the ministry and its different wings and departments. The minister, however, asked to be briefed on the flood affected areas and the work done for the recovery of those areas. He also said to be briefed on all the departments of the ministry one by one so that he gets detailed understanding of their working. Additional Secretaries Shafqat Hussain Naghmi and Tariq Shafi Chak, Joint Secretaries Noor Zaman, Ms Yasmin Masood and Sahibzada Faizi, M.D PODB Ghulam Idrees Khan, Chairman PARC Dr. M. Afzal, D.G Water Management Tahir Anwar and other senior officials of the ministry attended the briefing.- NNI
Fehmida for following teachings of Prophet ISLAMABAD: Dr Fehmida Mirza, Speaker National Assembly has said that Prophet Hazrat Muhammad (PBUH) is emblem of tranquility, justice, modesty, peace, love and brotherhood. She said that Ummah should seek salvage from the difficulties by following and practicing the teachings of the Holy Prophet. She expressed these views in her message on the eve of "Eid Milladunnabi. The Speaker said that the Holy Prophet (PBUH) was a torch bearer
and blessing for the entire universe. She said that it was the strength of the Holy Prophet's character and preaching through self example and charms of personality that molded the hearts and minds of the people and compelled the enemies to embrace Islam. "Holy Prophet articulated a comprehensive code of conduct for interpersonal relations and formulating a healthy society through his personal conduct" the Speaker said. She said the Prophet
Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:05 19:30 20:03 21:00 22:03 23:00 23:30
K A R A C H I : E n v i r o n m e n t a l Management Consultants (EMC) in collaboration with Korangi Association of Trade and Industry (KATI) is holding a consultative meeting to get feedback of participants on Karachi transportation improvement project (KTIP) tomorrow. With the joint efforts of federal government, Sindh Government, City District government Karachi and Japan international Cooperation Agency (JICA), an agreement was signed on October 7, 2009 to
WEDNESDAY News News Subah Savere Maya ke Sath News Hal Kya Hai (Rpt) News Newsbeat (Rpt) Tonight With Jasmeen (Rpt) News News Samaa Metro News Aap Ki Baat News Hal Kya Hai Crime Scene Newsbeat News Tonight With Jasmeen News 24
KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) recently held a talk on "The Role of Corporate Citizens as Philanthropicsts" at OICCI office. In the picture Ms Ameena Saiyid is seen presenting souvenir to the corporate legend and philanthropist, Syed Babar Ali.-Staff Photo
undertake study on KTIP. Accordingly, the study was kicked off on April 5, 2010. The first phase of the study would be completed by June 2011 and transport master plan with 2030 vision would be ready. Under the second phase feasibility study report of selected priority corridors identified in the study plan and will be made available by April 2012.The transport master plan would be supplemented and completed with order partial studies and survey including socio economic and
ISLAMABAD: Pakistan International Airlines (PIA) has announced "Sri Lanka World Cup-2011" special packages to facilitate customers for the mega cricket event. Three flights a week (Tuesday, Thursday and Saturday) will start from February 19 from Karachi and Islamabad to Colombo, an official of PIA informed APP on Tuesday. The official said "Standard and Premium Packages" are introduced for World Cup.-APP
Denmark imports Pak dates KARACHI: Castus A/S, one of Denmark's leading fruit snack producers will now be importing nutritional dates from southern of Pakistan to develop healthy fruit bars for children in Denmark. Castus will be importing around 800 tons of dates per year carrying a total value of US$ 650,000. This is the first time that Pakistan will be exporting dates to Denmark and creates a new niche for Pakistani products on the Danish market. Castus A/S is a well known Danish enterprise which has been producing fruit bars of pure natural ingredients, including dates and other dry fruits for decades. -PR
(PBUH) revolutionized the world in a shortest time and changed every aspects of people life through his personal example and deeds. She stressed upon the Ummah to follow the Sunnah of the Holy Prophet (PBUH) which provided the guidance in every sphere of life. She said that Muslim Ummah was confronting the challenges of sectarianism and terrorism and added that TFD Report best solution to all those problems lied in following KARACHI: In its efforts the teaching of Holy to excel Institute of Prophet (PBUH).- NNI Business and Technology (Biztek) arranged an Awareness Seminar for the Institute of Electrical and Electronics Engineers Pakistan (IEEEP), at its Main Campus recently. This seminar had been arranged by the dedicated and ambitious students of Biztek to create awareness about the IEEEP in Biztek. The students were supenvironmental impact ported and encouraged by. assessment studies along Yar Muhammad Mughal, the selected/identified pubHead of Program lic transport corridor. for the JICA has assigned the Computing, arrangements of this study on socio environevent. ment to EMC. The study Biztek is one of the started recently and would be completed within two prestigious business and technology schools of and a half months. The major tasks to be Pakistan. It is also introachieved in the study would ducing a new Degree of include community consul- Bachelors of Engineering tation with all concerned in Mechatronics. It is recstakeholders with view to ognized by the Higher develop an effective plan Education Commission of and implement transporta- Pakistan and is ranked by tion corridor smoothly with the HEC in the top most "AW" category. consensus.- NNI
EMC, KATI consultative meeting on KTIP tomorrow
TV PROGRAMMES
PIA World Cup packages
Awareness seminar at Biztek
3
Wednesday, February 16, 2011 Top Economic Events
Euro up from 3-wk low vs USD on Asia, Middle East ‘buys’ Greenback at 8-wk high vs yen as US Treasury yields rise NEW YORK: The euro outperformed the dollar for the first time in four days on Tuesday, bouncing from a three-week low as investors' appetite for risk improved, but gains could be fleeting as technical factors point to losses. The euro rose above the pivotal level of $1.35 and traded off a 3-week low of $1.3428 in the overnight session, with options expirations noted at $1.3500. The euro faces obstacles from several directions, however, with sovereign debt risk and interest rate differentials working decidedly against the single currency. In early New York trading the euro was up 0.3 per cent against the dollar at $1.3522 after breaking its 100-day moving average at $1.3541. Camilla Sutton, chief currency strategist at Scotia Capital in Toronto, said near-term technicals are warning of the potential of further downside for the euro and
suggest that a test down to $1.3425 is likely. The dollar trimmed gains against the yen but remained at an 8-week high after data showed US retail sales rose less than expected in January. H i g h e r Treasury yields have increased the appeal of the dollar versus the yen in recent weeks, with the greenback last up 0.6 per cent to 83.79 yen. "Loose monetary policy in Japan and a slow drift higher in the expectation for the Fed has put significant upward pressure on the US-Japan 2-year spread," Sutton said, which in turn is pressuring dollar-yen higher. "We expect that USDJPY will continue to drift higher in the
near-term and accordingly are in favor of short-term, long-USDJPY positions." Peripheral euro-zone yield spreads have
been widening in the past week on uncertainty over a rescue package for the region, and there was little sign the recent unease had been tempered by an agreement from European finance ministers on Monday. Finance ministers agreed on Monday that a permanent rescue mechanism be set up from 2013 would total 500 billion euros, but there was no agreement over
Asian currencies
Mostly firmer, supported by tame China CPI SINGAPORE: Asian currencies were steady to firmer against the dollar on Tuesday, led by gains in the South Korean won and Thai baht, as lower-than-expected Chinese inflation data lent support to risk appetite. Most other emerging Asian currencies held steady with the exception of the Taiwan dollar, which remained pressured by recent signs of capital outflows from Taiwanese equities. The Taiwan dollar fell due to worries that recent fund outflows may persist. A trader at a local bank in Taiwan said foreign banks sold Taiwan dollars early in the day when Taiwan's stock index
slumped by about 100 points. Taiwan shares managed to finish 0.4 per cent higher. The selling in the Taiwan dollar came after overseas investors posted net selling worth T$12.5 billion ($417 million) of Taiwan shares on Monday, increasing their total net selling so far this month to T$54.66 billion. A trader based in the Philippines said some market players took short dollar positions against the peso ahead of the release of data on remittances from Filipinos overseas. The data showed that remittances rose 8.1 per cent in December from a year earlier, and that 2010 remittances
reached a record $18.76 billion, up 8.2 per cent from 2009. The dollar dipped to a low of around 43.550 against the peso at one point, but later pared its losses. Singapore dollar was trapped in a narrow range, with trading quiet and lacking a sense of direction. The closure of Malaysian and Indonesian markets for a holiday exacerbated thin market liquidity. A Singapore-based analyst for the Bank of TokyoMitsubishi UFJ's global markets division said the Singapore dollar was likely to trade between 1.26 and 1.33 until the end of March. -Reuters
Stg rallies; CPI, BoE add to rate rise view
Swiss franc gains vs euro
LONDON: Sterling hit a 5 1/2-month high versus a currency basket on Tuesday after a surge in UK inflation to a twoyear high fuelled by speculation the Bank of England may soon raise interest rates to contain price risks. The pound initially sold off after data showed UK consumer prices jumped to 4.0 per cent year-on-year in January,
disappointing investors who had been expecting a bigger climb. But it recovered those losses and sterling hit a 5 1/2month high against a currency basket after investors took an open letter by BoE Governor Mervyn King explaining the central bank's stance to higher price pressures to suggest that interest rates may soon rise from a record low 0.5 per cent, as markets expect. Traders also said the pound's move higher versus the dollar accelerated due to demand from model-type funds. "The BoE letter is important,
because it implies that if they don't hike rates, inflation will be above target for years," said Geoff Kendrick, currency strategist at Nomura. "As a result, you're starting to see a move in the gilt strip, with the two-year yield rising, and the impulse we've seen is currency positive." The yield on two-year gilts, the most sensitive among UK
government bond maturities to rate speculation, rose to around 1.55 per cent according to Reuters data and hovers near a two-year high hit around 1.6 per cent hit earlier this month. Short-term UK rates suggest the market is fully pricing in a 25 basis point rise in BoE rates by June. Sterling rallied around 0.8 per cent on the day to a session high of $1.6172. Steady buying by model funds helped the pound to claw back after an initial slide to $1.6022 immediately after King's letter was published.-Reuters
ZURICH: The Swiss franc looked set to retest a six-day high against the euro, with some investors seeking safe plays in light of lingering concerns about the euro-zone, and given Switzerland's strong fundamentals. The euro faced headwinds in moving further away from a three-week low against the dollar hit on Monday, when reports about ailing lender WestLB triggered another outbreak of worries about eurozone debt and banking problems. The franc, which investors regard as a safe haven, rose some 15 per cent against the euro last year and touched a record high of 1.2400 per euro in late December. It has since weakened, flirting with the 1.32 mark. The franc was trading virtually flat at 1.3074 per euro at 0734 GMT, compared to the New York close. Sarasin analyst Alessandro Bee also sees the franc strengthening against the euro in the months ahead as eurozone debt worries resurface. Credit Suisse sees support levels for euro/Swiss at 1.2730 and 1.28, and resistance at 1.3260 and 1.3800. The franc was little moved against the dollar at 0.9704 per dollar. -Reuters
Yuan up as cbank signals floor at 6.6/USD SHANGHAI: The yuan closed stronger against the dollar on Tuesday as sentiment towards the Chinese currency was boosted after the People's Bank of China fixed a stronger mid-point, brushing aside a rise in the US dollar Index. Traders have predicted the yuan will appreciate 5 to 6 per cent this year as China is expected to use the currency as part of its strategy to fight imported inflation. The country has taken a slew of steps, including one official interest rate hike and one rise in bank reserve requirement ratios so far this year, to battle inflation. The government on Tuesday reported lowerthan-expected consumer inflation at 4.9 per cent in the year to January, but price pressures continued to build and will likely force the central bank to stick to its course of more tightening. "Despite a lower CPI reading in January, we are not so positive about the inflation outlook in the next few months," said economist Dongming Xie at Singapore's OCBC bank. "Therefore, we think the tightening bias in China may remain intact."
On top of strong domestic food prices, surging global commodity prices have contributed to stubbornly high inflation. Spot yuan closed at 6.5885 to the dollar, up from 6.5966 at Monday's close. It has now risen 3.61 per cent since its depegging from the dollar in June 2010. Before trading began, the PBOC fixed its daily mid-point at 6.5929 to the dollar, up from Monday's 6.5985. The mid-point, from which the yuan can trade up or down a maximum 0.5 per cent in a given day, is the tool that the central bank uses to express the government's intention on the currency. Buoyed by the spot yuan's strength, dollar/yuan offshore forwards fell on Tuesday to imply more yuan appreciation in the future, traders said. Benchmark one-year dollar/yuan non-deliverable forwards were bid at 6.4380 late on Tuesday, versus 6.4450 at Monday's close. Their implied yuan appreciation in a year's time rose to 2.41 per cent from 2.30 per cent. -Reuters
how to beef up its existing rescue fund. The euro showed little reaction to German analyst and investor sentiment rising slightly in February amid confidence in Germany's economic recovery, according to a survey by the ZEW economic think tank on Tuesday. Sterling rallied 0.7 per cent after data showed for the thirteenth consecutive month the United Kingdom's inflation rate is above the upper target of the Bank of England. This fueled speculation that interest rates will rise in the near term as the Bank of England seeks to contain price pressures. Wednesday's Bank of England's inflation report is expected to be hawkish and revise up near-term inflation projections, which could boost expectations that interest rates will rise soon and help the pound retain broad gains made this year. -Reuters
Aussie $ relieved at China inflation news WELLINGTON/SYDNEY: The Australian dollar held steady atop $1 on Tuesday after lower-thanexpected inflation data in China eased fears of aggressive monetary tightening there, auguring well for continued strong demand for Australia's commodity exports. The Australian dollar was hovering at $1.0046, from $1.0033 late in New York. Chart support was seen at $0.9980, around its 55-day moving average, with resistance at $1.0073. It also crept to a nine-month high on the yen at 83.80, though resistance was proving tough. Chinese data showed consumer prices rose 4.9 per cent in the year to January, lower than forecasts of 5.3 per cent, suggesting it could maintain its gradual tightening track. The Aussie is particularly sensitive to any policy move in China, its top export partner, and any risk that growth there might slow and crimp demand for Australia's top exports: iron ore and coal. "The inflation numbers were definitely a good outcome for the Aussie," said a currency trader. The Australian dollar had already received a boost on Monday when trade figures showed Chinese imports from Australia in January were up 86 pct on the year, underlining healthy demand in the world's top consumer of the metal. In the minutes of its February policy meeting released on Tuesday, the Reserve Bank of Australia (RBA) reiterated its upbeat outlook for domestic
investment and growth. The bank said it left interest rates unchanged at 4.75 per cent because benign inflation and restrained consumer spending gave it more time to assess the economy. Last week, RBA Governor Glenn Stevens said policy was ahead of the game on inflation and rates could be on hold for some time. Markets are discounting just 35 basis points worth of tightening over the next 12 months. The New Zealand dollar spent a lacklustre day, lacking any lift from the Chinese inflation data, as a weak domestic outlook capped any attempts to climb higher. The kiwi hovered around $0.7570, a shade below opening levels after hitting a three-week low of $0.7545 on Monday as another round of dismal data reinforced the view no rate rises until the second half of 2011. "The kiwi can't rally at the moment. It's a sell at the $0.76 handle and we're looking towards the bottom of the range which is $0.75 at the moment," said Tim Kelleher, CBA vice president of institutional banking and markets. If the poor run of data continues analysts may have to push back expectations even further, with the next move already not priced in until September. The differing fortunes of the Australian and New Zealand economies pushed the cross rate to a 2011 high of NZ$1.3283 in late offshore trade on Monday. The pair was last about NZ$1.3260. -Reuters
Indian rupee closes largely steady MUMBAI: The Indian rupee closed little changed after fluctuating through most of the session on Tuesday, closely mirroring local share moves and the dollar overseas. The partially convertible rupee ended at 45.515/525 per dollar, after trading in a range of 45.3925-45.5425 intraday, a tad weaker than its 45.49/50 close on Monday. The forex market will remain closed on Wednesday for a local holiday. "The euro's gain has helped the rupee, and the share market also ended up. There is demand for the rupee in the market. There should be some appreciation of the rupee," said Naveen Raghuvanshi, an associate vice president at Development Credit Bank. Foreign funds have sold a net $1.7 billion so far this year until Monday, after purchasing
a record $29.3 billion last year. One-month offshore nondeliverable forward contracts were quoted at 45.77, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollarrupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange closed at 45.5900, 45.5975 and 45.5975 respectively, with the total traded volume at about $5.9 billion. -Reuters
Time 5:01 14:30 14:30 14:30 18:30 18:30 18:30 18:30 19:15 19:15
Source GBP GBP GBP GBP USD USD USD USD USD USD
Events Nationwide Consumer Confidence Claimant Count Change Average Earnings Index 3m/y Unemployment Rate Building Permits PPI m/m Core PPI m/m Housing Starts Capacity Utilization Rate Industrial Production m/m
Source
Events
CNY CNY JPY EUR GBP EUR EUR EUR EUR
CPI y/y 4.9% PPI y/y 6.6% Overnight Call Rate <0.10% German Prelim GDP q/q 0.4% CPI y/y 4.0% German ZEW Economic Sentiment 15.7 Flash GDP q/q 0.3% ZEW Economic Sentiment 29.5 Trade Balance -2.3B
Forecast 49 -3.2K 2.0% 7.9% 0.57M 0.9% 0.2% 0.55M 76.4% 0.5%
Previous 53 -4.1K 2.1% 7.9% 0.63M 1.1% 0.2% 0.53M 76.0% 0.8%
Forecast
Previous
Previous Day Actual
5.3% 4.6% 6.1% 5.9% <0.10% <0.10% 0.5% 0.7% 4.0% 3.7% 20.1 15.4 0.4% 0.3% 31.3 25.4 -0.9B -3.2B
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3514 1.3546 0.9710 0.9727 1.6152 1.6170 0.9875 0.9896 1.0002 1.0058 113.3500 113.3800 0.8371 0.8447 1.3124 1.3136 135.4400 135.4100 86.3800 86.3400 1372.1000 1376.3000
Bid 1.3511 0.9707 1.6148 0.9870 0.9998 113.3100 0.8367 1.3121 135.3900 86.3200 1371.2800
Low 1.3463 0.9683 1.6008 0.9853 0.9989 112.3400 0.8367 1.3064 133.5500 85.8600 1360.4500
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 15/02/2011 A USD GBP CAD EUR JPY O/N 0.23350 0.55625 0.96000 0.75000 SN 0.10438 1WK 0.25150 0.57563 1.00417 0.83000 0.11250 2WK 0.25600 0.58313 1.04167 0.84125 0.11563 1MO 0.26400 0.61188 1.08217 0.85500 0.12750 2MO 0.28850 0.68250 1.15000 0.92625 0.15313 3MO 0.31350 0.80338 1.21033 1.04375 0.19000 4MO 0.35350 0.88588 1.27617 1.11625 0.24313 5MO 0.41000 0.99150 1.34000 1.20000 0.30000 6MO 0.46570 1.10838 1.40117 1.29125 0.34625 7MO 0.51900 1.18750 1.49033 1.34875 0.39500 8MO 0.57225 1.27313 1.57367 1.40688 0.44313 9MO 0.63025 1.35625 1.64533 1.47188 0.48875 10MO 0.68475 1.43750 1.73450 1.52688 0.51563 11MO 0.73700 1.50563 1.81783 1.58188 0.54250 12MO 0.79875 1.57438 1.90133 1.64813 0.56875
Major Central Banks Overview Central Bank
Next Meeting
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Last Change
March 1, 2011 September 8, 2010 March 10, 2011 March 5, 2009 March 15, 2011 December 19, 2008 March 3, 2011 May 7, 2009 March 15, 2011 December 16, 2008 March 17, 2011 March 12, 2009 March 1, 2011 November 2, 2010
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, February 15,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.10 136.65 114.99 86.19 87.84 85.51 13.13 1.02 14.62 66.48 15.42 22.69 10.92 12.92 304.47 27.87 64.39 23.37 23.17 0.08 2.77
84.90 136.33 114.72 85.98 87.63 85.31 13.10 1.02 14.58 66.33 15.39 22.64 10.90 12.89 303.76 27.80 64.24 23.31 23.11 0.08 2.77
84.72 136.02 114.44 85.76 87.40 85.08 13.06 1.02 14.54 66.15 15.34 22.58 10.87 12.85 302.96 27.73 64.07 23.25 23.05 0.08 2.76
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for February 15, 2011
KASB
BMA
ELXIR
GSL
ICSL
12.85 12.95 13.00 13.05 13.34 13.45 13.58 13.65 13.78 14.10 14.19 14.21 14.23 14.23 14.24 14.24 14.25 14.26 14.65 14.85
12.45 12.75 12.90 13.07 13.30 13.45 13.57 13.63 13.75 14.10 14.20 14.25 14.25 14.30 14.30 14.25 14.15 14.25 14.55 14.70
12.60 12.80 12.95 13.05 13.33 13.45 13.55 13.64 13.76 14.03 14.21 14.22 14.25 14.28 14.31 14.24 14.16 14.24 14.55 14.70
12.60 12.75 12.90 13.10 13.36 13.50 13.60 13.66 13.78 14.00 14.22 14.25 14.26 14.28 14.30 14.30 14.20 14.26 14.65 14.90
12.60 12.70 12.90 13.08 13.35 13.45 13.50 13.60 13.70 14.05 14.22 14.22 14.25 14.30 14.35 14.23 14.20 14.26 14.60 14.75
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 12.40 12.65 12.85 13.05 13.35 13.50 13.58 13.65 13.75 14.00 14.22 14.20 14.23 14.27 14.33 14.26 14.24 14.25 14.70 14.85
12.58 12.77 12.92 13.07 13.34 13.47 13.56 13.64 13.75 14.05 14.21 14.23 14.25 14.28 14.31 14.25 14.20 14.25 14.62 14.79
Currencies Correlation EUR/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD
week month months months year years
-0.89 0.10 -0.21 0.43 -0.13 -0.46
0.96 0.65 0.82 0.70 0.82 0.93
0.52 0.61 0.36 0.75 0.78 0.66
-0.21 0.75 0.84 0.88 0.41 0.71
-0.82 0.21 0.79 0.78 -0.17 0.38
USD/CAD USD/CHF
-0.75 -0.20 0.29 0.46 -0.29 -0.40
0.27 0.22 0.14 -0.27 -0.14 0.46
0.87 -0.11 0.22 -0.37 0.33 0.32
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)15/02/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.40
12.90
12.50
13.00
12.70
13.20
13.35
13.60
13.60
13.85
13.70
14.20
13.80
14.30
14.00
14.50
JSBL
12.50
13.00
12.75
13.25
12.90
13.40
13.40
13.65
13.60
13.85
13.75
14.25
13.85
14.35
13.95
14.45
ASPK 12.60
13.10
12.75
13.25
12.75
13.25
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
CIPK
12.35
12.85
12.55
13.05
12.75
13.25
13.40
13.65
13.65
13.90
13.80
14.30
14.00
14.50
14.10
14.60
DBPK 12.55
13.05
12.60
13.10
12.75
13.25
13.30
13.55
13.40
13.65
13.50
14.00
13.60
14.10
13.80
14.30
FBPK 12.50
13.00
12.60
13.10
12.80
13.30
13.45
13.70
13.55
13.80
13.70
14.20
13.80
14.30
13.90
14.40
FLAH 12.50
13.00
12.60
13.10
12.80
13.30
13.40
13.65
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
HBPK 12.40
12.90
12.65
13.15
12.85
13.35
13.40
13.65
13.55
13.80
13.65
14.15
13.75
14.25
13.85
14.35
HKBP 12.40
12.90
12.70
13.20
12.75
13.25
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
NIPK
12.75
13.25
12.85
13.35
13.00
13.50
13.30
13.55
13.40
13.65
13.50
14.00
13.60
14.10
13.70
14.20
HMBP 12.40
12.90
12.70
13.20
12.85
13.35
13.40
13.65
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
SAMB 12.40
12.90
12.60
13.10
12.85
13.35
13.30
13.55
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
MCBK 12.50
13.00
12.50
13.00
12.75
13.25
13.35
13.60
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.25
12.75
12.50
13.00
12.75
13.25
13.40
13.65
13.50
13.75
13.70
14.20
13.80
14.30
13.90
14.40
SCPK 12.40
12.90
12.60
13.10
12.70
13.20
13.30
13.55
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
UBPL 12.00
12.50
12.50
13.00
12.65
13.15
13.40
13.65
13.50
13.75
13.65
14.15
13.80
14.30
13.90
14.40
AVE
12.94
12.61
13.11
12.78
13.28
13.37
13.62
13.51
13.76
13.64
14.14
13.76
14.26
13.86
14.36
12.44
4 Wednesday, February 16, 2011
Gender Based Poverty
The Financial Daily International Vol 4, Issue 184
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi
Mohammed Akmal Pasha
T
he entirety of 48.6 per cent Honorary Advisory Board female population in Pakistan S. Muneer Hussain Rizvi Haseeb Khan, FCA would not encompass empowKhurram Shehzad, CFA erment even equal to 0.6 per cent Asim Abbas Ashary, CPA and the remaining 51.4 per cent of Prof. Zakaria Sajid (KU) Akhtar M. Zaidi, FCA male population must be wellZahid Bukhari SVP HBL (retd) Dr. A. Hadi Shahid, FCA equipped not to sacrifice its power to Ismat Sabir own property and the prowess to Muhammad Arif maneuver the same to a minimal of Head office even 0.4 per cent. When woman 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi could be possessed as property, how Telephone: 92-21-35311893-6 Fax: 92-21-35388428 could a property own some other URL: www.thefinancialdaily.com property? She rather should only be Email Address: editor@thefinancialdaily.com bearing and internalising only one Lahore office property: the very property of con24- Peshawar Block, Fortress Stadium, Lahore sidering herself a property, a Telephone: 92-42-6675595 Fax: 92-42-6664349 Marxian connotation of commoditiEmail Address: editor@thefinancialdaily.com fication vis-Ă -vis the usurper; the male or the male-dominated system. The present article focuses on statistics pertaining to two of the southern Punjab's districts namely DG Khan and the Khanewal. One may like to adjust these data with respect to his or her respective district, since the overall complexion of the districts of Pakistan would remain the same. Again, as far as the economists are concerned, tinkering with numbers and ideas or for that matter transforming the quantitative data into guesstimates and converting wild guesses into quantifiable numbers even to decimal places has never been a big deal for them. To Disraeli: there are three types of statistics; statistics, damn statistics and the lies. But the same economists devise stylish mathematical Withdrawal of Nato forces from Afghanistan models and run sophisticated statisis planned this year requiring Pakistan and US tical soft-wares to churn out useful inferences as well. to work on a strategy to maintain peace after statistical Sometimes they succeed in the withdrawal. There is also a need for greater unearthing upon the destitute the interaction with India and Iran, which also have exact degree of his destitution, a research finding in its own place.
Need strong foreign minister!
stakes there. Death of Richard Holbrooke and delay in the appointment of his successor disrupted the consultation process. Added to this has been Raymond Davis case which has created a big breach between US and Pakistan. Change of regime in Egypt and commencement of demonstration against president in Iran has increased volatility in the region. The situation demands presence of a strong foreign minister in Pakistan. If there were some differences those should have been resolved rather than substituting a state minister for Qureshi. Knowing-each-other process will consume a lot of time of the new incumbent. Hina Rannai Khar has been appointed as state minister for foreign affairs. Though, we do not wish to undermine her importance but she seems to be weaker negotiator, the worst weakness being her status of state minister. The US secretary of state and Indian foreign minister will be reluctant in meeting her which will hamper the consultation process. It was also a little unfair with her because previously she was a state minister for finance and economic affairs and this time she should have been granted the status of full minister. However, her presence even in the leaner cabinet shows that she enjoys some importance. Davis case has become a thorn in Pak-US relationship and must be resolved at the earliest for it's proving a spoiler. The US has been carrying out pressure tactics rather than presenting the documents which could prove that he is a diplomat. Since the proceedings are going on it would be fair to allow the court to decide his diplomatic immunity. Even if president and/or prime minister do not wish to appoint Qureshi as foreign minister, the verbal war against him initiated by some of the party loyalists must be stopped immediately. The war of words only indicates the split in the party and hints towards Qureshi-Gilani war as both belong to Southern Punjab. One can also recall that Qureshi was also tipped for the premiership but was made foreign minister in recognition of following he enjoys in the party. Experts privy to information say last minute decision of not appointing Qureshi as foreign minister was due to intentions of both the president and the prime minister to deal with the US administration directly and appointment of Hina as state minister is termed a cover up. Whatever maybe the reality the delay in the appointment of full foreign minister could derail the consultation as Senator John Kerry and newly appointed replacement of Holbrooke are scheduled to visit Pakistan shortly.
Disclaimer:
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To start with, the research methodology for these two districts was based upon questionnaires. The four sectors identified included meat and meat processing, fisheries, medical services and cotton ginning in D.G Khan with a sample size of 30. The question about the women owned business aimed at knowing the level of participation of women in the business. In medical services sector a few concerns were female owned which just equaled 7 per cent. Not a single unit was woman-owned in any of the other three sectors in the district D.G Khan. This women ownership in medical service sector was not sole ownership; rather this was in partnership or a co-ownership form. In most of the cases, the ownership was shared between husband and the wife where wives had very negligible contribution in the business, advisory or consultancy for example especially at the mercy of husband. In ginning sector, the zero involvement of women as owners or coowners was obvious, given the low literacy rate of the women in the district and the mechanical and technical complexity of the ginning units. At the first instance, women are not much literate or trained to run or entirely own a ginning unit, this is so because the units have chronically been male-run and the respective sector is also male-dominated. The networks, market mechanisms, backward and forward linkages, in brief every market element characterised with male-orientation. Further, the social setup does not allow women's interaction with men at ginning units or in commercial interfaces. It was observed in a unit that the owner was even feeling shy to engage women as workforce fearing
social constraints and familial pressures. Similar is the case with fisheries and meat. The physical hassle, mental stability and business acumen these sectors require is unbecoming of women to have in a backward country like Pakistan. For example the fish farms are located in far flung, bushy and lonely areas where women's intervention is out of question being even bushy. In case of meat, the predicament is a bit different. For example, visiting animal markets, bargaining on animal prices, transporting animals, slaughtering and selling; every area needs a peculiar muscularity which is certainly absent in women. Some 91 per cent of the sampled firms of the whole district showed zero participation of women in the workforce and 95 per cent of the sampled enterprises showed that there was no role of women in the sphere of management. This proves that out of 9 per cent of sampled firms showing women's participation, half of the firms that is 5 per cent had women's share in management. The same statistics were true with respect to all of sampled ginning units and fish farms, 87 per cent of medical sector and 80 per cent of meat sector. As regards permanent employment of women the case was equally feeble. Thus, in the meat sector, 3 per cent of the sampled enterprises employed women between 10 - 30 per cent and 10 per cent of sampled enterprises employed between 30 - 50 per cent. Again just 3 per cent of each of the sampled units of meat and medical sector employed women on permanent basis. In case of Khanewal, the four identified sectors included agricultural implements' manufacturers (agri
manufacturers), ginners, mango growers and medical services providers. Here none of the sampled firms showed any woman working in any of the selected sectors other than medical services. The participation of women in medical services sector was between 10-50 per cent. Since the three sectors, ginning, agri implement manufacturing and mango growing are labor intensive sectors, so this is the reason women are not involved in these sectors. However women are present in medical services sector. Their role is quite significant, so they are either doctors and running their private clinics or serving in government hospitals or are employed as nurses and administration staff. However if this phenomenon is cross analyze with the incidence of women ownership we can conclude that only 16 per cent of the total medical service sector showed women ownership. Some 30 per cent of the respondents of medical services showed that between 1-10 per cent women were involved in the management roles, while another 16 per cent believed that their involvement was up to 50 per cent. Well, the plight of poverty, poverty of inhibition, poverty of resourcelessness and poverty of incapacitation manifest from the fathoming deprivation of women around us if not from statistics; is grave. The plethora of male-chauvinistic intrigues or the socio-political system proving conducive is altogether deplorable. Each one of must play our respective roles, for 'life is action not contemplation' (Goethe) and expend more energies on reversing this plight. "The philosophers have interpreted this world, the thing however is to change it" said Karl Marx.
Mending Life with Death P
akistan's unpopular government was making some progress winning hearts and minds in North Waziristan, a stronghold of its tenacious militant enemies -- from al Qaeda to the Taliban. It upgraded a school and built a new road, lifting the spirits of people like shepherd Resham Khan, a victim of decades of neglect of the forbidding mountain region in the northwest. Then, last June, 15 members of his extended family were blown to pieces during a funeral procession in his village. Khan, who was nearby and heard the explosion, alleges the mourners were targeted by pilotless US drone aircraft missiles. He stares into the distance blankly when asked to describe that day. His brother, Mulaqat, has to recount the tragedy because he is still too traumatised, to speak at length. He sits by Khan's side in a psychiatric section of an Islamabad hospital where he is being treated with antidepressant and anti-psychotic medicines. Pakistan needs to win support in key battlegrounds like North Waziristan along the Afghan border, a global hub for militants determined to destabilise the government and help defeat US-led Nato forces in Afghanistan. But the strikes undermine public support.
"If you expect them to love the government, you would be foolish to think so," said Khan's psychiatrist, Rizwan Taj, who says his patient has made great progress since he was brought to the hospital on a
month in the eastern city of Lahore in what he said was an attempted robbery. The United States says Davis should be released from jail because he has diplomatic immunity. Pakistan says the courts
â&#x20AC;&#x153;
Only 16 per cent of residents of the tribal areas think the strikes accurately target militants, 48 per cent believe they largely kill civilians and another 33 per cent feel they kill both, said a study by the think tank.
stretcher, in a stupor, four weeks ago. His grief reflects the price ordinary Pakistanis are paying for the relentless US drone campaign on the Afghan border, which has been stepped up under the Obama administration as it prepares to draw down troops in the 10-year war in Afghanistan. The air raids also go to the heart of the resentment that Pakistanis feel against the United States, seeing them as an assault on the nation's sovereignty. Drone strikes have been a major source of friction between the United States and Pakistan. Tensions between the allies have heightened further over the case of Raymond Davis, a US consular employee who shot dead two Pakistanis last
should decide his fate, and many see it as another case of the Americans refusing to subject themselves to Pakistan laws. The United States still doesn't acknowledge the drone campaign, so American officials decline to confirm specific incidents, underscoring the sensitivities on ties with Pakistan, a nuclear-armed South Asian country. But they do say the attacks are highly effective. Drone strikes have killed high-value al Qaeda and Taliban figures. But these victories for Washington and Islamabad often cause devastation for locals like Khan. AND END TO PRAYERS Shortly after the strike, the 52-year-old father of six sunk into a deep depression
Mercy for All!
T
oday is 12th Rabi-ulAwal, the birth anniversary of Holy Prophet Mohammad (Peace and blessings be upon him), whose birth removed darkness from humanity. He was the one for whom Allah created the whole universe. Among his outstanding virtues and characteristics, he was an extraordinary husband, a perfect father, and a unique grandfather. He was also a great statesman, judge, and spiritual leader. His most distinctive quality, however, was the fact that he was a blessing to all in both word and deed.
and lost alarming amounts of weight. Then he started imagining things. He told relatives that they should not eat or drink anything because the world's food and water supplies would soon run out. His brother decided to admit him to hospital when Resham, a pious Muslim, did the unthinkable. "On the 20th of September he stopped praying. He used to pray five times a day. But after that he totally stopped," said Mulaqat, looking sadly at his brother, who was sporting a henna beard and wearing old plastic sandals. "I asked him to offer prayers and he said 'I can't. I don't have the energy'." The New American Foundation, which tracks drone strikes, estimates they have killed a total of 2,189 people from 2004 through January of this year. Of those, 1,754 were militants. Only 16 per cent of residents of the tribal areas think the strikes accurately target militants, 48 per cent believe they largely kill civilians and another 33 per cent feel they kill both, said a study by the think tank. People in Khan's village staged dozens of protests urging the government to
His name meant, one who is praised most. After Almighty ALLAH, he is the one most praised and loved by human beings. He infused justice, love, righteousness and dignity in all those around him. He spread the power of brotherhood to the extent that it became exceptional in human history. The "Muwakhaat" is the ever best example of brotherhood. Affirming that these grand virtues were bestowed on him by Allah the Almighty and that he prepared his loyal messenger to call for the true religion, is part of one's belief.
The Qur'an describes the Prophet (peace and blessings be upon him) as merciful and kind to the believers. Allah the Almighty says, (Now hath come unto you a Messenger from amongst yourselves: it grieves him that ye should perish: ardently anxious is he over you: to the Believers is he most kind and merciful.) (AtTawbah 9:128) Today we should make a vow that we will spend our lives according to the teachings of Holy Prophet (peace and blessings be upon him). IFTIKHAR SHAHEEN MIRZA, ISLAMABAD
halt the drone strikes and provide compensation for deaths and property damage, said the brother. The government promised to do so, but "we don't believe their promises," he said. Khan was so emotionally paralysed by the drone incident that he stopped taking caring of his elderly mother. She contracted cholera, probably because of poor sanitation, and died. His children also suffered. They could not understand his odd behavior, and were told to stay away from him because he had caught a contagious disease. This kind of collateral damage makes it easier for the Taliban to persuade people to take their side in the conflict, which has drained state coffers. After the Reuters interview with his brother, Khan mustered up the courage to speak briefly about the drone strike. "Stop the drone attacks. We need money. No one is helping us," he said. A let-up in the strikes, launched by remote-control from Central Intelligence Agency headquarters in Langley, Virginia, is highly unlikely. Osama bin Laden, his deputy Ayman al Zawahri and others on Washington's hit list are believed to be in the northwest, as are Afghan Taliban militants who cross the border to attack Western troops in Afghanistan.
Do More for Flood Victims Few days ago I saw in a newspaper a picture of flood victims in which they were burning all those things which was given by them for their help included clothes, blankets, shoes, tents and eating and drinking things etc. In English it is a famous saying that "Something is better than nothing". We all know that they are in very difficult situation and we can not understand their
problems neither we feel their emotions but it does not mean that by doing these things they discourage those people who helped them a lot in their difficult time. We all should remain thankful to ALLAH all the time. But in the other side our Government should do something to get them back into their normal life as soon as possible. Anam Qamar, Karachi.
5
Wednesday, February 16, 2011
South East Asian stocks
Banks lead European shares to fresh 29-month high
Mostly fall as inflation concerns hang around
KSE-100 Index Opening Closing Change % Change Turnover (mn)
MTS tidings stampede bulls to KSE
11,946.09 12,078.28 132.19 1.11 97.04
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,583.03 3,642.56 59.53 1.66 5.05
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,916.49 2,955.00 38.51 1.32 0.03
Major Gainers
Symbol
Nawaz Ali
Close
Change
NESTLE 3,479.63 SIEM 1,072.80 ULEVER 4,244.07 PKGS 124.74 MCB 213.99
51.52 22.33 14.52 5.94 4.12
Major Losers
Symbol RMPL AGTL PSEL PAKT APL
Close
Change
2,727.95 222.43 159.88 106.55 362.02
-111.69 -7.61 -5.87 -5.23 -4.75
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA NCPL NCL SGMLPS JSCL
16.29 15.88 27.39 3.75 10.97
13.12 6.72 5.26 5.15 4.53
Active Issues Plus Minus Unchanged
190 76 104
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
NEW YORK: (L-R) 2011 SI Swimsuit Models Kenza Fourati, Jessica Gomes, Esti Ginzburg, Shannan Click and Cintia Dicker, with the NYSE Euronext Senior Vice President John R. Merrell and Mark Ford, President of Time Inc. Sports Group, attend the ringing of the NYSE Closing Bell at New York Stock Exchange.-Reuters
HK down as early Shanghai gains go HONG KONG/SHANGHAI: Hong Kong shares fell 1 per cent on Tuesday as late profittaking in Shanghai sparked a round of selling of China-related stocks by macro funds and speculators playing the futures markets. Shanghai's key stock index ended flat, giving up earlier gains, but managed to hold near two-month highs as the inflation rate rose more slowly than expected in January. In Hong Kong, the benchmark Hang Seng index fell 1 per cent to 22,899.8, slipping further below a trendline chart support that had held since May. An index of top locally listed mainland firms, the Hang Seng China Enterprises Index (HSCEI), also fell 1 per cent to 12,280.3. A trader at a large European
Weak miners hit FTSE LONDON: Britain's top share index closed lower on Tuesday as strength in banking stocks, inspired by forecast-busting results from Barclays, was outweighed by a retreat in the mining sector. The FTSE 100 index closed down 23.01 points, or 0.4 per cent, at 6,037.08. Barclays was the standout blue-chip riser, closing up 5.8 per cent. It touched a fivemonth high after posting a 32 per cent rise in 2010 earnings, thanks to a strong end to the year at investment bank Barclays Capital. Peers Lloyds Banking Group and Royal Bank of Scotland, set to unveil full-year results next week, rose 1.8 per cent and 2.2 per cent respectively. But miners, strong risers in the last two sessions, went into reverse as copper fell from record highs on concern that further monetary tightening in China may affect base metals demand. Chinese inflation hit a lowerthan-forecast 4.9 per cent in January, but price pressures excluding food were their strongest in at least a decade and will force the central bank to keep tightening policy.-Reuters
bank said stop losses had been triggered on the HSCEI at 12,300, spurring commodity trading advisors and macro funds to pare positions in good volumes, which lifted turnover in the last half hour of trade. Investors on the mainland seemed more confident with trading volume picking up as the benchmark Shanghai Composite remains on a steady uptrend, rising about 9 per cent since a January low. Shanghai's index is up 3.2 per cent this year, making its Asia's second-best performing major market behind Japan's Nikkei which has risen 5.1 per cent. While inflation came in lower than expected, market players said inflationary pressure remained strong and the market still expected the central bank
would remain on course for monetary tightening in the longer term, putting pressure on the index. Turnover had been lacklustre through the day in Hong Kong, echoing slack activity in the United States and Europe where trading volumes overnight were the lowest so far this year. Shares of index heavyweight HSBC were down 1.5 per cent, the biggest drag on the benchmark, as investors took some money off the table after the stock's 10 per cent gain so far this year. Media reports that European banks are set to get a "single rulebook" under plans being pushed by the bloc's banking watchdog provided an excuse for investors to lock in some gains, said traders. -Reuters
Nikkei at 10-mth high on China data TOKYO: Japan's Nikkei stock average edged up to log a 10month closing high on Tuesday after Chinese inflation data helped ease concerns that the country will have to tighten monetary policy more aggressively. It was a second straight day of gains for the Nikkei, which has climbed some 17 per cent since November when foreigners began snapping up lagging Tokyo stocks, with recent momentum coming from a big shift in market focus to developed economies from emerging ones. Chinese inflation was lower than expected at 4.9 per cent in the year to January, though price pressures continued to build and will force the central bank to stick to its course of gradual monetary tightening. The consumer price data followed upbeat trade figures on Monday that showed an unexpected surge in imports into China, underscoring the country's strong growth trajectory. The Nikkei average ended up 0.2 per cent or 21.13 points to 10,746.67, the highest closing price since April 30, 2010. The broader Topix rose 0.4 per cent to 962.57.
Some analysts said after a strong run, the Nikkei could be due for a spell of profit-taking. "China's inflation concerns may be receding and a shift to developed markets from emerging markets continues but there still are inflation concerns in other parts of Asia," said Chisato Haganuma, chief strategist at Mitsubishi UFJ Morgan Stanley Securities. He said a correction for benchmark could come by late February. "Investors may take profits on large global cyclical shares and pick up smaller stocks," he said, adding that stocks with a market capitalisation of 100200 billion yen ($1.2-$2.4 billion) could come in focus. Also on Tuesday, the Bank of Japan raised its assessment of the economy to say it is gradually emerging from a slowdown, further signalling that no imminent monetary easing is on the horizon. It kept rates steady as widely expected. Notable gainers included shares of Japan's No. 3 mobile phone operator Softbank Corp, which jumped on an agreement to partner with China Mobile, Vodafone and others to promote a next generation standard.-Reuters
US Stocks mid-morning
Wall Street drops after sales data; NYSE down NEW YORK: US stocks slid on Tuesday as a smaller-thanexpected rise in retail sales raised doubts about a rebound in consumer spending, a vital part of an economic recovery. Shares of NYSE Euronext, fell 1.3 per cent at $38.92 after it agreed to be acquired by Deutsche Boerse to create the world's largest exchange operator. The deal dodges key questions that could threaten its completion. Shares of other US exchanges also fell, including Nasdaq OMX Group Inc, off 4.8 per cent at $38.23. Sales at US retailers in January fell more than forecast, likely reflecting the effects from snowstorms that had slammed large parts of the country. The S&P retail index dipped 0.1 per cent. The report contrasted with recent economic data, most of which has suggested the recovery was gaining traction. "If you look at what the equity market has done over the last (several months), you would assume the recovery is self-sustaining," said Subodh Kumar, an investment strategist based in Toronto. The S&P 500 is up 26 per cent since September. But the day's data was a "splash of cold water" on that view. The Dow Jones industrial average dropped 56.04 points, or 0.46 per cent, at 12,212.15. The Standard & Poor's 500 Index was off 5.73 points, or 0.43 per cent, at 1,326.59. The Nasdaq Composite Index declined 13.43 points, or 0.48 per cent, at 2,803.75. Volume totaled about 1.68 billion shares, average for morning trade. Shares of JDS Uniphase Corp fell 6.8 per cent to $25.98 after Bernstein cut its rating on the stock to "market-perform" from "outperform." In other economic data, a gauge of manufacturing in New York State climbed to its highest level in eight months in February, while US import prices jumped at nearly double the forecast rate as energy costs shot up in another sign of creeping inflationary pressure.-Reuters
KARACHI: Karachi Stock Exchange (KSE) saw some strong bullish activities on Tuesday to end above 12,000 points level after gaining more than 1 per cent following the approval of Margin Trading System (MTS) regulations by the KSE board of directors. The benchmark KSE 100Index increased by 132 points 1.11 per cent-- to close at 12,078 points, KSE 30-Index by 142 points -1.23 per cent-to close at 11,688 points and KSE All Share Index rose by 89 points -1.08 per cent-- to close at 8,384 points. "Bullish activity in oversold market followed margin trading regulations approval", said Ahsan Mehanti, Director Arif Habib Investments. Bulls were there at the trading floor since the opening bells. Market started the day with14 plus points and positive numbers piled up henceforth as investors celebrated the goahead to the regulations of much awaited MTS for its launch now seems likelier than ever. According to a notice issued by KSE the board of directors of the exchange in its meeting on Feb 14 has approved the draft regulatory amendments
for the introduction of a MTS, with some minor changes. Therefore, investors took advantage of attractive levels as market had corrected last week by around 3 per cent. As a result, moving up, the index breached 12,000 level during the early moments of the session and at about 2:29 PST touched an intraday high of 12,139 points (+ve 193). Further, buying was also seen on expectations of some better than market-consensus upcoming corporate results and over the news of oil discovery at Tolanj in the Tal block. However due to some profittaking towards the end of the day index lost some gains to close below 12,100 levels. Volumes too witnessed some improvement but remained confined to midcap stocks. A total of about 97 million shares traded during the day which is 28.2 million more as compared to a turnover of 68.8 million a day earlier. Lotte Pakistan stood as the volume leader with 13.1 million shares followed by Nishat Chunian Power with 6.7 million and Nishat Chunian with 5.2 million shares. Of total 370 active issues 190 progressed, 76 regressed, while 104 issues neither gained nor lost.
Indian shares gain for 3rd day MUMBAI: The BSE Sensex rose for a third straight session, climbing 0.4 per cent amid choppy trade on Tuesday, but investors doubted the sustainability of the rally as foreign funds remained on the backfoot. Financials led the rise with State Bank of India, ICICI Bank and HDFC Bank climbing between 0.2 per cent and 2.0 per cent, helped by the broader market rally. Reliance Communications closed 4.2 per cent higher, reversing a 2.3-per cent slide following a 57-per cent drop in December-quarter profit, its sixth straight quarterly fall, hit by lower call prices and debt servicing costs. The stock is down 30 per cent this year. The 30-share BSE index gained 0.39 per cent or 71.60 points to 18,273.80, its highest close in nearly two weeks, with 16 of its components closing in the green. "I don't see much conviction in these gains. It is just a temporary bounce back. Investors are looking at opportunities to go short," said Gajendra Nagpal, CEO of Unicon Financial. "The buying interest does not seem to be coming from across the board," he said, adding, foreign funds had been net sellers of stocks in
four sessions to Feb. 11. Investment by foreign funds, one of the key drivers of Indian equities, has been declining, hurt by domestic corruption scandals and stubborn inflation. Foreign funds have pulled out around $1.8 billion from Indian stocks this year, which has seen the main index shed nearly 11 per cent. An improvement in economic conditions in the developed world has diverted some flows away from the emerging economies. Among its emerging market peers, China's Shanghai Composite index and Russia's RTS Indea have gained 3.2 per cent and 6.7 per cent respectively, while Brazil's Bovespa has declined nearly 4 per cent. Apart from Reliance Comm, other Anil Ambaniled companies also surged in late trade. Reliance Infrastructure, Reliance Power and Reliance Capital firmed between 1.1 per cent and 9.1 per cent. Unitech shed 3.5 per cent after the second-biggest listed real estate company reported a 37-per cent fall in quarterly profit after market hours on Monday, as high property prices and borrowing costs hurt demand.Reuters
ANNOUNCEMENTS Company UniLever Pak AL-Ghazi Tractors Kohinoor Energy Goodluck Industries Otsuka Pak
Period Yearly Yearly Half Yearly Half Yearly Half Yearly
Div/Bon/Right 314%(F)(D) 250%(F)(D) 10%(i)(D) -
PAT (Rs in mn) 3273.00 1908.87 194.99 0.47 20.36
EPS(Rs) 246.00 44.46 1.15 1.56 2.04
6 Wednesday, February 16, 2011
European vegetable oil prices
TARAKAN: Workers repair an old oil well for reactivation in Tarakan, Indonesia's East Kalimantan province.-Reuters
Coffee at 13-3/4-yr high on fund buying LONDON: Arabica coffee futures pushed through a new 13-3/4-year barrier on Tuesday, and robustas hit a multi-year peak as investment fund buying and tight supplies of high-quality beans boosted prices. Cocoa futures on ICE retreated but stayed just below their one-year top on uncertainty about whether an export ban in top grower Ivory Coast would be extended. Sugar fell further from near 30-year peaks. New York's May arabicas rose to $2.6675 per lb, the highest for the second-month contract since May 1997, and were up 3.2 cents or 1.2 per cent at $2.6490 a lb at 1530 GMT. May robusta coffee on Liffe climbed to $2,318 a tonne, its highest since July 2008, before easing slightly to trade up $22 or 1 per cent at $2,305 per tonne. May ICE cocoa futures fell $4 or 0.1 per cent to $3,402 a tonne, below their one-year high of $3,444, while Liffe's May cocoa was down 6 pounds or 0.3 per cent at 2,204 pounds a tonne, below its six-month peak of 2,269 pounds. The key ICE March raw sugar contract fell 0.1 cents or 0.3 per cent to 30.81 cents a lb, dropping further from its 30year peak of 36.08 cents, while London's May white sugar fell $15.90 or 2.1 per cent to $734.60 per tonne. -Reuters
Gold reaches 4-week high as dollar retreats LONDON: Gold rose to a near four-week high on Tuesday and was on track for its biggest oneday climb in a week as the dollar extended losses after soft US retail sales numbers and the market digested Chinese inflation data. Spot gold rose as high as $1,376.50 an ounce and was bid at $1,373.01 an ounce at 1602 GMT, against $1,361.67 late in New York on Monday. US gold futures for April delivery rose
although the usual inverse relationship between the two assets has recently been soft. Data released earlier showed Chinese inflation at a lowerthan-expected 4.9 per cent in January, curbing expectations for further rate rises from China's central bank. Lower interest rates tend to support gold buying. The Asian giant also changed the way it calculates the numbers by reshuffling the basket of prices
Indian sugar ends steady $8.40 an ounce to $1,373.50. The precious metal is on track for a third week of gains, recovering from the losses it made in January, when rising appetite for risk fuelled buying of higheryielding assets. "Some risk aversion has returned -- some euro-zone jitters with WestLB and ECB buying of Portuguese bonds last week, and the unsettled Middle Eastern situation," said Credit Agricole analyst Robin Bhar. "For me though, (the move in gold) is more technical. We have moved above the 100-day moving average at $1,365, which has capped gains until now." A softer dollar also underpinned the precious metal,
measured, giving more weight to housing and less to food. Some pressure has also come off gold after outflows from exchange-traded funds backed by the precious metal petered out. Holdings of the largest gold ETF, New York's SPDR Gold Shares, have held steady for the last three sessions. Platinum was at $1,833.24 an ounce against $1,825.49, while palladium was at $837.97 against $831.50. Silver was bid at $30.78 an ounce against $30.59. Holdings of the world's largest silverbacked ETF, New York's iShares Silver Trust, rose 22.78 tonnes on Monday, their biggest oneday rise since Jan. 24. -Reuters
Copper falls from record on political, China concerns LONDON: Copper fell from record highs on Tuesday on concerns further monetary tightening in China may affect base metals demand and as worries about political instability in the Middle East curbed risk appetite. Chinese inflation hit a lowerthan-forecast 4.9 per cent in January, but price pressures excluding food were their strongest in at least a decade and will force the central bank to keep tightening policy. Benchmark copper on the LME hit a record high of $10,190 a tonne shortly after China's headline inflation figures initially appeared to suggest there was a reduced risk of speedy monetary tightening. Prices then fell as the full implications of the Chinese data on policy were digested. It closed at $10,011 from $10,160 a tonne on Monday. Tin also hit an all-time peak of $32,799. "There are still some concerns over the situation in the Middle East which are weakening the sentiment," analyst Andrey Kryuchenkov said.
Copper has climbed by two thirds since June 2010 when worries about sovereign default in the euro-zone sparked severe selling of investments seen as risky.
Shanghai metals mixed Base metals on the Shanghai Futures Exchange settled mixed on Tuesday, giving up gains as local shares weighed on investor sentiment. The benchmark May copper contract settled 0.8 per cent higher at 76,600 yuan a metric ton. Preliminary Chinese trade data showed copper imports jumped a surprise 5.7 per cent to 364,240 tonnes. Underlying fundamentals are very supportive but not super bullish. That's the reason for the indecision by traders," Standard Chartered analyst Daniel Smith
said. Meanwhile, copper stocks continued their uptrend, rising by 650 tonnes net to 402,425 tonnes to now stand at the highest level since August 2010, the latest LME data showed. Aluminium inventories also rose, and are now some 40,000 tonnes short of record highs. Aluminium finished at $2,502 a tonne, versus a $2,514 close on Monday. Nickel ended at $28,745, from $28,895. Elsewhere, lead closed at $2,635 a tonne from $2,640 and zinc at $2,491 from $2,521 at the close on Monday. Tin, untraded in rings, was bid at $32,500 a tonne, up from $32,450 on Monday. It has advanced 22 per cent this year on the back of supply constraints from top exporter Indonesia. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for February 14 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1255
January (3rd Wednesday)
1310
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for February 14 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2306 2307 2300 2310 2250 2260 2250 2260
ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11 1010.00, Mar11 1010.00, Apr11 1010.00-16.00, May11/Jul11 1020.00-16.00, Aug11/Oct11 1025.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1025.00-15.00, Aug11/Oct11 995.00-15.00, Nov11/Jan12 1000.00-20.00, Feb12/Apr12 1010.00-15.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1450.00-20.00, Jul11/Sep11 1460.00-25.00, Oct11/Dec11 1400.00-30.00. LINOIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1545.00-10.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Feb11 1310.00-10.00, Mar11 1315.00-7.50, Apr11/Jun11 1297.50-15.00, Jul11/Sep11 1267.50-17.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Apr11/Jun11 1285.00-20.00, Jul11/Sep11 1235.00-25.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Feb11/Mar11 2300.00-20.00, Mar11/Apr11 2280.00-10.00, Apr11/May11 2270.00-10.00, May11/Jun11 2260.00-10.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Feb11/Mar11 2320.00-30.00, Mar11/Apr11 2320.00+10.00, Apr11/May11 2300.00+10.00, May11/Jun11 2220.00-50.00. -Reuters
2484 2485 2500 2501 2563 2568 2607 2612
10147.5 10148 10123 10124 9905 9915 9475 9485
2630 2631 2625 2627 2572 2577 2527 2532
28670 28680 28650 28700 27525 27625 26175 26275
TIN
ZINC NASAAC
32390 2478 32395 2478.5 32300 2499 32400 2500 31905 2517 31955 2522 2500 2505
2505 2508 2510 2515 2555 2565 2610 2620
MUMBAI: Indian sugar prices ended steady on Tuesday as a slight improvement in spot demand due to ongoing wedding season outweighed pressure from higher supplies for February, dealers said. India has made available 1.62 million tonnes of non-levy sugar for February, including 300,000 tonnes unsold stocks of January. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. "Millers were struggling to sell allocated quota for the month. Like last month, this month also they may fail in selling the entire quota," said a senior official at Bombay Sugar Merchants Association (BSMA). In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety edged lower by 0.22 per cent to 2,665 rupees ($58.57) per 100 kg. Sugar contract for March delivery on India's National Commodity and Derivatives Exchange (NCDEX) provisionally ended 0.11 per cent up at 2,810 rupees per 100 kg. India is likely to produce 25 million tonnes of sugar in the new season that began in Oct. 1, a producers' body said on Feb. 8, slightly lowering its previous forecast as unseasonal rains trimmed cane yields in a key state. -Reuters
Brent oil slips from peak of Mideast rally US retail sales up 0.3pc, lower than forecast LONDON: Brent crude oil slipped on Tuesday and US crude climbed as markets began to close the gap between the two benchmarks after a lengthy period in which the Brent premium to US crude had become overextended. The price differential between the two reached $16.30 on Friday. Analysts and traders have said that a correction was overdue. "It is just not sustainable to have such high differentials between the two products," said Thorbjorn Bak Jensen, an oil market analyst at Global Risk Management. "Trades have just gotten too extended and now markets are beginning to normalise." Brent crude for April delivery was down 20 cents to $102.88 barrel by 1445 GMT, after earlier pushing to $104.04 in the session. Jensen said Brent was meeting technical resistance. US crude for March delivery was up 58 cents to $85.39 at the same time, after earlier climbing $1.07 to
$85.88. The US benchmark had fallen to 2-1/2-month lows in the previous session. "West Texas Intermediate is so undervalued relative to Brent and other grades imported to the US that it seems to have rallied more strongly because it is so out of line," said Tony Machacek, a futures
broker at Bache Commodities. US crude has been dogged by high oil stockpiles at the key landlocked delivery point in Cushing, Oklahoma. In contrast, Brent rallied hard on Monday and stayed strong Tuesday morning, supported by lower than expected Chinese inflation figures and unrest in Bahrain and Iran. "We are seeing contagion from Tunisia and Egypt to other countries that are more important for the oil markets," said Christophe Barret, oil analyst at Credit Agricole
Cotton drops on profit-taking NEW YORK: US cotton futures fell sharply close on Monday, with the key March contract settling down more than 2 per cent, after options expirations left many speculators holding long futures positions, prompting them to grab profits in a selling spree. Over the weekend, cotton call options that expired in the money on Friday were assigned and exercised, resulting in a slew of new long futures positions among speculative interests at Monday's start, brokers said. 'This morning they showed up with new positions in their hands ready to take their profits. If you're long calls and the market closes at the highest it's ever been, it's impossible not to have profits,' said Ron Lawson, Managing Director, of logicadvisors.com. Benchmark March cotton contracts on ICE Futures US slid 2.06 per cent to end down 3.92 cents at $1.8605 per lb, after falling as low as $1.8510 during the session.
On Friday, spot fiber futures shot up to an all-time high of $1.9455 per lb, a level exceeding cotton's previous record. Until Friday, prices had never surpassed levels seen during the US Civil War, estimated by historians around $1.89. The Civil War lasted from 1861 to 1865. Cotton climbed 13.17 per cent last week. Since the beginning of the year, cotton has advanced over 35 per cent in the second wave of a rally that began in August 2010. While speculators unwound some of their long positions on Monday, analysts said, tight supply/demand fundamentals remain in tact for the cotton market. Many observers still expect prices to head for $2 per lb and even $3 a lb, eventually. On Monday, the US Department of Agriculture released its 10-year baseline figures showing planting forecasts rose to 12.8 million acres, yielding a crop of 19.3 million bales in 2011 from 17.817 million bales in 2010.-Reuters
Corporate and Investment Bank. Iran produces about 3.7 million barrels a day, making it the second largest OPEC producer. "With Saudi Arabia's spare capacity at roughly 3.5 million barrels a day it could have a severe impact on the oil market if you have any interruption in oil exports from Iran." Also lending support was China's consumer price inflation coming in lower than expected for January at 4.9 per cent. US retail sales for January came in lower than expected at 0.3 per cent, instead of the 0.6 per cent forecast, likely reflecting poor weather conditions that kept shoppers indoors. The market is now looking to US weekly crude inventories from the American Petroleum Institute (API). A Reuters poll forecast a rise in crude oil stockpiles for the fifth week in a row, to 2.6 million barrels, due to a rebound in imports. Reuters
BD tea prices edge up DHAKA: The average price of Bangladeshi teas edged up to 184.81 taka ($2.60) per kg at the weekly auction on Tuesday, brokers said. "The average price went up slightly, even though a large weight of end-of-season types on offer were discarded by buyers and withdrawn without any bids," said an official of the National Brokers Limited, the largest tea broking firm in the country. Some 1.07 million kg, comprising nearly 53 per cent of the offer, were sold, while the rest failed to find buyers and was taken back to storage. Different grades were sold between 100 taka and 246 taka per kg at the auction. But in an exclusive sale, 100 kg of well made Pekoe Fannings realised the highest price of 267 taka per kg, followed by another 250 kg of Churamoni Dust selling at 251 taka per kg. The next auction will be held on Tuesday, Feb. 22, with some 2.1 million kg on offer. Reuters
Tokyo rubber at historic high on supply woes TOKYO: Benchmark Tokyo rubber futures hit a record high on Tuesday as concerns over tight supply and strong physical rubber prices in producing countries continued to lend support, but a drop in Shanghai futures capped gains. The key Tokyo Commodity Exchange rubber contract for July delivery settled up 0.2 per cent or 0.8 yen at 519.5 yen, after climbing to a historic high of 522.5 yen during the evening session on Monday,
which is counted as part of Tuesday's day session. The most active Shanghai rubber futures for May delivery closed down 2.2 per cent at 41,905 yuan ($6,352) per tonne. Volume picked up to 535,802 lots from Monday's 444,090. They marked a record high of 43,500 yuan last week. Asian physical rubber prices were steady at relatively high levels on Tuesday, with the benchmark Thai RSS3 being offered at the record, supported
by tight supply, dealers said. Rubber futures prices in Tokyo and Shanghai surged to a lifetime high this year and are likely to rise further on speculative buying and seasonal tight supply. London crude prices extended gains on Tuesday to stand above $103 a barrel, buoyed by signs of firm oil demand in China as unrest in the Middle East sparked fears of a potential supply disruption. Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
15-Feb-2011 CRUDE100 15-Feb-2011 CRUDE100 15-Feb-2011 CRUDE100 15-Feb-2011 SILVER - SL500 15-Feb-2011 SILVER - SL500 15-Feb-2011 GOLD 01oz 15-Feb-2011 GOLD 01oz 15-Feb-2011 GOLD 01oz 15-Feb-2011 GOLD 100oz 15-Feb-2011 GOLD 100oz 15-Feb-2011 GOLD 100oz 15-Feb-2011 GOLD 15-Feb-2011 GOLD 15-Feb-2011 GOLD 15-Feb-2011 KILOGOLD 15-Feb-2011 KILOGOLD 15-Feb-2011 TOLAGOLD50 15-Feb-2011 TOLAGOLD100 15-Feb-2011 MINIGOLD 15-Feb-2011 MINIGOLD 15-Feb-2011 MINIGOLD 15-Feb-2011 MINIGOLD 15-Feb-2011 MINIGOLD 15-Feb-2011 TOLAGOLD 15-Feb-2011 TOLAGOLD 15-Feb-2011 TOLAGOLD 15-Feb-2011 TOLAGOLD 15-Feb-2011 TOLAGOLD 15-Feb-2011 IRRI6W 15-Feb-2011 RICEIRRI - 6 15-Feb-2011 RBD PALMOLEIN 15-Feb-2011 KIBOR3M 15-Feb-2011 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 MA11 AP11 MA11 AP11 MY11 MA11 AP11 MY11 FE11 MA11 AP11 FE11 MA11 FE11 FE11 MON TUE WED THU FRI MON TUE WED THU FRI 17FE11 FE11 FE11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
85.44 89.28 92.64 30.05 30.10 1357.70 1357.70 1357.60 1357.80 1357.40 1358.90 37531.00 37394.00 37500.00 37545.00 37366.00 43573.00 43573.00 38466.00 38413.00 38426.00 38440.00 38453.00 45000.00 44996.00 44156.00 44171.00 44187.00 3203.00 3201.00 5532.00 86.20 85.59
86.50 90.29 92.64 30.76 30.76 1374.60 1374.80 1375.50 1372.60 1374.30 1373.00 37869.00 37878.00 37894.00 37842.00 37851.00 44138.00 44138.00 38945.00 38987.00 38904.00 38918.00 38931.00 45291.00 45225.00 44712.00 44728.00 44744.00 3227.00 3208.00 5532.00 86.21 85.60
84.63 88.62 92.54 30.05 30.10 1357.00 1357.20 1357.60 1357.80 1357.40 1358.90 37385.00 37394.00 37410.00 37358.00 37366.00 43573.00 43573.00 38466.00 38413.00 38426.00 38440.00 38453.00 44202.00 44140.00 44156.00 44171.00 44187.00 3203.00 3201.00 5525.00 86.20 85.59
85.29 89.05 92.54 30.74 30.76 1372.60 1373.00 1373.70 1372.60 1373.00 1373.00 37869.00 37878.00 37894.00 37842.00 37851.00 44138.00 44138.00 38945.00 38987.00 38904.00 38918.00 38931.00 44760.00 44807.00 44712.00 44728.00 44744.00 3227.00 3208.00 5525.00 86.21 85.60
Traded Volume in lots 252 124 221 1,110 2,267 1,442 67 2 4 1 21 3 -
Previous Settlement Price 85.24 89.12 92.68 30.62 30.64 1364.50 1364.90 1365.60 1364.50 1364.90 1365.60 37567.00 37575.00 37591.00 37539.00 37548.00 43785.00 43785.00 38637.00 38677.00 38596.00 38610.00 38623.00 44401.00 44448.00 44355.00 44370.00 44386.00 3203.00 3201.00 5532.00 86.20 85.59
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 85.29 238 89.05 61 92.54 3 30.74 43 30.76 1 1372.60 999 1373.00 1,502 1373.70 1,062 1372.60 1373.00 8 1373.70 37869.00 14 37878.00 1 37894.00 82 37842.00 37851.00 44138.00 44138.00 38945.00 38987.00 38904.00 38918.00 38931.00 44760.00 7 44807.00 2 44712.00 44728.00 44744.00 6 3227.00 3208.00 5525.00 86.21 85.60 -
7
Sports & Continuation
Wednesday, February 16, 2011
Pakistan burn BD in warmuper Ahmed, Misbah lift up tons ahead of WC Staff Reporter MARIPUR: Pakistan beat Bangladesh by 88 runs in the World Cup warm-up match on Tuesday. Bangladesh, chasing the 286run target set by Pakistan, were bowled out for 196 in the 42nd over at the Shere Bangla National Stadium in Mirpur. Teenage opener Ahmed Shehzad and Test skipper Misbahul Haq both smashed centuries as Pakistan piled up
285-9 in the first innings to set up the win. All-rounder Abdul Razzaq was the leading wicket-taker for Pakistan with three wickets for 31 runs while Mohammad Hafeez took two wickets for 41 runs and left arm spinner Abdur Rehman took two for 21. Captain Shahid Afridi and Wahab Riaz also took one wicket each. Shehzad, just 19, top-scored with 103 off 122 balls with nine fours and one six while
Misbah cracked a run-a-ball century with eight boundaries and four giant sixes. Despite the pair’s pyrotechnics, Pakistan’s other batsmen failed to fire with the next best score being a modest 21 from opener Mohammad Hafeez. Bangladesh used nine bowlers with skipper and slow leftarmer Shakib Al Hasan taking 3-49 off his 10 overs. Seamer Rubel Hossain also claimed three wickets, but his 10 overs cost 73 runs.
India, SL foreseen favourites for CWC MELBOURNE: Former Australian players foresee tough times for Ricky Ponting's men in the upcoming World Cup despite being the number one ODI side as they feel co-hosts India and Sri Lanka are better-equipped to exploit the conditions. "They (Australia) are certain-
ly up against it," former wicket-keeper Ian Healy said of the team, which is chasing a record fourth World Cup trophy. "It's not our favoured venue for a World Cup victory, but it's a frontier that needs to be crossed again from '87. There's some hot competition from Sri Lanka and India, and
I'm envisaging a real battle for the other two semi spots," Healy was quoted as saying by the 'Daily Telegraph'. Healy tipped Sri Lanka to clinch the trophy, saying veteran off-spinner Muttiah Muralitharan, playing in his last tournament, would be a major factor.-Online
AMRITSAR : An artist displays a miniature cricket stadium model ahead of the 2011 Cricket World Cup.-Reuters
ISLAMABAD: Players run after the ball during a hockey match played between the teams of Bahawalpur and Lahore during All Pakistan Inter Board Women Hockey Championship at Naseer Bunda Hockey Stadium.-Online
Dhoni rejects “India are not ready” suggestions CHENNAI: India captain Mahendra Singh Dhoni on Tuesday backtracked on his comments that the Indian team are "not ready" in the lead-up to the World Cup due to the jampacked calendar. Dhoni had warned that India's preparation had been hit by the rigors of constantly switching between tests, one-day internationals and Twenty20 matches in the run-up to the Feb 19April 2 World Cup but just 24hours later, he made a u-turn. "It was not fatigue at all. It is the mental preparation level... to be in the same scenario... to be 100 per cent for a (warm-up) game," Dhoni told reporters ahead of India's warm-up match against New Zealand on Wednesday. "We are more used to preparing for an (official) game 100 per cent and all of a sudden you have to prepare for a warm-up game which I have not played many, right from the start of my career from school cricket or district (level). "It was a different scenario and you have to prepare differently. That was the only difference and it had nothing to do with fatigue."-Reuters
Kolkata, Mumbai affirmed fit for WC MUMBAI: Kolkata and Mumbai grounds have been given the final clearance to stage Cricket World Cup matches after concerns about their readiness, the head of the governing body told reporters. "Those venues have all been squared off, they`re ready," International Cricket Council (ICC) chief executive Haroon Lorgat said in a telephone interview ahead of the Feb 19-April 2 tournament. "There isn`t an issue about readiness of stadiums."
This means only one match, India`s fixture with England on Feb 27, had to be switched from Kolkata`s Eden Gardens to Bangalore. Mumbai has been given the go-ahead to stage the final on April 2 as well as two other group-stage fixtures. "We felt they (Kolkata) would not be ready by Feb 27 but they had every opportunity to be ready for the matches (there) in March and we`ve got to the point now when all of the venues are going to be ready for the games scheduled," he said.
"So there isn`t an issue about readiness of the stadiums." Similarly, Sri Lanka`s three grounds were also "good to go". A report from the ICC`s World Cup inspection team is expected on Tuesday to confirm his comments. Eden Gardens is one of the most prestigious in India but ICC inspectors found renovation work on the standstill unfinished in December and similarly, Mumbai`s Wankhede Stadium needed completing.Online
BD warring mosquitoes around stadia before WC DHAKA: Bangladesh have launched an all-out war on mosquitoes in and around cricket stadiums to ensure a bite-free World Cup for spectators and players, said an official. The Dhaka City Corporation (DCC) has deployed spray teams to wipe out mosquitoes at the city’s two stadiums, which will host the opening ceremony and six World Cup matches. “Mosquitoes have been
breeding alarmingly in recent months so we have taken special measures to get rid of them,” said health chief Brigadier General Nasiruddin. “We want to ensure a mosquitofree World Cup for spectators.” He said areas near hotels used by teams and supporters will also be sprayed. Malaria is usually restricted to rural areas of Bangladesh, but dengue fever is common in towns. After the opening ceremony
that takes place in Dhaka on February 17, the action begins with the hosts facing India in the city on February 19. The World Cup is the biggest event that Bangladesh has hosted since 1971. Authorities have already evicted hawkers and beggars, forced worn-out buses off the roads and banned laundry from being hung out near stadiums to improve Dhaka’s image.Agencies
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strengthen regional security" under the Overseas Contingency Operations (OCO) Budget". This includes "$1.1 billion for the Pakistan Counterinsurgency Capability Fund to provide critical equipment and training for Pakistani security forces, increasing the ability of the Pakistani government to combat insurgents inside Pakistan and eliminating the insurgent's capacity to conduct cross-border operations in Afghanistan that jeopardise US lives and the mission there." "We have $350 million in that part of the budget for FMF (Foreign Military Financing) programs, which is part of the five-year agreement that we have made with the government of Pakistan," a State Department official told reporters. In 2010, Pakistan received $79 million under the OCO Budget, which is estimated to jump to $1.3 billion in 2011. In Afghanistan, out of total $2.3 billion assistance $2.2 billion is to target the priority sectors of governance, rule of law, counter-narcotics, agriculture, economic growth, health, and education in Afghanistan. This apart, $111 million is for operations to support infrastructure for maintaining US government civilian and diplomatic presence and to support educational and cultural exchange programs to build bridges with civil society.-Agencies
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including that of economy," the officials requesting not to be named told Online. The high-level IMF delegation was encouraged after meeting the PML-N economic wizard Senator Ishaq Dar who is also heading his party's appointed Parliamentary Committee working jointly with the government's ministerial body with Finance Minister Abdul Hafeez Shaikh in chair. However, the officials were unable to rule out the potential of American national Raymond Davis's case influencing the IMF taking a lenient view of Pakistan's economy difficulties. "If the IMF mission does not come to Dubai by the end of February to meet Pakistan's economy team, you can easily guess that the American influence worked well," the officials added. The officials having remote understanding of the American national's issue also underlined the possibility of a resolution by then. According to the officials, the government's economy team would go to Dubai meeting with an alternative plan for both resources' generation and cost cutting. In case the government enables to convince IMF mission in Dubai that it would generate Rs100 additional revenue and would curtail expenditures of an equal amount, it might qualify for getting next tranche of SBA loan programme in March, the officials observed. -Online
reserves. "We would also welcome KIA's investment for the development of Gwadar Port facilities and its related infrastructure projects", he added. Gilani also sought the KIA's investment for establishment of cold chain and food grain storage facilities, setting up of agro based industries in horticulture commodities and investment in livestock, dairy and poultry sectors in Pakistan. The produce of these projects can then be supplied to the Union of Consumer Cooperative Society of Kuwait, he added.-Agencies
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@ 32/64 fixed choke size at flowing wellhead pressure of 2392 psi. The discovery is made in the upper part of Lumshiwal Formation and drilling shall be continued to penetrate and test the deeper prospective horizons. The full extent of discovery will be known once the well reaches the planned total depths during next two months. According to "The Financial Daily" research based on the testing result, the annualised EPS impact of all three listed companies i.e. Oil and Gas Development Company Limited (stake 27.76 per cent), Pakistan Petroleum Limited (stake 27.76 per cent) and Pakistan Oilfields Limited (stake 21.05 per cent) would increase profitability of companies by Rs0.04, Rs0.18 and Rs0.64 per share.
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signed before March 15, 2011 to put in place a proper framework to use the data for broadening the tax base. It may be added that nearly 58,000 corporate entities are registered with the SECP but only 19,331 of them had filed income tax returns with the FBR up to January 31, 2011. "The exchange of data will help FBR identify the dormant companies besides reaching out to those actively engaged in business activities but failing to file their returns," said the Member (IRS), hoping the exercise would mark a significant step in bridging the tax gap in the corporate sector. -Online
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building and mosque would be illuminated. Strict security measures would be taken on the routes and places of processions of Eid Milad-un-Nabi and all educational institutions and government offices would remain closed. Punjab government has directed to all district and Tehsil administration officers to take unprecedented security measures. Meanwhile the preparations have been made for the celebration of Eid-Milad-un-Nabi with religious fervor and respect in twin cities Rawalpindi and Islamabad.
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court. Meanwhile, Senator Kerry would reach Islamabad as the Obama administration sought to resolve a diplomatic crisis sparked by the detention of a US embassy employee accused of Continued from page 1 No #3 killing two Pakistanis. Kerry, the influential chair of the Senate ties. Prime Minister offered the top executives of KFAED and Foreign Relations Committee and member of President Barack KIA to take advantage of the liberal investment regime as well as Obama's Democratic party, will meet with senior Pakistani offithe investment-friendly incentives in Pakistan. Minister of State cials, the US embassy in Islamabad said in a statement.-Agencies for Foreign Affairs Hina Rabbani Khar, Chairman Board of Continued from page 1 Investment Salim Mandviwala, senior PPP leader Raja Pervaiz No #8 Ashraf, Pakistan's Ambassador in Kuwait Iftikhar Aziz and senior said consumers would get good news with regard to further curofficials were also present in the meetings. During his meeting tailment in the prices of LPG in next week. Decrease in prices of with Chairman KIA, the Prime Minister said, Pakistan is willing to LPG by Rs10 per kilogram has led to noticeable decline in the offer Kuwait a portion of land of its strategically located Gwadar prices of LPG. Owing to this reduction, the price of domestic port for setting up a terminal for the storage of its strategic oil cylinder has dropped from Rs1270 to Rs1150 in Lahore,
Gujranwala, Sialkot, Nawab Shah, and Karachi; from Rs1330 to Rs1210 in Peshawar, Faisalabad, Multan, Khanewal, Sahiwal, Bahawalpur, Rahim Yar Khan, and Mangora; from Rs1390 to Rs1270 per cylinder in Islamabad, Sarai Alamgir, Sargodha, Gujrat, Murree, Kohat, and Rawalpindi; from Rs1690 to Rs1570 in Muzaffarabad, Gilgit, Swat, Fata, Bagh, and Azad Kashmir. Ogra slapped heavy fines on marketing companies for profiteering and these companies have reduced the prices following the reports of further raids from Ogra teams.
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no powerful man can be brought to justice. He said that under the law no civil servant would be reappointed and the government had not made any progress on the matter of contract officers in a month. Chief Justice also expressed his displeasure over the vacation of federal investigation agency additional director Javed Bukhari, saying that weather he had taken leave or was sent off. He said that those who worked with the court were given a sent off. -Agencies
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arrest warrant is such a joke, I hope the days of this govt are numbered now." The Facebook comments were Musharraf's first public statement since his London spokesperson had said on Saturday that the expresident would not comply with an arrest warrant issued by an Islamabad court over Benazir's assassination. "No, he won't be going back for this hearing," said Fawad Chaudhry, a spokesman for the APML party, adding that the warrant against Musharraf in this regard was "totally ridiculous." -Reuters
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Central Asian Republics and beyond them to Russia. He expressed the hope that issues regarding Afghanistan Pakistan Transit Trade would be resolved within four months and after that it would also be operational. Replying to a question, he said that till the finalization of new agreement the previous Afghan Pak Transit Trade would be workable for trade between the two countries.-Online
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Justice Khalil-ur Rehman was retired from service last year and he was appointed as ad hoc judge. First extension in service would expire on February, 17 this year and efforts had been started in connection with his reappointment as ad hoc judge for another year. Legal and constitutional circles are not seeing this move with appreciable looks. Some neutral circles have taken the stance that the laws which are applicable to government employees are also applicable to judges in superior judiciary. Justice Khalil-ur Rehman Ramday was also member of the bench which had declared re-employment of retired officers as illegal. About former interior secretary Kamal Shah, Justice Ramday had remarked as to why he was not quitting the office after completion of his service tenure. -Online
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"These commitments demonstrate the SGX's belief in the merits and benefits of the merger, address concerns that have been expressed, and provide further clarity as to how the merged entity will operate in the future," Chew said. The ASX and SGX announced plans in October for a merger that would create one of the largest and most diversified financial trading hubs.-APP
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"He should go before the judges to defend himself like anyone else who doesn't have anything to hide and spare the country the spectacle before the world of a prime minister on trial for juvenile prostitution and abuse of office," said Dario Franceschini a senior member of the opposition Democratic Party. Prosecutors say they have ample evidence that Berlusconi paid el Mahroug for sex when she was under 18 -- an offence in Italy -- and also telephoned a police station to pressure officers to release her after she was held on theft allegations. The charges carry a maximum sentence of 3 years for underage prostitution and 12 years for abuse of office. She denies having sex with Berlusconi but admits receiving at least 7,000 euros ($9,500) after attending a party at the premier's luxurious private residence at Arcore near Milan. Berlusconi has denied doing anything illegal in the case and says he has been targeted by politically motivated judges backed by the left who are determined to bring him down. He says he has never paid for sex and says that when he telephoned the Milan police station it was because he believed el Mahroug to be the granddaughter of Egyptian President Hosni Mubarak and he wanted to avoid a diplomatic incident.-Reuters
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Wednesday, February 16, 2011
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‘Efforts to be made to make PIA profitable '
New MD vows rivival of PIA KARACHI: All efforts to be made to make PIA a profitable airline. This can be achieved with the combined efforts of all employees. We are not afraid of the prevailing competition in the aviation industry and will Insha Allah be successful. This was stated by Managing Director PIA, Nadeem Khan Yousufzai during his meeting with representatives of Joint Action Committee of PIA Employees. Managing Director PIA, Nadeem Khan Yousufzai assured representatives of Joint Action Committee of the Management's support. He said that PIA management will provide better facilities to the employees of the Corporation and employees' performance will be judged on pure merit. He further said that the employees housing scheme will continue, employees will be
provided subsidy in education allowance for their children, Car and Motorcycle easy installment loans will be provided to employees, PIA will also provide Marriage allowance to the needy employees on case to case basis, employees will also get Utility Credit allowance for purchase at Utility Stores. He said that establishment of a PIA foundation is his long time dream through which PIA employees and especially the retired employees will be benefited. The working on this project will be started soon and may involve transfer of some of noncore activities to the PIA Foundation, which will not only generate revenues but will also result in saving for PIA. The Convener of Joint Action Committee of PIA employees & President PALPA, Sohail Baloch extended full support and cooperation to the newly
appointed Managing Director of PIA. He also announced to give a portion of Pilots salary for the Staff (employees of Pay groups 1 - IV) of the airline. The Representatives of Joint Action Committee included Captain Sohail Baloch, President PALPA and Convener Joint Action Committee, Captain TM Rabbani, General Secretary PALPA, Shaukat Jamshed President SAEP (Society of Aircraft Engineers), Zakir Farooq, General Secretary (SAEP) Aziz Suharwardy and QUETTA: Police force coming in vehicles during the operation against the armed men who take illegal possesNadeem Afgan, FENA (Flight sion of government land in the area of Kharot Abad.-Online Engineers Association), Najeeb Khan, President ATAP and Chaudhry Bashir Ahmed, SVP Peoples Unity - CBA, Nasrullah of PIA Cabin Crew Association, Safdar Anjum (Friends Of PIA Alliance), Shamim Akmal, President Air league and Obaidullah, President PIACEU. -Online
Grossman slated to be new Afpak envoy
Late Holbrooke's successor found WASHINGTON: US Secretary of State Hillary Rodham Clinton is expected to name a former ambassador to Turkey as Washington's new special envoy to Afghanistan and Pakistan, newspaper reports said early Tuesday. Marc Grossman, a retired senior diplomat, is to be named Friday to replace Richard Holbrooke, who died suddenly in December of a torn aorta, the Washington Post reported. The Post and New York Times cited unnamed officials as their sources. Clinton is expected to announce the appointment Friday at a major speech on Afghanistan and Pakistan at the Asia Society in New York. Grossman is currently the vice chairman of a consulting firm.
Holbrooke's death came at a crucial time for Afghanistan, where US President Barack Obama is aiming to start winding down the US presence later this year. US-Pakistan relations have also been shaky. Late last week, a US diplomat in Pakistan denied a report that Washington had threatened to downgrade its diplomatic relations with Islamabad in an attempt to secure the release of one of its citizens held for double murder. The report by ABC news said that US National Security Advisor Tom Donilon had told the Pakistani ambassador to the US to release the suspect or face diplomatic consequences.Online
If SC terminates ad-hocists we'll ensure it: Firdous
Full court reference for Ramday cancelled ISLAMABAD: Full court reference to be given in honor of Justice Khalil-ur Rehman Ramday of Supreme Court (SC) has been cancelled. As per press release issued by Supreme Court, decision was taken in SC full court meeting to initiate the process for reappointment of Justice Khalil-ur Rehman Ramday as ad hoc judge in apex court. Chief Justice of Pakistan Iftikhar Muhammad Chaudhry had presided over the meeting. As the full court meeting has recommended for re- appointment of Justice Khalil-ur Rehman Ramday as ad hoc judge, therefore, the full court reference and dinner to be hosted in his honor on February, 17 have been cancelled. A few weeks earlier, SC in its decision had declared illegal the reappointment of retired government employees on contract basis. However these orders are being applied to government departments only. Due to this decision 150 section officers will stand removed from their service. See # 12 Page 7
Malik thanks Delhi for releasing Rahat
ISLAMABAD: Interior Minister Rehman Malik Tuesday thanked his Indian counterpart P Chidambaram for the release of Rahat Fateh Ali Khan, who was detained by revenue enforcement authorities at the Delhi airport for allegedly carrying over $100,000 on Sunday. Sources said Malik telephoned Chidambaram and thanked him for the release of the singer, who was freed from detention on Monday evening after questioning by the Indian Directorate of Revenue
Intelligence officials. Malik assured Chidambaram of Rahat's cooperation in probe into the case, being investigated by the Directorate of Revenue Intelligence (DRI). Sources told that Malik said that Pakistan wants cordial relations with India but they should be in respectable manner and equality basis. He said that investigation of Mumbai attacks is being carried out in an unbiased manner and Pakistani
Commission should be allowed to come to India at earliest moment Meanwhile PTI reported that Rahat, whose passport has been seized, has been asked to report to the DRI officials again on Thursday for further questioning. Indian Officials claimed to have seized $1.24 lakh in cash and two demand drafts for over $18,600, from Rahat and some of the members of his troupe on Sunday when they were planning to catch a flight to Dubai for onward journey to Karachi.-Online
‘Ruling same for ad hoc, contract service extension’ Aus, S'pore ISLAMABAD: Information Minister Firdous Ashiq Awan has made it clear that government will implement Supreme Court (SC) decisions adding apex court verdict is applicable to extension in service of contractual as well as ad hoc government employees. Information minister said this while talking to media men here on Tuesday. Responding to a question she said democratic government has honoured all the verdicts of SC and would implement them as well. The apex court decision was applicable to all institutions and not just one. If SC ruled to terminate the services of contract employees then it will be respected, she added. She held that the case of US citizen
Raymond Davis was subjudice and the court was to decide about it. Statement given by PPP information secretary Fouzia Wahab about Raymond Davis was her personal opinion, she added. She said talks were under way about the return of MQM and JUI-F to cabinet. A single party could not steer the country out of crisis, she underlined. All the political forces would have to play their respective role in this respect, she stressed. "Ups and downs" is beauty of politics, she maintained. She reiterated PPP would continue reconciliation process, adding MQM and JUI-F were democracy loving people and we want them to rejoin ruling alliance and become part of federal government.-Online
Berlusconi to face court over scandal MILAN: An Italian judge has ordered Prime Minister Silvio Berlusconi to stand trial in April on a charge that he paid an underage girl for sex, though there seemed no immediate risk the scandal would force him from office. Following weeks of scandal that have shaken his struggling center-right government, trial was set on Tuesday to start in a criminal court in Milan on April 6, according to a statement from the office of the city's chief judge, Christina Di Censo. Berlusconi is not obliged to appear in person before the panel of three judges on that day, nor is there any legal
obstacle to his continuing to hold office throughout any trial proceedings, which could take years before any conviction. Throughout several other legal cases, the 74-year-old premier has kept the loyalty of lieutenants in his own party, which he set up after making his fortune in business. There has been no open push from his own allies for him to stand down. "We did not expect anything different," Piero Longo, one of Berlusconi's lawyers who sits in parliament for the ruling PDL party, told reporters after the decision was announced. See # 14 Page 7
exchanges' fusion plan moves ahead SYDNEY: The Australian and Singapore bourses revamped their merger proposal Tuesday, promising an equal number of directors from each country in a bid to overcome political hurdles threatening the massive deal. The two exchanges also pledged to maintain operations, assets and key staff in Australia, and to invest in new products. The deal had prompted a backlash in Australia focusing on Singapore's democracy and rights record. "The changes and commitments announced today, combined with existing regulatory protections, strengthen our belief that the ASX-SGX merger proposal is in the best interest of shareholders and in the national interest of Australia," ASX chairman David Gonski said. SGX chairman Chew Soon Seng will head the board, which has been cut to 13 and will include five Singaporeans and five Australians. It will also have three international directors, including ASX-SGX CEO-designate Magnus Bocker. See # 13 Page 7
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