International Karachi, Thursday, December 16, 2010, Muharram-ul-Haram 9, Price Rs12 Pages 8
Musharraf warns Army may step in
Dubbed 'dangerous' for patriotism: Sharif
See on Page 12
Let more nations in UNSC, UN told
See on Page 12
ADG, UBL in talks for stake sale
See on Page 12
See on Page 12 Economic Indicators Forex Reserves (4-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Oct 10) Imports (Jul 10-Oct 10) Trade Balance (Jul 10-Oct 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10 - Nov 10) Foreign Invest (Jul 10-Nov 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Sep 10)
GDP Growth FY10E Per Capita Income FY10 Population
Pak-China Business Cooperation Summit on 18th
$16.39bn 14.44% $7.17bn $12.25bn $(5.08)bn $(533)mn $4.43bn $746mn Rs 495bn $58.41bn Rs 5234.9bn $203.80mn -2.58% 4.10% $1,051 171.31mn
$25bn China trade targeted Jiabao to inaugurate China's biggest bank branch in Pak
Portfolio Investment SCRA(U.S $ in million)
Yearly(Jul, 2010 up to 14-Dec-2010) Monthly(Nov, 2010 up to-14-Dec-2010) Daily (14-Dec-2010) Total Portfolio Invest (3 Dec-2010)
192.31 29.58 -3.48 2680
NCCPL (U.S $ in million)
FIPI (15-Dec-2010) Local Companies (15-Dec-2010) Banks / DFI (15-Dec-2010) Mutual Funds (15-Dec-2010) NBFC (15-Dec-2010) Local Investors (15-Dec-2010) Other Organization (15-Dec-2010)
4.40 3.78 0.37 -2.20 -3.52 -2.61 -0.22
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,786.09 10,309.78 22,975.35 19,647.77 2,716.08 2,911.41 5,877.76 11,492.21
Change 113.45 6.99 455.84 151.42 11.78 15.67 13.45 15.67
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.42 22.71 194.65 2.00 42.86 1.70 36.43 10.79 36.99
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
01-Dec-2010 01-Dec-2010 01-Dec-2010 29-Nov-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010
13.16% 13.39% 13.67% 14.00% 13.07% 13.40% 13.60% 13.95% 14.10% 14.16% 14.23% 14.26% 14.55% 14.73% 14.91%
Commodities *Crude Oil (brent)$/bbl 91.51 *Crude Oil (WTI)$/bbl 87.95 *Cotton $/lb 143.01 *Gold $/ozs 1,392.10 *Silver $/ozs 29.33 Malaysian Palm $ 1,173 GOLD (NCEL) PKR 38,478 KHI Cotton 40Kg PKR 9,752
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 83.80 Canadian $ 84.25 Danish Krone 15.00 Euro 112.80 Hong Kong $ 10.90 Japanese Yen 1.010 Saudi Riyal 22.65 Singapore $ 64.90 Swedish Korona 12.00 Swiss Franc 86.65 U.A.E Dirham 23.25 UK Pound 134.80 US $ 85.70
Sell (Rs)
84.80 85.35 15.10 114.80 11.00 1.035 22.90 65.90 12.10 86.75 23.45 136.80 85.90
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 85.06 15.35 114.44 11.02 1.023 22.85 65.49 12.57 89.04 23.33 135.10 85.71
85.51 85.26 15.39 114.70 11.05 1.025 22.90 65.65 12.60 89.25 23.39 135.41 85.90
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
21°C 27°C 22°C 22°C 16°C 21°C
MIN
1°C 10°C 6°C 5°C -3°C 3°C
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NEW DELHI: Chinese Premier Wen Jiabao speaks at the India-China Business Cooperation Summit in New Delhi here on Wednesday. -Reuters
Nov exports at $1.78bn; imports at $3.13bn
Flood diversion
5M trade deficit reaches $6.43bn
Apex court commission starts probe
Staff Reporter KARACHI: Pakistan's exports have surged 19 per cent to $8.95 billion during July-November 2010 as compared to the corresponding period last fiscal year, after that country's trade deficit for the first five months of the 2010/11 fiscal year reached to $6.4 billion According to the data compiled and released by Trade Development Authority of Pakistan (TDAP), the exports during November 2010 were valued at $1.78 billion which was 17 per cent higher than the level of $1.52 billion during
November, 2009. Imports during November 2010 were valued at $3.13 billion registering a growth of 43 per cent over the level of imports valued at $2.19 billion in November, 2009. The cumulative value of exports for the period JulyNovember, 2010 was $ 8.95 billion as against $ 7.53 billion registering a growth of 19 per cent over the same period last year. Cumulative value of imports for the period July-November 2010 was $ 15.38 billion as against $12.75 billion registering a growth of 21 per cent, over the same period last year.
USC follows PM directives
Sugar price cut to Rs60 per kilo ISLAMABAD: The Utility Stores Corporation of Pakistan (USC) on the directives of the Prime Minister and Minister for Industries and production has reduced the price of sugar from Rs65 to Rs60 per kg with immediate effect at its outlets across the country. "We have also doubled quota of sugar at USC outlets to be available in 2-kg and 5-kg packets for the customers at the subsidised rate of Rs60 per kg with immediate effect", Managing Director of USC
Arif Khan told a press conference here at PID Media Center this afternoon. The MD USC while comparing the prices of sugar with neighboring countries said that the rate of the commodity is the lowest in Pakistan. He said that in Afghanistan the price of sugar is Rs120 perkg while its price in India and Bangladesh are at Rs62 and Rs68 per-kg respectively. "It is the cheapest sugar available in our country as See # 6 Page 11
Dr Samar asked to assistance in Rikodiq case
Top court seeks expert opinion ISLAMABAD: Supreme Court (SC) has summoned member planning commission Dr Samar Mand Mubarak for its assistance in Rekodiq natural resources case. Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry has remarked "we
all are Pakistanis and we should protect our national interests." According to media reports a 3-member bench of SC presided over by the CJP resumed the hearing of development of copper, gold mine See # 7 Page 11
ISLAMABAD: Supreme Court of Pakistan Wednesday constituted a four-member Commission with complete authority to probe and submit a report within two months over the flood diversion issue. The Commission would comprise AK Lodhi, a former chief secretary Balochistan, Fateh Khan Fajak, a former federal secretary, Khwaja Zaheer Ahmed also a former federal secretary and Azam Khan a former chief secretary of Khyber Pakhtunkhwa. While additional registrar of the apex Court Qazi Sajid Mahmood would perform duties as facilitator between the Commission and government functionaries. The apex Court observed in its order that they were appointing senior retired officers who had relevant expertise with full authority to record witnesses and probe record. It further noted "Eventually, a See # 4 Page 11
Fazl refuses to change stance ISLAMABAD: A delegation of PPP-led government returned empty-handed from the Islamabad residence of Jamiat Ulema-e-Islam (JUI-F) Chief Maulana Fazl-ur Rehman on Wednesday as the estranged ally of government refused to change his stance on quitting ministries. A delegation of ruling Pakistan Peoples Party, led by Minister for Labour and Manpower Minister Syed Khurshid Shah, held a meeting with Rehman in order to bring back JUI-F in the ruling coalition fold, but the JUI-F chief remained resolute to rejoin the power. "We will not retreat from our principle stand," Rehman spoke to reporters outside his See # 5 Page 11
ISLAMABAD: Government of Pakistan is hopeful in attracting $25 billion worth of trade from China in the coming years. This was stated in a statement issued by Board of Investment (BoI) here Wednesday. According to the BoI statement, the Pak-China Business Cooperation Summit, scheduled on December 18 would be able to attract $25 billion trade and investment from China. Premiers of China and Pakistan will preside over the Pak-China Business Cooperation Summit, said statement. Business-to-Business meeting will also be held in Islamabad to discuss the
investment opportunities, trade and joint ventures between the two countries, it added. "As a result of this meeting, BoI is expecting to attract $25 billion trade and investment from China during next five years," the statement said. Board of Investment is organising this summit in collaboration with Federation of Pakistan Chambers of Commerce and Industry, Trade Development Authority of Pakistan and China Council for The Promotion of International Trade. Almost 330 Chinese delegates and 200 representatives of Pakistan from different business sectors are expected to participate in summit, it said adding almost 23 MoUs are
‘Not to become part of destabilisation’
Gilani, Saifullah go over affairs ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani called up Muslim League- (Likeminded group) president Senator Saleem Saifullah and discussed the prevalent political situation and Reformed-GST bill. PM House sources told that PM discussed the prevalent political situation of the country with Senator Saleem Saifullah and invited him to PM house. While appreciating the decision of PM to sack the two ministers Senator Saleem Saifullah said PM should have taken the decision earlier, and assured to PM that their party would never be part of any decision that could
destabilise the democratic government. Confirming to Online PM telephone call, Saifullah said, Maulana Fazl-ur Rehman is a responsible politician and I hope, he will take his decision back by keeping in view the present situation of the country. He said it would not be justified that for the sake of one ministry the whole country is put at stake and Muslim League Likeminded group will never be part of any such decision. While answering a question he said, all political parties should give preference to the country instead of their personal gains. -Online
PM chairs cabinet meeting
Cabinet ratifies 18 MoUs, pacts ISLAMABAD: The Cabinet meeting presided over by Prime Minister Syed Yousuf Raza Gilani Wednesday ratified the decision of Economic Coordination Committee (ECC) to lift ban on export of wheat and its products by private sector, subsidy if involved and monitoring of exports. The meeting was held in the Prime Minister Secretariat, reviewed the implementation status of cabinet decisions pertaining to Ministries of Education and Finance and observed that 10 decisions were still under implementa-
tion pertaining to five divisions. It also ratified Memorandum of Cooperation signed between the Ministry of Trade and Foreign Economic Relations of Turkmenistan and the Ministry of Commerce of the Islamic Republic of Pakistan to promote trade between the two countries. The cabinet gave approval to finalise the draft of Memorandum of Understanding (MoU) on the establishment of the Joint Trade Committee between the See # 13 Page 11
expected to be signed during the summit in different sectors. In B2B meeting, priority sectors for investment from China will include oil and gas, mining, infrastructure, power, telecom, chemicals, textile, engineering goods, textile machinery, automobiles, electronics, automotives, agricultural implements, and agro based industry. Furthermore, Chinese Premier Wen Jiabao is going to open a branch of Industrial and Commercial Bank of China (ICBC), the top private bank of China during his visit to Pakistan. The ICBC is the world's biggest bank by capitalisation. According to an article from a See # 1 Page 11
30 killed in Iran mosque bomb attack TEHRAN: A pair of suicide bomb blasts outside a mosque in Iran killed at least 30 people and wounded more than 100 on Wednesday during a Shi'ite mourning ceremony, local media reported. Al Arabiya television reported that Jindallah, a Sunni Muslim rebel group, had claimed responsibility for the attack outside the Imam Hussein Mosque in the southeastern city of Chabahar, near Iran's border with Pakistan and Afghanistan. "Terrorists carried out two suicide bombings among Shi'ite mourners in front of a mosque in the town of Chabahar," Deputy Interior Minister Ali See # 2 Page 11
Pak announces highest civil
award for Holbrooke ISLAMABAD: President Asif Ali Zardari on Wednesday visited the US Embassy to offer his condolences at the sad demise of Ambassador Richard Holbrooke and lauded his services for Pakistan. While recording his message in the condolence book, the President said, "Pakistanis, like many other around the world, mourn the death of Ambassador Richard Holbrooke, a great intellect and force for good, a personal friend of Pakistan, me, and my wife Shaheed Mohtarma Benazir Bhutto." See # 3 Page 11
Jiabao says world is enough for both India, China
China, India seal deals worth $16bn NEW DELHI: Prime Minister Wen Jiabao said China will seek to boost commerce with India while reducing his country's $18 billion surplus this year in trade between the world's two fastest-growing major economies. Arriving in New Delhi with what he said was a delegation of more than 300 Chinese company executives, Wen spoke to a business conference at the
start of a three-day visit meant to solidify the countries' economic links while managing disputes over their border and China's support for Pakistan. He dismissed the idea of Chinese-Indian relations as "rivalry between the dragon and the elephant," saying "there is enough space in the world for the development of both." Wen said his government
"takes seriously the trade imbalance between our two countries and stands ready to take further steps to facilitate the access of Indian products," to the Chinese market. His delegation will sign more than $16 billion in deals during the visit with Indian companies including ICICI Bank Ltd and Reliance Power Ltd. The Chinese leader said he and Indian Prime Minister
Manmohan Singh expect to announce an increased target for bilateral commerce, which at $60 billion this year represents 2 percent of China's projected total of $2.8 trillion. While India and China "have received more foreign direct investment than any other country," investment between them "falls short of $700 million," Wen said. He called for easier procedures for moving
capital and people between the two countries to create "more favorable conditions for mutual investment." Wen announced more Chinese investments in India to assuage the worries of Indian politicians, peeved that the Sino-Indian trade balance is heavily in China's favour. Wen also said he would discuss with his Indian counterpart Manmohan Singh ways to
substantially increase trade volumes. "Economic ties constitute literally the bedrock of our relations ... Both sides are keen to further enhance mutually beneficial trade and are looking at new initiatives," said an Indian foreign ministry spokesman on Monday. Still, total investment by China in India is small, See # 8 Page 11
2 Unisame urges to solve SEM’s issues Staff Reporter KARACHI: Union of Small and Medium Enterprises (UNISAME) has invited the immediate attention of Mir Hazar Khan Bijarani the Federal Minister for Industries, Production and SMEs to the urgent need of addressing the issues of the SME sector for supply of energy, availability of finance, allotment of land, development of infrastructure, anomalies in taxation, and logistic support for the SMEs in the post flood period. President Unisame Zulfikar Thaver informed the minister that the SME units are devoid of gas and facing excessive load shedding of electricity and moreover poor infrastructure after the floods has
caused them hardships and making them unable to run their units profitably in urban and rural areas. Besides he said the promises made to the sector in the SME policy for establishment of SME promotion institutions of finance, insurance, exports and technology have not been fulfilled and despite several meetings and reminders the ministry has not bothered to address the issues facing the sector. He reiterated that the commercial banks are not financing the SMEs and their requirements of running,working, import, export and project financing are not getting any attention from the banks and despite best efforts of the State Bank of Pakistan (SBP) to accommodate them the commercial
banks are just not prepared to take risk and refusing to finance the SMEs unless immovable property is mortgaged with them. He said the applications for land at concession for the SMEs have also been turned down by the provincial ministries although ample land is lying undertilised in all the provinces and the respective Board of Revenues (BOR) in the provinces have recommended the applications for the setting up of industrial estates. He expressed regret that the majority sector is neglected in this manner when the government knows fully well that this sector is the backbone of the economy and if properly supported can reduce the inflation by increasing productivity especially in food items.
Message from Cousul General
Bahrain observes national day
A
del Abdul Rahman Mohammed Taqi Consul General of the Kingdom of Bahrain in Karachi gives his message on the occasion of the national day of the Kingdom of Bahrain. "On this occasion of the National Day I avail this opportunity to send my heartiest and deepest congratulation to His Majesty Hamad Bin Isa Bin Salman Al-Khalifa King of the Kingdom of Bahrain, and to the Government and the people of Bahrain. I would like to express my gratitude to our
Pakistani brethren and Government of Pakistan
for their hospitality and affection that is always on display. I also find it imperative to underscore
the existing historic and cordial relations between the two nations based on the spirit of brotherhood and cooperation. I would also emphasize on the strong brotherly relations and the existing mutual assistance and cooperation in all various aspects and field between Pakistan and Bahrain. I am eager to further bolster ties with Pakistan, we always extended all possible cooperation and assistance to enhance the bilateral relation, mainly in investment and economic area."
Thursday, December 16, 2010
Travel agents awards held Staff Reporter KARACHI: Swiss International Air Lines held a Travel Agents Award Ceremony recently at Avari Towers. The event was presided by Didier Boschung, Consul General of Switzerland, said a handout issued here. The event was attended by Farukh Mazhar, President Swiss Business Council; Mustafa Khan, Country Manager IATA Pakistan, Sohail Yasin Suleman, Chairman World Wide Group, top travel agents and other distinguished guests. Addressing the gathering, Chief Guest, Didier Boschung, Consul General of Switzerland said "Switzerland's national carrier has been well represented in Pakistan for more than 4 decades and Yasmin here is part of this success. I am sure that in the mind of many people, Yasmin herself is the image of SWISS in Karachi. The Swiss International Airlines' team in Pakistan has continued to serve Pakistani travellers with the Swiss tradition of hospitality, precision and high quality of service and many people remained loyal to Swiss, even after the cancellation of the direct flight from and to Switzerland. The success enjoyed by Swiss is also due to you, Ladies and Gentlemen, though your dedication and the efforts you are putting in promoting the label Swiss International Airlines and Switzerland as a country.
TV PROGRAMMES THURSDAY Time Programmes 7:00 News 8:00 News 9:00 News 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
KARACHI: Advisor to Sindh Chief Minister for Information & Archives Sharmila Faruqui receiving copy of an agenda on rights of children on behalf of AGHS (Child Rights Unit) at Press Club.-APP
LCCI lauds Sharif's concern over gas-cuts
KCCI condoles demise of M A Zuberi
gas supply to the Punjab industry, it would be a great service to the country and the economy. Muhammad Arshad said that the Lahore Chamber of Commerce & Industry had always been of the opinion that a meeting with the stakeholders could solve all the issues irrespective of their magnitude. The LCCI Acting President said that the business community has impressed by the action plan given by the Chief Minister and is of the strong hope that the Punjab industry would get required quantity of gas from the federal government.
KARACHI: President, Karachi Chamber of Commerce and Industry, Muhammad Saeed Shafiq and other KCCI senior leaders have condoled demise of senior journalists M A Zuberi and Mir Jamilur-Rehman. In a condolence message here on Wednesday, the KCCI President, Chairman Businessmen Group in KCCI and former president KCCI Siraj Kassam Teli, Vice Chairmen Businessmen Group and former presidents KCCI Tahir Khaliq, M. Zubair Motiwala, Haroon Farooki and Anjum Nisar, and Senior Vice President KCCI Talat Mahmood, Vice President KCCI Junaid Esmail Makda, and Managing Committee Members expressed their profound grief over the sad demise of M A Zuberi who was a great scholar and championed the cause of economic and financial journalism in Pakistan. They also expressed grief and sorrow over the death of Mir Jamil-ur-Rahman, former editor of Daily Jang, Rawalpindi who was a noted journalist, intellectual and analyst.-APP
Staff Correspondent
THURSDAY Time Programmes 8:00 Chai Time (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Mang Raha Hay Pakistan (Rpt) 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Siyasat Mana Hai 0:00 News
LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) Wednesday appreciated the Chief Minister Punjab Mian Muhammad Shahbaz Sharif for sharing his concerns on gas suspension to the Punjab industry. In a statement issued here after having a meeting with the Chief Minister Punjab Mian Muhammad Shahbaz Sharif, the LCCI Acting President Sheikh Muhammad Arshad said that the Chief Minister's stance on the issue has given a new lease of life to the industry. He said that if the Chief Minister succeeds to get restored the
KARACHI: Executive Director, Masood Akhter, Institute of Chartered Accountants of Pakistan (ICAP) gives briefing to media at the ICAP House, Clifton.-Staff Photo
Pak students set new world record
Staff Reporter KARACHI: A 19 member team of students of Karachi Grammar School (KGS) and other schools led by Aymen Saleem Yousuf achieved the new fame of breaking Guinness World Records by accommodating 19 persons in a Smart Car. The event took place on
Wednesday, 15th Dec at DHA Creek Club, Karachi in front of a Jury and reported worldwide. Nisar Khoro, Speaker Sindh Assembly attended the event as Chief Guest. The jury comprised Nisar Khoro, Dr Mirza Ikhtiar Baig Advisor to Prime Minister, Sharmila Farooqui Advisor to CM Sindh on Information,
Former Cricket Captain Waseem Akram, Former Hockey Captain and Olympian Islahuddin and Ishtiaq Baig Hon. Consul General of Morocco. Dr Mirza Ikhtiar Baig & Ishtiaq Baig, uncles of Aymen Saleem congratulated the team of Karachi Grammar School for this achievement and commented that this is a great
PIA academy at Benazirabad soon KARACHI: Pakistan International Airline (PIA) is in the process of establishing Shaheed Benazir Bhutto Flight Academy at Benazirabad. PIA spokesman said here on Wednesday the Academy is being set up with the aim of producing exceptional commercial pilots who will make professional cockpit crew for PIA and other airlines. He said that PIA will use modern training aids such as Simulators, Computer Based Training, models and actual aircraft instruments for training purposes. The spokesman said that the training academy will be functional as soon as the maintenance hanger is completed. Moreover, all the engi-
neering facilities will be shifted and available for the Academy. Until then, the flying operations will be undertaken from Karachi. The spokesman further pointed out that this Academy is a part of the process undertaken by the government for the development of Sindh and its people. Two Cessna 172N aircraft have been acquired from PAF through Ministry of Defence in a transparent manner, through legal tender procedures approved by Public Procurement Regulatory Authority (PPRA) and TIP. It was pointed out that PIA has saved valuable foreign exchange by acquiring these aircraft from within the country
from the best available and professional organization i.e. PAF. Acquiring two more well maintained aircraft from PAF is also in process, said spokesperson PIA. Moreover, Pakistan Civil Aviation Authority (PCAA) has been cooperative and helpful regarding the maintenance work done on the aircraft. The training will be conducted by PCAA certified flight instructors. Further more, PIA is now starting flight operations as a flight school, PAF was approached through Ministry of Defence, to acquire these aircraft after doing multiple inspections. These aircraft will operate when certified by Airworthiness Division of PCAA.-APP
IOM to work till May in Pak ISLAMABAD: The International Organisation for Migration (IOM) said Wednesday that its emergency medical programme, launched in September to help restore Pakistan's flood-damaged healthcare system, would be extended until May 2011 thanks to funds from Canada and the Pakistan Emergency Response Fund. "New activities, starting in January 2011, would
include the refurbishment of four flood-damaged health clinics in Sindh and Punjab provinces", IOM's spokesman Jared Bloch said. IOM would also support the government in enhancing existing health centers for telemedicine and tele-radiology. The centers were essential for doctors in remote areas who need to consult specialists. Four months into the
flood relief operation, IOM's rural health clinics in Sindh and Punjab continued to face high demand for basic health care. More than 45,000 patients have been treated since the clinics had opened in early September. "This included consultations IOM medical mobile teams, who brought basic health care to flood victims in hard-to-reach areas," said Bloch.-PPI
KARACHI: German speaking women association with the collaboration of the German Consulate held charity evening at Consulate premises. Picture shows acting Consul General of Germany Dieter Freund, marketing manager of Turkish Airlines Adnan Khan, and Finance manager of Qatar Airways Rizwan Ali Merchant, Saleem Motiwala Commercial Manager of Gulf Air and M Awais, Sales Manager Gulf Air.-Staff Photo
honour for Pakistan for setting new record at the Guinness Book. Earlier 18 members of the Climb Fit Team (Australia) squeezed into a standard Smart Car on the set of Australia Smashes Guinness World Records, at the Warringah Mall, Sydney Australia on 25th Jan 2010.
ICAP certificate award on Dec 21st KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) is holding Certificate Award Ceremony on December 21, 2010 at Pearl Continental Hotel, Karachi for students who recently passed the CA final examinations. President ICAP, Saqib Masood, would inaugurate the ceremony. The guest speakers would be Sohail Wajahat, CEO Siemens (Pakistan) Ltd, Tariq Wajid, CEO Sanofi-aventis Pakistan and Pervaiz Ghais, CEO Indus Motors Company. The ceremony is expected to be attended by the ICAP Council Members, its Past Presidents, representatives of trade and industry, Tax Bar Association and other eminent professionals. The ceremony has been organised by the Southern Regional Committee of ICAP.-PR
MQM urges Ulema to promote inter-faith harmony KARACHI: Members of Muttahida Qaumi Movement (MQM), Rabita Committee, elected representatives of the party and its office bearers are holding regular meetings with Ulema of various schools of thought to promote inter-faith harmony and maintenance of tranquility during the holy month of Muharram-ulHaram. These meetings are being held on the directives of MQM Chief Altaf Hussain, said a statement issued by MQM here on Wednesday. In this connection, members MQM Rabita Committee, Syed Shoaib Ahmed Bukhari and Raza Haroon and Sindh Minister, Abdul Haseeb held separate meetings with prominent ulema, Allama Hasan Zafar Naqvi, Allama Shah Turab-ul-Haq Qadri and Allama Shah Siraj-ul-Haq Qadri.-APP
3
Thursday, December 16, 2010
Khi police arrest 2 criminals red handed
Security steps finalised for processions
KARACHI: Ranger personnel using sand sacks to setup a bunker for security on 8 Muharramul Haram at Nomaish Chorangi.-Online
KARACHI: The security measures to protect processions going to be led on 9th and 10th of Muharram have been made while procession routes including MA Jinnah road have been closed for three days in this connection and all markets and shops would remain close for three days. To avoid any untoward
World Malaria report 2010 released KARACHI: A massive scale-up in malaria control programs between 2008 and 2010 has resulted in the provision of enough insecticide-treated mosquito nets (ITNs) to protect more than 578 million people at risk of malaria in sub-Saharan Africa. Indoor residual spraying has also protected 75 million people, or 10 per cent of the population at risk in 2009. The World malaria report 2010 released today describes how the drive to provide access to anti-malarial interventions to all those who need them, called for by the UN Secretary-General in 2008, is producing results. In Africa, a total of 11 countries showed a greater than 50 per cent reduction in either confirmed malaria cases or malaria admissions and deaths over the past decade. Morocco and Turkmenistan were certified by the Director-General of WHO in 2009 as having eliminated malaria. In 2009, the WHO European Region reported no cases of Plasmodium falciparum malaria for the first time. The WHO DirectorGeneral, Dr Margaret Chan, highlighted the transformation that is taking place, "The results set out in this report are the best seen in decades. After so many years of deterioration and stagnation in the malaria situation, countries and their development partners are now on the offensive. Current strategies work." "The phenomenal expansion in access to malaria control interventions is translating directly into lives saved, as the WHO World malaria report 2010 clearly indicates," said Ray Chambers, the UN Secretary-General's Special Envoy for Malaria. "The strategic scale-up that is eroding malaria's influence is a critical step in the effort to combat povertyrelated health threats. By maintaining these essential gains, we can end malaria deaths by 2015." The strategies to fight malaria continue to evolve. Earlier this year, WHO recommended that all suspected cases of malaria, be confirmed by a diagnostic test before antimalarial drugs are administered. -APP
situation during Muharram-ul Haram, all security arrangements have been made. The procession routes have been closed by placing containers, buses and other hurdles and shops in procession routes. Special stickers have been issued to 130 vehicles of rangers and sensitive departments, 290 vehicles of
police and 65 vehicles of ambulance services. Traffic police have issued special traffic plan for Muharram-ul Haram. The procession of 9th Muharram would be held from Nishtar Park at 12 noon and end in Husainia Irania Imam Bargah Kharadar. The armed policemen would be deployed on 10
buildings from Numaish Choraha to Kharadar. Interior Minister Sindh Zulfiqar Mirza said that terror attacks are possible despite tight security arrangements. Meanwhile, Karachi police have arrested 2 criminals red-handed during a search operation in Orangi Town area here on Wednesday. As per police sources, Karachi police have launched search operation in the area of Orangi Town and arrested criminal Imran and Nawaz while recovering heavy amount of weapons from their possession. Two other criminals fled from the scene and fled criminals are told to be Asif and Liaquat, police sources added that two TT pistols and large number of bullets have been recovered from the criminals. FIR has been filed against the arrested criminals in Pakistan Bazaar police station. -Agencies
‘80mn children face food shortage’
Sharmila hints at Child Protection Bill KARACHI: Advisor to Chief Minister Sindh on Information and Archives Sharmila Farooqi said Wednesday that 08 million children are facing food shortage while 3.5 million are working as laborers in the fields, industries and other places across the country. Speaking at a presentation on child rights agenda organised by 'THE Children Association of Pakistan' at the Karachi Press Club, Sharmila said the devastating floods had affected about seven million people in Sindh province and 30 per cent among them were children. She said flood affected children are facing problems in getting medical treatment and education because many of the schools in interior
Sindh were damaged or affected by the floods. She said child rape cases should be brought to the Anti-terrorism Courts (ATCs) and the accused found guilty should be severely punished, while civil society, NGOs and media organizations should play their due roles for bringing an end to violence against the children. Sharmila said 23 million children are not getting education in Sindh while 10,000 children below the age of 15 are living in the streets and roads of Karachi while 41,000 children are in jails and 6600 cases of children are under trial. The advisor said that she had planned to bring the Child Protection Bill in the Sindh Assembly very soon
which would resolve many issues facing the children. The advisor said the government was trying to restore the education system in interior Sindh on war-footing basis which was affected by recent floods. Sharmila said the PPP government had included children rights in the 18th Constitutional Amendment. The government is determined to accord high priority to safeguard the rights of the children. The advisor vowed that the task of child protection requires partnership between public and private agencies. She affirmed that we should fully implement the National Plan of Action for Children focusing on child education and health.-NNI
Lack of funds hit Aids control drive KARACHI: Sindh AIDS Control Program has virtually stopped the service delivery including rehabilitation of the HIV/AIDS registered patients because of drastic cut in its funds. The World Bank had already stopped funds for the project about a year back while Sindh Government has released only Rs11 million, which could meet the expenses of salaries of more than 45 staff and logistics, wellplaced sources told PPI. Sindh AIDS Control
Program was running on the loan/grant of the World Bank since its inception, but the WB had closed its financial assistance in December 2009, and since then Sindh government has not provided more funds to the Sindh AIDS Control Program to work for rehabilitation of patients and other services, which prevent the people from HIV/AIDS. Sindh government had designed the project worth Rs516.638 million for the AIDS control program from 2003 to
2008.The World Bank had to provide 85 percent amount of project and rest 15 percent was to be provided by the provincial government on its own as per the agreement between the WB and Sindh Government. Sindh government had approved PC-1 for the 2008 to 2013 worth Rs1740.459 million but the World Bank had refused to give more loan/grant in this regard and extended the loan funding for only 2009, sources added.-Agencies
Police cop 148 suspects in 48-hour Staff Reporter
KARACHI: Sindh police during last 24 hours arrested 76 accused from various areas of the province. As per details, on the instructions of Inspector General Police Sindh, the police continued crackdown on the anti-social elements and criminals in the province. They arrested a bandit with Rs0.5mn head money, Allah Ditto from Moro. They arrested 12 accused involved in robberies and other heinous crime, while 13 criminals were arrested red-handed from the scene of crime. Moreover 48 absconders and two proclaimed offenders were also arrested. Police recovered 19 pistols, one gun, one Kalashnikov, one rifle, one repeater, one SMG, two hand grenades, two suicide jackets, four rounds, and narcotics from the arrested accused, says a Central Police Office release here on Wednesday. -PPI
KARACHI: Police blocked M A Jinnah Road with containers for security reasons due to the passing of Muharram processions.-Online
KARACHI: People facing hardships while passing routes blocked by police for security reasons due to the passing Muharram processions.-Online
People Speak
NAB boss visits Sindh office KARACHI: The Chairman, National Accountability Bureau (NAB), Mr. Justice (R) Syed Deedar Hussain Shah visited office of NAB Sindh here on Wednesday. According to a statement of NAB Sindh issued here, the Deputy Chairman NAB, Javaid Zia Kazi also accompanied the Chairman. The DG NAB Sindh, Ali Nawaz Pirzada, gave detailed presentation on important cases. The Chairman and Deputy Chairman also briefed about the operational and administrative aspects of NAB Sindh. They also took a round of the offices and interacted with officers of the Bureau, it added. -APP
19pc say Pakistan moving in right direction
MULTAN: A man gives final touches to the Tazia which will be used on Yaum-e-Ashoor’s procession.-Online
Full moon eclipse on Dec 21 KARACHI: Pakistan Meteorological Department said Wednesday that there would be total eclipse of moon on Tuesday December 21 however it will not be visible in Pakistan. The moon eclipse will be visible from Europe, West Africa, America, Pacific Ocean, Eastern Australia, Philippines and Eastern and Northern Asia. The eclipse will start at 10:29 hours and end at 16:04 hours. Some of newspapers had misreported that there would be sun eclipse on Dec.21. -PPI
MULTAN: Men sharpening blades used by Shiite Muslims on Yaum-e-Ashoor.-Online
Initially seven jobs to be given at provincial offices
Nadra offers jobs to eunuchs ISLAMABAD: The National Database Registration Authority (NADRA) will provide job opportunities to the third gender at its regional offices in order to engage them as productive citizens of the society. This was decided in a high-level meeting headed by Chairman Nadra, Ali Arshad Hakeem at the Nadra headquarters aimed to discuss various aspects of policy framework and facilitation for the issuance of CNIC to large number of eunuchs in different parts of the country in accordance to the decision of Supreme Court of Pakistan. According to a press release, initially, the authority will appoint seven eunuchs at provincial level initially to facilitate
the members of their gender specific community in the processing of Computerized National Identity Cards (CNICs). The meeting said that the appointment on the vacancies would be made on merit through proper screening of the candidates following the announcement of jobs in the leading dailies. It said that the authority would provide proper training of database processing to successful candidates from the community. It was decided that appointees would be designated as Nadra officials on the post of data entry operators at five provincials' offices, Azad Jammu and Kashmir and headquarters.
The meeting was told that the initiative to issue CNICs to eunuchs was undertaken in the light of Supreme Court instructions, while issuance of CNICs is being commenced from January 2011. The representatives of eunuchs' rights associations, including renowned Almas Bobby and Shazia Chaudhry also participated in the discussions on the matter of registration and related issues of recognition, identification and thereafter employment opportunities for the eunuchs. Officials of the Nadra, Ministry of Law, Ministry of Social Welfare, Islamic ideology Council, Gender Specialists and Academicians mutually agreed to include
the word "Mukhannas" as third category for gender in CNIC after discussing the various issues related to the registration of eunuchs' community. The Chairman Nadra constituted a committee to submit a thoughtful summary within a week encompassing all the implications on the registration of third-gender citizens. The committee comprises senior members from the Nadra working on the subject, Dr Aslam Khaki, advocate Supreme Court, Yasmin Haider, advocate, Dr Farzana Bari from Islamic Ideology, Humaira Jami Asst. Professor from QAU and Javaid Alam, Director General, Ministry of Social Welfare.-NNI
ISLAMABAD: Only 19 per cent of all Pakistanis say that their country is heading in the right direction where as 80 per cent do not believe so, revealed the findings of a survey conducted by Gilani Research FoundationGallup Pakistan. This is a further change from January 2010: In January, a similar Gallup and Gilani poll had found that 21 per cent said that country is on the right track while 74 per cent of Pakistanis perceived the country to be moving in the wrong direction, it said. In a survey, a nationally representative sample of men and women from across the country were asked the following question: In your opinion is our country heading in the right or the wrong direction? In November only nineteen percent (19 per cent) believed their country is moving in the right direction as opposed to 80 per cent who are of the opinion that it is heading in the wrong direction while one per cent gave no response. The comparable figures in response to the same question in January 2010 were: 21 per cent said that the country is on the right track while 74 per cent said it is not. 5 per cent gave no response. The study was released by Gilani foundation and carried out by Gallup Pakistan, the Pakistani affiliate of Gallup International. The recent survey was carried out among a sample of 2599 men and women in rural and urban areas of all four provinces of the country, during November 2010. Error margin is estimated to be approximately + 2-3 per cent at 95 per cent confidence level. -PPI
4 Thursday, December 16, 2010
The Financial Daily International Vol 4, Issue 127
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi
With Holbrooke Gone… R
eading through some of the many thousands of words written about Richard S. Muneer Hussain Rizvi Haseeb Khan, FCA Holbrooke, for me two stories Khurram Shehzad, CFA Asim Abbas Ashary, CPA stood out in their ability to capture Prof. Zakaria Sajid (KU) Akhtar M. Zaidi, FCA what will be lost with his death: The first was in Rajiv Zahid Bukhari SVP HBL (retd) Dr. A. Hadi Shahid, FCA Chandrasekaran's obituary in the Ismat Sabir Muhammad Arif Washington Post: Head office "While beleaguered members of 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Holbrooke's traveling party sought Telephone: 92-21-5311893-6 Fax: 92-21-5388428 sleep on transcontinental flights, URL: www.thefinancialdaily.com he usually would stay up late readEmail Address: editor@thefinancialdaily.com ing. On one trip to Pakistan, he Lahore office padded to the forward of the cabin 24- Peshawar Block, Fortress Stadium, Lahore in his stocking feet to point out to Telephone: 92-42-6675595 Fax: 92-42-6664349 a reporter a passage in Margaret Email Address: editor@thefinancialdaily.com Bourke-White's memoirs of the time of India-Pakistan partition and independence. Bourke-White quoted Quaid-e-Azam Muhammad Ali Jinnah telling her that Pakistan would have no problems with the Americans, because 'they will always need us more than we need them.' Holbrooke laughed, saying, 'Nothing ever changes.'" The second was in this 2009 proThough, the Karbala incident is remem- file by George Packer in The New bered every year for centuries, people Yorker. Talking about Washington's belonging to other religions and even approach to Pakistan, Holbrooke young Muslims ask why Imam Hussain said, "The relationship with (AS) laid down his own life and lives of Pakistan is so fraught with a histoof disappointment on both other companions with women and chil- ry sides… We can't align our interests dren of his family suffering utter distress, exactly, because they live in a different space, and their history is dismay, and whatnot. by their relationship with The tragedy of Karbala was not a case of defined India. . . . The one thing I believe mistaken identity, nor was it perpetrated by we can do with Pakistan is to try to non-Muslims. It did not end on Ashura, in reach a strategically symmetrical on the danger posed by Al its aftermath the women and children were view Qaeda and its allies. That's the dragged in chains to the court of the tyrants proximate strategic goal." in Kufa and Damascus. After the battle of Put together, those comments a huge sweep of history and Karbala the women of Imam's family, lead cover geography which explain why the by his sister Bibi Zaynab, let the public at war in Afghanistan is proving to large know who Imam Hussain was and be so intractable. While the miliand much of the media, focus why did he lay down his own and compan- tary, on Afghanistan - since that is ions' lives. where western troops are deployed The sacrifices of Imam, his family and - Pakistan is fighting its own battle India born out of the bloody friends have a message for everyone. with partition of the subcontinent in Everyone has been represented. If one of 1947.
Honorary Advisory Board
Message of Karbala
his companions was 80 years old Habib Ibne Mazahir the martyrs also included his own six months old son Ali Asghar. After his battle, no other subsequent Imam engaged in warfare and no other corrupt ruler challenged the authority of the Imam of the time. The message of Karbala is not simply to mourn Imam and then continue with our usual rituals. Their actions were not an act of desperation or a heroic defeat. They saved the religion so that we could follow the correct Islam. All sects of Muslims exist because of Imam. The simple answer that he was the Prophet's younger grandson will not do justice to his position. Faith does not depend on ties of kinship. The, kinship demands faith to assert the position as was the case of Hazrat Ibrahim and his sons Hazrat Ismael (AH) and Hazrat Ishaq (AH) and other prophets like Hazrat Daud (AH) and Hazrat Suleman (AH). The events of Karbala reflect the collision of the good and the evil. As the representative of Prophet Muhammad (PBUH), Imam's main concern was to safeguard and protect Islam and guide fellow Muslims. On the other hand, staying in power of the rulers depended solely on the might of the sword. Imam Hussain has been a propelling force and a seminal element in events throughout Islamic history, particularly in the sphere of Jihad (the holy struggle in the way of Almighty God). Imam Hussain's example has remained vividly alive for generations and centuries. His uprising, movement and ideals still have a deep impact on the conscience and awareness of the Muslims. In nutshell, the message of Karbala is to stand up against the injustice, tyranny, and corruption no matter what.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
glance, that would seem to be a non-starter if you wanted to keep India in the loop. Though India tolerates behind-the-scenes diplomacy by the United States and Britain in its relations with Pakistan, it would be expected to reject any UN interference which threatened to internationalise the Kashmir dispute.) As Holbrooke's comments on finding "a strategically symmetric view" with Pakistan on al Qaeda suggested, he also appeared to be focusing on the art of the possible. This was neither the "grand bargain" floated during President Barack Obama's election campaign of seeking peace in Afghanistan by resolving the Kashmir dispute; not the other extreme of ramping up military operations into Pakistan itself. He may even have been making progress - Pakistan has been signalling of late a willingness to push for a settlement in Afghanistan which would force al Qaeda out of the region. For the moment, the question of who replaces him may be academic. Despite a rising number of people calling for a political settlement of the Afghan war (likely stretched back into history and out lectual range, experience and to require multi-layered talks, into the wider region, from Kabul determination to untangle that from negotiations with Afghan to Kashmir, from Islamabad to knot. According to Julian Borger insurgents to broader regional dialogue) for the time Delhi, from 2010 to As Holbrooke's comments on finding "a strategically being the focus of US strategy is still very 1947. And symmetric view" with Pakistan on al Qaeda much on the military though he suggested, he also appeared to be focusing on the campaign in was not A f g h a n i s t a n . allowed to art of the possible. This was neither the Holbrooke had been i n c l u d e "grand bargain" floated during President Barack somewhat sidelined in Kashmir in recent months, in part his mandate Obama's election campaign of seeking because of that milibecause of peace in Afghanistan by resolving the tary focus. But as and I n d i a n Kashmir dispute; not the other extreme of when efforts to reach a objections, settlement he nonethe- ramping up military operations into Pakistan itself political began to take shape, he less travelled frequently to India to seek at The Guardian there is already would have come into his own. ways of easing tensions with some talk that the task could No one is talking of utopian peace Pakistan. Without such an easing instead be handed over to a new deals here, but of least bad in tensions, Pakistan was never UN peace envoy, whose job it options. Holbrooke's death probagoing to turn fully against the would be to sound out the Taliban bly makes the chances of eventualAfghan Taliban, believing it might and Afghanistan's neighbours on a ly reaching that political settleneed them to counter Indian influ- political settlement. (At first ment less likely.-Reuters Holbrooke was one of the few US officials to have the intellectual range to fully grasp how far the problems of the Afghan war
ence in Afghanistan. It is not at all clear whether the United States can find someone to replace him with the kind of intel-
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On one trip to Pakistan, he padded to the forward of the cabin in his stocking feet to point out to a reporter a passage in Margaret Bourke-White's memoirs of the time of India-Pakistan partition and independence. Bourke-White quoted Quaid-e-Azam Muhammad Ali Jinnah telling her that Pakistan would have no problems with the Americans, because 'they will always need us more than we need them.' Holbrooke laughed, saying, 'Nothing ever changes’.”
The Bedouins in Arms S
itting cross-legged in the desert darkness, a 44-year-old Bedouin tribesman was describing how he smuggles weapons across Egypt's Sinai desert to the Gaza Strip when a heavily laden four-wheel drive vehicle pulled up. "The latest deal just arrived from Sudan, come and see," said 'Aref' the smuggler, rising to greet the driver, who shut off the headlights that had briefly pierced the moonless night. "These are 80 Kalashnikovs," said Aref, flinging open the trunk to reveal the stacked assault rifles, gleaming dimly in the flashlight held by his Bedouin assistant. "We will bury this shipment in the desert until we find a buyer." Arms smuggling by Bedouin tribal networks, mainly by land along Egypt's southern border with Sudan, across the Sinai peninsula and into the Hamas-run Gaza Strip is on the uptick, according to an Egyptian official, who asked not to be named. Sudan denies that it allows any kind of weapons shipments across its territory to any destination. Egyptian officials have said the smuggling is still not widespread and Bedouin own weapons as part of their culture, in which they bestow status, but such arms were not broadly traded. Leaked US diplomatic cables, however, point to concerns that Iran was sending arms to Hamas via Sudan and Egypt. An April 2009 cable from the US embassy in Cairo said Egyptian Interior Minister Habib elAdli was behind "steps to disrupt the flow of Iraniansupplied arms from Sudan through Egypt to Gaza." The growing scale of the lucrative trade could threaten stability in Sinai, whose
Bedouin tribesmen complain they are marginalised and benefit little from the tourists who flock to Sharm el-Sheikh and other resorts on the peninsula's coasts. SECURITY IMBALANCE
posed raising the number to 3,500 to help it secure its border with the Gaza Strip. Israel refused, citing security concerns. "Camp David demands that Sinai is largely demili-
Israel began work in transport the arms 700 km November on a 266-km to the Egyptian border. border fence with Egypt to Sinai Bedouin collect them block the flow of African there and take them north migrants. as far as the Suez Canal, a There is little hard evi- bottleneck for any smugdence of Bedouin involve- gling route. ment in "The journey takes at Arms smuggling by Bedouin tribal Islamist vio- least 15 days," said Aref's l e n c e , aide. He named Sudan's networks, mainly by land along although in Rashaida tribe as main sup2004 and pliers to the Sawarka Egypt's southern border with Sudan, 2005 the Bedouin, one of two tribes control the Sinai arms across the Sinai peninsula and into the Eg ogvye rpntmi eannt that market. up Bedouin tribes that lie Hamas-run Gaza Strip is on the uptick, rounded about 5,000 along the chosen route according to an Egyptian official, who Bedouin in secure the shipment's pass e c u r i t y sage from point to point, asked not to be named sweeps after each tribe receiving its a string of share of arms or cash, he "Sinai suffers a security tarised," Zayaat said. bomb attacks in Red Sea added. Shipments range imbalance," military ana- "Security lapses related to resorts. from assault rifles and lyst Safwat Zayaat said. human trafficking across GUN CULTURE rocket-propelled grenades "Under-development is the Egypt-Israel border or Aref, the Bedouin smug- to anti-aircraft guns. fuelling the arms trade fed the inability to stem arms gler, who would not give In March 2009, CBS by unstable neighbouring and drug smuggling within his real name, said arbi- News reported that an areas in northeast Sudan." Sinai and into Gaza occur trary arrests and unfulfilled Israeli aircraft had attacked He said there was a ready as a result." promises of economic an arms smuggling convoy market for weapons smugSinai's border with Israel opportunity only encour- in Sudan two months earligled via a network of er, killing more Leaked US diplomatic cables, however, than 30 people, to border tunnels into the Gaza Strip, controlled stop it reaching point to concerns that Iran was sending Hamas in Gaza. by the Islamist Palestinian group published arms to Hamas via Sudan and Egypt. An byCables Hamas since 2007. the WikiLeaks This is a concern for April 2009 cable from the US embassy in website also point Israel, which has freup the security quently complained vacuum in parts of Cairo said Egyptian Interior Minister about Egypt's failure to Sinai. Habib el-Adli was behind "steps to dis- A Sinai-based stop the arms transfers. Yet the terms of Camp official, cited in a rupt the flow of Iranian-supplied arms December 2009 David accords signed by Egypt and Israel in 1978 memo, said: from Sudan through Egypt to Gaza." help explain why it is so "Bedouin control hard for the Egyptians to central Sinai police their borders and is a main trafficking route aged tribesmen to acquire because they are better maintain control in Sinai, for thousands of African guns. armed than the Egyptian where well-armed Bedouin migrants seeking asylum in "Every Bedouin owns a military." occasionally clash with Israel. Israel has criticised weapon and in the past few Asked about the Sinai security forces. Egypt for not doing enough months some have used weapons trade, another The accords, signed by to stem the flow. theirs against heavy-hand- senior security official in former Egyptian President Under Israeli pressure to ed security forces," he said, Cairo who previously Anwar Sadat and Israeli secure the frontier, adding that the smugglers served with the army in Prime Minister Menachem Egyptian police have used were not motivated by ide- Sinai and requested Begin, demilitarised central tough tactics including ology, but that owning anonymity said it would be Sinai and allowed Egypt to shooting migrants on sight. weapons was part of a impractical for smugglers deploy only a small number They have also had Bedouin's honour code. to use Sudan as a conduit of lightly armed border shootouts with Bedouin His assistant, who asked and said Egypt had tight guards there and on the smugglers who ferry not to be named, said the control of border areas. 266-km frontier. migrants across the border smuggling route began in "Our Egypt-Gaza border After Israel pulled out of for about $1,000 (£639) per the Kassel region of eastern is safe and under control," Gaza in 2005, Egypt pro- person. Sudan. Sudanese tribesmen he said.-Reuters
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Man City's Hart dives to save a ball during a training session in Manchester
5
Thursday, December 16, 2010
Tanvir ruled out of Kiwi tour KARACHI: Pakistani left arm bowler Sohail Tanvir has been ruled out of the tour to New Zealand with a knee injury, team manager Intikhab Alam said on Wednesday. "He is not fully fit, he tried hard in the camp, but he requires more time as he faces problems while fielding," Alam told the media. "The selectors will decide later on who will replace Tanvir for the test matches." Batsman Asad Shafiq has been called up to play in the three Twenty20 matches in place of the unfortunate 26year-old Tanvir, who last played a test match over three years ago and failed to recover completely from a knee problem that required surgery last year in Australia. Former test captain Alam said that the team management was not willing to take a risk with any unfit player as it would be unfair on the other players. Despite the loss, Alam believes Pakistan's chances of a victorious tour are high. "New Zealand is presently under pressure after losing to Bangladesh and in India and I think we have a good chance of defeating them in the coming series," he said. Pakistan will play three T20 games, starting on Dec. 26 in Auckland, followed in 2011 by two tests and six one-day internationals.-Reuters
Spain tops FIFA team rankings PARIS: World Cup winners Spain will finish the year as FIFA's world number one, following up their triumph in South Africa with a perfect start to their Euro 2012 qualification campaign. The team they beat in the final in Soccer City, Johannesburg, the Netherlands, are in second place with resurgent Germany in third. South American rivals Brazil and Argentina are fourth and fifth with England in sixth.-APP
Pitch will produce a result: Ponting
England strive to seal Aussies’ Ashes fate PERTH: Having sent Australia crashing to the canvas in Adelaide, England will hope to land a knockout blow to their punch-drunk former tormentors when the third Ashes test gets underway in Perth on Thursday. Victory at the WACA ground would see Andrew Strauss's team bring the Ashes home for the first time since the Mike Gatting-led triumph in 1986/87, while condemning Ricky Ponting to becoming the first Australian captain in 120 years to lose three Ashes series. Ponting said England outbatted, outbowled and outfielded the hosts in the second test in Adelaide, but the tourists, 1-0 up, will need to defy recent history to stop the hosts squaring the series. England have lost their last five tests to Australia at the WACA and, like most teams, have struggled to adapt to the ground's traditionally quick pitches. Their last win at the WACA came in 1978, when the Mike Brearley-led side defeated an Australian team gutted by World Series Cricket. "If Australia were wounded in Adelaide and have a point to prove they're going to be that much harder to beat and we've got to counter that," Strauss told reporters on Wednesday. "Australia's record here is very good, so that suggests that they're better at adapting to these conditions than other teams. "I think that's a great opportunity to show that we're a better side than we used to be. We've got to be just as desperate as Australia because if we're not we'll come unstuck." England's innings and 71-run victory in the second test helped erase some demons from their disastrous tour in 2006/07 when they were whitewashed 5-0, but more bitter memories
linger at Perth where the Australians handed out a 206-run thrashing to wrest back the Ashes before Christmas. The ruthless attack led by paceman Glenn McGrath and Shane Warne is long gone, howev-
The 2009 ICC Cricketer of the Year has spent two weeks toiling in the nets following Brisbane but has already been cast as a potential saviour at the WACA where he took his best haul of 861 against South Africa in late 2008.
er, and calls by local pundits in recent days to coax the 41-year-old legspinner Warne out of retirement to "save" the Ashes have only magnified Australia's bereft bowling stocks. Underlining the home side's desperation, selectors are likely to slot Mitchell Johnson straight back into the side after he was dropped following his wayward performance in the first test in Brisbane where he conceded 170 runs without taking a wicket.
The selectors also raised eyebrows by naming Michael Beer in their 12-man squad, a left-arm orthodox spinner with only five first class matches under his belt, as a potential replacement for the dropped Xavier Doherty. Phillip Hughes, who was bullied out of the Australian side by England's seamers on tour last year, has replaced the injured Simon Katich as opening batsman, while all rounder Steven Smith has replaced Marcus North at number six.
PCB defers squad announcement LAHORE: Pakistan Cricket Board has deferred the announcement of ODI squad for the tour of New Zealand as well as World Cup. "A meeting of integrity committee was held on Wednesday in which the squads for the ODI series in New Zealand and names of 30 probables for the upcoming ICC World Cup came under discussion," said a
spokesman of PCB here. "All the issues relating to the clearance of players came under discussion. The committee decided that further consideration of this matter is required. The ODI squad for New Zealand and that for the World Cup will be announced at a later date." Chairman PCB Mohammad Ijaz Butt presided over the
meeting which was also attedned of Integrity Committee, Subhan Ahmad (COO), Justice (retd) Jamshed Ali, Mohsin Hasan Khan (Chief Selector), Zakir Khan (DCO International), Sultan Rana (DCO Domestic), Col. Wasim (Security Manager/Integrity Officer) and Taffazul Rizvi Advocate (Special Invitee).-APP
FIFA world top 10 1. Spain 2. Netherlands 3. Germany (+1) 4. Brazil (-1) 5. Argentina 6. England 7. Uruguay 8. Portugal 9. Egypt (+1) 10. Croatia (-1)
1ST Asean Bowling tourney held KARACHI: With the proactive initiatives of the Consul General of Malaysia in Karachi, Mohd Khalid Abdul Razak, the Inaugural ASEAN Diplomatic Bowling Tournament was held at The Royale Rodale in Karachi. The tournament saw the participation of all five ASEAN Karachi Missions i.e. Malaysia, Indonesia, Thailand, Myanmar (Trade Office) and Vietnam (Trade Office) including ASEAN plus 3 Missions i.e. China, Japan and Republic of Korea along with Sri Lanka and Turkey. Around eight Consul General and spouses headed their respective teams for the challenge consisting of team event i.e. 2 men and 2 women and for both men's and women's individuals.-PR
DUBAI: Israel's Guy Marcos Barnea swims during the 100m, backtstroke heats at the 10th FINA World Swimming Championship.-Reuters
Samir wins Punjab Open tennis title LAHORE: Pakistan's top junior tennis player, Samir Iftikhar outplayed aged former davis Cupper Rashid Malik 6-1,6-4 to win the Punjab Open tennis singles title here on Wednesday at Bagh-e-Jinnah courts. A big gathering including Pakistan's tennis ace Aisamul Haq witnessed long based line rallies, retrieving impossible shots and sizzling passing shots served by young Samir who is dubbed as a future tennis hope. Samir broke Rashid Malik in the 3rd and fifth game with display of power tennis to win the set. Rashid Came back strongly and Broke Samir in the 2nd Game to lead 3-0. Samir bounced back to broke his opponent in the 7th game to lead 4/3. Rashid Played some great return of serves to brake back for 4 games each. Samir displayed some good passing shot and sizzling serves to take 5-4 lead finally win the set and the match. Sara Mehboob won a 3 setter marathon match against Saba Aziz 7/6 6/7 6/3 to win the ladies Title. Aisamul Haq gave away the prizes and said that he was proud that his Cousins Samir Iftikhar , Ushna Sohail, Faizan Khurram are making good progress in tennis.-APP
Ponting, battling growing speculation that his days as captain are numbered, dismissed the notion that Australia's younger lineup would struggle against England's more settled side. "It's not so much that we're picking young guys to come in, we're picking our best players," Ponting said. "The selectors feel Steve Smith is our next best No.6 batsman and Phil Hughes is our next best opener so that's why we've made those decisions." While Australia's selection policy has resembled a revolving door, England are expected to make only one forced change to their side to replace the injured Stuart Broad. The 2.01m tall paceman Chris Tremlett is favoured to replace Broad to exploit bounce on a grassy wicket that could also provide some turn for Graeme Swann as it wears. Despite an abridged preparation after flying home for the birth of his daughter, James Anderson will lead the attack with support from fellow quick Steve Finn. Hot dry conditions are forecast throughout the Perth test, where the "Fremantle doctor", an afternoon sea-breeze that lands around the teabreak like clockwork, tends to add another interesting dimension. The pitch's grassy conditions have seen both sides delay naming their final 11 until just before the test starts. Ponting, who will turn 36 on day four of the test, should it last that long, said the track could ultimately seal the hosts' Ashes fate and perhaps also that of his captaincy. "Looking at this wicket you'd think that there's going to be a (winning) result in this game, so obviously that has to be a positive one for us or it's game set and match," he said.-Reuters
Lie detectors eyed to catch tainted players LONDON: Lie detector tests and the non-selection of "tainted" players could be brought in by cricket as it seeks to rid the game of corruption, the Marylebone Cricket Club said on Wednesday. "The MCC World Cricket Committee has recommended that the Laws of Cricket be amended specifically to forbid the corruption or attempted corruption of any aspect of a match," the cricketing body said on its website. At the meeting in Perth the committee said more deliberation was required before a recommendation could be put forward to the International Cricket Council (ICC), possibly as early as February when they next meet. The measures, including the possible use of polygraphs, come after a Pakistan scandal where Salman Butt, Mohammad Amir and Mohammad Asif were suspended under the ICC anticorruption code in September over allegations of spot-fixing. Spot-fixing is the practice whereby a specific part of a
game is fixed in order that gamblers may profit. This can be something as minor as the timing of a no ball or a wide delivery in cricket. The committee has set up a working party comprising former Australian captain Steve Waugh, West Indian fast bowler Courtney Walsh, Keith Bradshaw and Barry Richards, who proposed other methods for cleaning up the game. They included the legalising and regulating of betting markets in India as proposed by the Delhi Court, the length of bans, the provision of integrity officers and the inclusion of anti-corruption clauses in all professional playing contracts in all countries. "The Committee is concerned at the scale of the problem, and the detrimental effect it has placed on the integrity of the game," the statement added. "The education of players should not be a meaningless formality; the message should be pressed home with regularity by figures known and respected by the players."-Reuters
Pak keen to hire Chinese coaches ISLAMABAD: Pakistan is keen to seek coaching expertise and import sports equipment from China to help promote healthy culture in the country, Federal Minister for Sports, Mir Aijaz Hussain Jakhrani said on Wednesday. Talking to APP the minister said, he had held meetings with Chinese sports authorities when he recently visited Guangzhou in connection with the Asian Games. "In the past, we have hired Chinese coaches in different
games and they helped us achieve excellence in sports," he added. He said that the Ministry of Sports had now requested China to provide coaches in athletics, badminton and sports sciences. "The Ministry of Foreign Affairs is in liaison with Chinese Embassy for this purpose. Since the services of Chinese coaches are still awaited, I hope soon it will be materialized," he added. He said Pakistan was also in
negotiations with China to import sports equipment, "which are cost effective and qualitative as compared to the other competitors." During Prime Minister Syed Yusuf Raza Gillani's visit to China in October last year, he had also asked for the provision of Chinese coaches for table tennis and swimming for preparing the Pakistani teams for 16th Asian Games. The Chinese authorities agreed to provide those coaches.
Jakhrani said he had extended invitation to Chinese Sports Minister to visit Pakistan which would help bolster sports' ties between the two countries. He said the long-standing and time-tested ties between Pakistan and China had become natural phenomenon and that was evident in Asian Games also. "I have personally witnessed the Chinese supporting Pakistan during different fixtures in Asian Games which is ample testi-
mony to this fact," he said. The very support of Chinese people, he said made Pakistani athletes felt like playing at home and that helped Pakistan greatly to secure medals in Cricket, Hockey, Squash, Wushu and Snooker. The minister said Pakistan was providing coaching services to China in Cricket, which was becoming popular sport in China. "It was real joy to see Chinese cricket team enter the
international cricket arena during Asian Games." President Asif Ali Zardari had also nominated Javed Miandad as Cricket Ambassador to China. "Cricket icon of Pakistan, Javed Miandad is rendering valuable coaching and technical services to develop the cricket infrastructure in China. I hope that the day is not far when Chinese cricket team will achieve the test capgreat addition to Asian cricket fraternity," he added.-APP
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Analysis & Feature
Thursday, December 16, 2010
2011: A YEAR FOR GLOBAL COMPANIES THAT MAKE THINGS I
f no major sovereign or national budget is truly safe any more but the private sector is revving up again on a developing world engine, then 2011 may simply be a year for investing in big global companies that make things. As a new year drifts into view, it is tempting to assume the final throes of the threeyear-old credit crisis may at last be playing out. But what started in 2007 as a disease in dodgy mortgage credit, then infected world banks and eventually their reluctant sovereign rescuers, is still claiming national victims and there may yet be a thumping finale. What's for sure is there are several more months of anxiety over the sustainability of sovereign debts -- whether in Europe, Japan or even the United States. And even if that eases, the impact of the reflation policies needed to resolve the problem -- especially if successful -- are hardly bond friendly.
But just peep over the top of government funding worries for a moment and there's a growing conviction that world growth will be pretty buoyant next year -- thanks to the persistence of those very monetary supports, vast stores of corporate cash and historically punchy activity in many emerging economies. If the news headlines are filling you with the dread of creditors deserting countries, multilateral bailouts, swingeing austerity and job threats, that's not the complete story. Look at the most-used seismograph of world financial markets, Wall St's Vix .VIX index of equity market volatility and uncertainty. It's trading at an eight-month low and within a whisker of precrisis 2007 levels. So why the parallel universes? With fourth-quarter US earnings growth expected to be in excess of 30 per cent and world economic growth forecasts topping 4.0 per cent
for 2011 -- more than half a point above the average world growth rate of the past 20 years -- it's not hard to see where the optimism is coming from. At the very least, it should prompt a rethink of safety trades, near-zero cash returns and depressed AAA bond yields. EMERGING TILT The important bit is that the lion's share of global growth remains in the emerging world, where International Monetary Fund forecasts of 6.4 per cent for next year are almost three times those for the developed economies -- even if growth projections in the likes of Germany and United States are also creeping up of late. Yet the investor dash to emerging markets has already turned to a flood -annual flows to emerging equity funds already topped records at more than $84 billion in mid November -- and there are gnawing jitters about crowded trades, nas-
cent bubbles and random capital controls. So for many, the best place to be is simple: big, westernlisted multinationals who promise government-busting earnings and dividend yields and offer plenty of exposure to the booming emerging economies. "I really don't feel a compelling reason to go overseas to invest," New York money
manager Martin Sass, who forecast a 20 per cent rise in 2011 for S&P 500 .SPX, told Reuters Investment Summit last week. Sass is not alone in seeking developed market stock plays to leverage off emerging economic growth. "We're trying to get exposure to emerging markets through investments in developed markets," said
Giordano Lombardo, Milanbased chief investment officer of the $250 billion Pioneer Investments. "We tend to, for example, focus on the German car producers which now have China as their biggest market." Lombardo talked of other companies like US firm United Technologies and British banking giant HSBC that were interesting precise-
ly because of their exposure to rapidly growing Asian economies. Swiss wealth manager Sarasin has been a long-term advocate of what it calls the "nifty-fifty" top cash-rich global stocks with diverse earnings across emerging markets. This grouping includes the likes of Swiss drugmakers Novartis and Roche as well as US technology bellwethers Intel and Cisco. And for those betting on emerging millionaires, western luxury goods firms might be the best Christmas present available. "China needs to stimulate domestic consumption to ease its trade balance," Distinction Asset Management told clients last week. "Luxury goods will continue to receive a tailwind because of this. Companies such as Tiffany, LVMH, Coca-Cola , and Brasil Foods will benefit from the new affluent and emerging middle class." -Reuters
Sudan's oil transforms from curse into blessing O il inflamed Sudan's civil war for decades but could now help seal the peace as the south becomes independent and needs the north to refine its crude. Rhetoric and tensions are rising between the former north- south foes as Sudan hurtles toward the January 9 southern referendum on secession -- the culmination of a 2005 peace deal which shared wealth and power and promised democracy. In Africa's largest country almost 75 per cent of the current 500,000 barrels per day of crude output comes from wells in the south, but is exploited, refined and
transported by the north. But that very equation, along with the fact that both governments in the north and south are heavily dependent on crude revenues, could draw a line which neither side is willing to cross and stop them short of resuming full hostilities. "Oil has a bad image -corruption, fuelling war. But in the case of Sudan, it's helped push for peace," said al-Sir Sidahmed, an energy expert advising Sudan's petroleum ministry. "They simply can't afford to have oil to stop even for one day." The semi-autonomous southern government, formed in 2005, derives
some 98 per cent of its revenues from crude. Some 45 per cent of Khartoum's budget comes from oil, which makes up around 90 per cent of its exports. Neither economy has moved to diversify away from oil dependency since 2005 and it will take years for either economy to do so in any significant way. This leaves no option but to continue -- in a form still open to negotiations -- the sharing of oil wealth even in a likely post-secession scenario. The 2005 accord shared oil from the south roughly 50:50. The southern ruling party, the SPLM, may well
use its oil leverage to gain political concessions from Khartoum's government -likely in the disputed central Abyei region. Continued sharing of the landlocked south's oil with the north may well be difficult to sell to a southern population bent on full independence from the north they see as having oppressed them for so long. So a likely solution would be to rename the oil sharing as "rent" or "fees" for the use of the pipelines, refineries and port in the north. "As much as 40 per cent of oil revenues could end up going back to the north," deputy finance minister
Marial Awour -- and a southerner -- told a news conference. Southern officials have raised the possibility of building refineries in the south and a pipeline to neighboring Kenya's ports to be independent from the north. But this would be a political solution, rather than the most economically viable one, analysts say. "It's technically possible but they will simply spend so much," said the deputy foreign minister Espen Barth Eide of Norway, which is advising Sudan on its oil management. "The cost of a pipeline to Kenya
would be too high to warrant it... and you'd have to build a very specialized refinery," he added, because of the low quality crude in Sudan. There is also a lack of technical oil expertise in the south which would leave them dependent on foreign experts for extraction, an added cost. And time is a constraint given Sudan's oilfields are running low with new discoveries over the years being less promising than hoped. "If you look at the projection of oil revenues, the production is peaking now they know that it's decreasing," said William Battaile,
a senior economist from the World Bank. Oil giants such as Total SA (TOTF.PA) with the expertise and a contract to drill in the south's massive swamps have been reluctant to begin work because of the political uncertainty. Others have been too prudent to enter Sudan at all despite the 2005 peace deal, worried that contracts signed with Khartoum might be voided after the south secedes and that conflict with the north or within the south could hinder work. "If war starts and oil stops flowing - who's going to benefit from that?" said Sidahmed. -Reuters
China's super-hawks come to terms with inflation
C
hina is striding into an era where higher inflation will become a more permanent feature of its economic landscape, a shift that the government, long assumed to have zero tolerance for rising prices, is showing signs of accepting. That would be a good thing. A little bit of inflation would go a long way in China, providing lubricant for reforms from higher wages to more market-based resource pricing that are essential to restructuring the economy along consumption-driven lines. But the ride will be bumpy, testing the government's nerve and its ability to leave room for prices to rise while
still anchoring inflationary expectations. "This is not a crisis situation that requires bringing the big guns out," said Andy Rothman, China macro economist with CLSA in Shanghai. "We will have slightly higher structural inflation in the next few years than we have had recently, but not dramatically higher," Rothman said, noting that increasing labor, energy and land costs would keep prices on an upward trend. Chinese consumer prices rose 5.1 per cent in the year to November, a 28-month high. Though well below an 8.7 per cent peak in 2008 during the country's last bout with inflation, the pace of
increase is well above the 1.9 per cent rate averaged over the past decade. RISING TOLERANCE Inflation touches a raw nerve in Beijing. A trigger of unrest throughout China's history, rising prices added to discontent in widespread anti-government protests in 1989. That sensitivity has led to steadfast hawkishness on prices and, as an offshoot, inflation regularly running below the 4-5 per cent rate common in developing countries. But evidence has accumulated in recent days that Beijing is more relaxed -- or at least less panicked -- than in the past. First, the government has
held off increasing interest rates since October, despite a jump in inflation that many analysts thought would trigger an automatic interest rate rise. Second, it has raised next year's inflation target to 4 per cent from this year's 3 per cent. This in part is a realistic outlook based on price trends, but it is also an indication of what policymakers see as the "new normal," in the words of Ting Lu, an economist at Bank of America-Merrill Lynch. Third, official media has worked to counter expectations of aggressive policy actions. "No comprehensive tightening is needed now" was the
top economic story on Wednesday in the overseas edition of the People's Daily, the ruling Communist Party's main newspaper. "Monetary conditions will not be tighter next year" said the front-page editorial in the China Securities Journal on the day of latest upside surprise in inflation data. Gao Shanwen, chief economist at Essence Securities, said policymakers were aware that the causes of inflation this time around were different and related to specific issues, especially higher wages. That was making them wary of raising interest rates, he said. "Compared to previous episodes of inflation, the current one is the first not asso-
ciated with economic overheating," he said. STRUCTURAL ANALYSIS Still, the government has certainly not been complacent. It has raised banks' required reserves six times to a record high and has also steered lending growth back on a path toward the country's long-run average below 20 per cent. An open question, though, is whether this mix of medicine stems from a careful diagnosis or simply indecision. Fan Gang, a former adviser to the central bank, believes it is the former. "We need controls that are targeted at excess liquidity," Fan said in the People's Daily
on Wednesday. Quantitative measures, not interest rates, are the right tools, he said. Gao is not so certain. "They are wavering and haven't made up their minds. The tone creates enough room for maneuver for next year," he said. In other words, the softly, softly approach to tightening may be a passing phase. It could yet morph into harsher tactics if the expected slowdown in inflation in the coming months does not materialize, said Ken Peng, a Citigroup economist in Beijing. "This is the policy thinking at the moment. It will remain the policy thinking until we have another surge in inflation," he said. -Reuters
Why Obama needs good news on Afghan war W
hen President Barack Obama delivers the results of his Afghan war review on Thursday, he will recommit to a strategy that threatens to estrange him even further from a large part of his political base. They are already angry with him over a series of big legislative and public policy issues, a losing election campaign season and a tax deal he has brokered with rival Republicans. "He is going to feel the heat from the very segment of his own political party that was so unhappy with his tax deal," said Daniel Markey, a senior fellow at the Council on Foreign Relations in Washington. "They will see him as caving
in to the demands of the more hawkish members of his administration and the military." Republicans, who broadly support his strategy, will give him political cover in Congress, supporting military policy and spending in Afghanistan. But anger among the Democratic Party's left, whose support was so critical to Obama's election in 2008, could pose a growing problem for the president as he approaches the 2012 election. Still, Obama has time on his side to show his plan works. Military experts say it is too early to tell whether the strategy he put in place a year ago to break the momentum of a resilient Taliban enemy will
achieve more than the limited military gains seen so far. But Obama will be under pressure on Thursday to show Americans that his decision to send 30,000 more troops and ramp up US involvement in the unpopular war is paying dividends. "If he wasn't able to show at least some convincing evidence of progress that is above a minimal bar then the American public would have no confidence in the current direction," Markey said. Obama is expected to say on Thursday there has been some progress but that challenges remain and more time is needed to show results. US military commanders in Afghanistan have talked up military gains,
but other US officials, including reportedly the Central Intelligence Agency, have questioned the basis of those claims. OBAMA'S WAR Obama is in a political bind. He is looking for an exit strategy that would allow him to end the US combat mission in Afghanistan by 2014 and withdraw the bulk of US troops, but his main partner, Afghan President Hamid Karzai, has proven unreliable and has done little to improve governance and clamp down on rampant corruption, two issues seen as critical to the US withdrawal strategy. Obama wants to get out of Afghanistan but at the same time he wants to leave behind a
stable government that can ensure the country does not again become a haven for militant groups targeting the United States. The final words of Obama's envoy to the region, Richard Holbrooke, who died in a hospital on Monday, underlined the president's predicament. "You've got to stop this war in Afghanistan," the Washington Post reported Holbrooke as telling his doctors. At the moment Americans pay little attention to Afghanistan. It's out of sight and largely out of mind because of worries about anemic economic growth. There is little public debate about why the United States is
still in Afghanistan after invading to oust the Taliban for harboring the al Qaeda plotters of the September 11, 2001 attacks. But that could change if US soldiers continue to die in large numbers -- a record 477 have been killed so far this year -and the US economy remains in the doldrums, increasing scrutiny of the annual $113 billion bill for the war. If violence continues to worsen next year and the body count mounts, Obama may come under pressure to quicken the drawdown of troops, due to begin in July, and narrow the mission from a broad counter-insurgency campaign to counter-terrorism operations. Analysts say a key test of
Obama's strategy will be next spring when the Taliban's "fighting season" starts. The militant group is expected to ramp up attacks to maintain pressure on US forces and their NATO allies. If Obama is unable to show real progress in the coming months, then the war could become another source of friction with his core, anti-war, base, in the run-up to the 2012 presidential election. But analysts say that won't pose a risk to Obama's chances of re-election unless he faces a primary challenge from the left wing of his party, or if Republicans campaign against him by questioning his effectiveness as commander-inchief. -Reuters
France frees Gaddafi aide PARIS: A French court has released from custody a top aide of Libyan leader Muammar Gaddafi, arrested in France in late November, ahead of an extradition hearing in the days or weeks ahead, his lawyer said on Wednesday. Nuri al-Mismari was arrested at the request of Libyan authorities on suspicion of embezzlement, but a Versailles court of appeal has ruled that the public prosecutor's office had no right to detain him, his lawyer Frederic Landon said. "The court decided that the public prosecutor was not an independent legal authority and so could not deprive him of his freedom," Landon told Reuters. France has given Libya 30 days to submit evidence backing its accusations against Mismari and its extradition request. Supporters of Mismari, Gaddafi's head of protocol and part of a tiny group of officials in his innermost circle, say he is a victim of a power struggle inside the ruling elite. -Reuters
Greek police clash with protesters ATHENS: Greek protesters clashed with police and set fire to cars and a hotel in central Athens on Wednesday as tens of thousands marched against austerity measures aimed at pulling the country out of a debt crisis. Riot police answered with dozens of rounds of teargas in clashes that lasted more than an hour, with police chasing hooded youths who threw sticks and stones. Hours earlier, parliament approved reforms and spending cuts that are a condition of a 110-billion-euro ($150-billion) EU/IMF bailout, offered to Greece in exchange for austerity measures. Striking public and private sector workers had already grounded flights, shut down schools and paralysed public transport and about 40,000 marched through the capital. Some shouted: "Revolt! Overturn government measures!" As the march reached parliament, about 200 leftists attacked former conservative minister Kostis Hatzidakis
with their fists, stones and sticks, shouting: "Thieves! Shame on you!" Reuters witnesses said his face was covered in blood as he took shelter in a building. Police said at least 10 people were detained and three injured. Three cars on Syntagma Square were in flames, while one luxury hotel balcony was on fire after petrol bombs were thrown. Smoke and teargas covered the square and bystanders scrambled frantically to safety. The 300-seat house voted into law measures that cut wages in state-owned bus and railway companies and weakened the power of collective bargaining to allow companylevel deals to prevail. "People have had enough. The anger is so great that nobody can stop it," said Ilias Iliopoulos, general secretary at the civil servants' union ADEDY, adding the march was bigger than one in May, when 50,000 participated.Reuters
Czech minister quits over corruption allegations P R A G U E : C z e c h Environment Minister Pavel Drobil resigned on Wednesday following allegations that he tried to cover up corruption in his department. His resignation came as parliament debated the 2011 budget and Prime Minister Petr Necas said he had asked Drobil to stay on for the final vote expected later in the day. Drobil is the first casualty for the centre-right coalition which took power in July after winning an election on promises to narrow the budget deficit
and fight corruption. Mlada fronta Dnes daily reported on Wednesday that Drobil had tried to sweep under the carpet accusations that his close colleagues attempted to influence money flows in a state environment fund. He denied any wrongdoing. "Although I am convinced that I had not made any mistake other than in choosing some of my co-workers, I decided not to allow the abuse of this media affair to discredit the cabinet," Drobil told
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International & Continuation
Thursday, December 16, 2010
reporters. The main centre-left opposition party said on Wednesday it would table a noconfidence motion against the government unless Drobil left. The affair also irked a junior coalition party, the centrist Public Affairs. A party official said the scandal had to be dealt with before Wednesday night. Parliament was due to vote in the final reading of the 2011 budget later in the day, planning to cut the deficit to 4.6 percent of gross domestic product from 5.1 percent expected this year. -Reuters
Banks drag down FTSE as Moody’s raises Spain alarm LONDON: Banks dragged the top share index lower on Wednesday, as investors' risk appetite waned after Moody's said it may downgrade Spain's debt rating and as miners were hit by a firmer dollar pushing metals prices down. By 12:19 p.m., the FTSE 100 was down 16.65 points, or 0.3 percent, at 5,874.56, having ended up 0.5 percent at 5,891.21 on Tuesday, its highest close since June 2008. Banks were the biggest fallers on London's blue-chip index, led down by a 3 percent slide in Barclays' stock as euro zone debt worries resurfaced. "The banks because of Moody's putting Spain on watch for a possible downgrade. That's hit Barclays especially because of its exposure to Iberian debt," Michael Hewson, market analyst at CMC Markets, said. Moody's put Spain's Aa1 rating on review, citing concerns about its mounting debt and 2011 funding needs, though it did not expect Madrid to need an EU bailout. A cautious announcement from the U.S. Federal Reserve also knocked sentiment. Overnight, the Fed said the economic recovery was still too slow to bring down unemployment, and reaffirmed its commitment to buy $600 million (382 million pounds) in government bonds. Mining stocks fell in tandem with metals prices as the dollar rose due to strong U.S. retail sales. But midcap Ferrexpo climbed 2.8 percent after the Ukrainian iron ore miner announced a 28.5 million euro ($37.97 million) acquisition of Helogistics Holdings, which Evolution Securities said is a key part of Ferrexpo's expansion plans. Reuters
Red Cross says Afghan affairs worst in 30yr KABUL: Spreading violence in Afghanistan is preventing aid organisations from providing help, with access to those in need at its worst level in three decades, the Red Cross said on Wednesday. "The proliferation of armed groups threatens the ability of humanitarian organisations to access those in need. Access for the ICRC has over the last 30 years never been as poor," said Reto Stocker, Afghanistan head of the International Committee of the Red Cross (ICRC), which rarely makes public comments. "The sheer fact the ICRC has organised a press conference... is an expression of us being
extremely concerned of yet another year of fighting with dramatic consequences for an ever-growing number of people in by now almost the entire country." The comments came a day before U.S. President Barack Obama was due to deliver the results of his Afghanistan war strategy, and were the second warning in two weeks by the ICRC. With more than 30 years of experience working in Afghanistan, the ICRC operates under a mandate whereby it tries to help anyone affected by the war -- including insurgents -- often giving it privileged access to many volatile parts of the country.
But Stocker said many areas of the country, particularly in the once peaceful north, were now inaccessible not only for the ICRC but for the hundreds of other aid groups in Afghanistan. Earlier this month the ICRC in Geneva warned the humanitarian situation in Afghanistan was likely to deteriorate further in 2011. [ID:nLDE6B11LW] Violence in Afghanistan is at its worst since the Taliban were overthrown more than nine years ago, with record casualties on all sides of the conflict. Almost 700 foreign troops have died in 2010 alone, by far the bloodiest year of the war.
India fuel price rise adds to inflationary pressures MUMBAI: Moves by Indian oil firms to raise petrol prices and possible hikes in diesel fuel will make the central bank's fight against inflation more difficult and pile more pressure onto the beleaguered government. Bharat Petroleum raised prices by about 5.6 percent on Wednesday and fellow state operators Hindustan Petroleum and Indian Oil Corp were expected to make similar moves by Thursday. Prime Minister Manmohan Singh's government is under attack from the opposition for a
slew of corruption scandals, which all but paralysed the parliamentary session that ended this week. While India is keen to ease its subsidy burden, lifting fuel prices in a country where hundreds of millions live in poverty could anger the governing Congress party's core voter base. "When the price of fuel goes up, everything goes up. If the diesel rise happens, the general price rises across all goods could have a big impact for Congress in 2011," said Mahesh Rangarajan, a political columnist and professor at Delhi
University. Congress suffered a drubbing in elections last month in Bihar, but does not face another state election until May 2011. "They certainly waited until the day after the parliament session ended as this would have further unified the opposition," Rangarajan said. Inflation has been moderating somewhat in recent months but remains high, a problem the Reserve Bank of India will wrestle with as it meets this week to review monetary policy.
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Chinese scholar published here in an English daily ahead of Premier Wen visit to all weather ally, by the end of this year, the trade between China and Pakistan will be worth $7 billion, with an annual growth rate of 29 per cent. The growth rate of trade between the two countries is expected to grow by over 30 percent over the next five years and the trade volume could increase to $18 billion. But the level of economic cooperation does not reflect the close and lasting political and military ties between the two countries, writes Li Xiguang, a professor of Tsinghua University, Beijing. "We are all-weather political allies. Since September 2008, Pakistani President Zardari came to China almost every four month, beating any heads of state in terms of frequency of visiting China," said Pakistan's ambassador to China, Masood Khan, "China has a very positive image in Pakistan. We support China's policy on Tibet, Xinjiang and human rights," said Khan. "But we also need to have an all-weather highway between our two countries," he said. Two years ago, Chinese and Pakistani engineers and road builders started extending the width of the Karakorum Highway from 10 meters to 30 meters. Chinese engineers have completed a feasibility study for the building of a railroad and an oil pipeline to link Kashi in Xinjiang and Gwadar in Pakistan's Balochistan Province at the mouth of Gulf. Sixty per cent of China's imported oil comes from the Middle East and 80 percent of that transported to China through the Straits of Malacca. With the construction of the Kashi-Gwadar railroad and oil pipeline, Gwadar, a warm-water and deep-sea port, will handle most of the oil tankers to China. It will provide China with the shortest possible route to the oil rich Middle East, replacing the dangerous maritime route through the South China Sea, East China Sea and the Yellow Sea. "Through Gwadar, oil will come to China and goods will go to West Asia and the Gulf, bringing China closer to countries such as Turkey and Iran," Khan said. "The highway will stimulate the economic growth in Pakistan. With the recovery of the legendary Silk Roads through Pakistan, Pakistan will become an economic hub once more." "If China joins Pakistan in building its desperately-needed power stations, Pakistani people will feel the warmth and brotherhood every night when they turn on the light in their home," Khan said. "In the streets of Pakistan, it seems that everyone knows Wen is coming," said Khan. -Agencies
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"His untiring efforts to enhance US-Pakistan relations and his assistance during the Swat crisis and the devastating flood that have affected Pakistan will never be forgotten," he observed. The President also announced conferment of Hilal-e-Pakistan the highest civil award -- upon Ambassador Richard Holbrooke posthumously for his meritorious services to strengthen Pak-US bilateral relations. -Agencies
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factual controversy of public question is required to be answered by a fact finding body which shall be authorized to exercise all those powers available to commissions constituted by the courts." A three-Judge bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil-ur Rehman Ramday issued directive on a plea filed by Marvi Memon, a PML-Q parliamentarian and appeals made by deputy chairman Senate Jan Muhammad Jamali, Fakhruddin G. Ebrahim and others through their letters. The bench also noted that though the factual controversy had not been highlighted in reports of certain commissions formed by the provinces, it considered it appropriate to constitute a commission comprising experts instead of judicial officers. The Commission was also mandated to appoint relevant people with technical know-how having experience in the field of irrigation, agriculture, embankments, floods etc, and those would have the same authority given to its four members. The bench further noted that the task assigned to the Commission was laborious and complicated and they would require logistic support, therefore, four provincial chief secretaries were directed to extend full support to the Commission through proper arrangements. The Cabinet secretary was directed to cooperate with the chief secretaries and would be appreciated if he initiated the process, it added. Surveyor of Pakistan, secretaries of irrigation and Relief Commissioners were also directed to provide full facilities to the Commission. While federal secretary information was directed to assist the Commission in case it required proper publication or telecasting of advertisement as he would be responsible for advertisement required by the Commission. -APP
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residence after the meeting. He said "I assure the nation that there is no possibility of any change in our decision." He reiterated that PPP government disappointed the JUI-F with Continued from page 1 No #2 its unilateral decision to sake Swati from his office sans any reaAbdollahi told Iranian radio. The Sistan-Baluchestan province is an impoverished area near son. -Agencies Pakistan and Afghanistan. Bombings and clashes between securiContinued from page 1 No #6 ty forces, ethnic Baluch Sunni insurgents and drug traffickers compared to other countries in the region," he remarked. have increased in recent years in the area. Replying to a question, Arif Khan said that the items available Ali Mohammad Azad, Governor of Sistan-Baluchestan province, at USC outlets are also good in terms of quality. The USC, he said, put the death toll in the mosque blast at "over 30." "Many women is offering subsidy of up to Rs10 per kg on all its items especialand children were killed in the suicide bombing," he told state tel- ly the edibles. Arif Khan highlighting the short fall of the sugar evision. Ali Bateni, Governor of Chabahar, said two assailants said that last year there was a shortfall of 1.2 million Metric tons were involved. "One of them was killed and the other was arrestwhile this year this shortfall has reduced to 0.84 million Metric ed," he said. Mahmoud Mozafar, head of the province's Red Crescent, said his team had received a number of threats before the Tons". He added that there is enough stock of sugar available at ceremony. "We were on alert in the past days because of some the outlets of the USC and there is no shortage of the commodity. He said that per capita consumption of sugar in the country is 25anonymous threats," he told Reuters by telephone. He said that according to his information more than 36 people kg which is the highest in the world. He added that price of sugar were killed. Iran says Jindallah has links to al Qaeda and has cane per 40-kg in Punjab, Sindh and Khyber-Pakhtunkhwa are accused Pakistan, Britain and the United States of supporting the Rs170, Rs225 and Rs240 respectively. He said due to high qualigroup to stir instability in southeast Iran, home to Iran's Sunni ty and low prices the sales of USC have increased during the last three months. He attributed the increase in the prices of edible oil minority. The three countries deny backing it. "Based on our experience, we believe the intelligence services and ghee at USC to increase in the price of the commodity in the of America and Britain were behind Wednesday's bombing," said international market. He added that sugar crushing season has senior lawmaker Alaeddin Boroujerdi, the students' news agency been started and the stock of the commodity will further increase in the markets and the price will also come down. -Agencies ISNA reported. -Reuters
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case. Balochistan Advocate General Salahuddin Mengal told the court that prospecting license of Rekodiq reserves has been awarded to BHP. Committee earned million of dollars by floating shares in the market while not a penny was given to Balochistan out of its 25 per cent share. Counsel for company told 435 million dollars were spent on exploration of natural reserves and nothing had been earned out of it so far. "We request Dr Samar Mand Mubarak to assist the court in this important matter", CJP remarked. The hearing of the case has been adjourned till January, 12. -Online
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amounting to only $221 million in 2009, representing only about 0.1 percent of China's total outward foreign direct investment stock in that year. That figure is seven times less than what China has invested in Pakistan, according to data from China's Ministry of Commerce. Hundreds of demonstrators wearing orange T-shirts with slogans such as "Free Tibet Now" took to the streets of central Delhi, shouting "Wen Jiabao go back!" and "Tibet's independence is India's security." Although both India and China have said they are exploring a possible free-trade agreement, no real progress is expected on that front as there is some scepticism in New Delhi that Beijing may only want to dump cheap manufactured goods on India's booming $1.3 trillion economy. While the two are often lumped together as emerging world powers, China's GDP is four times bigger than India's and its infrastructure outshines India's dilapidated roads and ports, a factor that makes New Delhi wary of Beijing's growing might. "Relations are very fragile, very easy to be damaged and very difficult to repair. Therefore they need special care in the information age," China's envoy to India, Zhang Yan, told reporters in New Delhi. After Wen's December 15-17 visit he travels straight to Pakistan, India's nuclear armed rival, for another two nights. In the days leading up to Wen's trip, China and India have agreed on a series of business deals. -Reuters
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General Sales Tax (RGST) is a serious bill and is not concerned with PPP but it is concerned with economic self-independency. -Online
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Ambassador said certain countries have come to support the candidacy of some selective States for a permanent seat on the basis of certain political, economic and commercial considerations. He said the architecture of global security cannot and must not be based on now-defunct objective of power politics or financial gains. He also opposed giving more representation to Europe saying the presence of the EU in the Security Council should be compatible with the reality and should not further aggravate their over-representation on the Security Council. He said reform process should make the Security Council compatible with present and future realities alike as this is the only way to guarantee its long-term effectiveness.-APP
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terrorists on its soil." He said his return and his attempt to become an elected politician would this time "give me the legitimacy which maybe last time I didn't have because, in eyes of the world, I was a dictator." Musharraf, who first took power in a bloodless coup also said the "army may still have to play a role in determining the future leadership. You have to remember, in Pakistan the armed forces play a very big and important role," he said. He added, "The Army is the saviour. The Army can save the state. It cannot save democracy."-PPI
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can be made in Afghanistan," he said. "I think you have seen in areas dealing with each of the three aspects of the report -- the momentum with the -- stopping and stemming some of the momentum of the Taliban, increased cooperation with the Pakistanis, and the degradation of al-Qaeda leadership -- progress on all three of those fronts, with challenges small and great that continue. One of the central challenges that remain was the safe haven in Pakistan by a "whole series of people" which makes security and progress in Afghanistan more demanding, he added.-Online
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Government of the Kingdom of Thailand and the Government of the Islamic Republic of Pakistan with a view to improving the balance of trade between the two countries. The Cabinet considered and accorded its approval for negotiations on draft agreement between Ministry of Defence of the Republic of Kazakhstan and Islamic Republic of Pakistan on "Training of Military Personnel of the Armed Forces of Kazakhstan at military educational institutions of the Ministry of Defence, Pakistan. The cabinet gave its approval for signing of Inter-Governmental Framework with China for the funding of Safe City Islamabad Project. The cabinet gave approval and ratified the signing ceremony of New Charter and Ownership Model of Asian Institute of Technology (AIT) between Government of Thailand and Islamic Republic of Pakistan. The Cabinet approved the signing of MoU on Cooperation between Korea and Pakistan for Environmental Human Resource Development (EHRD). Korean Ministry of Environment was interested in signing of MOU on mutual cooperation for environmental education and development. The Cabinet approved the signing of the draft agreement between the Government of Islamic Republic of Pakistan and the Government of the Republic of Senegal on cooperation in combating Illicit Trafficking of Narcotic Drugs, Psychotropic Substances and Precursor Chemicals. The aim of organization is to promote, improve and facilitate in all respects, international traffic by rail and achieve harmonization in technical field. 43 member states have already entered in this joint venture with ECO. The Cabinet accorded its approval for signing of MoU between Alternative Energy Development Board of Pakistan and M/S China Three Gorges Corporation to invest in solar and wind energy projects. -Agencies
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‘N’ leader says he does not juggle in politics
Dubbed ‘dangerous’ for patriotism: Sharif
ISLAMABAD: Chinese Ambassador to Pakistan Liu Jian called on President Asif Ali Zardari.-Online
Pakistan opposes more representation to Europe
Seat more states in UNSC, UN told UNITED NATIONS: Pakistan has called for achieving a consensus for making the Security Council more representative, accountable and reflective of the true spirit of the UN Charter on sovereign equality. Speaking at a meeting of the inter-governmental negotiations on the question of equitable representation and increase in the membership of the Security Council, Pakistan's Ambassador to the UN Abdullah Hussain Haroon said progress in reform process has unfortunately been impeded by the selfserving aspirants of permanent membership of the Security Council. He said these aspirants seek to reinforce global power equation or project respective national ambi-
tions at the expense of rest of the Member States. They have virtually reduced the whole question of Security Council reform to mere enlargement and categories, ignoring other important issues like working methods, question of veto, regional representation and relationship between the General Assembly and the Security Council, Ambassador Haroon emphasised. He said Pakistan, along with its colleagues in the "Uniting for Consensus" (UfC) group, has remained constructively engaged with the process. He said the member states must reach broader political understanding on the cardinal principles for reform. He said Pakistan is committed to a comprehensive reform taking into consider-
ation inter-linkages of all five key issues decided by the General Assembly in its decision, based on the principle of single undertaking. He stressed that the unanimous decision of the General Assembly should not be undermined as progress on path of Security Council reform will be achieved only by compromise and flexibility, through a process that is inclusive and membershipdriven. He said Pakistan, along with our colleagues in the UfC, has shown compromise and flexibility --- both in terms of principles and also with reference to the text. Such compromise is essential for progress in the reform process. Without naming USA and France, Pakistani See # 10 Page 11
Musharraf hears boots marching in KARACHI: Former president Pervez Musharraf has warned the Army may have to "intervene again in politics, if the country continues to decline." "Pakistan maybe forced to take matters into their own hands --which could include working with the Taliban-- if it continues to feel alienated by the rest of the world," Musharraf told Sky News correspondent Alex Crawford from his new home in the United Arab Emirates, where he is in self-imposed exile. "There is no bar against my going back to Pakistan. But the conditions have to be right," he said. He is building his own political party with an intention of returning to Pakistan to take on the present government
in a bid for power. Musharraf spoke extensively in a wide-ranging interview which covered his return to politics, his regret at the circumstances surrounding his resignation and the future. He was most concerned over the threat he sees coming from developing relationship between America, India and Afghanistan. "They are creating an anti-Pakistan Afghanistan and America has to realise that," he stated. "What should Pakistan do? What should ISI do? What should the Army chief do? They'll make a self-protection strategy." Crawford asked whether that would mean working with the Taliban. He replied, "No com-
ment, no comment. We must understand, the protection of Pakistan is everything as far as I'm concerned. If someone is disturbing that I will go to any extent to protect Pakistan, because that's what I'm meant for. So you can see the answer yourself." He issued this warning to the West: "Pakistan has to be protected. If you don't help, if no-one helps and instead is helping the other side, the side which is trying to disturb and destabilize us, well, then Pakistan has to take its own measures." He said Pakistan is in "a terrible state --with its economy in crisis, high unemployment, mass discontent- and this as well as having See # 11 Page 11
Annual AfPak policy review underway
US set to cry for more YoY anti-terror gains WASHINGTON: The annual AfPak policy review would ask Pakistan for urgency on its part to do more in the war against terrorism in the region and prevent the continued presence of terrorist safe havens inside its territories, a top US official has said. "We're certainly clear with our partners in Pakistan on this. I think it will be clear, again, in the document that as we've seen greater cooperation, our challenges there remain," White House spokesman Robert Gibbs told reporters when asked if the US this time would use
blunt language about what Pakistan needs to do. The White House is finalising the review of the AfPak policy announced by President Obama last December which resulted in sending thousands of additional troops to Afghanistan and the announcement that the US will start to withdraw troops from July 2011. US President Barack Obama would announce the annual AfPak policy review on December 16. There are three aspects of the review -- Afghanistan, al-Qaeda and Pakistan, Gibbs told reporters after President Obama chaired a
nearly two hour meeting of his national security advisors that gave final shape to the review. "We have seen over the course of many months an increased willingness to cooperate from the Pakistanis. But as you saw in both -- you'll see in this review and in reports that have been sent up I think early fall, late last summer, that there are things that we still need Pakistan to continue to cooperate with us more on and continue to do in order to prevent further safe havens from impacting the progress that ultimately See # 12 Page 11
SECP waves green flag to amendments in CDC rules ISLAMABAD: On a proposal by the CDC, the Securities and Exchange Commission of Pakistan (SECP) has approved amendments to the regulations of the Central Depository Company of Pakistan Limited (CDC) in relation to reduction in transaction and custody fee. The reduction in tariff is expected to provide relief and support to the capital market investors in view of the challenging situations being faced by the market. The CDC transaction fee has been reduced by 40 per cent and the custody fee by 25 per cent each on shares and TFCs/Wapda/units, while the transaction fee for investor account services has been reduced by 40 per cent. -APP
SKARDU: Quaid Pakistan Muslim League-Nawaz (PML-N) Nawaz Sharif has said that we do not believe in political jugglery and always speak for Pakistan’s interests, adding, that's why we are considered as dangerous. He said this while addressing a congregation and media in Skardu on Wednesday. He was in Gilgit-Baltistan to meet the affectees of Atabad lake incident. Chief PML-N Nawaz Sharif said that he believes in public service not in political jugglery. He said that some powers considered me dangerous due to nuclear tests during our regime. He further said that RGST would not be implemented until corruption and mismanagement are completely eliminated, adding, he said that in the face of prevailing corruption, lawlessness, terrorism, and inflation implementation on RGST is not
possible either. Nawaz Sharif announced to found five model villages in Baltistan division. He said that the country could be put on the track leading to development and progress by utilizing natu-
ral resources of Gilgit-Baltististan. He said that if he comes in power then he would made GilgitBaltististan airport an international airport and mega development work would be launched in the province.Online
US Admiral Mullen meets Gen Kayani, Gen Wynne separately
Mullen gives US word on Pakistan sovereignty RAWALPINDI: Admiral Mike Mullen Wednesday met Chairman Joint Chiefs of Staff Committee General Khalid Shamim Wynne and Chief of the Army Staff General Ashfaq Parvez Kayani separately. Host of issues pertaining to national security, Afghanistan, drone attacks' aftermath, relations of two
countries' armed forces, etc were discussed at length during the meetings. As per sources in the course of meetings Admiral Mike said that Pakistan has paid a heavy price in war against terrorism adding US will keep on supporting it in its concerted efforts against militancy. It has been told that issue of drone
attacks also came under discussion and Mullen was told in strong words that such attacks must end immediately. The Admiral Mullen reiterated that the US respects Pakistan's sovereignty. It's a real critical piece of the overall strategy in Afghanistan and Pakistan and it's going to prevail, he said, according to sources.-Online
Stable regime good for all: Fauzia ISLAMABAD: Secretary Information Pakistan Peoples Party (PPP) Fauzia Wahab has said that if this regime is destabilised poor of the country would be in deep trouble. Talking to a private TV channel here Wahab said that we are making efforts to strengthen the democracy, as it is necessary for the country's stability while efforts to destabilise the government would badly affect the poor of the country. She further said that PPP has good ties with PML-Q as it had voted the prime minister in. She said that the country's stability is in interest of all while both country's stability and democracy are interlinked. She said that Reformed See # 9 Page 11
ADG, UBL in talks for stake sale KARACHI: Abu Dhabi Group (ADG) has privately initiated contacts with certain buyers to sell its shares to United Bank Ltd. In a communiqué sent to Karachi Stock Exchange (KSE) here on Wednesday, UBL said that it has received intimation from ADG that it has received an unsolicited offer for its stake in UBL. At the same time, ADG has also initiated effort to seek offers for its interest in UBL from other parties. It may be noted that ADG has 30 per cent stake in UBL. -APP
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