International Karachi, Saturday, December 25, 2010, Muharram-ul-Haram 18, Price Rs12 Pages 8
NBP President lauds role of media See on Page 2
Economic Indicators Forex Reserves (18-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Nov 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- Nov 10) LSM Growth (Sep 10)
GDP Growth FY10E Per Capita Income FY10 Population SCRA(U.S $ in million)
196.25 33.52 1.51 2783
NCCPL (U.S $ in million)
FIPI (24-Dec-2010) Local Companies (24-Dec-2010) Banks / DFI (24-Dec-2010) Mutual Funds (24-Dec-2010) NBFC (24-Dec-2010) Local Investors (24-Dec-2010) Other Organization (24-Dec-2010)
-0.08 7.72 -8.66 0.62 0.55 -0.42 0.27
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,858.17 10,279.19 22,833.80 20,073.66 2,706.00 2,835.16 6,008.92 11,573.49
Change 65.34 67.29 69.17 90.78 6.27 6.19 12.85 0.00
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)
$.Price PKR/Shares 2.60 111.37 23.01 197.13 2.00 42.84 1.70 36.41 10.71 36.70
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
15-Dec-2010 15-Dec-2010 15-Dec-2010 29-Nov-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010 24-Dec-2010
13.17% 13.39% 13.69% 14.00% 13.30% 13.42% 13.61% 13.95% 14.11% 14.15% 14.20% 14.23% 14.53% 14.72% 14.90%
Commodities *Crude Oil (brent)$/bbl 93.77 *Crude Oil (WTI)$/bbl 91.51 *Cotton $/lb 148.12 *Gold $/ozs 1,380.50 *Silver $/ozs 29.33 Malaysian Palm $ 1,170 GOLD (NCEL) PKR 38,097 KHI Cotton 40Kg PKR 9,645
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 85.20 Canadian $ 83.90 Danish Krone 15.10 Euro 112.00 Hong Kong $ 10.90 Japanese Yen 1.011 Saudi Riyal 22.63 Singapore $ 65.00 Swedish Korona 12.50 Swiss Franc 86.90 U.A.E Dirham 23.13 UK Pound 131.70 US $ 85.65
Sell (Rs)
86.20 84.90 15.20 114.00 11.00 1.037 22.83 66.00 12.70 87.10 23.37 133.20 85.95
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
86.02 85.04 15.10 112.13 11.02 1.033 22.87 65.82 12.53 89.68 23.35 131.88 85.67
86.23 85.23 15.14 112.39 11.05 1.035 22.92 65.98 12.56 89.89 23.40 132.19 85.85
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
22°C 27°C 20°C 21°C 13°C 21°C
MIN
1°C 13°C 2°C 6°C -8°C 3°C
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See on Page 8
Pakistani mily spies nailed Rigi: IRNA
See on Page 8
More “amends” make it past NA
Portfolio Investment
Total Portfolio Invest (17 Dec-2010)
Pak-Afghan-Turkish co-wargames mulled
Changes in Rules of Procedures, Conduct of Business passed
$16.39bn 14.44% $8.88bn $15.37bn $(6.49)bn $(504)mn $4.43bn $746mn Rs 495bn $58.41bn Rs 5234.9bn $287.9mn -2.58% 4.10% $1,051 171.39mn
Yearly(Jul, 2010 up to 23-Dec-2010) Monthly(Nov, 2010 up to-23-Dec-2010) Daily (23-Dec-2010)
Japan approves record 1.1 trillion dollar budget
ISTANBUL: President Asif Ali Zardari during a meeting with the President of Kyrgystan Roza Otunbayeva on the sidelines of the 11th ECO summit. -APP
Attack carried out on chek posts in Mohmand
TTP kills 11 troops, suffers 24 casualties PESHAWAR: Dozens of Taliban militants Friday morning attacked five security check posts in tribal agency of Mohmand causing serious collateral damage. The fierce clashes left 24 militants dead and 11 security personnel martyred. Tehrik-e-Taliban Pakistan (TTP) has accepted the responsibility for the attack. Near 150 militants attacked five check posts in Mohmand agency in the wee hours of Friday, security sources said. The security forces launched a retaliatory operation with helicopter gunships
Edibles eat Rs8.4bn subsidy this year ISLAMABAD: State Minister for Industries and Production Dr Ayatullah Durrani Friday informed the National Assembly that the government has provided subsidy worth Rs8.4 billion on various edible items through Utility Stores Corporation (USC) during the current year. The concessions provided through Ramdan Relief Package were part of the subsidy provided during 2010-11, he told the house during the question hour. He said that at present sugar is being sold at USC outlets on subsidised rates and the amount of per kilogramme subsidy is about Rs13.57. He said that prices of sugar at the international market have also affected sugar market in Pakistan and despite that fact the USC was providing the commodity on subsidised rates as compared to the open market. He expressed the hope that the sugar prices would further come down in the coming days. Speaking about the quality of sugar, the minister said that the government never compromises on the quality of sugar adding that the quality of See # 10 Page 7
leaving 26 militants and 11 paramilitary troopers killed. About a dozen militants and ten troopers were also wounded in the clashes, said sources. They added that the militants left the dead bodies of their accomplices and fled. The dead bodies have been taken into custody by the security forces. Some tribal sources said that several troopers have gone missing after the incident. However, the report could not be confirmed officially and independently. Tehrik-e-Taliban Pakistan accepting the responsibility
of the attack has claimed that 12 security personnel were martyred in the attack and 6 dead bodies of the soldiers are in their custody while two were captured alive and they have been shifted to an undisclosed location. TTP spokesman Sajjad Mehmand told BBC that Taliban attacked 5 check posts in Mohmand Agency and only two of their comrades were killed while 12 soldiers were killed and the dead bodies of 6 soldiers are in their custody.Online
$633mn comes in as US WoT support ISLAMABAD: As part of its ongoing commitment to Pakistan's national defence and joint efforts in the fight against violent extremist groups, the United States government delivered more than $633 million in Coalition Support Fund (CSF) to the government of Pakistan on Wednesday, said a handout issued here on Friday. The Coalition Support Fund is designed to reimburse the government of Pakistan for expenses incurred fighting violent extremist groups. The Government of Pakistan expends hundreds of millions of dollars annually in this effort. This reimbursement covers the period of January to June 2010. $110 million was previously released in early November to finalise reimbursement of 2009
claims. Since 2001, the United States has reimbursed Pakistan approximately $8.76 billion in CSF, the spokesman said. CSF is an ongoing reimbursement programme, whereby the Government of Pakistan periodically submits expenses incurred in support of contingency operations. Reimbursements made from the Coalition Support Fund are for the incremental costs incurred supporting coalition activities. The US strives to make reimbursements in as timely a manner as possible. The Coalition Support Fund process reimburses 27 nations, including Pakistan, for logistical, military and other forms of support provided to the US in support of overseas contingency operations.-Online
0.2mn T urea to be sourced in Jan ISLAMABAD: Federal Minister for Food and Agriculture Nazar Muhammad Gondal Friday informed the National Assembly that the government would import 0.2 million tonnes of urea from Saudi Arabia to overcome the shortage. Replying to queries during the question hour session, the federal minister said that gas load-shedding has negatively impacted urea production which would be overcome by imports. The imported urea would arrive in the country by January 2011, he added. He said that the government
would provide subsidy on the imported urea, however added that there would be no subsidy on other fertilisers. Gondal said that at present the price of per bag DAP is Rs3100-3200 where as the price of urea is Rs850900/bag. Meanwhile, State Minister for Industries and Production, Dr Ayatullah Durrani told the House that the prices of urea have increased by 9 per cent on average from June 2009 to June 2010 whereas prices increased on average by 12 per cent from December 2009 to See # 9 Page 7
ISLAMABAD: The National Assembly Friday unanimously passed the bill seeking amendment in the Rules of Procedure and Conduct of Business in the lower house, which became necessary after the passage of 18th and 19th amendment bills. Minister for Labour and Manpower Syed Khurshid Shah moved the amendments bill in the house for passage. Advisor to Prime Minister Raza Rabbani elaborating the amendment said after the election of the Speaker and the Deputy Speaker --a general election-- or whenever the office of the Prime Minister falls vacant for any reason, the Assembly shall, to the exclusion of any other business, proceed to elect without debate one of its Muslim members to be the Prime Minister. Any member may propose the name of any Muslim member for election as Prime Minister, hereinafter referred to as the candidate. Every proposal shall be made on a separate nomination paper
Nation today marks Quaid’s 134th birth anniversary ISLAMABAD: The nation will celebrate the 134th birth anniversary of the founder of Pakistan Quaid-e-Azam Mohammad Ali Jinnah with national spirit and enthusiasm today (Saturday). The day has been announced a public holiday in Pakistan and Azad Jammu and Kashmir (AJK). The national flag will be hoisted at all government buildings throughout the country. The day will dawn with special prayers in mosques for the the great leader Quaid-eAzam Mohammad Ali Jinnah and prosperity and development of the country. 31-gun salute and 21-gun salute would be given in federal capital and provinces respectively. The representatives of three services (Army, Navy and Air Force) and people from all sections of the society will lay floral wreaths on behalf of their respective services at the mausoleum of the Quaid in Karachi. Number of political, social, cultural and educational organisations has chalked out programmes to mark the occasion in a befitting manner. Radio and television have arranged special programmes See # 11 Page 7
Sindh Bank announced as scheduled Staff Reporter KARACHI: State Bank of Pakistan (SBP) has declared Sindh Bank Limited as a scheduled bank. The central bank has taken the decision in exercise of the powers conferred on it by clause (a) of sub-section (2) of section 37 of the SBP Act 1956. The SBP order will come into effect from December 24, said SBP notification issued on Friday.
in the form set out in the First Schedule and shall be signed by the proposer and seconder and also by the candidate stating that he has consented to the nomination. A candidate may be nominated by more than one nomination paper, but no member shall subscribe to more than one nomination paper, either as proposer or as seconder. Every nomination paper shall be delivered by the candidate or his proposer or seconder to the Secretary by 2.00 P.M. on the day preceding the day on which the election of Prime Minister is to be held. After the rule 39, new rules 39A and 39B shall be inserted, namely: "39A. Removal of Leader of the Opposition which says a notice signed by a majority of members of the opposition maybe given to the secretary showing that the leader of opposition has lost the support of the majority of the members of the opposition. It says such notice shall be accompanied by the nomina-
tion of a proposed new Leader of the Opposition signed by a majority of the members of the opposition. After verification of the signatures of the members, if the Speaker is satisfied that the Leader of the Opposition has lost the support of the majority of the members of the opposition, he shall declare him to be removed from office. When the Leader of the Opposition is removed, the Speaker shall immediately declare the member who has been nominated in sub-rule (2) as Leader of the Opposition. While, 39B says whenever the office of the Leader of Opposition becomes vacant, it shall be filled in the manner as provided in rule 39. That for rule 154, the following shall be substituted, namely: "154 Bills amended, rejected or not passed by Senate- (1) If a Bill passed by the Assembly and transmitted to the Senate is rejected or is not See # 6 Page 7
Will cement ties with Turkey on geo-strategic level: Zardari
Foreign investors to get smooth ride ISTANBUL: President Asif Ali Zardari Friday underlined the importance of Turkish investment in Pakistan and said the government would take steps to remove bottlenecks in the way of foreign investors. He hoped that regular service of Islamabad-TehranIstanbul freight train would greatly improve intra-regional cooperation and business opportunities and called for its fast track completion. The President was talking to his Turkish counterpart, Abdullah Gul who called on him ahead of PakistanAfghanistan-Turkey trilateral summit here. He said there was a vast
potential for Turkish investors in Pakistan. Both the countries should encourage their private sectors to collaborate closely in energy, infrastructure development, engineering, textiles, agriculture, telecommunications, mining, and technology sectors, he said. He stressed the need both for institutionalising cooperation with Iran and upgradation of rail and road links between the two countries. The President welcomed Turkish cooperation and investment in the urban masstransport systems and lowcost housing sectors. President Zardari told his Turkish counterpart that both See # 7 Page 7
Inflation to skyrocket if not checked: Kardar
Govt warned over borrowing ISLAMABAD: Governor State Bank of Pakistan (SBP), Shahid H Kardar Friday urged the government to control its borrowing from the central bank so that inflation could be curbed. "High inflation not only hurts the export cost of a country but also devalues local currency." He said this while addressing the concluding session of the two-day SBP workshop on macroeconomics for working
journalists here at National Institute of Banking and Finance (NIBAF). The workshop was organised by SBP for journalists of electronic and print media in which about 30 journalists representing various news organisations participated. SBP governor stressed the need for organising similar workshops for journalists to make them fully aware of the SBP policies and develop See # 8 Page 11
SECP gets new chair Special Correpondent ISLAMABAD: The government on Friday appointed Muhammad Ali Ghulam Muhammad as new Chairman of Securities and Exchange Commission of Pakistan (SECP) with immediate effect. A notification issued by the Ministry of Finance (Investment wing) said that in exercise of power conferred by section 5 and 7 of the Securities and Exchange Commission of
Pakistan (SECP) Act, 1997, the Federal government has appointed Muhammad Ali Ghulam Muhammad as Commissioner in SECP for a period of three years with immediate effect. Also, in exercise of the power conferred by section 6 of the SECP Act, 1997, the Federal government has appointed Muhammad Ali Ghulam Muhammad as Chairman of the SECP with immediate effect, the notification said.
2
Saturday, December 25, 2010
Marri felicitates nation on Quaid day KARACHI: Sindh Minister for Electric Power Shazia Marri has felicitated the Christian Community on the occasion of Christmas and congratulated nation on Quaid-eAzam Mohammad Ali Jinnah's birthday. In a statement issued here today, Marri has said that respect for all religious was a tenet of Islam and appreciated the contribution of Christian Community for the development of the country. Marri said that Shaheed Mohtarma Benazir Bhutto always celebrated Christmas with Christian Pakistanis and the president kept up this tradition. She said that festivals and their celebrations brought communities together adding that this togetherness was most needed today. Marri congratulated the nation on the birthday of the founding father Quaide-Azam Mohammad Ali Jinnah and said that 25th December was an opportunity for dual celebrations for the people of Pakistan. She said that the Quaid-eAzam 's vision of a strong Pakistan lay in the unity, faith & discipline among all communities.-NNI
Dr Sattar urges to raise education budget KARACHI: Minister for Overseas Pakistanis Dr Farooq Sattar has called for enhancing budget allocation for education to 5 percent of the GDP to bring in a knowledgebased revolution in the country. "We need to promote latest education and technology on scientific lines if we want to grow as an independent and developed country in the world", he said while
NCEL holds road shows in Punjab Staff Reporter
KARACHI: Ranger personnel standing alert to avert to avert any untoward incident in front of Saint Peter Church ahead of Christmas.-Online
President NBP lauds role of media TFD Report
TV PROGRAMMES SATURDAY Time Programmes 7:00 News 8:00 News 9:05 Best of Subah Savere Maya Kay Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Awam Ki Awaz (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Taxi News 20:05 The Anchor 21:00 News 22:03 Faisla Aap Ka 23:00 News 23:03 Awam Ki Awaz
SATURDAY Time Programmes 8:00 Chai Time (Rpt) 9:05 Smithsonian Documentry 10:05 Dilkash Pakistan 10:30 Sara jahan(Rpt) 11:15 Karobari Duniya(Rpt) 12:00 News 12:05 Siyasat Mana Hai (Rpt) 13:00 AM News 13:05 Islamabad Say (Rpt) 14:00 News 15:00 News 15:05 Doosra Pehlu (Rpt) 16:00 News 16:05 Filmi Samaa(rpt) 16:30 Red Carpet (Rpt) 17:00 News 17:05 Aap Ka Paisa (Rpt) 17:30 Pakistan This Week 18:00 News 18:05 Sara jahan(Rpt) 18:30 Dilkash Pakistan 19:00 News 19:30 Tijarti Dunia 20:00 News 20:05 Kamyab 21:00 News 21:05 Teesri nazar 22:00 News 22:05 Agenda 360 23:05 Music Scene 23:30 Uff Tv 0:00 News
speaking as chief guest at the 3rd convocation of Dadabhoy Institute of Higher Education (DIHE) here on Thursday. He said that adhocism is the greatest hurdle in the way of development in the country and we need to change the system for a prosperous Pakistan. "We need to create a system where the son of a worker, clerk and rickshaw driver can become president, prime minister
KARACHI: President National Bank of Paksitan (NBP) Syed Ali Raza categorised the vital role of media in the development of major sectors of the country. He also regarded that media can be helpful in economical growth of country through its positive and effective function. He was talking at the ceremony hosted in his honour by the National Bank Officers Association.
The newly posted 55 officers at Gwader were also present at the occasion. Ali Raza stated that Gwader holds enormous potential, as it comprises 30 per cent of the total area of Paksitan. He regarded National Bank as the family of 14,500 employees, and every member of this family is performing his job with utmost devotion. President NBP was hopeful that in coming five years NBP will acquire the target of 100 billion instead
of the previously set 50 billion, he also remarked NBP as the number one bank having 27 international branches in different countries. Ali Raza was of the vies that achieving the title of number one and retaining it is an uphill task and NBP has done this with great hard work. Earlier the representatives of NBP officer association praised the untiring efforts of Ali Raza in upbringing the position and ranking of NBP.
Toni&Guy new brand hits shelves
KARACHI: Chippa Welfare Association’s patron-inchief Ramazan Chippa presents Christmas cake and bouquet to Revered father Edward Joseph at the Saint Patrick’s Cathedral Church.-Staff Photo
KARACHI: Toni&Guy breaks yet another milestone with their latest launch to revolutionise the average mall experience. The international brand, that recently placed their largest salon in the world in Karachi, has now decided to launch their diffusion brand Essensuals in the city's popular mall Forum. The opening ceremony was held at Forum with the British Deputy High Commissioner Robert Gibson inaugurating the launch. Opening the event, Mandviwalla, the franchise owner, said, "With great pride, I welcome you to the launch. Essensuals came to Pakistan in 2003. It was first in South East Asian region."-PR
KARACHI: National Commodity Exchange Limited (NECL) in association with registered brokers held road shows in Gujranwala and Lahore on 21st and 22nd December respectively, said a statement here. The events focused on three main areas namely, the role of National Commodities Exchange in introducing commodities trade in Pakistan by opening up new avenues and providing a platform for the investors to diversify their portfolios, followed
ISO certifies SECP offices ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) succeeded in getting ISO 9001:2008 for its three big Company Registration Offices (CROs) in Karachi, Lahore and Islamabad on Friday. The external ISO certification audit was conducted by DAS Pakistan, which is a worldwide certification body, accredited by the United Kingdom Accreditation Service (UKAS). The quality management system has been developed and implemented by these
CROs, which includes quality policy, quality manual, quality system procedures, quality objectives and checklists. This also includes documentation of all the procedures of CROs in the form of standard operating procedures. This achievement is a significant milestone of the year 2010, which helped the CROs in streamlining procedures, documenting every function and removing the gaps in procedures. This is expected to go a long way in further improving the CROs' performance.-NNI
Traders greet new FPCCI President Staff Reporter
KARACHI: Senator, Haji Ghulam Ali was elected unopposed as President, Federation of Pakistan, Chambers of Commerce and Industry (FPCCI) for the term 2011-12, it has been learnt. The bi-annual elections of the apex trade body of LAHORE: Irfan Akram, Vice President Customer Care Pakistan held on Friday at Mobilink handing over Rs1 million cheque to Muhammad Federation House. The Naveed Sarwar, the first monthly winner of Mobilink Jazz newly elected body would SMS Khazana Round IV from Lahore.-Staff Photo take over FPCCI from January 1, 2011, when outgoing President, Sultan Chawla would officially KARACHI: Colgate- hand over the charge of top Palmolive (Pakistan) slot to Senator Ghulam Ali Limited launched a unique who belongs to Khyberscholarship programme for primary school children, said a handout issued here. The main idea behind this programme, "Seekho Aur LAHORE: Parvez Shahid Co Chairman Bank Alfalah, Jeeto", is to create awareness Pakistan Tariq Mir Head International Banking Bank Alfalah amongst children about the KARACHI: importance of oral health and Banks' Association (PBA) and Adil Mansoor at the launching ceremony of Multi Brand Boutique in Lahore. The boutique stocks hygiene, stated the handout. recently held its elections To participate, children for the Executive up to 20 different designer collections.-Staff Photo have to learn oral care tips Committee (EC) for the placed at the back of promo- term 2011. Sirajuddin tional Colgate GRF 50g and Aziz, CEO Bank Alfalah 100g packs and answer a has been unanimously related multiple choice ques- elected as its Chairman, tion via SMS. The right said a handout issued here answers were placed in a on Friday. lucky draw and the 40 winAziz, in the past has also ners were informed with remained Vice Chairman congratulatory text messages and member of the EC of and press announcements. PBA. Aziz has over 30 KARACHI: Senator Haji Ghulam Ali, President FPCCI, Guaranteed gifts were also years of banking experigiven in the promotional ence in various organizaKhalid Tawab Vice President and M Usman Sheikh, packs to further engage chil- tions in Pakistan, China, Vice President of FPCCI for the term 2011, along with dren in this offer.-PR Tariq Sayeed, former president FPCCI.-Staff Photo Hong Kong, UK Nigeria
Colgate launches learning programme
by the process of trading on the Exchange, real time pricing and lastly the broker views on the growth and potential of commodity trade as an option for investors along with the equities trading. Speaking at the occasion, Mansoor Ali, Chief Business Officer at the NCEL said, "Commodities trading is a fast developing market and is expanding at exponential levels in Pakistan. The public recognizes the need for diverse financial instruments and are moving towards commodities trading.
Pakhtunkhwa and was elected on the ticket of JUI (F) in the senate. The Patron In-chief, Korangi Association of Trade and Industry (KATI) S M Muneer, and Chairman, Syed Johar Ali Qandhari have welcomed the Senator Haji Ghulam Ali as President of the FPCCI fro the next term and hoped that he would strive hard to protect rights of trade and industry and represent trade and industry effectively at all forums in the country and abroad. They also paid rich tributes to the outgoing President, FPCCI, Sultan Chawla.
Siarjuddin elected PBA chairman and UAE. Atif Bokhari, President UBL and Shazad Dada, CEO Barclays Bank, have been elected Vice Chairmen of PBA.-PR
and minister and other top posts in the country", Dr Sattar said. Sindh Education Minister Pir Mazharul Haq, Finance Minister Murad Ali Shah, CM's Advisor Qaiser Bengali, deputy governor SBP Yasin Anwar and Abdullah Dadabhoy also spoke on the occasion. Dr Farooq Sattar gave away degrees among 660 graduating students and congratulated their par-
ents. Chairman DIHE, Abdullah Dadabhoy said that Dadabhoy Foundation has donated 250 acres of land in Hawksbay for the construction of university which will educate 20,000 students. He said that DIHE has been upgraded to university level and a modern university of international standard will be constructed at Hawkbay.-APP
3 Saturday, December 25, 2010
Euro holds steady in thin trade, sentiment fragile Activity subdued as market in holiday mode LONDON: The euro was steady on Friday after rebounding from a record low against the Swiss franc and a three-week low versus the dollar, but any gains were curbed as investors remained wary about euro-zone debt problems. Trade was extremely thin, with few orders going through so close to the Christmas holidays, resulting in limited movement in any major currency pair. However, analysts said concerns about fiscal troubles in some euro-zone countries could result in further euro selling in the new year. The euro showed limited reaction to Fitch cutting Portugal's long-term and local currency ratings by one notch to A-plus on Thursday, although this served
as a reminder that sovereign debt problems will stay a key theme for 2011. "Euro negatives continue to abound and we're set to open up the new year with the same themes of peripheral debt problems," said Jeremy Stretch, currency strategist at CIBC. "US fundamentals are looking a little better, so net-net the risks are to the downside for euro/dollar," he said, but added that while above $1.3050 the euro was likely to hold steady over the coming days. The euro was steady at $1.3121, off a three-week low of $1.3055 set on Thursday. The euro was up 0.3 per cent at 1.2614 Swiss francs having bounced off an all-time low around 1.2440 set this week.
However, the euro was still down some 1 per cent on the week against the franc and down for the fifth week in a row. The dollar was flat at 82.90 yen, off a 1-1/2 week low around 82.83 yen hit on Thursday. It was near the bottom of a wider range between 82.40 and 84.40 seen since late November. In contrast, the Australian dollar hit six-week highs at $1.0067 on Thursday, and was last at $1.0041 on interest from real money accounts looking for exposure to higher yields and a brighter economic outlook. The Canadian dollar outperformed, with the US dollar down 0.3 per cent at C$1.0060, helped by firmer oil prices, which hovered around their highest in more than two years. -Reuters
Yuan closes at six-week high, more upside seen SHANGHAI: The yuan rose to close at its highest level against the dollar in six weeks on Friday after the People's Bank of China set a stronger midpoint, continuing an upward crawl for the Chinese currency over the past few days. The yuan may appreciate a little in the near term as the central bank might use the exchange rate to fight potential imported inflation and as it needs to create a favourable environment for President Hu Jintao's visit to the United States in mid-January, traders said. "During the Christmas and New Year holiday, we expect the spot yuan trade may move in a small range around the central bank's fixing," said a dealer at a Chinese bank in Shanghai. Spot yuan closed at 6.6270
versus the dollar, the highest close since Nov. 11, up from Thursday's close of 6.6431. It has risen 3.0 per cent since the PBOC announced a depegging of the two currencies in midJune. The central bank set the day's mid-point at 6.6371, the highest level since Nov. 15 and up from Thursday's 6.6466. The midpoint is the level from which the yuan may rise or fall 0.5 per cent against the dollar on a given day. Dealers said the yuan could appreciate 3 to 5 per cent next year on a combination of political pressure and China needing to consider its own economic situation, such as inflation brought about through higher costs of imported goods and commodities. The premium for yuan traded
in Hong Kong rose to 170 pips over the mainland's spot rate on Friday, up from 20 pips at the close on Thursday. Hong Kong's central bank said on Thursday that it had finetuned its yuan trade settlement scheme to ensure stable development of the fast-growing offshore market for the Chinese currency. Dealers said the move may increase demand for yuan in Hong Kong, while supply is still limited in the city, the prospect pushed up the yuan's value in Hong Kong. Offshore, one-year NDFs were bid at 6.5013, up slightly from Thursday's close of 6.4998, with their implied yuan appreciation in a year's time falling to 2.09 per cent from 2.11 per cent. -Reuters
Crude oil near 2-yr high on cold, risk appetite Core OPEC ministers sees no need for extraordinary meeting LONDON/SINGAPORE: Oil hovered around its highest levels in more than two years on Friday, supported by cold weather across the globe, appetite for risk assets and signals from OPEC it would not arrest the rally. European benchmark ICE Brent crude for February closed 48 cents down at $93.46 on Friday after hitting $94.74 a barrel, its highest level since October 2008. Global benchmark US crude futures, which hit a 26-month high of $91.63 on Thursday, did not trade on Friday with the NYMEX floor closed for the Christmas holiday. Brent, trading at a premium to US crude, has surged partly due to a severe cold snap in continental Europe and Britain. Heavy snow stranded thousands of Christmas travellers in Europe on Friday, threatening to prolong chaos at airlines and rail networks and further boost fuel demand.
Analysts said oil could continue its rally on strong global demand and falling inventories in 2011, which promises to be a strong year for risk assets as confidence about the global economic recovery picks up. OPEC's most influential oil minister, Saudi Arabia's Ali alNaimi, said on Friday he was still happy with an oil price of $70-$80 per barrel and there was no need for an extra OPEC meeting before the next scheduled one in June. Arab OPEC ministers are meeting in the Egyptian capital this weekend where they are expected to discuss oil production and prices, but no formal decision on output will take place. United Arab Emirates' oil minister said he wanted OPEC to comply better with output cuts the group agreed in late 2008, and added the current price did not reflect fundamentals. That chimed with OPEC's stance that oil demand
remains fragile and speculators are to blame for the rally. Speaking in Cairo, only Iraq's new oil minister said the cartel could meet before June if market conditions changed but then added that if a decision was taken to meet it would not be "about price. It's about market conditions". "OPEC has limited its number of meetings to limit market disturbance," Abdul Kareem Luaibi told Reuters. Oil's more than 30 per cent climb from this year's low in May has revived concerns that prices could once again impact economic growth for fuel importing countries. South Korea's finance minister warned on Friday that the fifth-largest buyer of crude oil could face inflationary pressures next year. In India, the government is expected to decide next week whether to increase stateset fuel prices to cushion domestic oil retailers. -Reuters
Gold rises towards $1,385/oz as dollar steadies LONDON: Gold prices edged higher in Europe on Friday, supported by the euro's recovery from a three-week low versus the dollar, and as a further ratings downgrade stoked concerns over euro-zone debt. Spot gold was bid at $1,384.25 an ounce at 1430 GMT, against $1,379.89 late in New York on Thursday. Trading is thin as the markets wind down for the Christmas holidays, which begin on Friday afternoon in Europe. Little activity is expected ahead of the break, which lasts until Dec. 29 in many countries. "Whilst I think we might see gold between now and Jan. 4 down $20, I think that is going to prove to be the baseline," said ANZ Bank analyst Peter Hillyard. "I think as the market resumes in a proper way in the
first week of January, we will see it tracking back through $1,400." "There are very real fears that the problems of the eurozone generally are not going to be suddenly swept away," he added. "All of these are things that make people believe that holding a tangible asset is still the right thing to do." The single currency managed to shrug off Fitch's downgrade of Portugal, which analysts said was broadly expected. On the investment side of the gold market, the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings slipped to 1,284.973 tonnes on Thursday Its holdings have declined by nearly 14 tonnes so far this week, and are on track for their biggest one-week loss since late July. From a technical per-
spective, gold prices remain well supported above the $1,363 level, analysts said, while a break of resistance at $1,408 is likely to send prices back towards December's record high above $1,430. "The charts suggest a breakout could be brewing for gold and silver, with the run-up to year end potentially throwing up a few surprises," said TheBullionDesk.com in a note. Among other precious metals, silver was bid at $29.21 an ounce against $29.31. The world's biggest primary silver producer, Mexico's Fresnillo, said it has no plans to start hedging against silver price changes as shareholders say they prefer exposure to market prices. Platinum was at $1,712 an ounce against $1,716.50, while palladium was at $749.50 against $750.49. -Reuters
Indian rupee gains on firm shares MUMBAI: The Indian rupee strengthened on Friday, battling resistance from month-end dollar demand from refiners and other importers, tracking firm domestic shares and the dollar's weakness versus major currencies. The partially convertible rupee closed at 45.11/12 per dollar, off its low of 45.25, and 0.1 per cent above its close of 45.16/17 on Thursday, when it had risen to as much as 44.9750, its strongest since Dec. 14. "The market was broadly ranged today. Heard there was some big outflow in the morning which kept the rupee weak, but then it recovered from lows due to selling by exporters," said Vikas Chittiprolu, a senior forex dealer with state-run Andhra Bank. "Going ahead we will see the market on a biddish note due to month-end dollar demand from importers and oil firms. With the holiday season globally, liquidity in the market will be thin and the markets would be moving choppily in a range," he added. Traders said there was solid dollar demand from some importers and a certain amount of oil-related buying was also seen in the market. In this month until Wednesday, foreign funds had pulled out a net $544.33 million from Indian equities. They have, however, pumped in a net $28.4 billion so far this year on top of the $17.5 billion invested last year. One-month offshore non-deliverable forward contracts were at 45.30, weaker compared to the onshore spot rate. In currency futures, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.1575, 45.1550 and 45.1475 respectively, with the total traded volume on the three exchanges at a low $3.2 billion compared with an average of $7 billion. -Reuters
Palm oil up for a 5th day KUALA LUMPUR: Malaysian palm oil rose for a fifth day on Friday as traders bet the weak output trend may extend to the first quarter of 2010 just as China restocks agri-commodities and prepares for Lunar New Year holidays. Heavy rains in palm oil-producing Southeast Asia and a dry spell in soy-exporting South America have boosted vegetable oil markets in recent weeks. Crude oil going above $90 a barrel could see palm oil and soyoil extend gains, traders say. "Palm oil is likely to reach 3,700 ringgit very soon and I don't think 4,000 ringgit is very far off as our domestic fundamentals and China getting ready for Lunar New Year holiday in February will spur buying," said a Malaysian trader. Benchmark March 2011 crude palm oil futures on the Bursa Malaysia Derivatives ended up 0.2 per cent to 3,665 ringgit ($1,175.621). Traded volumes stood at 11,642 lots of 25 tonnes each compared to the usual 10,000 lots. Palm oil posted its best weekly performance in December, as investors are increasingly favouring agricultural commodities as an inflation hedge since food prices in China and India have been high. US commodity markets are closed on Friday for Christmas Eve but the day before, US soyoil hit a fresh 28-month high on hot, dry weather in Argentina and stronger US crushing demand. The most active Sept. 11 soyoil on China's Dalian Commodity Exchange rose half a per cent on Friday as Beijing's vow to maintain a crackdown on price speculation curbed gains related to growing import demand. "Although China says it will import agriculture commodities, imports will not increase tremendously in the short terms as local soybean prices are weaker than imported prices," said an oil analyst in China's Heilongjian province, the main soy producing region. "Imports should recover after the first quarter next year." -Reuters
Asian currencies
Ringgit at 6-week high on IPO hopes, trading thin Won/dlr spot trading volume lowest in 2010 SEOUL: The Malaysian ringgit hit a six-week high against the dollar on Friday, boosted by expectations an initial public offering of a local company will attract heavy foreign equity flows. The gains were exaggerated by the thin liquidity before holidays, with currency markets in Indonesia and Philippines closed and trading volume not expected to pick up next week. "Many players already took leaves for the end of the year," said a Singapore-based dealer. "Markets will be also very quiet next week as investors will prepare for the next year," he added. The ringgit rose 0.84 per cent
to as firm as 3.0890 per dollar, the strongest since Nov. 11 after a media report on the possible listing of Petronas Carigali. Petronas Carigali Sdn Bhd, the exploration unit of Petroliam Nasional Bhd, may be listed on Bursa Malaysia next year and it is expected to attract a large number of foreign funds, Business Times said on its Web site. "Its positive and provides a pull factor for foreigners into the local bourse and this is one of the drivers of the MYR for the MYR today," a traders in Kuala Lumpur said. "But cyclically MYR has always ended the year on a
strong note." If the IPO goes ahead it would be Malaysia's largest and could be around $48.3 billion, the report said. The won edged down against the dollar in thin trading on worries about geopolitical tensions after North Korea threatened a nuclear war. But the local currency erased much of its earlier losses on demand from exporters such as shipbuilders. Won/dollar spot trading volume fell to $3.97 billion, the lowest in 2010, according to data from Seoul Money Brokerage Services Ltd and Korea Money Broker Corp. Reuters
Sterling flats in light trade; 2011 outlook fragile LONDON: Sterling steadied against the dollar in thin trade on Friday, supported by early demand from Asia, though the pound still hovered close to three-month lows and was hampered by a fragile outlook for the UK economy. Trading conditions were thin and volumes light, with most investors on the sidelines and many European centres closed for Christmas holidays. US markets are also shut on Friday. Traders said persistent Asian demand pushed the pound to the day's high of $1.5477 in early London dealing. It later eased to $1.5438, close to unchanged on the day. Sterling was hovering above a three-month low of $1.5356 hit on Tuesday. Technical analysts
said a clean break below the 200day moving average at $1.5393 would be key for further losses. The euro was close to unchanged at 84.92 pence, holding below a three-week high hit last week of 85.53. The pound has been under pressure as higher-than-expected unemployment data and softerthan-forecast growth in the economy cloud the economic picture into 2011. "I see lots of risks to the outlook for sterling going forward," said Kenneth Broux, Market Strategist at Lloyds Banking Group. "It's lost ground against virtually every currency in December. The combination of the labour data, softer growth, the high public deficit and potential for problems within the coalition govern-
Cocoa eases as supply concerns eases LONDON: London cocoa, sugar and coffee futures eased in thin volumes before Christmas, with dealers sensing that cocoa supplies are getting through from Ivory Coast despite a power struggle after its disputed election on Nov. 28. ICE soft commodity markets were closed for the Christmas break, and London softs markets were open for a half day on Friday. The London softs market will reopen on Dec. 29. London cocoa futures dipped in light volumes. Traders said supplies from Ivory Coast seemed to be reaching the international market, as bean arrivals had so far held up well. Cocoa arrivals at ports in top grower Ivory Coast reached 470,397 tonnes by Dec. 12 since the start of the season in October, down from 504,282 tonnes in the same period a year ago, according to data from Bourse du Cafe et Cacao (BCC) obtained by Reuters on Friday. Cocoa arrivals at Ivory Coast's port of San Pedro reached 229,670 tonnes by Dec. 12 since the start of the season in October, according to data from the Coffee and Cocoa Bourse (BCC) obtained by Reuters on Friday.
London second-month cocoa settled down 7 pounds at 2,042 pounds per tonne in light volume of 551 lots. ICE cocoa had traded this week at below a four-month high of $3,140 per tonne, touched on Dec. 7. London March white sugar futures edged down in light volumes, having earlier touched a contract high of $823.00 per tonne, and were well-supported by tight supplies, adverse weather in several producers, robust demand, and expectations of modest exports from India, the world's number 2 producer. London (Liffe) front-month, March white sugar closed down 50 cents at $820.40 per tonne in slim volume of 116 lots. London robusta coffee futures dipped, underpinned by firm demand for robusta beans by industry seeking to use less arabica beans after ICE arabicas touched a 13-1/2-year peak earlier this week. London second-month, March robustas closed down $14 at $1,997 per tonne in modest turnover of 1,075 lots. "The response of the industry is to seek more of the lower grades of coffee," said one soft commodities dealer. -Reuters
ment are putting doubts in people's minds." Denting sentiment were comments made on Thursday from Bank of England policymaker Paul Fisher, who said the economy could suffer another period of contraction next year. His comments came a day after data showed downward revisions to economic growth in the past two quarters and minutes from this month's central bank meeting showed growing concerns about rising inflation. This keeps the BoE in a pickle on monetary policy, which is extremely accommodative at the moment. A slow recovery will require loose policy to stimulate growth, while tightening may be needed if upward price pressures continue. -Reuters
Copper firm on China restocking prospect LONDON: Copper rose but held below record highs on Friday, underpinned by expectations of restocking next year by top consumer China, paring gains as the looming Christmas break kept trading volumes in check. At 1440 GMT, copper on the London Metal Exchange traded at $9,340 a tonne, from the $9,300 close on Thursday. The metal used in power and construction has climbed 27 per cent this year, and earlier on Friday flirted with recent record highs of $9,392 before paring gains. Prices are widely seen hitting five figures early in 2011. Standard Bank sees the roughly 20 million tonne copper market in a 385,000-tonne deficit for 2011, widening to a 562,000-tonne deficit the following year. US markets are shut on Friday, while the LME is operating at reduced hours. Floor trade finished at 1400 GMT, while via LMESelect will wind up at 1600. The LME will reopen on Wednesday Dec 28. See # 5 Page 7
US cotton limits down in see-saw session NEW YORK: US cotton futures ended the daily limit down Thursday in technical selling, as players took cash off the table in the best performing commodity of 2010 in time for the Christmas holidays, analysts said. The market will be closed on Friday and reopen on Monday at 1230 GMT. The key March cotton contract on ICE Futures US fell the 6.00 cents limit for the second straight day, to finish at $1.4812 per lb. Volume was modest as it stood at about three quarters of the 30-day norm of 29,200 lots, Thomson Reuters preliminary data showed. The market gyrated wildly
throughout the session. It fell the limit in Asian trade, came back on investor buying to trade higher on the day midway through the session, and then collapsed late when investor interest faded, traders said. For the first time since early December, the market ended down on the week, falling about 1.33 per cent. Technical traders believe that heralds a sharp fall in a market that has seen a bull run. A report by Johnson said 'if the gap ... is not filled (at) $1.5594 to $1.567 (basis March), this very bearish signal should hamper efforts by bulls' to run the market higher. Cotton was also pressured by weak Chinese cotton prices,
with the May cotton futures on the Zhengzhou Commodity Exchange last done at 27,800 yuan per tonne, down 265 yuan on the day. The market recovered during the session partly because of robust export sales in the US Agriculture Department's weekly export sales report. Total US cotton exports hit 405,400 running bales (RBs, 500-lbs each), well above the trade outlook for a range from 150,000 to 200,000 RBs. Options trading in the cotton market was halted for the fourth day running because the spot month in the cotton futures market traded at its daily limit, ICE Futures US said. -Reuters
4 Saturday, December 25, 2010
The Financial Daily International Vol 4, Issue 134
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir
Reconstructing Pakistan As Per Qauid’s vision
Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
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Quaid’s Pakistan Celebrating birthday of Quaid-e-Azam Mohammad All Jinnah this year should be a little different from the usual ritual. Under the inspiring leadership of Quaid, Muslims succeeded in creating an independent state within a short span of seven years since adoption of Pakistan Resolution in 1940. Muslims succeeded in getting a country of their own to live their lives compatible with their religious, social, political and cultural aspirations. The basic ideology which was dented when East Pakistan became Bangladesh seems to have further fragmented. At this juncture the nation looks fragmented on the basis of language, cast and creed. Though, there are enormous external threats, the internal conflicts are causing more harm. This is the time to remind the young generation reasons for the creation of an independent state for the Muslims. Having passed the Pakistan Resolution, Muslims of the subcontinent chose a new destination for themselves. They set out on a path to achieve a separate homeland for the Muslims of India, in lieu of seeking union with the Hindu community. In fact Muslims of subcontinent decided that India was never united; rather it was split between Muslim India and Hindu India. Quaid-i-Azam in his presidential address had said: "The Hindus and Muslims belong to two different religious philosophies, social customs and literature. They belong to two different civilisations which are based mainly on conflicting ideas and conceptions." Passing of the 'Pakistan Resolution' created a lot of hue and cry among the Hindu, Sikh and British circles. The Indian press found a new target to incessantly make evil designs and unfurl campaigns against the Muslims. Gandhi declared that partition would mean suicide and the TwoNation Theory was an unreality. Others who flatly opposed the Resolution were Raj Gopal Achari, Ambedkar, Master Tara Singh and even some nationalist Muslim group. The journey has not been smooth due to internal and external factors. Pakistan is moving on the path of progress and development. Various reforms have been successfully introduced and are bearing fruit and a new direction has been given to the Pakistani nation in line with the principles given to it by the founding fathers. India has not accepted partition of the subcontinent as yet and has been denying the right of self- determination for Kashmiries. India has been spending billions of dollars for the purchase of arsenal and Pakistan is also obliged to maintain minimum level of deterrence, at least. It is time both the countries learn to follow the golden rule of peaceful coexistence. The ongoing war in Afghanistan and Iraq shows that despite spending trillions of dollars peace remains elusive.
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.
Zahid Bukhari
T
he only way left now, to bring glory to Pakistan and its people is to commence urgently to act upon our great Quaid's vision. We have not only forgotten Quaid-e-Azam Muhammad Ali Jinnah but have betrayed him. The Great Quaid who solely created this ideological state but died soon because of the devotion for Pakistan. What a pity the older as well as the new generations, have neglected and totally forgotten of the Quaid, his advices and guidance. He was the leader who freed us first from British slavery and then would be Hindu hegemony. Perhaps it will be in the fitness of things, if I state here in brief the early life of the Quaid and then present a summary of his brave, courageous and highly intelligent untiring efforts for the creation of Pakistan. Jena Bhai father of Muhammad Ali Jinnah migrated to Karachi in 1875, from his native land called Paneli in suburbs of Rajkot Katheawar. In Karachi Jena Bhai became a good businessman, with his ability and being in business contacts with a British Fredrick Croft, having his main office in London. Here in Karachi a child was born from the wedlock of Jena Bhai and his wife Methi Bai as on 25th December 1876, who was named as Muhammad Ali (later on who became as Quaid-e-Azam Muhammad Ali Jinnah). At the age of nine, he was sent to a primary school, then to Sindh Madarsah and there after to a missionary school also at Karachi. After some time Muhammad Ali (upon the advice of Croft) was sent to London for some apprenticeship. There in London Muhammad Ali being in all together new environments along with cold climate and without any one known to him from India, also language was another a bit problem, he felt some what uneasy. Muhammad Ali was also not happy with his apprenticeship, so he decided to study law, and took admission in Lincoln's Inn. During the period he came in contact with Dada Bhai Naroji, a man from Indian soil, who always helped persons from India. He was very helpful to Mr. Muhammad Ali, which provided some mental satisfaction and happiness to be in the company of persons from his land India. Later on Dada Bhai Naroji was elected as a member of British Parliament. Mr. Muhammad Ali Jinnah returned from England as a qualified advocate. He returned to Bombay instead of Karachi, as his father and family had left Karachi and moved on to Bombay because of some loss in business. Here in Bombay Mr. Jinnah had some hard time, but soon on account of his extra ordinary intelligence, he obtained outstanding position in his profession and thereafter became one of the leading advocates of Bombay. Mr. Muhammad Ali Jinnah also joined politics along with his legal practice by joining Anjumen-e-Islam in 1897. In 1906 Jinnah was a mature gentleman of thirty, who had reached to top layer of legal practitioners by sheer merit and had earned universal respect for his public spirit and integrity. The freedom movement from British rule, because of self interest of concerned parties, became highly complex and awful difficult. The concerned parties were
the Congress, British and Muslim League. All the three could not reach to a settlement acceptable to all, and as such process of freedom took four decades. After some time Muhammad Ali Jinnah joined Indian National Congress and rose to immense prominence, initially expounding ideas of Hindu-Muslim unity and helped greatly in shaping the 1916 Lucknow pact between Muslim League and Indian National Congress. Jinnah played prominent part in the proposed fourteen point constitutional reform plan to safeguard the political rights of Muslims in a self Governing India. Muhammad Ali Jinnah tried his best for Hindu Muslim unity but due to the negative approach of Gandhi and Nehru, has to change his strategy for safeguarding the political and economic interests of Muslims, a minority community in all India. Not only the congress stood hesitant in favoring the equal rights for Muslims, but also many Muslims fundamentalist Mullahs, and some other Muslim personalities sided with Indian National Congress and opposed Muhammad Ali Jinnah. Among such personalities were Maulana Abul Kalam Azad, Abdul Ghaffar Khan, and Maulana Maududi of Jamaat-e-Islami. It is interesting to know that Maulana Maududi, who favored Indian National Congress, was against Muslim League and Quaid-eAzam but after the creation of Pakistan, was the first to reach Lahore within 2 to 3 days after 14th August 1947. Maulana Maududi established his party's office in Ichra Lahore. Jinnah after keenly watching the behavior of Hindus, the British, fundamental fanatic Mullahs and even some elite Muslims working for Congress and British ignoring would be state of Muslims, got frustrated worried for the majority of poor, simple and illiterate Muslims. And after all he joined Muslim League at the continued requests of Leaguers, and majority of Indian Muslims. He was elected as president of the League. At that time Muslim League was not an organized institution, and was a body at topsy-turvy. Jinnah gave his full time for organizing Muslim League. He made the League highly functional and effective and Congress to loose ground. In this process his health was severely affected and his family and social life greatly dented. The Muslims of Hindustan garlanded him and titled him from Muhammad Ali Jinnah to Quaide-Azam Muhammad Ali Jinnah, the honor which very few persons in the entire world from the time immemorial could achieve. Now Quaid-e-Azam Muhammad Ali Jinnah with his brilliant and extremely hard work that continued on war footings for more then two and half decades culminated in the formation of a great country called Pakistan. Now I state here how we betrayed our Quaid by totally ignoring his advices and guidance and working against his vision about Pakistan. One of the greatest persons in the history of mankind, Quaid-e-Azam Muhammad Ali Jinnah died soon after independence of Pakistan on 11th September 1948. Quaid-e-Azam Muhammad Ali Jinnah while addressing the constituent assembly of Pakistan, in capacity as the first Governor General of Pakistan on 11th August 1947 said, and I quote one vital point of his speech here. The great Quaid said "that Pakistan will be for Pakistanis, there will be no difference on account of cast, creed, colour and religion, and all that have nothing to do with the affairs of Government, and all Pakistanis will be equal in all matters". It should be noted that how much we went against the advice of Father of Nation and named the country as Islamic Republic of Pakistan, creating distinction among the citizenry and demol-
ishing the democratic values. In the same speech the great Quaid said and I quote "that our condition is much worse in bribery and corruption. And that is really a poison and we must put that down with an iron hand". What we have been doing since the very beginning, that by now we have achieved great mastery in bribery, corruption and lawlessness. We are by now, one of the most corrupt countries in the entire world. And when other countries along with UN come to know our adopted methods and tricks, they get amazed of our negative expertise. There have always been rise in corruption and bribery over the decades. While addressing Gazetted Officers at Chittagong on 25th March 1948, the Great Quaid said, "Ladies and gentleman, I want to realize fully the deep implication of revolutionary change that has taken place. Whatever community, cast or creed you belong, you are now the servants of Pakistan. Servants can only do their duties and discharge their responsibilities by serving. Those days have gone when country was ruled by bureaucracy". The Quaid further said, "Now you are servant of the country, means the people of Pakistan, who are the real owners of Pakistan. And you have nothing to do with the politics, you can not belong to any political party, you are to serve all with honesty and hard work, to make this country, Pakistan a welfare state". It is more then sixty two years now since the father of the nation advised as such, but almost all the civil servant or bureaucracy are serving themselves only and treating the people of Pakistan as their servant. To build secular Pakistan Quaid sought the help of leaders like Badshah Khan, Leader of Khudai Khidmatgar and an ally of Indian National Congress in united India. Quaid said, "Khan Sahib I know that you are a man of character and integrity. It is honest man like you whose help I need to build up Pakistan, as I am surrounded by thieves and scoundrels and through them I can do little for the poor Muslims who have suffered so much". He further said, "I am very much misunderstood man, I never wanted all this blood shed. I want peace; believe me so that I can do something for masses". He appealed to Khan Sahib to strengthen his position by joining Muslim League but Badshah Khan was not willing to do so as the League was not a secular body. Jinnah explained I have been myself anxious to convert the League into National League, open to every loyal citizen of Pakistan. But I am being attacked by mad Mullahs and extremists who are out to create trouble for me. That is exactly why I want you and your colleagues to join League and help me in ousting these dangerous elements. Khan turned down Jinnah's request and said he wanted to continue social work. Khan explained his views saying socially backward people cannot develop a sound political sense and without a sound political sense, there can be no democracy. That is why I am devoting myself to the social activity. The superintendent of north western railway as on 20th December 1947 by welcoming the Quaid assured him, "We bag to assure you that we shall fellow you through our sunshine and fire". In reply the Quaid said "We are going through the fire and sunshine has yet to come. But I have no doubt that with UNITY, FAITH and DISCIPLINE; we will be a great nation". When I asked some people about Quaid's three words, the common reply was as I sensed that unity has broken into pieces, when East Pakistan became Bangladesh. We do not have faith in any thing except money. About discipline, a person said that it is a new word for him; we are entirely an indiscipline nation in all walks of life. That is the way we are treating the
guidance of the Quaid. In my opinion the functional state of Pakistan has been totally against the Quaid's vision, since beginning. In plain words we have betrayed our father, the father of the nation Muhammad Ali Jinnah on all counts. We have totally ignored Quaid's advices and guidance, and have reached the state of being beggars Had we would followed Quaid's dictates, and understood the Quaid's vision we would have been in accordance with his wishes. I have stated here even less then one per cent of Quaid's words that have shaken me from top to bottom, that what our Quaid wanted from us and what we are. We should construct our constitution under the vision of the creator of this country. There must be a special subject "Quaid-e-Azam" from the early classes to highest degrees. The members of the parliaments should be made to read and understand the advices and the vision of the creator of this God gifted country Pakistan. Further Quaid's sayings should become part of any oath, while occupying power oriented slots in the government. The Quaid's last Message, it was, therefore, with a sense of supreme satisfaction at the fulfillment of his mission that Jinnah told the nation in his message on 14th August, 1948, "The foundations of your State have been laid and it is now for you to build and build as quickly and as well as you can". Jinnah had worked himself to death, to quote Richard Symons, "Contributed more than any other man to Pakistan's survival". He died on 11th September 1948. How true was Lord Pethick Lawrence, the former Secretary of State for India, when he said, "Gandhi died by the hands of an assassin; Jinnah died by his devotion to Pakistan". A man such as Jinnah, who had fought for the inherent rights of his people all through his life and who had taken up the somewhat unconventional and the largely misinterpreted cause of Pakistan, was bound to generate violent opposition and excite implacable hostility and was likely to be largely misunderstood. But what is most remarkable about Jinnah is that he was the recipient of some of the greatest tributes paid to any one in modern times, some of them even from those who held a diametrically opposed viewpoint. The Aga Khan considered him "the greatest man he ever met", Beverley Nichols, the author of `Verdict on India', called him "the most important man in Asia", and Dr. Kailashnath Katju, the West Bengal Governor in 1948, thought of him as "an outstanding figure of this century not only in India, but in the whole world". While Abdul Rahman Azzam Pasha, Secretary General of the Arab League, called him "one of the greatest leaders in the Muslim world", the Grand Mufti of Palestine considered his death as a "great loss" to the entire world of Islam. It was, however, given to Surat Chandra Bose, leader of the Forward Bloc wing of the Indian National Congress, to sum up succinctly his personal and political achievements. "Mr. Jinnah", he said on his death in 1948, "was great as a lawyer, once great as a Congressman, great as a leader of Muslims, great as a world politician and diplomat, and greatest of all as a man of action. By Mr. Jinnah's passing away, the world has lost one of the greatest statesmen and Pakistan its life-giver, philosopher and guide". Such was Quaid-e-Azam Mohammad Ali Jinnah, the man and his mission, such the range of his accomplishments and achievements. Al-mighty Allah please bless us to attain education, to become honest, intelligent, hard working, trust and truth worthy, follow the advices of great Quaid and bring peace, happiness and glory to this country. PAKISTAN ZINDABAD LONG LIVE PAKISTAN
Barcelona's new player Ibrahim Afellay poses with his mother and brother at Nou Camp
5
Saturday, December 25, 2010
McCullum to miss first Pak T20s W E L L I N G T O N : Wicketkeeper Brendon McCullum is likely to miss the first two of New Zealand's three Twenty20 cricket matches against Pakistan because of back soreness. Selectors' spokesman Glenn Turner said Friday that McCullum had undergone the fitness test he had demanded after initially being left out of the squad, and it showed he would "almost certainly" miss the matches at Auckland on Sunday and Hamilton on Tuesday. Turner said McCullum had "shown great determination and a great willingness to push through discomfort" and may be available for the third match of the series at Christchurch on Thursday.-Online
Unsighted cricketers white-wash Nepali side ISLAMABAD: Pakistan Blind Cricket team on Friday white-washed the Nepali blind cricket team by winning last of the three one-day matches by nine wickets here at Shalimar cricket ground. A hat-trick by all rounder Yasir Andleeb and a sparkling half century by captain Arsaln were the highlights of the match. Set a target of 198 by Nepali cricket team which batted first was overhauled by the hosts in only 15.1 overs.Pakistan captain remained not out with 79 runs and Munawwar scored 60 runs. Earlier the Nepal team was all out on 198 and Ram Parshad remained the top scorer with 51 runs followed by Carton who scored 37. For Pakistan Yasir calmed three wickets while Tauseef snared two scalps.It is worth mentioning that Pakistan won all three one days and two twenty-20 matches. Minister for Information Qamar Zaman Kaira was the chief guest at the prize distribution ceremony.Managing Director Zummurd Khan and SPP Islamabad Police Moeen Masood and Chairman Pakistan Blind Cricket Council Syed Sultan Shah and General Secretary Bilal Satti were also present on the occasion.-APP
NZ series to start amid Pak drama WELLINGTON: New Zealand face Pakistan in a Twenty20 international at Auckland's Eden Park on Sunday to launch a series set to be overshadowed by corruption claims swirling around the visiting team. Pakistan boasts the better form going into the series which features three Twenty20 matches, two Tests and six one-dayers after drawing two Tests and narrowly losing a one-day series 23 against South Africa. New Zealand, meanwhile, are aiming to rebuild under new coach John Wright after after losing their last 11 oneday matches - including series whitewashes against Bangladesh and India. But the match-fixing allegations against Pakistan trio Salman Butt, Mohammad Asif and Mohammad Amir who are all suspended and not on the New Zealand tour is likely divert attention from the onfield rivalry. British tabloid the News of the World claimed earlier this year that several Pakistani players, including the suspended trio, were paid to take instructions from a bookmaker during a Test against England at Lord's last August. The ICC will hold a hearing into the allegations in Qatar
from January 6-11, coinciding with the first Test between New Zealand and Pakistan in Hamilton, which runs from January 7-11. New Zealand Cricket chief Justin Vaughan admitted in September he was concerned about how New Zealand fans would view the Pakistan team and the level of interest in a contest where one side was under a corruption cloud. The Black Caps' dismal recent performances could also affect crowd numbers, although there will be interest in seeing whether former India coach Wright can turn around the team's fortunes in time for the World Cup in February. New Zealand Cricket's commercial manager Peter Dwan said last week he remained "reasonably optimistic" the series would ignite public interest, despite the corruption allegations. "We can't change what is happening (with the match-fixing claims)," he told the New Zealand Herald. "All we can do is go to the market with a product we think is very compelling - a highly entertaining series of T20, then a good Test series followed by ODIs of our national team against very good sportsmen who are successful on the pitch.”-Online
Indian police raid CWG chief’s home NEW DELHI: Indian police on Friday raided the homes of the chief organiser of the New Delhi Commonwealth Games, Suresh Kalmadi, as part of a probe into graft allegations that surrounded the event. A spokesperson from the Central Bureau of Investigation (CBI) said police had conducted searches at Kalmadi's residences in the capital and the western town of Pune, and at the home of his personal secretary Manoj Bhore. The Games, which were held in Delhi in October, were hit by claims of massive
financial irregularities as the budget ballooned to an estimated six billion dollars. The CBI spokesperson said a top police official had written to the government earlier this month requesting Kalmadi's removal from the chairmanship of the Games organising committee on the grounds that he was obstructing the investigation. Kalmadi, who took much of the international criticism about unfinished facilities and poor planning, quit as secretary to India's ruling Congress party in November.-Online
MADRID: Real Madrid's Benzema fights for the ball with Levante's Robuste during their Spanish King's Cup soccer match in Madrid.-Reuters
Gillette leaves Tiger in the woods CHICAGO: Procter & Gamble Co's Gillette brand will not renew its endorsement contract with golfer Tiger Woods, which ends on December 31, a company spokesman confirmed on Thursday. The decision comes as the unit, which makes shaving gel, razors and other products, plans to phase out its Gillette Champions marketing program in the first quarter of 2011, Gillette spokesman Michael Norton said. The news was reported first on USA Today's "Game On!" blog. Woods was one of the athletes who started the ad campaign in 2007. Woods has lost several corporate sponsorship deals since news broke of his extramarital affairs a year ago, including deals with AT&T and Accenture, costing him up to $35 million before losing the Gillette sponsorship. Norton would not say what the Gillette deal was worth. His popularity has also waned with the public.-Reuters
Annual sports day at Bahria College KARACHI: Bahria College Karachi celebrated its 20th annual sports day where Commander Karachi Rear Admiral Sayyid Khawar Ali was the Chief Guest. A large number of parents, Armed Forces personnel and other dignitaries attended the ceremony. The function started with a march past by college students followed by a spectacular physical training display by primary wing students which earned a huge applause from the audience. Different track events, gymnastics and karate competitions were a treat to watch. Earlier upon his arrival, the Chief Guest was received by the Principal Captain Sajid Mehmood. While addressing the gathering, the Chief Guest said that future of a nation is dependent on the quality of education imparted to students and their subsequent character development and knowledge gained.-Online
PESHAWAR: Players during rehearsal for upcoming 31st National Games in Sports Complex Qayyum Stadium.-APP
SA ready to tackle Indian recoil DURBAN: South Africa are prepared for India's experienced line-up to fight back strongly in the Boxing Day test after their crushing defeat at Centurion, captain Graeme Smith said on Thursday. South Africa cruised to victory by an innings and 25 runs in the first test of the three-match series after India crumbled to 136 all out on day one in the face of testing Proteas pace bowling. "After what happened in the first test I expect them to be better, especially from a batting perspective, as they will know what to expect," Smith told a news conference before the match starting on Sunday.
"India are an experienced team and I expect them to come out fighting in the next test and I expect them to use their experience to bounce back. We can't afford to take anything for granted in terms of how we expect them to go," he added. While Smith expects the number-one ranked test team in the world to present a stiffer challenge at Kingsmead, he said his own charges would draw a lot of heart from how they had performed in the first test. "When you win by an innings and 25 runs you do take a lot of positives out of the game and a lot of confidence.
From our perspective we have taken a few big steps forward in the series and India have probably got a few doubts," he said. South Africa do not have an impressive recent record in Durban having lost their last two matches at Kingsmead by significant margins. In last year's Boxing Day test they were trounced by England by an innings and Australia won by a convincing margin of 175 runs. Smith said that while he was aware of South Africa's woes at Kingsmead he was confident that his team had put those performances behind them.Reuters
Sachin trust his scruffy old bat NEW DELHI: Indian cricket superstar Sachin Tendulkar scored his record 50th Test century this week using a damaged and patched-up "lucky charm" bat which has now scored 14 hundreds, a report said Thursday. Tendulkar's favourite piece of willow showed plenty of war wounds caused by hours of hard-hitting at the crease, with tape across its toe (bottom) and shoulder. But its effectiveness was in no doubt as he scored an unbeaten 111 against South Africa in Centurion to notch up his 50th Test century -sparking national jubilation and a message of congratula-
tions from the prime minister. Somi Kohli, the owner of Beat All Sports which makes Vampire bats, told the Indian Express that he had insisted on repairing the bat after seeing Tendulkar trying to do the job himself earlier this year. "Sachin's knowledge about bats is phenomenal but I told him that just like doctors are specialists, a willow also needs to be looked after by bat doctors," he said. "Even though Sachin was reluctant, I took the bat away from him. The edges were repaired and we did a bit of grafting and protected the toe too. Sachin couldn't believe how good the bat was when I returned it to him."-APP
Malik, Kamran’s entry depends on assets info KARACHI: The newly installed Chief Operating Officer (COO) of Pakistan Cricket Board (PCB), Subhan Ahmed has said that inclusion of former Pakistan captain Shoaib Malik and wicketkeeper Kamran Akmal among the 30 probables for World Cup depends on submission of some documents. "PCB have asked them to submit the documents about their assets and bank accounts by Dec 30 to be considered in the list of probables for the World Cup 2011," he told APP in an exclusive interview at
National Stadium here on Friday. "After they submit the required documents then their inclusion and non inclusion among the 30 probables for World Cup 2011 will be decided," he said. "My main mission after taking over as PCB COO is to repair the damage done by allegations of spot-fixing and other security related problems and issues," he said. Subhan Ahmed said it will be a big challenge for him but he will keep working hard for the betterment of Pakistan
Ijaz Butt holds meeting KARACHI: The Chairman, Pakistan Cricket Board (PCB) Ijaz Butt on Friday held a meeting at National Stadium with top officials of the board. PCB Chief Operating Officer Subhan Ahmed, PCB Director Education Training Wasim Bari. Later Chairman Selection Committee Mohsin Khan also joined them. Agenda of the meeting was not available but according to PCB COO Subhan Ahmed different meetings will be held over couple of days for improving the cricket in the country. PCB GM Marketing and Media Tariq Hakeem and Nadeem Sarwar Member PCB Governing Board Major (Retd) Naeem Akhtar Gilani were also seen at National Stadium. After short stay at the stadium, all PCB officials left to the hotel.-APP
cricket. "Its important that international cricket returns to Pakistan. I will use all my experiences of working in the ICC to help revival of international cricket in the country," he maintained. "Pakistan cricket suffered severely due to security situation and spot-fixing controversy and it took us so low," he commented. He said PCB was working hard to implement on various plans and working on things to streamline cricket in the country. "We would be strengthening
regional cricket and make it more qualitative and controversy free," he revealed. Subhan Ahmed said PCB Chairman Ijaz Butt will be holding different meetings and he will personally be interacting with the media here to unveil board's plan to make Pakistan cricket free over the next couple of days. He said he has no plan to go to New Zealand. However, he said PCB Chairman Ijaz Butt will be going to watch matches and meet New Zealand Cricket officials on December 31.-APP
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North Korea nuclear test “possible� in new year SEOUL:- North Korea could carry out a third nuclear test next year to strengthen the credentials of its young leader-inwaiting, Kim Jong-un, a research report from a South Korean Foreign Ministry institute said on Friday. The report came a day after Pyongyang vowed a nuclear "sacred war," using its nuclear deterrent, after the South vowed to be "merciless" if attacked again and held a major military drill near the border. The North, which carried out nuclear tests in 2006 and 2009, has yet to show it has a deliverable weapon as part of its plutonium arms program, but a third test would raise tensions further on the divided peninsula and rattle global markets. South Korean media reported earlier this month that the North was digging a tunnel in preparation for a nuclear test. "There is a possibility of North Korea carrying out its third nuclear test to seek improvement in its nuclear weapons production capability, keep the military tension high and promote Kim Jongun's status as the next leader," the report said, referring to ailing Kim Jong-il's youngest
son. "Tension between the two Koreas will remain high with chances of additional North Korean attacks on the South staying high," the Foreign Ministry-run Institute of Foreign Affairs and National Security said. "US ENTIRELY TO BLAME" Tension on the peninsula is at its highest since the 1950-53 Korean War, after a deadly naval clash in March and the North's artillery attack on a South Korean island last month which killed four people. The two Koreas are technically still at war as their civil conflict ended in a truce, not a treaty. The North's KCNA news agency, which regularly threatens total destruction of the rich capitalist South, on Friday lay the blame on Washington and called South Korea one of its "shock brigades." "The US is entirely to blame for the alarming developments on the peninsula this year as it used the peninsula for realizing its strategy to dominate East Asia," KCNA said in a commentary. Analysts said recent tensions have managed to turn back the clock on ties between the
rivals by more than a decade. "In the South, impatience with Pyongyang is growing, and there are demands from the right in Seoul for more robust terms of military engagement in the event of future clashes," said Daniel Pinkston of the International Crisis Group. Still, the risk of all-out war is low, and the North's threats of destruction are seen as largely rhetorical. Pyongyang's tactic of boasting about nuclear advances is a ploy aimed at restarting talks between itself, the South, China, Japan, Russia and the United States, from which it hopes to wring concessions, analysts say. The Foreign Ministry report said six-party talks, which North Korea walked out of two years ago, will likely resume in 2011 but progress on reining in the North on its nuclear program will remain elusive. China, the North's only major ally and vital financial backer, sees the forum as the best place to begin dialogue, but Seoul, Washington and Tokyo say they first need proof that Pyongyang is committed to dismantling its nuclear facilities.
TOKYO: Japanese Finance Minister Yoshihiko Noda attends a news conference in Tokyo. Reuters
Avocet sells SE Asian mines for $200 million LONDON: Gold miner Avocet Mining is to sell assets in Malaysia and Indonesia for $200 million to private Indonesian mining fund J & Partners, to focus on expanding its West African mines. London-listed Avocet, which had previously said it might reduce its hedge with the proceeds, said on Friday it had not decided what to do with the cash it will receive. The hedge -- agreeing to sell gold in advance at fixed prices -forces it to sell gold at well below market prices. "Questions have come up this morning about our hedge and whether we are going to buy it out and quite frankly we are just going to continue to stick with our (hedging) policy. We have made no decisions on the use of proceeds," chief executive Brett Richards told a conference call.
As of Oct. 31, Avocet had an outstanding hedge of 362,019 ounces at $970 per ounce and was due to deliver 25,000 ounces per quarter. Spot gold rose to a record at around $1,430 earlier this month and currently trades at $1,385. Avocet, also listed in Oslo, said in June it hoped to reduce its hedge, but the following month said cutting its debt and investing in existing operations were a higher priority. Avocet, whose main asset is the Inata mine in Burkina Faso, had $37.7 million net debt at the end of the third quarter. Avocet is to sell the Penjom mine in Malaysia and the North Lanut mine Indonesia in a deal due to be completed in the second quarter of 2011 and resulting in a pretax profit of about $100 million. "We have some significant
land packages in Burkina Faso and in Guinea which are underdrilled and underexplored and we need to understand them," Richards said. At some point, Avocet might be in the market for acquisitions, but the time was not right. "We are focusing on West Africa as a potential growth area for us in M&A, however, we are not in a position at this point in time to go out and do a deal," Richards said. The divestment is subject to a right of first refusal by Indonesian group PT Lebong Tandai, which owns 20 per cent of the North Lanut mine in North Sulawesi. It can buy out Avocet's stake for $120 million in cash. In that case, the deal with J & Partners would be cancelled and Avocet would seek to sell the Penjom mine separately.-Reuters
CAMBRAI: A loader clears a path as trucks are blocked along a snow covered road at Raillencourt near Cambrai. Reuters
JJB taps Bill Gates, others, to stay afloat LONDON: Struggling British sportswear retailer JJB Sports said investors including Bill Gates, the United States' richest man, have backed a 31.5 million pounds ($48.57 million) fundraising to keep the firm alive. JJB said on Friday the Bill and Melinda Gates Foundation Trust, which holds a 5.5 per cent stake, had agreed to support a capital raising at 5 pence a share -- a 25 per cent premium to Wednesday's closing price -- along with JJB's other main investors Harris Associates, Crystal Amber and GoldenPeaks Capital. The four together hold 44.3 per cent of JJB shares. JJB shares, which prior to Friday had lost 83 per cent of their value over the last year, were up 23 per cent at 5.25 pence at 1043 GMT, valuing the business at 34 million pounds. The retailer, which issued a profit warning in November, said its main lender Bank of Scotland had agreed to waive covenant tests for the firm's 25 million pounds facility on the basis of the proposed capital raising. The company had warned earlier this month it was likely to breach the covenant. JJB also shook up its board, with chairman John Clare and chief financial officer Lawrence Coppock stepping down to be replaced by Mike McTighe, a former Cable & Wireless executive and restructuring expert, and Dave Williams, former finance director of discount retailer TJ Hughes. Gates, the billionaire philanthropist and founder of Microsoft, is no stranger to British retail laggards. He has built up a significant holding in Carpetright, the nation's biggest floor coverings retailer which earlier this month posted a 28 per cent fall in first-half profit. News of JJB's funding lifeline offset news of dire preChristmas trading, with sales at stores open over a year slumping 15.7 per cent in the six weeks to Dec. 19. JJB blamed the fall on the extreme winter weather and "stock availability issues.-Reuters
China central bank to gear up fight against inflation BEIJING:- China's central bank kept up its rhetoric against inflation and excess liquidity on Friday by saying it will deploy a range of policy tools to head off inflationary pressures and asset bubbles. Hu Xiaolian, a deputy governor at the People's Bank of China, said monetary policy in the world's second-largest economy needs to be prudent to tame inflation, which hit a 28-month high of 5.1 per cent in November. "The most important task of our monetary policy next year is to steer overall money supply back to normal," Hu said at a meeting with Chinese bankers.
"Bank credit expansion must be in step with main economic targets, especially when it comes to the targets for economic growth and inflation," she said. Hu said the central bank will use a combination of policy tools, including interest rates, reserve requirements and open market operations, to steer policy back to normal. She added that the central bank will step up its use of differentiated increases in reserve requirements for selected Chinese banks. The central bank has increased reserve requirements six times so far this year in a bid to drain excess cash from
the banking system to curb inflation. The reserve requirement ratio has reached a record high of 19 per cent for some of the country's biggest banks. The remarks will likely reinforce market speculation that an imminent rise in China's interest rates or reserverequirements is on the cards. Many investors believe China is set to tighten policy soon in a strike against inflation, but investors are divided over whether the move will come before the end of the year. Bank of Communications, China's fifth-largest lender, said on Friday that it expects
the central bank to increase reserve requirements by at least 200 basis points next year. The central bank's policy stance is a vote of confidence on the country's strong economic growth, which Hu acknowledged. "Overall, external demand has improved and China's economic growth momentum is on a solid ground. We will be able to maintain stable and relatively fast economic growth by implementing prudent monetary policy." (Reporting by Zhou Xin, Kevin Yao, Langi Chiang and Koh Gui Qing; Editing by Benjamin Kang Lim)
Afghan guards killed in NATO raid says govt KABUL: Foreign troops raided a compound belonging to a private security firm in Afghanistan's capital, killing two Afghan guards and seizing weapons, an Afghan government spokesman said on Friday. The raid took place overnight and involved a unit from the NATO-led International Security Assistance Force (ISAF), said Interior Ministry spokesman Zemari Bashary. ISAF declined to comment on the raid and directed inquiries to Afghanistan's National Directorate of Security, whose head reports directly to President Hamid Karzai. The directorate also declined to comment. Bashary said two Afghan guards were killed and three wounded in the raid, which he said was not coordinated with
Afghan troops. He said the incident was being investigated, but did not provide further details. The use of "night raids" on private homes by foreign troops hunting insurgents has long angered Afghan officials. Rules governing their use were tightened in 2009 and again this year but it is far less common for raids to be carried out by foreign troops on private security companies. Under new rules, raids must be cleared by Afghan authorities first and must involve Afghan troops. A police official in Kabul said the security firm raided was called National Tiger and that it was responsible for providing security and transport for at least three Afghan businesses. Karzai banned all private
security contractors from midDecember, with an exception for those guarding embassies, military installations and diplomatic residences and personnel. The ban, first announced in August, has since been softened and registered companies are now allowed to run out the terms of existing contracts. The ban sparked concern in Washington that aid work in Afghanistan would suffer as many profit-oriented development projects rely on private security firms for protection. The government plans to create an independent public force to start securing international development projects. Violence is at its worst in Afghanistan since US-backed Afghan troops ousted the Taliban in 2001, with record deaths on all sides. -Reuters
Japan to boost FX intervention war chest TOKYO: Japan will increase its war chest for currency intervention for a second straight year, the government said on Friday, giving it flexibility in case it needs to step into the market to sell yen again. In its state budget for the next fiscal year beginning in April 2011, the government will raise the borrowing limit for currency intervention for the foreign exchange special account by 5 trillion yen ($60 billion) to 150 trillion yen. Prior to the budget announcement, sources familiar with the situation told Reuters that Tokyo would raise the ceiling by that amount in response to an increase in its debt issued to finance currency intervention. Japan spent more than 2 trillion yen in September in its first currency intervention in
more than six years, to stem a rise in the yen that has hobbled the crucial export sector and threatened to derail the country's economic recovery. The intervention took some of the steam out of the yen's surge, and while the Japanese currency later strengthened again to 15-year highs against the dollar in November, it has since retreated. The government's foray into the currency market led to an increase in the amount of financing bills (FBs) issued to finance currency intervention to 112 trillion yen as of endSeptember, up 7 trillion yen from March. While that remains below the 145 trillion yen borrowing ceiling, the government likely decided to raise the cap as a precautionary measure to retain flexibility in case it
needs to act in the market again. The government had also raised the borrowing limit by 5 trillion yen for the current fiscal year. "Since the government has been saying it will take decisive action if necessary to prevent the yen from rising, it is increasing the ceiling in case it needs to act in the market in the future," said Ayako Sera, market strategist at Sumitomo Trust & Banking. "Given current dollar/yen levels, market speculation about Japanese intervention has not risen. But if the yen starts to rise towards 80 to the dollar again, speculation over intervention may re-emerge." The dollar is now hovering around 83 yen, well above a 15-year low of 80.21 yen hit in November. -Reuters
Toyota to lower break-even point for Japan operations NAGOYA: Toyota Motor Corp is aiming to significantly lower the break-even point for its Japanese operations through a slew of improved manufacturing processes, a top executive said on Friday. Toyota President Akio Toyoda has said he wants to maintain domestic production of at least 3 million vehicles a year in Japan to protect jobs and the tradition of manufacturing, or "monozukuri," at home despite headwinds from a stronger yen. Toyota is more exposed to a firm yen than rivals Honda Motor Co and Nissan Motor Co since it produces a bigger portion of its vehicles in Japan, and is under intense pressure to lower costs or take the politically difficult step of shifting more of its production overseas. Nissan has especially been aggressive in pursuing ways to shield itself against a strong
yen by importing more parts, as well as some cars, from overseas. "We're trying to be able to operate at 85 yen (to the dollar) and 70 per cent capacity utilization," Atsushi Niimi, executive vice president in charge of manufacturing, told reporters. As the global financial crisis hammered sales and left much of its production capacity unused, Toyota embarked on efforts to make its domestic factory lines more flexible and introduce other changes to be able to break even at capacity utilization of 70 per cent, equivalent to daily production of 12,000 units. But that had assumed a dollar rate of 90 yen, far more favorable than the current 83 yen level. Niimi said improvements in processes could reduce Toyota's capital spending by about 40 per cent, limiting
annual expenditure to about 700 billion yen ($8.4 billion) for the next five years or so. That is about half what it used to spend at its peak. One measure Toyota is taking is to make its engine assembly process more compact. "We used to believe that the most efficient scale for an engine assembly line was about 18,000 units a month," Niimi said. "But now we think half of that is better." He said that because emissions and fuel economy regulations were evolving all the time, engine production would fall to half in two to three years, hurting the pace of depreciation. By changing the layout of the engine production process and making other changes, Niimi said Toyota's engine production could be 20 per cent more costcompetitive than Volkswagen AG, which he said was probably the leader now.-Reuters
No output signal from Opec as oil heads to $100
SIBERIAN: Fireworks explode around a Christmas tree in the centre of the Siberian city of Krasnoyarsk.-Reuters
China to gear up fight against inflation BEIJING: China's central bank kept up its rhetoric against inflation and excess liquidity on Friday, saying it will deploy a range of policy tools to head off inflationary pressure and asset bubbles. Hu Xiaolian, a deputy governor at the People's Bank of China, said monetary policy in the world's second-largest economy needs to be prudent to tame inflation, which hit a 28-month high of 5.1 per cent in November. "The most important task of our monetary policy next year is to steer overall money supply back to normal," Hu said at a meeting with Chinese bankers. "Bank credit expansion must be in step with main economic targets, especially
when it comes to the targets for economic growth and inflation," she said. Earlier this month, Chinese leaders said fighting inflation will be a priority for 2011 and reaffirmed a shift to a prudent monetary policy, from the previous "appropriately loose" stance. Hu said the central bank will use a combination of policy tools, including interest rates, reserve requirements, and open market operations to steer policy back to normal. "The basic tone is consistent with market expectations," said David Cohen, an economist at Action Economics in Singapore. "They are part of a toolkit they have been using in a
7 Japan govt meets budget targets but faces hurdles
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multi-dimensional approach with the aim of constraining liquidity and inflation." Hu highlighted the importance of differentiated increases in reserve requirements for selected banks -- a tool it used twice in the three months this year sans public announcements. "The central bank will use differentiated reserve ratios in a dynamic way to supplement regular monetary tools, such as interest rates, reserve requirement ratios and open market operations." The central bank has increased reserve requirements six times so far this year in a bid to drain excess cash from the banking system to curb inflation.Reuters
CAIRO: OPEC gave no signals on Friday it would supply the world with more crude, despite oil prices trading near a two-year high and with most analysts predicting a rally above $100 per barrel. OPEC's most influential oil minister, Saudi Arabia's Ali alNaimi, said he was still happy with an oil price of $70-80 per barrel. US crude closed at over $91 per barrel on Thursday and Brent traded at around $94 per barrel. He was speaking on his arrival in Cairo for a meeting of Arab oil exporting countries. Arab OPEC ministers are meeting in the Egyptian capital this weekend where they may discuss oil production and price, but no formal decision on output will take place. OPEC's next scheduled meeting is for June. Libya's top oil official, Shokri Ghanem, said his country was producing 1.5 million bpd at the moment while having capacity of 2 million. "Our capacity is close to 2 million (barrels a day) but you know we are producing around 1.5 million," Ghanem said. "Production is according with our international commitment, in particular our OPEC commitment, and in the meanwhile we don't want to rock the boat of the market."-Reuters
TOKYO: Japan's government approved a record 92.4 trillion yen ($1.1 trillion) draft budget on Friday for the year from next April, keeping its self-imposed cap on new debt but it faces a tough road ahead to fix its tattered public finances. With new debt issuance seen topping tax revenues for the second straight year in the initial budget, Finance Minister Yoshihiko Noda reiterated the need to overhaul the country's tax systems -- code for a sales tax hike -- to meet rising welfare costs for the fast-ageing population. "Tax revenues are approaching levels of new bond issuance but this situation is abnormal and it is hard to steer finances, so we must escape from this situation," Noda told reporters. "We need to thoroughly explain the need to respond to rising welfare costs and that we cannot avoid a tax overhaul if we are to secure a sense of future security." Noda added that he hoped the 2011/12 budget, which was approved by the cabinet, would also help to boost the flagging economy and job market to pull Japan out of deflation. But a divided parliament clouds the outlook for its imple-
mentation, creating an additional headache for Prime Minister Naoto Kan as he confronts low voter support and a bitter feud inside his ruling party over scandal-plagued powerbroker Ichiro Ozawa. The first budget compiled by the Democratic Party-led government from scratch keeps new borrowing at 44.3 trillion yen, in line with its promise to limit fresh debt to this year's level. The government also adhered to a self-imposed cap on spending, excluding debt servicing, at this year's level around 71 trillion yen, aiming to rein in a public debt that is about twice the size of Japan's $5 trillion economy. The budget is almost certain to be enacted, since the ruling Democratic Party of Japan (DPJ) controls parliament's powerful lower house and the budget would take effect even if rejected by the opposition-controlled upper chamber. But passage of bills needed to implement and fund the spending, such as one on issuing deficit-financing bonds, is far from certain as they need approval by both houses of parliament. Without such enabling bills, the government could not secure 44 per cent of its budget
revenues, finance ministry officials said. "Market players are well aware of risks such as a delay in parliamentary deliberations on the budget," said Takahide Kiuchi, chief economist at Nomura Securities. "Although opposition parties are unlikely to take the budget hostage for fear of public criticism, they could win concessions such as resignation of the entire cabinet in return for passage of budget bills." The Liberal Democratic Party, the main opposition party, wants the government to drop some of its key campaign pledges including payments to families with children, while the government has scaled back such spending plans due to a lack of revenue. Tax revenues, seen at 40.9 trillion yen, will fall short of new bond issues for a second straight year on an initial budget basis, even as they increased 3.5 trillion yen from this year with the economy's recovery from a deep recession. To balance the record budget, the cash-strapped government scraped together 7.2 trillion yen of non-tax revenues, the bulk of it by raiding cash reserves from its special accounts and administrative agencies.-Reuters
Russia, worried by inflation, hikes deposit rates MOSCOW: Russia's central bank raised interest rates on its deposit operations by 25 basis points on Friday, taking a first step to tighten its loose policy stance to contain surging inflation. However it left the cost of lending operations -including the benchmark refinancing rate -unchanged.
"Inflation risks, as determined by monetary conditions, remain moderate but deserve greater attention from the authorities," the central bank said in a statement, adding that economic recovery remains on track. "The change, according to Bank of Russia's estimates, will not lead to a significant increase in the cost of funds for end bor-
rowers." The overnight deposit rate will be raised to 2.75 per cent, as of Monday, from 2.50 per cent. The refinancing rate remains at 7.75 per cent. Most analysts had expected no change, but eight of out of the 19 analysts polled by Reuters earlier this week had forecast a hike in the overnight deposit rate.
Some had also expected an increase in the refi rate. The rouble and the Russian money market were positioned for a rise. Weekly inflation accelerated in the latest week to 0.3 per cent, bringing the year-to-date figure to 8.4 per cent as a supply shock caused by this year's failed harvest feeds through to consumer prices.-Reuters
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and 2) Energy Security. The perception and views of participants from both the countries on current security environment in Afghanistan, and its regional and global implications were discussed. During the seminar eminent speakers from both sides presented papers on the sub themes followed by discussion by the participation. A four-member Turkish delegation participated in the conference, while Director General Institute for Strategic Studies, Research and Analysis Major General, Azhar Ali Shah HI (M) concluded the session.-APP
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reportedly wounded, while one person died in hospital. Two suicide bombers detonated a bomb on the night of July 16 in Zahidan in front of the "Jami" mosque, killing 27 and injuring 270, with 11 of them are in critical condition. According to the Dubai-based TV channel Al-Arabiya, "Jundallah" took the responsibility for the attack in response to the execution of their leader Abdolmalek Rigi. The last major terrorist attack in Iran was an explosion in the south-eastern part of the country in October 2009, which killed nearly 50 people, for which Jundallah had accepted the responsibility.-Online
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Bazaar, Prince Road, Masjid Road, Shahrah-e-Iqbal, Circular Road and others areas of Quetta. The administration has deployed police and Balochistan Constabulary to avoid any untoward incident. JWP activists forcefully closed shops in few areas and resorted to aerial firing due to which police seized their arms at Jungson chowk.-Online
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nation, the Quaid-e-Azam started his political struggle for a separate state.-Online
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Data showed that copper stocks in Shanghai fell, but in LME sheds rose for a ninth session, having since mid-month climbed some 5 per cent as consumers shed inventory to cut costs over the break. But at 370,725 tonnes, total stockpiles remain still down by one third from cycle highs of 555,075 tonnes seen in February. Aluminium changed hands at $2,423 a tonne, down from Thursday's $2,432 close. Stainless steel material nickel traded at $23,906, versus $23,600, while battery sector lead traded at $2,429.90 from $2,449 and zinc, used in galvanising traded at $2,302 versus $2,298. Tin, the other metal pegged at a top performer for 2011, amid tight supply from top exporter Indonesia, was traded at $26,800 from $26,875, but still within $1,000 of record highs of $27,500. -Reuters
(2) At any time after the Bill passed by the Senate with amendment has been so circulated, any Minister, in the case of a Government Bill, or, in any other case, any member may, after giving two days notice, move that the Bill be taken into consideration. (3) The Secretary shall forthwith cause the notice so received to be circulated among the members. (4) When the motion for, consideration is moved, any member may move as an amendment that the Bill be referred to the Standing Committee and if the motion is carried the Bill shall stand referred to the Standing Committee. The provisions of rule 148 shall mutatis mutandis apply: Provided that the Standing Committee shall only examine the amendment made by the Senate. (5) If a motion under sub-rule (2) is carried, the provisions of these rules regarding passing of the Bills shall, so far as may be, and with the necessary modifications apply. (6) After all the amendments made by the Senate are disposed of, the member-in-charge shall move that the Bill be passed. (7) If a Bill passed by the Senate with amendment is rejected or is not assed within 90 days of its laying in the Assembly, or a Bill transmitted under clause (1) of Article 70 is not passed within 90 days of its laying in the Assembly, any Minister, in the case of a Government Bill, or, in any other case, any member may, after giving two days notice, move that the Bill be considered in a joint sitting. (8) When a Bill, as amended by the Senate, is passed by the Assembly an authenticated copy thereof signed by the Speaker shall be transmitted to the President, by the Secretary for assent under Article 75. (9) When a Bill transmitted by the Senate under Article 70(1) is passed by the Assembly without amendment, a message shall be sent to the Senate to this effect. That for rule 155, the following shall be substituted namely: Reference of Bill to the joint sitting. When a motion made under sub-rule (7) of rule 154 is carried, the Speaker shall refer the Bill to a joint sitting or, if a joint sitting is not in session, request the President to summon a joint sitting for consideration of the Bill. That after rule 170, a new rule 170A shall be inserted, namely: "170A Resolution for extension of Ordinances which says: (1)In pursuance of first proviso to sub-paragraph (i) of paragraph (a) of clause (2) of Article 89 of the Constitution, a member or a Minister may, after giving three days' notice, move a resolution for extension of an Ordinance for a period of one hundred and twenty days. (2) Where more notices than one under sub-rule (1) are given, the resolutions shall be taken up in the order in which their notices have been received, and if one of the resolutions is passed, all other resolutions relating thereto shall lapse.-APP
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Continued from page 1 No #6 countries shared similarity of perceptions on a wide range of passed within ninety days of its laying in the Senate, or is passed regional and international issues and added that Pakistan is keen with amendment by the Senate, the Secretary shall immediately to take its relationship with Turkey to an unprecedented level. communicate the fact to the members and also cause copies of the He expressed satisfaction over the contacts between the two Bill to be supplied to them. countries at the leadership levels.
Zardari proposed an increase in number of flights to mutually agreed destinations between the two countries. The President expressed satisfaction at the progress achieved within the framework of the Pakistan-Afghanistan-Turkey Trilateral Process. The Turkish President Abdullah Gul called for strengthening and expanding of the ECO Bank by bringing more members of the organisation on its platform. He said that the member states of the ECO should try to resolve their problems by themselves. He invited President Zardari on a state visit to Turkey. Foreign Minister Makhdoom Shah Mahmood Qureshi, Defence Minister Ch Ahmed Mukhtar and Chairman Board of Investment, Salim Mandviwala, Pakistan ambassador in Turkey, Tariq Azizuddin were also present.-APP
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more interaction with media persons regarding the policies of the State Bank for the development of national economy. He was of the view that SBP cannot print notes for borrowing adding that he intends to do this exercise keeping in view national economy growth. Kardar defended the bank's monetary policy and added that increase in the interest rates were made according to economic situation of the country. He maintained that if SBP closes its doors on the government and it starts borrowing from the open market the interest rates could go even more higher than furthering inflation. Earlier the senior officials of the bank in their respective presentations on, monetary policy, balance of payments, exchange rates, external debt, consumer protection, banking regulations of the SBP highlighted the policies of the central bank. Later the governor distributed certificates among the participants.-APP
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December 2010. Similarly, the prices of DAP have increased by 36.17 per cent on average from June 2009 to June 2010 whereas its prices have increase on average by 5.6 per cent from December 2009 to December 2010.-APP
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imported sugar is also being monitored by the Pakistan Standards and Quality Control Authority (PSQCA). The minister said that the local production of cars during 2009-10 stood at 121,790. "All cars/automobile manufactures are in private sector and prices are governed by market mechanism only and the government has no control on the price," he said. However, he said, the government in its efforts to stabilise prices has increased the age limit of imported used cars from three to five years under gift, transfer of residence, and personal baggage schemes. To a supplementary question, the minister said that all the spare parts except gear-boxes of cars are being locally manufactured. He said energy crisis and dollar rate are the main reasons for car price hike. Parliamentary secretary for education Mir Gul Muhammad Khan Jakhrani apprised the House that under the new education policy, the government would allocate 7 per cent of GDP to education by 2015. Minister for Labour, Manpower and Religious Affairs Syed Khurshid Shah said that Pakistan Housing Authority (PHA) has launched housing schemes for low-paid government employees in sector G-10/2 and G-11/3, Islamabad and Wafaqi Colony Lahore in 2008. PHA also launched housing schemes in Quetta in 2008 for federal government employees but response from employees is not encouraging, he added. The minister said that now there is a proposal under consideration to allocate plots to them.-APP
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on the life, ideals and achievements of Quaid-e-Azam. Scout rallies and march-pasts of school children will also be held. The birth anniversary of the Quaid-e-Azam will be marked with reiteration of the pledge to sacrifice their lives for sovereignty and territorial integrity of the country, besides giving equal response to enemy in case of war and making Pakistan strong and prosperous in line with the wishes and vision of father of the nation.-Online
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Gilani swears to give good days to poor
LAHORE: Men cleaning the panaflex banner of the pictures of Quaid-e-Azam ahead of his birth anniversary at Aiwan-e-Karkonan-e-Pakistan. -Online
Democratised Constitution as per Qauid vision, claim PM, President ISLAMABAD: President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani have said that in line with the vision of Quaid-e-Azam, the present government is trying its level best to take Pakistan forward. They added the govt has taken an initiative in purging Constitution of undemocratic clauses to make it truly federal and democratic in character as per the vision of founding fathers. In his separate messages on the occasion of 134th birth anniversary of Quaid-e-Azam Muhammad Ali Jinnah, the founder of Pakistan, President Zardari urged the people to forge unity in their ranks to defeat the forces of extremism and militancy that seek to strike at the fundamental principles of Pakistan namely democracy, constitutionalism and rule of law. He said The Quaid's birthday was a day of rededication to the democratic ideals and principles of the Father of the nation as well as a day to reiterate our resolve to defeat the forces that seek to undermine the nation's founding principles. "Pakistan which was created for the welfare of the masses can prosper only by strengthening the forces of democracy and egalitarianism in which every individual is allowed opportunities for the blossoming of his creative potential. Quaid stood for constitutionalism, rule of law, respect for human rights, pluralism and honouring the mandate of the people. We should never lose sight of these goalposts of our society", the President said. Prime Minister Yousuf Raza Gilani in his message said, "With his political experience and penetrating insight, Quaide-Azam Muhammad Ali Jinnah foresaw the possibility of the Muslims coming under the domination of the Hindus after the departure of the British imperialism. Invoking the Muslims' right to self-determi See # 4 Page 7
SBP to sell T-bills in 6-day repo KARACHI: State Bank of Pakistan (SBP) Friday said it will sell treasury bills to commercial banks in six-day repo contracts to soak up funds from the money market. SBP did not say how much money it will absorb in the open market operation. The result of the auction will be announced at 10:30 a.m. (0530 GMT) and settlement will be later in the day.-Reuters
President, PM, Houses can't forgive a blasphemer: cleric
Blasphemy law opposers seen as sacrilegers Taseer in the line of Maulana Haidri's fire ISLAMABAD: Religious parties including JUI-F and Jamaat-e-Islami (JI) have warned that rulers will have to face stern reaction if any attempt is made to amend blasphemy law adding president, prime minister or parliament have no powers to remit the sentence of a blasphemer. A protest rally was jointly organised by JUI-F and JI here at G-9 Markaz Friday against government attempts of amending blasphemy laws. Addressing the rally JUI-F secretary general Maulana Abdul Ghafoor Haidri said governor Punjab Salman Taseer has indulged in blasphemy by terming blasphemy law as black law. "We can go to any extent against the government if it tries to amend this law", he cautioned. Those speaking against this law are indulging in blasphe-
my, he added. President Asif Ali Zardari has constituted a committee under minister for minorities' affairs to review the law, he held. If this law has to be reviewed then any Muslim can do this job but a Christian has been appointed as chairman of the committee, he regretted. If there is no blasphemy law in the country then people will kill the blasphemer on their own, he underlined. JI leader Mian Aslam said most of the cases under blasphemy law had been registered against the Muslims. Therefore, it was wrong to say that the law was against the minorities, he added. Government must let Asia Bibi receive her punishment in accordance with court verdict rather than proving her innocent, he demanded.-APP
Pakistan mily spies nailed Rigi: IRNA TEHRAN: Abdul Rauf Rigi, the successor of Abdulmalek Rigi, the executed ringleader of terrorist group "Jundallah", was arrested by Pakistani army's intelligence agency, IRNA reported, quoting local media sources. Details of the arrest will be announced later, the news agency said. Jundallah (Army of God) was created in 2003 and operates primarily in the Iranian province of SistanBaluchistan, which borders with Pakistan. The militant group has been found guilty of involvement in various terrorist activities including suicide
bombings, ambushes, kidnappings, and targeted assassinations. According to Tehran, however, Jundallah has connections with the US and UK intelligence services. Abolmalek Rigi, the former leader of the group, was executed by the Iranian authorities in June 2010. Terrorist operations outside the Imam Hussain Mosque, located in the southeastern city of Chabahar in SistanBaluchistan province, killed mourners on the martyrdom anniversary of the third Imam of Shiites on Dec 15th. The death toll was 38 with 50 See # 2 Page 7
Strike in parts of B’stan over Shahzain’s collaring QUETTA: A shutter down strike campaign is going on in a number of Balochistan districts including Quetta against the arrest of Jamhuri Watan Party (JWP) president Shahzain Bugti and his securi-
ty guards. In some areas of Quetta JWP activists even resorted to aerial firing. According to media reports, a partial shutter down strike was being observed in Liaquat See # 3 page 7
Russia House supports US N-treaty MOSCOW: Russia's lower house of parliament on Friday gave preliminary approval to a US-Russian arms treaty, but decided to delay the final vote until next month. The Kremlin-controlled State Duma voted 350-58 to approve the New START treaty in the first of three required readings. The legislators said they would proceed further after returning from the New Year's vacation that lasts until Jan. 11. Konstantin Kosachev, the head of the State Duma's foreign affairs committee, said the full ratification could only happen next month "at the earliest." The New START treaty, which was ratified Wednesday by the U.S. Senate, would limit each country's strategic nuclear warheads to 1,550, down from the current ceiling of 2,200. It also would re-establish a system for monitoring and verification, which ended last year with the expiration of a previous arms control deal. The pact is a centerpiece of President Barack Obama's efforts to "reset" ties with Russia. In a phone conversation on Thursday, President Dmitry Medvedev congratulated Obama's on the Senate's approval of the treaty, which the two leaders hailed as a historic event for both countries and for U.S.-Russia relations, according to a statement from the White House. Medvedev praised the treaty as a "cornerstone of stability both on the European continent and the entire world for the next decades," adding he was happy to see the Russian parliament moving ahead to ratify it. He credited Obama for securing the pact's ratification.Reuters
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has reiterated government's commitment to institutionalise and extend social security package for the poor and vulnerable segment of the society despite economic difficulties vowing the government would never neglect the downtrodden. The Prime Minister was talking to Farzana Raja, Chairperson of the Benazir Income Support Programme (BISP) who called him at the Prime Minister's House here on Friday. The Prime Minister congratulated the people and the Chairperson of the BISP on the launch of "life insurance scheme" in collaboration with State Life Insurance Corporation, for the registered beneficiaries. This scheme, he said, would undoubtedly give a
sense of economic security to the destitute and deprived sections of population particularly in the far flung areas of the country. The Prime Minister also appreciated the proposed Benazir Mobile Banking System being introduced by the BISP for the poor beneficiaries. This system, he said, would not only facilitate the beneficiaries but ensure complete transparency in the disbursement of cash grant. The system initially being introduced in Larkana, Batgram, Layyah and Musakhel, he added, should soon be expanded to other areas as well. The Prime Minister directed the Chairperson BISP to expedite the health insurance scheme for the poor and complete the same for launching till the end of current finan-
cial year. He also ordered that the poverty survey through out the country should also be completed preferably till the end of June 2011. Earlier Farzana Raja, briefed the Prime Minister on the Benazir Insurance Scheme and Benazir Mobile Banking System being introduced shortly. The Insurance Scheme, she mentioned, would be launched on the 1st of January 2011 and the Mobile Banking System soon after. The Scheme, she said, would initially cover one million registered beneficiaries which would reach five million till June 2011. She thanked the Prime Minister for his continuously guidance and support for various initiatives under the Benazir Income Support Programme.-NNI
Pak-Afghan-Turkish co-wargames mulled ISLAMABAD: Pakistan, Afghanistan and Turkey on Friday thoroughly deliberated upon holding joint military exercise, at a joint meeting held on the sidelines of the Trilateral Summit underway in Istanbul. In the meeting Pakistan, Turkey and Afghanistan were respectively represented by Major General Javed Iqbal Director General Military Operations Pakistan Army, Major General Abdullah Rasip, and Major General Fazle Amin, ISPR's news
release issued here said. The meeting, as well, talked about organising different course programmes for the militaries of the three countries to boost skills and capabilities. As part of mutual cooperation programme both Pakistan and Turkey hold joint security seminars twice a year, alternatively at National Defence University Islamabad and Turkish War Colleges Command, Istanbul. In this connection, a second two-day seminar hosted by National Defence University
concluded here on Thursday. The first seminar of the series was held in Turkey in June this year. The aim of the seminar was to broaden understanding of the armed forces of the two brotherly countries while focusing primarily upon fast changing global and regional environment and implications for both Pakistan and Turkey. There were two themes for discussion: 1) Impact of Afghanistan Situation on Regional and Global Security, See # 1 Page 7
Snow maroons Christmas travelers Europe-wide BRUSSELS: Heavy snow stranded thousands of Christmas travelers in parts of Europe on Friday, with Belgium's main airport closed for most of the day to landing and icy roads in Sweden choked with traffic. Cold weather during the busy Christmas period has disrupted travel and business across Europe this week, and the prolonged period of severe weather is expected to clip economic growth in Germany, Europe's biggest economy. A spokesman for Brussels' airport said hundreds of beds were ready for stranded passengers after the airport reopened to inbound flights from 4 p.m. (1500 GMT) following a day of delays and cancellations. -Reuters
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